Karo Bio Quarterly Report January-March 2004

QUARTERLY REPORT jANUARY-MARCH 2004

* Substantial progress has been made in the collaboration with Wyeth
Pharmaceuticals in the discovery of lead compounds that show significant
anti atherogenic effects in animal disease models.

* The internal STAD dyslipidemia project continues to make good progress
and two patent applications have been filed for selected compounds.

* New and more potent androgen antagonists have been designed in the
prostate cancer project and a patent application has been filed for
selected compounds.

* Net sales amounted to MSEK 10.1 (12.7).

* The loss for the period, including goodwill expenses, decreased to MSEK
34.2 (100.4). Operating loss excluding goodwill expenses decreased to
MSEK 35.1 (42.0).

* Cash flows from operating activities amounted to MSEK -36.1 (-39.7).
Cash and cash equivalents and short-term investments amounted to MSEK
148.9 (161.2) at the end of the period.

* Loss per share for the period amounted to SEK 2.03 (7.82).

For further information, please contact
Björn O. Nilsson, President & CEO tel. +46 8 608 60 20,
Bertil Jungmar, Chief Financial Officer, tel. +46 8 608 60 52.

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https://www.waymaker.net/bitonline/2004/04/23/20040423BIT00020/wkr0001.doc The full report
https://www.waymaker.net/bitonline/2004/04/23/20040423BIT00020/wkr0002.pdf The full report