Bristol-Myers Squibb and Karo Bio prolong collaboration

BRISTOL-MYERS SQUIBB AND KARO BIO PROLONG COLLABORATION Bristol-Myers Squibb and Karo Bio announce a prolongation of their collaboration for novel treatments of metabolic diseases. The collaboration started in October 1997 and targeted the development of novel therapies for treatment of obesity, hypercholesterolemia and insulin resistance. The joint research program has been focused on development of substances acting selectively on the thyroid hormone receptor as a way to regulate dysmetabolic syndromes while sparing cardiovascular side effects. "We are very enthusiastic about continuing our collaboration with Karo Bio. The success in creating first generation leads and our excellent working relationship establishes a standard by which to set new alliances," says Richard E. Gregg, M.D., Vice President of Metabolic and Cardiovascular Drug Discovery, Bristol-Myers Squibb. "We are very excited about developing second generation Lead Compounds to explore further opportunities that this class of drugs provide, and we look forward to working with Karo Bio in developing already identified compounds." "We are very happy that Bristol-Myers Squibb chooses to use its right to prolong the collaboration" says Torben Jørgensen, President of Karo Bio. "The collaboration has worked extremely well, and we are proud that the collaboration has become a model for other external collaborations at Bristol- Myers Squibb. Promising compounds are in development, but it is important that we together continue to explore the area. There is an opportunity to develop even better drugs for the treatment of metabolic disorders, an area with great unmet medical need and market potential," says Torben Jørgensen. For further information contact: Torben Jørgensen, President, Karo Bio Direct telephone: +46-8-608 6020 Mobile telephone: +46-70-749 0811 Tracy Furey, Director, Public Affairs, Bristol-Myers Squibb Direct telephone: +1-609-252-3208 Tracy.Furey@bms.com Background Karo Bio is a research-based pharmaceutical company developing pharmaceuticals for the treatment of common diseases such as osteoporosis, cancer, diabetes, and cardiovascular and metabolic diseases. The technology platform includes both nuclear receptors, where Karo Bio has a leading position in the world, and, after the acquisition of Novalon, knowledge of genomics. Development takes place in collaboration with international pharmaceutical companies. Karo Bio has collaborative agreements with such leading international pharmaceutical companies as Abbott Laboratories, Bristol-Myers Squibb, Merck & Co., Inc., Bayer AG, Ares-Serono, Millennium Pharmaceuticals Inc. and Novartis Research Foundation. Karo Bio will now have over 110 employees and operations in Stockholm, San Francisco and Durham, North Carolina. The company is listed on the "O" List of the OM Stockholm Stock Exchange. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/07/12/20000712BIT00040/bit0001.doc http://www.bit.se/bitonline/2000/07/12/20000712BIT00040/bit0002.pdf