MERCK & CO., INC. ENTERS PHASE I CLINICAL DEVELOPMENT WITH KARO BIO COLLABORATION COMPOUND
Karo Bio today announced that an estrogen receptor compound discovered as part of its research collaboration with Merck & Co., Inc. has entered Phase I clinical development.
The collaboration with Merck targets estrogen receptors with the aim to develop novel treatments in the field of women’s health. The joint drug discovery phase of the collaboration with Merck was completed in 2002. This compound is the third such estrogen receptor compound arising from the collaboration to enter Phase I. As previously disclosed, the first two such compounds that entered Phase I clinical studies have been discontinued due to unfavorable findings on the product profile.
Under the terms of the collaboration agreement, Merck has exclusive worldwide rights to all compounds identified during the collaboration and is responsible for their further preclinical and clinical development. Karo Bio has rights to certain milestone payments from Merck based upon the further successful clinical development of the compound and final drug approval. Karo Bio also has rights to royalties on future drug sales. The announcement today does not trigger a milestone payment to Karo Bio.
''We are pleased that Merck continues to demonstrate commitment to the development of compounds under our agreement. We strongly believe that novel estrogen receptor selective compounds have great potential in the field of women’s health ” says Per Olof Wallström, President & CEO of Karo Bio.
For further information, please contact:
Per Olof Wallström, President & Chief Executive Officer
Phone: +46 8 608 6020
Per Otteskog, Senior Vice President Investor Relations
Phone: +46 8 608 6018
About Karo Bio
Karo Bio is a drug discovery and development company specializing in nuclear receptors for the development of novel pharmaceuticals.
The Company has a project portfolio with innovative molecules that primarily targets metabolic diseases such as diabetes, atherosclerosis and dyslipidemia. In all of these areas there are significant market opportunities and a need for new pharmaceuticals with new mechanisms of action. Karo Bio intends to bring selected compounds within niche therapeutic areas into late stage clinical development and, potentially, to the market. In addition to pursuing niche opportunities, Karo Bio continues to develop compounds aimed at treatment of broad patient populations to clinical proof of concept before out-licensing.
In addition to the proprietary projects, Karo Bio has three strategic collaborations with international pharmaceutical companies for development of innovative therapies for the treatment of common diseases.
Karo Bio is listed on the OMX Nordic Exchange Stockholm AB since 1998 (Reuters: KARO.ST).
This press release is also available online at: www.karobio.com and www.newsroom.cision.com