‘424B4’ on 5/29/19
-On May 8, 2019, they effected a one-for-ten reverse stock split
-Unit= 1 share of Series C Convertible Preferred Stock and 125 warrants
– Preferred Stock has a conversion price of $4.00 per share
-Each Warrant will be exercisable for one share of our common stock
@ an exercise price of $4.40 per share
– Broadridge Corporate Issuer Solutions, Inc. will serve as the Subscription and Information Agent for the Rights Offering.
– We are also registering the shares of common stock issuable upon conversion of the Series C Preferred Stock and exercise of the Warrants.
– We are authorized to issue up to 12,000,000 shares of capital stock, including 7,000,000 shares of common stock, and 5,000,000 shares of preferred stock
– As of March 31, 2019, we had 2,610,970 shares of common stock , 278,530 shares of Series A Preferred Stock, 841,113 shares of Series B Preferred Stock, and one share of Special Voting Preferred Stock
– 9,063 shares of common stock issuable upon exchange of Exchangeable Shares of 0959456 B.C. Ltd., a British Columbia corporation
– September 12, 2010, entered into a Patent Assignment Agreement with
Valent Technologies LLC (((The Assignment Agreement)))
-Valent assigned to Del Mar (BC) its rights to patent applications
– Valent loaned Del Mar $250,000 for the purchase of the prototype drug product under the Assignment on February 3, 2011
-Also assigned the prototype drug product related to VAL-083
– Del Mar paid $250 000 to acquire the prototype drug product
– Valent is entitled to receive a future royalty on certain revenues derived from the development and commercialization of VAL-083
– The Assignment has a term of 10 years
-Also subject to earlier termination in the event Del Mar breaches its payment obligations and fails to remedy such breach within 60 days
– . The Valent loan(Valent loaned DMPI $250 000) is unsecured, bears interest at 3% per year, and is payable on demand
-On September 30, 2014, DMPI agreed with Valent to exchange the loan for 278,530 shares of our Series A preferred stock. The Series A preferred stock has an annual 3% dividend.
– One of our officers, Dr. Dennis Brown, is a principal of Valent and as result Valent is a related party to us.
Issuing shares as dividends