STOCKHOLM, Sept. 20, 2016 (GLOBE NEWSWIRE) -- Karolinska Development AB (Nasdaq Stockholm: KDEV) announces that its portfolio company BioArctic AB has entered into a strategically important collaboration with AbbVie (NYSE: ABBV), a global biopharmaceutical company, to develop and commercialize BioArctic's portfolio of antibodies directed against alpha-synuclein for the treatment of Parkinson's disease and other potential indications.
Parkinson's disease is the second most-common neurological disease, affecting more than 10 million people worldwide. Mutations in alpha-synuclein are strongly linked to development of Parkinson's disease. Soluble aggregates of the alpha-synuclein protein are toxic to neurons and lead to the deposits that are a hallmark of the disease.
"AbbVie has shown a strong commitment to Parkinson's disease and I am proud that they have chosen to collaborate with BioArctic. I am looking forward to a successful partnership that hopefully will result in a new innovative disease modifying treatment becoming available to the large number of patients suffering from Parkinson's disease," said Gunilla Osswald, CEO at BioArctic.
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Jim Van heusden, CEO, Karolinska Development AB
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Christian Tange, CFO, Karolinska Development AB
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David Dible/Mark Swallow/Pip Batty, Citigate Dewe Rogerson
Phone: +44 20 7638 9571; e-mail: KDev@citigatedr.co.uk
TO THE EDITORS
BioArctic AB is a Swedish privately held research-based biopharmaceutical company founded in 2003. The company's mission is to provide new and effective treatments for patients with disorders in the central nervous system. Its proprietary technology and dedicated personnel have made it possible to develop new immunotherapeutic approaches to neurodegenerative diseases. We focus on therapy areas with a large medical need such as Alzheimer's disease, Parkinson's disease and spinal cord injury. For further information on BioArctic and its research, please visit www.bioarctic.se.
AbbVie is a global, research-based biopharmaceutical company formed in 2013 following separation from Abbott Laboratories. The company's mission is to use its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world's most complex and serious diseases. Together with its wholly-owned subsidiary, Pharmacyclics, AbbVie employs more than 28,000 people worldwide and markets medicines in more than 170 countries. For further information on the company and its people, portfolio and commitments, please visit www.abbvie.com. Follow @abbvie on Twitter or view careers on our Facebook or LinkedIn page.
About Karolinska Development AB
Karolinska Development AB is an investment company focused on identifying medical innovation and investing in the creation and growth of companies developing these assets into differentiated products that will make a difference to patients' lives and provide an attractive return on investment.
Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.
Karolinska Development has established a portfolio of 10 companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.
The Company is led by a team including investment professionals with strong venture capital backgrounds, experienced company builders and entrepreneurs, with access to a strong global network.
For more information, please visit www.karolinskadevelopment.com
Source:Karolinska Development AB