DelMar Pharmaceuticals (NSDQ:DMPI) closed its $9 million public offering today. Earlier this week, the company priced 2.8 million shares and warrants to purchase an aggregate of 2.1 million shares of common stock at $3.25 apiece.
The offering’s warrants have an exercise price of $3.50 per share and have an term of exercise of 5 years, according to the Menlo Park, Calif.-based company. DelMar plans to use the offering’s $8 million in net proceeds for general corporate purposes.
In September, DelMar and Accurexa inked a deal to collaborate on a combination chemotherapy for local treatment of brain cancer.
The agreement calls for DelMar to supply the drug dianhydrogalactitol (VAL-083) as part of a combination with another chemotherapeutic, either temozolomide or carmustine, for local delivery to the tumor via Accurexa’s ACX-31 implantable polymer wafer.
The deal gives DelMar the exclusive option to license, acquire and commercialize product candidates and intellectual property resulting from the research involving VAL-083 and ACX-31. The companies will share the research costs.
DMPI shares were trading at $2.82 apiece in mid-morning activity today, down -0.8%.