NOTICE OF AN EXTRA GENERAL MEETING OF SHAREHOLDERS
Press Release, Stockholm, Sweden, April 24, 2007 - Diamyd Medical AB
(www.omxgroup.com ticker: DIAM B; www.otcqx.com ticker DMYDY)
Diamyd Medical announced today a Notice of an Extra General Meeting of
Shareholders on Tuesday May 22, 2007, at 3:00 PM, in the company premises,
Linnégatan 89B, Stockholm, Sweden. Shareholders who wish to attend the Extra
General Meeting must be recorded in the Company's register of shareholders, held
by the VPC (the Swedish Securities Register Center) by may 15, 2007, and must
notify the Company of their intention to attend no later than 4:00 pm May 16,
2007 per phone: +46 8 661 0026 or per E-mail: investor.relations@diamyd.com.
Shareholders whose shares are registered in the name of a nominee through the
trust department of a bank or similar institution must, in order to be entitled
to participate in the Extra General Meeting, request that their shares are
temporarily reregistered in their own names in the register of shareholders
maintained by VPC. Such registration must be effective before May 15, 2007.
Agenda
1. Election of the Chairman of the Extra General Meeting of Shareholders. 2.
Drawing up and approval of the voting list. 3. Approval of the Agenda. 4.
Election of secretary and two persons to attest to the accuracy of the minutes.
5. Decision on whether proper notice of the Extra General Meeting has been made.
6a The Board of Directors proposes to retrieve the purchase options program
adopted on the Annual General Meeting. 6b The Board of Directors proposes that
the Extra General Meeting adopts a new employee options program.
The Board of Directors proposal for retrieval of purchase options program (p.
6a)
At the Annual General Meeting on December 11, 2006 a purchase option program of
250,000 options was adopted. Any transfer of purchase option has not yet been
made. The Board proposes to replace the existing approved option program with
the proposal 6b below.
The Board of Directors proposal for an employee option program (p. 6b)
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% 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 USA the conditions
shall be according to the regulations for the state where issued. To secure the
employee option program the Board of Directors proposes that the Extra General
Meeting of Shareholders authorize it to issue 250,000 warrants to a subsidiary.
Every warrant would be entitled to a subscription of one (1) share of series B
for nominal value and 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 purchase options. At full execution of all warrants the
dilution is calculated to approx. 2.5 percent. For a valid decision 9/10
majority is required.
Further information
The full description of the proposals of the Board of Directors (items 6 a-b)
will be available for Shareholders at the main office of Diamyd Medical:
Linnégatan 89B, Stockholm, Sweden and at the website: http://www.diamyd.com from
May 8, 2007.
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
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.
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
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.
