DelMar Pharmaceuticals Inc., a company fighting for cancer patients and therapies, decreased its public stock aggregate share from 2.77 million to 2.08 million last month.
Each share is $3.25 (with a five-year term) and the total approximate gross is $9 million; however, after deducting taxes and fees, DelMar will only receive around $8 million.
“DelMar intends to use the net proceeds from the offering for general corporate purposes, which may include working capital, capital expenditures, research and development and other commercial expenditures,” as reported in a DelMar press release.
Rodman & Renshaw was the acting agent for the change.
“The shares and warrants are being offered pursuant to an effective shelf registration statement on Form S-3, as amended (File No. 333-213601), that was previously filed with the Securities and Exchange Commission (SEC) and declared effective on Sept. 27, 2016.”
To learn of the terms and rules of the stocks, please visit the SEC’s website at www.sec.gov.
With clinic trials in place, DelMar seeks to succeed in finding positive and successful cancer treatments. In fact, they are testing out a “potential new therapy” for Glioblastoma Multiforme (GBM).
“VAL-083 has been extensively studied by the U.S. National Cancer Institutes, and is currently approved for the treatment of chronic myelogenous leukemia and lung cancer in China,” the release said. "Published pre-clinical and clinical data suggest that VAL-083 may be active against a range of tumor types via a novel mechanism of action that could provide improved treatment options for patients."
Alerts Sign-up