HUDDINGE, Sweden, April 23, 2003 (PRIMEZONE) -- Karo Bio (Other OTC:KARBF):
-- A novel first-in-class compound for type 2 diabetes has been
identified in the collaboration with Abbott Pharmaceuticals.
-- Significant progress made in the collaboration with Bristol-Myers
Squibb through the identification of novel and improved compound
for obesity treatment.
-- Group net sales decreased to MSEK 12.7 (37.4).
-- Cash flows from operating activities amounted to MSEK -39.7
(-38.7).
-- Operating loss excluding goodwill amortization amounted to MSEK
42.0 (21.4). The loss after financial items, including goodwill
amortization, amounted to MSEK 100.4 (79.5).
-- Cash and cash equivalents and short-term investments amounted to
MSEK 161.2 (241.9) at the end of the period.
-- New share issue decided, expected to raise MSEK 120 if fully
subscribed.
For further information, please contact
Bjorn Nilsson, President & CEO tel. +46 8 608 60 20,
Per Otteskog, Senior Vice President, tel. +46 8 608 60 18,
or Bertil Jungmar, Chief Financial Officer, tel. +46 8 608 60 52.
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The following files are available for download:
http://www.waymaker.net/bitonline/2003/04/23/20030423BIT00130/wkr0001.doc
http://www.waymaker.net/bitonline/2003/04/23/20030423BIT00130/wkr0002.pdf