INTERIM REPORT JANUARY–MARCH 2011

The January – March 2011 period in brief

  • Net sales amounted to MSEK 0.0 (0.0)
  • Net loss was MSEK 47.7 (40.5)
  • Loss per share was SEK 0.12 (0.17)
  • Cash flow from operating activities was MSEK -47.5 (-43.0)
  • Cash and cash equivalents and other short-term investments totaled MSEK 312.1 (192.7) at the end of the period
  • In March, Karo Bio entered into a one year extension of the research collaboration with Zydus Cadila on glucocorticoid receptors and anti-inflammatory drugs
  • Karo Bio is organizing an ER-beta symposium on May 16-17, 2011, where key researchers from the industry and the academic community will present and discuss the frontier of research in the field of ER-beta and its therapeutic applications

Significant events after the end of the reporting period

  • On April 26, Karo Bio announced that it has entered into a collaboration and license agreement regarding eprotirome with the Indian pharmaceutical company Alkem Laboratories Ltd. Alkem will conduct clinical phase III-trials in India and is granted exclusive rights to commercialize eprotirome in India and certain other markets in Asia-Pacific and Africa. Karo Bio is entitled to royalty on Alkem’s future sales of eprotirome.

 
CEO Fredrik Lindgren and CFO Erika Söderberg Johnson will present the report today at 10.00 CET at an audiocast, held in Swedish, available via a link on Karo Bio’s website
www.karobio.se and per telephone: +46 (0)8 5051 3791 or +44 (0)20 7806 1968

For more information, please contact:
Fredrik Lindgren, Chief Executive Officer
Telephone: +46 70 561 61 77
Erika Söderberg Johnson, Chief Financial Officer
Telephone: +46 8 608 60 52

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 April 27, 2011, 08:30 am CET.

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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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