YEAR-END REPORT JANUARY–DECEMBER 2009
2009 in brief • Net sales amounted to MSEK 5.9 (10.7), whereof the fourth quarter MSEK - (1.8) • Net loss decreased to MSEK 154.6 (174.8), whereof the fourth quarter MSEK 37.6 (31.2) • Loss per share decreased to SEK 1.31 (1.37), whereof the fourth quarter SEK 0.31 (0.25) • Cash flow from operating activities amounted to MSEK -146.9 (-186.4), whereof the fourth quarter MSEK –30.1(-48.1) • Cash and cash equivalents and other short-term investments totaled MSEK 237.2 (242.7) at the end of the year • In the fourth quarter, Karo Bio carried out a rights issue of MSEK 166. The issue was over¬subscribed with 73%, and 98% of the shares offered were subscribed with the exercise of subscription rights. The proceeds net of transaction cost was MSEK 150 • Two smaller human pharmacological studies of eprotirome were performed to supplement the clinical documentation. Preliminary analyses of the data support the continued drug development. In parallel, an effort is ongoing to clarify the regulatory authorities’ demands for the continued development of eprotirome • Within the ER-beta program, the compound KB9520 was nominated as candidate drug in October, and pre-clinical development was initiated • In December, Karo Bio’s collaboration partner Merck initiated clinical phase II studies with the lead investigational drug candidate within the collaboration • From September, Karo Bio’s partner Wyeth has taken on all research and development activities under the drug discovery collaboration For further information, please contact: Per Olof Wallström, President, tel. +46 8 608 60 20 Erika Söderberg Johnson, Chief Financial Officer, tel. +46 8 608 60 52 Legal disclaimer This financial report includes statements that are forward looking and actual results may differ materially from those stated. In addition to the factors discussed, among other factors that may affect results are development within research programs, including development in pre-clinical and clinical trials, the impact of competing research programs, the effect of economic conditions, the effectiveness of the Company’s intellectual property rights and preclusions of potential third party’s intellectual property rights, technological development, exchange rate and interest rate fluctuations, and political risks. The information is of a nature that Karo Bio shall need to disclose according to the Securities Market Act. The information was disclosed on February 9, 2010, at 08.30 am