Diamyd Medical endocrine/metabolic, cancer, neurology news
Diamyd Medical spun out its Diamyd Therapeutics AB subsidiary, which was renamed Diamyd Medical AB, as part of a liquidation process announced in February. The former Diamyd Medical changed its name to Mertiva AB and delisted from the Stockholm Stock Exchange. Under the February agreement, Mertiva 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 newly named Diamyd Medical will be distributed to shareholders, and the spin out will be capitalized with SEK50 million ($7.9 million) (see BioCentury, March 4, 2013).
Mertiva named Andreas Bergsten, currently a finance and management consultant, CEO. Mertiva consists of financial holdings in liquid assets, infectious and veterinary company Protein Sciences Corp. (Meriden, Conn.) and diagnostic company Mercodia AB (Uppsala, Sweden). The newly named Diamyd Medical, which will seek a public listing, is responsible for development of Diamyd, a recombinant human glutamic acid decarboxylase (GAD) 65 subcutaneous vaccine in Phase II testing for Type I diabetes. ...