DMA Diamedica Therapeutics

DiaMedica Inc., (TSX VENTURE:DMA) is pleased to announce the commencement of a
research collaboration with The Sanford Project, a world leader in type 1
diabetes (T1D) research. 


The Sanford Project is one of the initiatives established after Denny Sanford's
historic $400 M gift to Sanford Health in 2007. The Project aims to cure T1D
through the development of beta cell regeneration therapies (the cells which
produce insulin in the pancreas). As announced on October 14, 2010, DiaMedica
has shown the ability of DM-99 to protect and increase beta cells by 1,277%,
making it a strong beta cell regeneration candidate. DiaMedica also announced
the in vivo validation of DM-199, its next generation recombinant version of
DM-99 on October 27, 2010. 


DiaMedica will be working with Alexei Savinov MD/PhD, Associate Scientist, The
Sanford Project, who is a T1D beta cell regeneration and autoimmunity expert
using the non-obese diabetic (NOD) mouse model. Dr. Savinov will be performing a
definitive study in the NOD mouse using DM-199. The study is designed to measure
the dual actions of DM-199, which are to protect/regenerate beta cells and to
halt the autoimmune attack. 


"The encouraging DM-99 results prompted our interest to work with DiaMedica and
help to evaluate the potential of DM-199 in type 1 diabetes," stated Paul Burn,
PhD, Todd & Linda Broin Chair and Director of The Sanford Project.


"DiaMedica is delighted to be working with Dr. Savinov and The Sanford Project",
said Rick Pauls, CEO of DiaMedica. "This collaboration will provide additional
external validation of DM-199 by working with the prominent T1D research group
at the Sanford Project ", continued Mr. Pauls. "We believe DM-199 has the
potential to protect/proliferate beta cells and halt autoimmune attacks which
may result in a promising treatment for type I diabetes patients."


About DiaMedica

DiaMedica is a biopharmaceutical company focused on developing novel treatments
for type 1 diabetes, type 2 diabetes and other disorders. DiaMedica has
completed two successful proof-of-concept Phase II studies with DM-71 and DM-99,
which demonstrated human efficacy in lowering blood glucose levels in patients
with type 2 diabetes.


DiaMedica's lead product DM-199 is a novel next generation recombinant form of
DM-99, which has shown the potential to increase insulin sensitivity, reduce the
autoimmune attack and trigger proliferation of pancreatic beta cells, neural
stem cells and bone marrow cells. DiaMedica is listed on the TSX Venture
Exchange under the trading symbol "DMA". For further information please visit
www.diamedica.com. 


About The Sanford Project

The Sanford Project is one of the four initiatives made possible through Denny
Sanford's transformational gift to Sanford Health in 2007. From its inception,
The Sanford Project was "designed for results." Sanford Health will combine
clinical components of patient care and science into one of the most promising
and fast-moving fields of research; regenerative medicine. Their goal is to
research and cure type 1 diabetes, all in pursuit of a healthy future for our
children. For further information please visit www.sanfordproject.com.


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, the "forward-looking statements"). These
forward-looking statements relate to, among other things, DiaMedica's
objectives, goals, targets, strategies, intentions, plans, beliefs, estimates
and outlook, 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. Specifically, this press release contains
forward-looking statements regarding matters such as, but not limited to, the
anticipated use of proceeds from the Offering, management's assessment of
DiaMedica's future plans, information with respect to the advancement of
DiaMedica's research and development programs, and DiaMedica's other estimates
and expectations. 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: uncertainties
and risks related to our research and development programs, the availability of
additional financing, risks and uncertainties relating to the anticipated use of
proceeds, changes in debt and equity markets, 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, the cost and
supply of raw materials, management of growth, effects of insurers' willingness
to pay for products, risks related to regulatory matters and risks related to
intellectual property matters. 

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 2009 annual information form. 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. Such forward-looking
statements are based on a number of estimates and assumptions, which may prove
to be incorrect, including, but not limited to, assumptions regarding the
availability of additional financing for research and development companies, and
general business and economic conditions. These risks and uncertainties should
be considered carefully and investors and others 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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