CEO STATEMENT Q1 2026
The year began with us changing the company's name to KDventures – a name change that marks a new start in a phase where several portfolio companies are approaching crucial data readings and potential deals. We also completed a rights issue that strengthened the company's financial position and investor base. At the same time one of our portfolio companies, Dilafor, signed a licensing agreement with the Spanish pharmaceutical company, Exeltis, in advance of further development work on a candidate drug for the priming of labor. The candidate drug emerged from research conducted at the Karolinska Institute and has the potential to bring about a paradigm shift in maternity care worldwide with the support it now enjoys from a global pharmaceutical company that focuses on women’s healthcare. This agreement provides a good illustration of KDventures’ methodology, encompassing everything from identifying promising research, and supporting the organisation, through validation and the provision of advisory services and financing as part of syndicates, to helping identify a partner who can take the project to market.
Strengthened position for the next growth phase
The successful rights issue that was completed in January attracted interest from both existing and new investors. The issue broadened our ownership base and brought in several new, competent owners, which is very welcome. The capital raised – just over SEK 115 million before issue costs – enables faster development of portfolio companies with significant value potential, in a phase where several projects are approaching important clinical milestones and potential licensing agreements. Following the issue, KDventures is well positioned to continue creating long-term shareholder value and drive growth and innovation in the life science sector.
Dilafor approaches pivotal clinical trials
Dilafor’s development of its candidate drug for priming of spontaneous labor, tafoxiparin, has continued since entering into the licensing agreement with Exeltis. Tafoxiparin has shown positive results in clinical phase 2 studies and Exeltis will now fund pivotal clinical trials in the USA and Europe. The agreement provides Dilafor with a limited upfront payment and entitlement to development-based milestone payments, and will also, subsequent to any future market launch, receive milestone payments and royalties based on future sales. Tafoxiparin has the potential to play an important role in tomorrow’s maternity care, which is undergoing a global transformation following recognition of a significantly increased risk of foetal death in pregnancies that go beyond the anticipated due date, and the number of inductions consequently increasing to 30-40%, especially amongst first-time mothers, as more and more countries amend their labor routines. Tafoxiparin can offer an alternative approach whereby the woman initiates labor at home, thereby potentially reducing the need for hospital surveillance and hence unburdening the health and medical sector. We are following these exciting developments closely.
AnaCardio extends patent protection for AC01
In March, the AnaCardio portfolio company was granted a new patent in the USA covering the use of AC01 for the treatment of heart failure with reduced ejection fraction. The patent extends the IP protection for AC01 in the USA until 2042, excluding potential patent term extensions, and is held jointly by AnaCardio and Helsinn Healthcare. The patent not only extends the exclusivity protection for AC01, it also increases both its commercial potential and enhances the prospects for continued clinical development of this innovative treatment in a therapeutic area with great medical need. After positive top line results from the company’s phase 2a trial in late 2025, the focus is now on securing financing and sounding out potential partnerships ahead of the next stage in the development process.
Modus secures financing and follows clinical development plan
Patient recruitment for the second part of Modus Therapeutics’ clinical phase 2a trial evaluating the sevuparin candidate drug for the treatment of chronic kidney disease with anaemia began in December 2025. The trial will evaluate repeated dosing, with a focus on the safety profile and clinically relevant efficacy outcomes. Preliminary top line results are expected in the latter half of 2026. After the end of the quarter, KDventures subscribed for its pro rata share in Modus Therapeutics' warrant program of series 2025/2026, which was subscribed at 95 percent and gave Modus SEK 9.5 million before expenses. With a strengthened financial position and a clear strategy, we look forward to following Modus Therapeutics' continued development.
SVF Vaccines is evaluating alternative routes
The last few months have been eventful ones for the SVF Vaccines portfolio company. Positive data from preclinical trials were presented at scientific conferences and the company accordingly decided to accelerate its vaccine development, with the focus on conducting clinical phase 1 trials, in order to validate the projects in a time- and cost-efficient manner. In April, SVF Vaccines established a collaboration with the biotech company Touchlight with a focus on driving the development of SVF-001 to the clinical phase. As the reverse transaction with Novakand does not proceed, alternative paths are being evaluated to advance the development.
Umecrine Cognition’s clinical trial progressing
The Umecrine Cognition portfolio company’s clinical trial evaluating golexanolone for the treatment of patients with primary biliary cholangitis (PBC) is continuing and is expected to present top line results later this year. The next milestone is a blind interim analysis in which an independent analysis group assesses the statistical data once three quarters of the patients have been enrolled in the trial. The analysis is designed to assess whether the number of patients in the adaptive study design provide sufficient statistical strength, known as statistical power, or whether additional patients must be enrolled. The overall purpose of the trial is to evaluate the safety profile of golexanolone and its effect on several secondary parameters – findings that will, collectively, provide a sound basis for planning further clinical trials. Research into golexanolone’s potential in the field of Parkinson’s disease is continuing in parallel, as are dialogues with potential partners who are following developments with interest.
PharmNovo and BOOST Pharma strengthen their organisations
PharmNovo is, at the time of writing, preparing the impending clinical phase 2a trial evaluating their PN6047 candidate drug as a completely new treatment for neuropathic pain. The company has strengthened its Board of Directors in conjunction with these preparations through the appointment as Chairman of the Board of Johan Lund, who has over 25 years’ experience of pharmaceutical development from AstraZeneca and Pfizer, amongst others, and a new Board Member, Karin Rosén, who has over 20 years’ experience of clinical development with companies such as Amgen, GSK, and Genentech (Roche).
BOOST Pharma has also strengthened its organisation in the form of a number of recruitments ahead of the planned clinical phase 3 trial of the cell-based treatment, BT-1010, which is being developed as an innovative treatment for the bone disease, osteogenesis imperfecta (OI). Q1 of 2026 saw the appointment of Hans Schambye (a former Board Member) as the new CEO. Hans joins the company from Galacto, where he was the President and CEO and led the company to clinical and financial milestones. In March, Elaine Jones, who has sat on the Board of over 35 companies and held leading roles in the global biotech industry’s ecosystem with Pfizer Ventures and GSK’s VC fund, SR One, amongst others, was appointed as the new Chairman of the Board of BOOST Pharma. And in late December, Lousie Himmelstrup was also recruited as the new Chief Regulatory Officer. The company is also, in parallel with this, sounding out potential partnerships after having boosted its financial position by means of a private placement to Sound Bioventures at the end of 2025.
Full focus on the road ahead
We continue to work in a focused manner on ensuring that every single portfolio company identifies its optimum road ahead. The journey may be different for each company and conditions may change, whether through the impact of external market factors or through technical challenges arising along the way, but we are convinced that there is lasting value in our portfolio companies’ innovations. We began 2026 by strengthening our own financial position in the form of a rights issue that generated SEK 115 million before issue costs, and are looking forward to a number of important events during the year with regard to our goal of delivering long-term value for our shareholders and, at the same time, helping ensure our portfolio companies’ medical innovations benefit more patients.