DiaMedica Therapeutics Inc (NASDAQ: DMAC) was a big loser in Friday’s trading session. The stock gapped down to close the day with a loss of 13.70%. This is in line with an increase in shorts since October. Data on the stock show that all through October, the number of shorts on the stock increased by 771.8%.
Nonetheless, the company’s financials have been solid as of its last reporting. In the quarter that ended on the 30th of September, the company’s income rose to $225k, a significant increase from $157k in the previous quarter. On top of the company announced that it had completed phase 1b trials for DM199. DM199 is a recombinant form of KLK1, and treatment for chronic kidney disease. In the study, the company was aiming to assess three dose levels, as well as to check its safety and secondary endpoint.
In previous results, the company had announced positive results on people with normal kidneys that had been tested before. The company also announced that in its final results for DM199, the tolerance was good and without dose-limiting tolerability. The company also announced that there were no deaths or discontinuation as a result of the treatment. It also reported that there were only a few adverse events from the treatment.
The company also announced that the FDA had accepted its phase II clinical trial protocol for treating CKD. It also announced that patients had started enrolling, and that dosage is expected in the near-future.
Looking at the charts, DMCA is currently in a bearish channel. The stock closed the week with a gap down, a day after it closed with a solid bearish candle. However, volumes were relatively low and stood at 97.01k in the day.
About DiaMedica Therapeutics Inc
DiaMedica Therapeutics Inc is a biopharma company that develops treatments for kidney and neurological issues. Its lead candidate is DM199. The company has its headquarters in Minneapolis, Minnesota.