VANCOUVER, British Columbia and
MENLO PARK, Calif., Sept. 20, 2017 /PRNewswire/ -- DelMar
Pharmaceuticals, Inc. (NASDAQ: DMPI) ("DelMar" or the "Company"), a
biopharmaceutical company focused on the development of new cancer
therapies, today announced that it entered into securities purchase
agreements with certain institutional investors in connection with
a registered direct offering, priced at-the-market, of an aggregate
of 8,000,000 shares of common stock and warrants to purchase an
aggregate of 8,000,000 shares of common stock, at an offering price
of $1.25 per share and related
warrant, for an aggregate gross proceeds of $10 million. The warrants have an exercise price
of $1.25 per share, are immediately
exercisable and have a term of exercise of five years. The offering
is expected to close on or about September
22, 2017, subject to the satisfaction of customary closing
conditions.
H.C. Wainwright & Co., is
acting as exclusive placement agent for the offering.
DelMar currently intends to use the net proceeds of this
offering for our clinical trials and for general corporate
purposes, which may include working capital, capital expenditures,
research and development and other commercial expenditures.
In addition, DelMar may use the net proceeds from this offering for
acquisitions or investments in businesses, products or technologies
that are complementary to its business. At June 30, 2017, DelMar had cash on hand of
approximately $6.6 million and as of
the date hereof, DelMar had cash on hand of approximately
$4.3 million, not including the net
proceeds from this offering.
The shares and warrants are being offered pursuant to an
effective shelf registration statement on Form S-3, as amended
(File No. 333-213601), that was previously filed with the
Securities and Exchange Commission ("SEC") and declared effective
on September 27, 2016. A preliminary
prospectus supplement and final prospectus supplement relating to
and describing the terms of the offering will be filed with the SEC
and will be available on the SEC's website at
www.sec.gov. The offering is being made only by means
of a prospectus and related prospectus supplement, copies of which
may be obtained, when available, from H.C. Wainwright &
Co., 430 Park Avenue, 4th Floor, New York, New York 10022, by calling (646)
975-6996 or emailing placements@hcwco.com.
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 Pharmaceuticals 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 have become intolerable to modern
targeted or biologic 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 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 across multiple
oncology indications to solve significant unmet medical needs.
For further information, please visit http://delmarpharma.com/;
or contact DelMar Pharmaceuticals Investor Relations:
ir@delmarpharma.com / (604) 629-5989. Connect with the Company on
Twitter, LinkedIn, Facebook, and Google+. Investor Relations
Counsel: Amato & Partners LLC.
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. Such forward-looking statements include, among other
thing, statements regarding the offering, the expected gross
proceeds, the expected use of proceeds and the expected closing of
the offering. 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.
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SOURCE DelMar Pharmaceuticals, Inc.