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, effective
immediately, Dr. Stephen J. Waters has been appointed interim Executive Vice
President and Chief Scientific Officer, replacing Dr. Wayne Lautt who has
resigned from that position.


Dr. Waters is an experienced scientist and pharmaceutical industry executive
with more than 24 years of active leadership and involvement in drug
development. His primary industry focus has centered on new drug development
programs and he has built and managed multifunctional scientific departments
while demonstrating a successful record of investigational new drug (IND) and
new drug application (NDA) preparations and submissions to the FDA.


"Dr. Waters will be a critical asset in providing exemplary scientific and
strategic leadership in progressing DiaMedica's technology." said Reggie
Bowerman, president and CEO of DiaMedica. "He brings the necessary experience
required to successfully develop our innovative agents to their full potential."


"I believe that DiaMedica possess very intriguing science and therapeutic
approaches and I am looking forward to leveraging my experience in order to
guide the Company through the upcoming stages of development," said Dr. Waters.


Pursuant to this appointment, DiaMedica has granted 75,000 stock options at an
exercise price of $1.00 per share to Dr. Stephen Waters.


"The Board and management of DiaMedica join me in expressing our gratitude to
Dr. Wayne Lautt for his tireless efforts and scientific guidance. As a Professor
of Pharmacology and Therapeutics at the University of Manitoba, he had
discovered a key mechanism of insulin resistance that led to the founding of
DiaMedica." stated Mr. Bowerman. "Wayne indicated the time was right, given the
current development status of DiaMedica compounds, to step down as chief
scientific officer and to return full time to the creative basic research that
can result in breakthrough discoveries."


About Dr. Stephen Waters

Dr. Stephen Waters has successfully managed the development of numerous drugs
entering clinical trials through the IND process, and has played major roles in
seven drug approvals (NDAs). He previously worked at MGI PHARMA, before it was
acquired for US $3.9 billion in 2008 by Eisai Co., LTD. Prior to leaving
Eisai/MGI PHARMA to independently consult in the pharmaceutical industry, Dr.
Waters served in several executive positions, including; Vice President, Science
and Technology where he was the corporate scientific leader for Business
Development and Licensing operations and Vice President, Translational Research
and Development, where he directed multidisciplinary staff involved in
IND-enabling and early clinical studies of development compounds. Prior to
joining MGI PHARMA, he served in several research and development leadership
positions at Ohmeda Pharmaceutical Products Division before it was acquired by
Baxter Healthcare Corporation. Dr. Waters earned his M.S. in Toxicology and his
Ph.D. in Pharmacology and Toxicology from the University of Arizona, Tucson, AZ.


About DiaMedica

DiaMedica is developing novel treatments for type 2 diabetes based on a newly
discovered 'nerve reflex' 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 glucose. The success of this clinical trial was highly significant as
DiaMedica believes it validates the novel 'nerve reflex' mechanism that would
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 March 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.

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