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Diamyd increases shareholding in Protein Sciences Corporation



  

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Thursday, 30 June 2011
Diamyd Medical AB announced today that the Company’s convertible promissory note in the US vaccine company Protein Sciences Corporation has been converted into shares.

In fiscal year 2007/2008, Diamyd Medical invested in a convertible promissory note in the vaccine company Protein Sciences Corporation, USA. The promissory note was accounted for as an investment of SEK 6.4 million as of November 30, 2007, and has passed with an interest of 5%. After conversion of the shares, Diamyd Medical now holds about 8% of the Protein Sciences Corporation shares.
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Protein Sciences Corporation, founded in 1983, is a privately held biotech company located in Meriden, Connectitut, USA. The company focuses on development and commercialization of recombinant vaccines and biological drugs based on its patented manufacturing platform BEVS (Baculovirus Expression Vector System). Protein Sciences Corporation’s lead product candidates are recombinant vaccines to protect against seasonal and pandemic influenza. The influenza vaccine FluBlok� is the company’s furthest developed drug candidate. The company also manufactures the active substance for Diamyd Medical’s antigen based drug candidate Diamyd�.
Based on a press release


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