HUDDINGE, Sweden, June 5, 2003 (PRIMEZONE) -- Karo Bio (Other OTC:KARBF), one of the leading biotechnology companies in Europe, will be attending the BIO 2003 Convention, the largest annual biotech and pharmaceutical meeting, June 22-26, 2003, in Washington D.C.
Karo Bio is a leader in the field of nuclear receptors, an important class of drug targets for development of novel pharmaceuticals in major disease areas. Since 1996, the Company has maintained a singular scientific focus on nuclear receptors and the results speak for themselves. Karo Bio drug discovery partnerships initiated in 1997 have already produced four preclinical compounds in three collaborations with big Pharmaceutical Companies.
The Karo Bio scientific expertise is proven by the number and significance of industry "firsts" (accomplished either independently or in partnership) --
First to develop -- liver selective glucocorticoid antagonists -- thyroid hormone receptor -- beta selective agonists -- subtype-selective estrogen receptor modulators -- liver selective glucocorticoid receptor antagonists First to solve crystal structures for -- glucocorticoid receptor -- estrogen receptor, alpha and beta -- thyroid hormone receptor
The Company's close relationships with academic experts in the field of nuclear receptors keeps Karo Bio on the cutting edge of knowledge and technology; in addition, these relationships also provide the opportunity for the Company to enhance its intellectual property portfolio. Restrictive patents and patent applications for AR, ER, GR, LXR and TR add to Karo Bio's role as a significant contributor to the development of nuclear receptor-based therapeutics.
Karo Bio occupies a rather unique position in the nuclear receptor drug discovery industry efforts. The Company does not compete with its partners; Karo Bio only brings products to the market through its partnerships -- not independently. Karo Bio research and development programs are based upon successful teamwork. The scientists from both companies work together throughout the process with the common goal of discovering and developing drugs for major therapeutic indications. The team approach enhances the ability of each company to complement the existing strengths of its partner and, even more importantly, to provide skills and expertise that its partner has not fully developed. As a result, both parties benefit. The pharmaceutical company utilizes the Karo Bio innovation, proprietary knowledge and tools, scientific expertise and potentially shortens the timeline required for the discovery and development of a new drug candidate. Both companies look forward to the personal and financial rewards of novel compounds being brought to the market, achieving the ultimate goal -- improved patient care.
Karo Bio is currently discussing partnerships in the following research areas:
-- Androgen receptor modulators for Prostate Cancer -- Glucocorticoid receptor modulators for Inflammatory Diseases -- Other exploratory programs
For more information concerning these programs or the Company, you may contact:
Mats Johnson, Vice President of Marketing and Business Development +(011) 46 8 608 6126
For those attending the BIO 2003 Convention, a Karo Bio representative and company literature will be located at the Swedish Consulate booth, No. 835.
Facts about Karo Bio
Karo Bio has operations in Sweden and the United States. The Company has 124 employees.
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 368 patent cases including 120 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 collaborations 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 collaborations with Abbott Laboratories, Bristol-Myers Squibb, Merck & Co., Inc. and Wyeth Pharmaceuticals.