DelMar will continue the business of DelMar Pharmaceuticals (BC) Ltd., headquartered in Vancouver, British Columbia with clinical operations in Menlo Park, CA, as a subsidiary under the leadership of DelMar Pharmaceuticals (BC) Ltd.'s current management team, headed by Chief Executive Officer Jeffrey Bacha . In connection with the Acquisition, DelMar issued to the former shareholders of DelMar Pharmaceuticals (BC) Ltd. the equivalent of 13,070,000 shares of its common stock. Details of the transaction will be filed on a Form 8-K with the United States Securities and Exchange Commission.
The securities sold in the private placement have not been registered under the Securities Act of 1933 and may not be resold absent registration under or exemption from such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933.
About DelMar Pharma
Del Mar Pharmaceuticals was founded in 2010 to develop and commercialize proven cancer therapies in new orphan drug indications where patients are failing modern targeted or biologic treatments. The Company's lead asset, VAL-083, is currently undergoing clinical trials in the United States as a potential treatment for refractory glioblastoma multiforme (GBM), the most common and aggressive form of brain cancer. VAL-083 benefits from extensive clinical research sponsored by the US National Cancer Institute, and is currently approved for the treatment of chronic myelogenous leukemia (CML) and lung cancer in China'/>"/>
SOURCE DelMar Pharmaceuticals
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