Per Olof Wallstrom Leaves Karo Bio
Tuesday, February 16, 2010
STOCKHOLM, February 16, 2010. Karo Bio AB (publ) (Reuters: KARO.ST) today announced that Per Olof Wallström, President and CEO of Karo Bio AB for the past five years, has decided to resign to pursue other opportunities. He intends to stay with the company until his successor has been appointed.
"P.O. has been a dedicated and effective leader of our company", said Dr. Leon Rosenberg, Chair of Karo Bio's Board of Directors. "He has moved two projects into early and mid-stage clinical development, recruited key people to his senior management team, and completed successfully three fund-raising campaigns. The Board wishes him all success in his future activities." A search for Wallström's successor has been initiated.
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
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).