Jul 13 2011
Karo Bio (STO:KARO):
The January - June period and the second quarter of 2011 in brief
- Net sales amounted to MSEK 0.0 (0.0)
- Net loss was MSEK 124.9 (79.0), whereof the second quarter MSEK 77.2 (38.5)
- Loss per share was SEK 0.32 (0.33), whereof the second quarter SEK 0.20 (0.16)
- Cash flow from operating activities was MSEK -112.7 (-80.8), whereof the second quarter MSEK -65.2 (-37.9).The difference from the previous period concerns costs related to the phase III program for eprotirome.
- Cash and cash equivalents and other short-term investments totaled MSEK 245.8 (152.3) at the end of the period.
- In March, Karo Bio entered into a one year extension of the research collaboration with Zydus Cadila on GR.
- In April, Karo Bio entered into an agreement regarding eprotirome with Indian Alkem Laboratories Ltd., which lowers Karo Bio's costs for eprotirome's phase III program by SEK 100 million.
- The Annual General Meeting elected Göran Wessman as Chairman of the Board and Per Bengtsson, Christer Fåhraeus, Elisabeth Lindner, Jan N. Sandström and Anders Waas as Directors.
- Karo Bio arranged a symposium where leading scientists within academia and industry discussed ERbeta data on the cutting edge and its therapeutic applications.
- Per Bengtsson was appointed acting President and CEO in May, after Fredrik Lindgren.
- Applications to start patient studies with eprotirome were filed in 12 countries.
Significant events after the end of the reporting period
- 3D structure depicted for RORgamma receptor with Karo Bio's leading drug-like compound bound to it, which facilitates and shortens the process of identifying an optimal drug candidate.
- Discussions started regarding the out-licensing of ERbeta and RORgamma.