(RTTNews) - DiaMedica Therapeutics Inc. (DMAC), a clinical stage biopharmaceutical company focused on developing novel treatments for severe ischemic disease, announced it has concluded a $11.8 million private placement to accredited investors.
The company sold approximately 4.7 million shares at a price of $2.50 per share- a 10% premium over the per-share closing price on June 25, 2024, with net proceeds accounting for $11.7 million.
This financial boost has significantly impacted their pro forma cash and investments.
As of March 31, 2024, DiaMedica reported cash, cash equivalents, and short-term investments totaling $46.7 million. However, on a pro forma basis, including the estimated $11.7 million in net proceeds from the private placement, their cash and investments would have reached $58.2 million.
DMAC has traded in a range of $1.93 to $4.4 in the last 1 year. As of pre-market, the stock is at $3.19, up 8.14%.
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