HUDDINGE, Sweden, July 13, 2004 (PRIMEZONE) -- Karo Bio:
-- Predevelopment candidate was identified in the Wyeth Pharmaceuticals
collaboration yielding milestone revenues for Karo Bio. Research
terms extended with one year.
-- Bristol-Myers Squibb decided to return lead compound rights to Karo
Bio. Karo Bio is now evaluating returned compound KB2115 as a
candidate drug for treatment of obesity.
-- Net sales amounted to MSEK 14.0 (50.8).
-- The loss for the period amounted to MSEK 24.2 (18.1).
-- Cash flows from operating activities amounted to MSEK -18.0 (- 0.6).
-- Cash and cash equivalents and short-term investments amounted to
MSEK 126.0 (273.6) at the end of the period.
-- Loss per share for the period amounted to SEK 1.43 (1.28).
Huddinge, July 13, 2004
Bjorn O. Nilsson President & CEO
For further information, please contact Bjorn O. Nilsson, President & CEO tel. +46 8 608 60 20, Bertil Jungmar, Chief Financial Officer, tel. +46 8 608 60 52.
Legal disclaimer
This financial report includes statements that are forward looking and actual results may differ materially from those stated. In addition to the factors discussed, among other factors that may affect results are developments within research programs, including development in pre- clinical and clinical trials, the impact of competing research programs, the effect of economic conditions, the effectiveness of the Company's intellectual property rights and preclusions of potential third party's intellectual property rights, technological development, exchange rate and interest rate fluctuations, and political risks.
This report has not been subject to review by the Company's independent auditor.
Karo Bio AB (publ.), Novum, SE-141 57 Huddinge, Sweden. Telephone: +46 8 608 60 00. Fax: +46 8 774 82 61 Corporate identity number: 556309-3359 Website: www.karobio.com
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