Update on texas application
STOCKHOLM, 19 November 2012 – Karo Bio AB (publ) has decided to supplement its grant application in the state of Texas for the development of a drug candidate in the field of cancer.
In August, Karo Bio submitted an application for three years funding to develop the drug candidate KB9520 up until phase I /II in the cancer area. The application qualified for an in-depth review in which a panel of experts assesses the project’s technical and commercial possibilities as well as how the project may benefit the state of Texas. After a dialogue with the funding body, Karo Bio has decided to supplement its application to submit it again in early 2013.
The drug candidate KB9520 targets ERbeta and has shown positive effects in several preclinical models of various cancer forms. Karo Bio does not believe that further development work needs to be done to renew the application.
The state of Texas invests significant resources to create a cluster of commercial activity in the area of cancer around the specialist hospitals and medical universities in the Houston area. As part of this effort, companies can receive funding to establish and commercialize projects in the cancer area. Karo Bio sees both financial and research benefits to continue the development of KB9520 in Texas.
For further information, please contact:
CEO Per Bengtsson: cell: +46 734 474 128 or by e-mail: per.bengtsson@karobio.se
About Karo Bio
Karo Bio is a pharmaceutical company focused on the research and development of innovative drugs for large medical needs. The company runs a number of drug development projects within the indication areas neuropsychiatry, inflammation, autoimmune diseases and cancer. 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. Karo Bio is based in Huddinge, Sweden, has around 44 employees and is listed on NASDAQ OMX Stockholm.
Karo Bio publishes this information in accordance with the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was published on 19 November 2012, at 08:30 am CET.
This press release is also available online at www.karobio.com and www.newsroom.cision.com