DiaMedica Appoints Stephen J. Waters as Interim Chief Scientific Officer
March 09 2009 - 9:09AM
Marketwired
DiaMedica Inc. (TSX VENTURE: DMA), a drug discovery and development
company focused on novel treatments for Type 2 diabetes today
announced that, effective immediately, Dr. Stephen J. Waters has
been appointed interim Executive Vice President and Chief
Scientific Officer, replacing Dr. Wayne Lautt who has resigned from
that position.
Dr. Waters is an experienced scientist and pharmaceutical
industry executive with more than 24 years of active leadership and
involvement in drug development. His primary industry focus has
centered on new drug development programs and he has built and
managed multifunctional scientific departments while demonstrating
a successful record of investigational new drug (IND) and new drug
application (NDA) preparations and submissions to the FDA.
"Dr. Waters will be a critical asset in providing exemplary
scientific and strategic leadership in progressing DiaMedica's
technology." said Reggie Bowerman, president and CEO of DiaMedica.
"He brings the necessary experience required to successfully
develop our innovative agents to their full potential."
"I believe that DiaMedica possess very intriguing science and
therapeutic approaches and I am looking forward to leveraging my
experience in order to guide the Company through the upcoming
stages of development," said Dr. Waters.
Pursuant to this appointment, DiaMedica has granted 75,000 stock
options at an exercise price of $1.00 per share to Dr. Stephen
Waters.
"The Board and management of DiaMedica join me in expressing our
gratitude to Dr. Wayne Lautt for his tireless efforts and
scientific guidance. As a Professor of Pharmacology and
Therapeutics at the University of Manitoba, he had discovered a key
mechanism of insulin resistance that led to the founding of
DiaMedica." stated Mr. Bowerman. "Wayne indicated the time was
right, given the current development status of DiaMedica compounds,
to step down as chief scientific officer and to return full time to
the creative basic research that can result in breakthrough
discoveries."
About Dr. Stephen Waters
Dr. Stephen Waters has successfully managed the development of
numerous drugs entering clinical trials through the IND process,
and has played major roles in seven drug approvals (NDAs). He
previously worked at MGI PHARMA, before it was acquired for US $3.9
billion in 2008 by Eisai Co., LTD. Prior to leaving Eisai/MGI
PHARMA to independently consult in the pharmaceutical industry, Dr.
Waters served in several executive positions, including; Vice
President, Science and Technology where he was the corporate
scientific leader for Business Development and Licensing operations
and Vice President, Translational Research and Development, where
he directed multidisciplinary staff involved in IND-enabling and
early clinical studies of development compounds. Prior to joining
MGI PHARMA, he served in several research and development
leadership positions at Ohmeda Pharmaceutical Products Division
before it was acquired by Baxter Healthcare Corporation. Dr. Waters
earned his M.S. in Toxicology and his Ph.D. in Pharmacology and
Toxicology from the University of Arizona, Tucson, AZ.
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 March 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. 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) 478-5605
(204) 453-3745 (FAX) Email: krichardson@diamedica.com
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