The Cross-Border Biotech Blog

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

Monday Biotech Deal Review: January 16, 2012

Welcome to your Monday Biotech Deal Review for January 16, 2012.   News from last week includes a  $5M raise by MedGenesis Therapeutics to support its therapeutic research for the treatment of Parkinson’s Disease, as well as a $70k private placement by PharmaGap.  Read on to learn more. 

Financing

MedGenesis Therapeutix Inc., has raised $5.0 million to support the phase II clinical development of glial cell derived neurotrophic factor protein in Parkinson’s Disease.

PharmaGap Inc. (TSXV:GAP) has completed a $70,774 private offering of 1,010,777 ($0.07) equity units, each comprised of one common share and one (3-year, $0.10) warrant. Cash finder’s fees of $3,406 will be paid to individuals in connection with this private placement.

Licensing and Other Commercial Developments

Xenon announced a strategic alliance with Genentech, a member of the Roche Group (OTCQX: RHHBY), to discover and develop compounds and companion diagnostics for the potential treatment of pain.  Genentech has obtained an exclusive license to compounds and a non-exclusive license to diagnostics from Xenon for development and commercialization of products. Xenon will receive an undisclosed upfront payment, research funding and is eligible to receive research, development and commercialization milestone payments, of up to $646 million for multiple products and indications.  In addition, Xenon will receive royalties on sales of products resulting from the collaboration. 

Amorfix Life Sciences, has signed a non-binding letter of intent with JSW-Lifesciences GmbH, a contract research organization, to license the Amorfix Aggregated Abeta Assay (A4) pre-clinical Alzheimer’s disease diagnostic test.  The LOI sets out the business and financial terms which the parties have agreed will be part of any formal agreements, including exclusivity of the license to perform the A4 as a service in the area of pre-clinical Alzheimer’s disease studies, transfer of know-how and technology, and supply of key proprietary materials from Amorfix. In return, JSW will commit to minimum annual sales, a royalty on net sales, and defined marketing activities.

Pyng Medical Corp. (TSXV: PYT) announced that its FAST1® Intraosseous Infusion System has been chosen by the Spanish Army through Pyng’s exclusive dealer in Spain, International Emergency Services, as the standard of care for their army combat medics to carry in their medical bags.

Special thanks to Keldeagh Lindsay for help with this week’s Monday Biotech Deal Review!

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