DMA Diamedica Therapeutics

DiaMedica Inc. (TSX VENTURE:DMA), a drug discovery and development company
focused on novel treatments for Type 2 diabetes, today announced that it has
received feedback from the U.S. Food and Drug and Administration (FDA) on its
pre-IND filing for DM-71, the Company's lead compound.


The FDA has recommended a standard 90 day in vitro toxicology study comparing
the combination product with each active component in separate arms to support
the proposed phase IIb trial. This will provide further support for the safety
of the compound which was well tolerated in the Company's Phase IIa human study.


"The FDA's response provides welcomed feedback on our pre-IND filing", stated
Mr. Rick Pauls, President and CEO of DiaMedica. "We will conduct the recommended
90 day study in concurrence with other preparations for our IND filing in
support of the larger phase II trial. Based on results of the 12 week human
trial of DM-71, the Company expects the 90 day toxicity study will reaffirm the
safety of the two drugs in combination."


DiaMedica is represented by Dr. Robert Schiff, President of Schiff & Company, in
its correspondence with the FDA. Schiff & Company is an international Regulatory
Affairs and Clinical Research Organization with over 35 years of experience in
the health care industry and regulatory affairs.


About Dr. Robert Schiff and Schiff & Company

Dr. Robert Schiff is CEO and founder of Schiff & Company and is an accomplished
business executive and scientist with over 36 years of experience in the heath
care industry. In addition to authoring over 50 publications and holding several
patents on medical products, he is board certified in Regulatory Affairs (R.A.C)
and is a Certified Quality Auditor (ASQC). During his career Dr. Schiff has held
major management positions in several leading health care and consumer products
companies.


Schiff & Company was founded in 1982 and is an international Regulatory Affairs
and Clinical Research Organization. The Company handles all aspects of the
regulatory process in product development, from preclinical to post-approval by
assisting companies in bringing to market both prescription and over the counter
drugs, biologics, devices and in vitro diagnostics. The organization has
extensive experience in obtaining FDA approval of manufacturing and distribution
sites in the U.S., Canada and overseas.


About DiaMedica

DiaMedica is developing novel treatments for various stages of type 2 diabetes.
The Company recently completed a phase II clinical trial with its lead product
DM-71 which demonstrated the ability to reduce HbA1c levels and weight in man.
The Company has two other drugs in its clinical pipeline, DM-83 and DM-99, which
are moving through phase II proof of concept clinical studies.


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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