-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001181431-06-066602.txt : 20061130
<SEC-HEADER>0001181431-06-066602.hdr.sgml : 20061130
<ACCEPTANCE-DATETIME>20061130153929
ACCESSION NUMBER:		0001181431-06-066602
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061128
FILED AS OF DATE:		20061130
DATE AS OF CHANGE:		20061130

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIAMETRICS MEDICAL INC
		CENTRAL INDEX KEY:			0000895380
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				411663185
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2658 PATTON RD
		CITY:			ROSEVILLE
		STATE:			MN
		ZIP:			55113
		BUSINESS PHONE:		6516398035

	MAIL ADDRESS:	
		STREET 1:		2658 PATTON ROAD
		CITY:			ROSEVILLE
		STATE:			MN
		ZIP:			55113

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Comer William Bruce III
		CENTRAL INDEX KEY:			0001343052

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21982
		FILM NUMBER:		061248221

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		310-745-0833

	MAIL ADDRESS:	
		STREET 1:		5710 CRESCENT PARK EAST
		STREET 2:		SUITE 334
		CITY:			PLAYA VISTA
		STATE:			CA
		ZIP:			90094
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd137810.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-11-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000895380</issuerCik>
        <issuerName>DIAMETRICS MEDICAL INC</issuerName>
        <issuerTradingSymbol>DMMC.OB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001343052</rptOwnerCik>
            <rptOwnerName>Comer William Bruce III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>6033 W. CENTURY BLVD. SUIT 850</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90045</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.463</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-28</value>
                <footnoteId id="F1"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>180622</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-11-28</value>
            </exerciseDate>
            <expirationDate>
                <value>2007-03-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>180622</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7077652</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.7587</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-28</value>
                <footnoteId id="F2"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2069109</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-11-28</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-09-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2069109</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7077652</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Ocean Park Advisors, LLC</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.7587</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-28</value>
                <footnoteId id="F3"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2069109</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-11-28</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-09-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2069109</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7077652</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Ocean Park Advisors, LLC</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.7587</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-28</value>
                <footnoteId id="F5"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2758812</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-11-28</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-09-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2758812</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7077652</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Ocean Park Advisors, LLC</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The option grant was approved by the Board of Directors of the Issuer on August 11, 2006, subject to shareholder approval of the incentive compensation plan under which it was granted. The Issuer's shareholders approved that plan on November 28, 2006.</footnote>
        <footnote id="F2">The option grant was approved by the Board of Directors of the Issuer on September 15, 2006, subject to shareholder approval of the incentive compensation plan under which it was granted. The Issuer's shareholders approved that plan on November 28, 2006. The reporting person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein , and the inclusion of these shares in this report shall not be deemed to be an admission of benefical ownership of all of the reported shares.</footnote>
        <footnote id="F3">The warrant was approved by the Board of Directors of the Issuer on September 15,2006, subject to shareholder approval of an amendment to the Issuer's Amended and Restated Articles of Incorporation to increase the number of shares of Common Stock the Issuer is authorized to issue. Such amendment was approved  by the shareholder on November 28, 2006. The reporting person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed to be an admission of beneficial ownership of all of the reported shares.</footnote>
        <footnote id="F4">The warrant was issued as consideration to Ocean Park Advisors, LLC for its agreement to convert its Series I Convertible Preferred Stock into common stock and to waive the anti-dilution rights associated with the Series I Convertible Preferred Stock.</footnote>
        <footnote id="F5">The warrant was approved by the Board of Directors of the Issuer on September 15,2006, subject to shareholder approval of an amendment to the Issuer's Amended and Restated Articles of Incorporation to increase the number of shares of Common Stock the Issuer is authorized to issue. Such amendment was approved  by the shareholders on November 28, 2006. The reporting person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed to be an admission of beneficial ownership of all of the reported shares.</footnote>
        <footnote id="F6">The warrant was issued as consideration to Ocean Park Advisors, LLC for its agreement to convert its Series I Convertible Preferred Stock into common stock and to waive the anti-dilution rights associated with the Series I Convertible Preferred Stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ W. Bruce Comer III</signatureName>
        <signatureDate>2006-11-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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