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Drug Names(s): NTDDS Enkephalin
Description: NP2 is replication defective herpes simplex type 1 virus (HSV-1) that serves as a vector delivering human preproenkephalin to the nervous system as part of Diamyd’s Nerve Targeting Drug Delivery System (NTDDS). Expression of the preproenkephalin gene results in increased enkephalin, a pentapeptide endorphin that binds to opiod receptors (delta) and dampens pain signaling through the nervous system.
Deal Structure: Diamyd Medical AB has entered into an agreement for the sale of the U.S. subsidiary, Diamyd, Inc. The buyer, Periphagen Holdings, is owned by members of the management of Diamyd. Under the agreement, in addition to the shares in Diamyd, Periphagen Holdings assumes the intellectual property rights to the patented Nerve Targeting Drug Delivery System (NTDDS) technology, and all costs and revenues related to the business from September 1, 2012. The purchase price amounts to one dollar and shares in the acquiring company, providing Diamyd Medical a holding of 10 percent in Periphagen Holdings. In addition, Diamyd Medical may receive up to USD 10 million, primarily in milestone payments, as well as 10 percent of upfront payments and other payments Periphagen Holdings may receive from future partners, and royalties on future sales of NTDDS based drugs. The agreement is subject to approval from Diamyd Medical's shareholders at an Extraordinary General Meeting to be held on October 30, 2012.
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