The Cross-Border Biotech Blog

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

Monday Biotech Deal Review: April 23, 2012

Welcome to your Monday Biotech Deal Review for April 23, 2012.  Deals from the past week were slow, but included a $10M brokered private placement by Allon Therapeutics and the completion of Warnex’ new credit facility.  Read on to learn more. 

Investment

Allon Therapeutics Inc. (TSX: NPC) has announced a $10 million brokered private placement of 40,000,000 ($0.25) units, each comprised of one common share and a common share half-warrant, each whole warrant exercisable for five years at $0.40. Proceeds will be used for the completion of Allon’s ongoing pivotal clinical trial, testing lead product candidate davunetide as a potential treatment for progressive supranuclear palsy and general corporate purposes.

RepliCel Life Sciences Inc. (OTC: REPCF) has closed the previously announced US$754,001 private placement 502,667 (US$1.50) units (covered here), each comprised of one common share and a (2-year, US$2.50) warrant. Proceeds will be used for general working capital requirements.

Licensing and Other Commercial Developments

VistaGen Therapeutics, Inc. (OTC: VSTA) has licensed stem cell culture technology from the McEwen Centre for Regenerative Medicine located at the University Health Network in Toronto. VistaGen will utilize the technology to develop hematopoietic precursor stem cells from human pluripotent stem cells, with the goal of developing drug screening and cell therapy applications for human blood system disorders.

Debt Finance

Warnex Inc. (TSX: WNX) has completed a new credit facility with Accord Financial Inc. pursuant to which Warnex is to be extended credit on the basis of its outstanding accounts receivable, which was sufficient to allow it to repay the $975,947 in principal amount of debentures held by Persistence Capital Partners LP. Warnex will be delisted from TSX at the close of market on April 23, 2012, and will start trading on the TSXV.

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

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