DelMar Pharmaceuticals, Inc. (OTCQX: DMPI) ("DelMar" and the "Company"), a biopharmaceutical company focused on developing and commercializing proven cancer therapies in new orphan drug indications, today announced the closing of a registered direct placement (Placement) with $2.6 million received from the offering.
The Company sold to institutional and accredited investors an aggregate of 4.3 million shares of common stock and 4.3 million common stock purchase warrants at a price of $0.60 per share. Each common stock purchase warrant entitles the holder to purchase an additional share of the Company's common stock at a price of $0.75 per share for a period of five years.
"The successful closing of this financing provides us with funding to support our current operations for the next year and enables us to focus on rapidly advancing our lead product candidate VAL-083 into a registration-directed Phase II/III clinical trial for the treatment of refractory glioblastoma," said Jeffrey Bacha, DelMar's President & CEO.
"It is important to note that in addition to the new investors that participated in this round, we continue to receive strong support from our existing shareholders as evidenced by notable participation in this Placement. With this round of financing behind us, we remain focused on our development and commercialization strategy for VAL-083 with the goal of creating significant shareholder value," added Mr. Bacha.
The securities described above have been offered pursuant to a registration statement (File No. 333-203357), which was declared effective by the United States Securities and Exchange Commission (SEC) on July 15, 2015.
DelMar Pharmaceuticals, Inc.