Today’s Annual General Meeting in Karo Bio AB

Today’s Annual General Meeting in Karo Bio AB

The Board of Directors of Karo Bio AB has decided to withdraw its
proposal to the Annual General Meeting to introduce a Stock Option
Program. Before the Annual General Meeting the board of Directors
consulted with larger shareholders. The Board has carefully considered
the comments received in that process and deem that the proposal would
not receive 90 per cent of the votes at the General Meeting that is
legally required. Based on the foregoing, the Board has decided to
withdraw the proposal.

The Board’s intention is to present a new proposal to introduce a Stock
Option Program at an upcoming special General Meeting.

For further information, contact:

Per-Olof Mårtensson, Chairman of the Board of Director
Telephone +46 8 608 60 27

Background
Karo Bio has operations in Sweden and the United States. The Company
employs 140 people.

Karo Bio has been 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 400 patent cases
including 128 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, Bristol-Myers Squibb, Merck & Co., Inc. and Wyeth
Pharmaceuticals.

————————————————————
This information was brought to you by Waymaker https://www.waymaker.net
The following files are available for download:
https://www.waymaker.net/bitonline/2002/04/25/20020425BIT00650/wkr0001.doc
https://www.waymaker.net/bitonline/2002/04/25/20020425BIT00650/wkr0002.pdf