DelMar Pharmaceuticals, Inc. and Guangxi Wuzhou Pharmaceutical Company Announce Chinese Government Funding Award
VANCOUVER, BC and MENLO PARK, CA -- (Marketwired) -- 07/08/13 -- DelMar Pharmaceuticals, Inc. (OTCQB: DMPI) ("DelMar Pharma") today announced that the Chinese Bureau of Foreign Experts has approved the application for a grant to Guangxi Wuzhou Pharmaceutical Company to support DelMar Pharma's collaboration with Guangxi Wuzhou Pharmaceutical Company, a subsidiary of publicly traded Guangxi Wuzhou Zhongheng Group Co., Ltd (SHG 600252).
In October 2012, DelMar and Guangxi Wuzhou Pharmaceuticals announced a collaboration for the development of VAL-083, known as "DAG for Injection" in China.
The collaboration between DelMar and Guangxi Wuzhou Pharmaceuticals includes development and an exclusive supply relationship of VAL-083 for the Chinese market and all markets outside China. Wuzhou Pharmaceuticals is the exclusive supplier of VAL-083 and DelMar Pharma is responsible for development and commercialization.
As part of the collaboration, DelMar Pharma and Guangxi Wuzhou Pharmaceuticals are working together to insure the product specifications meet global standards in order to accelerate international development and to enable Guangxi Wuzhou Pharmaceuticals to obtain certification as manufacturer of VAL-083 from international regulatory authorities including the U.S. Food and Drug Administration. Funding from the grant, which will be paid by Chinese Bureau of Foreign Experts, will directly offset a portion of DelMar Pharma's expenditures related to the project.
Jeffrey Bacha, President & CEO of DelMar Pharma said, "We are pleased to have the financial support and recognition of this important collaboration."
VAL-083 represents a 'first-in-class' small-molecule chemotherapeutic. VAL-083 has been assessed in multiple NCI-sponsored clinical studies in various cancers including lung, brain, cervical, ovarian tumors and leukemia. Published pre-clinical and clinical data suggest that VAL-083 may be active against a range of tumor types.
VAL-083 is approved as a cancer chemotherapeutic in China for the treatment of chronic myelogenous leukemia and lung cancer. In addition, DelMar is conducting a Phase I/II clinical trial to assess the safety and efficacy of VAL-083 in refractory glioblastoma multiforme (GBM), the most common and aggressive form of brain cancer.
About Guangxi Wuzhou Pharmaceutical (Group) Co. Ltd. and Zhongheng Group Co. Ltd.
Guangxi Wuzhou Pharmaceutical (Group) Co. Ltd., a wholly owned subsidiary of Zhongheng Group Co., Ltd. (SHG 600252) is principally engaged in the manufacture of pharmaceuticals. The Company's main products include cardiovascular drugs, medicine for bruises, and gynecology medication, among others. Zhongheng Group is also involved in the investment and management of infrastructure and logistics services, asset operation and management, as well as domestic and international commercial trading. In addition, the Company is involved in the manufacture and distribution of Chinese herbal jelly products. The Company operates its businesses in various regions in China. Further information is available on the companies website: http://www.wz-zhongheng.com/
About DelMar Pharma
DelMar 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 July 8, 2013