Bulletin From the Annual General Meeting of Diamyd Medical AB (publ)

Dec 12, 2006, 00:00 ET from Diamyd Medical

    STOCKHOLM, Sweden, Dec. 12 /PRNewswire-FirstCall/ -- The Annual General
 Meeting of Diamyd Medical AB (SWEDEN NOMX: DIAM B; (OTC Bulletin Board:  
 DMYDY) (publ) (the "Company") was held in Stockholm, Sweden, on 11
 December, 2006.
     Annual Report and discharge from liability
     The Company's Income Statement and Balance Sheet were approved and the
 Board of Directors and the Chief Executive Officer were discharged from
 liability for the financial year 2005/2006.
     Election of Board of Directors, Chairman of the Board, auditors and
 compensation to the Board
     Peter Rothschild, Bjorn O. Nilsson, Joseph Janes and Anders
 Essen-Moller (all re-elected) and Hans Wigzell (new election) were
 appointed to the Board of Directors. Tord Lendau had declined re-election.
     Joseph Janes was elected Chairman of the Board.
     The Meeting approved a compensation to the Chairman of Board of US$
 24,000 and an amount of US$ 12,000 to each of the other members of the
 Board.
     PriceWaterHouseCoopers with Eva Riben as main responsible accountant,
 was elected as ordinary auditor together with Liselott Stenudd,
 PriceWaterHouseCoopers (new election).
     Amendment of the Articles of Association
     The Meeting approved the Board's proposals regarding amendments to the
 Articles of Association required by the new Swedish Companies Act, which
 came into force on 1 January, 2006.
     Authorisation 1
     The Meeting authorized the Board of Directors to resolve, at one or
 more occasions until the next Annual General Meeting, to issue new shares
 with consideration in cash or in kind or by set-off or with other
 conditions and without regard to pre-emption rights. The total number of
 shares that can be issued based on this authorization shall not exceed
 600,000.
     Authorisation 2
     The Meeting approved the Board of Directors' proposal to implement an
 option scheme including the issuance of 250,000 purchase options to
 employees and close collaborators of the Diamyd Group. Each purchase option
 shall entitle the holder to acquire one series B-share. The Meeting also
 approved the issuance of 250,000 warrants in order to secure the Company's
 obligations under the issued purchase options. At full execution of all
 warrants, dilution is calculated to approximately 2.5 percent.
     Principles for compensation and other terms of employment for
 management
     The Meeting approved the Board of Directors' proposal for principles
 for compensation and other terms of employment for the President and Chief
 Executive Officer of the Company.
     The CEO Anders Essen-Moller presented important aspects of the
 operations for the fiscal year.
     * Diamyd(R) was safe and effective in preserving insulin-producing
       function in type 1 diabetes patients (Phase II clinical trial results).
 
     * Diamyd(R) Phase II and II/III clinical trials with total 207 type 2 LADA
       patients ongoing.
 
     * Neurologix Inc., NJ licensed GAD65 for the development of therapy to
       treat Parkinson's disease. Therapy was safety and tolerable with
       efficacy (Phase I clinical trial results).
 
     * Nurel Therapeutics Inc., PA was acquired, bringing gene therapy platform
       for treatment of acute pain (Preclinical stage)
 
     * Protein Sciences Corporation, CT starts manufacture of Diamyd(R) for
       Phase III trials.
 
     * Diamyd Medical invested US$ 3 million in a Protein Sciences convertible
       bond.
 
