Allenex has been the sole financier of both companies but is now focusing on the transplant market.
Allenex is transfering its holdings in the portfolio companies NovaHep and Recopharma to Alden Impact Capital. Alden thus assumes responsibility for the continued financing of their activities. NovaHep focuses on liver stem cells and Recopharma on recombinant glyco proteins.
Allenex has been a shareholder in NovaHep since 2005 and in Recopharma since 2003. It has been the sole financier of the companies’ development work. Allenex’ focus is now on the transplantation sector.
The agreement with Alden Impact Capital includes a part of the future profits when Alden Impact Capital sells the holdings. Allenex will report a small loss in the second quarter of 2011 of SEK 280 thousand. A greater impairment of the holdings took place during the first quarter of 2011, according to Allenex.
“Today, it is extremely difficult to find financing of the development work carried out by NovaHep and Recopharma,” says Anders Karlsson, CEO of Allenex. “It is therefore very satisfying that we, by the transfer to Alden Impact Capital, can ensure that both companies will be able to continue their operations.”