• CEO: Adam Bruce
• Chairman of the board: Adam Bruce

Abarceo adress mitochondrial dysfuntion. Focus is on restoring function of the beta cell e.g. insulin production in diabetic patients and achieve a disease modifying treatment for patients. The validity of the target is confirmed through two industrial collaborations already in the pre-clinical phase. The company has recruited key competences to management and board. Investors are early stage VC, family office and angel investors. Currently Abarceo is raising a bridge round of approximately 20 MSEK.

• CEO: Søren Bregenholt
• Chairman of the board: Hans-Peter Ostler

Alligator Bioscience is a clinical-stage biotech advancing tumor-directed immunotherapies, led by mitazalimab, a phase III-ready agonistic CD40 antibody with a clear path towards registration in metastatic pancreatic cancer, following phase II data showing a threefold improvement in 24-month survival in these hard-to-treat patients. Additional mitazalimab indications and settings are being explored in ongoing or planned IITs. The pipeline includes bispecific antibodies ATOR-4066 and ALG.APV-527 for tumor-localized immune activation, and HLX22, a HER2-targeting antibody in Phase III with Shanghai Henlius, offering potential future milestone and royalty. Alligator is well positioned to address high unmet need and create patient and stakeholder value.

• CEO: Anders Haegerstrand
• Chairman of the board: Jan Nilsson

Annexin Pharmaceuticals AB is a leading biotechnology company with promising data from phase 2a data within Retinal Vein Occlusion (RVO). Presently a phase 2a study within Diabetic Retinopathy (DR) and RVO is ongoing, which will render more data as preparation ahead of a Ph2b study in RVO for which the company is seeking a license partner or equivalent.

• CEO: Hilde Steineger
• Chairman of the board: Magnus Persson

Cantargia is a Swedish biotechnology company that specializes in the development of pharmaceuticals for various types of cancer and inflammatory/autoimmune diseases. Our development programme includes the candidate drugs nadunolimab (CAN04) and CAN10, both in clinical development stage, as well as our antibody platform CANxx. The company is listed on OMX Stockholm’s Main List (Small Cap).

• CEO: Ulf Hannelius
• Chairman of the board: Anders Essen-Möller

ExpreS2ion is a clinical-stage vaccine company using VLP and ExpreS2 platforms to develop immunotherapies, including vaccines. Our lead program, ES2B-C001 (HER2-VLP), entered phase I with first-patient dosing in June 2025. For investors, the near-term focus is disciplined clinical execution. We offer exposure to a differentiated approach in HER2-expressing breast cancer and a broader pipeline in infectious disease and oncology.

• CEO: Catharina Svanborg
• Chairman of the board: Gabriela Godaly

An innovative pharmaceutical company with a broad and strong portfolio of projects for the treatment of cancer and infections.

• CEO: Claus Elsborg Olesen
• Chairman of the board: Magnus Persson

Initiator Pharma A/S is a clinical-stage pharma company developing precision-targeted therapies for high unmet medical needs in the central and peripheral nervous systems. We are advancing a new generation of monoamine modulators, engineered to overcome the limitations of existing treatments.  Our lead asset, pudafensine, is a First-in-Class compound with broad therapeutic potential across multiple high-impact indications. Backed by a highly experienced management team and a strategically aligned board, Initiator is well-positioned to drive innovation and long-term shareholder value. We are preparing to launch a Phase IIa clinical trial in vulvodynia, a neuropathic pain indication, scheduled to begin in H2 2025.

Pudafensine is a de-risked, high-value asset with multi-indication potential. Our strategy is focused on securing regional or global pharma partnerships to fully unlock its commercial value. Initiator Pharma is a differentiated player in the CNS and pain space – delivering next-generation therapeutics where current treatments fall short.

• CEO: Sanna Wallenborg
• Chairman of the board: Kerstin Jakobsson

To meet the demand within drug development and precision medicine, Lumito has developed the next-generation tissue analysis system, based on upconverting nanoparticles (UCNPs). SCIZYS is a high-sensitivity system that combines labelling and imaging technologies to locate and quantify biomarkers in tissue samples. Lumito’s business model provides flexible solutions for a range of applications. Supported by a strong patent portfolio and academic research from Lund University, Lumito aims to advance digital pathology and quantitative tissue analysis through strategic partnerships with CROs and pharmaceutical companies, and collaboration with researchers within academia.

