HUDDINGE, Sweden, March 27, 2002 (PRIMEZONE) -- Karo Bio today announced that Bristol-Myers Squibb Company has discontinued development of the first thyroid hormone receptor modulator for treatment of obesity resulting from a joint research program between Karo Bio and Bristol-Myers Squibb.
In animal studies, including primates, the compound was well tolerated with statistically significant weight loss. Initial Phase I studies demonstrated that the drug was well tolerated in humans. Continuing toxicology studies identified previously uncharacterized toxic metabolites in animals given high doses of the compound. These findings are related to chemical properties of the compound and not to the mechanism of action.
"Even though the newly identified toxic metabolite will cause a delay of our program, we are encouraged by the fact that data thus far support the hypothesis that it is possible to increase metabolic rate and thereby induce weight reduction without causing side effects," said Bjorn O. Nilsson, President and Chief Executive Officer of Karo Bio. "We remain confident that the program has a high likelihood of success."
The joint project group will continue with high priority work on analyzing back up compounds in animal models to identify a replacement drug candidate.
Background
Karo Bio has operations in Sweden and the United States. The Company employs 135 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 400 patent cases including 128 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 development of products and marketing. In these partnerships Karo Bio receives upfront payments, R&D funding, 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, Wyeth Pharmaceuticals, Bristol-Myers Squibb and Merck & Co.
This information was brought to you by Waymaker http://www.waymaker.net