Diamyd Medical endocrine/metabolic news
Diamyd said it has reached an agreement with the group of shareholders proposing the company enter into immediate liquidation. Under the agreement, Diamyd will distribute the company's "excess cash," or about SEK300 million ($47 million), to shareholders and convert all shares to one class. Additionally, shares in the subsidiary Diamyd Therapeutics AB will be distributed to shareholders, and the subsidiary will be capitalized with SEK50 million ($7.9 million). The subsidiary, which will seek a public listing, is responsible for development of diabetes candidate Diamyd. Diamyd and the group of shareholders will collaborate to identify new members for the parent company's board while Chairman Anders Essen-Mueller will be proposed to become chairman. The shareholders withdrew the liquidation request and Diamyd subsequently cancelled a March 13 extraordinary general meeting, which would have addressed the request (see BioCentury, Feb. 18). ...