DiaMedica Announces Completion of $3.88 Million Prospectus Offering
July 22 2011 - 8:30AM
Marketwired
DiaMedica Inc., (TSX VENTURE: DMA), a biotechnology company focused
on diabetes, is pleased to announce the completion today of its
previously announced short form prospectus offering (the
"Offering").
Pursuant to the Offering, DiaMedica issued a total of 3,105,000
units (the "Units") at a price of $1.25 per Unit for aggregate
gross proceeds of approximately $3.88 million. Each Unit is
comprised of one common share in the capital stock of the Company
(a "Common Share") and one common share purchase warrant (a
"Warrant"), with each Warrant entitling the holder thereof to
acquire an additional Common Share until July 22, 2013 at a price
of $1.50 per share. The expiry date of the Warrants is subject to
acceleration if the volume-weighted average trading price of the
Common Shares on the TSX Venture Exchange exceeds $2.00 per share
for a period of 10 consecutive trading days.
"This Offering will be used to fund DiaMedica's ongoing research
and development programs, including a planned clinical trial for
DM-199," said Rick Pauls, President and CEO of DiaMedica.
Sora Group Wealth Advisors Inc. ("Sora") acted as agent for the
Offering. In connection with the completion of the Offering, Sora
exercised its agent's option to increase the size of the Offering
by 15% or 405,000 Units from 2,700,000 Units to 3,105,000
Units.
About DiaMedica
DiaMedica is a biopharmaceutical company that has developed
novel therapeutic compounds aimed to improve the lives of patients
with diabetes and other major, medically unmet diseases.
DiaMedica's lead compound, DM-199, represents a novel approach to
treating Type 1 and Type 2 diabetes by demonstrating significant
results against three major aspects of these diseases: 1) halting
the autoimmune attack on beta cells; 2) proliferating insulin
producing beta cells and 3) improving glucose control.
DiaMedica is also developing DM-204, a monoclonal antibody that
inhibits the enzyme glycogen synthase kinase. In preclinical
studies, DM-204 significantly improved glucose control and
decreased blood pressure.
The Company is listed on the TSX Venture Exchange under the
trading symbol 'DMA'.
FORWARD-LOOKING STATEMENTS
The statements made in this press release that are not
historical facts contain forward-looking information that involves
risk and uncertainties. All statements, other than statements of
historical facts, which address DiaMedica's expectations, should be
considered forward-looking statements. Such statements are based on
management's exercise of business judgment as well as assumptions
made by and information currently available to management. When
used in this document, the words "may", "will", "anticipate",
"believe", "estimate", "expect", "intend" and words of similar
import, are intended to identify any forward-looking statements.
You should not place undue reliance on these forward-looking
statements. These statements reflect a current view of future
events and are subject to certain risks and uncertainties as
contained in the Company's filings with Canadian securities
regulatory authorities. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results could differ materially from those
anticipated in these forward-looking statements. The Company
undertakes no obligation, and does not intend, to update, revise or
otherwise publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date
hereof, or to reflect the occurrence of any unanticipated events.
Although management believes that expectations are based on
reasonable assumptions, no assurance can be given that these
expectations will materialize.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the contents of this News Release.
Contacts: DiaMedica Inc. Rick Pauls President and CEO
204.477.7590 rpauls@diamedica.com
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