DelMar Pharmaceuticals Announces $1.6 Million Closing in Private Placement
$9.5 million total gross proceeds raised to date
VANCOUVER, British Columbia and MENLO PARK, Calif., Feb. 25, 2013 /PRNewswire/ -- DelMar Pharmaceuticals, Inc. (OTCQB: DMPI) ("DelMar") today announced the fourth closing in a private placement consisting of approximately 2.0 million units of its securities to qualified accredited investors, for gross proceeds of approximately $1.6 million. The total amount raised in the private placement to date is $9.5 million.
Charles Vista, LLC acted as the company's placement agent in the unit offering. Each unit consists of one share of common stock and one common stock purchase warrant. The maximum offering in the Private Placement consisted of 9,375,000 units for gross proceeds of $7.5 million. In addition, the placement agent has been granted an over-allotment option of up to 3,125,000 units to cover over-subscriptions for additional gross proceeds of up to $2.5 million. The over-allotment option is being exercised in part in connection with this closing.
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.
For further information, please visit www.delmarpharma.com;
or contact Jeffrey A. Bacha, President & CEO (604) 629-5989
SOURCE DelMar Pharmaceuticals, Inc.
Released February 25, 2013