Most cannabis penny stocks are down today on the TSXV. In 2018, cannabis companies took over the TSX Venture Exchange. Last year, it was blockchain companies that dominated. However, a biotherapeutics company by the name of DiaMedica Therapeutics (TSXV:DMA) (NASDAQ:DMAC) is up today.
Let’s dig deeper!
DiaMedica Therapeutics in Green
DiaMedica Therapeutics is a clinical-stage biopharmaceutical company. It engages in the development of treatments for neurological and kidney diseases. The biopharma company was incorporated back in 2000 and is headquartered in Minneapolis, Minnesota.
Two weeks ago, the Minneapolis-based company announced it had opened its Initial Public Offering on the Nasdaq exchange. The company is now trading under the stock ticker ‘DMAC’ on Nasdaq. In November, DiaMedica Therapeutics told investors it applied to go public on the major US exchange.
Rick Pauls, President and Chief Executive Officer of DiaMedica Therapeutics, said:
“This year, we have initiated a Phase II clinical study in patients who have suffered from an acute ischemic stroke and we are about to initiate a clinical study in patients with chronic kidney disease. With the anticipated upcoming clinical and other milestones, we have determined that it is the right time for our Company to apply for a U.S. Nasdaq listing.”
On the TSXV, DMA shares tanked on December 7th, leading up to its big listing. From December 6th to 7th, the biopharmaceutical stock dropped over 50%. It remains unclear at this time what the reason for the drop was.
DiaMedica is no longer trading on the OTC and is now instead trading on the Nasdaq exchange. It seems the biotherapeutic stock is up on both the US and Canadian exchange.
DiaMedica Therapeutics Stock Movement
According to Yahoo Finance, DMAC is trading at $2.68 a share, up +$0.0386 (+1.46%). On the TSXV, DMA is currently trading at $3.75 a share, up +$0.15 (_4.17%).
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