VANCOUVER, British Columbia and
MENLO PARK, Calif., June 25, 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 completed the rights offering period and will be extending the
subscription period until 5:00 PM Eastern
time on July 12, 2019, unless
further extended by the Company.
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 with aggregate
participation to be allocated among holders, subject to certain
participation rights, on a pro rata basis if in excess of that
threshold.
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 July 12, 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)
|
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 July 12, 2019, by which instructions to exercise
subscription rights, along with the required subscription payment,
must be received.
Each subscription right entitles the holder to purchase one
unit, at a subscription price of $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 is $3.10 and
each unit consists of 209 warrants to purchase DelMar's common
stock at an exercise price of $3.10
per share. The warrants are exercisable for five (5) years
after the date of issuance and shall be redeemable as described in
the preliminary and final prospectus, when available.
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.
Any subscriptions received prior to the effective date of the
post-effective amendment will be deemed to be revoked. Such
subscriptions will not be processed by Broadridge Corporate Issuer
Solutions, Inc., or by the Depository Trust Company, and any
monetary payments received in respect of such subscriptions will be
returned to the applicable holder upon the expiration date of the
offering. Any subscription materials received following such
effective date will be deemed to be for subscriptions pursuant to
the revised terms of the rights offering described in the Company's
post-effective amendment to its initial registration statement.
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.