Delmar Pharmaceuticals, Inc. and Adgero Biopharmaceuticals Holdings, Inc. Announce Combined Company Management Appointments
June 10, 2020 at 08:52 am EDT
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On June 9, 2020, DelMar Pharmaceuticals, Inc. (the Company), Adgero Acquisition Corp., a wholly-owned subsidiary of DelMar incorporated in the State of Delaware (Merger Sub), and Adgero Biopharmaceuticals Holdings, Inc., a Delaware corporation (Adgero), entered into an Agreement and Plan of Merger and Reorganization (the Merger Agreement) pursuant to which Merger Sub will merge with and into Adgero, with Adgero surviving the merger and becoming a direct, wholly-owned subsidiary of DelMar (the Merger). Following the Merger, if approved by the stockholders, DelMar will be renamed Kintara Therapeutics, Inc. The Merger is expected to be completed in the third calendar quarter of 2020. At the Effective Time, the Merger Agreement contemplates that the board of directors of the Company will consist of up to seven members, four of whom will be directors designated by the Company, two of whom will be directors nominated by Adgero and approved by DelMar and one of whom will be an independent director mutually agreed to by the companies. Immediately after the Effective Time, Saiid Zarrabian, President and Chief Executive Officer of DelMar, will continue to serve as President and Chief Executive Officer of the combined company, John Liatos, the interim Chief Executive Officer and Chief Financial Officer of Adgero, will be Senior Vice President, Business Development of the combined company, Scott Praill, Chief Financial Officer of DelMar, will continue to serve as Chief Financial Officer of the combined company, Dennis Brown, Chief Scientific Officer of DelMar will continue to serve as Chief Scientific Officer of the combined company, and Steve Rychnovsky, Vice President, Operations and Product Development of Adgero, will be Vice President, Research and Development of the combined company.
Kintara Therapeutics, Inc. is a biopharmaceutical company focused on the development of new solid tumor cancer therapies. The Company's lead program is REM-001 Therapy for cutaneous metastatic breast cancer (CMBC). REM-001, is a late-stage photodynamic therapy (PDT). PDT is a treatment that uses light sensitive compounds, or photosensitizers, that, when exposed to specific wavelengths of light, act as a catalyst to produce a form of reactive oxygen that induces local tumor cell death. It has a proprietary, late-stage photodynamic therapy platform. REM-001 Therapy consists of the laser light source, the light delivery device, and the REM-001 drug product. Its product candidate, VAL-083, is a DNA-targeting agent intended to treat drug-resistant solid tumors, such as glioblastoma (GBM) and potentially other smaller tumors, from the Glioblastoma Adaptive Global Innovative Learning Environment (GBM AGILE) study. VAL-083 is also used for various other indications.