DelMar Pharmaceuticals Inc. (NASDAQ: DMPI) announced on Wednesday that the company has received a new patent its First-In-Class DNA-targeting agent, VAL-083, causing shares to skyrocket over 85 percent midday Wednesday.
DelMar is primarily focused on the development and commercialization of new therapies for cancer patients who have limited or no treatment options. The company focuses on tumor biology and mechanisms of treatment resistance to create new and effective therapies.
The pharma company’s current pipeline is based around VAL-083. It is a first-in-class small molecule chemotherapeutic. It has demonstrated in clinical trials that it can alleviate against range of cancers, such as to the nervous system, ovarian, lung, brain and others. The company is still in the process of testing VAL-083 and in the works of developing and commercializing the product.
VAL-083 has been tested in Phase 1 and Phase 2 currently, but VAL-083 is approved as a cancer chemotherapeutic in China to treat chronic myelogenous leukemia and lung cancer.
With the new patent, it will bolster the company’s control over the VAL-083 manufacturing process and other aspects. DelMar is establishing broad new intellectual property protection around VAL-083, a first-in-class DNA targeting agent that demonstrated clinical activity against a range of tumor-types in prior clinical trials sponsored by the U. S. National Cancer Institute (NCI).
The patent provides protection for the company until 2033.