Karo Bio gets unique common cold treatment with Tanomed buy

Biotech company Karo Bio (STO: KARO) has signed an agreement to acquire the fellow Sweden-based drug research firm 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% in Tanomed valued at 20 million Swedish kronor ($2.3 million), through a share issue. The board of directors of Karo Bio has an authorization from the Annual General Meeting to issue up to 10% of the registered share capital.