WINNIPEG, MANITOBA--(Marketwire - November 08, 2010) - DiaMedica Inc., (TSX VENTURE: DMA) is pleased to announce the commencement of a research collaboration with The Sanford Project, a world leader in type 1 diabetes (T1D) research.
The Sanford Project is one of the initiatives established after Denny Sanford's historic $400 M gift to Sanford Health in 2007. The Project aims to cure T1D through the development of beta cell regeneration therapies (the cells which produce insulin in the pancreas). As announced on October 14, 2010, DiaMedica has shown the ability of DM-99 to protect and increase beta cells by 1,277%, making it a strong beta cell regeneration candidate. DiaMedica also announced the in vivo validation of DM-199, its next generation recombinant version of DM-99 on October 27, 2010.
DiaMedica will be working with Alexei Savinov MD/PhD, Associate Scientist, The Sanford Project, who is a T1D beta cell regeneration and autoimmunity expert using the non-obese diabetic (NOD) mouse model. Dr. Savinov will be performing a definitive study in the NOD mouse using DM-199. The study is designed to measure the dual actions of DM-199, which are to protect/regenerate beta cells and to halt the autoimmune attack.
"The encouraging DM-99 results prompted our interest to work with DiaMedica and help to evaluate the potential of DM-199 in type 1 diabetes," stated Paul Burn, PhD, Todd & Linda Broin Chair and Director of The Sanford Project.
"DiaMedica is delighted to be working with Dr. Savinov and The Sanford Project", said Rick Pauls, CEO of DiaMedica. "This collaboration will provide additional external validation of DM-199 by working with the prominent T1D research group at the Sanford Project ", continued Mr. Pauls. "We believe DM-199 has the potential to protect/proliferate beta cells and halt autoimmune attacks which may result in a promising treatment for type I diabetes patients."
DiaMedica is a biopharmaceutical company focused on developing novel treatments for type 1 diabetes, type 2 diabetes and other disorders. DiaMedica has completed two successful proof-of-concept Phase II studies with DM-71 and DM-99, which demonstrated human efficacy in lowering blood glucose levels in patients with type 2 diabetes.
DiaMedica's lead product DM-199 is a novel next generation recombinant form of DM-99, which has shown the potential to increase insulin sensitivity, reduce the autoimmune attack and trigger proliferation of pancreatic beta cells, neural stem cells and bone marrow cells. DiaMedica is listed on the TSX Venture Exchange under the trading symbol "DMA". For further information please visit www.diamedica.com.
About The Sanford Project
The Sanford Project is one of the four initiatives made possible through Denny Sanford's transformational gift to Sanford Health in 2007. From its inception, The Sanford Project was "designed for results." Sanford Health will combine clinical components of patient care and science into one of the most promising and fast-moving fields of research; regenerative medicine. Their goal is to research and cure type 1 diabetes, all in pursuit of a healthy future for our children. For further information please visit www.sanfordproject.com.
Caution Regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable Canadian provincial securities legislation (collectively, the "forward-looking statements"). These forward-looking statements relate to, among other things, DiaMedica's objectives, goals, targets, strategies, intentions, plans, beliefs, estimates and outlook, and can, in some cases, be identified by the use of words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Specifically, this press release contains forward-looking statements regarding matters such as, but not limited to, the anticipated use of proceeds from the Offering, management's assessment of DiaMedica's future plans, information with respect to the advancement of DiaMedica's research and development programs, and DiaMedica's other estimates and expectations. These statements reflect management's current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things: uncertainties and risks related to our research and development programs, the availability of additional financing, risks and uncertainties relating to the anticipated use of proceeds, changes in debt and equity markets, uncertainties related to clinical trials and product development, rapid technological change, uncertainties related to forecasts, competition, potential product liability, additional financing requirements and access to capital, unproven markets, the cost and supply of raw materials, management of growth, effects of insurers' willingness to pay for products, risks related to regulatory matters and risks related to intellectual property matters.
Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found in the body of this news release, as well as under the heading "Risk Factors" contained in DiaMedica's 2009 annual information form. DiaMedica cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on DiaMedica's forward-looking statements to make decisions with respect to DiaMedica, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Such forward-looking statements are based on a number of estimates and assumptions, which may prove to be incorrect, including, but not limited to, assumptions regarding the availability of additional financing for research and development companies, and general business and economic conditions. These risks and uncertainties should be considered carefully and investors and others should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, DiaMedica cannot provide assurance that actual results will be consistent with these forward-looking statements. DiaMedica undertakes no obligation to update or revise any forward-looking statement.