Torben Jorgensen succeeds Per-Olof Mårtensson as new president

TORBEN JØRGENSEN SUCCEEDS PER-OLOF MÅRTENSSON AS NEW PRESIDENT

The Board of Directors of Karo Bio has decided to appoint Torben Jørgensen
as new president of the Company from the Annual General Meeting on April
26. The Board has recommended that current president Per-Olof
Mårtensson be appointed Chairman of the Board.

Karo Bio is engaged in rational drug discovery and the development of
effective drugs for the treatment of common diseases such as diabetes,
obesity and cancer. The company concentrates its activities on the
preclinical phase of drug discovery and collaborates with Abbott, Bristol-

Myers Squibb and Merck. Per-Olof Mårtensson has been president of the
company since 1991, guiding the company to its listing in 1998 on the O-
list of the OM Stockholm Stock Exchange.

Torben Jørgensen has comprehensive experience in leading development-
intensive operations undergoing rapid expansion. Throughout the 1990s, he
was president of the Danish diagnostics firm Dako A/S. Under Jørgensen’s
management, net sales tripled from DKK 219 million in 1990 to 690 million
in 1998, simultaneously with the internationalization of the business.

During the same period, earnings improved from DKK 10 million to 75
million. Torben Jørgensen begins his employment at Karo Bio in February.

– “Karo Bio is currently in a very strong position, financially and in
terms of research. Alongside our three collaborative agreements, we have a
number of promising projects in the pipeline that make further expansion
possible. This is the proper occasion for me to step down as president.

Torben Jørgensen has much to offer to Karo Bio. His achievements with Dako
in the highly competitive market for diagnostics systems are very
impressive,” says Karo Bio’s president Per-Olof Mårtensson.

– “In 1992, Per-Olof Mårtensson initialized a restructuring of the
business that has led Karo Bio to its present world-leading position in
its field and strong financial position. After an extensive search
process, we have found an excellent successor, while Mårtensson’s
competence will remain within the company,” says Bertil Hållsten, current
chairman of Karo Bio.

– “Needless to say, taking over as the new president of Karo Bio is a
very stimulating proposition. The company’s collaborative agreements with
three of the world’s largest pharmaceutical companies are clear evidence
that Karo Bio’s chosen strategy has been very successful. I am looking
forward to the opportunity to continue Per-Olof Mårtensson’s successful
efforts,” says Torben Jørgensen.

For further information:
Per-Olof Mårtensson, President, Karo Bio. Tel: +46 (0) 8-608 6020
Torben Jørgensen, Karo Bio. Tel: +46 (0) 8-608 6000 or + 45 40 61 21 86
Bertil Hållsten, Chairman, Karo Bio. Tel: +46 (0) 8-715 92 90

Karo Bio is a drug discovery company working with the development of
tissue-selective pharmaceutical compounds that work via nuclear receptors
for the treatment of common diseases such as diabetes, obesity, elevated
cholesterol, inflammatory disorders, cancer, cardiovascular disease and
certain women’s health problems. Operations are conducted in collaboration
with international pharmaceutical companies and leading academic
institutions. The company is presently collaborating with Abbott
Laboratories, Bristol-Myers Squibb Company and Merck &Co.

Please visit our website: www.karobio.se

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