Monday Biotech Deal Review: January 24, 2010

Welcome to your Monday Biotech Deal Review for January 24, 2010.  Despite a slow financing week, there were a few operational announcements as well as awards granted to Canadian biotech companies by the NIH and the UK’s Medical Research Council.  Read on to learn more. 

Securities and Investment

EnWave Corporation (TSXV: ENW) (FRA: E4U) received $2,236,110 resulting from the exercise by warrantholders of all the 1,944,444 warrants issued under a private placement announced December 17, 2009.  The total number of common shares issued and outstanding of the Company is now 61,900,822.

Kane Biotech Inc. (TSXV: KNE) granted an aggregate of 1,850,000 stock options to three research employees and two senior officers of the Company.  The options vest over three years in three equal instalments.  The exercise prices of each instalment will be $0.14, $0.16 and $0.25 per common share.  The options will expire five years from the date of grant.

Oncolytics Biotech Inc. (TSX: ONC) (NASDAQ: ONCY) has received sponsorship under a Clinical Trials Agreement from the Cancer Therapy Evaluation Program, which is part of the National Institutes of Health, to conduct a 2-Arm randomized Phase II study involving Oncolytics’ REOLYSIN with patients with metastatic pancreatic cancer.

Ondine Biomedical Inc. (TSX: OBP) (AIM: OBP), together with certain collaborating University College London professors, have been awarded £1 million to develop a light activated antimicrobial application for the prevention of catheter-associated infections by the Medical Research Council.

Bioniche Life Sciences Inc. (TSX: BNC) received confirmation from the Australian Securities Exchange that it will be admitted to the official list of ASX subject to satisfaction of certain conditions. Admission is expected to occur around January 24, 2011 with quotation of the securities to occur around January 27, 2011.  The company’s symbol will be “BNC”.

Health Canada Approvals

Exciton Technologies Inc. received Health Canada approval to market exsalt(TM) SD7 Wound Dressing within Canada, which incorporates silver as an antimicrobial agent.

Labopharm Inc. (TSX: DDS) (NASDAQ: DDSS) received Health Canada approval for the use of OLEPTRO(TM) for the treatment of Major Depressive Disorder in adults.

Other Corporate and Regulatory Announcements

Afexa Life Sciences Inc. (TSX: FXA) has “set the record straight” in respect of its multi-centre pediatric clinical trial involving COLD-FX(R), following recent media interest in Afexa’s newspaper participant recruitment advertisement.  The company has confirmed that Alberta Health Services is the institution conducting the Edmonton portion of the trial, and suggestions that the trial has been halted for ethical or similar reasons are incorrect.

Microbix Biosystems Inc. (TSX: MBX) named management leaders for the Hunan/Microbix Joint Venture for what will be Asia’s largest influenza vaccine production facility. Chris Baron, former GSK and Novartis executive, will be the CEO.

A5 Laboratories Inc. (OTC: AFLB) completed laboratory scale manufacturing of porcine interferon using A5’s proprietary technology.

CCAA-protected Ambrilia Biopharma Inc. (TSX: AMB) provided its bi-weekly Default Status Report under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults.  Since its most recent default announcement on November 10, 2010, there have been no material changes.

Miraculins Inc. (TSXV: MOM) provided an update regarding recent achievements in the development of Miraculin’s preeclampsia biomarkers by Alere Inc. (NYSE: ALR), under the Collaborative Research and Option Agreement between the parties.