Karolinska Dev spins off stake in XSpray Microparticles

29 September 2015

Karolinska Development (STO: KDEV) on Tuesday said it has sold off its entire stake in XSpray Microparticles AB without disclosing any financial details.

The Swedish company said it spun off its stake to a consortium led by the Foundation for Baltic and East European Studies (Östersjöstiftelsen) and Recipharm Venture Fund.

Jim Van heusden, chief executive of Karolinska Development, said: “I am very pleased to announce we have concluded the divestment of XSpray Microparticles to an investor consortium led by Östersjöstiftelsen and Recipharm Venture Fund, that also includes XSpray Microparticles’ Board, management and other investors. An important part of this deal is that the consortium will provide the necessary funding to bring XSpray Microparticles to the next value inflection point. Karolinska Development retains an economic interest in the company through an earn-out agreement with potential significant future value”.

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