Minneapolis' DiaMedica Therapeutics Inc. raised gross proceeds of $3.8 million through a private placement of units.
The biopharmaceutical company issued 15,955,225 units at 24.5 cents each in the placement's first closing. Each unit comprises 1 common share and 0.5 of a 24-month warrant to buy an additional share for 35 cents.
DiaMedica expects to close the placement's second tranche on or about March 27.
The company plans to use net proceeds to fund a trial, called Remedy, evaluating DM199 to treat acute ischemic stroke. Proceeds will also go toward general corporate purposes.
Dominick Capital Corp. is acting as lead agent for the private placement, with Echelon Wealth Partners Inc., Canaccord Genuity Corp., Richardson GMP Ltd., Leede Jones Gable and Mackie Research Capital Corp. as finders.