EXTRA SHAREHOLDERS MEETING
Press Release, Stockholm, Sweden, May 22, 2007 - Diamyd Medical AB
(www.omxgroup.com ticker: DIAM B; www.otcqx.com ticker DMYDY)
Today at the extra shareholder meeting it was decided to retrieve a purchase
option program and replace it with an employee option program.
The Company shall issue an employee option program free of charge with a
validity of maximum three (3) years. The options shall be non-transferable and
entitle the holder to subscribe at a share value of 110 percent of the average
share value on the Nordic Stock Exchange during five (5) days before the
allotment. The conversion of the options should be conditioned by the employment
or assignment at the time for vesting. Concerning employees in the USA the
conditions shall be according to the regulations for the state where issued.
To secure the employee option program it was decided to issue 250,000 warrants.
Every warrant is entitled to a subscription of one (1) share of series B with
validity until December 31, 2010. The Company shall retain warrants to cover the
costs and taxes that the Company will be liable for at execution of the
warrants. At full execution of all warrants the dilution is calculated to
approximately 2.5 percent.
For further information, please contact:
Stockholm-office
Anders Essen-Möller
CEO and President
Tel: +46 8 661 0026
E-mail: investor.relations@diamyd.com
Pittsburgh office
Michael Christini
President
Tel: +1 412 770 1310
E-mail: Michael.Christini@diamyd.com
For media contact in the US, please contact:
Gregory Tiberend, Executive Vice President
Richard Lewis Communications, Inc.
Tel: +1 212 827 0020 E-mail: gtiberend@rlcinc.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. Diamyd® has demonstrated significant and
positive results in Phase II clinical trials in both type 1 and autoimmune type
2 diabetes patients (LADA) 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 world-wide license from
the University of California at Los Angeles regarding the therapeutic use of the
GAD65 gene.
Diamyd Medical has sublicensed its UCLA GAD65 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 gene therapy using the
exclusively licensed and patent protected Nerve Targeted Drug Delivery System
(NTDDS). The company's lead gene therapy 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 in Pittsburgh (USA). The
Diamyd Medical share is quoted on the Stockholm Nordic Exchange in Sweden
(ticker symbol: DIAM B) and on the OTCQX-list in the US (ticker symbol: 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.
