Diamyd divides operations into two business areas; Diabetes and Pain
In her comments in today's year end report, Elisabeth Lindner, President
and CEO of Diamyd Medical, states that the company has decided to divide
its operations into two business areas beginning with the new 2010/2011
fiscal year; Diabetes and Pain.
The Diabetes business area consists of the antigen-based candidate drug
Diamyd® for the treatment and prevention of autoimmune diabetes. The
Pain business area consists of development projects that use the
Company's proprietary NTDDS (Nerve Targeting Drug Delivery System)
platform to administer drugs directly to the nervous system to treat
pain.
"We have decided to divide our operations in order to highlight our pain
portfolio. We see a great medical need and an opportunity to quickly
demonstrate the value of our pain portfolio by continuing our cancer
pain program with NP2 Enkephalin. In addition to NP2 Enkephalin, Diamyd
currently has two more candidate drugs in business area Pain: NG2 GAD
and NE2 Endomorphin, creating good prospects for the further development
of a competitive product portfolio in the area of pain”, says Elisabeth
Lindner, CEO and President of Diamyd Medical.
During the fourth quarter Diamyd signed an agreement with
Ortho-McNeil-Janssen Pharmaceuticals, Inc. (OMJPI) to develop and
commercialize the Diamyd® diabetes therapy. Diamyd has secured exclusive
rights for commercialization in the Nordic countries with the objective
to build a small pharmaceutical company with its own development
operations and a sales and marketing organization in the Nordic
countries: a Nordic small pharma company.
After the reporting period Diamyd has reported promising safety findings
from a Phase I study in chronic pain with the candidate drug NP2
Enkephalin. Substantial and sustained reduction in pain scores were
reported in the middle and high dose cohorts treated with NP2
Enkephalin.
In the fourth quarter Diamyd Medical discloses a profit for the first
time. Profit before tax for the fourth quarter amounts to MSEK 75 as a
portion of the up-front payment of MSEK 327 received in connection with
the signing of the agreement with OMJPI has been recognized as revenue.
The remaining portion of the amount will be allocated until February,
2011, when the 15-month study period for the European study is ended.
Loss before tax for the full year was MSEK -0.3. Liquid assets amounted
to MSEK 501 as of August 31, 2010.
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
