We already noted the JLL bid for Patheon this week, and the Patheon Special Committee’s response. It turns out that JLL has been a busy enterprise lately, extending the expiration on a bid for PharmaNet Development Group, Inc. (Nasdaq: PDGI).
MedMira Inc., (TSX-V:MIR, NASDAQ: MMIRF), which has been active on the securities front with a debt settlement and a private placement, announced this week that it is has established a private label partnership with Vitest AG, which plans to market and sell MedMira rapid HIV tests in Africa under the Vitest brand.
Spectral Diagnostics Inc. (TSX: SDI) announced that it has signed a license agreement with Toray Industries, Inc. of Japan, granting Spectral the exclusive development and commercial rights in the U.S. for Toraymyxin™, a therapeutic device for the treatment of sepsis that removes endotoxin from the bloodstream. Under the terms of the agreement, Spectral will seek FDA approval for Toraymyxin™ and intends to commercialize the product together with its Endotoxin Activity Assay (EAA™), the only FDA-cleared diagnostic for the measurement of endotoxin.
The Ontario Genomics Institute, through its Pre-commercialization Business Development Fund program, invested an undisclosed amount in Cytognomix, a London, Ontario-based developer of cytogenetic DNA probes for potential use in diagnostics. Cytognomix is developing single cell DNA probes that are smaller and more densely distributed across chromosomes than probes that are currently commercially available, and can be designed to specifically target and detect chromosomal abnormalities, such as those underlying cancer.
AgeChem subscribed for 50,000,000 units of Advitech Inc. (TSXV: AVI) at a price of $0.02 per unit (common share plus warrants exercisable at $0.05 or $0.10). The closing is pending Advitech shareholder approval, exchange approval, and the coversion of certain of Advitech’s debt to AgeChem into equity.
Last week, the Caisse (de dépôt et placement du Québec) brought in Robert Tessier as its new Chairman. This week, Michael Sabia was appointed as the new CEO.
Resverlogix Corp. (TSX:RVX) announced a USD$20 million private placement, with the possibility of a USD$10 to USD$15 million follow-on round (at 20% under the 5-day VWAP at the time). On closing, Resverlogix will issue units (one common share and 0.40 of a 5-year warrant at $2.72) at a price of CDN $2.72 per Unit. The Company is relying on the financial hardship provision of Section 604(e) of the TSX Company Manual, so a fully subscribed closing cannot occur prior to March 17th, 2009. The offering is highly dilutive — 31% without taking into account exercise of the warrants and 44% assuming full exercise of the warrants. The completion of the offering is subject to the approval of the TSX and all other necessary regulatory approvals. Also, TSX is reviewing Resverlogix’s shares with respect to meeting the continued listing requirements. Reverlogix has been granted 210 days in which to regain compliance with these requirements,pursuant to the Remedial Review Process.
Akela Pharma Inc. (TSX: AKL) and LAB Research Inc. (TSX: LRI) have reached an agreement to settle all outstanding litigation initiated by the Akela against LAB Research in October 2008. LAB Research paid CAD$2 million and issued warrants entitling Akela to subscribe to 500,000 common shares of LAB Research at a price of $0.50 per share, the warrants expiring December 31, 2010.
Helix BioPharma Corp. (TSX: HBP) registered its common shares with the SEC.
TSX has extended its review of the eligibility of the common shares of LMS Medical Systems Inc. (TSX: LMZ) for 30 days.