On August 20, 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 the closing of a registered direct placement (Placement) with $2.6 million received from the offering (Press release, DelMar Pharmaceuticals, AUG 20, 2015, View Source [SID:1234507303]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
The Company sold to institutional and accredited investors an aggregate of 4.3 million shares of common stock and 4.3 million common stock purchase warrants at a price of $0.60 per share. 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.
"The successful closing of this financing provides us with funding to support our current operations for the next year and enables us to focus on rapidly advancing our lead product candidate VAL-083 into a registration-directed Phase II/III clinical trial for the treatment of refractory glioblastoma," said Jeffrey Bacha, DelMar’s President & CEO.
"It is important to note that in addition to the new investors that participated in this round, we continue to receive strong support from our existing shareholders as evidenced by notable participation in this Placement. With this round of financing behind us, we remain focused on our development and commercialization strategy for VAL-083 with the goal of creating significant shareholder value," added Mr. Bacha.
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.
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 be 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