Bulletin from Diamyd Medical’s shareholders’ meeting: All of this year’s targets have been met
At Diamyd’s Ordinary General Meeting of Shareholders on December 11, CEO Elisabeth Lindner confirmed that a research team has applied for permission to initiate a prevention study with the Diamyd® vaccine, and that several other independent studies are in the planning stage. However, the spotlight was on the Company's own Phase III studies and its comprehensive repositioning as a market-oriented diabetes company.
In addition, the following matters were discussed:
The annual meeting of shareholders authorized the board to decide on a new share issue on one or more occasions until the next annual meeting. The total number of shares issued may not exceed 10% of the total number of shares.
The meeting approved the Board’s proposal to mandate the Board to take decision of repurchase of up to 10% of the Company's shares on one or more occasions until the next annual meeting.
The annual meeting approved the Board’s proposed guidelines for compensation and terms of employment for the CEO and other key executives. In addition, the meeting approved the Board’s proposal to institute an employee option program.
Anders Essen-Möller was reelected as Chairman of the Board, and Lars Jonsson and Sam Lindgren were reelected to the Board while Henrik Bonde was elected as a new Board member. Henrik Bonde is the CFO of Irisgruppen and the CEO of Iris Förvaltning, a company that starts up, acquires and manages companies that produce goods or services for the visually impaired. Bonde represents Östersjöstiftelsen, which owns 6.2% of Diamyd's B shares. Bonde is also the Chairman of the Board of Spelparken AB and a Board member of Bonnier Audio, Ideella Spel AB and SpectraCure AB, as well as a member of Östersjöstiftelsen's investment board and Gålöstiftelsen’s finance committee.
The Company’s income statement and balance sheet were adopted, and the Board and CEO were discharged from liability for the 2006/2007 fiscal year.
Diamyd Medical’s President and CEO Elisabeth Lindner summarized the important events of the past year. The most important and decisive event was that in the space of a year the company received approval to initiate Phase III studies with the Diamyd® for type 1 diabetes vaccine in seven European countries and the US. The studies have begun, and patients are now being treated on both continents.
“It is unique for a company of Diamyd’s size to successfully pursue studies and research up to Phase III under its own direction and with such limited resources,” says Elisabeth Lindner. “During the year we received the highest form of scientific validation a biotechnology firm can receive, through the publication of our Phase II study results in the New England Journal of Medicine. We are also being approached by several different research teams about providing the Diamyd® vaccine for studies aimed at preventing and curing type 1 diabetes.”
During the year the Company has repositioned itself to be a diabetes company with the goal of building its own product portfolio of market-oriented products in the areas of diabetes and diabetes-related complications. In April Diamyd conducted a successful directed placement, which secured the initiation of the comprehensive Phase III studies.
“It should really be pointed out that Diamyd has gone from one success to another in the past year," says Elisabeth Lindner. "When I took over as CEO from Anders Essen-Möller a year ago, we set high targets and expectations together. Today we are both very proud to be able to report that the Company has achieved all of its stated goals."
During the meeting Darren Wolfe, CEO of Diamyd Inc., also presented the Company's research using the NTDDS platform, as well as their focus on producing products related to diabetes complications.
At the meeting Professor Johnny Ludvigsson, the lead investigator of the European Phase III study and one of the world's leading childhood diabetes researchers, discussed the Phase II results and emphasized the importance of the present Phase III studies, which are expected to result in the market introduction of the Diamyd® diabetes vaccine, and which provide hope for childhood diabetes patients around the world.