DiaMedica Inc. Announces Richard D. Pilnik to Join Board of Directors
WINNIPEG, MANITOBA--(Marketwire - January 13, 2009) - DiaMedica Inc. (TSX VENTURE: DMA), a drug discovery and clinical development company focused on novel treatments for type 2 diabetes today announces the appointment of Mr. Richard D. Pilnik to the Board of Directors.
Mr. Pilnik has spent the past 25 years with Eli Lilly & Co., most recently as group vice president and chief marketing officer and a member of the company's operations committee and senior management council. Prior to this, Mr. Pilnik was president of Lilly Europe, Middle East, and Africa operations.
"We are delighted with the addition of Mr. Pilnik to our Board of Directors," stated Rick Pauls, President and CEO of DiaMedica. "Mr. Pilnik is a very well respected individual who brings extensive leadership and industry experience in the pharmaceutical sector. Eli Lilly has been a leader in diabetes care for over 80 years and Mr. Pilnik's background will be an exceptional asset to DiaMedica."
"I am very pleased to be joining the Board of Directors of DiaMedica at such a progressive time in its history, and I look forward to leveraging my experience in helping to guide the Company through the upcoming stages of development," stated Mr. Pilnik.
Pursuant to this appointment, DiaMedica has granted 50,000 stock options at an exercise price of $0.88 per share to Mr. Pilnik in accordance with the Company's stock option plan. The options are subject to regulatory approval.
"DiaMedica is committed to developing a world class biopharmaceutical company," continued Mr. Pauls. "Strategic advisors for DiaMedica include two past presidents of the American Diabetes Association in addition to individuals who are business leaders within the pharmaceutical and biotechnology industry."
About Richard Pilnik
Mr. Pilnik's career and track record within Eli Lilly & Co. has been exceptional, having worked across the globe in multifaceted positions. After earning a bachelor's degree in economics from Duke University and an MBA from the Kellogg School of Management at Northwestern University, Mr. Pilnik's first positions with Lilly were staff associate roles throughout the U.S. After holding various pharmaceutical sales and marketing positions he became the marketing director for Europe, Middle East and Africa then the general manager of the company's Mexican affiliate. He was later named area director of Latin America and Canada before being named vice president of global marketing. Mr. Pilnik retired from Eli Lilly in 2008 and is currently on the board of the Duke University Fuqua School of Business, Crossroads of America-Boy Scouts Council, BCIU (Business Council for International Understanding in Washington, D.C.) and formerly on the executive committee of the Pharmaceutical Research Manufacturers Association European Regional Council, and the European Pharmaceutical Industry Association (EFPIA).
DiaMedica is developing novel treatments for type 2 diabetes based on a newly discovered 'nerve reflex' mechanism. DiaMedica completed a successful phase II trial with its lead product DM-71 which demonstrated the ability to reduce HbA1c (blood sugar) levels and weight in humans. DiaMedica also completed a successful phase II trial with its second compound, DM-83, designed to measure changes in insulin and glucose. The success of this clinical trial was highly significant as DiaMedica believes it validates the novel 'nerve reflex' mechanism that could designate the Company's drugs as first-in-class. The Company's third drug in clinical development, DM-99, will complete a phase II trial in Q1 2009. Preclinical results from Vanderbilt University have shown that DM-99 is able to cause tissue to increase its uptake of sugar from the blood by over 40% (p less than 0.001) during the first 60 minutes of treatment. DiaMedica has been recognized as one of the Top Ten™ Life Science companies in Canada for the past two years by the Ottawa Centre for Research and Innovation.
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, "forward-looking statements"). These forward-looking statements relate to, among other things, our objectives, goals, targets, strategies, intentions, plans, beliefs, estimates and outlook, including, without limitation, our anticipated future operating results, 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.
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: DiaMedica's early stage of development, lack of product revenues and history of operating losses, 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, supply of raw materials, income tax matters, management of growth, partnerships for development and commercialization of technology, effects of insurers' willingness to pay for products, system failures, dependence on key personnel, foreign currency risk, risks related to regulatory matters and risks related to intellectual property and other risks detailed from time to time in DiaMedica's filings with Canadian securities regulatory authorities, as well as DiaMedica's ability to anticipate and manage the risks associated with the foregoing. 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 final long-form prospectus dated March 12, 2007. 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.
These risks and uncertainties should be considered carefully and prospective investors 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Kevin Richardson, Ph.D
(204) 453-3745 (FAX)