Shares in Diamyd Therapeutics AB surged by around 30 percent Tuesday on news of a potential $625 million partnering deal with Ortho-McNeil-Janssen Pharmaceuticals (OMJP) Inc., involving its Phase III therapeutic vaccine for Type I diabetes, which is also called Diamyd. The Stockholm, Sweden-based company is getting $45 million up front and could earn up to $580 million more in development and commercial milestones. It would also receive tiered royalties on product sales. (BioWorld International)

LONDON – Armed with the results of a Phase I/II trial in which its light-mediated chemotherapy product induced complete regression in all evaluable tumors, PCI Biotech A/S has raised NOK90 million (US$14. 1 million) in an oversubscribed round to fund a Phase II/III registration trial in head and neck cancers. (BioWorld International)