INTERIM REPORT JANUARY–MARCH 2008
The quarter in brief
• Net sales for the period amounted to MSEK 1.7 (2.0)
• Net loss for the period amounted to MSEK 51.8 (51.4)
• Loss per share amounted to SEK 0.45 (0.56)
• Cash flow from operating activities for the period amounted to MSEK -56.0 (-56.4). Cash, cash equivalents and other short-term investments totaled MSEK 375.7 (173.4) at the end of the period
• The phase IIb study with eprotirome as an add-on to statin treatment in dyslipidemia patients is progressing according to plan and will be reported in August 2008
• A new phase IIb study with eprotirome as an add-on to ezetimibe has been initiated. The results from this study are expected in the fourth quarter of 2008
• Positive results achieved in the first clinical phase I study with the diabetes compound KB3305
• Collaboration with Zydus Cadila initiated with the aim to develop novel and improved anti-inflammatory compounds
• All rights to out licensed SARM compounds have been re-acquired from Radius
Significant events after the end of the reporting period
• Karo Bio has granted a non-exclusive license to certain intellectual property rights to a not disclosed company. A license fee of MEUR 0.4 has been received after the end of the reporting period
For further information, please contact:
Per Olof Wallström, President, tel. +46 8 608 60 20
Per Otteskog, Senior Vice President Investor Relations, tel. +46 8 608 60 18
Erika Johnson, Chief Financial Officer, tel. +46 8 608 60 52
Karo Bio AB (publ.), Novum, 141 57 Huddinge, Sweden
Telephone: +48 8 608 60 00
Facsimile: +46 8 774 82 61
Corporate registration number 556309-3359
Website: www.karobio.com
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 strong project portfolio with innovative molecules that primarily target metabolic diseases such as diabetes, atherosclerosis and dyslipidemia. In all of these areas there are significant market opportunities and a need for pharmaceuticals with new mechanisms of action. Karo Bio intends to bring selected compounds within niche therapeutic areas into late stage clinical develop¬ment 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 since 1998 (Reuters: KARO.ST).
Legal disclaimer
This financial report includes statements that are forward looking and actual results may differ materially from those stated. In addition to the factors discussed, among other factors that may affect results are development within research programs, including development in preclinical and clinical trials, the impact of competing research programs, the effect of economic conditions, the effectiveness of the Company’s intellectual property rights and preclusions of potential third party’s intellectual property rights, technological development, exchange rate and interest rate fluctuations, and political risks.
The information is of a nature which Karo Bio shall need to disclose according to the Exchange and Clearings Operations Act and/or the law covering trade with financial instruments. The information was disclosed April 24, 2008, 08:30 am