Delmar is pleased with the overall progress made during the past year in research and development activities
Vancouver, BC -- (SBWIRE) -- 08/29/2014 -- DelMar Pharmaceuticals, Inc. (OTCQB: DMPI) ("DelMar" “the company”) today announced the filing of June 30, 2014 fiscal year-end financial statements. The Company recently changed its fiscal year end to June 30th in order to facilitate an application to list its common stock on a national securities exchange in the timeliest manner possible.
DelMar’s financial statements as filed with the United States Securities Exchange Commission can be viewed on the company’s website at: http://ir.delmarpharma.com/all-sec-filings. The company will host an investor update call to discuss recent highlights and plans for continued advancement of its business plan on Tuesday September 2, 2014 at 10AM PDT / 1PM EDT.
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A summary of recent corporate highlights include:
- Promising interim results of DelMar’s ongoing clinical trial with VAL-083 were presented at the annual meetings of both the American Association of Cancer Research (AACR) in April and the American Society of Clinical Oncology (ASCO) in May. Data presented to date demonstrate that VAL-083 is safe and well tolerated at doses up to 40mg/m2. In addition, one of three patients in the 30mg/m2 dose cohort and one of three patients in the 40mg/m2 dose cohort demonstrated stable disease after only one or two cycles of treatment.
- On August 19, DelMar announced the filing of a protocol amendment with the United States Food and Drug Administration to allow enrollment at doses up to 60mg/m2 and that treatment of patients at 50mg/m2has been initiated. DelMar is now delivering higher doses compared to previous glioblastoma clinical trials conducted by the National Cancer Institutes in the United States. The company believes that such higher doses may enhance the potential of VAL-083 to impact a patent’s tumor and improve patient outcomes. Ultimately, DelMar believes advancing to higher doses will increase the chance of success in achieving the longer-term goal to commercialize VAL-083 as a new chemotherapy for glioblastoma patients who have failed, or are unlikely to respond, to currently available treatments.
- DelMar presented new non-clinical research supporting the potential utility of VAL-083 in the treatment of non-small cell lung cancer at AACR in April.
- DelMar received an additional CDN $194,000 nonrefundable funding contribution from that National Research Council of Canada (NRC). Four non-dilutive funding contributions to date from NRC total CDN $327,000 and will be used to support continued non-clinical research aimed at providing competitive differentiation for VAL-083 as a new medicine in the treatment of glioblastoma and other cancers, including non-small cell lung cancer.
- DelMar received gross proceeds of $2,373,937 from the exercise of warrants at $0.65 per warrant that closed on June 6 and an additional $495,448 in gross proceeds from exercise of these warrants under the tender offer which closed on August 8. The exercise of warrants through a private transaction with certain warrant holders and subsequent tender offer has provided the company with additional non-dilutive capital, which the company believes will be sufficient to fund current operations through at least the end of December 2015.
Jeffrey Bacha, president & CEO of DelMar Pharmaceuticals stated, “We are pleased with the overall progress made during the past year in research and development activities. The warrant tender offer and change in our fiscal year end are part of our overall strategy to meet the requirements to list our common stock on a national securities exchange in the most expeditious manner possible. We believe is an important component of executing on our overall mission to increase shareholder value."
The following tables represent selected financial information as at June 30, 2014 and December 31, 2013. The company’s financial information has been prepared in accordance with US GAAP and this selected information should be read in conjunction with DelMar’s financial statements and Management’s Discussion and Analysis, as filed.
Selected Balance Sheet Data:
June 30, December 31,
Cash and cash equivalents 4,759,711 4,136,803
Working capital 4,704,044 4,069,261
Total Assets 5,003,910 4,318,748
Derivative liability 3,329,367 4,402,306
Total shareholders’ equity (deficiency) 880,479 (817,978)
Selected Statement of Operations Data (net of share-based payments):
Six Months ended
June 30, June 30,
Research & development net of share-based compensation 848,335 907,223
General & administrative net of share-based compensation 1,007,781 1,363,406