By: Dylan Sikes - AllPennyStocks.com News

Tuesday, February 16, 2016

The iShares NASDAQ Biotechnology Index (ETF) (NASDAQ:IBB) has bounced back sharply in the last two trading sessions. The ETF closed almost 3% higher on Friday. In mid-day trading today, it has gained another 2.2%. The sharp rebound in the biotech focused ETF has come as market sentiment has improved over the weekend. Investors’ sentiment got a boost after the European Central Bank (ECB) President Mario Draghi hinted at further stimulus measures. Sentiment got a further boost after major oil producers agreed to a production freeze, a move that could provide a floor to oil prices. As investors once again move into risk assets, one of the beneficiaries has been the biotechnology sector.

One of the major movers in the biotech sector today is DelMar Pharmaceuticals Inc. (OTCQX:DMPI), which has offices in Vancouver and Menlo Park, California. DMPI is focused on the development and commercialization of new cancer therapies in indications where patients are failing or have become intolerable to modern targeted or biologic treatments. DMPI shares were last trading at $0.809, up 5.06%.

DMPI shares are gaming momentum after the company announced its financial results for the second quarter of 2016. DMPI also provided a corporate update.

DMPI recently announced a collaboration with the University of Texas MD Anderson Center to extend and accelerate the clinical development of its VAL-083 for glioblastoma multiforme (GBM) patients. VAL-083 is DMPI’s lead product candidate. The company said that the MD Anderson Cancer Center will initiate a new Phase II clinical study with VAL-083 at first recurrence/progression prior to Avastin exposure.

DMPI also noted that it has completed enrollment of the Phase II expansion cohort for the GBM study. Recently, the company also presented interim Phase II data at the 2015 Society for Neuro-Oncology Annual Meeting.

Looking ahead, the company expects to report top-line data from the Phase II study with its VAlL-083 in refractory GBM in the first half of 2016. The company also expects to engage the FDA regarding the design of a proposed registration-directed Phase II/III clinical trial for VAL-083 in refractory GBM.

Jeffrey Bacha, Chairman & CEO of DelMar Pharmaceuticals, said that for the first half of 2016, the company will focus on accomplishing several actionable milestones that will position it to expand clinical development around VAL-083 and also serve to maximize shareholder value.

Shares have had a wild three months, dropping by about 50% as the biotech sector as a whole sold off during the recent market volatility. That being said, share price stabilization seems to be occurring recently with the stock holding up at a key support level at around $0.80.

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