The Cross-Border Biotech Blog

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

Monday Biotech Deal Review: January 18, 2010

Another strong week for Canadian deals. Light on securities, but heavy on M&A, licensing and partnerships.  MedGenesis and Cyplasin brought assets in, Canada and Australia are doing a do-sa-do (Topigen-Pharmaxis, YM-Cytopia), and Trillium Therapeutics signed an out-license to Biogen, while Medicure is shopping its lead program around.  Less good news for Haemacure and Forbes Medi-Tech, but plenty of other deal info, including 7 HTX investments, to be found

Licensing, M&A and Commercial deals

Collaborations with Academia

The Health Technology Exchange invested over $1.7 million in seven emerging medical technology companies, bringing the program’s total investment since 2006 to over $4 million.  HTX’s Business Investment Program is funded by the Ontario Ministry of Research and Innovation, through HTX and the Ontario Centres of Excellence Inc., and NRC-IRAP. Funding supports business driven R&D undertaken by a team from a recognized Ontario research institution in collaboration with a partnering company.  The recipients are:

  • Colibri Technologies, which is developing 3D imaging catheters in collaboration with Sunnybrook;
  • Sentinelle Medical‘s hardware and software work in the field of prostate imaging, also with Sunnybrook;
  • DVS Sciences, which is developing a novel high-throughput instrument to detect multiple biomarkers in individual cells in collaboration with the Department of Chemistry at U of T;
  • NexJ Systems‘ Bluetooth and BlackBerry-based remote patient monitoring system, which is being developed in collaboration with the UHN’s Centre for Global eHealth Innovation and with York University;
  • eSight, which is developing a head-worn assistive vision device that consists of a high-resolution video camera and two “micro-displays”, in collaboration with the Vision Research Program of the Ottawa Hospital Research Institute;
  • Certo Labs‘ automated sample preparation system, which is being developed in collaboration with the Department of Kinesiology at the University of Waterloo and with the Toronto-based engineering company, Kangaroo Design and Innovation Inc.; and
  • WordQ is writing software that helps predict words for individuals with disabilities, and is working together with Bloorview Kids Rehab.

 YM BioSciences Inc. (TSX: YM) announced the successful conclusion of a proof-of-principle experiment arising out of collaborative research with the University of Toronto regarding the development of radionucleotide-conjugated antibodies for treating cancer, a dual-targeting strategy that they hope will reduce side effects.  No details of the financial aspects of the collaboration were reported. 

Forbes Medi-Tech to appeal NASDAQ ruling

Forbes Medi-Tech Inc. (NASDAQ: FMTI) is planning to try to maintain its NASDAQ listing.  It has provided the NASDAQ with notice that it will appeal the Nasdaq Staff Deficiency determination and regain compliance.  If unsuccessful in its appeal, the company says it will seek to have its securities traded on the OTC Bulletin Board.

Haemacure files under the BIA and Chapter 11

Haemacure Corporation (TSX: HAE) is filing under the Bankruptcy and Insolvency Act in Canada and its U.S. subsidiary is filing under Chapter 11. Haemacure’s secured creditor Angiotech Pharmaceuticals Inc. (NASDAQ: ANPI, TSX: ANP) has agreed to finance Haemacure’s bankruptcy proceedings and operations up to a maximum of US$1 million. In June, Angiotech made a $2.5 million bridge loan to Haemacure and the companies entered into a three-part commercial collaboration in June.  Mr. Marc Paquin, Director of Haemacure and former president of its U.S. subsidiary, announced his resignation from the company.

Thanks again to Jacob Cawker for his help with this week’s deal review!

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4 responses to “Monday Biotech Deal Review: January 18, 2010

  1. biotechera January 19, 2010 at 7:38 am

    Is this deal gonna be settle soon?

  2. Pingback: Monday Biotech Deal Review: July 19, 2010 « The Cross-Border Biotech Blog

  3. Pingback: FedDev Ontario is Feeding $45 million Through NRC-IRAP to Support SMB Innovation « The Cross-Border Biotech Blog

  4. Pingback: FedDev Ontario is Feeding $45 million Through NRC-IRAP to Support SMB Innovation « The RIC Blog

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