DiaMedica Therapeutics, a Phase 2 biotech targeting acute ischemic stroke and chronic kidney disease, announced terms for its Nasdaq IPO on Tuesday. The company is currently listed on the OTCQB (DMCAF) and the Toronto Venture Exchange (DMA); it closed on November 23 at $4.13 and C$5.60 on its respective exchanges.
The Minneapolis, MN-based company plans to raise $18 million by offering 4 million shares at a price range of $4 to $5. Insiders intend to purchase up to $0.1 million of the IPO (0.6% of the deal). At the midpoint of the proposed range, DiaMedica Therapeutics would command a fully diluted market value of $53 million.
DiaMedica Therapeutics was founded in 2000 and booked $1 million in revenue for the 12 months ended September 30, 2018. It plans to list on the Nasdaq under the symbol DMAC. Craig-Hallum Capital Group is the sole bookrunner on the deal.
