STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Karo Bio (STO:KARO) has signed an agreement to acquire the drug research company Tanomed AB, which has developed a unique product for common cold.
The acquisition provides Karo Bio access to a new product to relieve and prevent progression of common cold by reinforcing the body’s own defenses to fight common cold viruses. The patented technology is based on Swedish research in cooperation with University of Umeå where the enzyme glucose oxidase is used in combination with glucose to effectively counteract rhinovirus infections as well as other viral and bacterial pathogens. Several clinical studies show that early treatment prevents or reduces disease progression.
Karo Bio acquires 100 per cent in Tanomed valued at MSEK 20, through a share issue. The Board of Directors of Karo Bio has an authorization from the Annual General Meeting to issue up to 10 per cent of the registered share capital.
“This product has great international potential. We expect a market launch to take place within 1-1,5 years,” says Anders Lönner, Executive Chairman Karo Bio.
About Karo Bio
Karo Bio is a development company focused on broadening its operations to include projects and products closer to market. Karo Bio has several projects approaching clinical phase. Karo Bio is based in Huddinge, Sweden and is listed on NASDAQ Stockholm.
The information was published on April 10, 2015 at 08:00 am CET.
This press release is also available on www.karobio.se and www.newsroom.cision.com
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