On July 27, 2015 DelMar Pharmaceuticals, Inc. (OTCQX: DMPI) ("DelMar" and the "Company"), a biopharmaceutical company focused on developing and commercializing proven cancer therapies in new orphan drug indications, reported 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 (Press release, DelMar Pharmaceuticals, JUL 27, 2015, View Source [SID:1234506707]).
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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.
The securities described above have been offered pursuant to a registration statement (File No. 333-203357), which was declared effective by the United States Securities and Exchange Commission ("SEC") on July 15, 2015. Under the terms of the registration statement, the Company may issue up to 13,333,333 shares of common stock and 13,333,333 common stock purchase warrants for gross proceeds of up to $8 million. The registered offering will expire on July 31, 2015, unless extended to August 14, 2015 at the sole discretion of the Company.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there by any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus related to this offering may be obtained by clicking on the following link: View Source