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BC Biopharm Company DelMar Pharmaceuticals Closes $2 Million Financing
Wednesday, July 29, 2015Company Profile | Follow Company
DelMar Pharmaceuticals Announces Financing Update and Initial Subscriptions of $2.0 million in Registered Direct Offering
Vancouver, BC, July 29, 2015--(T-Net)--DelMar Pharmaceuticals, Inc. (OTCQX: DMPI), a biopharmaceutical company focused on developing and commercializing proven cancer therapies in new orphan drug indications, today announced that it has accepted subscriptions from institutional and accredited investors for a registered direct placement ("Placement") of 3.35 million shares of common stock and 3.35 million common stock purchase warrants for aggregate purchases of $2 million.
DelMar Pharmaceuticals is a clinical and commercial stage drug development company with a focus on the treatment of cancer. The company is conducting clinical trials in the United States with its product candidate, VAL-083, as a potential new treatment for glioblastoma multiforme (GBM), the most common and aggressive form of brain cancer. The company has also acquired certain exclusive commercial rights to VAL-083 in China where it is approved as a chemotherapy for the treatment of chronic myelogenous leukemia (CML) and lung cancer.
Each common share was purchased at a price of $0.60 per share and each common stock purchase warrant entitles the holder to purchase an additional share of the Company's common stock at a price of $0.75 per share for a period of five years.
Included in the subscriptions announced today are $1.3 million in purchases from existing DelMar Shareholders, including $157,000 from Directors and Officers of the Company.
"We are very pleased for the continued strong support from our existing shareholders as we continue to pursue our mission to benefit patients and create shareholder value by rapidly developing and commercializing anti-cancer therapies," said Jeffrey Bacha, DelMar's president & CEO.
DelMar will use the proceeds from this financing to support the continued clinical development of its lead product candidate,VAL-083, as a potential new treatment for refractory glioblastoma multiforme (GBM), and additional research into new indications including non-small cell lung cancer (NSCLC) and other solid tumors, and for general corporate purposes.
About DelMar Pharmaceuticals, Inc.
DelMar Pharmaceuticals, Inc. was founded to develop and commercialize proven cancer therapies in new orphan drug indications where patients are failing or have become intolerable to modern targeted or biologic treatments. The Company's lead drug in development, VAL-083, is currently undergoing clinical trials in the U.S. as a potential treatment for refractory glioblastoma multiforme. VAL-083 has been extensively studied by U.S. National Cancer Institute, and is currently approved for the treatment of chronic myelogenous leukemia (CML) and lung cancer in China. Published pre-clinical and clinical data suggest that VAL-083 may be active against a range of tumor types via a novel mechanism of action that could provide improved treatment options for patients.
For further information, please visit http://delmarpharma.com/; or contact DelMar Pharmaceuticals Investor Relations:ir@delmarpharma.com / (604) 629-5989.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC, including, our current reports on Form 8-K.
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