Full Press Release Details
Pharmaceuticals Announces Fiscal Second Quarter 2020 Financial Results and Recent Corporate Updates
SAN DIEGO, California, February 13, 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 its financial results for the three and six months
ended December 31, 2019 and provided a corporate update.
"We are pleased with the pace of progress
of both trials, which in some cases have enrolled patients faster than our previous forecasts. We are seeing rapid progress with
encouraging survival benefits in both our Phase 2 trials per recent announcements and publications, and look forward to sharing
our upcoming update of clinical data at the American Association for Cancer Research Annual Meeting being held in San Diego April
24 to 29," commented Saiid Zarrabian, DelMar's President and Chief Executive Officer. "Following a productive
quarter, we continue to believe that our cash position will provide the runway to enable us to achieve topline results for two
of our three patient groups in our two Phase 2 trials."
OF FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2019
the three months ended December 31, 2019, the Company reported a net loss of approximately $1.7 million, or $0.15 per share, compared
to a net loss of approximately $1.8 million, or $0.75 per share, for the same period of 2018.
the six months ended December 31, 2019, the Company reported a net loss of approximately $3.3 million, or $0.35 per share, compared
to a net loss of approximately $3.8 million, or $1.63 per share, for the same period of 2018.
| December 31, 2019 | June 30, 2019 | |||||||
| $ | $ | |||||||
| Cash and cash equivalents | 6,348,038 | 3,718,758 | ||||||
| Working capital | 5,474,182 | 1,955,468 | ||||||
| Total assets | 6,508,067 | 4,037,255 | ||||||
| Total stockholders' equity | 5,480,642 | 1,967,530 |
Statement of operations data
the three months ended
| December 31, | December 31, | |||||||
| 2019 | 2018 | |||||||
| $ | $ | |||||||
| Research and development | 712,193 | 947,249 | ||||||
| General and administrative | 1,053,747 | 874,884 | ||||||
| Other income | (25,889 | ) | (12,436 | ) | ||||
| Net loss for the year | 1,740,051 | 1,809,697 | ||||||
| Series B Preferred stock dividend | 2,552 | 16,190 | ||||||
| Net loss attributable to common stockholders | 1,742,603 | 1,825,887 | ||||||
| Basic weighted average number of shares | 11,407,744 | 2,424,222 | ||||||
| Basic and fully diluted loss per share | 0.15 | 0.75 |
the six months ended
| December 31, | December 31, | |||||||
| 2019 | 2018 | |||||||
| $ | $ | |||||||
| Research and development | 1,433,668 | 1,966,369 | ||||||
| General and administrative | 1,967,375 | 1,861,354 | ||||||
| Other income | (55,121 | ) | (26,222 | ) | ||||
| Net loss for the year | 3,345,922 | 3,801,501 | ||||||
| Series B Preferred stock dividend | 4,598 | 52,275 | ||||||
| Net loss attributable to common stockholders | 3,350,520 | 3,853,776 | ||||||
| Basic weighted average number of shares | 9,473,153 | 2,360,566 | ||||||
| Basic and fully diluted loss per share | 0.35 | 1.63 |
At December 31, 2019, the Company had cash
and cash equivalents of approximately $6.3 million. In August 2019, the Company completed an underwritten public offering for
net proceeds of approximately $6.6 million. The cash and cash equivalents at December 31, 2019 are expected to be sufficient to
fund the Company's planned operations into the fourth quarter of calendar year 2020.
financial statements as filed with the U.S. Securities Exchange Commission can be viewed on the Company's website at: http://ir.delmarpharma.com/all-sec-filings.
DELMAR PHARMACEUTICALS, INC.
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
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 & 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
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.
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
additional information, please visit http://delmarpharma.com/; or contact DelMar Pharmaceuticals Investor Relations: ir@delmarpharma.com
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.
Director of Public Relations