The Cross-Border Biotech Blog

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

Monday Biotech Deal Review: June 25, 2012

Welcome to your Monday Biotech Deal Review for June 25, 2012.  Highlights from the previous week include the closing of the second tranche of Medifocus’ private placement for gross proceeds of $3.3 million.  Read on to learn more.

Investments

Biotonix (2010) Inc. (TSXV: BTX) announced the filing of a preliminary prospectus for a new issue  of units of the Company at a price of $0.30 per unit for a minimum of $1,500,00 and a maximum of $2,500,000 in the province of Quebec.  Each unit is comprised of one common share and one half of one common share purchase warrant.  Each warrant entitles its holder to purchase one consolidated share of  the Company at a price of $0.60 per share for a period of 24 months from the closing date of the Offering.  The offering will be conducted on a “best effort” agency basis through Industrial Alliance Securities Inc.  The offering is made in connection with the reverse takeover of the Company by 9130-4519 Quebec Inc. and is conditional upon closing of such transaction.

SQI Diagnostics Inc. (TSXV: SQD) has announced additional gross proceeds of CDN $480,000 from the previously announced third tranche of a non-brokered private placement through the issuance of 274,600 units, priced at $1.75 per unit.  The aggregate gross proceeds of the private place is $6.139 million through the issuance of a total of 3,508,171 units.  Each unit consts of one common share and one common share purchase warrant.  Each common share purchase warrant entitles the holder to purchase one common share at a price of $2.50 for a period of two years from the date of issuance.  After the effect of the private placement, the Company would have 43,296,935 shares outstanding.  Kingsdale Capital Markets Inc. obtained a total cash finder’s fee of $368,358 and were issued 210,491 compensation warrants entitling them to acquire 210,491 units at a price of $1.75 per unit, expiring 24 months are the closing.

Medifocus Inc. (TSXV: MFS) announced the completion of the second tranche of its previously announced private placement.  As part of the second tranche, the Company issued 22,200,000 units at a price of $0.15 per unit for gross proceeds of $3,330,000.  Each unit is comprised of one common share and one Series B common share purchase warrant.  Each warrant entitles the holder to purchase one additional common share at a price of $0.20 for a period of 24 months following the completion of the offering. 13,333,333 warrants were issued to Integrated Asset Management (ASIA)  Ltd. (Integrated) and may not be exercised until shareholders approve the creation of Integrated as a new Control Person, since upon exercise of the warrants, Integrated would more than 20% of the issued and outstanding shares of the Company.

Licensing and other Commercial Agreements

biOasis (TSXV: BTI) has announced an agreement with Abbott to evaluate biOasis’s Transcend technology.  As consideration for the agreement, undertaking certain activities and funding a number of experiments, Abbott has been granted certain options to obtain a license to biOasis Transcend technology under mutually agreeable terms.

Oncolytics Biotech Inc. (TSX: ONC) has entered into an agreement whereby the NCIC Clinical Trials Group at Queen’s University in Kingston, Ontario will sponsor and conduct a randomized Phase II Study of REOLYSIN® in patients with advanced or metastatic breast cancer.  The study will be an open-label, randomized, non-blinding Phase II clinical study of REOLYSIN given in combination with paclitaxel versus paclitaxel alone.

Special thanks to Jennifer Ng for help with this week’s Monday Biotech Deal Review!

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