02/22/2021 | Press release | Distributed by Public on 02/22/2021 01:50
Diamyd Medical's investment will give a 20% ownership and a board seat in MainlyAI. The investment of SEK 1.2 million will facilitate MainlyAI's strategic focus on applying artificial intelligence, where the first project is sustainable production within the pharmaceutical sector.
As announced in December 2020, Diamyd Medical and MainlyAI are, together with the Royal Institute of Technology (KTH), engaged in a VINNOVA funded project to design, test and build a sustainability framework powered by artificial intelligence for Diamyd Medical's production facility in Umeå, Sweden.
Ulf Hannelius, CEO of Diamyd Medical will, following the investment, join MainlyAI's Board of Directors.
MainlyAI is a research and technology-based company focused on helping businessess to become more sustainable using artificial intelligence. The company enables sharing of data and insights between enterprises in a safe and privacy preserving way, hence speeding up and democratising the introduction of AI technologies. The approach of MainlyAI is centered around a platform-as-a-service based on state-of-the-art artificial intelligence technologies providing decision support, trend analysis, automation and services simplifying the adoption of AI technologies for business and research.
About Diamyd Medical
Diamyd Medical develops therapies for type 1 diabetes. The diabetes vaccine Diamyd® is an antigen-specific immunotherapy for the preservation of endogenous insulin production. Significant results have been shown in a genetically predefined patient group in a large-scale metaanalysis as well as in the Company's European Phase IIb trial DIAGNODE-2, where the diabetes vaccine was administered directly into a lymph node in children and young adults with recently diagnosed type 1 diabetes. A new facility for vaccine manufacturing is being set up in Umeå for the manufacture of recombinant GAD65, the active ingredient in the therapeutic diabetes vaccine Diamyd®. Diamyd Medical also develops the GABA-based investigational drug Remygen® as a therapy for regeneration of endogenous insulin production and to improve hormonal response to hypoglycaemia. An investigator-initiated Remygen® trial in patients living with type 1 diabetes for more than five years is ongoing at Uppsala University Hospital. Diamyd Medical is one of the major shareholders in the stem cell company NextCell Pharma AB.
Diamyd Medical's B-share is traded on Nasdaq First North Growth Market under the ticker DMYD B. FNCA Sweden AB is the Company's Certified Adviser; phone: +46 8-528 00 399, e-mail: [email protected]
The information was submitted for publication, through the agency of the contact person set out above, at 08.45 CET on February 22, 2021.