INTERIM REPORT JANUARY-DECEMBER 2010

INTERIM REPORT JANUARY-DECEMBER 2010

The January - December period and fourth quarter 2010 in brief


  · Net sales amounted to MSEK 0.0 (5.9), with MSEK 0.0 (0.0) in the
fourth quarter
  · Net loss was MSEK 163.5 (154.6), with MSEK 50.1 (37.6) in the fourth
quarter
  · Loss per share was SEK 0.67 (0.78), with SEK 0.20 (0.19) in the
fourth quarter
  · Cash flow from operating activities was MSEK -158,9 (-146.9), with
MSEK -44.3 (-30.1) in the fourth quarter
  · Cash and cash equivalents and other short-term investments totaled
MSEK 395.0 (237.2) at the end of the period
  · On March 11, 2010, clinical phase II results on eprotirome as add-on
therapy for statin-treated patients were presented in the New England
Journal of Medicine 
  · Fredrik Lindgren started as the new CEO of Karo Bio on April 27,
2010
  · On July 7, the plan to initially develop eprotirome in the EU for
high-risk patients with heterozygous familial hyper­cholesterolemia
(HeFH) was announced
  · In October, financing of approx. MSEK 530 was secured, in part
through a fully subscribed rights issue generating net proceeds of
approx. MSEK 291; in part by an Equity Credit Facility financing
agreement of MUSD 35 (approx. MSEK 240)
  · In September, Karo Bio's partner Merck announced its decision to
discontinue develop­ment of MK-6913 for the treatment of hot flashes. An
interim analysis of data showed that pre-defined efficacy criteria were
not met. Merck is evaluating its options for future studies involving
MK-6913
  · In October, Karo Bio initiated a research program regarding
ROR-gamma and autoimmune disease

 

For more information, please contact:

Fredrik Lindgren, Chief Executive Officer
Telephone: +46 70 561 61 77

Erika Söderberg Johnson, Chief Financial Officer
Telephone: +46 8 608 60 52