Real Time Communications Industry News

TMCNet:  Extraordinary General Meeting to Address the Proposal by a Group of Shareholders That Diamyd Medical Enter into Immediate Liquidation

[February 11, 2013]

Extraordinary General Meeting to Address the Proposal by a Group of Shareholders That Diamyd Medical Enter into Immediate Liquidation

STOCKHOLM, Sweden --(Business Wire)--

Regulatory News:

On February 8, 2013, a group of shareholders submitted a request in writing to the Board of Directors of Diamyd Medical that the Board convene an extraordinary General Meeting to address their proposal that Diamyd Medical enter into immediate liquidation. The shareholders claimed to represent 8,883,351 Series B shares in Diamyd, corresponding to about 21 percent of the votes and 30 percent of the total number of shares.

In addition to the proposed liquidation, the group of shareholders proposes that the General Meeting elect a new Board of Directors, that the company change its name to Diamyd Sverige AB (publ) and that the General Meeting submit instructions to the Board to establish a wholly owned subsidiary, which is to have the same number of shares as Diamyd and only one class of share. Diamyd should transfer all of its share holdings and about SEK 40,000,000 in cash to this subsidiary.

Due to this request, the Board of Directors has decided to convene an Extraordinary General Meeting on Wednesday, March 13, 2013. Summons will be published in Post- och Inrikes Tidningar on February 13, 2013. The summons and the letter from the shareholders is available at Diamyd's website, www.diamyd.com.


About Diamyd Medical

Diamyd Medical was founded in 1996 and is active in the field of pharmaceutical development. Diamyd Medical is headquartered in Stockholm, Sweden. The Company's development project consists of the protein GAD for the treatment and prevention of autoimmune diabetes. A Swedish researcher-initiated Phase II study is ongoing to evaluate whether GAD can prevent type 1 diabetes in children who are at high risk of developing the disease.

Diamyd Medical also has holdings in the gene therapy company Periphagen Holdings, Inc. (USA), the vaccine company Protein Sciences Corporation (USA) and the diagnostics company Mercodia AB (Sweden).

Diamyd shares are listed on Nasdaq OMX (segment Small Cap) in Stockholm (ticker: DIAM B) and on OTCQX in the US (ticker: DMYDY) administered by the Pink OTC Markets and the Bank of New York Mellon (PAL). Further information is available on the Company's website: www.diamyd.com.  

This information is disclosed in accordance with the Swedish Securities Markets Act, the Swedish Financial Instruments Trading Act, or the requirements stated in the listing agreements.

Diamyd Medical AB (publ)

Karlavägen 108, SE-115 26 Stockholm, Sweden. Phone (News - Alert): +46 8 661 00 26, Fax: +46 8 661 63 68
E-mail: info@diamyd.com. Reg. no: 556530-1420

This information was brought to you by Cision http://www.cisionwire.com


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