Torben Jorgensen succeeds Per-Olof Mårtensson as new president

TORBEN JØRGENSEN SUCCEEDS PER-OLOF MÅRTENSSON AS NEW PRESIDENT The Board of Directors of Karo Bio has decided to appoint Torben Jørgensen as new president of the Company from the Annual General Meeting on April 26. The Board has recommended that current president Per-Olof Mårtensson be appointed Chairman of the Board. Karo Bio is engaged in rational drug discovery and the development of effective drugs for the treatment of common diseases such as diabetes, obesity and cancer. The company concentrates its activities on the preclinical phase of drug discovery and collaborates with Abbott, Bristol- Myers Squibb and Merck. Per-Olof Mårtensson has been president of the company since 1991, guiding the company to its listing in 1998 on the O- list of the OM Stockholm Stock Exchange. Torben Jørgensen has comprehensive experience in leading development- intensive operations undergoing rapid expansion. Throughout the 1990s, he was president of the Danish diagnostics firm Dako A/S. Under Jørgensen's management, net sales tripled from DKK 219 million in 1990 to 690 million in 1998, simultaneously with the internationalization of the business. During the same period, earnings improved from DKK 10 million to 75 million. Torben Jørgensen begins his employment at Karo Bio in February. - "Karo Bio is currently in a very strong position, financially and in terms of research. Alongside our three collaborative agreements, we have a number of promising projects in the pipeline that make further expansion possible. This is the proper occasion for me to step down as president. Torben Jørgensen has much to offer to Karo Bio. His achievements with Dako in the highly competitive market for diagnostics systems are very impressive," says Karo Bio's president Per-Olof Mårtensson. - "In 1992, Per-Olof Mårtensson initialized a restructuring of the business that has led Karo Bio to its present world-leading position in its field and strong financial position. After an extensive search process, we have found an excellent successor, while Mårtensson's competence will remain within the company," says Bertil Hållsten, current chairman of Karo Bio. - "Needless to say, taking over as the new president of Karo Bio is a very stimulating proposition. The company's collaborative agreements with three of the world's largest pharmaceutical companies are clear evidence that Karo Bio's chosen strategy has been very successful. I am looking forward to the opportunity to continue Per-Olof Mårtensson's successful efforts," says Torben Jørgensen. For further information: Per-Olof Mårtensson, President, Karo Bio. Tel: +46 (0) 8-608 6020 Torben Jørgensen, Karo Bio. Tel: +46 (0) 8-608 6000 or + 45 40 61 21 86 Bertil Hållsten, Chairman, Karo Bio. Tel: +46 (0) 8-715 92 90 Karo Bio is a drug discovery company working with the development of tissue-selective pharmaceutical compounds that work via nuclear receptors for the treatment of common diseases such as diabetes, obesity, elevated cholesterol, inflammatory disorders, cancer, cardiovascular disease and certain women's health problems. Operations are conducted in collaboration with international pharmaceutical companies and leading academic institutions. The company is presently collaborating with Abbott Laboratories, Bristol-Myers Squibb Company and Merck &Co. Please visit our website: www.karobio.se ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/02/01/20000201BIT00670/bit0001.doc http://www.bit.se/bitonline/2000/02/01/20000201BIT00670/bit0002.pdf