• CEO: Jens Lindberg
• Chairman of the board: Uli Hacksell

Medivir develops innovative drugs with a focus on cancer where the unmet medical needs are high. The drug candidates are directed toward indication areas where available therapies are limited or missing and there are great opportunities to offer significant improvements to patients. Medivir is focusing on the development of fostroxacitabine bralpamide (fostrox), a drug candidate designed to selectively treat cancer cells in the liver and to minimize side effects.

Our lead asset fostrox is a unique, liver-targeted inhibitor of DNA replication that selectively kills cancer cells in the liver, while sparing healthy liver cells. Fostrox has received Orphan Drug Classification (ODD), both in the US and in the EU, for the treatment of primary liver cancer (HCC). On the back of promising phase 1b/2a study results, the company has recently announced a fully guaranteed right’s issue to initiate a randomized, 2-arm phase 2b study in early 2026, designed to show that fostrox in combination with lenvatinib is superior to lenvatinib alone in second-line HCC. Medivir is listed on Nasdaq Stockholm’s Small Cap list.

• CEO: Alina Castell
• Chairman of the board: Ann-Charlotte Rosendahl

MyCural is developing a novel cancer therapy targeting the highly desired protein MYC, implicated in over half of all cancers. Our preclinical data is very promising and we plan to nominate a clinical candidate in 2026, with first-in-human trials targeted for 2027. The opportunity offers significant upside, with a potential exit in 2028 and up to 100x ROI. We are seeking investors to join us in advancing this transformative oncology therapy from preclinical development to the clinic.

• CEO: Mikko Karvinen
• Chairman of the board:Dr. Leena Niemistö

Nexstim is a Finnish, globally operating growth-oriented medical technology company. Our mission is to enable personalized and effective diagnostics and therapies for challenging brain diseases and disorders. Nexstim has developed a world-leading non-invasive brain stimulation technology for navigated transcranial magnetic stimulation (nTMS) with highly sophisticated 3D navigation providing accurate and personalized targeting of the TMS to the specific area of the brain.

We focus on commercialization of the Navigated Brain Stimulation (NBS) system. The NBS System 5 is the only FDA cleared and CE marked navigated TMS system for presurgical mapping of the speech and motor cortices of the brain.

Nexstim’s Therapy Business markets and sells the NBS System 6 which is FDA cleared for marketing and commercial distribution for the treatment of major depressive disorder (MDD) in the United States. In Europe, the NBS 6 system is CE marked for the treatment of major depression and chronic neuropathic pain.

• CEO: Mathias Svahn
• Chairman of the board: Hans-Peter Ekre

NextCell Pharma is a clinical-stage cell therapy company developing ProTrans, a patent-protected platform technology based on allogeneic mesenchymal stromal cells. Using a proprietary selection algorithm, ProTrans delivers optimised cells tailored to specific indications. In type 1 diabetes, a single infusion has been shown to delay disease progression for at least five years. A Phase III trial is planned to commence upon securing a commercial partner. ProTrans is also being explored in other autoimmune and inflammatory diseases. NextCell’s subsidiaries include Cellaviva, Scandinavia’s largest private stem cell bank, and QVance, a provider of quality services for advanced therapies.

• CEO: Jacob Ahrnstein
• Chairman of the board:Mattias Guldstrand

Njord is set on a mission to solve unmet needs in radiology and patient handling for sustainable healthcare. ‍By developing and bringing forward innovative co-bot solutions such as Atle 180, improved workflow, increased patient satisfaction and reduced resource shortages are solved for. Njord’s products are commercialized in ten countries and is offered via direct sales in the Nordics, Germany, France and the UK. The company was founded in 2019 and is headquartered in Gothenburg, Sweden.

• CEO: Per von Mentzer
• Chairman of the board: Göran Lerenius

PharmNovo is pioneering a pain-free future. Our breakthrough candidate, PN6047, is a first-in-class Delta Opioid Receptor Agonist (DORA) offering a safer, non-addictive solution for neuropathic pain. With an estimated global peak sales potential exceeding €2 billion by 2041, PN6047 represents a clear blockbuster opportunity and a highly attractive acquisition target. Winner of a prestigious EIC Award, validating PharmNovo as a top European biotech innovator, the company is now phase IIa-ready following CTA approval in Spain. PharmNovo is redefining pain management and advancing toward a transformative exit opportunity exceeding €1 billion by 2027/28.

