Le Lézard
Classified in: Health, Science and technology, Business
Subjects: ERN, CCA, TRI, FVT

DelMar Pharmaceuticals Announces Third Quarter Fiscal Year 2018 Financial Results


VANCOUVER, British Columbia and MENLO PARK, Calif., May, 17, 2018 /PRNewswire/ -- DelMar Pharmaceuticals, Inc. (NASDAQ: DMPI) ("DelMar" or the "Company"), a biopharmaceutical company focused on the development of new cancer therapies, announced its financial results for the third quarter ended March 31, 2018. DelMar executive management will host a business update conference call for investors, analysts and other interested parties on May 30, 2018 at 4:30 p.m. Eastern Time.

"This quarter has been a pivotal and important period for DelMar. I am pleased with our enhanced focus on leveraging VAL-083's unique mechanism of action to advance both of our Phase 2 clinical programs including MGMT-unmethylated, second-line, bevacizumab (Avastin) naïve glioblastoma, and MGMT-unmethylated, first-line, temozolomide-naïve glioblastoma. MGMT methylation status has become increasingly important in the diagnosis and treatment of glioblastoma, and a routine part of clinical practice as it is a well-established biomarker that correlates with resistance to the standard-of-care chemotherapy, temozolomide, and with patient outcomes. We believe that using this biomarker will optimize patient selection for treatment in future trials with our lead drug candidate, VAL-083, thereby streamlining development and enhancing opportunities for success in our clinical development programs," commented Saiid Zarrabian, Interim President and Chief Executive Officer.

KEY HIGHLIGHTS

For further details on the Company's operating and financial results, as well as more detail about its updated strategy, refer to DelMar's 10-Q filed with the SEC on May 15, 2018, http://ir.delmarpharma.com/all-sec-filings.

CONFERENCE CALL DETAILS

DelMar plans to host a conference call to discuss its financial results for the quarter ended March 31, 2018 and provide a corporate update on May 30, 2018, at 4:30 p.m. Eastern Time. For both "listen-only" participants and those who wish to take part in the question and answer portion of the call, the telephone Dial-in Number is 1 877?876?9176 (toll free) with Conference ID DELMAR.

A replay of the conference call will be available on the IR Calendar of the Investors section of the Company's website at www.delmarpharma.com and will be archived for 30 days.

SUMMARY OF FINANCIAL RESULTS FOR THE PERIOD ENDED MARCH 31, 2018

At March 31, 2018, the Company had combined cash and cash equivalents and clinical trial deposits on hand of approximately $9.4 million.

For the three months ended March 31, 2018, the Company reported a net loss of $2,933,057 or $0.13 per share, compared to a net loss of $1,868,460, or $0.18 per share, for the three months ended March 31, 2017. For the nine months ended March 31, 2018, the Company reported a net loss of $8,761,061 or $0.44 per share, compared to a net loss of $5,480,772, or $0.54 per share, for the nine months ended March 31, 2017.

The following represents selected financial information as of March 31, 2018. 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 consolidated financial statements and management's discussion and analysis ("MD&A"), as filed.

DelMar's 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.

Selected Balance Sheet Data 




March 31,
2018
$



June 30,
2017
$
















Cash and cash equivalents



8,506,922




6,586,014


Working capital



7,628,044




6,566,371


Total assets



9,676,838




7,911,021


Derivative liability



3,389




61,228


Total stockholders' equity



7,659,730




6,578,524


 

Selected Statement of Operations Data


For the three months ended:




March 31,



March 31,




2018



2017




$



$









Research and development



1,779,609




1,086,107


General and administrative



1,155,038




698,125


Change in fair value of stock option and derivative liabilities



(2,160)




77,479


Foreign exchange loss



6,420




6,897


Interest income



(5,850)




(148)


