Welcome to your Monday Biotech Deal Review for January 28, 2013! The past week was relatively quiet, but highlights include Sernova’s $2 million private placement and Helix’s closing of their $8.5 million sale of the Rivex division. Click below to get the whole week’s stories!
M & Eh
Helix BioPharma Corp. (TSX: HBP) announced the completion of the previously announced sale of its Rivex Pharma division to Pharmascience Inc. for gross cash proceeds of $8.5 million, subject to adjustment (the “Rivex Transaction”). The Rivex Transaction was approved by 100% of the votes cast by shareholders present in person or by proxy at Helix’s annual general and special meeting held on January 24, 2013.
Investment
Innovotech Inc. (TSXV: IOT) has requested and received approval from the TSX Venture Exchange to extend its previously announced private placement until February 4, 2013. The funds will support the introduction of InnovoSIL™, its novel antimicrobial technology to address hospital-acquired infections (HAI). The company has Material Transfer Agreements in place with three companies that have expressed interest in the compound. The offering, subject to regulatory approval, is comprised of up to 1,666,667 units at a price of $0.30 per unit for gross proceeds of up to $500,000 by way of a private placement. Each unit is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.40 per common share for a period of three years following the date of closing.
Sernova Corp. (TSXV: SVA) has arranged a non-brokered private placement in the amount of CDN$2.0M. The offering will consist of 10.0M units each sold at price of $0.20 per unit. Each unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder thereof to purchase one common share of the company for a period of 36 months from the closing of the offering at a price of $0.35 per warrant share for the first 24 months of the exercise period and at a price of $0.40 per warrant share for the last 12 months of the exercise period.
Commercial and other Agreements
Response Biomedical Corp. (TSX: RBM) has entered into a new nonexclusive distribution agreement with Fisher HealthCare, part of Thermo Fisher Scientific (NYSE: TMO) to distribute its Infectious Disease portfolio of RAMP® products in the U.S. Fisher HealthCare is a global distributor of innovative diagnostic technologies and laboratory products to hospitals, physician office laboratories and alternate healthcare settings. This is the second agreement entered into between Response’s newly formed, wholly owned U.S. subsidiary, Response Point of Care Inc., and a U.S. distributor in January 2013. Fisher will market Response’s Infectious Disease Point of Care (POC) test panel, which currently includes the RAMP® Flu A + B test and the RAMP® RSV test, on the RAMP® 200.
Pyng Medical Corp. (TSXV: PYT) has completed a manufacturing transfer of its highest volume product, FAST1, to Donatelle Plastics, Inc. Pyng has also begun to forge a technology partnership with Donatelle, with the goal of improving the efficiency of current products and bringing new products to market in the future.
Microbix Biosystems Inc. (TSX: MBX) has announced that the United States Patent and Trademark Office (USPTO) has again upheld all key claims of Microbix’ U.S. LumiSort patent following a second competitive challenge. The USPTO plans to issue an Ex Parte Reexamination Certificate confirming the patentability of the claims of U.S. Patent 8,004,661, Microbix’ first-issued patent for LumiSort technology. Sexing Technologies, the dominant incumbent in livestock sperm sexing, has twice challenged the patentability of the claims, and the USPTO has again rejected their challenge.
