DiaMedica Selected as One of Canada's Top Ten(TM) Competition Winners for the Second Consecutive Year
September 30 2008 - 8:09AM
Marketwired
DiaMedica Inc. (TSX VENTURE: DMA), a drug discovery and development
company focused on novel treatments for Type 2 diabetes has been
selected as a winner of the 2009 annual Canada's Top 10(TM)
Competition (www.topcanadiancompanies.ca), an award the Company was
honoured with in 2008. Winners will gather on October 7th at the
Fairmont Chateau Laurier Hotel in Ottawa to hone their presentation
skills, meet local and regional investors, and prepare themselves
for the first leg of the 2009 Investment Forum series.
DiaMedica Inc. is a biopharmaceutical company developing novel
treatments for Type 2 diabetes based on a newly discovered
mechanism for which the Company has been issued two U.S. patents.
Rather than treating the symptoms, DiaMedica addresses the cause of
Type 2 diabetes which the Company believes is the result of a
dysfunctional nerve signal to the liver. The Company's two lead
products, DM-71 and DM-83, have completed successful Phase IIa
clinical trials and will undergo further testing. DiaMedica's third
compound, DM-99, is currently being tested in a Phase IIa clinical
trial with results of the study to be announced later this
year.
"DiaMedica is honored to have been selected for this prestigious
award for the second year in a row," stated DiaMedica's President
and CEO, Rick Pauls. "Independent validation from a jury of
experienced venture capitalists who posses a strong track record of
success in the life science industry is highly valuable. We are
proud to be included among such a respected, high-profile group of
companies. This award recognizes our achieved milestones and future
prospects as a top tier biopharmaceutical company and we are
looking forward to an exciting year in 2009".
Winners are chosen by an independent expert panel of Canadian
and U.S. venture capitalists. Originally developed to promote the
10 most promising life science companies from across Canada to
Canadian and international investors and partners, the competition
now showcases Canada's life sciences, cleantech and technology
sectors. Working in partnership with Canadian Consulates in Boston,
New York City, San Diego and San Francisco, winning companies will
participate in targeted investment forums in each city, providing
them with an opportunity to meet with investors who have expressed
an active interest in financing these companies. Since its
inception in 1999, competition alumni have secured more than $522M
in venture capital financing.
Canada's Top 10(TM) is organized by OCRI (Ottawa Centre for
Research and Innovation) and presented by Borden Ladner Gervais
LLP. The winners include a wide variety of companies from the life
science, cleantech and technology sectors.
"Diamedica has been chosen as a Canada's Top 10 winner two years
in a row. This is a testament to the quality of the company and its
technology. An independent jury of VC's with expertise in life
sciences makes these decisions. Diamedica would not be a two time
winner if these investors did not feel that the technology and the
company as a whole showed great market potential. We look forward
to working with the management team to continue to help them
achieve success", said Michelle Scarborough, Vice President,
Investment and Commercialization, OCRI.
About DiaMedica
DiaMedica is a biotechnology company developing novel treatments
for various stages of Type 2 diabetes with three clinical stage
products. The Company's lead product, DM-71, demonstrated the
ability to reduce HbA1c (glucose) levels and weight in a Phase IIa
human trial. DM-83 showed efficacy in reducing insulin levels in a
Phase IIa meal tolerance test. DiaMedica's third clinical stage
product is in a Phase IIa trial in the second half of 2008.
DiaMedica trades under the symbol "DMA" on the TSX Venture
Exchange. For additional information please visit the Company's
website at www.diamedica.com.
Caution Regarding Forward-Looking Information Certain statements
contained in this press release constitute forward-looking
information within the meaning of applicable Canadian provincial
securities legislation (collectively, "forward-looking
statements"). These forward-looking statements relate to, among
other things, our objectives, goals, targets, strategies,
intentions, plans, beliefs, estimates and outlook, including,
without limitation, our anticipated future operating results, and
can, in some cases, be identified by the use of words such as
"believe," "anticipate," "expect," "intend," "plan," "will," "may"
and other similar expressions. In addition, any statements that
refer to expectations, projections or other characterizations of
future events or circumstances are forward-looking statements.
These statements reflect management's current beliefs and are based
on information currently available to management. Certain material
factors or assumptions are applied in making forward-looking
statements, and actual results may differ materially from those
expressed or implied in such statements. Important factors that
could cause actual results to differ materially from these
expectations include, among other things: DiaMedica's early stage
of development, lack of product revenues and history of operating
losses, uncertainties related to clinical trials and product
development, rapid technological change, uncertainties related to
forecasts, competition, potential product liability, additional
financing requirements and access to capital, unproven markets,
supply of raw materials, income tax matters, management of growth,
partnerships for development and commercialization of technology,
effects of insurers' willingness to pay for products, system
failures, dependence on key personnel, foreign currency risk, risks
related to regulatory matters and risks related to intellectual
property and other risks detailed from time to time in DiaMedica's
filings with Canadian securities regulatory authorities, as well as
DiaMedica's ability to anticipate and manage the risks associated
with the foregoing. Additional information about these factors and
about the material factors or assumptions underlying such
forward-looking statements may be found in the body of this news
release, as well as under the heading "Risk Factors" contained in
DiaMedica's final long-form prospectus dated March 12, 2007.
DiaMedica cautions that the foregoing list of important factors
that may affect future results is not exhaustive. When relying on
DiaMedica's forward-looking statements to make decisions with
respect to DiaMedica, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. These risks and uncertainties should be
considered carefully and prospective investors should not place
undue reliance on the forward-looking statements. Although the
forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions,
DiaMedica cannot provide assurance that actual results will be
consistent with these forward-looking statements. DiaMedica
undertakes no obligation to update or revise any forward-looking
statement.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: DiaMedica, Inc. Kevin Richardson, Ph.D. Director,
Investor Relations (204) 478-5605 Email: krichardson@diamedica.com
Website: www.diamedica.com Ottawa Centre for Research and
Innovation Kim Cunningham Manager, External Communications (613)
828-6274 x 256 or Cell: (613) 851-0768 Email:
kcunningham@ocri.ca
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