QUARTERLY REPORT JULY - SEPTEMBER 2004

QUARTERLY REPORT JULY - SEPTEMBER 2004 · Preclinical development of the KB3305 compound for treatment of type 2 diabetes has progressed with the aim to initiate clinical trials. · Cost savings initiatives, including a staff reduction, have been implemented to free resources for drug development activities. · New share issue successfully completed in October 2004, generating in total MSEK 119.6 before transaction costs. · Net sales amounted to MSEK 8.8 (10.5). · The loss for the period amounted to MSEK 24.9 (34.3). · Cash flows from operating activities amounted to MSEK -24.8 (-38.2). · Cash and cash equivalents and short-term investments amounted to MSEK 100.8 (234.6) at the end of the period. · Loss per share for the period amounted to SEK 1.48 (2.03). For further information, please contact Björn O. Nilsson, President & CEO tel. +46 8 608 60 20, Bertil Jungmar, Chief Financial Officer, tel. +46 8 608 60 52. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/10/15/20041015BIT20060/wkr0001.pdf QUARTERLY REPORT JULY - SEPTEMBER 2004

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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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