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Diamyd to focus on pain, nervous system drug candidates.

M2 PHARMA-August 17, 2011-Diamyd to focus on pain, nervous system drug candidates(C)2011 M2 COMMUNICATIONS

17 August 2011 - Swedish pharmaceutical company Diamyd Medical AB (STO:DIAM-B) said today that it is concentrating its resources on its drug candidates for the treatment of pain and diseases of the nervous system.

The termination of the Phase III programme with the diabetes therapy Diamyd means significantly lower costs for the company which creates strategic leeway. The company expects to have approximately SEK400m (USD62.9m/EUR43.5m) in liquid assets at the end of 2011.

The pain portfolio is based on the patented technology Nerve Targeting Drug Delivery System (NTDDS). Besides pain relief, the technology has potential to be used for the treatment and prevention of diseases in the nervous system, such as neuropathy, erectile dysfunction (impotence), neurodegenerative diseases and cancer. Research and development of NTDDS is mainly being carried out by the subsidiary Diamyd Inc in Pittsburgh, USA.

Results from a Phase II study with the furthest developed drug candidate, NP2 Enkephalin for the treatment of severe cancer pain, is expected around year end. At the same time the next drug candidate in the portfolio, NG2 GAD for the treatment of diabetes pain for instance, is planned to be ready to enter clinical phase, the phase of drug development which comprises studies in humans. The portfolio also includes several projects in earlier stages of development.

(SEK1 = USD0.157/EUR0.109)

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Publication:M2 Pharma
Date:Aug 17, 2011
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