The Cross-Border Biotech Blog

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

Monday Biotech Deal Review: January 3, 2011

Happy New Year, and welcome to the first Monday Biotech Deal Review of 2011!  There were only a handful of items to report on from last week, as the holiday season brought the usual corporate slow-down.  Nevertheless, the week saw the completion of a couple of private placements (CardioComm and Ondine Biomedical), along with the expansion of the previously announced Theralase private placement.  Read on to learn more.  

Investment and Securities

CardioComm Solutions, Inc. (TSXV: EKG) closed a previously announced non-brokered private placement (covered here), issuing 6,000,000 units at a unit price of $0.05 for gross proceeds of $300,000.  The subscriber was MD Primer Inc., controlled by company Chairman Dr. Anatoly Langer, who has control or direction over approximately 61.7% of the company’s shares, as well as 16,000,000 warrants (click here for the MD Primer Inc. release).

Ondine Biomedical Inc. (TSX: OBP) (AIM: OBP) completed a non-brokered private placement of 1,027,000 units to accredited investors at $0.65 per unit for gross proceeds of $670,000.  Each unit consisted of one common share and one common share purchase warrant, exercisable at $0.75 until June 24, 2012.  Ms. Carolyn Cross, the CEO and Chairman of Ondine, purchased 170,000 units and who, together with her family and the Courthill Foundation, has a beneficial interest in 1,584,741 common shares, representing 16.55% of the company’s share capital.

Theralase Technologies Inc. (TSXV: TLT) has increased the size of its previously announced private placement (covered here) from up to $500,000 to up to $750,000 in exchange for 1,200,000 units (up from 800,000).  Each unit will still consist of one common share and one-half of one non-transferable common share purchase warrant, exercisable at $0.75 for two years from closing.

Labopharm Inc. (TSX: DDS) (NASDAQ: DDSS) received notice on December 29, 2010 from the Listings Qualifications Department of the Nasdaq that the closing bid price of the company’s common shares was below the minimum requirement of US$1.00 per share for 30 consecutive business days. Labopharm has 180 calendar days to regain compliance with the minimum closing bid price requirement, which it can do if, during the compliance period, the closing bid price of its common shares is US$1.00 or higher for a minimum of ten consecutive business days.


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One response to “Monday Biotech Deal Review: January 3, 2011

  1. Pingback: Monday Biotech Deal Review: January 10, 2011 « The Cross-Border Biotech Blog

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