Karo Bio sees sales of 51.9 SEK last year

Swedish firm Karo Bio says its net sales for the full year 2005 were 51.9 million Swedish kronor ($6.7 million), compared with 39.0 million kronor in 2004. The firm also reported that its losses for the year amounted to 111.0 million kronor, an increase on the 107.3 million kronor in the year-earlier period.

Under the leadership of president Per Olof Wallstrom, who was appointed in March 2005, the company announced that it was to modify its corporate strategy to expand its current partnership-based development model to begin bringing selected compounds to late-stage clinical assessment. Currently, the firm has several such internal development projects, which include: the thyroid hormone teceptor KB2115, currently in a Phase I trial in patients with dyslipidemia, which Karo Bio intends to move into a Phase II program in the second half of 2006; the glucocorticoid receptor KB3305, which is intended for the treatment of type 2 diabetes and has, according to the firm, shown promise in preclinical assessments; and the line of estrogen receptors which have potential for the treatment of depression.

Karo Bio also says that it has discontinued its co-development of estrogen receptor, which it was carrying out in collaboration with Merck & Co, due to adverse findings in animal studies. Conversely, the company's partnership with Wyeth Pharmaceutical, targeting the liver X receptor with the aim of developing new treatment for antherosclerosis, has been extended until August 31.