Washington, D.C. 20549


Under the Securities Exchange Act of 1934
(Amendment No. 3)*



DiaMedica Therapeutics Inc.

(Name of Issuer)



Voting common shares, no par value per share

(Title of Class of Securities)




(CUSIP Number)



December 31, 2022

(Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule is filed:


[X]       Rule 13d-1(b)


[ ]       Rule 13d-1(c)


[ ]       Rule 13d-1(d)


* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.


The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.


CUSIP No. 25253X207



1.Names of Reporting Persons.

Timothy P. Lynch


2.Check the Appropriate Box if a Member of a Group (See Instructions)

(a) ______

(b) X


3. SEC Use Only


4.Citizenship or Place of Organization U.S.A.


Number of



Owned by

Each Reporting

Person With:

5. Sole Voting Power 100,259


6. Shared Voting Power 0


7. Sole Dispositive Power 100,259
8. Shared Dispositive Power 0


9.Aggregate Amount Beneficially Owned by Each Reporting Person 100,259



10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) ______


11.Percent of Class Represented by Amount in Row (9) 0.4%


12.Type of Reporting Person (See Instructions) HC, IN

CUSIP No. 25253X207


Item 1.


(a)Name of Issuer

DiaMedica Therapeutics Inc.


(b)Address of Issuer’s Principal Executive Offices

301 Carlson Parkway, Suite 210, Minnetonka, Minnesota 55305



Item 2.


(a)The names of the persons filing this statement are:

Timothy P. Lynch


(b)The principal business office of the Filers is located at


919 NW Bond Street, Suite 204

Bend, OR 97703-2767


(c)For citizenship of Filers, see Item 4 of the cover sheet for each Filer.


(d)This statement relates to the Issuer’s Voting common shares, no par value per share (the “Stock”).


(e)The CUSIP number of the Issuer is: 25253X207


CUSIP No. 25253X207
Item 3.If this statement is filed pursuant to rule 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:


(a)[ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).


(b)[ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).


(c)[ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).


(d)[ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).


(e)[ ] An investment adviser in accordance with section 240.13d-1(b)(1)(ii)(E).


(f)[ ] An employee benefit plan or endowment fund in accordance with section 240.13d-1(b)(1)(ii)(F).


(g)[ X ] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G).


(h)[ ] A savings association as defined in section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).


(i)[ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).


(j)[ ] A non-U.S. institution in accordance with §240.13d-1(b)(ii)(J).


(k)[ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(K).


If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution _______________________________________________________________.


Item 4.Ownership.


See Items 5-9 and 11 of the cover page for each Filer.


The percentages reported in this Schedule 13G are based on 26,443,067 voting common shares outstanding as of November 7, 2022, as reported in the Issuer’s Form 10-Q filed on November 9, 2022.


Item 5.Ownership of Five Percent or Less of a Class


If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ X ].


Item 6.Ownership of More than Five Percent on Behalf of Another Person.


Not applicable.


Item 7.Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.


Not applicable.


Item 8.Identification and Classification of Members of the Group.


Not applicable.


Item 9.Notice of Dissolution of Group


Not applicable.

Item 10.
Material to Be Filed as Exhibits

Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G.

Item 11.Certification of Mr. Lynch


By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.



After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


Dated: February 13, 2023




/s/ Timothy P. Lynch

Timothy P. Lynch



CUSIP No. 25253X207






The undersigned agree to file jointly with the Securities and Exchange Commission (the “SEC”) any and all statements on Schedule 13D or Schedule 13G or Forms 3, 4 or 5(and any amendments or supplements thereto) required under section 13(d) and 16(a) of the Securities Exchange Act of 1934, as amended, in connection with purchases by the undersigned of the securities of any issuer. For that purpose, the undersigned hereby constitute and appoint Stonepine Capital Management, LLC, a California limited liability company, as their true and lawful agent and attorney-in-fact, with full power and authority for and on behalf of the undersigned to prepare or cause to be prepared, sign, file with the SEC and furnish to any other person all certificates, instruments, agreements and documents necessary to comply with section 13(d) and section 16(a) of the Securities Exchange Act of 1934, as amended, in connection with said purchases, and to do and perform every act necessary and proper to be done incident to the exercise of the foregoing power, as fully as the undersigned might or could do if personally present.


Dated: May 15, 2017




By: /s/ Timothy P. Lynch
Managing Member




By: Stonepine Capital Management, LLC,
General Partner

By: /s/ Timothy P. Lynch
Managing Member


/s/ Jon M. Plexico


/s/ Timothy P. Lynch