STOCKHOLM, Sweden, Nov. 27, 2003 (PRIMEZONE) -- 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 of a distribution agreement concerning Diamyd's right to market products from Diarect on the North American market.
In a settlement procedure yesterday in Freiburg the judged decided in favor of Diamyd, that Diarect wrongfully terminated the agreement. The parties thereafter came to a settlement, which means that Diarect shall pay US$ 96,000 to Diamyd. However, there will not be any larger cash infusion to Diamyd after the deduction of outstanding bills from Diarect and costs for lawyers. The outcome of the dispute will affect the earnings positively with approximately US$ 35,0000 for the first quarter.
For further information, contact: Anders Essen-Moller, Diamyd Medical AB (publ) Tel: +46 8-661 00 26, 661 12 25, fax: +46 8-661 63 68 email: info@diamyd.com website: www.diamyd.com
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