April 20, 2015

Monday Deal Review - April 20, 2015


Welcome to your Monday Biotech Deal Review for April 20th, 2015!

There was considerable activity last week in the sector.

For details on the major stories, as well as the rest of the week’s news, continue reading the Monday Deal Review!


LABORIE Medical Technologies (“LABORIE”) has completed its acquisition of Medical Measurement Systems (“MMS”).  MMS is headquartered in Enschede, The Netherlands, with a German subsidiary in Bottrop and US operations in Dover, New Hampshire.  MMS is a global market leader in Gastrointestinal Diagnostics and Urodynamics.


Concordia Healthcare Corp. (“Concordia” or the “Company”) (TSX: CXR)(OTCQX:CHEHF) announced the upsizing and pricing of its previously announced offering of its 7.00% Senior Notes due 2023 (the “Notes”).  The principal amount of the Notes has been increased from US$610,000,000 to US$735,000,000 and the Notes were priced at an issue price of 100.00% of their face amount to yield 7.00%.

ProMetic Life Sciences Inc. (TSX:PLI) (OTCQX: PFSCF), (“ProMetic” or the “Corporation”) announced that it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. (the “Underwriters”) under which the Underwriters have agreed to buy, on a bought deal basis, 19,250,000 common shares (the “Common Shares”) in the capital of the Corporation at a price of $2.60 per share for gross proceeds of $50 million (the “Offering”).

Radient Technologies Inc. (“Radient”) (TSX-V:RTI) announces a non-brokered private placement of up to 15,000,000 units (the “Units”) of the Corporation at a price of $0.10 per Unit for aggregate proceeds of up to $1,500,000 (the “Offering”) and the completion of the first tranche of the Offering. Each Unit shall be comprised of one common share of the Corporation (a “Common Share”) and one half Common Share purchase warrant (each whole warrant, a “Warrant”), with each whole Warrant entitling the holder to subscribe for one additional Common Share at a price of $0.50 per Common Share until the date that is 42 months from the date of issuance.  The Offering will be closed in multiple tranches.

Annidis Corporation (TSX-V: RHA) (“Annidis” or the “Corporation”) is pleased to announce that it has completed the private placement of a $500,000 unsecured promissory note (the “Note”) with an insider of the Corporation, Yimai Technology International Corporation Limited.

M Pharmaceutical Inc. ( the “Company”) (CSE:MQ) clarified the timing of its previously announced consolidation (the “Consolidation”) of its issued and outstanding common shares (“Common Shares”) on the basis of ten old Common Shares for one new Common Share. The proposed Consolidation was approved by shareholders at a special meeting of the Company held on October 10, 2014 and is subject to the approval of the Canadian Securities Exchange (“CSE”). Following the Consolidation, the Company will have approximately 14,273,343 Common Shares outstanding. The Consolidation is intended to better position the Company for institutional investors seeking growth opportunities in the life sciences industry which the Company believes will be the main driver of shareholder value over the next two to three years.


Response Biomedical Corp. (“Response” or “the Company”) (TSX:RBM)(OTCQB:RPBIF) announced that it has earned the third milestone of US$360,000 in the Collaboration Agreement with Hangzhou Joinstar Biomedical Technology Co. Ltd. (“Joinstar”). The milestone was earned upon the delivery of certain components for the high throughput rapid immunoassay analyzer developed by Joinstar. The companies have entered into definitive Collaboration and Supply Agreements whereby Response and Joinstar will co-develop components and assays for the new analyzer and Response will provide certain materials to Joinstar required for Joinstar to manufacture and sell these assays specifically to run on their new analyzer.

Calyx Bio-Ventures Inc. (TSX-V: CYX) (“Calyx” or “the Company”) is pleased to announce that Agrisoma Biosciences Inc. (“Agrisoma”) has repurchased from Calyx all of the shares of Agrisoma which were owned by Calyx for C$300,236.50 (the “Transaction”). Calyx’s investment in Agrisoma had represented approximately 22.82% of the total number of Agrisoma shares outstanding. The consideration was paid in full upon closing.

Pivotal Therapeutics Inc. (CSE: PVO) (OTCQX:PVTTF), (“Pivotal” or the “Company”), a specialty pharmaceutical company with a focus on Omega-3 therapies for cardiovascular disease and overall health, announced that it has entered into a Memorandum of Understanding with Korea Animal Medical Science Institute (KAMSI) and its newly created affiliate for the exclusive sales and distribution of the BeneFishial™ family of products.


TVM Life Science Ventures VII announced the fund’s seventh investment, a co-investment with the Fonds de solidarité FTQ (the “Fonds”) – establishing Esperas Pharma Inc., a company based in Montréal, Québec. Esperas Pharma Inc. plans to develop, to proof-of-concept, a compound originally discovered through one of Eli Lilly and Company’s (Lilly) research and development programs, with the potential to treat certain types of cancers including triple negative breast cancer.

Tribute Pharmaceuticals Canada Inc. (TSX-V:TRX) (OTCQB:TBUFF) (“Tribute” or the “Company”), a specialty pharmaceutical company with a primary focus on the acquisition, licensing, development and promotion of healthcare products in Canada and the U.S., announced, effective April 20, 2015, the Company will be added to the S&P/TSX Venture Select Index.

Critical Outcome Technologies Inc. (“COTI” or the “Company”) (TSX VENTURE: COT) (OTCQB: COTQF) announced that it has been granted a U.S. patent for the Company’s novel HIV integrase inhibitor compounds.

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