Healthcare Industry News: BioInvent
News Release - December 12, 2007
Elisabeth Lindner New President and CEO of Diamyd Medical
STOCKHOLM, Sweden--(HSMN NewsFeed)--Regulatory News: Diamyd Medical AB (STO:DIAMB) (www.omxgroup.com, ticker: DIAM B; www.otcqx.com, ticker DMYDY)Diamyd Medical announced today that the Board of Directors has appointed Elisabeth Lindner as President and CEO for the Company.
Elisabeth Lindner, MSc, MBA, is one of Sweden’s most experienced experts within the biopharmaceutical industry with more than 25 years experience in senior management from positions at Octapharma AB and Pharmacia Corporation, among others.
Lindner is also a member of the Board of Directors of NOMX-listed BioInvent International AB and a newly elected member of the Royal Swedish Academy of Engineering Science (IVA).
“To lead Diamyd Medical through its most important phase of corporate growth is an extraordinary professional opportunity,” stated Lindner. “The lead drug candidate, Diamyd® holds great potential as a therapy for diabetes and I am committed to moving the product to market as quickly as possible, starting with the submission of the Phase III IND filing in the US this year. Anders Essen-Möller has assembled a very strong and accomplished team and I look forward to building on its past successes.”
“We are extremely pleased to announce Elisabeth Lindner as President and CEO for our growing biotech organization,” says Anders Essen-Möller, Chairman of Diamyd Medical. “Elisabeth Lindner is a very experienced and competent person with outstanding management skills that will be of vital importance as we move our products forward towards commercialization. I am excited as a working Chairman to work with Elisabeth Lindner and feel confident that she will lead our outstanding teams in Stockholm and Pittsburgh to great success.”
About Diamyd Medical Diamyd Medical is a life science company developing treatments for diabetes and its complications. The company’s furthest developed project is the GAD-based drug Diamyd® for autoimmune diabetes for which Phase III studies are planned. Diamyd® has demonstrated significant and positive results in Phase II clinical trials in Sweden.
GAD65, a major autoantigen in autoimmune diabetes, is the active substance in Diamyd. GAD65 is also an enzyme that converts the excitatory neurotransmitter glutamate to the inhibitory transmitter GABA. In this context, GAD may have an important role not only in diabetes but also in several central nervous system-related diseases. Diamyd Medical has an exclusive worldwide license from the University of California at Los Angeles regarding the therapeutic use of the GAD65 gene.
Diamyd Medical has sublicensed its UCLA GAD Composition of Matter license to Neurologix, Inc. in Fort Lee, New Jersey for treatment of Parkinson’s disease with an AAV-vector.
Other projects comprise drug development within therapeutic gene transfer using the exclusively licensed and patent protected Nerve Targeted Drug Delivery System (NTDDS). The company’s lead NTDDS projects include using enkephalin and GAD for chronic pain, e.g., diabetes pain or cancer pain. All projects in this field are currently in preclinical phases.
Diamyd Medical has offices in Stockholm, Sweden and Pittsburgh, PA. The Diamyd Medical share is quoted on the Stockholm Nordic Exchange in Sweden (NOMX ticker: DIAM B) and on the OTCQX-list in the United States (ticker: DMYDY) administered by the Pink Sheets and the Bank of New York (PAL). Further information is available at www.diamyd.com.
Disclaimer: This document contains certain "statements" relating to present understandings, future events and future performance, including statements relating to the progress, timing and completion of our research, development and clinical trials; our ability to market, commercialize and achieve market acceptance for product candidates; and our current and future strategic partner relationships. These statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Diamyd Medical undertakes no obligation to publicly update such statements, whether because of new information, future events or otherwise, nor does Diamyd Medical give any guarantees that the statements, given or implied, are correct. This document is a translation from the Swedish original. No guarantees are made that the translation is free from errors.
Diamyd Medical AB (publ). Linnégatan 89 B, SE-115 23 Stockholm, Sweden. Tel: +46 8 661 00 26, fax: +46 8 661 63 68 or E-mail: info@diamyd.com. VATno: SE556530-142001.
Source: Diamyd Medical
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