ONCOlog Spins-off DrugLog into New Company
STOCKHOLM, Sweden -- LinkMed's portfolio company ONCOlog Medical is spinning off a part of its operations into a new portfolio company, Pharmacolog i Uppsala AB. The new company will develop systems to control the contents and concentration of pharmaceutical drugs and is taking over the rights to the DrugLog product.
DrugLog is a system that controls the content and concentration of liquid medicine, such as chemotherapy, for example. Today, many such medicines are often prepared manually, usually by the hospital pharmacy or respective ward. It is not unusual that errors occur in dosage preparation, the effect of which can be fatal for the patient. This is a problem that is being addressed by public authorities, caregivers, labor unions and patient organizations.
"DrugLog can markedly improve patient safety within cancer care, something that is in unanimous demand throughout the industry. By creating a separate company for DrugLog, the project will be given the appropriate level of priority, with a higher pace of development," says LinkMed's CEO Ingemar Lagerlof.
Pharmacolog, which will become a new LinkMed portfolio company, will initially further develop DrugLog to prepare it for out-licensing. A patent is pending for the product in the U.S., Europe and Japan. LinkMed's senior venture manager Lars Martin will become chairman of the new company, while ONCOlog Medical's Head of Technology Kjell Westerlund will become part time CEO. The company is currently under formation.
Following the spin off, ONCOlog Medical will focus exclusively on systems and products for various types of radiotherapy. LinkMed's has a 48 percent ownership stake in both ONCOlog Medical and Pharmacolog i Uppsala.
LinkMed, in collaboration with innovators develops new life science companies. By contributing entrepreneurship and capital, LinkMed has created a portfolio of ten companies, six in biotechnology and four in medical technology. The LinkMed share is listed on the Stockholm Stock Exchange and the company's largest owners are FastPartner, Koncentra Holding, Mannerson Fastigheter and the founder Ingemar Lagerlof. See linkmed.se for more information.
LinkMed, in collaboration with innovators develops new life science companies. By contributing entrepreneurship and capital, LinkMed has created a portfolio of ten companies, six in biotechnology and four in medical technology. The LinkMed share is listed on the Stockholm Stock Exchange and the company's largest owners are FastPartner, Koncentra Holding, Mannerson Fastigheter and the founder Ingemar Lagerlof. See linkmed.se for more information.