DiaMedica Therapeutics, a Phase 2 biotech targeting acute ischemic stroke and chronic kidney disease, raised $16.4 million by offering 4.1 million shares at $4, the low end of the range of $4 to $5. The company offered 100,000 more shares than expected. At the $4 offer price, DiaMedica Therapeutics commands a fully diluted IPO market cap of $48 million.
DiaMedica's IPO market cap fell below Renaissance Capital's $50 million market cap cutoff, and we are therefore not counting it in our 2018 IPO stats.
DiaMedica plans to list on the Nasdaq under the symbol DMAC. Craig-Hallum Capital Group acted as a lead manager on the deal.
