DelMar Pharmaceuticals Fiscal 2014 Year End Results and Summary of Recent Developments
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.
Dial In: (877) 358-8686 (toll free)
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
The largest component of research and development expenses are attributable to clinical development costs as the Company continued with its Phase I/II clinical trial with VAL-083 in GBM. The clinical development costs were slightly lower in the current period compared to the prior period due to several factors including timing of patient enrollment and expansion of certain cohorts during 2013. Partially offsetting these items were higher costs in the current period for protocol development as DelMar plans for registration-directed clinical trials with VAL-083. Decrease in general and administrative costs during the current period was largely due to a reduction in professional fees related to activities associated with the company’s reverse take-over and public listing that occurred during 2013.
“Non-cash expenses associated with stock options, shares or warrants issued for services or the changes in the derivative liability associated with certain warrants do not affect our working capital and are influenced by changes in the company’s share price,” stated Mr. Bacha. “We are highlighting expenses net of such charges because this more accurately reflects the operating cash burn associated with our research, drug development and corporate activities. Full details are presented in our financial statements.”
Subsequent to the fiscal year end, DelMar received additional funding through the exercise of warrants for cash. These additional moneys provide working capital sufficient to fund the company’s current operations through at least the end of December, 2015.
About Delmar Pharmaceuticals
DelMar Pharmaceuticals was founded in 2010 to develop and commercialize proven cancer therapies in new orphan drug indications where patients are failing modern targeted or biologic treatments. The Company’s lead asset, VAL-083, is currently undergoing clinical trials in the United States as a potential treatment for recurrent glioblastoma multiforme (GBM), the most common and aggressive form of brain cancer. VAL-083 benefits from extensive clinical research sponsored by the U.S. National Cancer Institute (NCI) and is currently approved for the treatment of chronic myelogenous leukemia (CML) and lung cancer in China. Published pre-clinical and clinical data suggest that VAL-083 may be active against a range of tumor types via a novel mechanism of action. DelMar’s scientific presentations can be viewed on the company’s website at http://www.delmarpharma.com.
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 our filings with the SEC, including, our current reports on Form 8-K. We do not undertake to update these forward-looking statements made by us.
For further information, please visit http://www.delmarpharma.com; or contact Jeffrey A. Bacha, President & CEO (604) 629-5989 or Booke & Company Investor Relations, firstname.lastname@example.org
Media Relations Contact
Jeffrey A. Bacha
View this press release online at: http://rwire.com/541697