DiaMedica Therapeutics (DMAC) said Monday it has entered into definitive agreements to raise $30.1 million via a private placement of shares led by current investors.

DiaMedica said it will issue about 8.6 million shares at $3.50 per share.

The private placement is expected to close on or about Wednesday, the company said.

Funds will back DiaMedica's operations for over two years and support milestones including the submission of an investigational new drug application in the US for preeclampsia and fetal growth restriction and a phase 2b trial to further assess DM199 in both indications, subject to approval of the investigational new drug application, the company said.

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