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DiaMedica Announces Closing of $23 Million Public Offering of Common Shares
MINNEAPOLIS--(BUSINESS WIRE)-- DiaMedica Therapeutics Inc. (Nasdaq: DMAC), a clinical-stage biotechnology company, announced today the closing of its
About this update from Diamedica Therapeutics Inc.
[{"type":"text","content":" MINNEAPOLIS--(BUSINESS WIRE)--\nDiaMedica Therapeutics Inc. (Nasdaq: DMAC), a clinical-stage biotechnology company, announced today the closing of its previously announced underwritten registered public offering of 4,600,000 of its common shares, including 600,000 shares sold upon full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $5.00 per share, primarily with institutional investors including several specialist biotech funds and certain existing shareholders.\n\n\nThe gross proceeds from the offering were $23.0 million, before deducting the underwriting discount and other estimated offering expenses payable by DiaMedica. Net proceeds, after the underwriting discount, but before estimated offering expenses payable by DiaMedica, were approximately $21.6 million.\n\n\nAs previously announced, DiaMedica intends to use the net proceeds from the offering to continue its clinical and product development activities, including the addition of a new cohort III to its REDUX Chronic Kidney Disease study to be comprised of participants with chronic kidney disease and Type II diabetes mellitus, and for other working capital and general corporate purposes.\n\n\nGuggenheim Securities, LLC acted as lead book-running manager for the offering. Craig-Hallum Capital Group LLC acted as joint book-running manager and National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ: NHLD), acted as lead manager. Lake Street Capital Markets acted as a financial advisor to DiaMedica.\n\n\nThe securities described above were offered by DiaMedica pursuant to a shelf registration statement on Form S-3 (File No. 333-235775) previously filed with and declared effective by the U.S. Securities and Exchange Commission (SEC). A final prospectus supplement and accompanying prospectus relating to and describing the terms of the offering were filed with the SEC on August 7, 2020 and may be obtained by visiting the SEC’s website at www.sec.gov or by contacting Guggenheim Securities, LLC Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017, by telephone at (212) 518-9544, or by email at [email protected].\n\n\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be...