DiaMedica raises $37.5M in private placement; FDA lifts clinical hold on ReMEDy2 stroke trial

DiaMedica Therapeutics Inc.

Raised $37.5M gross via 11,011,406 common shares at $3.40 each; management paid $3.91/share.
FDA lifted clinical hold on Phase 2/3 ReMEDy2 trial for DM199 in acute ischemic stroke.
Net proceeds to fund DM199 development and ReMEDy2 trial through interim analysis.
Private placement expected to close June 23, 2023; resale registration to be filed.
Related parties (board/management) invested $751,900; Craig-Hallum acted as placement agent.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DiaMedica Therapeutics Inc. entered into Securities Purchase Agreement with accredited investors, including certain existing stockholders and certain directors and officers valued at gross proceeds of $37.5 million (effective 2023-06-21).

Action: entry
Agreement: equity purchase
Counterparty: accredited investors, including certain existing stockholders and certain directors and officers
Value: gross proceeds of $37.5 million
Effective: 2023-06-21

Exact text from the filing

entered into securities purchase agreements (the “Securities Purchase Agreement”) with accredited investors, including certain existing stockholders and certain directors and officers (collectively, the “Purchasers”), pursuant to which the Company agreed to issue 11,011,406 common shares, no par value, of the Company (collectively, the “Shares”), in a private placement (the “Private Placement”).

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DiaMedica Therapeutics Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-017922

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