STOCKHOLM, Sweden, Dec. 08, 2003 (PRIMEZONE) -- In a press release of November 27, Diamyd Medical wrote that it "won" a dispute over Diarect, and that the judge had "decided" in favor of Diamyd. As recommended by Diarect, Diamyd is now modifying this wording in this corrective press release:
Diamyd, Inc., and Diarect AG settles dispute
Diamyd Medical AB (listed on the Swedish Stock Exchange, O-list) develops a treatment for insulin dependent diabetes, Diamyd(tm). There has been an ongoing dispute since one year between a subsidiary, i.e. Diamyd, Inc., Akron, Ohio, USA and Diarect AG, Freiburg, Germany, regarding the termination by Diarect of a distribution agreement concerning Diamyd's right to market products from Diarect on the North American market.
In a court hearing in Freiburg the judge expressed the opinion, that Diarect may indeed wrongfully have terminated the agreement, and recommended a settlement which should include a compensation in favour of Diamyd. The parties thereafter agreed that Diarect would pay US$ 35,000 to Diamyd and that all other claims from the respective parties are withdrawn. The outcome of the dispute will affect Diamyd's earnings positively with approximately US$ 35,000 for the first quarter.
No guarantee is given or implied for the accuracy of any statements on present, historical or future results.
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The following files are available for download:
http://www.waymaker.net/bitonline/2003/12/08/20031207BIT00030/wkr0001.doc
http://www.waymaker.net/bitonline/2003/12/08/20031207BIT00030/wkr0002.pdf