Carnegie Investment Bank
Diamyd Medical
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Research | 12 Oct 2023 | Diamyd Medical

Rights issue to be implemented

 

Q4 report – comments

On Wednesday, Diamyd released its year-end report for fiscal-year 2022/2023. The operating result came in at -SEK 22.9m (-39.9m), suggesting a slightly lower burn rate than we had anticipated. The company continues with its pivotal phase III study with drug candidate Diamyd, the latest key milestone being that the study is now ongoing in the US. The company offered no update on patient recruitment to the study, but we still believe it will reach full recruitment during 2024.

Coming rights issue

At the end of September, Diamyd announced a rights issue of some SEK 243m to be conducted. The subscription price will be SEK 8.5 per unit. One unit comprises one share, one warrant for the TO3 series, and one warrant for the TO4 series. Company founder Anders Essen-Möller has undertaken to subscribe to units equivalent to SEK 7m. No guarantors are involved in the issue. The subscription period is expected to start on 17 October. We refer to the company’s press release for further details on the issue.

No fair value for the time being

We leave our estimates unchanged following the report. Note that we provide no fair value in this report, as we await the outcome of the coming rights issue. The final outcome of the rights issue will be announced on 1 November.

 

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