KARO BIO ISSUES NOTICE OF REDUNDANCY FOR 25 EMPLOYEES

STOCKHOLM, November 1, 2011 – As previously communicated, Karo Bio AB (publ) is preparing a better allocation of resources and competences by spinning off the company’s preclinical activities. In preparing for the spin-off, cost reductions are necessary. Thus, Karo Bio today has issued a notice of redundancy for 25 employees. The final reduction in the number of employees will be determined by ongoing business discussions regarding the company’s development projects.

 
For further information, please contact:
Henrik Palm, CFO
Phone: +46 8 608 6076
E-mail: henrik.palm@karobio.se

 
About Karo Bio
Karo Bio is a pharmaceutical company focused on the research and development of innovative drugs for large medical needs. An important foundation for the company’s activities is its unique knowledge of nuclear receptors as target proteins for the development of novel pharmaceuticals, as well as related mechanisms of action. The company’s goals through 2014 are to submit an application for marketing approval of eprotirome for HeFH in EU, and to generate three clinical development projects from its other operations. Karo Bio is based in Huddinge, Sweden, has around 70 employees and is listed on NASDAQ OMX Stockholm.

This information is such that Karo Bio is required to disclose under the Swedish Securities Market Act. The information was disclosed on November 1, 2011, 08:30 CET.

This press release is also available online at www.karobio.se and www.newsroom.cision.com

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