Annual Report 2003

2003 in Brief

• A preclinical milestone for a second compound was reached and a milestone payment was received in May in the Merck & Co., Inc. collaboration. • In August Merck & Co., Inc. decided to discontinue the development of the first drug candidate selected in 2002. • Karo Bio obtained all rights to compounds and technologies, including the A-348441 lead compound, in the collaboration with Abbott Laboratories in November. Karo Bio has selected the A-348441 compound from the Abbott collaboration as a candidate drug for type 2 diabetes. • A reorganization and consolidation of research operations to Sweden was carried out in January and November, resulting in lower cost-base and increased efficiency. • A fully subscribed new share issue was successfully completed in May, generating MSEK 118.6. • Net sales for the full year amounted to MSEK 85.1 (177.7). • The loss, including goodwill expenses, decreased to MSEK 208.7 (284.4). Operating loss excluding goodwill expenses amounted to MSEK 124.8 (58.8). • Cash flows from operating activities amounted to MSEK -128.6 (-70.9). Cash and cash equivalents and short-term investments amounted to MSEK 184.0 (201.2) at the end of the year. • Loss per share amounted to SEK 13.76 (22.19).

About Us

Karo Pharma is a specialty pharma company that develops and markets products to pharmacies and directly to healthcare providers. The share is listed on Nasdaq Stockholm in the Mid Cap segment.

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