MINNEAPOLIS, MINNESOTA--(Marketwired - Nov. 28, 2016) - DiaMedica Inc. (TSX VENTURE:DMA)(OTCQB:DMCAF) (the "Company"), today announced that at its Annual General and Special Meeting (the "Meeting") of shareholders held on November 28 2016, the shareholders approved all the resolutions placed before the Meeting and as outlined in the Management Information Circular dated October 24, 2016. Dr. Michael Giuffre, James Parsons, Rick Pauls, Richard Pilnik, and Dr. Jerry Xiao were elected as the Company's board of directors (the "Board").
Dr. Xiao has been the Managing Director of Hermed Capital since December 2014 and previously was the head of Business Development and Associate General Manager of the Research and Development Center of Shanghai Fosun Pharmaceutical Group from June 2008 to November 2014 where he was the deputy chief of the IPO team for the Fosun Pharma Listing in Hong Kong.
DiaMedica's Chairman of the Board, Rich Pilnik commented, "We are pleased to welcome Dr. Xiao to DiaMedica. We look forward to benefiting from Dr. Xiao's international pharmaceutical perspective as the Company executes its strategic plan."
In conjunction with the addition of Dr. Jerry Xiao to the Board, Dawson Reimer is stepping down as a director of the Company effective immediately. The Company also announced the resignation of Mark Williams as Vice President of Research, effective today, to pursue other opportunities. The Company will continue working with Mark as a consultant. "On behalf of our Board, we want to thank Dawson Reimer and Mark Williams for all their contributions and wish them well in their future endeavors," said Rick Pauls, President and CEO of DiaMedica."
DiaMedica's Board has granted options to purchase 2,100,000 common shares in the capital of the Company to the Company's management and directors at an exercise price of $0.26 per share. These options were awarded in accordance with the Company's stock option plan for a ten-year term. The Company also awarded 400,000 units under the Company's Deferred Share Unit ("DSU") Plan to Board members with a grant date fair value of $0.26 per unit. Each DSU unit can be redeemed for one common share of the Company by the DSU holder only on cessation of employment with the Company.
DiaMedica is a publicly traded clinical stage biopharmaceutical company focused on developing novel treatments for vascular diseases, including stroke and metabolic and kidney dysfunction. DiaMedica's common shares are listed on the TSX Venture Exchange under the trading symbol "DMA" and on the OTCQB under the trading symbol "DMCAF".
The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address DiaMedica's expectations should be considered forward-looking statements. Such statements are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect a current view of future events and are subject to certain risks and uncertainties as contained in DiaMedica's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from those anticipated in these forward-looking statements. DiaMedica undertakes no obligation, and does not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events, unless required by law. Although management believes that expectations are based on reasonable assumptions, no assurance can be given that these expectations will materialize.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this press release.