The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

Monday Deal Review: February 2, 2009

Canadian deals we found this week:

QLT Inc. (NASDAQ: QLTI; TSX: QLT), announced the final results of its modified “Dutch Auction” tender offer on January 30:

QLT expects to purchase for cancellation 20,000,000 of its common shares at a price of US$2.50 per Share, for a total cost of US$50 million… The purchased Shares represent approximately 26.8% of the Shares outstanding as of January 26, 2009… Shareholders who deposited Shares under the Offer will have approximately 81.8% of their Shares deposited purchased for cancellation, subject to certain limited exceptions. 

Dealer Managers: Goldman, Sachs & Co. and BMO Capital Markets
Information Agent: Georgeson 
Depository: Computershare

 InNexus Biotechnology Inc. (TSX:V – IXS; NASD OTC:BB: IXSBF), announced January 27 that it has completed a second private placement on the same terms and conditions as the private placement that was completed 12 December 2008.  The private placement totaled $2,207,000 of 10% 2-year unsecured convertible debentures, convertible into common shares of InNexus at the rate of one common share for each $0.10 of debt converted. The Debenture will have a term of 2 years.  Net proceeds from the private placement which is approximately $911,000.  The Chairman & CEO, some members of the Board and senior management participated on the same terms in the offering for an aggregate of approximately 19% of the issued Debenture. InNexus paid a $7,000 finders’ fee or 7% of the proceeds was paid to an investment company from the sale of the Debentures to purchasers referred by such finder.

Neovasc Inc. (TSXV: NVC), a new specialty vascular device company, announced January 26 that it has entered into a distribution agreement with LeMaitre Vascular, Inc. (Nasdaq: LMAT) for Neovasc’s biological vascular strip for use in vascular surgery procedures.

Under the terms of the seven-year agreement, LeMaitre Vascular has exclusive rights to market and sell certain sizes of Neovasc’s tissue patch products used for vascular surgery in the United States and Europe.  LeMaitre Vascular has the option to purchase the biologic vascular strip product technology from Neovasc after five years. LeMaitre Vascular’s use of the technology after acquisition would be limited to the manufacture of strips for use in vascular procedures, and Neovasc would retain the rights to all other applications of its biological patch technology.

NTD: is this one of those option deals that are supposed to be everywhere?

iCo Therapeutics Inc. (TSX-V: ICO) announced January 30 that it completed the first tranche of a non-brokered private placement: $582,750 through the issuance of 2,913,750 Units at a subscription price of $0.20 per Unit. Each Unit will consist of one common share and one-half of a ($0.30, 12-month) warrant. Second trance pending.  The Company intends to use the net proceeds of the first and second tranches of the offering to continue funding the development of iCo-007 and working capital, providing sufficient cash through 2009 and completion of our iCo-007 Phase 1 clinical trial. A finder’s fee of 7% will be payable to certain arm’s length third parties with respect to a portion of the private placement.

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4 responses to “Monday Deal Review: February 2, 2009

  1. Pingback: Monday Deal Review: February 16, 2009 « The Cross-Border Biotech Blog

  2. Pingback: Monday Deal Review: March 9, 2009 « The Cross-Border Biotech Blog

  3. JP August 10, 2009 at 1:06 pm

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  4. Pingback: Monday Biotech Deal Review: February 15, 2010 « The Cross-Border Biotech Blog

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