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DiaMedica completes placement of units

DiaMedica Therapeutics Inc. completed a nonbrokered private placement of 3,624,408 units, raising gross proceeds of about C$1.2 million.

Each unit comprises 1 common share and a 24-month warrant to buy 1 common share for 35 U.S. cents.

The company will use proceeds to support the phase 2 clinical development of DM199 for acute ischemic stroke as well as for other working capital purposes.