INTERIM REPORT JANUARY–SEPTEMBER 2011

The January–September period and the third quarter 2011 in brief

  • Net sales amounted to MSEK 0.0 (0.0)
  • Net loss was MSEK 176.0 (113.4), whereof the third quarter MSEK 51.1 (34.4)
  • Loss per share was SEK 0.45 (0.48), whereof the third quarter SEK 0.13 (0.14)
  • Cash flow from operating activities was MSEK -160.4 (-114.6), whereof the third quarter MSEK -47.7 (-33.7).The difference from the previous period concerns costs related to the phase III program for eprotirome
  • Cash and cash equivalents and other short-term investments totalled MSEK 198.4 (116.2) at the end of the period
  • Discussions are ongoing regarding the out licensing of ERbeta and RORgamma
  • The phase III eprotirome trial AKKA started in September

Significant events after the end of the reporting period

Spin-off of preclinical operations

  • The Board of Directors is preparing a spin-off of the preclinical part of the company by transferring these operations to a subsidiary
  • The company has initiated an efficiency program to reduce costs as part of the spin-off

Management changes

  • Per Bengtsson was appointed CEO
  • Henrik Palm was appointed new CFO

Conference call today at 10.00 CET
CEO Per Bengtsson will present the report today at 10.00 CET in an audiocast, held in Swedish, available via a link on www.karobio.se and telephone: +46 8 5051 59809 or +44 20 710 863 03

For more information, please contact:
Per Bengtsson, Chief Executive Officer
Telephone:+46 8 608 6027 or +46 734 474 128
E-mail: per.bengtsson@karobio.se
Karo Bio AB (publ) Novum, 141 57 Huddinge, Sweden
Telephone: +46 8 608 60 00
Facsimile: +46 8 774 82 61
Corp. reg. no. 556309-3359
Website: www.karobio.com

The information in this report is such that Karo Bio is required to disclose under the Swedish Securities Market Act. The information was disclosed on October 25, 2011, 08:30 CET.

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About Us

The mission of Karo Bio is to develop novel pharmaceuticals for treatment of metabolic diseases. The company is in an exciting stage of its development and is transforming from a drug discovery company to a company with preclinical and clinical development capabilities. I welcome you to our website and encourage you to learn more about our clinical and preclinical programs and our partnerships

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