VANCOUVER, British Columbia and MENLO PARK, Calif., Aug. 29, 2014 /PR Newswire/ -- DelMar Pharmaceuticals, Inc. (OTCQB: DMPI) ("DelMar" "the Company") today announced the filing of June 30, 2014 fiscal year-end financial statements. The Company recently changed its fiscal year end to June 30th in order to facilitate an application to list its common stock on a national securities exchange in the timeliest manner possible.
DelMar's financial statements as filed with the United States Securities Exchange Commission can be viewed on the Company's website at: http://ir.delmarpharma.com/all-sec-filings. The Company will host an investor update call to discuss recent highlights and plans for continued advancement of its business plan on Tuesday September 2, 2014 at 10AM PDT / 1PM EDT.
Dial In: (877) 358-8686 (toll free)
A summary of recent corporate highlights include:
Jeffrey Bacha, president & CEO of DelMar Pharmaceuticals stated, "We are pleased with the overall progress made during the past year in research and development activities. The warrant tender offer and change in our fiscal year end are part of our overall strategy to meet the requirements to list our common stock on a national securities exchange in the most expeditious manner possible. We believe this is an important component of executing on our overall mission to increase shareholder value."
The following tables represent selected financial information as at June 30, 2014 and December 31, 2013. The Company's financial information has been prepared in accordance with U.S. GAAP and this selected information should be read in conjunction with DelMar's financial statements and Management's Discussion and Analysis, as filed.
Selected Balance Sheet Data:June 30,2014$December 31,2013$Cash and cash equivalents4,759,711
4,402,306Total shareholders' equity (deficiency)880,479
(817,978)Selected Statement of Operations Data (net of share-based payments):Six Months endedJune 30,2014$June 30,2013$Research & development net of share-based compensation848,335
907,223General & administrative net of share-based compensation1,007,781
1,363,406The largest component of research and development expenses are attributable to clinical development costs as the Company continued with its Phase I/II clinical trial with VAL-083 in GBM. The clinical development costs were slightly lower in the current period compared to the prior period due to several factors including timing of patient enrollment and expansion of certain cohorts during 2013. Partially offsetting these items were higher costs in the current period for protocol development as DelMar plans for registration-directed clinical trials with VAL-083. Decrease in general and administrative costs during the current period was largely due to a reduction in professional fees related to activities associated with the Company's reverse take-over and public listing that occurred during 2013.
"Non-cash expenses associated with stock options, shares or warrants issued for services or the changes in the derivative liability associated with certain warrants do not affect our working capital and are influenced by changes in the Company's share price," stated Mr. Bacha. "We are highlighting expenses net of such charges because this more accurately reflects the operating cash burn associated with our research, drug development and corporate activities. Full details are presented in our financial statements."
Subsequent to the fiscal year end, DelMar received additional funding through the exercise of warrants for cash. These additional moneys provide working capital sufficient to fund the Company's current operations through at least the end of December 2015.
About DelMar PharmaceuticalsDelMar 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 recurrent glioblastoma multiforme (GBM), the most common and aggressive form of brain cancer. VAL-083 benefits from extensive clinical research sponsored by the U.S. National Cancer Institute (NCI) 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. DelMar's scientific presentations can be viewed on the Company's website at www.delmarpharma.com.
Safe Harbor StatementAny 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.|
Copyright©2014 PR Newswire.
All rights reserved