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Protein Sciences Corporation News
Web Site:
http://www.proteinsciences.com
- Sanofi Pasteur Inc.
1000 Research Pkwy.,
Meriden, CT 06450
- 7159
Tel: (203) 686-0800
Fax: (203) 686-0268
Protein Sciences Corporation, founded in 1983, is a privately held vaccine company with headquarters in Meriden, Connecticut. PSC's mission is to save lives and improve health.
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Protein Sciences and Diamyd Medical Deepen Commitment to Develop New Treatment for Diabetes
September 15, 2014
Protein Sciences Corporation and Diamyd Medical AB announced today that Protein Sciences has broadened its commitment to diabetes and become a strategic and significant shareholder in Diamyd Medical, its long-time partner in this domain. Protein Sciences will manufacture product for upcoming late stage clinical trials for type 1 diabetes involving Diamyd Medical's recombinant GAD (glutamic acid decarboxylase) protein made using Protein Sciences' proprietary BEVS technology. The diabetes vaccine Diamyd® (GAD formulated with alum) has been evaluated as a monotherapy for type 1 diabetes in a Phase 3 study and data suggests Diamyd® may be a critical component of combination therapies that pair the tolerance-inducing GAD antigen with anti-inflammatory agents for the treatment and prevention of type 1 diabetes. This is being evaluated in ongoing and upcoming Phase 2 studies.Under the Agreement Diamyd Medical is placing an order for cGMP production of recombinant GAD protein for which Protein Sciences receives a cash payment and 400,000 new series B shares in Diamyd Medical corresponding to a 2.0% ownership in Diamyd Medical. The ownership stake will make Protein Sciences a strategic and one of the largest shareholders in Diamyd Medical. One hundred thousand of the new shares will be issued upon entering the Agreement and the remainder at completion of production. The shares will be issued under the Annual General Meeting's authorization of the Board.
"Diamyd Medical has been a longstanding partner of Protein Sciences, and we believe their approach to treating diabetes holds great promise," said Dan Adams, Executive Chairman of Protein Sciences. He continued, "The GAD product is an excellent demonstration of the versatility of our BEVS platform that can be used to make a wide variety of products, including our revolutionary Flublok® influenza vaccine."
Anders Essen-Möller, Chairman of Diamyd Medical said, "It is strategically important for the development of Diamyd that the relationship between manufacturing and commercialization is deepened and we welcome Protein Sciences to become one of our largest shareholders." He added, "We believe their technology is the best for making recombinant proteins such as GAD. FDA approval of Flublok only makes the platform more valuable to partners such as us, as the significant regulatory hurdles that typically face new technologies have already been cleared."
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