FREDRIK LINDGRENAPPOINTED NEW PRESIDENT AND CEO FOR KARO BIO AB
STOCKHOLM, March 29, 2010. Karo Bio AB (publ) (Reuters: KARO.ST) today announced that the Karo Bio Board of Directors has appointed Fredrik Lindgren as new President and CEO. Fredrik Lindgren succeeds Per Olof Wallström who, as previously announced in a press release on February 16, has resigned and is leaving the company.
Fredrik Lindgren, who earned an LLC in company and tax law from Lund University in 1994, has since taken on positions of increasing responsibility at five Swedish companies in the following sectors: corporate finance, consumer healthcare, medical devices, and biotechnology. Particularly relevant is his experience as deputy CEO of Active Biotech AB from 1995-1998, and his work as CEO of Biolin Scientific AB from 2005 to the present.
"I extend a warm welcome to Fredrik Lindgren on behalf of the Karo Bio Board of Directors", said Dr. Leon Rosenberg, Chair of the Board. "He has the vision, experience and energy to lead Karo Bio as it addresses its many opportunities and challenges."
"I am delighted to get the opportunity to work with Karo Bio" said Fredrik Lindgren.
Lindgren will assume the presidency of Karo Bio on April 23, 2010.
For more information please contact:
Leon Rosenberg, Chairman of the board
Tel: +46 70 218 9334
Birgit Stattin Norinder, board member
Tel: +46 70 662 6180
Fredrik Lindgren
Tel: +46 70 561 6177
Karo Bio publishes this information in accordance with the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was published on March 29, 2010 at 08:45am CET.
About Karo Bio
Karo Bio is a drug discovery and development company specializing in endocrinology and targeting nuclear receptors as target proteins for the development of novel pharmaceuticals. The company has a project portfolio with innovative molecules that primarily target dyslipidemia, CNS-disorders, inflammation, and women's health. In these areas, there are significant market opportunities and a clear need for pharmaceuticals with new mechanisms of action. Karo Bio develops compounds aimed at treating broad patient populations up to clinical proof of concept before out-licensing. In therapeutic niche areas, Karo Bio has the capacity to bring selected compounds into late stage clinical development and, potentially, to the market. In addition to the proprietary projects, Karo Bio has three strategic collaborations with international pharmaceutical companies for development of innovative therapies for the treatment of common diseases. Karo Bio is listed on NASDAQ OMX Stockholm since 1998 (Reuters: KARO.ST)