DiaMedica Inc. (TSX VENTURE: DMA), a drug discovery and clinical
development company focused on novel treatments for type 2 diabetes
today announces the appointment of Mr. Reginald (Reggie) Bowerman
to the position of President and Chief Executive Officer. He will
assume leadership responsibilities beginning on February 9, 2009.
Mr. Bowerman has spent the past 23 years in various roles in the
pharmaceutical industry, most recently as Vice President,
Commercial Operations of MGI Pharma (MGI). MGI, formerly
headquartered in Bloomington, Minnesota, was purchased by Eisai
Inc., a New Jersey based pharmaceutical company, in early 2008 for
US $3.9 billion. All of MGI's Minnesota based operations were
closed and relocated to other Eisai facilities by the end of 2008.
Mr. Bowerman will be based in Minneapolis.
"We are excited that Mr. Bowerman is joining DiaMedica in a
senior leadership capacity," stated Rick Pauls, current President
and CEO of DiaMedica. "Mr. Bowerman's long track record of
commercial success, exceptional leadership, interpersonal and
organizational skills, along with a diverse industry background in
the pharmaceutical sector will guide DiaMedica as we continue to
develop into a world class biopharmaceutical company. The widely
recognized success of MGI Pharma as a biopharmaceutical company, in
which Mr. Bowerman played a key leadership role, will provide him
with significant insights into where we seek to move DiaMedica
going forward."
"I am very eager to become a part of DiaMedica at such a
critical time in its growth. I look forward to helping lead the
organization reach important milestones in its overall growth and
development." stated Mr. Bowerman.
"This appointment reinforces DiaMedica's commitment to creating
a biopharmaceutical company that will be a leader in developing
therapeutics for type 2 diabetes" continued Mr. Pauls. "Strategic
advisors for DiaMedica include two past presidents of the American
Diabetes Association in addition to individuals who are business
leaders within the pharmaceutical and biotechnology industry."
With the appointment of Mr. Bowerman, Mr. Rick Pauls is stepping
down as President and CEO of DiaMedica, effective immediately. Mr.
Pauls will continue to serve as Chairman on the board of directors
and work closely with Mr. Bowerman during the transition.
Pursuant to this appointment, DiaMedica has granted 500,000
stock options at an exercise price of $1.00 per share to Mr.
Bowerman in accordance with the Company's stock option plan. The
options are subject to regulatory approval.
About Reggie Bowerman
Mr. Bowerman's tenure spans 23 years, all within the
pharmaceutical industry. He began his career with Marion
Laboratories, itself a small pharmaceutical company success story,
and remained with the company through a series of mergers and
acquisitions, becoming Marion Merrell Dow Pharmaceuticals, Hoechst
Marion Roussel, and finally Aventis. He joined MGI Pharma in 2000
and provided commercial leadership that helped transform the
company into an oncology focused biopharmaceutical success
culminating in its purchase by Eisai Inc. in early 2008 for US $3.9
billion. During his career, Mr. Bowerman has held a variety of
commercial positions with increasing responsibility including
sales, brand management, international marketing, account
management, and alliance management. He has assisted in the launch
and subsequent commercial success of several leading products from
different therapeutic categories. While at MGI, he was heavily
involved in the acquisition and integration of several companies
and licensed compounds, as well as the out-licensing of MGI
products outside of the United States. Mr. Bowerman has earned a
Bachelors Degree from Graceland University, an MBA from Rockhurst
University, and a Juris Doctorate from the Hamline University
School of Law. He also serves as a Director on the Shakopee
Minnesota Public School Board.
Diabetes is a widespread and rapidly growing disease, affecting
over 180 million people world wide. Over 90% of people with
diabetes are being diagnosed with the type 2 form of the disease.
According to the World Health Organization, this number is expected
to double during the next 15 years while the American Diabetes
Association has estimated the annual economic cost in 2007 to the
United States to be $174 billion. Global sales of oral diabetes
drugs total $8 billion today and are expected to climb to $12
billion by 2011.
About DiaMedica
DiaMedica is developing novel treatments for type 2 diabetes
based on a newly discovered 'nerve reflex' mechanism for which the
Company has been issued two U.S. patents. DiaMedica completed a
successful phase II trial with its lead product, DM-71, which
demonstrated the ability to reduce HbA1c (blood sugar) levels and
weight in humans. DiaMedica also completed a successful phase II
trial with its second compound, DM-83, designed to measure changes
in insulin and glucose. The success of this clinical trial was
highly significant as DiaMedica believes it validates the novel
'nerve reflex' mechanism that would designate the Company's drugs
as first-in-class. The Company's third drug in clinical
development, DM-99, will complete a phase II trial in Q1 2009.
Preclinical results from Vanderbilt University have shown that
DM-99 is able to cause tissue to increase its uptake of sugar from
the blood by over 40% (p less than 0.001) during the first 60
minutes of treatment. DM-199, a 40x more biologically active
version of DM-99, has been created with the expectation that it
will be developed into a once-a-week injection. DiaMedica has been
recognized as one of the Top Ten(TM) Life Science companies in
Canada for the past two years by the Ottawa Centre for Research and
Innovation.
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. (204) 918-3868
(204) 453-3745 (FAX) Email: krichardson@diamedica.com Website:
www.diamedica.com
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