DiaMedica Therapeutics Has Applied to List its Common Shares on Nasdaq, Announces Share Consolidation
November 12 2018 - 4:45PM
DiaMedica Therapeutics Inc. (TSX Venture:DMA) (OTCQB:DMCAF), a
clinical stage biopharmaceutical company, announced today that it
has applied to list its common shares on The Nasdaq Capital Market.
In connection with the planned U.S. listing, the Company, as
authorized by its shareholders on November 6, 2018, is implementing
a consolidation of its outstanding common shares.
“We have made significant progress in
positioning DM199 to treat patients with stroke and kidney
diseases, including having recently announced a partnership with
Ahon Pharmaceuticals, a subsidiary of Fosun Pharmaceuticals, for
the treatment of acute ischemic stroke in China in an effort to
deliver value to our shareholders,” said Rick Pauls, DiaMedica’s
President and Chief Executive Officer. “This year, we have
initiated a Phase II clinical study in patients who have suffered
from an acute ischemic stroke and we are about to initiate a
clinical study in patients with chronic kidney disease. With the
anticipated upcoming clinical and other milestones, we have
determined that it is the right time for our Company to apply for a
U.S. Nasdaq listing."
The Company’s Board of Directors determined that
the consolidation will be done on the basis of one new common share
for every 20 currently outstanding common shares. The consolidation
was approved by the Company’s shareholders at an annual and special
held on November 6, 2018, with 95.48% votes in favor, and is being
implemented in connection with the Company’s proposed listing of
its common shares on Nasdaq. It is anticipated that trading
in the post-consolidation common shares will commence through the
facilities of the TSX Venture Exchange and over-the-counter on the
OTCQB marketplace on or about November 15, 2018. Following
the completion of the share consolidation, the Company will have
approximately 7,856,875 common shares issued and
outstanding.
The new CUSIP and ISIN numbers for the
consolidated common shares are 25253X207 and CA25253X2077,
respectively. Shareholders who hold their common shares through a
broker or dealer, bank or trust company, will not be required to
take any action with respect to the share consolidation.
Letters of transmittal will be mailed to registered shareholders
requesting that they send their pre-consolidation share
certificates to the Company's transfer agent, Computershare Trust
Company, for exchange for new share certificates representing their
common shares on a post-consolidation basis. No fractional shares
will be issued in connection with the consolidation. Instead, the
Company will round to the nearest whole number the amount of shares
shareholders would be entitled to receive in connection with the
consolidation.
As a result of the share consolidation, the
number, exchange basis and exercise price of all outstanding stock
options and warrants, as well as shares available under the
Company’s equity plans, will be adjusted proportionately. The
actual adjustment will be made by the Company in consultation with
its advisors.
About DM199
DM199 is a recombinant (synthetic) form of the
human protein known as “KLK1”. The KLK1 protein plays an important
role in the regulation of diverse physiological processes including
blood flow, inflammation, fibrosis, oxidative stress and
neurogenesis via a molecular mechanism that increases production of
nitric oxide and prostacyclin. KLK1 deficiency may play a role in
multiple vascular and fibrotic diseases such as ischemic stroke,
chronic kidney disease, retinopathy, vascular dementia and
treatment resistant hypertension where current treatment options
are limited or ineffective. DiaMedica is the first company to have
developed a recombinant form of the KLK1 protein. The KLK1 protein,
produced from porcine pancreas and human urine, has been used to
treat patients in Japan, China and Korea for decades. DM199 is
currently being studied in patients with acute ischemic stroke and
DiaMedica is preparing to initiate a clinical study in patients
with chronic kidney disease.
About DiaMedica Therapeutics Inc.
DiaMedica Therapeutics is a clinical stage
biopharmaceutical company focused on developing novel treatments
for neurological and kidney diseases. For more information, please
visit www.diamedica.com. Follow us on social media
– Twitter, LinkedIn.
Disclaimer for Forward-Looking Information
This press release contains forward-looking
statements and information that are based on the beliefs of
management and reflect the Company’s current expectations. When
used in this press release, the words "estimate", "believe",
"anticipate", "intend", "expect", "plan", “will,” "may" or "should"
and the negative of these words or such variations thereon or
comparable terminology are intended to identify forward-looking
statements and information. The forward-looking statements and
information in this press release includes information relating to
the consolidation of the Company’s common shares, the date that
such consolidated common shares will commence trading and the
Company’s proposed listing on The Nasdaq Capital Market. Such
statements and information reflect the current view of the Company.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. These risks and uncertainties
include the timing and effect of the share consolidation and the
proposed listing of the Company’s common shares on The Nasdaq
Capital Market.
THE FORWARD-LOOKING INFORMATION
CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE
COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS
SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE
IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON
THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT
TO, IT DOES NOT UNDERTAKE TO UPDATE THIS
INFORMATION AT ANY PARTICULAR TIME EXCEPT
AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
This press release is not an offer of the
securities for sale in the United States. The securities have
not been registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an exemption from registration. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in
any state in which such offer, solicitation or sale would be
unlawful.
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 this press release.
For further information, please contact:
Paul Papi Vice President of Business Development DiaMedica
Therapeutics Inc. Two Carlson Parkway, Suite 260 Minneapolis, MN
Phone: (617) 899-5941 info@diamedica.com
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