DiaMedica announces board member Richard Pilnik’s retirement

DiaMedica Therapeutics Inc. (NASDAQ:DMAC), a pharmaceutical company with a market capitalization of $260 million and an impressive 101% stock return over the past year, announced today that board member Richard Pilnik has decided to retire and will not seek re-election at the upcoming Annual General Meeting (AGM) of Shareholders. Mr. Pilnik’s departure, effective after the AGM scheduled on May 15, 2025, is not due to any disagreements with the company’s operations, policies, or practices. According to InvestingPro data, the company maintains strong financial health with a current ratio of 11.81, indicating robust liquidity management under the current leadership.

With over 15 years of service on DiaMedica’s Board of Directors, Pilnik has played a significant role, including serving as Chair of the Nominating and Corporate Governance Committee, a member of the Audit Committee, and previously as Chairman of the Board until January 1, 2025. The transition of the Chairman role to James Parsons (NYSE:PSN), who has been on the board since 2015, was part of the company’s succession planning.

The Board of DiaMedica will re-evaluate the composition and chair roles of its committees to ensure a smooth transition following Pilnik’s retirement. This re-evaluation is consistent with the company’s ongoing succession planning and the recent appointment of Daniel J. O’Connor as a new director.

Rick Pauls, DiaMedica’s President and CEO, expressed gratitude for Pilnik’s dedication and contributions, particularly during the company’s evolution into a late-stage biopharmaceutical company.

This information is based on a press release statement filed with the SEC.

In other recent news, DiaMedica Therapeutics Inc. has announced the appointment of Daniel J. O’Connor to its Board of Directors. O’Connor brings significant experience from his leadership roles in the biopharmaceutical industry, which includes a notable period at Ambrx Biopharma that led to its acquisition by Johnson & Johnson. This strategic move is expected to enhance DiaMedica’s governance and support its mission to advance treatments for acute ischemic stroke (AIS) and preeclampsia. Additionally, DiaMedica has published a study on the action mechanism of its drug candidate DM199, which is in clinical trials for AIS. The study highlights DM199’s potential to enhance collateral circulation and improve brain perfusion, potentially reducing stroke recurrence risks. The ongoing ReMEDy2 trial aims to enroll up to 728 patients globally, focusing on those with persistent neurological deficits. The publication in the journal Stroke provides insights into DM199’s role in promoting angiogenesis and neuronal remodeling. DiaMedica is committed to developing treatments for severe ischemic diseases, with DM199 being a key focus in their pipeline.

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