Karo Bio: Full Year Report 2001 - Quarterly Report, October-December 2001 (with link)

HUDDINGE, Sweden, Feb. 8, 2002 (PRIMEZONE) -- Karo Bio:

 -- American Home Products became strategic partner for
    atherosclerosis. The agreement may bring Karo Bio MUSD 100 in
    revenues excluding royalty. Down payment received.
 -- Milestone payment from Karo Bio's partner Bristol-Myers Squibb
    earned after initiation of phase I clinical trials on jointly
    discovered compound for treatment of obesity.
 -- New technology for lead compound characterization and selection
    inlicensed from Duke University, North Carolina.
 -- Karo Bio received US patent for the Liver X receptor beta, the
    target for the collaboration with American Home Products.
 -- Organization strengthened with key management recruitments.
 -- Group net sales for the full year increased to MSEK 136.9
    (100.6) and to MSEK 38.3 (28.5) for the fourth quarter. Cash flows
    from operating activities for the full year improved to MSEK -11.9
    (-20.8) and decreased to MSEK -17.9 (5.6) for the fourth quarter.
 -- The loss after financial items increased for the full year to
    MSEK 320.9 (213.3) and to MSEK 82.9 (75.0) for the fourth quarter
    Operating loss excluding goodwill depreciation amounted to MSEK
    92.5 (60.8) for the full year and MSEK 27.8 (17.5) for the fourth
 -- Cash and cash equivalents and short-term investments amounted
    to MSEK 282.3 (329.0) at the end of the year.

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 The following files are available for download:
 The Full Year-end Report
 The Full Year-end Report


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