Net and comprehensive loss for the period



2,933,057




1,868,460


Series B preferred stock dividend



46,626




209,811


Net and comprehensive loss available to common stockholders



2,979,683




2,078,271


Basic weighted average number of shares outstanding



22,832,445




11,574,052


Basic loss per share



0.13




0.18


Excluding the impact of non-cash expense, research and development expenses increased to $1,765,643 during the current quarter from $968,332 for the same period in the prior year. The increase was primarily due to manufacturing costs for drug product as well as ongoing clinical trial costs for the Company's two Phase 2, biomarker-driven clinical studies. In addition, the Company recognized certain costs related to parking its STAR-3, Phase 3 trial during the current quarter. Excluding the impact of non-cash expenses, general and administrative expenses increased in the three months ended March 31, 2018 to $870,202 from $635,769 for the three months ended March 31, 2017

For the nine months ended:




March 31,



March 31,




2018



2017




$



$









Research and development



5,856,197




2,939,746


General and administrative



2,911,538




2,586,050


Change in fair value of stock option and derivative liabilities



(57,839)




(58,501)


Foreign exchange loss



57,406




13,726


Interest income



(6,241)




(249)


Net and comprehensive loss for the period



8,761,061




5,480,772


Series B Preferred stock dividend



142,358




676,865


Net and comprehensive loss available to common stockholders



8,903,419




6,157,637


Basic weighted average number of shares outstanding



20,179,765




11,432,376


Basic loss per share



0.44




0.54


Excluding the impact of non-cash expense, research and development expenses increased to $5,720,830 during the nine months period ended March 31, 2018, compared to $2,831,861 for the same period in the prior year. The increase was partially due to manufacturing costs for drug product as well as ongoing trial costs for the Company's two Phase 2, biomarker-driven clinical studies. During the nine months ended March 31, 2018, the Company undertook site initiation and enrollment for its parked STAR-3, Phase 3 study in GBM. At March 31, 2018, the Company recognized certain costs related to the parking of the trial.

Excluding the impact of non-cash expenses, general and administrative expenses increased in the nine months ended March 31, 2018 to $2,456,207 from $1,942,944 for the nine months ended March 31, 2017.

About DelMar Pharmaceuticals, Inc.

DelMar Pharmaceuticals 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 & 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 also 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 recently 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: [email protected] / (604) 629-5989.

Connect with the Company on Twitter, LinkedIn, Facebook, and Google+.

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. 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, 2017, the Company's Quarterly Reports on Form 10-Q and the Company's Current Reports on Form 8-K.

 

DelMar Pharmaceuticals Logo

 

SOURCE DelMar Pharmaceuticals, Inc.


These press releases may also interest you

at 15:28
Mineros S.A. (CB: MINEROS) ("Mineros" or the "Company") is providing a correction to the disclosure on the 2023/2024 dividend information contained in its press release of March 27, 2024. The information below replaces and supersedes the prior 2023...

at 15:21
Average weekly trading volume of approximately 511,698 sharesFund's adviser has more than 50 years of small- and micro-cap investment experienceCLOSING PRICES AS OF 02/29/24 NAV 10.57 MKT 9.33   AVERAGE ANNUAL TOTAL RETURN AS OF 02/29/24 NAV (%) MKT...

at 15:20
A closed-end fund that invests in global equities using a disciplined value approachAverage weekly trading volume of approximately 111,480 sharesFund's adviser has more than 50 years of small- and micro-cap investment experience  CLOSING PRICES AS OF...

at 15:20
Aventiv Technologies, a communications and technology business serving the incarcerated, their friends and family, and state and local correctional facilities, today announced an agreement...

at 15:00
Coldwell Banker Seaside Realty was proud to recently announce The Heather Sakers Team as their Top Producing Team for the Kitty Hawk office. Based on total sales volume for the year, this accolade was earned by The Heather Sakers Team for achieving...

at 15:00
General Dynamics Information Technology (GDIT), a business unit of General Dynamics , announced today that it was awarded a $922 million contract to modernize the U.S. Central Command's (CENTCOM) enterprise IT infrastructure. The new contract,...



News published on and distributed by: