Diamyd Receives USD 45 Million Upfront Payment
Diamyd Medical AB has received the upfront payment of USD 45 million
from Ortho-McNeil-Janssen Pharmaceuticals, Inc. (OMJPI), a Johnson &
Johnson company.
The upfront payment relates to the previously announced closing of the
agreement between Diamyd and OMJPI for development and commercialization
of the GAD65 antigen-based therapy (Diamyd®) for the treatment and
prevention of type 1 diabetes and associated conditions, which was
announced on July 16, 2010.
"A new chapter has started for Diamyd," says Elisabeth Lindner, CEO and
President of Diamyd Medical. "We are pleased to continue building value
for patients and shareholders."
As previously reported, the parties will equally share costs for the
development program until results from the ongoing EU Phase III study,
expected in the first half of 2011. OMJPI has the right to fully assume
responsibility for the development program upon reviewing the results.
Diamyd has the potential to receive additional development and sales
milestone payments of up to USD 580 million, as well as tiered royalties
on future sales.
For more information, please contact:
Elisabeth Lindner, President and CEO Diamyd Medical AB (publ.)
Phone: +46 8 661 0026
For pictures and press material, please contact:
Andreas Ericsson, Diamyd Medical AB (publ.)
andreas.ericsson@diamyd.com
Phone: +46 8 661 0026
