QUARTERLY REPORT JULY - SEPTEMBER 2005

• The Board of Directors has decided to modify the Company’s strategy. In addition to the current partnership based model, Karo Bio will bring selected compounds to late stage clinical development • To implement the strategy, Karo Bio’s Board has decided to issue new shares with preferential rights. Assuming full subscription, the rights issue will generate MSEK 278.7 before transaction costs • The collaboration with Wyeth Pharmaceuticals has been extended for an additional year until August 31, 2006 • Phase Ia clinical study with KB2115 successfully completed • Net sales for the nine months period amounted to MSEK 49.9 (32.9) • The loss for the nine months period amounted to MSEK 73.7 (83.5) • Cash flows from operating activities for the nine months period amounted to MSEK -61.0 (-78.9) • Cash and bank balances and short-term investments amounted to MSEK 114.0 (100.8) at the end of the period • Loss per share for the nine months period amounted to SEK 2.38 (4.23)

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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