The Cross-Border Biotech Blog

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

Monday Biotech Deal Review: June 13, 2011

Welcome to your Monday Biotech Deal Review for June 13, 2011.  Notable stories include the completion of GeneNews’ early warrant exercise program and debenture conversion opportunity, resulting in gross proceeds of nearly $3M to the Company.  As well, Somaxon and Paladin Labs have teamed up for the commercialization of Selinor in Canada, South America and Africa.  Read on to learn more. 

Investment

GeneNews Limited (TSX: GEN) completed its previously announced (covered here) early warrant exercise incentive program and debenture conversion opportunity.  A total of 74% of eligible warrants were exercised resulting in gross proceeds of $2,992,007, and the issuance of each of 12,752,208 common shares, and incentive warrants.  Holders of 25% of eligible convertible debentures participated in the conversion opportunity, resulting in the issuance of 6,397,846 common shares and retirement of 26% of the aggregated convertible debenture and accrued interest obligations.

Licensing, Collaborations and other Commercial Transactions

Somaxon Pharmaceuticals, Inc. (NASDAQ: SOMX) and Paladin Labs Inc. (TSX: PLB) entered into an exclusive collaboration whereby Paladin will commercialize Selinor(R) for the treatment of insomnia in Canada, South America and Africa.  Somaxon will receive an upfront payment of USD$500,000 and Paladin will purchase 2,184,769 shares of Somaxon stock for USD$5M.  Somaxon will also be entitled to sales-based milestone payments of up to USD$128.5M and tiered double-digit percentage of net sales.

Miraculins Inc. (TSXV: MOM) signed a Letter of Intent with Gamma-Dynacare Medical Laboratories to introduce a laboratory processed format of its PreVu Non-Invasive Cholesterol Test technology.  Gamma-Dynacare will be responsible for all costs as well as the development and implementation of an automated system to process the test at a centralized facility.  Miraculins has awarded Gamma-Dynacare the exclusive rights to process all PreVu LP Tests sold in Canada.

Securities

Advitech Inc. (TSXV: AVI) granted 638,500 stock options to an officer, exercisable at $0.10 per common share until June 9, 2016 pursuant to the company’s stock option plan.  The options vest in three instalments on the first, second and third anniversary of the date of grant.

Other Corporate Announcements

Noveko International Inc. (TSX: EKO) obtained N95 certification from the U.S. National Institute for Occupational Safety and Health for the Noveko(TM) RD5-V respirator, which allows its marketing in European Union countries.

Ceapro Inc. (TSXV: CZO) issued cash payments totalling approximately $378,000 to its royalty holders representing full payment of the outstanding obligation at December 31, 2010.

BioExx Specialty Proteins Ltd. (TSX: BXI) commenced commercial food-grade protein operations, comprising daily production and sales of canola protein isolates.

Theratechnologies Inc. (TSX: TH) filed a Marketing Authorization Application with the European Medicines Agency for tesamorelin for the treatment of excess abdominal fat in adult HIB-infected patients with lipodystrophy.

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