DIAMYD INCREASES STRATEGIC INVESTMENT IN PROTEIN SCIENCES WITH US$ 1 MILLION
Press Release, Stockholm, Sweden, November 8, 2007 - Diamyd Medical AB
(www.omxgroup.com, ticker: DIAM B; www.otcqx.com, ticker DMYDY)
Diamyd Medical announced today that it has increased its investments in Protein
Sciences Corporation, Meriden, CT, with another US$ 1 million. The investment is
in form of a Convertible Note. Previously Diamyd Medical invested $3 million
which were converted into Protein Sciences Common Stock and, as a result, Diamyd
has become Protein Sciences second largest shareholder.
Protein Sciences is manufacturing the active component (GAD65) that will be used
in several planned studies, including phase III clinical studies with the
Diamyd® therapeutic diabetes vaccine.
“Not only is this a strategic investment and a further step in building the
relationship between Diamyd Medical and Protein Sciences, but we are also very
pleased to continue to increase our investment in Protein Sciences as this
company is getting closer to the market with its non-egg based influenza
vaccine” says Anders Essen-Moller, President of Diamyd Medical.
About Protein Sciences Corporation
PSC is a biotechnology company focused on using recombinant DNA technology to
make the next generation of vaccines, therapeutics and diagnostics. The active
ingredients in all of PSC's products are recombinant proteins that are
manufactured using its patented protein expression technology using insect cells
(BEVS).
FluBlok®, PSC's lead recombinant influenza vaccine, which is in Phase III
clinical trials, has been granted accelerated approval and fast track status by
the US FDA. In a recent trial in healthy adults, FluBlok provided 100 percent
protection from influenza infection against strains included in the vaccine and
drifted strains. FluBlok is highly purified and has important advantages over
the licensed egg-grown injectable inactivated influenza vaccines and
mammalian-cell culture vaccines in development. FluBlok does not require use of
a live influenza virus in manufacturing, which gives it significant advantages
for rapid development for annual use and use in pandemics.
In 2002 it was estimated that there were four therapeutic proteins manufactured
using insect cell technology in Phase III clinical trials in the USA, and about
twenty in Phase II trials (Glaser 2002). Two products produced used the insect
cell technology have been the subject of a BLA filing (Provenge by Dendreon and
Cervarix by GSK).
For further information, please contact:
Stockholm office
Anders Essen-Möller
CEO and President
+46 8 661 0026
investor.relations@diamyd.com
Pittsburgh office
Michael Christini
President
+1 412 770 1310
Michael.Christini@diamyd.com
Diamyd Medical AB (publ). Linnégatan 89 B, SE-115 23 Stockholm, Sweden. Tel: +46
8 661 00 26, fax: +46 8 661 63 68 or E-mail: info@diamyd.com. VATno:
SE556530-142001.
About Diamyd Medical
Diamyd Medical is a life science company developing treatments for diabetes and
its complications. The company's furthest developed project is the GAD-based
drug Diamyd® for autoimmune diabetes for which Phase III studies are planned.
Diamyd® has demonstrated significant and positive results in Phase II clinical
trials in Sweden.
GAD65, a major autoantigen in autoimmune diabetes, is the active substance in
Diamyd. GAD65 is also an enzyme that converts the excitatory neurotransmitter
glutamate to the inhibitory transmitter GABA. In this context, GAD may have an
important role not only in diabetes but also in several central nervous
system-related diseases. Diamyd Medical has an exclusive worldwide license from
the University of California at Los Angeles regarding the therapeutic use of the
GAD65 gene.
Diamyd Medical has sublicensed its UCLA GAD Composition of Matter license to
Neurologix, Inc. in Fort Lee, New Jersey for treatment of Parkinson's disease
with an AAV-vector.
Other projects comprise drug development within therapeutic gene transfer using
the exclusively licensed and patent protected Nerve Targeted Drug Delivery
System (NTDDS). The company's lead NTDDS projects include using enkephalin and
GAD for chronic pain, e.g., diabetes pain or cancer pain. All projects in this
field are currently in preclinical phases.
Diamyd Medical has offices in Stockholm, Sweden and Pittsburgh, PA. The Diamyd
Medical share is quoted on the Stockholm Nordic Exchange in Sweden (NOMX ticker:
DIAM B) and on the OTCQX-list in the United States (ticker: DMYDY) administered
by the Pink Sheets and the Bank of New York (PAL). Further information is
available at www.diamyd.com.
Disclaimer: This document contains certain "statements" relating to present
understandings, future events and future performance, including statements
relating to the progress, timing and completion of our research, development and
clinical trials; our ability to market, commercialize and achieve market
acceptance for product candidates; and our current and future strategic partner
relationships. These statements can be affected by inaccurate assumptions or by
known or unknown risks and uncertainties. Diamyd Medical undertakes no
obligation to publicly update such statements, whether because of new
information, future events or otherwise, nor does Diamyd Medical give any
guarantees that the statements, given or implied, are correct. This document is
a translation from the Swedish original. No guarantees are made that the
translation is free from errors.
