DiaMedica Completes $11.8Mln Private Placement

(RTTNews) - DiaMedica Therapeutics Inc. (DMAC), a clinical stage biopharmaceutical company focused on developing novel treatments for severe ischemic disease, announced it has concluded a $11.8 million private placement to accredited investors.

The company sold approximately 4.7 million shares at a price of $2.50 per share- a 10% premium over the per-share closing price on June 25, 2024, with net proceeds accounting for $11.7 million.

This financial boost has significantly impacted their pro forma cash and investments.

As of March 31, 2024, DiaMedica reported cash, cash equivalents, and short-term investments totaling $46.7 million. However, on a pro forma basis, including the estimated $11.7 million in net proceeds from the private placement, their cash and investments would have reached $58.2 million.

DMAC has traded in a range of $1.93 to $4.4 in the last 1 year. As of pre-market, the stock is at $3.19, up 8.14%.