DelMar Pharmaceuticals, Inc. Provides Corporate Update for the Quarter Ended March 31, 2013
VANCOUVER, British Columbia and MENLO PARK, Calif., May 16, 2013 /PRNewswire/ -- DelMar Pharmaceuticals, Inc. (OTCQB: DMPI) ("DelMar Pharma") is pleased to provide the following update from President & CEO, Mr. Jeffrey Bacha:
During the past quarter, we continued to advance our lead product candidate VAL-083 in an ongoing brain cancer clinical trial. Our current trial is a dose-escalating study designed to evaluate the safety and efficacy of VAL-083 as a potential treatment for glioblastoma multiforme (GBM) and metastatic brain cancer for patients who have failed or are otherwise ineligible for currently approved treatments.
We recently presented encouraging data at the American Association of Cancer Research (AACR) 2013 annual meeting showing that VAL-083, at doses tested to date:
- Is safe and well tolerated in patients who have failed other available therapies;
- Demonstrated a dose response, as expected, based on observations reported in the historical literature; and
- Demonstrated clinical activity: an overall response rate of 33.3% was observed, where tumor growth had stabilized or regressed, in patients that had failed other therapies.
Based on these observations, we are focused on completing the dose escalation portion of the clinical trial with the goal of positioning VAL-083 for advancement into registration directed clinical trials. We anticipate presenting additional data at upcoming scientific meetings during 2013.
In addition to our clinical development activities in the United States, we have obtained exclusive commercial rights to VAL-083 in China, where the drug is approved as a chemotherapy for the treatment or chronic myelogenous leukemia (CML) and lung cancer. Our strategy in China is to develop new clinical and non-clinical data in collaboration with leading cancer researchers to demonstrate the utility of VAL-083 in the treatment of CML and lung cancer, particularly for patients who do not respond to, or cannot access, modern treatments such as tyrosine kinase inhibitors. We believe these new data, if favorable, will allow the repositioning of VAL-083 in the China market, and eventually global markets, for the treatment of hematologic cancers and solid tumors. We anticipate seeking a marketing partner for VAL-083 in China that can deliver royalty revenue from that market in the near-term.
During the quarter ended March 31, 2013 we completed a private placement and reverse take-over transaction resulting in the public listing of our shares. Proceeds from the offering, net of direct and associated expenses, were $8.58 million, and our stock is now trading on the OTCQB under the symbol "DMPI."
As at March 31, 2013 we have cash and equivalents of $7.53 million. Based on our current operating budget, these funds provide us with working capital to fund our drug development and corporate activities for at least 24 months.
Details of our financing transaction and our quarterly financials can be found via the SEC Filings section of our website at: http://www.delmarpharma.com/investors/sec_filings/.
In addition, we will be hosting a free, virtual company presentation on June 6th at 10:45 am EDT. This will be a live, interactive online event where attendees can ask questions in real-time. If you cannot join at this time, an on-demand archive will be available for 90 days. We recommend pre-registering online at www.Retailinvestorconferences.com to save time and receive event updates.
On behalf of the entire DelMar Pharma team, I thank you for your continued support of our mission to develop and commercialize proven therapies for patients who have failed currently available therapy. As always, our goal remains to serve to patients who have unmet clinical needs and to build value for our shareholders in the timeliest manner possible.
With warm personal regards,
Jeffrey Bacha, BSc, MBA
President & CEO, DelMar Pharmaceuticals, Inc.
About DelMar Pharma
Del Mar Pharmaceuticals was founded in 2010 to develop and commercialize proven cancer therapies in new orphan drug indications where patients are failing modern targeted or biologic treatments. The Company's lead asset, VAL-083, is currently undergoing clinical trials in the United States as a potential treatment for refractory glioblastoma multiforme (GBM), the most common and aggressive form of brain cancer. VAL-083 benefits from extensive clinical research sponsored by the US National Cancer Institute, and is currently approved for the treatment of chronic myelogenous leukemia (CML) and lung cancer in China. Published pre-clinical and clinical data suggest that VAL-083 may be active against a range of tumor types via a novel mechanism of action.
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. 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. We do not undertake to update these forward-looking statements made by us.
SOURCE DelMar Pharmaceuticals, Inc.
Released May 16, 2013