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DelMar Pharmaceuticals Announces Closing Of $9 Million Public Offering Of Common Stock And Warrants
Thursday, April 27, 2017Company Profile | Follow Company
Vancouver, BC, April 27, 2017--(T-Net)--DelMar Pharmaceuticals, Inc. (NASDAQ: DMPI), a biopharmaceutical company focused on the development and commercialization of new cancer therapies, today announced that it has closed a public offering of an aggregate of 2,769,232 shares of common stock (plus additional warrants) at a price to the public of $3.25 per share and related warrant for gross proceeds of $9 million.
The aggregate gross proceeds of the offering are approximately $9 million. After deducting the placement agent's fees and other estimated offering expenses payable by DelMar, the net proceeds of the offering to DelMar are approximately $8,000,000.
DelMar intends to use the net proceeds from the offering for general corporate purposes, which may include working capital, capital expenditures, research and development and other commercial expenditures.
About DelMar Pharmaceuticals, Inc.
DelMar was founded to develop and commercialize new cancer therapies in indications where patients are failing or have become intolerable to modern targeted or biologic treatments. DelMar's VAL-083 is currently undergoing clinical trials in the U.S. as a potential new therapy for Glioblastoma Multiforme (GBM).
VAL-083 has been extensively studied by the U.S. National Cancer Institutes, and is currently approved for the treatment of chronic myelogenous leukemia 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 that could provide improved treatment options for patients.
For further information, please visit http://delmarpharma.com
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.
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