     About Diamyd Medical
     Diamyd Medical is a Life Science company focused on developing
 treatments for diabetes and its complications. The Company's furthest
 developed project is the GAD-based drug Diamyd(R) against autoimmune
 diabetes. Diamyd(R) has demonstrated significant and positive results in
 phase II clinical trials of both type 1 and type 2 diabetes patients.
     GAD65 is a dominant autoantigen in autoimmune diabetes and is the
 active substance in Diamyd(R). GAD65 is also an enzyme that converts the
 excitatory neurotransmittor glutamate to the inhibitory transmittor GABA.
 In this context GAD may have an important role not only in diabetes, but
 also in several CNS-related diseases. Diamyd Medical has an exclusive
 world-wide license from the UCLA in Los Angeles regarding the therapeutic
 use of the GAD65 gene.
     Diamyd Medical has outlicensed the use of the GAD65-gene to Neurologix
 Inc., New Jersey, for treatment of Parkinson's disease and clinical Phase I
 studies are ongoing.
     Other projects comprise drug development within gene therapy using the
 patent protected NTTDS system (Nerve Targeted Drug Delivery System). The
 projects mainly make use of Enkephalin and GAD and are targeted for chronic
 pain e.g. diabetes pain or cancer pain. All projects in this field are in
 preclinical phases.
     Diamyd Medical has offices in Stockholm (Sweden) and in Pittsburgh
 (U.S.A) and its shares are quoted at the Nordic Exchange (NOMX: DIAM B).
 The Diamyd share is also traded in the U.S.A. through a Level 1 ADR program
 administered by the Bank of New York. (ticker symbol: DMYDY). Further
 information is to be found on the Company's website; http://www.diamyd.com.
     This Information may include statements concerning historical, present
 and forward-looking items and are to the "best of knowledge" of the
 management of Diamyd Medical and the actual status may differ materially
 from these statements. The Company assumes no obligation to update these
 statements to reflect actual results, changes in assumptions or changes in
 other factors affecting such statements. The Company's Press Releases,
 Quarterly Reports and Annual Reports ("Information") are translations from
 Swedish originals. No guarantees are made that these translations are free
 from errors.
     Gregory Tiberend
     Richard Lewis Communications, Inc.
     gtiberend@rlcinc.com
     212-827-0020
     Diamyd Medical AB (publ). Linnegatan 89 B, SE-115 23 Stockholm, Sweden.
 Tel: +46 8 661 00 26, fax: +46 8 661 63 68 or email: info@diamyd.com.
 VATno: SE556530-142001.
 
 

SOURCE Diamyd Medical
    STOCKHOLM, Sweden, Dec. 12 /PRNewswire-FirstCall/ -- The Annual General
 Meeting of Diamyd Medical AB (SWEDEN NOMX: DIAM B; (OTC Bulletin Board:  
 DMYDY) (publ) (the "Company") was held in Stockholm, Sweden, on 11
 December, 2006.
     Annual Report and discharge from liability
     The Company's Income Statement and Balance Sheet were approved and the
 Board of Directors and the Chief Executive Officer were discharged from
 liability for the financial year 2005/2006.
     Election of Board of Directors, Chairman of the Board, auditors and
 compensation to the Board
     Peter Rothschild, Bjorn O. Nilsson, Joseph Janes and Anders
 Essen-Moller (all re-elected) and Hans Wigzell (new election) were
 appointed to the Board of Directors. Tord Lendau had declined re-election.
     Joseph Janes was elected Chairman of the Board.
     The Meeting approved a compensation to the Chairman of Board of US$
 24,000 and an amount of US$ 12,000 to each of the other members of the
 Board.
     PriceWaterHouseCoopers with Eva Riben as main responsible accountant,
 was elected as ordinary auditor together with Liselott Stenudd,
 PriceWaterHouseCoopers (new election).
     Amendment of the Articles of Association
     The Meeting approved the Board's proposals regarding amendments to the
 Articles of Association required by the new Swedish Companies Act, which
 came into force on 1 January, 2006.
     Authorisation 1
     The Meeting authorized the Board of Directors to resolve, at one or
 more occasions until the next Annual General Meeting, to issue new shares
 with consideration in cash or in kind or by set-off or with other
 conditions and without regard to pre-emption rights. The total number of
 shares that can be issued based on this authorization shall not exceed
 600,000.
     Authorisation 2
     The Meeting approved the Board of Directors' proposal to implement an
 option scheme including the issuance of 250,000 purchase options to
 employees and close collaborators of the Diamyd Group. Each purchase option
 shall entitle the holder to acquire one series B-share. The Meeting also
 approved the issuance of 250,000 warrants in order to secure the Company's
 obligations under the issued purchase options. At full execution of all
 warrants, dilution is calculated to approximately 2.5 percent.
     Principles for compensation and other terms of employment for
 management
     The Meeting approved the Board of Directors' proposal for principles
 for compensation and other terms of employment for the President and Chief
 Executive Officer of the Company.
     The CEO Anders Essen-Moller presented important aspects of the
 operations for the fiscal year.
     * Diamyd(R) was safe and effective in preserving insulin-producing
       function in type 1 diabetes patients (Phase II clinical trial results).
 
