Diamyd Medical to divide business

STOCKHOLM Diamyd Medical will split its business into separate divisions for pain relief and diabetes, the drug maker said Friday.

The Swedish company said its diabetes business would consist mostly of the investigational antigen-based drug Diamyd, for Type 1 diabetes, while the pain business would comprise of development projects using its nerve-targeting drug delivery system platform to administer drugs directly to the nervous system to treat pain.

The company will begin the division process during the new 2010-2011 fiscal year.