DelMar Pharma acquisition; $5.4 million private placement to advance novel cancer therapies

DelMar Pharmaceuticals (OTCQB: BRRY) has announced the successful acquisition, through a share exchange agreement, of all of the outstanding shares of Del Mar Pharmaceuticals (BC) Ltd, a clinical and commercial stage drug development company with a focus on the treatment of cancer. DelMar also completed the first closing in a private placement consisting of around 6.7 million units of its securities to qualified accredited investors, for total gross proceeds of around $5.4 million.

DelMar has been quoted on the OTC QB under the symbol BRRY beginning January 25, 2013; the symbol will be changed to DMPI on or about January 31, 2013.

Jeffrey Bacha, chief executive of DelMar, commented: "Becoming a publicly traded company will allow for broad and diversified investor exposure and access to the capital markets. These funds will position us to expand and accelerate our drug development activities with our lead drug candidate, VAL-083. Our company and our management are committed to creating shareholder value by executing on our mission to rapidly develop and commercialize proven cancer therapies in new orphan drug indications in areas of significant unmet medical need, particularly where patients have failed modern targeted medicines."