Karolinska Development
Karolinska Development is a venture capital firm based in Solna, Sweden, that funds and develops medical innovations rooted in academic and clinical science with the goal of commercialization. It selects commercially attractive innovations, advances them to milestones, and monetizes through the sale of portfolio companies or out-licensing of products. The firm works with innovators, often academics, to form lean portfolio companies that begin with low fixed costs and outsource development; a Karolinska Development representative typically serves on the board. Projects are continuously monitored and discontinued if targets are not met, with typical milestone-driven funding over six to eighteen months. Exits are usually structured as upfront payments plus milestone payments and royalties from sales, with a preference for exiting at the Phase II stage to demonstrate efficacy and value. The firm concentrates investments in Northern Europe across healthcare, life sciences, oncology, digital health, and related sectors.
Top Stages
29 past transactions
Modus Therapeutics
Post in 2025
Modus Therapeutics is a Swedish clinical-stage biotechnology company developing therapies for severe inflammatory disorders and anemia-related conditions. Its lead product, sevuparin, targets sickle cell disease, sepsis, endotoxemia, severe malaria, and chronic inflammation-associated anemias like kidney diseases.
Umecrine Cognition
Convertible Note in 2024
Umecrine Cognition is a biopharmaceutical company established in 2006, focusing on developing drugs to treat neurological disorders in the central nervous system (CNS) caused by endogenous CNS-active steroids, specifically GABA-steroids. The company's primary objective is to discover and commercialize novel therapeutics for treating Hepatic Encephalopathy, a cognitive disorder affecting patients with liver disease. Umecrine Cognition operates as a lean organization within a competent network, collaborating with Karolinska Development since its inception as a subsidiary of Umecrine AB.
Modus Therapeutics
Post in 2024
Modus Therapeutics is a Swedish clinical-stage biotechnology company developing therapies for severe inflammatory disorders and anemia-related conditions. Its lead product, sevuparin, targets sickle cell disease, sepsis, endotoxemia, severe malaria, and chronic inflammation-associated anemias like kidney diseases.
BOOST Pharma
Venture Round in 2024
BOOST Pharma is a biotechnology research company based in Copenhagen, Denmark, founded in 2019. The company specializes in developing a stem cell therapy aimed at treating osteogenesis imperfecta, a genetic disorder characterized by fragile bones. BOOST Pharma's innovative approach utilizes novel mesenchymal stem cells known for their strong bone-forming capabilities. Once injected into patients, these stem cells migrate to the bone, where they engraft and initiate the process of bone formation. This therapeutic strategy enables clinicians to address the disease at its earliest stages, potentially enhancing long-term outcomes for patients.
Umecrine Cognition
Convertible Note in 2023
Umecrine Cognition is a biopharmaceutical company established in 2006, focusing on developing drugs to treat neurological disorders in the central nervous system (CNS) caused by endogenous CNS-active steroids, specifically GABA-steroids. The company's primary objective is to discover and commercialize novel therapeutics for treating Hepatic Encephalopathy, a cognitive disorder affecting patients with liver disease. Umecrine Cognition operates as a lean organization within a competent network, collaborating with Karolinska Development since its inception as a subsidiary of Umecrine AB.
PharmNovo
Venture Round in 2023
PharmNovo AB, established in 2008 and headquartered in Lund, Sweden, specializes in developing novel therapeutic drugs for neuro diseases, with a focus on reducing chronic pain through neuroscience and translational medicine. The company's primary product, PN6047, is designed to alleviate chronic pain and combat hypersensitivity disorders by targeting Delta Opioid Receptors (DORAs), distinct from traditional opioids that often lead to addiction and toxicity. PharmNovo aims to address the significant unmet medical need for safe and effective chronic pain treatments, affecting approximately 30% of adults in the United States and Europe.
Modus Therapeutics
Post in 2023
Modus Therapeutics is a Swedish clinical-stage biotechnology company developing therapies for severe inflammatory disorders and anemia-related conditions. Its lead product, sevuparin, targets sickle cell disease, sepsis, endotoxemia, severe malaria, and chronic inflammation-associated anemias like kidney diseases.
