On November 14, 2019 DelMar Pharmaceuticals, Inc. (Nasdaq: DMPI) ("DelMar" or the "Company"), a biopharmaceutical company focused on the development of new cancer therapies, reported its financial results for the quarter ended September 30, 2019 (Press release, DelMar Pharmaceuticals, NOV 14, 2019, https://ir.delmarpharma.com/news/detail/919/delmar-pharmaceuticals-announces-fiscal-first-quarter-2020-financial-results-and-recent-corporate-updates [SID1234551240]).
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"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. We are seeing encouraging progress and look forward to sharing our upcoming update of data from two poster presentations at the Society for Neuro-Oncology Annual Meeting," commented Saiid Zarrabian, DelMar’s President and Chief Executive Officer. "In the meantime, our relocation to San Diego offers the unique opportunity to access additional professionals to help advance our programs at the appropriate time. We look forward to providing updates to all of our programs soon."
RECENT CORPORATE UPDATES
November 2019 – Announced Key Opinion Leader GBM summit at the Society for Neuro-Oncology annual meeting November 22, 2019. This event will include four members of DelMar’s recently appointed Scientific Advisory Board
September 2019 – Moved corporate headquarters to San Diego, California
August 2019 – Closed an underwritten public offering with net proceeds of approximately $6.6 million
August 2019 – Provided update on Phase 2 clinical study on first line therapy in newly-diagnosed, MGMT-unmethylated GBM patients being conducted at Sun Yat-sen University Cancer Center. At the time of the update, nine patients were assessed as having achieved complete response, seven were assessed with stable disease, and one was assessed with disease progression
July 2019 – Enrolled first patient in adjuvant (pre-temozolomide maintenance) arm of Phase 2 open label study of VAL-083 being conducted at MD Anderson Cancer Center (MDACC)
July 2019 – Provided enrollment update of Phase 2 open label study of VAL-083 in recurrent GBM patients with MGMT-unmethylated status. As of this announcement, 56 of the planned 83 patients had been enrolled in the recurrent arm of the study being conducted at MDACC
SUMMARY OF FINANCIAL RESULTS FOR FISCAL QUARTER ENDED SEPTEMBER 30, 2019
At September 30, 2019, the Company had cash and cash equivalents on hand of approximately $8.1 million. In August 2019, the Company completed an underwritten public offering for net proceeds of approximately $6.6 million. The proceeds from the August 2019 financing combined with cash and cash equivalents on hand at June 30, 2019 are expected to be sufficient to fund the Company’s planned operations into the fourth quarter of calendar year 2020.
For the quarter ended September 30, 2019, the Company reported a net loss of approximately $1.6 million, or $0.21 per share, compared to a net loss of approximately $2.0 million, or $0.88 per share, for the same period of 2018.
DelMar’s financial statements as filed with the U.S. Securities Exchange Commission can be viewed on the Company’s website at: View Source