DIAMYD MEDICAL APPOINTS NEW CHIEF FINANCIAL OFFICER

Press Release, Stockholm, Sweden, February 1, 2008 – Diamyd Medical AB (www.omxgroup.com, ticker: DIAM B; www.otcqx.com, ticker DMYDY)

Diamyd Medical announced today that the Company has appointed Peter Zerhouni as new Chief Financial Officer.

Peter Zerhouni is currently Director of Business Development at Diamyd Medical. Peter joined the Company in 2006 and had prior to this spent seven years in Brussels and Amsterdam holding various financial positions within ING, one of Europe’s leading banks.

Peter holds a B.Sc. in Economics & Business Administration as well as a M.Sc. in Biology, both from Lund University and Berkeley, California.

“I am very pleased to welcome Peter Zerhouni as Chief Financial Officer for Diamyd,” says Elisabeth Lindner, President and CEO of Diamyd Medical. “Peter Zerhouni is a highly valued and competent colleague with a combined experience from finance and biology. Peter will give a major contribution to the further development of Diamyd Medical and will take responsibility for Finance and Investor Relations.”

Peter Zerhouni will assume the position as of May 1, 2008.