This week’s deals are headlined by Æterna Zentaris’ $15 million placement (on the back of positive regulatory news over the last couple of weeks). Æterna Zentaris’ is joined by a passel of other private placements, but not much else. As a bonus for a slow deal week, though, we’ll throw in a name change and a Parkinsons research funding win!
Æterna Zentaris Inc. announces US$15M private placement
Æterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ) received commitments from institutional investors to purchase US$15M of securities in a registered direct offering. Under the agreement, Æterna will sell an aggregate of 11.1 million common shares at a price of US$1.35 per share plus warrants to acquire approximately 4.4 million common shares at US$1.50 per share. Rodman & Renshaw, LLC a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) acted as exclusive placement agent.
Æterna also requested and received Scientific Advice from the European Medicines Agency to assure acceptability of the recently initiated Phase 3 programs for the development of its lead anticancer compound, perifosine, in its two lead indications, multiple myeloma and refractory advanced colorectal cancer. Previously, agreement was reached with the U.S. FDA for the studies, sponsored by Æterna’s perifosine licensee in North America, Keryx Biopharmaceuticals Inc. (NASDAQ: KERX). Æterna’s CEO stated he believes the planned North American program will be sufficient to support an application for marketing authorization in Europe and the rest of the world.
CardioComm Solutions, Inc. (TSXV: EKG) closed its private placement equity financing (covered here) issuing 10,000,000 units at a price of $0.06 per unit for gross proceeds of $500,000. Each unit consisted of one common share and one (2-year, $0.10) warrant. MD Primer Inc., which is controlled by CardioComm CEO Dr. Anatoly Langer, was the subscriber under the financing. CardioComm also settled $81,250 of outstanding debt, the result of accrued management fees, in exchange for issuing common shares. Dr. Langer received 375,000 shares representing $18,750 in debt, bringing his holdings up to 18.2% directly and a total of 50.7% including indirect holdings.
ALDA Pharmaceuticals Corp. (TSXV: APH) launched a private placement of up to 2.5 million units at $0.20 per unit, each unit consisting of one common share and one (2-year $0.30) warrant, all for gross proceeds of up to $500,000. Subscribers for over 25% of the offering will include insiders of ALDA.
Stem Cell Therapeutics Corp. (TSXV: SSS) received approval from the TSXV to extend the expiry of the $0.50 warrants issued November 9, 2007 from May 9, 2010 to June 30, 2010.
Ondine Biopharma Corporation (TSX: OBP) (AIM: OBP) issued 947,688 common shares at a price of $0.12 per share to an arm’s length party as settlement of past advisory services. Application has been made for the shares to trade on AIM, which is expected to commence April 16, 2010.
Cannasat now Cynapsus Therapeutics Inc., Same Trading Symbol
Cannasat Therapeutics Inc. (TSXV: CTH), led by Anthony Giovinazzo since last November, and recently much lauded, received shareholder approval at its AGM to change its name to Cynapsus Therapeutics Inc., which Giovinazzo says reflects its “more diversified emphasis on CNS … candidates.” The trading symbol remains unchanged as “CTH”.
National Parkinsons Foundation awards nearly $1M in research money
The National Parkinson Foundation awarded nearly $1 million to four investigators pursuing clinical research projects in 2010 in two key areas: early signs of cognitive change and comparative effectiveness to advance the field of public policy. The awards include a Canadian project at Toronto Western Research Institute for imaging research examining early brain changes.
Thanks again to Jacob Cawker for help with this week’s Deal Review!