PR Newswire
VANCOUVER, British Columbia and MENLO PARK, Calif., May 13, 2016
VANCOUVER, British Columbia and MENLO PARK, Calif., May 13, 2016 /PRNewswire/ -- DelMar Pharmaceuticals, Inc. (OTCQX: DMPI) ("DelMar" and the "Company"), a biopharmaceutical company focused on the development and commercialization of new cancer therapies, today announced its financial results for the quarter ending March 31, 2016, the third quarter of the 2016 fiscal year. The Company also highlighted recent corporate and clinical achievements and provided an overview of expected near-term milestones.
DelMar management will host a business update conference call and live webcast for investors, analysts and other interested parties on Thursday May 19, 2016 at 5 pm EDT.
RECENT CORPORATE HIGHLIGHTS
"Our data continues to demonstrate VAL-083's unique cytotoxic anti-cancer mechanism which may provide new treatment opportunities for patients whose cancer has failed or is unlikely to respond to currently available therapies. In particular, the data we have presented in our refractory GBM clinical trial positions us to advance this program into registration-directed Phase III clinical trials and we look forward to discussing our proposed trial design with the FDA," said Jeffrey Bacha, DelMar's chairman & CEO.
"Importantly, new funds raised subsequent to quarter end enable us to fund current operations through 2017 and help position DelMar to qualify to list its common stock on a senior exchange."
EXPECTED NEAR-TERM MILESTONES
CONFERENCE CALL DETAILS
DelMar plans to host a conference call on Thursday, May 19, 2016, at 5 p.m. EDT, to discuss quarterly results and provide a corporate update. 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 800‑895‑1549 (toll free) with Conference ID DELMAR. A link to the webcast and slides 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 THIRD QUARTER OF FISCAL YEAR 2016 ENDED MARCH 31, 2016
For the three months ended March 31, 2016 the Company reported a net loss of $1,140,401, or a net loss per share of $0.03, compared to a net loss of $2,086,719, or a net loss per share of $0.05 for the three months ended March 31, 2015, as restated.
For the nine months ended March 31, 2016 the Company reported a net loss of $5,408,479, or a net loss per share of $0.12, compared to a net loss of $4,223,087, or a net loss per share of $0.11 for the nine months ended March 31, 2015, as restated.
FINANCIAL SUMMARY
The following represents selected financial information as of March 31, 2016. 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, 2016 $ | | June 30, 2015 $ | ||||
| | | | | | | (as restated) | |
| | | | | | | | |
Cash and cash equivalents | | | 937,355 | | | | 1,754,433 | |
Working capital | | | 439,470 | | | | 1,722,336 | |
Total assets | | | 1,155,311 | | | | 2,575,421 | |
Derivative liability | | | 1,017,250 | | | | 2,364,381 | |
Total stockholders' deficit | | | (687,603) | | | | (821,490) | |
Selected Statement of Operations Data | ||||||||||||||||
For the Three Months Ended: | ||||||||||||||||
| | March 31, | | | March 31, | | ||||||||||
| | 2016 | | | 2015 | | ||||||||||
| | $ | | | $ | | ||||||||||
| | | | | | | (as restated) | | ||||||||
| | | | | | | | | ||||||||
Research and development | | | 790,323 | | | | 641,839 | | ||||||||
General and administrative | | | 630,226 | | | | 500,753 | | ||||||||
Change in fair value of derivative liability | | | (276,584) | | | | 781,152 | | ||||||||
Change in fair value of derivative liability due to change in warrant terms | | | 7,000 | | | | - | | ||||||||
Loss on exchange of warrants | | | - | | | | 156,219 | | ||||||||
Foreign exchange (gain) loss | | | (10,523) | | | | 6,826 | | ||||||||
Interest income | | | (41) | | | | (70) | | ||||||||
Net loss from operations | | | 1,140,401 | | | | 2,086,719 | | ||||||||
Basic weighted average number of shares outstanding | | | 44,309,098 | | | | 38,976,827 | | ||||||||
Basic loss per share | | | 0.03 | | | | 0.05 | |
For the Nine Months Ended: | ||||||||||||||||
| | March 31, | | | March 31, | | ||||||||||
| | 2016 | | | 2015 | | ||||||||||
| | $ | | | $ | | ||||||||||
| | | | | | | (as restated) | | ||||||||
| | | | | | | | | ||||||||
Research and development | | | 2,183,355 | | | | 1,925,635 | | ||||||||
General and administrative | | | 1,994,923 | | | | 1,601,982 | | ||||||||
Change in fair value of derivative liability | | | 943,050 | | | | 451,794 | | ||||||||
Change in fair value of derivative liability due to change in warrant terms | | | 270,965 | | | | (23,658) Werbung Mehr Nachrichten zur Delmar Pharma Aktie kostenlos abonnieren
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