<SUBMISSION>
<ACCESSION-NUMBER>0000950148-06-000013
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20060313
<ITEMS>5.02
<ITEMS>9.01
<FILING-DATE>20060315
<DATE-OF-FILING-DATE-CHANGE>20060315
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>DIAMETRICS MEDICAL INC
<CIK>0000895380
<ASSIGNED-SIC>3845
<IRS-NUMBER>411663185
<STATE-OF-INCORPORATION>MN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-21982
<FILM-NUMBER>06689175
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2658 PATTON RD
<CITY>ROSEVILLE
<STATE>MN
<ZIP>55113
<PHONE>6516398035
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2658 PATTON ROAD
<CITY>ROSEVILLE
<STATE>MN
<ZIP>55113
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v18679e8vk.htm
<DESCRIPTION>DIAMETRICS MEDICAL, INC.
<TEXT>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Current Report<BR>
Pursuant to Section&nbsp;13 or 15(d) of<BR>
The Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Date of Report (Date of earliest event reported): March&nbsp;13, 2006
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>DIAMETRICS MEDICAL, INC.</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
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    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top">Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0-21982
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41-1663185</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">6245 Bristol Parkway #263, Culver City, California 90230<BR>
(Address of principal executive offices)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Registrant&#146;s telephone number, including area code: (310)&nbsp;745-1652
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">5710 Crescent Park East, Suite&nbsp;334, Playa Vista, California 90094
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Former name or former address, if changed since last report)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2.below):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;5.02.</B>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective as of March&nbsp;13, 2006, the Board of Directors of the Registrant appointed Paul
Galleberg to the Board and also appointed him Committee Chair of the Compensation Committee of the
Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Galleberg, 45, has over 20&nbsp;years&#146; experience in business development, law, corporate
finance and general management. From 2000 to the present, Mr.&nbsp;Galleberg has been Senior Vice
President, General Counsel and Secretary of Infonet Services Corporation, one of the world&#146;s
largest managed data network services providers. Mr.&nbsp;Galleberg played a key role in the sale of
Infonet to BT Group plc, a transaction valued at approximately $1&nbsp;billion that closed in February,
2005. Prior to joining Infonet, Mr.&nbsp;Galleberg was with Latham &#038; Watkins, an international law firm,
from 1986 through 2000. At Latham &#038; Watkins, Mr.&nbsp;Galleberg focused on creating and operating
strategic alliances and on private company representation, particularly in the satellite,
telecommunications and media sectors. Mr.&nbsp;Galleberg received a J.D., cum laude, from Harvard Law
School and an A.B., with highest distinction, from the University of Michigan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a Letter Agreement between Mr.&nbsp;Galleberg and the Registrant, Mr.&nbsp;Galleberg will
receive $500 for each meeting of the Board he attends plus reimbursement for out-of-pocket business
expenses. Furthermore, upon the Registrant&#146;s adoption of an employee equity compensation plan, the
Registrant will issue stock options to Mr.&nbsp;Galleberg for 0.3% of the fully-diluted common stock of
the Registrant. These options will have a strike price equal to the fair market value of the
Registrant&#146;s common stock at the time of grant, and will vest in full upon the earlier of (i)&nbsp;six
months from the date of Mr.&nbsp;Galleberg&#146;s appointment, or (ii)&nbsp;the consummation of a change of
control involving the Registrant. The options will be exercisable for a period of five years after
the date of grant, subject to acceleration if Mr.&nbsp;Galleberg is no longer a member of the Board.
While Mr.&nbsp;Galleberg remains a member of the Board, he will be eligible to receive additional annual
stock option grants as determined by the Compensation Committee.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;9.01.</B>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exhibits.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.1</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Letter re appointment of Paul Galleberg to the Board of Directors
of the Registrant</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this Report to be signed on its behalf by the undersigned hereunder duly authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;15, 2006
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>DIAMETRICS MEDICAL, INC.</B><BR><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>/s/  Heng Chuk</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Heng Chuk</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Chief Financial Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v18679exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.1</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Diametrics Medical, Inc.<BR>
6245 Bristol Parkway #263<BR>
Culver City, California 90230</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">March&nbsp;13, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Paul A. Galleberg<BR>
2721 Via Elevado<BR>
Palos Verdes Estates, CA 90274

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Paul:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I am pleased to inform you that the Board of Directors (the &#147;Board&#148;) of Diametrics Medical,
Inc. (the &#147;Company&#148;) has appointed you to serve as a member of the Board and Chairman of the
Compensation Committee of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a member of the Board, you will be entitled to receive $500 for each meeting of the Board
you attend (whether in person or via teleconference) and will be entitled to reimbursement for any
reasonable out-of-pocket business expenses incurred by you in connection with your service as a
member of the Board in accordance with the policies of the Company for reimbursement of business
expenses; provided that any expense in excess of $100 shall require the prior approval of an
executive officer of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company also intends to adopt an equity compensation plan in the coming months.
Concurrently with the adoption of such plan, the Company will issue to you stock options for 0.3%
of the fully-diluted common stock of the Company at the time of adoption of such plan. The stock
option agreement for such options will provide that the options have a strike price equal to the
fair market value of the Company&#146;s common stock at the time of grant and will provide that the
options vest in full upon the earlier of (i)&nbsp;six months the date hereof or (ii)&nbsp;the consummation of
a change of control involving the Company. The options will be exercisable for a period of five
years after grant, subject to acceleration if you are no longer a member of the Board. In
addition, as long as you remain a member of the Board, you will be entitled to receive additional
annual stock option grants as determined by the Compensation Committee of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that your continued service as a member of the Board is not guaranteed and is
subject to the subsequent approval of the Company&#146;s stockholders as provided in the Bylaws of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I would appreciate it if you would acknowledge your appointment to the Board by executing a
copy of this letter and returning the same to me at the address written above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 0px solid #000000" align="left"><I>/s/  W. Bruce Comer III</I><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">W. Bruce Comer III&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Diametrics Medical, Inc.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I hereby consent to serve as a director of Diametrics Medical, Inc.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="center"><I>/s/  Paul A. Galleberg</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">PAUL A. GALLEBERG&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
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