OssDsign AB
Post in 2022
OssDsign AB, founded in May 2011 by a team of researchers and engineers including Professor Håkan Engqvist and Dr. Thomas Engstrand, specializes in the development and global provision of advanced orthobiologics products. The company's flagship product, OssDsign Catalyst, is a bone graft designed to promote the formation of healthy bone tissue, particularly in spinal fusion surgeries. With a focus on international markets, OssDsign generates the majority of its revenue from the United States, while also operating in Germany, Sweden, the United Kingdom, and other regions worldwide. The company has cultivated a network of experts in clinical affairs, regulatory matters, and business development to support its growth and innovation.
Henlez
Seed Round in 2022
Henlez is a biotechnology company focused on developing innovative enzyme-based therapies for recurrent follicular skin disorders. The company utilizes precise enzymes to formulate effective and stable topical treatments aimed at managing conditions such as hidradenitis. By emphasizing safety and affordability, Henlez aims to provide patients with potent solutions for their dermatological issues.
Pretzel Therapeutics
Series A in 2022
Pretzel Therapeutics is a biotechnology company focused on developing therapies for mitochondrial dysfunction. Founded by leading experts in mitochondrial biology, the company aims to address the underlying causes of mitochondrial dysfunction through a thorough understanding of mitochondrial mechanisms. By creating innovative treatments, Pretzel Therapeutics seeks to provide effective solutions for a range of diseases, particularly those related to aging. The company is dedicated to advancing the field of mitochondrial medicine and improving patient outcomes through targeted therapeutic approaches.
PharmNovo
Venture Round in 2022
PharmNovo AB, established in 2008 and headquartered in Lund, Sweden, specializes in developing novel therapeutic drugs for neuro diseases, with a focus on reducing chronic pain through neuroscience and translational medicine. The company's primary product, PN6047, is designed to alleviate chronic pain and combat hypersensitivity disorders by targeting Delta Opioid Receptors (DORAs), distinct from traditional opioids that often lead to addiction and toxicity. PharmNovo aims to address the significant unmet medical need for safe and effective chronic pain treatments, affecting approximately 30% of adults in the United States and Europe.
Modus Therapeutics
Post in 2022
Modus Therapeutics is a Swedish clinical-stage biotechnology company developing therapies for severe inflammatory disorders and anemia-related conditions. Its lead product, sevuparin, targets sickle cell disease, sepsis, endotoxemia, severe malaria, and chronic inflammation-associated anemias like kidney diseases.
AnaCardio
Debt Financing in 2022
AnaCardio is a clinical stage biopharmaceutical company focused on developing innovative drugs for the treatment of heart failure. The company's therapeutics aim to enhance the contractility of the heart muscle through a unique mechanism that utilizes a therapeutic peptide. This approach is designed to avoid common adverse effects associated with traditional treatments, such as tachycardia, arrhythmia, ischemia, or hypotension. By improving cardiac output safely, AnaCardio's drugs have the potential to enhance organ function, elevate quality of life, increase functional capacity, and lower the risks of hospitalization and mortality for patients suffering from heart failure.
AnaCardio
Seed Round in 2021
AnaCardio is a clinical stage biopharmaceutical company focused on developing innovative drugs for the treatment of heart failure. The company's therapeutics aim to enhance the contractility of the heart muscle through a unique mechanism that utilizes a therapeutic peptide. This approach is designed to avoid common adverse effects associated with traditional treatments, such as tachycardia, arrhythmia, ischemia, or hypotension. By improving cardiac output safely, AnaCardio's drugs have the potential to enhance organ function, elevate quality of life, increase functional capacity, and lower the risks of hospitalization and mortality for patients suffering from heart failure.
Aprea
Series C in 2018
Aprea Therapeutics, Inc. is a biopharmaceutical company based in Boston, Massachusetts, that specializes in developing cancer therapeutics aimed at reactivating the mutant p53 tumor suppressor protein. Its primary product candidate, APR-246, is a small molecule p53 reactivator currently undergoing late-stage clinical development for hematologic malignancies, particularly myelodysplastic syndromes and acute myeloid leukemia. Founded in 2006, Aprea is focused on advancing innovative treatments that target critical mechanisms in cancer biology to improve patient outcomes.
