The Cross-Border Biotech Blog

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

Monday Biotech Deal Review: March 14, 2011

Welcome to your Monday Biotech Deal Review for March 14, 2011.  This week was a fairly slow week for Canadian biotech, but there were nevertheless a couple of interesting announcements.  Pharmagesic acquired over 90% of the restricted voting shares of WEX Pharmaceuticals marking the conclusion of its bid, and Theratechnologies has backed away from its previously announced U.S. IPO due to unacceptable pricing conditions.  Read on to learn more. 

 Investment

Miraculins Inc. (TSXV: MOM) received gross proceeds of $554,000 from the exercise of 5,540,000 warrants through a warrant exercise incentive program (covered here) that commenced February 16, 2011 and ended March 8, 2011, representing 71% of the eligible warrants.  Each warrant is exercisable for one common share and one-half of a common share purchase warrant, each whole purchase warrant being exercisable at $0.18 until December 15, 2011.  The remaining 2,260,000 warrants not tendered for exercise will expire June 17, 2011 unless earlier exercised.

Theratechnologies Inc. (TSX: TH) decided not to pursue its previously announced public offering in Canada and the U.S. (covered here) due to the expected offering price being unacceptable to the Company.

M&Eh

The offer to by Pharmagesic (Holdings) Inc. to acquire all of the issued and outstanding restricted voting shares of WEX Pharmaceuticals Inc. (TSE: WXI) expired on March 10, 2011.  The total number of WEX shares held by Pharmagesic represent approximately 90.12% of the WEX shares outstanding.  Pharmagesic intends to enter a subsequent transaction to acquire the remaining restricted voting shares.

Debt for Shares

CardioComm Solutions, Inc. (TSXV: EKG) closed its debt settlement (covered here) by issuing 1,400,000 common shares in repayment of $70,000 worth of services rendered by four firms. 

Other Corporate Announcements

Opsens Inc. (TSXV: OPS) intends to vigorously defend itself against litigation commenced by ACIST Medical Systems Inc., which seeks money damages as well as an assignment or abandonment of Opsens’ US. Patent Application No. 12/725,951 and International Application No. PCT/CA2010/000396 in addition to ceasing development of the EasyWire device.

Due to growing operations, the board of directors of ProMetic Life Sciences Inc. (TSX: PLI) has decided to split the roles of Chairman and CEO, with Mr. G.F. Kym Anthony accepting the position of Chairman.  Mr. Pierre Laurin continues in his role as CEO.

Stem Cell Therapeutics Corp. (TSXV: SSS) has commenced its Multiple Sclerosis phase II clinical trial, to be executed by the University of Calgary.  Funding will come in part from the Stem Cell Network, based in Ottawa, which funding is limited to providing prolactin for the program, and is not expected to exceed $500,000.

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