HUDDINGE, Sweden, April 25, 2002 (PRIMEZONE) -- The Board of Directors of Karo Bio AB has decided to withdraw its proposal to the Annual General Meeting to introduce a Stock Option Program. Before the Annual General Meeting the board of Directors consulted with larger shareholders. The Board has carefully considered the comments received in that process and deem that the proposal would not receive 90 percent of the votes at the General Meeting that is legally required. Based on the foregoing, the Board has decided to withdraw the proposal.
The Board's intention is to present a new proposal to introduce a Stock Option Program at an upcoming special General Meeting.
For further information, contact: Per-Olof Martensson, Chairman of the Board of Director Telephone +46 8 608 60 27
Background
Karo Bio has operations in Sweden and the United States. The Company employs 140 people.
Karo Bio has been listed on the Stockholm stock exchange (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, Bristol-Myers Squibb, Merck & Co., Inc. and Wyeth Pharmaceuticals.
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