The Cross-Border Biotech Blog

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

Monday Biotech Deal Review: April 30, 2012

Welcome to your Monday Biotech Deal Review for April 30, 2012.  It was a slow week last week, with a couple of private placement closings, a business unit purchase and some commercial activity.  Read on to learn more. 

Investment

biOasis Technologies Inc. (TSXV: BTI) has closed its previously announced $2,484,000 non-brokered private placement of 2,160,000 ($0.15) units (covered here), each comprised of one common share and a (1-year, $1.30) warrant. Finder’s fees of $143,290 were paid in connection with the financing. Proceeds will be used as working capital.

Innovotech Inc. (TSXV: IOT) has announced a $750,000 private placement of 2,343,750 ($0.32) units, each comprised of one common share and a (3-year, $0.40) warrant. Proceeds will be used to support marketing of its veterinary and human test kits and to support efforts to gain regulatory approval of its agricultural industry products.

Critical Outcome Technologies Inc. (TSXV: COT) has completed the final tranche of its previously announced $1,800,000 non-brokered private placement offering with the issuance of 11,250,000 ($0.16) units, each comprised of one common share and one (1.5-year, $0.30) warrant. Finder’s fees of $116,270 and 726,686 compensation (1.5-year, $0.30) warrants were paid in connection with the placement.

M&Eh

Warnex Inc. (TSXV: WNX) has completed the previously announced sale of its Analytical Services division to NEOPHARM LABS Inc. (covered here), whereby Warnex will realize cash proceeds of $300,000, and NEOPHARM will assume certain specific liabilities related to the division. Proceeds will be used to support its working capital requirements and to reduce outstanding debt.

Other Commercial Developments

ProMetic Life Sciences Inc. (TSX: PLI) announced that it has received a $1.9 million follow-on purchase order pursuant to an existing long-term supply agreement entered into with a US based biopharmaceutical company, relating to the supply of a proprietary affinity adsorbent developed and manufactured by ProMetic’s UK subsidiary, with deliveries to be completed during 2012. ProMetic has also announced that its UK subsidiary, ProMetic Biosciences Ltd, has signed an agreement with a European biotechnology manufacturing company, whereby ProMetic will develop an affinity resin biosimilar product and its related manufacturing process. ProMetic will receive initial service revenues of $1.4 million with work commencing immediately.

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

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 130 other followers