DR. DANA M. FOWLKES LEAVES HIS POSITION AS MEMBER OF THE KARO BIO BOARD OF DIRECTORS

On December 8, 2008 Dr. Dana M. Fowlkes resigned his position as a member of the board of directors of Karo Bio, effective immediately. This action was taken for personal reasons.

Dr. Leon Rosenberg, chair of the Karo Bio board, said “Dana Fowlkes has been an outstanding member of our board of directors for nine years, and the entire board thanks him and wishes him all success in his future endeavors.”

For further information, please contact:
Per Olof Wallström, President & Chief Executive Officer
Phone: +46 70 942 9520

About Karo Bio
Karo Bio is a drug discovery and development company specializing in nuclear receptors for the development of novel pharmaceuticals.

The Company has a project portfolio with innovative molecules that primarily targets metabolic diseases such as diabetes, atherosclerosis and dyslipidemia. In all of these areas there are significant market opportunities and a need for new pharmaceuticals with new mechanisms of action. Karo Bio intends to bring selected compounds within niche therapeutic areas into late stage clinical development and, potentially, to the market. In addition to pursuing niche opportunities, Karo Bio continues to develop compounds aimed at treatment of broad patient populations to clinical proof of concept before out-licensing.

In addition to the proprietary projects, Karo Bio has three strategic collaborations with international pharmaceutical companies for development of innovative therapies for the treatment of common diseases.

Karo Bio is listed on the OMX Nordic Exchange Stockholm AB since 1998 (Reuters: KARO.ST).

This press release is also available online at: www.karobio.com and www.newsroom.cision.com