Diamyd Medical (Nasdaq Stockholm First North Ticker: DMYD B) informs that the Company has accepted an offer from a group of international institutional investors, previously not shareholders in Diamyd Medical, to issue 2,000,000 new B shares in a direct placement at 7.50 SEK per share. Total proceeds to the Company amount to SEK 15 million.
"This new capital to Diamyd Medical is welcome and will allow us to focus more on partnership," says Anders Essen-Möller, President and CEO of Diamyd Medical.
After registration of the new issue, the number of shares in Diamyd Medical will amount to 21,819,422, divided into 958,584 shares of series A and 20,860,838 shares of series B. The new shares represent 9.2 % of the capital and 6.6 % of the votes. The Board of Diamyd Medical decided on the new issue based on the authorization given by the Annual General Meeting on November 27, 2014.
About the diabetes vaccine Diamyd®
Type 1 diabetes is a devastating disease which requires daily treatment with insulin to sustain life. The importance of finding a cure should not be underestimated. Diamyd® is considered to be the world's furthest developed Antigen Based Therapy (ABT) for treating the disease. Diamyd® has been used in clinical studies with more than 1,000 patients and has shown a good safety profile. In a European Phase III study Diamyd® showed good clinical effect in several subgroups, and a limited overall 16% efficacy (p=0.10) in preserving endogenous insulin secretion. To enhance the overall effect, combination treatments with Diamyd® and other approved agents are being pursued. Diamyd® is easy to administer in any clinical setting. The potential annual market is estimated to several billion dollars.
About Diamyd Medical
Diamyd Medical is dedicated to working toward a cure for type 1 diabetes and LADA. The Company's projects include development of combination regimens with the GAD-based diabetes vaccine Diamyd® for arresting the destruction of insulin-producing beta cells. The Company exclusively licenses UCLA-rights to GAD65, the active ingredient in the vaccine, for which the last patent expires in 2032. Additionally, the Company exclusively licenses UCLA patents for using GABA for the treatment of diabetes and other inflammation-related conditions.
Diamyd Medical is one of the major shareholders in the stem cell company Cellaviva AB, which is establishing a Swedish commercial bank for private family saving of stem cells in umbilical cord blood and other sources of stem cells. Stem cells can be expected to be used in Personalized Regenerative Medicine (PRM), for example, to restore beta cell mass in diabetes patients where autoimmunity has been arrested.
Remium Nordic AB is the Company's Certified Adviser.
For further information, please contact:
Anders Essen-Möller, President and CEO
Phone: +46 70 55 10 679. E-mail: [email protected]
Diamyd Medical AB (publ)
Kungsgatan 29, SE-111 56 Stockholm, Sweden. Phone: +46 8 661 00 26, Fax: +46 8 661 63 68
E-mail: [email protected]. Reg. no.: 556242-3797. Website: www.diamyd.com.