HUDDINGE, Sweden, May 16, 2002 (PRIMEZONE) -- Karo Bio, a leading international drug discovery company focusing on nuclear receptors as drug targets, will today present an overview of the Company for investors and analysts at a Capital Markets Day in London. The management team, led by President Bjorn Nilsson, will summarize Karo Bio's business and financial strategies as well as updating investors and analysts on progress in the Company's product pipeline and key technologies.
Karo Bio is currently collaborating with four of the eleven largest pharmaceutical companies in the world, and anticipates forming similar alliances with other industry leaders based on its world-leading technologies.
The presentations, which follow a similar event in Stockholm on March 6, will outline progress on the Company's key partnered projects and highlight expected news flow during the year.
Bjorn Nilsson, President of Karo Bio, commented: "We are delighted to have the opportunity to provide analysts and investors with a better understanding of our products and technologies and the many outstanding business opportunities which are open to us."
Management PowerPoint Presentations will be available on the Karo Bio web site from Friday May 17.
For further information, please contact:
Per Otteskog, Senior Vice President Tel +46-8-608 6018 Mobile: +46-70-632 75 27 Jonathan Birt/Mo Noonan, Financial Dynamics Tel +44-20-7831-3113
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 (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's 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 partnerships 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 partnerships with Abbott Laboratories, Bristol-Myers Squibb, Merck & Co., Inc. and Wyeth Pharmaceuticals.
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