Canadian Pharma Co. Moves HQ to MN, Will Hire 20

DiaMedica, which is developing drugs to treat diabetes, chose to move to the Twin Cities because of the area's strong life sciences sector, among other benefits.

Canada-based pharmaceutical start-up DiaMedica, Inc., has moved its headquarters from Winnipeg, Manitoba to Plymouth—and the company plans to hire about 20 people over the next year.
 
DiaMedica CEO Rick Pauls told Twin Cities Business that the four-person company moved into its new home office at 1 Carlson Parkway in August. It is now ramping up its operations and looking to hire three new employees.
 
DiaMedica is developing drugs to treat Type 1 and Type 2 diabetes, although none of its drugs have hit the market yet. Pauls said that the over the next year, the company will hire mostly “clinical types”—those with advanced pharmaceutical degrees who would be involved in developing the company’s drugs and moving them through clinical trials.
 
Pauls said that the company chose to move to the Twin Cities because of its “Midwestern culture and work ethic” and its location “right at the center” of the United States—which provides easy access to any city in North America.
 
In addition, “there’s a very strong life science sector here and we want to be part of that,” Pauls said.
 
Founded in 2000, DiaMedica went public in 2007 and currently trades on the TSX Venture Exchange in Canada. Pauls said the company will likely start trading on an American exchange sometime in the next year.

“We are pleased to see companies like DiaMedica choose to locate in our region as they recognize the strength of our research and development community and our world-class work force,” Michael Langley, CEO of local economic development organization Greater MSP, said in a statement.