Here’s the roundup for today. It’s the Canadian Thanksgiving weekend, but there’s not a turkey in the bunch.
Stem Cell Therapeutics Corp.
) is offering up to $2.5 million of units
(one common share plus one $0.15 one-year warrant) at $0.12 each. $1 million, with a $500,000 over-allotment is being offered by J.F. Mackie & Company Ltd.
, and the Company is placing up to $1 million on a non-brokered basis. Proceeds will be used to facilitate partnership discussions following completion of the NTx-265 stroke trial as well as to initiate a Phase II multiple sclerosis trial.
MDS Divestiture Update
MDS Inc. (TSX: MDS) (NYSE: MDZ) got a boost in its sale of its analytical technologies business, with leading proxy advisory firms (RiskMetrics Group, PROXY Governance Inc., and Glass, Lewis & Co.) recommending shareholder approval of the proposed $650 million sale to Danaher Corporation (NYSE: DHR).
MDS also announced an agreement to sell its Central Labs operation to private investment group Czura Thornton, based in Jersey, Channel Islands for approximately $8 million, with an additional $4 million earn-out. The transaction is expected to close in the fourth quarter of 2009.
Medicago delves into biofuels
Medicago Inc. (TSXV: MDG), a developer of influenza vaccines, appears to be branching out into biofuels. The company announced it was awarded a proof of concept contract by U.S. Army R&D (specifically the Edgewood Chemical Biological Center, Research & Technology Directorate) to investigate affordable production of industrial enzymes in the field of biofuels.
MedMira Branches Out
MedMira Inc. (TSXV: MIR) (NASDAQ: MMIRF) will receive $2 million in an equity investment by private Swiss company Andurja AG. Andurja, which is wholly owned by Mr. Urs Meile, is the controlling shareholder of Vitest AG, MedMira’s strategic partner for business development in Europe and Africa. In return for its $2 million, Andurja gets 40,000,000 equity units (one common share and one 3-year warrant, exercisable for $0.06 in the first year and $0.10 after that).
CML Healthcare Income Fund acquires U.S. Medical Imaging Operations
CML Healthcare Income Fund (TSX: CLC.UN) announced that it is acquiring two medical imaging operations in the U.S. through its operating subsidiary. CML Healthcare Inc., also entered into a joint venture agreement with Upper Chesapeake Health System to operate a medical imaging center in Maryland. These acquisitions come on the heels of newly released Ontario government information showing that with increasing privatization and consolidation of Ontario’s medical laboratory services sector, CML Healthcare Income Fund controls approximately 30% of this $564 million market.
- Further to our previous post, Noveko International Inc. (TSX: EKO) announced the first closing of a best-efforts private placement in the amount of $11.7 million. The option previously granted to the agents has been modified whereby the agents’ option is now exercisable at any time for up to 30 days following the first closing. The second and final closing is expected to occur no later than October 30, 2009.
- The previously announced Biosign Technologies Inc. (CNSX: BIO) non-brokered private placement of up to 5,000,000 units at $0.20 per unit closed on October 9, 2009 for $1 million.
- Sonomax Hearing Healthcare Inc. (TSXV: SHH) completed its previously announced private placement by issuing an aggregate of 24,130,000 shares to investors in Quebec, Ontario, Alberta, British Columbia, and New York at $0.025 per share for proceeds of $603,250.
Thanks again to Jacob Cawker for his help with the Deal Review!