DiaMedica Therapeutics Inc. said Monday it raised $30 million through a private placement deal with 10 investors.
The deal values the Plymouth, Minnesota-based company at $3.92 per share, its closing price as of Sept. 24. Today, shares of DiaMedica (NASDAQ: DMAC) are up nearly 6 percent at $4.15 in midday trading.
The company will use the proceeds to continue its clinical and product development for DM199, including a recently initiated trial.
DM199 is the company's synthetic form of human tissue kallikrein-1 (KLK1). DiaMedica is the first company to develop and clinically study a pharmaceutically form of the KLK1 protein. The KLK1 protein, produced from porcine pancreas and human urine, has been used to treat patients in Japan, China and Korea for decades, the company said in a statement.
DM199 is now being studied in patients with acute ischemic stroke and chronic kidney disease.
