The Cross-Border Biotech Blog

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

Monday Biotech Deal Review: November 30, 2009

It was a fairly quiet week last week, but you still have options (har) after the jump, as well as an equity line, a debt settlement, a rights offering, licenses, and deals closing in a reasonably timely manner.

Securities

Sonomax Hearing Healthcare Inc. (TSXV: SHH) announced a grant/replacement of options this week, granting 8,644,375 options all together to nine directors and officers plus an aggregate of 5,098,750 options to 20 employees and consultants, including one investor-relations consultant.  The exercise price is $0.10 per share, with the options vesting in three equal tranches at 6, 12 and 18 months post-grant, and expiring after five years.

Labopharm Inc. (TSX: DDS; NASDAQ: DDSS), which appears to still be waiting for FDA action on its once-daily trazodone formulation, is buying time with a $25 million equity line from a Yorkville Advisory.  Draw down amounts are limited to $2 million each.

CardioComm Solutions, Inc. (TSXV: EKG) settled an aggregate of $162,500 of outstanding debt in exchange for the issuance of common shares. The debt represents accrued management fees for the second and third quarters of 2009, pursuant to management agreements approved by the TSX Venture Exchange in 2008.

WEX Pharmaceuticals Inc. (TSX: WXI) launched a rights offering (Canada only) giving holders one right for each restricted voting share (to purchase 1.5 restricted voting shares of the Company at $0.13).  If all the rights were exercised, WEX would issue 265,483,177 restricted voting shares for gross proceeds of about $34.5 million.  The preliminary short form prospectus is up on SEDAR.

Licensing

Immunovaccine Inc. (TSXV: IMV) signed an exclusive, worldwide license agreement with Pfizer Animal Health for Immunovaccine’s patented vaccine delivery technology; but no financial terms were disclosed.

Closings — Always a Good Thing

Medicago Inc. (TSXV: MDG) closed their $10 million bought deal, with underwriters Paradigm Capital, Bloom Burton & Co. and Dundee Securities exercising the full over-allotment option. Gross proceeds were $11,592,000.

Oncolytics Biotech Inc. (TSX: ONC) (NASDAQ: ONCY) closed its $12.75 million offeringOppenheimer & Co. Inc. was the sole book-running manager; and Canaccord Capital and Bloom Burton & Co. were Canadian co-managers.

The TSX approved Advitech, Inc. (TSXV: AVI)’s share consolidation and release from escrow of its merger with Botaneco.

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2 responses to “Monday Biotech Deal Review: November 30, 2009

  1. Pingback: Monday Biotech Deal Review: December 14, 2009 « The Cross-Border Biotech Blog

  2. Pingback: Monday Biotech Deal Review: February 1, 2010 « The Cross-Border Biotech Blog

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