DelMar Inc. acquires shares of DelMar Ltd.
DelMar Pharmaceuticals, Inc., a Canadian pharmaceutical company that develops drug candidates targeting orphan cancer indications, has completed the acquisition of all of the outstanding shares of DelMar Pharmaceuticals Ltd., a clinical and commercial stage drug development company with a focus on the treatment of cancer.
DelMar will continue the business of DelMar Pharmaceuticals Ltd., headquartered in Vancouver, Canada, with clinical operations in Menlo Park, Calif., as a subsidiary under the leadership of DelMar Pharmaceuticals Ltd.'s current management team, headed by CEO Jeffrey Bacha. In connection with the acquisition, DelMar issued to the former shareholders of DelMar Pharmaceuticals Ltd. the equivalent of 13,070,000 shares of its common stock.
Concurrent with the acquisition, DelMar completed the first closing in a private placement consisting of approximately 6.7 million units of its securities to qualified accredited investors, for total gross proceeds of approximately $5.4 million.
DelMar will be quoted on the OTC QB under the symbol "BRRY" beginning January 25; the symbol will be changed to "DMPI" on or about January 31.
"DelMar is pleased to achieve this important milestone," said Jeffrey Bacha, CEO of DelMar. "Becoming a publicly traded company will allow for broad and diversified investor exposure and access to the capital markets. These funds will position us to expand and accelerate our drug development activities with our lead drug candidate, VAL-083. Our company and our management are committed to creating shareholder value by executing on our mission to rapidly develop and commercialize proven cancer therapies in new orphan drug indications in areas of significant unmet medical need, particularly where patients have failed modern targeted medicines."
VAL-083, represents a first in class, small-molecule chemotherapeutic and has been assessed in multiple clinical studies sponsored by the National Cancer Institute (NCI) in the U.S. as a treatment against 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.
DelMar is currently conducting a phase I/II clinical trial with VAL-083 as a potential new treatment for glioblastoma multiforme (GBM), the most common and aggressive form of brain cancer.