HUDDINGE, Sweden, Jan. 28, 2003 (PRIMEZONE) -- Karo Bio (Other OTC:KARBF) has promoted Dr. Anders Berkenstam, Director R&D Sweden, to Vice President R&D Sweden and Dr. Paul Hamilton, Director R&D U.S., to Vice President R&D USA. Drs. Berkenstam and Hamilton will now report directly to President & CEO Dr. Bjorn Nilsson and will become members of the Karo Bio management team.
The two new R&D Vice Presidents will replace current Chief Scientific Officer Dr. Dana Fowlkes who has decided to leave his position. Dr. Fowlkes has accepted to continue to serve as a Director of the Karo Bio Board. He will work, at the latest until May 2003, with special projects reporting to Bjorn Nilsson.
"Dana Fowlkes has played an important role in the integration of the Karo Bio Sweden and U.S. sites since the merger year 2000" said Bjorn Nilsson. "I am happy that he is prepared to continue to make his expertise available to the Company. I am also pleased to promote two very competent R&D Vice Presidents into the Karo Bio management team. Both have made significant contributions in laying out the future strategic direction for Karo Bio's R&D and for the build-up of the new organization."
These changes are a part of a reorganization and savings initiative that will lead to a reduction of staff taking place at the sites in Sweden and the U.S. The new organization of Karo Bio will in total have 116 employees compared to the present 133. The reduction in staff, which primarily affects biology functions in R&D, is the first step in a reengineering effort aiming at changing the ratio between the number of chemists to biologists in Karo Bio. Further, Karo Bio will strengthen its chemistry capabilities in order to generate more high quality lead compounds. To further support this goal Karo Bio is also preparing for expanded pharmacological studies.
"The downsizing will not affect prioritized projects. R&D productivity will be maintained by utilizing new approaches and tools in biology," Bjorn Nilsson commented.
KARO BIO AB (publ) Per Otteskog, Senior vice President tel +46 8 608 60 18, +46 8 608 60 21
About Karo Bio
Karo Bio has operations in Sweden and the United States. The Company employs 133 people.
Karo Bio has been listed on the Stockholm stock exchange (Reuters:KARO.ST) since 1998 and maintains a leading position in the field of drug discovery focused on nuclear receptors. Nuclear receptors are validated drug targets for a number of clinical indications and the Company uses proprietary technologies for the development of novel and improved therapies for major markets. Karo Bio has 395 patent cases including 161 granted patents.
Karo Bio has drug discovery programs in several therapeutic areas including men and women's health care, metabolic disorders such as obesity, cardiovascular disease, diabetes, dermatology and ophthalmology.
Karo Bio collaborates with major pharmaceutical companies for the development of products and marketing. In these partnerships Karo Bio receives upfront payments, R&D funding and milestone payments, as well as royalties on net sales when products reach the market.
Karo Bio has strategic pharmaceutical drug discovery partnerships with Abbott Laboratories, Bristol-Myers Squibb, Merck & Co., Inc. and Wyeth Pharmaceuticals.
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