• CEO: Fredrik Rickman
• Chairman of the board: Anders Lundberg

Prostatype is commercially launched in USA and Europe with all infrastructure, permits and regulatory demands in place. Prostatype Genomics is an exciting growth and investment case with specific focus on USA entering a market worth hundreds of millions of USD annually with a product addressing a clear clinical need. All necessary investments have already been made why the company now is focusing on commercial growth. The company is approached by several companies interested in commercial partnerships.

• CEO: Thomas Feldthus
• Chairman of the board: John Haurum

Saniona is a clinical-stage biopharmaceutical company focused on neurological and psychiatric disorders. With over USD 70 million in cash and near-term milestones of USD 17.5 million, Saniona is advancing three assets to Proof-of-Concept: SAN2668 for paediatric epilepsy, SAN2219 for epilepsy, and SAN2465 for major depressive disorder. The company has partnerships with Jazz Pharmaceuticals, Acadia Pharmaceuticals, and Medix, and its ion channel discovery platform is validated through research collaborations with Boehringer Ingelheim, AstronauTx, and Cephagenix.

• CEO: Peter Nählstedt
• Chairman of the board:Carl Borrebaeck

Countless chemicals are part of our daily lives, making accurate safety testing essential. At SenzaGen, we provide non-animal testing methods that are more human-relevant and deliver higher predictive accuracy than traditional animal experiments. This includes our proprietary GARD® platform, powered by genomics and machine learning for advanced skin allergy assessments. With operations in Sweden and Italy, we are driving the global shift toward safer, more ethical testing. Demand is growing rapidly, supported by strong sales growth, solid margins, and an expanding portfolio that strengthens our position in key industries.

• CEO: Philip Siberg
• Chairman of the board: Per Wold-Olsen

• CEO: Pontus Rehn
• Chairman of the board: Anders Waas

• CEO: Mats Hansen
• Chairman of the board:Alan Raffensperger

Tumorad offers a a unique radioisotope delivery platform with potential to expand the clinical scope of effective radiopharmaceutcal treatment. 177Lu-SN201 is a first-in-class radiopharmaceutical designed to accumulate in several types of solid tumors and treat cancer with precision.
Spago Nanomedical recently announced outcome from the latest DMC-analysis of data from 12 patients, confirming manageable safety and first clinical PoC by means of tumor uptake. The study now continues with dose-escalation as the company explore additional development paths in indications with potential for orphan drug designation (ODD).

• CEO: Johan Emilsson
• Chairman of the board: Björn Sjöstrand

Sprint Bioscience develops small-molecule first-in-class drug programs that can contribute to new treatments for cancer. The company combines a platform for fragment-based drug development with a streamlined and agile process, and its programs are of significant interest to the market seeking high-quality innovations for their preclinical pipelines. The urgent need for new cancer treatments creates significant commercial opportunities, and Sprint Bioscience has entered into several international licensing agreements. Founded in 2009, Sprint Bioscience has approximately 30 employees, with labs and offices located in Huddinge, Stockholm, Sweden.

• CEO: Jeppe Øvlesen
• Chairman of the board:Anders Kronborg

SynAct Pharma is a clinical stage biotech company focused on developing novel resolution therapies for autoimmune diseases and acute inflammatory applications.

The development of resomelagon (AP1189), is focused on two development paths:
1) Inflammatory and autoimmune diseases: in phase IIb in heumatoid arthritis (RA) where readout is expected in Q1 2026, in phase IIa in idiopathic membranous nephropathy (iMN), and study to be initiated in Polymyalgia Rheumatica (PMR).
2) Host-directed therapy in viral infections: potential was demonstrated in Covid-19, and a phase  II PoC study has been initiated in Dengue fever.

• CEO: Stina Lundgren
• Chairman of the board: Daniel Bergström

Veltio Pharma is transforming drug formulation with a simple yet brilliant innovation. Our patented porous cellulose, derived from algae, converts poorly soluble drugs into highly effective, scalable solid formulations. This pure, solvent-free excipient enhances bioavailability, lowers doses, and improves treatment outcomes, while minimizing environmental impact. Partnering with pharma and biotech, we remove formulation barriers, accelerate development, and bring sustainable efficiency to drug pipelines. With strong IP protection, experienced leadership, and a clear path to commercialization, Veltio Pharma is poised to enable the next generation of high-performance, sustainable drug delivery impact.

Partnering with pharma and biotech, we remove formulation barriers, accelerate development, and bring sustainable efficiency to drug pipelines. With strong IP protection, experienced leadership, and a clear path to commercialization, Veltio Pharma is poised to become a key enabler of sustainable, high-performance drug delivery.