VANCOUVER, British Columbia and
MENLO PARK, Calif., June 11, 2019 /PRNewswire/ -- DelMar
Pharmaceuticals, Inc. (NASDAQ: DMPI) ("DelMar" or the "Company"), a
biopharmaceutical company focused on the development and
commercialization of new cancer therapies, today announced that it
has adjusted certain pricing information and key dates for its
previously announced rights offering. The subscription period
for the rights offering will now expire at 5:00 PM Eastern time on June 25, 2019, unless extended by the
Company.
The unit pricing remains $1,000
per unit, consisting of one share of Series C Convertible Preferred
Stock with a stated value of $1,000
(and immediately convertible into shares of DelMar's common stock)
and warrants to purchase DelMar's common stock. The Series C
Convertible Preferred Stock conversion price will now be
$3.10 and each unit will now consist
of 209 warrants to purchase DelMar's common stock at an adjusted
exercise price of $3.10 per
share. The warrants will still be exercisable for five (5)
years after the date of issuance and shall be redeemable as
described in the preliminary and final prospectus, when
available.
If exercising subscription rights through a broker, dealer, bank
or other nominee, rights holders should promptly contact their
nominee and submit subscription documents and payment for the units
subscribed for in accordance with the instructions and within the
time period provided by such nominee. The broker, dealer, bank or
other nominee may establish a deadline before June 25, 2019, by which instructions to exercise
subscription rights, along with the required subscription payment,
must be received.
All record holders of rights that wish to participate in the
rights offering must deliver a properly completed and signed
subscription rights statement, together with payment of the
subscription price for both basic subscription rights and any over
subscription privilege election for delivery no later than
5:00 PM Eastern Time on June 25, 2019 to the Subscription Agent:
By
mail:
|
|
By hand or
overnight courier:
|
Broadridge Corporate
Issuer Solutions, Inc.
Attn: BCIS
Re-Organization Dept.
P.O. Box
1317
Brentwood, New York
11717-0693
(888) 789-8409 (toll
free)
|
|
Broadridge Corporate
Issuer Solutions, Inc.
Attn: BCIS
IWS
51 Mercedes
Way
Edgewood, New York
11717
(888) 789-8409 (toll
free)
|
Under the rights offering, DelMar distributed one
non-transferable subscription right for each share of common stock
and each participating warrant held on the record date. The
subscription rights are exercisable for up to an aggregate of
$1.9 million of units on a pro rata
basis if subscriptions are received in excess of that
threshold.
Holders who fully exercise their basic subscription rights will
be entitled, if available, to subscribe for an additional amount of
units that are not purchased by other holders, on a pro rata basis
and subject to the $1.9 million
aggregate offering threshold and other ownership
limitations.
DelMar has engaged Maxim Group LLC and Dawson James Securities
Inc. as co-dealer-managers in the rights offering. Questions about
the rights offering or requests for copies of the preliminary and
final prospectuses, when available, may be directed to Maxim Group
LLC at 405 Lexington Avenue, New York,
NY 10174, Attention Syndicate Department, or via email at
syndicate@maximgrp.com or telephone at (212) 895-3745.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission (the "SEC") and
became effective on May 28, 2019, and
is available on the SEC's website located at http://www.sec.gov.
Additionally, a post-effective amendment to the registration
statement was filed on June 10, 2019
for pricing and other adjustments discussed above. The rights
offering is being made only by means of a written prospectus. A
copy of the prospectus for the rights offering may be obtained,
when available, from Maxim Group LLC, 405 Lexington Avenue,
New York, NY 10174, Attention
Syndicate Department, email: syndicate@maximgrp.com or telephone
(212) 895-3745. Investors may also obtain these documents at no
cost by visiting the SEC's website at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be
any sale of these securities in any state or other jurisdiction in
which such 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 own 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.
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 Phase 2 clinical
trial discussed above and the current results and outcomes of such
trial. 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 Supplement for the offering.
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SOURCE DelMar Pharmaceuticals, Inc.