Forendo Pharma
Venture Round in 2018
Forendo Pharma Oy is a drug discovery and development company based in Turku, Finland, established in 2013. The company specializes in creating novel therapeutic drugs that address urological and endocrinological diseases by focusing on tissue-specific regulation of sex hormone effects. Among its key developments is Fispemifene, a selective estrogen receptor modulator aimed at treating low testosterone symptoms in men. Forendo Pharma also works on a 17HSD1-inhibitor targeting endometriosis, thereby addressing broader gynecological conditions. Through its innovative approach, the company seeks to enhance treatment options for both men's and women's health, particularly in areas that have previously been underserved.
Umecrine Cognition
Corporate Round in 2017
Umecrine Cognition is a biopharmaceutical company established in 2006, focusing on developing drugs to treat neurological disorders in the central nervous system (CNS) caused by endogenous CNS-active steroids, specifically GABA-steroids. The company's primary objective is to discover and commercialize novel therapeutics for treating Hepatic Encephalopathy, a cognitive disorder affecting patients with liver disease. Umecrine Cognition operates as a lean organization within a competent network, collaborating with Karolinska Development since its inception as a subsidiary of Umecrine AB.
Promimic
Venture Round in 2016
Promimic AB is a biomaterial company based in Mölndal, Sweden, specializing in the development and marketing of implant surface modifications and synthetic bones utilizing nano-sized hydroxyapatite. Founded in 2004, the company focuses on creating HA Surface, a thin coating made from nanocrystalline hydroxyapatite particles that enhances osseointegration. Promimic's innovative solutions are applicable across a range of medical fields, as they provide surface technology for various substrates including metals, ceramics, polymers, and porous structures. With a global presence, including offices in the United States and Europe, Promimic serves a diverse clientele, offering advanced nanotechnology solutions aimed at improving implant integration and overall performance.
OssDsign AB
Venture Round in 2015
OssDsign AB, founded in May 2011 by a team of researchers and engineers including Professor Håkan Engqvist and Dr. Thomas Engstrand, specializes in the development and global provision of advanced orthobiologics products. The company's flagship product, OssDsign Catalyst, is a bone graft designed to promote the formation of healthy bone tissue, particularly in spinal fusion surgeries. With a focus on international markets, OssDsign generates the majority of its revenue from the United States, while also operating in Germany, Sweden, the United Kingdom, and other regions worldwide. The company has cultivated a network of experts in clinical affairs, regulatory matters, and business development to support its growth and innovation.
Forendo Pharma
Series A in 2014
Forendo Pharma Oy is a drug discovery and development company based in Turku, Finland, established in 2013. The company specializes in creating novel therapeutic drugs that address urological and endocrinological diseases by focusing on tissue-specific regulation of sex hormone effects. Among its key developments is Fispemifene, a selective estrogen receptor modulator aimed at treating low testosterone symptoms in men. Forendo Pharma also works on a 17HSD1-inhibitor targeting endometriosis, thereby addressing broader gynecological conditions. Through its innovative approach, the company seeks to enhance treatment options for both men's and women's health, particularly in areas that have previously been underserved.
OssDsign AB
Venture Round in 2013
OssDsign AB, founded in May 2011 by a team of researchers and engineers including Professor Håkan Engqvist and Dr. Thomas Engstrand, specializes in the development and global provision of advanced orthobiologics products. The company's flagship product, OssDsign Catalyst, is a bone graft designed to promote the formation of healthy bone tissue, particularly in spinal fusion surgeries. With a focus on international markets, OssDsign generates the majority of its revenue from the United States, while also operating in Germany, Sweden, the United Kingdom, and other regions worldwide. The company has cultivated a network of experts in clinical affairs, regulatory matters, and business development to support its growth and innovation.
Forendo Pharma
Series A in 2013
Forendo Pharma Oy is a drug discovery and development company based in Turku, Finland, established in 2013. The company specializes in creating novel therapeutic drugs that address urological and endocrinological diseases by focusing on tissue-specific regulation of sex hormone effects. Among its key developments is Fispemifene, a selective estrogen receptor modulator aimed at treating low testosterone symptoms in men. Forendo Pharma also works on a 17HSD1-inhibitor targeting endometriosis, thereby addressing broader gynecological conditions. Through its innovative approach, the company seeks to enhance treatment options for both men's and women's health, particularly in areas that have previously been underserved.
