VANCOUVER, British Columbia and MENLO PARK, Calif., Jan. 25, 2013 /PRNewswire/ -- DelMar Pharmaceuticals, Inc. (OTCQB: BRRY) ("DelMar") today announced the successful acquisition (the "Acquisition"), through a share exchange agreement, of all of the outstanding shares of Del Mar Pharmaceuticals (BC) Ltd., a clinical and commercial stage drug development company with a focus on the treatment of cancer. 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 25th, 2013; the symbol will be changed to "DMPI" on or about January 31, 2013.
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.
"DelMar is pleased to achieve this important milestone," stated Jeffrey Bacha , Chief Executive Officer 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, which means that the molecular structure of VAL-083 is not an analogue or derivative of other small molecule chemotherapeutics approved for
|SOURCE DelMar Pharmaceuticals|
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