Here Is What's Driving The Rally In DelMar Pharmaceuticals

Shares of nano-cap biopharma DelMar Pharmaceuticals Inc DMPI are trading sharply higher on over 40 times average volume.

DelMar, which focuses on developing novel cancer therapies, said it has enrolled the first patient in the adjuvant trial arm of the Phase 2 study that is evaluating its VAL-083 in MGMT-unmethylated glioblastoma multiforme. GBM is an aggressive cancer that forms in the brain.

The company said the recently-approved arm of the study will enroll up to 24 newly-diagnosed patients who have undergone surgery and chemoradiation with temozolomide, who will start receiving VAL-083 as an adjuvant therapy.

"Better therapies are greatly needed for both newly-diagnosed and recurrent glioblastoma, and VAL-083 has so far shown a favorable safety profile and provided early, but encouraging, results from the trial that is currently underway," said Barbara O'Brien, Principal Investigator of the study.

DelMar also said it's concurrently conducting a Phase 2 clinical study of VAL-083 as first line treatment for GBM in combination with radiotherapy in China.

Shares of DelMark were trading higher by 35% to $1.67.

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