HUDDINGE, Sweden, July 15, 2003 (PRIMEZONE) -- Karo Bio Quarterly Report April - June 2003
- A second preclinical milestone reached and milestone payment received in the Merck collaboration.
- Promising animal data obtained in the AR prostate cancer project.
- Drug discovery phase in obesity project with Bristol-Myers Squibb has been completed.
- New share issue successfully completed and fully subscribed, generated MSEK 118.6.
- Net sales increased to MSEK 50.8 (39.0).
- Cash flows from operating activities improved to MSEK -0.6 (-7.9).
- Operating loss excluding goodwill amortization decreased to MSEK 1.0 (26.1). The loss for the period, including goodwill amortization, decreased to MSEK 18.1 (79.7).
- Cash and cash equivalents and short-term investments amounted to MSEK 273.6 (227.2) at the end of the period.
- Loss per share for the period amounted to SEK 1.28 (6.22).
Operations
Karo Bio is a leading drug discovery company in the field of nuclear receptors. The Company develops receptor-selective and tissue-selective pharmaceuticals for treatment of major disorders. Karo Bio has operations in Sweden and in the United States.
Karo Bio has four strategic collaborations with international pharmaceutical companies for development of innovative therapies for the treatment of common diseases. Karo Bio also runs several internal projects in various clinical areas where the Company has competitive advantages for discovery of new pharmaceuticals that target nuclear receptors. To maintain a strong pipeline, exploratory studies are conducted in clinically important nuclear receptor areas. These studies cover new indications for previously well-characterized receptors as well as discovery and characterization of new receptors.
Huddinge, July 15, 2003
Bjorn Nilsson, President & CEO
For further information, please contact Bjorn Nilsson, President & CEO, tel. +46 8 608 60 20 or Bertil Jungmar, Chief Financial Officer, tel. +46 8 608 60 52.
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