Asarina Pharma
Venture Round in 2011
Asarina Pharma AB is a Swedish biotechnology company dedicated to developing innovative treatments for premenstrual dysphoric disorder (PMDD) and other conditions related to hormonal fluctuations. The company's primary focus is on Sepranolone, a therapeutic agent designed to address the challenges associated with PMDD. In addition to Sepranolone, Asarina is advancing a second-generation oral compound in preclinical development aimed at PMDD. The company's research is rooted in over 40 years of studies on Allopregnanolone-related neurological disorders, and it is also working on a new family of compounds known as GAMSA (GABA-A Modulating Steroid Antagonists). These efforts aim to create effective and safe treatments for various neuroendocrinological conditions that remain inadequately addressed in the current medical landscape.
Eribis Pharmaceuticals
Venture Round in 2010
Eribis Pharmaceuticals AB develops drugs for the treatment of cardiovascular disorders, primarily acute myocardial ischemia and surgical preconditioning. Myocardial ischaemia is the pathological loss of or reduction in blood flow to a part of the muscular tissue of the heart. The company offers peptides, which are used in cardio and tissue protection, antihypoxia, and analgesia. Eribis Pharmaceuticals AB was founded in 2006 and is based in Uppsala, Sweden.
ProNoxis
Venture Round in 2009
ProNoxis is a biotechnology company that specializes in the development, production, and marketing of innovative treatments for autoimmune disorders. Its research focuses on the preclinical discovery of small-molecule drugs aimed at addressing chronic inflammation, autoimmunity, and infections. A key aspect of ProNoxis's approach involves the modification of NADPH oxidase (NOX2) activity, which plays a significant role in diseases such as rheumatoid arthritis, multiple sclerosis, and inflammatory bowel disease. The company emerged as a spin-out from Redoxis, reflecting its commitment to advancing therapeutic options in the field of immunology.
DermaGen
Venture Round in 2008
DermaGen develops peptide therapeutics for topical use based on novel and proprietary antimicrobial peptides (AMPs). We intend to be a leading R&D company in this area with the aim of offering innovative and profitable licensing opportunities to selected pharmaceutical companies with significant market potential. DermaGen focuses on R&D to provide new and patented products initially for dermatological indications.
DermaGen has selected its first candidate drug (CD), which has entered the development phase. To help advance development of our product portfolio and to bring them to market, we welcome the interest of new investors, partners and collaborators.
NsGene
Venture Round in 2005
NsGene is a Danish Biotech company located in the Medicon Valley region. The Company is committed to developing novel biological products for the treatment of neurological diseases and is focusing on multiple indications with high unmet needs, including Alzheimer's disease, epilepsy, neuropathic pain and Parkinson's disease.
Cellectricon
Series B in 2004
Cellectricon is a leading provider of advanced cell-based screening services to accelerate drug discovery. Exploiting their Cellaxess® Elektra platform, their Discovery Services offering is ideal for compound profiling in excitable primary cells and native tissue. Their services help researchers identify phenotypic effects in highly relevant biological models early enough in a project’s lifecycle to add real value to the decision of whether to pursue or eliminate a compound, which translates to considerable cost savings in the drug development business. With their new services-based business model, we are well-enabled to respond to the demands and challenges faced by the drug discovery industry. Their dedicated team of expert neurobiologists and extensive pharmaceutical industry experience, position us well as a preferred partner Over the past year they have collaborated with several large Pharma partners.
Gyros
Series B in 2001
Gyros is the world leader in automated micro-immunoassays for therapeutic protein development. Gyrolab, the company's automated and open platform, is a versatile analytical tool that dramatically reduces the time required to optimize and execute immunoassays. Time for assay optimization is often cut from weeks, to a matter of days. This results in increased efficiency in process development and in clinical evaluation of therapeutic proteins. The ease of assay transfer is unsurpassed in the industry.
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