On September 24, 2018 DelMar Pharmaceuticals, Inc. (NASDAQ: DMPI) ("DelMar" or the "Company"), a biopharmaceutical company focused on the development of new cancer therapies, reported its financial results for the year ended June 30, 2018 (Press release, DelMar Pharmaceuticals, SEP 24, 2018, View Source [SID1234529527]). DelMar executive management will host a business update conference call for investors, analysts and other interested parties on September 25, 2018 at 4:30 p.m. Eastern Time.
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"This past fiscal year has been an instrumental period for the Company on both corporate and clinical development fronts," commented Saiid Zarrabian, President and Chief Executive Officer. "Moving forward, we are now a streamlined organization well positioned to advance VAL-083’s two Phase 2, biomarker-driven, clinical trials for MGMT-unmethylated GBM while evaluating combination therapies for this novel, first-in-class, DNA-targeting, small molecule, and in concert, ramping-up efforts to explore strategic opportunities to enhance shareholder value."
RECENT HIGHLIGHTS
Continued enrolling patients in Phase 2, open-label, second-line, Avastin-naïve, MGMT-unmethylated, recurrent glioblastoma multiforme (GBM) study being conducted at the MD Anderson Cancer Center (the "MDACC study").
As of September 21, 2018, forty patients have been enrolled in the MDACC study, which continues accelerated enrollment rates observed since spring, 2018
The dosing levels used in the MDACC study have continued to demonstrate a safety profile well within the existing safety monitoring guidelines described in the present study protocol
Similar to prior clinical experience, myelosuppression has been the most common adverse event observed
Continued enrolling patients in Phase 2, open-label, first-line temozolomide-naïve, MGMT-unmethylated GBM study at Sun Yat-sen University Cancer Center.
As of September 21, 2018, nine patients have been enrolled in this study
Observed increased enrollment rates in the recent quarter
Engaged Oppenheimer & Co. Inc. as advisor to help manage the exploration and evaluation of a wide range of strategic opportunities
Strengthened Board of Directors and corporate governance by appointing world-renowned molecular biologist Dr. Napoleone Ferrara and Robert E. Hoffman as independent chairman
Appointed Saiid Zarrabian as full-time President and Chief Executive Officer
Based on overall clinical and corporate development progress achieved to date, expect to have cash available to fund planned operations into the middle of calendar 2019
For further details on the Company’s operating and financial results, as well as more detail about its updated strategy, refer to DelMar’s Form 10-K filed with the SEC on September 24, 2018: View Source
CONFERENCE CALL DETAILS
DelMar will host a conference call to discuss its financial results for the year ended June 30, 2018 and provide a corporate update on September 25, 2018, at 4:30 p.m. Eastern Time. For both "listen-only" participants and those who wish to take part in the question and answer portion of the call, the telephone Dial-in Number is 1-877‑876‑9177 (toll free) with Conference ID DELMAR.
A replay of the conference call will be available on the IR Calendar of the Investors section of the Company’s website at www.delmarpharma.com and will be archived for 30 days.
SUMMARY OF FINANCIAL RESULTS FOR THE YEAR ENDED JUNE 30, 2018
At June 30, 2018, the Company had combined cash and cash equivalents and clinical trial deposits on hand of approximately $6.9 million.
For the year ended June 30, 2018, the Company reported a net loss of $11,138,312 or $0.54 per share, compared to a net loss of $8,081,764, or $0.74 per share, for the year ended June 30, 2017.
The following represents selected financial information as of June 30, 2018. The Company’s financial information has been prepared in accordance with U.S. GAAP and this selected information should be read in conjunction with DelMar’s consolidated financial statements and management’s discussion and analysis, as filed.
Research and development expenses increased to $7,132,952 during the year ended June 30, 2018, compared to $5,003,640 for the year ended June 30, 2017. The increase was partially due to manufacturing costs for drug product as well as ongoing study costs for the Company’s two Phase 2, biomarker-driven clinical studies. During the year ended June 30, 2018, the Company undertook site initiation and enrollment for its now parked STAR-3, Phase 3 study in GBM. During the year ended June 30, 2018, the Company recognized certain costs related to the parking of the trial.
General and administrative expenses increased in the year ended June 30, 2018 to $4,041,711 from $3,317,189 for the year ended June 30, 2017, largely due to an increase in professional fees and personnel costs.