DiaMedica Announces Executive Management Change
30 July 2009 - 6:56AM
Marketwired
DiaMedica Inc. (TSX VENTURE: DMA), announces the departure of
Reggie Bowerman as President and Chief Executive Officer of the
Company, effective July 31, 2009, by mutual agreement with the
Company's board of directors. The Board thanks Mr. Bowerman for his
contribution and leadership during his tenure as President and CEO.
Mr. Rick Pauls, who has been an active board member since 2005
and is the Chairman of the Board of DiaMedica, will return to serve
as the Acting President and CEO. During his previous tenure as
interim President and CEO, Mr. Pauls led the Company through
successful clinical trials and raised capital for the Company to
fund research and development. DiaMedica was recognized as one of
Canada's Top 10 life sciences companies while under his
leadership.
About DiaMedica
DiaMedica is developing novel treatments for type 2 diabetes
based on a 'nerve signal' 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
/ or glucose. The success of this clinical trial was highly
significant, as DiaMedica believes it validated the novel 'nerve
signal' mechanism that would designate the Company's drugs as
first-in-class.
The Company's third drug in development, DM-99, recently
completed a phase II clinical trial. Patients receiving DM-99 in
Period 1 of this cross-over study showed a decrease in baseline
adjusted peak blood glucose concentration of 19% (p equals 0.077)
versus those receiving placebo as well as a decrease in incremental
glucose Area Under the Curve (AUC) 0-240 minutes of 31% (p equals
0.030) versus those receiving placebo. DM-199, a recombinant
version of DM-99, has been created with the expectation that it
will a long-acting version of DM-99. DiaMedica was recently awarded
a contribution of up to $492,000 from the National Research Council
of Canada Industrial Research Assistance Program (IRAP) to fund the
development of DM-199. 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) krichardson@diamedica.com www.diamedica.com
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