DelMar Pharmaceuticals, Inc. (NASDAQ:DMPI) Q1 2019 Earnings Conference Call - Final Transcript
Nov 20, 2018 • 04:30 pm ET
Thank you for joining us this afternoon for DelMar Pharmaceuticals' Business Update Conference Call to discuss the company's financial results for its first quarter of fiscal year 2019. At this time, participants are in a listen-only mode, and this call is being recorded.
(Forward-Looking Cautionary Statements)
Joining me on the call today from DelMar management team are Mr. Saiid Zarrabian, President and Chief Executive Officer; Mr. Scott Praill, Chief Financial Officer; and Dr. Dennis Brown, Founder and Chief Scientific Officer. Also joining us is Greg Johnson, an experienced Clinical Trial Executive, who is serving in a Senior consulting capacity to the company. Following the company's prepared remarks, the call will be opened up for a Q&A session.
It is now my pleasure to turn the call over to Mr. Saiid Zarrabian. Please go ahead.
Good afternoon, and thank you for taking the time to join us on today's teleconference. I'm going to make my prepared remarks brief as the past quarter and the foreseeable future is purely about executing on a highly defined and publicly disclosed development plan for VAL-083, our therapeutic platform asset.
Over the past 12 months, our efforts have been simply focused on running the most streamlined and efficient clinical and corporate operational organization possible, while at the same time exploring opportunities to enhance the composite of the company's value proposition via the announcement of the appointment of Oppenheimer & Company in September to serve as our Strategic Adviser. In this capacity, Oppenheimer & Company is working on behalf of DelMar to identify and evaluate a wide range of strategic opportunities with the specific goal of facilitating shareholder value generation.
In regards to our drug development efforts, our fundamental objective is to continue to rapidly and efficiently advance VAL-083's two Phase II biomarker-driven clinical trials for MGMT-unmethylated GBM at the MD Anderson Cancer Center in Houston, Texas, and at Sun Yat-sen University Cancer Center in Guangzhou, China. In addition, we will explore within reason from a financial and resource perspective VAL-083's potential to treat solid tumors in additional oncology indications.
Turning into our clinical trials with respect to our open-label second line Avastin-naive study being conducted at MD Anderson Cancer Center, I'm pleased to report that during the quarter the trial continue to enroll at a faster pace than originally forecasted. As of October 31st, the trial, which we've labeled MDACC study, has enrolled 44 of the planned total of 48 patients. As you may recall, the rationale for the second line recurrent GBM trial, which was initiated in February of 2017 is based on the fact that approximately two-thirds of newly diagnosed GBM patients are grossly underserved via current therapies as they have tumors with an unmethylated MGMT promoter, which is correlated with high expression of the DNA repair enzyme MGMT.
It has been scientifically established that patients whose tumors exhibit high expression of MGMT have a poor prognosis and significantly shorter progression-free survival and overall survival in comparison to patients with an unmethylated MGMT promoter and