DiaMedica Announces Opening of U.S. Headquarters
MINNEAPOLIS, MINNESOTA--(Marketwire - Nov. 1, 2012) - DiaMedica (TSX VENTURE:DMA) is pleased to announce that is has established its U.S. headquarters in Minneapolis, Minnesota.
"With our corporate focus on U.S. development partners and increasingly on the U.S. investment community, opening a U.S. based office is the logical next step in our growth," said Rick Pauls, Chairman and Chief Executive Officer of DiaMedica. "Situating ourselves within a strong life sciences community and talented workforce in Minneapolis also provides the opportunity to add key experienced personnel to our existing team as we initiate our clinical programs."
The Company has also awarded 27,121 units under the Company's Deferred Share Unit Plan ("DSU") to directors with a fair value of $1.77 per unit. The directors elected to receive DSU units for payment of directors' fees in lieu of payment of cash. Each DSU unit can be redeemed for one common share of the Company by the unit holder only on cessation of employment with the Company. The Company also granted 125,000 stock options to directors with an exercise price of $1.66 and a term of ten years.
DiaMedica is a biopharmaceutical company focused on the discovery and development of novel therapeutic compounds for diabetes and other major, medically-unmet diseases. DiaMedica's lead compound, DM-199, is a recombinant human protein that represents a novel approach to treating Type 1 and Type 2 diabetes. DiaMedica is also developing a novel monoclonal antibody, DM-204, as a treatment for Type 2 diabetes. Chronic treatment with DM-204 in Type 2 diabetes models resulted in significant improvement in blood glucose control and demonstrated significant decreases in blood pressure and serum cholesterol.
DM-199 and DM-204 were both named Windhover's "2011 Top 10 Cardiovascular/ Metabolic Projects to Watch".
The Company is listed on the TSX Venture Exchange under the trading symbol 'DMA'.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chairman & CEO