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INTERIM REPORT JANUARY–JUNE 2011

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The January – June period and the second quarter of 2011 in brief

  • Net sales amounted to MSEK 0.0 (0.0)
  • Net loss was MSEK 124.9 (79.0), whereof the second quarter MSEK 77.2 (38.5)
  • Loss per share was SEK 0.32 (0.33), whereof the second quarter SEK 0.20 (0.16)
  • Cash flow from operating activities was MSEK -112.7 (-80.8), whereof the second quarter MSEK -65.2 (-37.9).The difference from the previous period concerns costs related to the phase III program for eprotirome.
  • Cash and cash equivalents and other short-term investments totaled MSEK 245.8 (152.3) at the end of the period.
  • In March, Karo Bio entered into a one year extension of the research collaboration with Zydus Cadila on GR.
  • In April, Karo Bio entered into an agreement regarding eprotirome with Indian Alkem Laboratories Ltd., which lowers Karo Bio's costs for eprotirome’s phase III program by SEK 100 million.
  • The Annual General Meeting elected Göran Wessman as Chairman of the Board and Per Bengtsson, Christer Fåhraeus, Elisabeth Lindner, Jan N. Sandström and Anders Waas as Directors.
  • Karo Bio arranged a symposium where leading scientists within academia and industry discussed ERbeta data on the cutting edge and its therapeutic applications.
  • Per Bengtsson was appointed acting President and CEO in May, after Fredrik Lindgren.
  • Applications to start patient studies with eprotirome were filed in 12 countries.

Significant events after the end of the reporting period

  • 3D structure depicted for RORgamma receptor with Karo Bio's leading drug-like compound bound to it, which facilitates and shortens the process of identifying an optimal drug candidate.
  • Discussions started regarding the out-licensing of ERbeta and RORgamma.

Conference call today at 10.00 CET
Acting CEO Per Bengtsson will present the report today at 10.00 CET in an audiocast, held in Swedish, available via a link on Karo Bio’s website www.karobio.se and via telephone: +46 (0)8 5051 3791 or +44 (0)20 7806 1968

For more information, please contact:
Per Bengtsson, Acting Chief Executive Officer
Telephone: +46 734 474 128		 Karo Bio AB (publ)
Novum, 141 57 Huddinge, Sweden
Telephone: +46 8 608 60 00
Facsimile: +46 8 774 82 61
Corp. reg. no. 556309-3359
Website: www.karobio.com

The information in this report is such that Karo Bio is required to disclose under the Swedish Securities Market Act. The information was disclosed on July 13, 2011, 08:30 CET.

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