Ulf Hannelius, CEO of Diamyd. Photo: Linus Sundahl-Djerf
In the meeting room at the biotechnology company Diamyd’s office on Kungsgatan in Stockholm is a bowl half-filled with champagne corks.
– It’s from when we celebrated milestones. Most corks are from the time before I started, but they’ll be much more hope, says Ulf Hannelius, who in April took over as CEO of Diamyd.
On one of corks, from 2009, it is written, with black ink: “99 per share.” Today, the company’s share considerably less worthy – more than 4 crowns. It fell by 85 percent on the stock market in May 2011 after Diamyd presented a failed so-called Phase 3 study, the final test level before the launch of its drug for type 1 diabetes. Meanwhile, peeled staff down from 30 to seven employees.
In the stock market crash of 2011 was then-CEO on suspicion of insider dealing after selling its shares in the company shortly before the negative the results were released, and almost wiped out the company’s value. Crimes Bureau subsequently chose to discontinue the investigation.
– I’m looking forward and seeing the company’s history mostly as a force with experience in both good and evil. We did not meet the Phase 3 requirements in 2011 but learned a lot from it and few companies can say they have that knowledge, says Ulf Hannelius.
in phase 3-bet in 2011 company invested everything on one card. But when the crucial tests did not show sufficient results, there was nothing to fall back on, says Ulf Hannelius. Today Diamyd instead of six Phase 2 clinical trials running simultaneously, at a cost of about two million a month, to try to develop a vaccine against Type 1 diabetes.
– Four of the studies is about to cure type 1 diabetes. When the drug is added quickly on patients diagnosed to see if the disease stops.
Clinical development takes time, but the biotech company Diamyd is convinced that a cure for type 1 diabetes. Photo: Linus Sundahl-Djerf
The hope is that the vaccine alone, or in combination with other drugs, to prevent or delay the patients become ill. The studies are expected to be ready for between one and five years.
– We are aiming for 100 percent of curing patients, but the first drug will probably be about a disease-modifying drug that ensures that the process is much slower. If it works, the patient can go down sharply in insulin, says Ulf Hannelius.
Diamyd’s market capitalization is 140 million. How will you be able to stand up against the pharmaceutical giants?
– We do not compete with the big pharmaceutical giants. They let us smaller companies take the big risks in the early stages and will instead partner when we come far enough to bring the drug to market, he says, adding:
– We are in continuous contact with large pharmaceutical companies for that kind of discussion.
What happens if you crack diabetes riddle?
– it would be a revolution and markets, it would be fantastic. No other autoimmune disease has been cured before, and the same mindset could possibly be applied to other diseases.
When will the cure for type 1 diabetes?
– Within five to ten years, I think. We aim for it to happen as soon as possible, but the clinical development takes time, says Ulf Hannelius, CEO of Diamyd.
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