Information about the Annual Report 2022/23
Diamyd Medical today publishes the Annual Report for 2022/23 in Swedish and announces the following change in the Annual Report compared to the Year-end Report, which was published on October 11, 2023.
Diamyd Medical's partnership with JDRF* means that JDRF contributes with financial support. Payments from JDRF are earned when Diamyd Medical completes various milestones in the DIAGNODE-3 study, with these milestones spanning the years 2023 - 2027. JDRF can also use its global type 1 diabetes network to raise awareness of the study, which may contribute to patient recruitment, and also provide advisement as Diamyd Medical prepares for a potential commercial approval. During the financial year 2022-2023, Diamyd Medical has completed two milestones and received a total of SEK 15.9 million from JDRF. Additional milestones with accompanying payouts are expected to be achieved in 2023-2024. If Diamyd Medical in the future gets Diamyd® commercially approved and the sale of the drug becomes a commercial success, JDRF will receive a limited royalty on the revenue, if within the framework of the partnership agreement. In such a case, this is expected to occur no earlier than two years after the start of the first commercial sales.
In the interim reporting, Diamyd Medical has initially recognized the payments from JDRF as revenue. Due to Diamyd Medical's commitment regarding future royalties, Diamyd Medical has in the Annual Report’s financial statements reclassified the payments from JDRF to a long-term liability. This means, among other things, that the result and equity decrease. The period's total cash flow is not affected, however, the payment from JDRF is moved from the cash flow from operating activites to cash flow from financial activites. See regarding the reclassification pages 35-40, especially note 21 on page 51, in the Annual Report.
The Annual Report in Swedish is available on www.diamyd.com/se. The Annual Report in English is expected to be published around November 30, 2023 .
*JDRF (www.jdrf.org) is the leading global organization for type 1 diabetes research and advocacy.
About Diamyd Medical
Diamyd Medical develops precision medicine therapies for Type 1 Diabetes. Diamyd® is an antigen-specific immunotherapy for the preservation of endogenous insulin production. DIAGNODE-3, a confirmatory Phase III trial is actively recruting patients with recent-onset Type 1 Diabetes in eight European countries and in the US. Significant results have previously been shown in a large genetically predefined patient group in a large-scale meta-analysis as well as in the Company’s European Phase IIb trial DIAGNODE-2, where Diamyd® was administered directly into a lymph node in children and young adults with recently diagnosed Type 1 Diabetes. A biomanufacturing facility is being set up in Umeå for the manufacture of recombinant GAD65, the active ingredient in the antigen-specific immunotherapy Diamyd®. Diamyd Medical also develops the GABA-based investigational drug Remygen® as a therapy for regeneration of endogenous insulin production and to improve hormonal response to hypoglycaemia. Diamyd Medical is one of the major shareholders in the stem cell company NextCell Pharma AB as well as in the artificial intelligence company MainlyAI AB.
Diamyd Medical’s B-share is traded on Nasdaq First North Growth Market under the ticker DMYD B. FNCA Sweden AB is the Company’s Certified Adviser.
For further information, please contact:
Ulf Hannelius, President and CEO
Phone: +46 736 35 42 41
E-mail: ulf.hannelius@diamyd.com
Diamyd Medical AB (publ)
Box 7349, SE-103 90 Stockholm, Sweden. Phone: +46 8 661 00 26, Fax: +46 8 661 63 68
E-mail: info@diamyd.com Reg. no.: 556242-3797 Website: https://www.diamyd.com
The information was provided by the contact person above, for publication on November 9, 2023, 08.28 CET.
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