SAN DIEGO, Feb. 13, 2020 /PRNewswire/ -- DelMar
Pharmaceuticals, Inc. (Nasdaq: DMPI) ("DelMar" or the
"Company"), a biopharmaceutical company focused on the development
of new solid tumor cancer therapies, announced its financial
results for the three and six months ended December 31, 2019 and provided a corporate
update.
"We are pleased with the pace of progress of both trials, which
in some cases have enrolled patients faster than our previous
forecasts. We are seeing rapid progress with encouraging survival
benefits in both our Phase 2 trials per recent announcements and
publications, and look forward to sharing our upcoming update of
clinical data at the American Association for Cancer Research
Annual Meeting being held in San
Diego April 24 to 29,"
commented Saiid Zarrabian, DelMar's
President and Chief Executive Officer. "Following a productive
quarter, we continue to believe that our cash position will provide
the runway to enable us to achieve topline results for two of our
three patient groups in our two Phase 2 trials."
RECENT CORPORATE UPDATES
- January 2020 - Announced the
publication of previously released interim clinical data in the
February 2020 issue of peer-reviewed
journal, Glioma. The article highlights results from the
first 22 patients of our ongoing Phase 2 clinical study
investigating the first-line treatment of VAL-083 with radiation
therapy in newly-diagnosed, MGMT-unmethylated glioblastoma
multiforme ("GBM") being conducted at Sun Yat-sen University Cancer
Center ("SYSUCC") in China.
- November 2019 – Provided positive
interim clinical data and held Key Opinion Leader GBM summit at the
Society for Neuro-Oncology annual meeting. The updated
clinical data in two poster sessions included the following:
-
- The first poster outlined the open-label, Phase 2 study of
VAL-083 as a first-line treatment in newly-diagnosed, unmethylated
GBM being conducted at SYSUCC.
- The second poster outlined interim data from two groups of
patients receiving VAL-083 in the open-label, Phase 2 study in
recurrent and adjuvant unmethylated GBM settings being conducted at
M.D. Anderson Cancer Center.
SUMMARY OF FINANCIAL RESULTS FOR THE QUARTER ENDED
DECEMBER 31, 2019
For the three months ended December 31,
2019, the Company reported a net loss of approximately
$1.7 million, or $0.15 per share, compared to a net loss of
approximately $1.8 million, or
$0.75 per share, for the same period
of 2018.
For the six months ended December 31,
2019, the Company reported a net loss of approximately
$3.3 million, or $0.35 per share, compared to a net loss of
approximately $3.8 million, or
$1.63 per share, for the same period
of 2018.
|
Selected Balance
Sheet data
|
|
|
December
31,
2019
|
|
June 30,
2019
|
|
$
|
|
$
|
Cash and cash
equivalents
|
6,348,038
|
|
3,718,758
|
Working
capital
|
5,474,182
|
|
1,955,468
|
Total
assets
|
6,508,067
|
|
4,037,255
|
Total stockholders'
equity
|
5,480,642
|
|
1,967,530
|
|
|
|
Selected Statement
of operations data
|
|
For the three
months ended
|
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
$
|
|
$
|
Research and
development
|
712,193
|
|
947,249
|
General and
administrative
|
1,053,747
|
|
874,884
|
Other
income
|
(25,889)
|
|
(12,436)
|
Net loss for the
year
|
1,740,051
|
|
1,809,697
|
Series B Preferred
stock dividend
|
2,552
|
|
16,190
|
Net loss attributable
to common stockholders
|
1,742,603
|
|
1,825,887
|
Basic weighted
average number of shares
|
11,407,744
|
|
2,424,222
|
Basic and fully
diluted loss per share
|
0.15
|
|
0.75
|
|
|
|
|
|
|
For the six months
ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
$
|
|
$
|
Research and
development
|
1,433,668
|
|
1,966,369
|
General and
administrative
|
1,967,375
|
|
1,861,354
|
Other
income
|
(55,121)
|
|
(26,222)
|
Net loss for the
year
|
3,345,922
|
|
3,801,501
|
Series B Preferred
stock dividend
|
4,598
|
|
52,275
|
Net loss attributable
to common stockholders
|
3,350,520
|
|
3,853,776
|
Basic weighted
average number of shares
|
9,473,153
|
|
2,360,566
|
Basic and fully
diluted loss per share
|
0.35
|
|
1.63
|
|
|
|
At December 31, 2019, the Company
had cash and cash equivalents of approximately $6.3 million. In August 2019, the Company completed an
underwritten public offering for net proceeds of approximately
$6.6 million. The cash and cash
equivalents at December 31, 2019 are
expected to be sufficient to fund the Company's planned operations
into the fourth quarter of calendar year 2020.
DelMar's financial statements as filed with the U.S. Securities
Exchange Commission can be viewed on the Company's website at:
http://ir.delmarpharma.com/all-sec-filings.
ABOUT DELMAR PHARMACEUTICALS, INC.
Located in San Diego,
California, 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, including statements regarding the status of the
Company's clinical trials and the reporting of the
results. 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 Company's Annual Report on Form 10-K for the year
ended June 30, 2019, the Company's
Quarterly Reports on Form 10-Q, and the Company's Current Reports
on Form 8-K.
CONTACTS:
Investors:
John
Marco
Managing Director
CORE IR
516-222-2560
johnm@coreir.com
Media:
Jules
Abraham
Director of Public Relations
CORE IR
917-885-7378
julesa@coreir.com
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SOURCE DelMar Pharmaceuticals, Inc.