HUDDINGE, Sweden--(BUSINESS WIRE)--
Karo Bio AB (publ) (STO:KARO.ST - News) completes notice of redundancy issued in November and lays off 16 employees. As previously announced, the purpose of this downsizing is to reduce costs.
Together with other personnel changes in 2011, this reduction in personnel will result in annual savings of approx. MSEK 17. The savings will take effect gradually in 2012.
About Karo Bio
Karo Bio is a pharmaceutical company focused on the research and development of innovative drugs for large medical needs. The company runs a number of drug development projects within the indication areas multiple sclerosis, inflammation, autoimmune diseases, cancer and women’s health. An important foundation for the company’s activities is its unique knowledge of nuclear receptors as target proteins for pharmaceuticals, as well as related mechanisms of action. Karo Bio is based in Huddinge, Sweden, has around 70 employees and is listed on NASDAQ OMX Stockholm. 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 February 21, 2012, at 10:00 am CET.
This press release is also available online at www.karobio.com and www.newsroom.cision.com
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CEO Per Bengtsson
phone: +46 8 608 6020
cell +46 734 474 128