The Cross-Border Biotech Blog

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

Monday Biotech Deal Review: May 14, 2012

Welcome to your Monday Biotech Deal Review for May 14, 2012.  Highlights from the previous week include the $5 million private placement announced by Lorus Therapeutics and other equity financing announcements, but otherwise the week has generally been a slow one.  Read on to learn more. 

Investments

Lorus Therapeutics Inc. (TSX: LOR) intends to complete a $5,000,000 private placement of 15,625,000 ($0.32) units, each comprised of one common share and a (2-year, $0.45) warrant with a 20-day, $0.90 trigger. PowerOne Capital Markets Limited will receive a finder’s fee of 6% of the gross proceeds and (2-year, $0.32) finder’s warrants equal to 6% of the units sold to the finder’s subscribers, comprised of one common share and a (2-year, $0.45) warrant. Proceeds will be used to for R&D and for general and administrative purposes.

Amorfix Life Sciences Ltd. (TSX: AMF) announced a $1,000,000 non-brokered private placement of 2,500,000 ($0.40) units, each comprised of one common share and a half (2-year, $0.80) warrant with a 20-day, $1.00 trigger. Amorfix may pay finder fees of up to 8% of the gross proceeds and issue finder warrants, having the same terms as the warrants, to acquire shares equal to up to 8% of the units sold. Proceeds will be used for R&D and for general corporate purposes.

Calyx Bio-Ventures Inc. (TSXV: CYX) has entered into an agreement with Canaccord Genuity Corp. to place 6,000,000 ($0.25) units for proceeds of $1,500,000. Each unit will comprise one common share and a (2-year, $0.40) warrant. Calyx will also conduct a $500,000 non-brokered private placement under similar terms. Proceeds will be used for general working capital purposes. Calyx has also cancelled its previously announced $3,500,000 private placement.

Other Commercial Developments

ProMetic Life Sciences Inc. (TSX: PLI) has signed agreements for the co-development and co-exclusive worldwide commercialization (excluding China), of a plasma-derived biopharmaceutical product targeting a rare medical condition. The deal includes the granting of manufacturing rights by ProMetic to HBI of plasma-derived biopharmaceuticals using ProMetic’s proprietary PPPS™ with both parties sharing profits equally. The $10 million from HBI will fund the development program up to regulatory approval. HBI will have rights to ProMetic’s proprietary PPPS™ as well as training and technical support to manufacture plasma-derived biopharmaceuticals in a Taiwanese facility to be built and operated by HBI. Prometic will manufacture the drug in its Laval facility and by HBI in its planned facility in Taiwan.

Immunovaccine Inc. (TSXV: IMV) has entered into a research collaboration with an animal health company to develop next generation companion animal vaccines. Immunovaccine will combine multiple vaccine candidates provided by its research partner with the company’s proprietary DepoVax adjuvanting vaccine technology. The resulting vaccine products, which are expected to deliver long-lasting, single-dose protection against several of the most common infectious diseases effecting dogs and cats, will then be advanced through veterinary studies in several indications by Immunovaccine’s research partner.

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

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