Diamyd Medical AB Limits Further Investment in the Diabetes Vaccine
10/29/2012 8:01:41 AM
STOCKHOLM--(BUSINESS WIRE)--Regulatory News: Diamyd Medical AB (STO:DIAMB) has decided to allocate a maximum of SEK 30 million over three years for the development of the diabetes vaccine Diamyd®.
Diamyd Medical’s liquid assets and short term investments amounted to SEK 380 million as of August 31, 2012. The Board has decided to allocate up to SEK 30 million of these for the further development of the diabetes vaccine Diamyd® over the next three years. The development activities are gathered in the subsidiary Diamyd Therapeutics. The diabetes vaccine Diamyd® is based on the GAD65 protein and is being developed for the treatment and prevention of autoimmune diabetes. The ambition is to have new scientific results within three years providing opportunities for partnering with major pharmaceutical companies or other funding.