The Cross-Border Biotech Blog

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

Monday Deal Review: February 9, 2009

Vasogen Inc. (NASDAQ:VSGN; TSX:VAS) sold a patent application for US$400,000, but reserved rights for any potential use as it relates to its Celacade System.

Medworxx Solutions Inc.(TSXV: MWX) is placing, subject to regulatory approval, $400,000 principal amount of 14% convertible debentures maturing February 2011. The debentures are convertible at the option of the holder into units of Medworxx at a conversion price of $0.10 per unit, each unit consisting of one common share and one-half of one warrant, each full warrant entitling the holder to purchase one common share at a price of $0.12 prior to the maturity date. Finders fees in the amount of 7.5% of the principal amount raised will be paid to arm’s length third parties.

MedMira Inc., (TSX-V: MIR, NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and solutions placed US$250,000 of equity to Morningside Venture (IV) Investments Limited, part of Morningside Asia, a Hong Kong-based institutional private equity and venture capital group.  Under the terms of this private placement Morningside acquired 6,119,500 equity units at $0.05 per unit. Each equity unit consists of one common share and one common share purchase warrant. Each warrant entitles Morningside to purchase one common share of MedMira at $0.10 per share for five years.  Morningside now owns 14.86% of common shares of MedMira, a four year secured convertible debenture a share purchase warrant, exercisable for 4,333,333 common shares of MedMira at a price of $0.15 per common share until August 28, 2010. If Morningside were to convert the debenture and the warrant, it would own, together with the 16,952,833 common shares currently owned, 31,738,999 common shares or 24.62% of the total issued and outstanding capital of MedMira.

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3 responses to “Monday Deal Review: February 9, 2009

  1. Pingback: Monday Deal Review: February 23, 2009 « The Cross-Border Biotech Blog

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

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

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