Karolinska company Akinion halts further development of AKN-028 due to safety concerns

4 March 2016

Swedish biotech firm Karolinska Development (STO: KDEV) today announced that Akinion, a KDev Investments portfolio company, has halted further development of its lead product candidate AKN-028, which was being evaluated in a Phase I/II clinical study for acute myeloid leukemia (AML).

The decision to terminate the trial was due to a small number of patients experiencing severe liver toxicity. As a consequence, Karolinska Development’s portfolio Net Fair Value will decrease by 78 million Swedish kronor ($9.2 million).

Jim Van heusden, chief executive of Karolinska Development, said: “Today´s announcement is obviously very disappointing news for patients with acute myeloid leukemia given the great need for improved treatment options for this difficult-to-treat cancer. It’s unfortunate, but also illustrates the risks inherent in investing in the development of novel drug candidates.”

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