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
Research | 30 Jun 2023 | Diamyd Medical

Money in the bank

 

Q3 – patient recruitment in the spotlight

On Wednesday, Diamyd released its Q3 report for fiscal-year 2022/2023. The company continues to recruit newly diagnosed type 1 diabetes patients for its pivotal phase III study DIAGNODE-3. The report did not reveal how many have been included so far, only that the study is running in eight European countries and is expected to start in the US shortly.

Rights issue completed – additional capital secured

The company has recently completed a rights issue that has brought in SEK 75m gross. The money will primarily be used to keep momentum in DIAGNODE-3 going and to continue development of its manufacturing facility in Umeå. We estimate its current cash position plus the issue proceeds will suffice a little way into H2 2024. Diamyd has also received small, non-dilutive financing from JDRF associated with progress in preparing the ph III study in the US (exact amount unknown).

New fair value after rights issue

The dilution effect of the rights issue and the higher required rate of return in the market prompt us to lower our fair value for Diamyd to SEK 18–20 per share (25–27). We would of course rather have seen the rights issue fully subscribed. We want to underscore, however, that development is fundamentally heading in the right direction, and we look forward to more communication about the progress of the DIAGNODE-3 study, which is by far the most important value driver for the company.

 

Download (EN)
2023-04-20 Diabetes deal Show Close
2023-04-11 In a solid position Show Close

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