Conversion of remaining series c shares in karo bio

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CONVERSION OF REMAINING SERIES C SHARES IN KARO BIO In May 1996, Karo Bio acquired Serra Pharmaceuticals Inc. through an issue in kind. Half of the offering was constituted by series C shares, which were to be converted to the series B variety if certain scientific and commercial goals were fulfilled. Otherwise the shares were to be redeemed at SEK 0.01 each. In 1996, 157,000 series C shares were redeemed and 328,452 shares were converted to series B variety at the beginning of 1998. (The number of shares has been adjusted to split 2:1.) The acquisition has been of great scientific and commercial value as regards both existing collaboration agreements and future collaboration projects alike. The Board has therefore decided to convert the outstanding 164,224 series C shares to series B variety. Since April 1998, the number of outstanding shares in Karo Bio has totalled 9,177,172, with a nominal value of SEK 5. Following the conversion, all shares are of the series B category. - "The acquisition of Serra Pharmaceuticals Inc. has met Karo Bio's high expectations", says Per-Olof Mårtensson, President of Karo Bio. "The exclusive consulting agreements concluded with leading scientists at the University of California San Francisco in conjunction with the acquisition of Serra Pharmaceuticals, have been prolonged for a further three-year period, which will be of great importance for future scientific and commercial successes". Karo Bio is a research-based pharmaceuticals company that develops drugs that act via nuclear receptors for the treatment of conditions including osteoporosis, cancer, heart and vascular conditions and metabolic disorders. Developments occur in collaboration with international pharmaceuticals companies such as Bristol-Myers Squibb and Merck & Co. The company has over 70 employees, and premises are situated at the Novum Research Park near Huddinge hospital, greater Stockholm. Karo Bio has a subsidiary in the US (San Francisco), and a comprehensive international scientific network. The company has been listed on the O List of the Stockholm Stock Exchange since April 1998. For further information, please contact: Håkan Hallberg, Vice President Finance & Administration, tel. +46 9 608 6006. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/02/26/19990226BIT00270/bit0001.doc http://www.bit.se/bitonline/1999/02/26/19990226BIT00270/bit0002.pdf

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