|By Marketwire .||
|September 11, 2012 10:26 AM EDT|
MINNEAPOLIS, MINNESOTA -- (Marketwire) -- 09/11/12 -- DiaMedica (TSX VENTURE:DMA) is pleased to announce that it has received gross proceeds of $1,706,325 pursuant to the completion of the early exercise warrant incentive program as previously announced in a press release dated August 3, 2012, and the full exercise of associated outstanding broker warrants.
The early exercise program resulted in the exercise of 878,800 July 2011 warrants at $1.50 per share for $1,318,200, representing 88% of the outstanding July 2011 warrants, and 100% of the 310,500 July 2011 broker warrants for $388,125.
"The successful completion of the early warrant exercise program and exercise of all broker warrants further extends our runway as we continue to execute on our development milestones in our ongoing effort to create shareholder value," stated Mr. Rick Pauls, Chairman and CEO of DiaMedica.
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.
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.
Chairman & CEO