Annual Report 2012.pdf - Karo Bio

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Vision, goal, business model and strategy Vision, goal, business model and strategy Vision Karo Bio’s vision is to become a pharmaceutical company with sustainable profitability, commercial products and a competitive portfolio that combines partnered projects with proprietary development projects. Financial goal • Karo Bio is to achieve a neutral cash flow. The Board believes that Karo Bio has the potential to reach a neutral cash flow in the long-term. For this to happen, the company must secure additional revenue, and at the same time continue to work on the cost side of the operations. Business model From knowledge to value for patients and owners Karo Bio develops pharmaceuticals for markets with key medical needs. Within niche areas, Karo Bio is qualified to process selected compounds throughout the entire development process and then seek distribution partners for the registered compound. Compounds addressing large patient groups are outlicensed after clinical phase II, or earlier. When a compound is out-licensed or a collaboration is entered into, Karo Bio usually obtains an upfront payment followed by research funding for the joint discovery phase, milestone payments when certain predetermined goals are reached and finally royalty payments on sales. When an agreement has been reached, the partnering company is usually responsible for the project’s development costs. In strategic alliances or in development collaborations, the parties cooperate around a specific area and thus share the expenses of the development work and the immaterial rights generated. This kind of collaboration is most common in early phases. Karo Bio is also seeking other types of agreements for early phases, for example for conducting so-called feasibility studies in which the conditions for creating a drug within a specific area are investigated. Opportunities for revenue • License agreements • Other agreements for projects • Grant funding – private and public Karo Bio intends to use public and private grant funding to finance part of the business. The possibility of obtaining grant funding varies between different fields and it is not uncommon for financers to set specific requirements to help with funding. Karo Bio believes that there are good opportunities to obtain grants to fund some of its operations. Strategy Focus that creates unique opportunities • World leader in nuclear receptors • We can provide the most benefit until early clinical phase Risk management • Avoid high risk • Several early projects increases the possibilities • Risks are gladly shared with others Commercial approach • Looking for different types of contracts to become self-funded • Fast moving • Openness to opportunities for value creation 4 KARO BIO Annual Report 2012
Vision, goal, business model and strategy KARO BIO Annual Report 2012 5
Page 1 and 2: Annual Report 2012
Page 3: About Karo Bio Karo Bio is a resear
Page 7 and 8: CEO commentary Greater flexibility
Page 9 and 10: Project portfolio MK-6913 - collabo
Page 11 and 12: The share PRINCIPAL SHAREHOLDERS AT
Page 13 and 14: Five-year overview (SEK, unless oth
Page 15 and 16: Administration Report Between 2008
Page 17 and 18: Administration Report MSEK 1.1 of t
Page 19 and 20: acCounts Consolidated statement of
Page 21 and 22: acCounts Consolidated statement of
Page 23 and 24: Accounting and valuation principles
Page 29 and 30: NOTEs Executive management has also
Page 31 and 32: Notes NOTE 8 INTEREST EXPENSE AND O
Page 33 and 34: Notes NOTe 17 CASH AND CASH EQUIVAL
Page 35 and 36: Notes NOTE 26 REMUNERATION TO AUDIT
Page 37 and 38: Notes CURRENCY EFFECT (MSEK) Effect
Page 39 and 40: Auditor’s Report Auditor’s Repo
Page 41 and 42: Corporate Governance Report GENERAL
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Page 45 and 46: Corporate Governance Report Board o
Page 47 and 48: Glossary Glossary AGONIST A compoun

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