VANCOUVER, British Columbia and
MENLO PARK, Calif., Aug. 14, 2019 /PRNewswire/ -- DelMar
Pharmaceuticals, Inc. (NASDAQ: DMPI) ("DelMar" or the "Company"), a
biopharmaceutical company focused on the development of novel
cancer therapies, today announced the pricing of an underwritten
public offering of 6,750,000 shares of its common stock (or
pre-funded warrants to purchase common stock in lieu thereof) and
warrants to purchase up to an aggregate of 6,750,000 shares of
common stock. Each share of common stock (or pre-funded
warrant) is being sold together with one warrant to purchase one
share of common stock at a combined effective price to the public
of $1.00 per share and accompanying
warrant. Gross proceeds, before underwriting discounts and
commissions and estimated offering expenses, are expected to be
approximately $6.8 million.
The warrants will be immediately exercisable at a price of
$1.00 per share of common stock and
will expire five years from the date of issuance. The shares
of common stock (or pre-funded warrants) and the accompanying
warrants, can only be purchased together in the offering, but will
be issued separately and will be immediately separable upon
issuance. The offering is expected to close on or about
August 16, 2019, subject to customary
closing conditions.
Maxim Group LLC is acting as the book-running manager and Dawson
James Securities, Inc. is acting as a co-manager in connection with
the offering.
DelMar has granted the underwriters a 45-day option to purchase
up to an additional 1,012,500 shares of common stock and/or
warrants to purchase up to 1,012,500 shares of common stock, at the
public offering price less discounts and commissions.
The Securities and Exchange Commission (the "SEC") declared
effective a registration statement on Form S-1 (File No.
333-232931) relating to these securities on August 14, 2019. A final prospectus
relating to the offering will be filed with the SEC and will be
available on the SEC's website at http://www.sec.gov. The
offering is being made only by means of a prospectus forming part
of the effective registration statement. Electronic copies of
the prospectus relating to this offering, when available, may be
obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor,
New York, NY 10174, at (212)
895-3745. Before investing in this offering, interested
parties should read in their entirety the registration statement
that the Company has filed with the SEC, which provides additional
information about the Company and this offering.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About DelMar Pharmaceuticals, Inc.
DelMar is focused on the development and commercialization of
new therapies for cancer patients who have limited or no treatment
options. By focusing on understanding tumor biology and mechanisms
of treatment resistance, the Company identifies biomarkers to
personalize new therapies in indications where patients are
failing, or are unable to tolerate, standard-of-care
treatments.
The Company's current pipeline is based around VAL-083, a
"first-in-class", small-molecule chemotherapeutic with a novel
mechanism of action that has demonstrated clinical activity against
a range of cancers including central nervous system, ovarian and
other solid tumors (e.g. NSCLC, bladder cancer, head & neck) in
U.S. clinical trials sponsored by the National Cancer Institute
(NCI). Based on DelMar's internal research programs, and these
prior NCI-sponsored clinical studies, the Company is conducting
clinical trials to support the development and commercialization of
VAL-083 to solve significant unmet medical needs.
VAL-083 is being studied in two collaborator-supported,
biomarker-driven, Phase 2 clinical trials for MGMT-unmethylated
GBM. Overcoming MGMT-mediated resistance represents a significant
unmet medical need in the treatment of GBM. In addition, DelMar has
announced the allowance of a separate IND for VAL-083 as a
potential treatment for platinum-resistant ovarian cancer.
Further information on DelMar's clinical trials can be found on
clinicaltrials.gov:
https://www.clinicaltrials.gov/ct2/results?cond=&term=val-083&cntry1=&state1=&recrs
For additional 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 the Company's filings with the SEC,
including, the Prospectus for the offering.
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SOURCE DelMar Pharmaceuticals, Inc.