FULL YEAR REPORT 2005 QUARTERLY REPORT OCTOBER – DECEMBER 2005

• Per Olof Wallström was appointed President of Karo Bio in March • Karo Bio decided in September to modify its strategy. In addition to the current partnership based model, Karo Bio will bring selected compounds to late stage clinical development • Phase I clinical study with KB2115 successfully completed. The goal is to initiate phase II clinical studies in the second half of 2006 • Clinical and preclinical development organization strengthened with specific competences to increase the chances of being successful in bringing the prioritized projects into clinical trials • The collaboration with Wyeth Pharmaceuticals was extended in August for an additional year until August 31, 2006. • Significant milestone from Merck & Co. was triggered in January for initiation of phase I clinical trials. In April, the development was discontinued due to adverse findings in animals. Additional compounds continue to be evaluated in preclinical studies for their potential to advance to clinical study • Successful new share issue completed in December 2005, generating MSEK 263.4 after transaction costs • Net sales for the full year amounted to MSEK 51.9 (39.0) • The loss for the full year amounted to MSEK 111.0 (107.3) • Cash flows from operating activities for the full year amounted to MSEK -90.0 (-111.7) • Cash and bank balances and short-term investments amounted to MSEK 346.9 (181.0) at the end of the year • Loss per share for the full year amounted to SEK 2.37 (3.41)

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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