     * Diamyd(R) Phase II and II/III clinical trials with total 207 type 2 LADA
       patients ongoing.
 
     * Neurologix Inc., NJ licensed GAD65 for the development of therapy to
       treat Parkinson's disease. Therapy was safety and tolerable with
       efficacy (Phase I clinical trial results).
 
     * Nurel Therapeutics Inc., PA was acquired, bringing gene therapy platform
       for treatment of acute pain (Preclinical stage)
 
     * Protein Sciences Corporation, CT starts manufacture of Diamyd(R) for
       Phase III trials.
 
     * Diamyd Medical invested US$ 3 million in a Protein Sciences convertible
       bond.
 
     About Diamyd Medical
     Diamyd Medical is a Life Science company focused on developing
 treatments for diabetes and its complications. The Company's furthest
 developed project is the GAD-based drug Diamyd(R) against autoimmune
 diabetes. Diamyd(R) has demonstrated significant and positive results in
 phase II clinical trials of both type 1 and type 2 diabetes patients.
     GAD65 is a dominant autoantigen in autoimmune diabetes and is the
 active substance in Diamyd(R). GAD65 is also an enzyme that converts the
 excitatory neurotransmittor glutamate to the inhibitory transmittor GABA.
 In this context GAD may have an important role not only in diabetes, but
 also in several CNS-related diseases. Diamyd Medical has an exclusive
 world-wide license from the UCLA in Los Angeles regarding the therapeutic
 use of the GAD65 gene.
     Diamyd Medical has outlicensed the use of the GAD65-gene to Neurologix
 Inc., New Jersey, for treatment of Parkinson's disease and clinical Phase I
 studies are ongoing.
     Other projects comprise drug development within gene therapy using the
 patent protected NTTDS system (Nerve Targeted Drug Delivery System). The
 projects mainly make use of Enkephalin and GAD and are targeted for chronic
 pain e.g. diabetes pain or cancer pain. All projects in this field are in
 preclinical phases.
     Diamyd Medical has offices in Stockholm (Sweden) and in Pittsburgh
 (U.S.A) and its shares are quoted at the Nordic Exchange (NOMX: DIAM B).
 The Diamyd share is also traded in the U.S.A. through a Level 1 ADR program
 administered by the Bank of New York. (ticker symbol: DMYDY). Further
 information is to be found on the Company's website; http://www.diamyd.com.
     This Information may include statements concerning historical, present
 and forward-looking items and are to the "best of knowledge" of the
 management of Diamyd Medical and the actual status may differ materially
 from these statements. The Company assumes no obligation to update these
 statements to reflect actual results, changes in assumptions or changes in
 other factors affecting such statements. The Company's Press Releases,
 Quarterly Reports and Annual Reports ("Information") are translations from
 Swedish originals. No guarantees are made that these translations are free
 from errors.
     Gregory Tiberend
     Richard Lewis Communications, Inc.
     gtiberend@rlcinc.com
     212-827-0020
     Diamyd Medical AB (publ). Linnegatan 89 B, SE-115 23 Stockholm, Sweden.
 Tel: +46 8 661 00 26, fax: +46 8 661 63 68 or email: info@diamyd.com.
 VATno: SE556530-142001.
 
 SOURCE Diamyd Medical