DelMar takes in C$1 million through third tranche of units placement

Deal conducted by Charles Vista; greenshoe partially exercised

By Devika Patel

Knoxville, Tenn., Feb. 11 - DelMar Pharmaceuticals, Inc. said it raised about C$1 million in the third tranche of a C$7.9 million private placement of units. It raised about C$5.4 million in the deal on Jan. 25 and about C$1.5 million on Jan. 31. The deal priced for C$7.5 million with a C$2.5 million greenshoe, which was partially exercised in this tranche.

The company sold about 6.7 million units of one common share and one warrant in the first tranche, about 1.9 million units in the second and about 1.2 million units in the third tranche.

Charles Vista LLC was the agent.

Proceeds will be used to expand and accelerate drug development activities with the company's lead drug candidate, VAL-083.

The Vancouver, B.C., company develops and commercializes cancer therapies in new orphan drug indications where patients are failing modern targeted or biologic treatments.

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