DIAMYD INCREASES STRATEGIC INVESTMENT IN PROTEIN SCIENCES WITH US$ 1 MILLION
Press Release, Stockholm, Sweden, November 8, 2007 – Diamyd Medical AB (www.omxgroup.com, ticker: DIAM B; www.otcqx.com, ticker DMYDY)
Diamyd Medical announced today that it has increased its investments in Protein Sciences Corporation, Meriden, CT, with another US$ 1 million. The investment is in form of a Convertible Note. Previously Diamyd Medical invested $3 million which were converted into Protein Sciences Common Stock and, as a result, Diamyd has become Protein Sciences second largest shareholder.
Protein Sciences is manufacturing the active component (GAD65) that will be used in several planned studies, including phase III clinical studies with the Diamyd® therapeutic diabetes vaccine.
“Not only is this a strategic investment and a further step in building the relationship between Diamyd Medical and Protein Sciences, but we are also very pleased to continue to increase our investment in Protein Sciences as this company is getting closer to the market with its non-egg based influenza vaccine” says Anders Essen-Moller, President of Diamyd Medical.
About Protein Sciences Corporation
PSC is a biotechnology company focused on using recombinant DNA technology to make the next generation of vaccines, therapeutics and diagnostics. The active ingredients in all of PSC’s products are recombinant proteins that are manufactured using its patented protein expression technology using insect cells (BEVS).
FluBlok®, PSC’s lead recombinant influenza vaccine, which is in Phase III clinical trials, has been granted accelerated approval and fast track status by the US FDA. In a recent trial in healthy adults, FluBlok provided 100 percent protection from influenza infection against strains included in the vaccine and drifted strains. FluBlok is highly purified and has important advantages over the licensed egg-grown injectable inactivated influenza vaccines and mammalian-cell culture vaccines in development. FluBlok does not require use of a live influenza virus in manufacturing, which gives it significant advantages for rapid development for annual use and use in pandemics.
In 2002 it was estimated that there were four therapeutic proteins manufactured using insect cell technology in Phase III clinical trials in the USA, and about twenty in Phase II trials (Glaser 2002). Two products produced used the insect cell technology have been the subject of a BLA filing (Provenge by Dendreon and Cervarix by GSK).