Full Press Release Details
DelMar Pharmaceuticals Receives
Nasdaq Bid Price Extension
SAN DIEGO, March 26, 2020 /PRNewswire/ -- DelMar Pharmaceuticals,
Inc. (Nasdaq: DMPI) ("DelMar" or the "Company"), a biopharmaceutical company focused on the development
of new solid tumor cancer therapies, announced that it has received a listing extension from the
Staff of the Listing Qualifications Department of The Nasdaq Capital Market LLC (Nasdaq). The extension grants the Company until
September 21, 2020 to regain compliance with the $1.00 Minimum Bid Price requirement for continued listing on Nasdaq.
As previously disclosed
on a Form 8-K filed on September 27, 2019 with the U.S. Securities and Exchange Commission, on September 26, 2019, the Company
received a written notice (the Initial Notice) from the Nasdaq Staff indicating that the Company was not in compliance with the
$1.00 Minimum Bid Price requirement for continued listing on Nasdaq. In accordance with Nasdaq Listing Rule 5810(c)(3)(A),
the Company was afforded an initial period of 180 calendar days, or until March 24, 2020, to regain compliance. The Company was
unable to regain compliance with the $1.00 Minimum Bid Price requirement, which required the Company to demonstrate compliance
for a minimum of ten consecutive business days. Subsequently, on March 25, 2020, the Company received an additional written notice
notifying that while the Company had not yet regained compliance with the $1.00 Minimum Bid Price requirement, the Nasdaq Staff
has granted an additional extension of 180 calendar days to September 21, 2020 to regain compliance with the Minimum Bid Price
Pharmaceuticals, Inc.
Located in San Diego, California,
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 and 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 announced the allowance of a separate
IND 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.
For additional information, please visit http://delmarpharma.com/; or contact DelMar Pharmaceuticals Investor Relations:
ir@delmarpharma.com / (604) 629-5989.
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, including statements regarding the status of the Company's clinical trials and the reporting
of the results. 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, 2019, the Company's Quarterly Reports on Form
10-Q, and the Company's Current Reports on Form 8-K.