Biotech investors have not had much to cheer about in 2016 as evidenced by the 20% decline in the iShares Nasdaq Biotechnology ETF . Nevertheless, DelMar Pharmaceuticals enjoyed a bit of good news this week after its shares were uplisted to the Nasdaq Capital Market this week. “It’s an important milestone for us,” said Jeffrey Bacha, CEO of DelMar. “When we started the company back in 2010, making sure we had the access to capital to bring a product all the way through approval was a key component of our strategy and listing on a national exchange really positions us to be able to do that.” DelMar is entering Phase III trials of its drug VAL-083, which is currently being evaluated for the treatment of refractory glioblastoma multiforme (GBM), the most common and aggressive form of brain cancer. DelMar is also exploring VAL-083 as a therapy for front-line GBM and solid tumors including non-small cell lung cancer and ovarian cancer. VAL-083 was approved in China for lung cancer and demonstrated promising antitumor activity in the treatment of hematologic malignancies and a range of solid tumors. The difference between DelMar’s treatment and Temozolomide, the drug currently used to treat GBM, is the mechanism, according to Bacha. “Because the mechanism is different, the things that make most patients fail, or be resistant to Temozolomide, doesn’t affect our drug and that is the promise that we bring,” said Bacha, adding that he expects to have data from its pivotal Phase III in late 2018. As to whether it can reach the completion of that Phase III trial without raising more cash, Bacha said the company has about $8 million in cash on its balance sheet and a burn rate of about $1 million a quarter. Of course that burn rate will rise as the company gets closer to the trial, but Bacha is confident he will be able to raise additional funds if necessary. “Once we have the Phase III study finally designed we will look to go out and raise the capital to do that through the public markets or through warrants or through a partnership,” said Bacha.
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