Carnegie Investment Bank
Diamyd Medical
Date Title Alternative
2024-04-24 An exciting future on the cards Download | Show Close
2024-01-26 All eyes on DIAGNODE-3 Download | Show Close
2023-11-09 Cash chest refilled Show Close
2023-10-12 Rights issue to be implemented Show Close
2023-06-30 Money in the bank Show Close
2023-04-20 Diabetes deal Show Close
2023-04-11 In a solid position Show Close
Research | 11 Apr 2023 | Diamyd Medical

In a solid position

 

According to plan

Diamyd’s Q2 report for fiscal-year 2022/23 was in line with our expectations. Operational costs were also in line with our forecasts, and nothing stood out on the financial side. The cash position at the end of February was SEK 102m. Given the company’s historical burn rate, this should be sufficient to finance operations for the coming 3-4 quarters. The ph III study with Diamyd (DIAGNODE-3) appears to be proceeding according to plan. From the report, we learned that eight European clinics are recruiting patients to the study and that US clinics are likely to commence recruitment this summer.

Major deal in the diabetes field

During March came the news that Provention Bio, a company that has developed the first approved disease-modifying treatment for type 1 diabetes (TZIELD), had received a takeover bid of USD 2.9bn from Sanofi. The deal was made at a premium of 273%. Deals in the type 1 diabetes field are naturally positive for Diamyd, and the acquisition gives an indication of the immense value the industry sees in advanced assets in this area. We will take a deeper dive into this in a future report.

New co-operation agreement

Last week, Diamyd announced it has entered into a co-operation with JDRF, the leading research and advocacy organisation for type 1 diabetes. Collaboration with JDRF is positive for Diamyd from several perspectives. In practical terms, we see the most important as that it might promote patient recruitment in the ongoing ph III study and could also raise awareness about Diamyd in the diabetes community ahead of a future potential market launch. Moreover, the company will receive USD 5m in funding towards its ongoing ph III study. Following the report, we reiterate our fair value of SEK 25–27 per share.

The key near-term catalyst for the share is data from the investigator-initiated study with Diamyd’s other candidate, Remygen, which is expected during April.

 

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