Diamyd Medical reports today that the Company's rights issue of just under 220
MSEK has been substantially oversubscribed. Subscriptions equal to a total sum
of 384 MSEK have been received.
3 109 514 shares have been subscribed and paid for with the support of
subscription rights, totalling a payment of 217 665 980 SEK. This represents
99.3 percent of the total subscription rights. Those who exercised their
subscription rights have received interim shares (BTA), traded on the Nasdaq OMX
in Stockholm (Small Cap list) with ticker DIAM BTA 1B, until registration is
processed at Bolagsverket.
Subscriptions corresponding to an additional 2 381 169 shares or 166 681 830 SEK
without support of subscription rights have also been received. The Board of
Directors of Diamyd Medical has decided on the allocation of the shares that
have not been subscribed for with subscription rights, according to principles
described in the Prospectus. Those who have received such allocation will be
informed, through an assignment notice, within the next couple of days.
“The share issue got a fantastic response with an almost one hundred percent
utilisation of the subscription rights,” says Elisabeth Lindner, President and
CEO of Diamyd Medical. “This means that we have succeeded to communicate this
offer also to our many small shareholders, which is particularly gratifying,”
Elisabeth Lindner continues.
The additional capital is planned to last for two years with current development
program and to cover with margin the costs that the Company anticipates
incurring until data from the current Phase III program is expected to be
available. The capital is also intended to strengthen the Company's bargaining
position in current partnership negotiations.
An extra shareholders' meeting at Diamyd Medical AB (publ) held October 7, 2009,
decided, in accordance with the proposal put forward by the Board of Directors,
to implement a new share issue of just under 220 MSEK with preferential rights
for existing shareholders. Record day was October 14, 2009, and the Subscription
period was October 16 - 30, 2009. Every twenty-five (25) existing shares
entitled to subscription of seven (7) new shares. The issue price was 70 SEK per
share.
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
About Diamyd Medical
Diamyd Medical is a Swedish diabetes company focusing on the development of
pharmaceuticals for the treatment of autoimmune diabetes and its complications.
The company's most advanced project is the GAD-based drug Diamyd® for type 1
diabetes. Phase III trials for this drug are in progress in both Europe and the
US. In addition, the company has initiated clinical studies in the US in the
area of chronic pain, using its Nerve Targeting Drug Delivery System (NTDDS).
The company has also out-licensed the use of GAD for the treatment of
Parkinson's disease. The company currently has three clinical-phase products.
Diamyd Medical has offices in Sweden and in the US. Shares are listed on Nasdaq
OMX in Stockholm (ticker: DIAM B) and on OTCQX in the US (ticker: DMYDY)
administered by the Pink OTC Markets and the Bank of New York Mellon (PAL).
Further information is available on the company's website: www.diamyd.com.
This information is disclosed in accordance with the Swedish Securities Markets
Act, the Swedish Financial Instruments Trading Act, or the requirements stated
in the listing agreements.
Diamyd Medical AB (publ.)
Linnégatan 89 B, SE-115 23 Stockholm, Sweden. Tel: +46 (0)8 6610026, Fax: +46
(0)8 661 63 68
E-mail: info@diamyd.com. VAT no: SE556530-142001.
