Feb 9 2011
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