DiaMedica Announces Richard D. Pilnik to Join Board of Directors
14 January 2009 - 1:15AM
Marketwired
DiaMedica Inc. (TSX VENTURE: DMA), a drug discovery and clinical
development company focused on novel treatments for type 2 diabetes
today announces the appointment of Mr. Richard D. Pilnik to the
Board of Directors.
Mr. Pilnik has spent the past 25 years with Eli Lilly & Co.,
most recently as group vice president and chief marketing officer
and a member of the company's operations committee and senior
management council. Prior to this, Mr. Pilnik was president of
Lilly Europe, Middle East, and Africa operations.
"We are delighted with the addition of Mr. Pilnik to our Board
of Directors," stated Rick Pauls, President and CEO of DiaMedica.
"Mr. Pilnik is a very well respected individual who brings
extensive leadership and industry experience in the pharmaceutical
sector. Eli Lilly has been a leader in diabetes care for over 80
years and Mr. Pilnik's background will be an exceptional asset to
DiaMedica."
"I am very pleased to be joining the Board of Directors of
DiaMedica at such a progressive time in its history, and I look
forward to leveraging my experience in helping to guide the Company
through the upcoming stages of development," stated Mr. Pilnik.
Pursuant to this appointment, DiaMedica has granted 50,000 stock
options at an exercise price of $0.88 per share to Mr. Pilnik in
accordance with the Company's stock option plan. The options are
subject to regulatory approval.
"DiaMedica is committed to developing a world class
biopharmaceutical company," continued Mr. Pauls. "Strategic
advisors for DiaMedica include two past presidents of the American
Diabetes Association in addition to individuals who are business
leaders within the pharmaceutical and biotechnology industry."
About Richard Pilnik
Mr. Pilnik's career and track record within Eli Lilly & Co.
has been exceptional, having worked across the globe in
multifaceted positions. After earning a bachelor's degree in
economics from Duke University and an MBA from the Kellogg School
of Management at Northwestern University, Mr. Pilnik's first
positions with Lilly were staff associate roles throughout the U.S.
After holding various pharmaceutical sales and marketing positions
he became the marketing director for Europe, Middle East and Africa
then the general manager of the company's Mexican affiliate. He was
later named area director of Latin America and Canada before being
named vice president of global marketing. Mr. Pilnik retired from
Eli Lilly in 2008 and is currently on the board of the Duke
University Fuqua School of Business, Crossroads of America-Boy
Scouts Council, BCIU (Business Council for International
Understanding in Washington, D.C.) and formerly on the executive
committee of the Pharmaceutical Research Manufacturers Association
European Regional Council, and the European Pharmaceutical Industry
Association (EFPIA).
About DiaMedica
DiaMedica is developing novel treatments for type 2 diabetes
based on a newly discovered 'nerve reflex' mechanism. 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 could 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 Q1 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 Website:
www.diamedica.com
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