HUDDINGE, Sweden, Feb. 7, 2003 (PRIMEZONE) -- Karo Bio (Other OTC:KARBF) (Stockholm:KARO):
-- A clinical development candidate was selected in July in the project
with Merck & Co., Inc. for development of compounds targeting
estrogen receptors and Karo Bio received a significant milestone
payment.
-- Promising compounds have been generated in the collaboration with
Bristol-Myers Squibb for treatment of obesity. The first compound
in clinical development was abandoned due to potential toxic
effects. The collaboration was extended for an additional six-
months until March 31, 2003.
-- Project goals in the Aventis BioKey(R) collaboration were achieved.
Milestone payments received.
-- 41 new patents were granted during the year. Most significant were
U.S. patents for compounds targeting glucocorticoid and thyroid
hormone receptors for treatment of metabolic disorders.
-- Group net sales for the full-year increased to MSEK 177.7 (136.9)
and amounted to MSEK 24.6 (38.3) for the fourth quarter.
-- Cash flows from operating activities for the full-year amounted to
MSEK -70.9 (-11.9) and MSEK -32.6 (-17.9) for the fourth quarter.
-- Operating loss excluding goodwill amortization amounted to MSEK 58.8
(92.5) for the full-year and MSEK 32.5 (27.8) for the fourth
quarter. The loss for the year, including goodwill amortization,
decreased to MSEK 284.4 (320.9) and amounted to MSEK 87.8 (82.8)
for the fourth quarter.
-- Cash and cash equivalents and short-term investments amounted to
MSEK 201.2 (282.3) at the end of the year.
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