INTERIM REPORT JANUARY–JUNE 2008
The period in brief
• Net sales for the six month period amounted to MSEK 7.2 (3.9)
• Net loss for the six month period amounted to MSEK 101.8 (118.2)
• Loss per share for the six month period amounted to SEK 0.88 (1.24)
• Cash flow from operating activities for the six month period amounted to MSEK -105.7
(-90.9). Cash and cash equivalents and other short-term investments totaled MSEK 325.1 (520.5) at the end of the period
• A phase IIb study with eprotirome as add-on to statin treatment has been successfully concluded. Data show that eprotirome was efficacious, safe and well tolerated at all three doses tested
• An additional phase IIb study with eprotirome as add-on to ezetimibe is progressing according to plan. Data will be presented in the fourth quarter of 2008
• A phase I single ascending dose study with the type 2 diabetes compound KB3305 has been successfully completed
• A strategic collaboration with Zydus Cadila, with the aim to develop novel anti-inflammatory compounds, was initiated in the first quarter and identification of lead compounds is progressing
Significant events after the end of the reporting period
• After the end of the reporting period, Karo Bio has obtained and reported data from the phase IIb study with eprotirome that was conducted during the first half of 2008
For further information, please contact:
Per Olof Wallström, President, tel. +46 8 608 60 20
Per Otteskog, Senior Vice President Investor Relations, tel. +46 8 608 60 18
Erika Johnson, Chief Financial Officer, tel. +46 8 608 60 52
Legal disclaimer
This financial report includes statements that are forward looking and actual results may differ materially from those stated. In addition to the factors discussed, among other factors that may affect results are development within research programs, including development in preclinical and clinical trials, the impact of competing research programs, the effect of economic conditions, the effectiveness of the Company’s intellectual property rights and preclusions of potential third party’s intellectual property rights, technological development, exchange rate and interest rate fluctuations, and political risks.
The Board of Directors and the President and CEO certify that the Interim Report gives a true and fair overview of the Parent Company’s and Group’s operations, their financial position and results of operations, and describes significant risks and uncertainties facing the Parent Company and other companies in the Group.
This report has not been subject to review by the Company’s auditors.
The information is of a nature which Karo Bio shall need to disclose according to the Securities Market Act. The information was disclosed August 5, 2008, 08:30 am