DiaMedica Raises $37.5M Via Equity Offering, Aiding Development Activities For DM199
Portfolio Pulse from Nabaparna Bhattacharya
DiaMedica Therapeutics has raised $37.5 million through a private placement, issuing 11.01 million common shares at $3.40 per share. The proceeds will be used to fund the development of DM199, including the ReMEDy2 clinical trial, and for general corporate purposes. The FDA has also lifted the clinical hold on the ReMEDy2 trial.
June 21, 2023 | 3:40 pm
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DiaMedica raised $37.5M through a private placement to fund DM199 development and ReMEDy2 clinical trial. FDA lifted the clinical hold on the trial, but shares are trading lower.
DiaMedica raised $37.5 million through a private placement, which will be used to fund the development of DM199 and the ReMEDy2 clinical trial. This is positive news for the company as it secures funding for its ongoing projects. However, the stock price is trading lower by 5.63%, which indicates a negative short-term impact on the stock price. The FDA lifting the clinical hold on the ReMEDy2 trial is also a positive development, but it seems that the market is reacting negatively to the equity offering.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100