DelMar Pharmaceuticals Receives Nasdaq Listing Extension
VANCOUVER, British Columbia and MENLO PARK, Calif., Feb. 7, 2019 /PRNewswire/ -- DelMar Pharmaceuticals, Inc. (Nasdaq: DMPI) ("DelMar" or the "Company"), a biopharmaceutical company focused on the development of new cancer therapies, announced that it has received a listing extension from the Nasdaq Hearings Panel. The extension grants the Company until June 25, 2019 to regain compliance with the Minimum Bid Price requirement for continued listing on The Nasdaq Capital Market LLC (Nasdaq).
As previously disclosed on a Form 8-K filed on July 3, 2018 with the U.S. Securities and Exchange Commission, on June 28, 2018, the Company received a written notice (Initial Notice) from the Listing Qualifications department of Nasdaq indicating that the Company was not in compliance with the $1.00 Minimum Bid Price requirement for continued listing on Nasdaq. The Initial Notice provided the Company 180 calendar days in which to regain compliance. During the compliance period, which ended on December 26, 2018, the Company was unable to regain compliance with the Minimum Bid Price requirement, which required the Company to demonstrate compliance for a minimum of ten consecutive business days.
On December 27, 2018, the Company received a written notice from the Listing Qualifications department of Nasdaq (Notice) notifying the Company that it had not regained compliance with the Minimum Bid Price and that the Company's stockholders' equity as reported in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 did not qualify the Company for an additional 180 calendar day extension period for compliance.
On February 4, 2019, the Company received a written notice that Nasdaq had granted the Company an extension until June 25, 2019 to regain compliance with the Minimum Bid Price requirement. During the extension, the Company must remain in compliance with all other listing requirements of The Nasdaq Capital Market.
"We are very pleased and grateful that Nasdaq has granted us an extension to regain compliance with the minimum bid price requirement. We plan to take the necessary steps to ensure that we regain listing compliance in a timely manner," commented Saiid Zarrabian, President and Chief Executive Officer of DelMar Pharmaceuticals.
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 internal 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 received the allowance of a separate Investigational New Drug application for VAL-083 as a potential treatment for platinum-resistant ovarian cancer.
Further information on DelMar's clinical trials can be found on clinicaltrials.gov: https://www.clinicaltrials.gov/ct2/results?cond=&term=val-083&cntry1=&state1=&recrs
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 the Company's filings with the SEC, including, the Company's Annual Report on Form 10-K for the year ended June 30, 2018, the Company's Quarterly Reports on Form 10-Q and the Company's Current Reports on Form 8-K.
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SOURCE DelMar Pharmaceuticals, Inc.
Released February 7, 2019