Karo Bio Half Year Report January - June 2007HUDDINGE, Sweden, July 12, 2007-- A 12 week phase II study with KB2115 in patients with primary hypercholesterolemia has been successfully completed. KB2115 was efficacious in LDL lowering and safe with respect to a broad range of parameters reflecting effects on heart, bone, muscle and thyroid function · The clinical candidate in the Merck collaboration has been discontinued. A backup compound has been selected for preclinical development · The initiation of phase I studies with KB5359 will be delayed due to toxicology findings that needs further evaluation · The research collaboration with Wyeth Pharmaceuticals has been extended with one year until August 31, 2008 · A new share issue with preferential rights has been successfully completed. The rights issue generated MSEK 387.2 to the company after transaction costs · Net sales for the six month period amounted to MSEK 3.9 (15.2) · The loss for the six month period amounted to MSEK 118.2 (61.3) · Cash flow from operating activities for the six month period amounted to MSEK -90.9 (-69.5) · Liquid assets and other short-term investments amounted to MSEK 520.4 (274.4) at the end of the period · Loss per share for the six month period amounted to SEK 1.24 (0.67)
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 61 37, or Leif Carlsson, Chief Financial Officer, tel. +46 8 608 60 73.
Posted: July 2007