DMA Diamedica Therapeutics

DiaMedica Inc. (TSX VENTURE:DMA), a drug discovery and development company
focused on novel treatments for type 2 diabetes, announces today the appointment
of Mr. Thomas Wellner to the Board of Directors, the resignation of Dr. Albert
D. Friesen from the Company's Board of Directors, and the appointment of Mr.
Rick Pauls to serve as Chairman, interim President and CEO. Mr. Pauls is
currently a member of the Board of Directors of DiaMedica and is serving as
interim President and CEO following the resignation of Dr. Karl-Gunnar Hidinger
as President.


Mr. Wellner spent the past 20 years in various positions with Eli Lilly & Co.,
most recently as the Global Brand Leader for Insulin and Devices, and
immediately previous to that as the CEO of Lilly Germany. Mr. Wellner also
serves on the Advisory Board of Atlantic Healthcare, which identifies and
acquires healthcare products and companies serving the European and North
American markets and is an owner and board member of Freshbooks, an up and
coming on-line billing software company based in Toronto.


"We are thrilled with the addition of Mr. Wellner to our Board of Directors",
stated Mr. Rick Pauls, interim President and CEO of DiaMedica. "Tom Wellner is a
well respected individual who brings extensive leadership and industry
experience in the pharmaceutical sector. Eli Lilly has a deep and rich history
in the development of diabetes products, and we believe Tom's background with an
organization that has a dominant position in the diabetes marketplace will be a
strong asset to DiaMedica."


"I am very pleased to be joining the Board of Directors of DiaMedica at such an
exciting time in its history, and I look forward to leveraging my experience in
helping to guide the Company through the next stages of development", stated Mr.
Wellner.


Pursuant to this appointment, DiaMedica has granted 50,000 stock options at an
exercise price of $1.00 per share to Mr. Wellner in accordance with the
Company's stock option plan. The options are subject to regulatory approval.


"The Board joins me in saying thank you for the tireless efforts of Dr. Friesen
in building DiaMedica into an organization now poised for such dramatic growth,
and we appreciate his outstanding contributions to the Board of Directors",
added Mr. Pauls.


With the recent corporate advancement, Dr. Karl-Gunnar Hidinger is stepping down
as President of DiaMedica, effective immediately, in order to pursue other
endeavors and devote more time to family after over 40 years in the
biotechnology and pharmaceutical industry. Dr. Hidinger will continue to work
with DiaMedica as a consultant in order to assist in the advancement of drugs in
the clinical pipeline.


"Upon the receipt of regulatory clearance for our third phase II study and
ensuing corporate growth, new vision and energy is required to lead DiaMedica
into the next stage of development", stated Dr. Hidinger. "As a member of both
the DiaMedica management team and its Board of Directors, Mr. Pauls is well
positioned to step in as interim President and CEO and deliver continued growth
and strong leadership."


"We thank Dr. Hidinger for his commitment over the past two years as he led
efforts to advance our three compounds; DM-71, DM-83 and DM-99 into human
clinical trials. Under his stewardship, DiaMedica has evolved into a clinical
development organization with a robust pipeline supported by a strong research
engine, and we look forward to his continuing contribution to our success as a
clinical development consultant", stated Mr. Pauls.


About Thomas Wellner

Mr. Wellner's track record within Lilly has been exceptional, having worked all
over the world in multifaceted positions. He designed and set up Lilly's
re-entry into the Chinese market and was the first marketing manager for Lilly
in China. He was Associate Director of Marketing in Canada; responsible for
strategy development and planning covering gastro-intestinal, oncology,
cardiovascular and women's healthcare products, and was appointed to set up and
lead the Latin American and Canadian marketing groups. In 2000, he moved to
London to become Chief Marketing Officer for Lilly European Operations, before
being appointed in November 2004 as CEO, Germany, Lilly's third largest business
with 1,500 employees and annual revenues of approximately $1 billion. Before
leaving Eli Lilly Mr. Wellner was also the Global Brand Development Leader for
Insulin and Diabetes Devices, Eli Lilly's second largest product.


About DiaMedica

DiaMedica is developing novel treatments for various stages of type 2 diabetes.
The Company completed a successful phase II clinical trial with its lead product
DM-71 which demonstrated the ability to reduce HbA1c levels and weight in
humans. In addition, DiaMedica has two other drugs in its clinical pipeline
targeting type 2 diabetes. DM-83 is in a phase II trial and DM-99 recently
received regulatory clearance to initiate a phase II trial.


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.

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