DiaMedica Accelerates Warrant Expiry Date
November 22 2010 - 9:29AM
Marketwired
DiaMedica (TSX VENTURE: DMA) today announces that in accordance
with the terms of the warrant indenture for those warrants issued
on June 30, 2010 the Company has provided the required written
notice to holders of such warrants that the expiry date has been
accelerated to the close of business December 22, 2010.
Under the terms of the indenture and the broker warrant
certificates, if the 10-day volume weighted average trading price
of the common shares of DiaMedica on the TSX Venture Exchange
exceeds $0.75, then at any date subsequent to this date, the expiry
date of the warrant shall be the day that is 30 days following the
later of (i) the date that written notice of the accelerated expiry
is sent to warrantholders; and (ii) the date on which the
announcement of the warrant expiry acceleration is made by news
release. As of the close of business on November 19, 2010, the
10-day volume-weighted average trading price of the common shares
exceeded $0.75. Warrants may be exercised through payment of the
exercise amount of $0.50 per full warrant up to the close of
business on December 22, 2010. If all of the 6,215,000 outstanding
warrants subject to this acceleration are exercised, DiaMedica will
receive additional proceeds of $2.8 million. Any warrants not
exercised prior to the accelerated expiry date and time will expire
without any further action being taken.
About DiaMedica
DiaMedica is a biopharmaceutical company focused on developing
novel treatments for type I diabetes, type 2 diabetes and other
disorders. DiaMedica has completed two successful proof-of-concept
II studies with DM-71 and DM-99, which demonstrate 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.
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. Additional risk
factors, factors which could cause actual results to differ
materially from expectations, and assumptions relating specifically
to our acquisition of Sanomune may be found in our press releases
dated February 18, 2010 and April 20, 2010.
Contacts: DiaMedica Inc. Rick Pauls President & CEO
204.477.7590 204.453.3745 (FAX) rpauls@diamedica.com
www.diamedica.com
DiaMedica Inc. (TSXV:DMA)
Historical Stock Chart
From Jun 2024 to Jul 2024
DiaMedica Inc. (TSXV:DMA)
Historical Stock Chart
From Jul 2023 to Jul 2024