Karo Bio strengthens its organization

KARO BIO STRENGTHENS ITS ORGANIZATION

Karo Bio is delighted to announce that the company further strengthens
its organization with three recent key recruitments.

Mats Johnson has been recruited as Vice President of Marketing and
Business Development. Mats Johnson joins Karo Bio from Amersham
Pharmacia Biotech, where he was Vice President of the Proteomics
business area. Mats Johnson replaces Mårten Österlund, who is leaving
the company as of November 2 to pursue other opportunities. Mats starts
his position with the company October 15.

Berit Edlund will fill a newly created position as Director of Human
Resources. Berit Edlund’s previous experience includes positions at
Pharmacia Corporation, Skandia and Ericsson. She will join Karo Bio on
24, October 2001.

Mats Johnson and Berit Edlund will be members of the Karo Bio Management
Group and will be reporting to Björn Nilsson, President and Chief
Executive Officer.

Anders Berkenstam has been recruited as Director of Research, Sweden.
Anders Berkenstam is currently the Managing Director and Head of
Research for genomics company Gemini AB, Sweden. In his earlier research
at Karolinska Institutet, Novum, Anders Berkenstam focused on nuclear
receptors and their role in the regulation of cellular functions. Anders
Berkenstam has also worked for Pharmacia Corporation in its research
laboratories in Stockholm.

To strengthen the Company’s pipeline of innovative concepts and new
projects Karo Bio has appointed Stefan Nilsson, one of the Company’s
leading scientists, to the position of Director of Exploratory Research.

Anders Berkenstam and Stefan Nilsson will report to Dana Fowlkes, Chief
Scientific Officer.

“I believe these individuals will make excellent additions to the Karo
Bio team,” said Björn Nilsson, President and CEO. “They will all
contribute significantly to the company’s continued growth and
development.”

For further information contact:
Björn Nilsson, President & CEO
Direct telephone: +46-8-608-6020

Background
Karo Bio has operations in Sweden and the United States. The Company
employs 130 people.

Karo Bio is listed on the Stockholm stock exchange (Reuters: KARO.ST)
since 1998 and maintains a leading position in the field of drug
discovery focused on nuclear receptors. Nuclear receptors are validated
drug targets for a number of clinical indications and the Company uses
proprietary technologies for the development of novel and improved
therapies for major markets. Karo Bio has 340 patent cases including 122
granted patents.

Karo Bio has drug discovery programs in several therapeutic areas
including men and women’s health care, metabolic disorders such as
obesity, cardiovascular disease, diabetes, dermatology and
ophthalmology.

Karo Bio collaborates with major pharmaceutical companies for
development of products and marketing. In these partnerships Karo Bio
receives upfront payments, R&D funding, milestone payments as well as
royalties on net sales when products reach the market.

Karo Bio has strategic pharmaceutical drug discovery partnerships with
Abbott Laboratories, American Home Products, Bristol-Myers Squibb, Merck
& Co., and Aventis.

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