The Cross-Border Biotech Blog

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

Monday Deal Review: May 4, 2009

bignickel1Canadian deal and company news this week:

Big drama at Patheon’s AGM, a public offering (!), some collaboration news and a completed private placement.

Oncolytics’ public offering:

Following an acquisition and some good news last month, Oncolytics Biotech Inc. (TSX: ONC, NASDAQ: ONCY) engaged Bolder Investment Partners for a public offering of up to three million units (one common share plus one 36-month $2.40 warrant) at $2.00 per unit, for gross proceeds of up to $6.0 million.  Bolder will be granted an over-allotment option to purchase up to an additional 450,000 units, exercisable on the business day prior to the closing date of the offering.  Oncolytics will file a prospectus supplement to its June 16, 2008 base shelf prospectus in British Columbia, Alberta, Manitoba and Ontario.  Not for distribution in the U.S.


Patheon’s Annual Meeting was held this week, in the midst of the continuing JLL-Patheon take-over bid saga.  Ordinarily, JLL nominates 3 of the 9 directors, but JLL appears not to have stopped there this year.  Two of Patheon’s nominees were not elected:  Wesley P. Wheeler and Joaquín B. Viso.  Wheeler is the CEO, and Viso is Patheon’s largest shareholder who sided with management in Patheon’s latest circular.  Instead, two nominees “nominated at the meeting” were installed: Roy T. Graydon and G. Wesley Voorheis.  Score 2 more directors for JLL, presumably, now a total of 5 out of 9.  All meeting-related docs can be found here on SEDAR.

Amorfix Private Placement:

Amorfix Life Sciences Ltd. (TSX: AMF) closed a non-brokered private placement, pursuant to which a total of 5,146,300 units (common share plus ½ of a 24-month $1.00 warrant with a $1.20 trigger) were issued at a price of $0.65 per unit for gross proceeds of $3,345,095.  The size of the offering was increased from the amount previously announced to accommodate over-subscriptions.  Amorfix paid finders fees of $226,460 in cash plus 348,400 finder warrants (24-month $0.68 warrants with the same $1.20 trigger).

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3 responses to “Monday Deal Review: May 4, 2009

  1. Pingback: Monday Deal Review: May 11, 2009 « The Cross-Border Biotech Blog

  2. Pingback: Monday Deal Review: May 18, 2009 « The Cross-Border Biotech Blog

  3. Pingback: Monday Deal Review: June 22, 2009 « The Cross-Border Biotech Blog

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