Karolinska Development has celebrated an exit as Umeå spinout Asarina Pharma went public in Sweden after raising $16.3m in its initial public offering.

Asarina Pharma, a Sweden-based biotechnology spinout of University of Umeå, floated on the Nasdaq First North stock exchange yesterday after raising more than Skr142m ($16.3m) in an initial public offering. The company issued 6.8 million shares priced at Skr21 each at a pre-money valuation of $19.6m. Proceeds could increase to $17.1m if underwriters exercise their overallotment option in full. Asarina is working on a treatment for premenstrual dysphoric disorder (PMDD) and other conditions related to menstruation. PMDD is a very severe form of premenstrual syndrome that affects approximately 5% of women and causes a wide range of mental and physical symptoms such as anxiety, depression and suicidal thoughts as well as insomnia, lack of appetite and muscle and joint pain. Asarina’s lead asset, Sepranolone, is aimed at the treatment of PMDD and is based on research by founder and chief scientific officer Torbjörn Bäckström (pictured), senior professor at the department of clinical science, obstetrics and gynaecology. Sepranolone is currently undergoing a phase 2b trial for PMDD due to be completed by the end of 2019. Asarina is also preparing a phase 2a trial for menstrual migraine to begin early next year. Formed in 2006 as a subsidiary of Umecrine, itself a spinout of Umeå focused on central nervous system-related conditions, Asarina Pharma was known as Umecrine Mood until 2015. Umecrine is also commercialising research by Bäckström. Asarina Pharma previously obtained €7m ($7.7m) in 2016 from Idinvest and Ergomed as well as unnamed, existing shareholders. Rosetta Capital provided an undisclosed sum in 2013, after Kurma Life Science Partners injected $5.5m in 2011. Karolinska Development is a passive investor in Asarina, holding shares from support provided at the time of the spinout’s launch. Karolinska will hold a 1.2% in Asarina if the over-allotment is exercised in full, though further details were not revealed. Bäckström said: “Finally, the years of tough, demanding work have led to this level of success, where we will be able to provide a treatment to so many individuals with a condition that is been neglected for such a long time.”

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