Karo Bio streamlines key departments
Drug discovery and development business Karo Bio is streamlining key company departments and cutting staff numbers in a move designed to improve operations and save money.
Drug discovery and development business Karo Bio is streamlining key company departments and cutting staff numbers in a move designed to improve operations and save money.
The new R&D organisation will be led by Dr Anneli Haellgren, vice president of preclinical development; Dr Carl-Magnus Andersson, vice president of chemistry and pharmaceutical sciences, and Dr Jens Kristensen, vice president of medical sciences.
The business is also reducing staff numbers across its administrative and R&D operations by 14. These changes are expected to result in a cost base reduction of approximately 20 MEK annually.
Karo Bio has a strong project portfolio with innovative molecules that primarily targets diseases such as diabetes and atherosclerosis. Earlier this year, it made a new share issue and raised 400MSEK for the purpose of securing the further development of its projects.
The most advanced compound, KB2115, intended for treatment of dyslipidemia, is in Phase II clinical development. Karo Bio intends to complete the Phase II programme with additional preclinical and clinical studies and build value for a partnership and further development to the market. In addition, Karo Bio intends to initiate clinical development for the type 2 diabetes compound KB3305 during fall of this year.
"With this organisation and staffing, we preserve our ability to develop new medicines, albeit with less resources. We will focus on the programmes where we have the best chance to deliver visible progress. Naturally, we regret that some of our loyal staff have to leave the company in connection with this process," said Per Olof Wallstroem, president of Karo Bio.