19.12. 2011 BioTurku®

Biocelex to extend its operations

"The high-quality research in Finnish universities generates many innovations. By combining the expertise of Finnish universities with the long experience of the renowned Swedish medical university Karolinska Institutet and their model for developing top class innovations through Karolinska Development, we can help to commercialise these inventions", says Rikumatti Levomäki, Chairman of the Board of Biocelex Oy.

The goal is to create a company that is able to raise capital for its own Life Science fund to finance the commercialisation of innovations from Finnish universities. Biocelex, which has evaluated over 100 innovations since 2007, will be responsible for managing the planned fund.

The near term objective is to transfer full Biocelex ownership to Finnish universities and Karolinska Institutet Holding AB. In the first stage, the transfer will comprise the University of Turku, Åbo Akademi University, and the University of Eastern Finland. An opportunity to join has been offered to the remaining three major life science orientated Finnish universities. Co-operation based on the new ownership structure will start at the first half of 2012.

"Karolinska Institutet led the establishment of an innovation system to promote and commercialize world leading research collaborations with Karolinska Development AB. We are very pleased with - and strongly endorse - this initiative to strengthen the prospects for top class interacademy and international innovations", says Rune Fransson, Director of Innovation at Karolinska Institutet, Chairman of the KIHAB board of directors and member of the Karolinska Development board of directors.

The joint ambition of Karolinska Institutet and the University of Helsinki is to help develop the next generation of drugs by exploring opportunities to strengthen the flow of innovations.

Further information:

Rune Fransson, Chairman of the Board, Karolinska Institutet Holding AB
Tel. +46 (0)70 553 0230

Kalervo Väänänen, Academic Rector, University of Eastern Finland
Tel. +358 (0)40 7011 303

Harri Lönnberg, Vice Rector, University of Turku
Tel. +358 (0)40 8677 633

Malin Brännback, Vice Rector, Åbo Akademi
Tel. -358 (0)50 5027 020

Rikumatti Levomäki, Chairman of the Board, Biocelex Oy
Tel. +358 (0)50 5547 565

Turku Science Park is the core of the innovation environment in Southwest Finland that gathers together the strengths of companies, two universities, a university of applied sciences, and research institutes. Turku Science Park Oy promotes the utilisation of expertise of universities and creates new business operations in the fields of biotechnology (BioTurku® - Life Science and materials technology) and information and communications technology (ICT Turku). www.turkusciencepark.com

Biocelex Oy is a company specialising in finding and evaluating innovations and development of business operations in the Life Science sector that was founded in 2007. The company's head office is located in Turku and it employs 3 people. The company uses the internationally acclaimed evaluation and development system of Karolinska Institutet in the commercialisation of Finnish innovations. www.biocelex.com

Karolinska Institutet Holding AB manages Swedish medical university Karolinska Institutet's commercial operations including the university technology transfer office Karolinska Institutet Innovation AB (KIAB). www.holding.ki.se

Karolinska Development AB aims to create value for investors, patients, and researchers by developing innovations from world class science into products that can be sold or out-licensed with high returns. The business model is to: SELECT the most commercially attractive medical innovations; DEVELOP innovations to the stage where the greatest return on investment can be achieved; and COMMERCIALIZE the innovations through the sale of companies or out-licensing of products. An exclusive deal flow agreement with Karolinska Institutet Innovations AB, along with other cooperation agreements with leading Nordic universities, delivers a continuous flow of innovations. Today, the portfolio consists of 34 projects, of which 12 are in clinical development. www.karolinskadevelopment.com.