Karo Bio reports net loss of MSEK 47.7 for January - March 2011

Karo Bio (STO:KARO):

The January - March 2011 period in brief

• Net sales amounted to MSEK 0.0 (0.0)
• Net loss was MSEK 47.7 (40.5)
• Loss per share was SEK 0.12 (0.17)
• Cash flow from operating activities was MSEK -47.5 (-43.0)
• Cash and cash equivalents and other short-term investments totaled MSEK 312.1 (192.7) at the end of the period
• In March, Karo Bio entered into a one year extension of the research collaboration with Zydus Cadila on glucocorticoid receptors and anti-inflammatory drugs
• Karo Bio is organizing an ER-beta symposium on May 16-17, 2011, where key researchers from the industry and the academic community will present and discuss the frontier of research in the field of ER-beta and its therapeutic applications

Significant events after the end of the reporting period

• On April 26, Karo Bio announced that it has entered into a collaboration and license agreement regarding eprotirome with the Indian pharmaceutical company Alkem Laboratories Ltd. Alkem will conduct clinical phase III-trials in India and is granted exclusive rights to commercialize eprotirome in India and certain other markets in Asia-Pacific and Africa. Karo Bio is entitled to royalty on Alkem's future sales of eprotirome.