- June 30, 2020
A glance at some of the day’s highlights from the Proactive Investors US and Canada newswires
(NYSE American:MLSS) has closed on an underwritten offering of 6,520,000 shares of its stock and warrants to purchase up to an aggregate of 3,260,000 shares of its common stock. Each share of common stock was sold together with a warrant to purchase 0.50 of one share of common stock at a combined price to the public of $2.15. The warrants were immediately exercisable at $2.60 per share of common stock and will expire three years from the date of issuance. The company also granted the underwriter a 45-day option to purchase additional shares and warrants. Maxim Group LLC partially exercised its option to purchase 250,000 shares of common stock and warrants to purchase up to 489,000 shares of common stock for upsized gross proceeds of $14.6 million.
() () outlined on Tuesday plans for a clinical trial this summer to test a inhalation device to treat patients afflicted with coronavirus (COVID-19). The firm hopes the nebuliser – an experimental delivery system, already used during the Wuhan outbreak in China – along with its patent pending interferon alpha2b drug AP-003 will help patients. Interferon beta is already used as an injection to boost the immune response of people with multiple sclerosis (MS). But if the drug is inhaled via a handheld nebuliser, IFNa2b can be delivered directly to the lungs, said the firm.
Ltd () () has submitted its Investigational New Drug (IND) application to the US Food and Drug Administration for its Phase 3 study of potential coronavirus treatment Bucillamine, it said Tuesday. The Toronto-based company believes Bucillamine has the potential, via increasing glutathione activity and other anti-inflammatory activity, to lessen the destructive effects of COVID-19 infection in the lungs. Once approval is received, Toronto-based Revive will begin a randomized, double-blind and placebo-controlled study of Bucillamine on patients with mild to moderate COVID-19 symptoms. The study is currently slated to begin in the third quarter of 2020.
Holdings Inc (NYSEAMERICAN:MTNB) announced Tuesday that it has commenced enrollment and started dosing patients in the ENHANCE-IT study of MAT9001 for the treatment of cardiovascular and metabolic conditions. The company also said it expects to resume dosing patients in the EnACT study imminently, following the recent receipt of necessary governmental and regulatory approvals in Uganda. That study involves MAT2203, an oral formulation of amphotericin B to treat serious invasive fungal infections. Both studies had temporarily paused enrollment in March due to the COVID-19 pandemic.
(), which has developed the Target Selector liquid biopsy test that detects and isolates cancer biomarkers, has won a patent in Canada to further protect its technology. The San Diego-based company said Tuesday that the patent covers methods for enhancing the detection of cells using fluorescent complexes, including circulating tumor cells (CTCs), and from a biological fluid. The issuance of the patent increases Biocept’s total patent awards for use in its molecular diagnostics business to 40. The method covered by the patent expands Biocept’s patent protection for sensitive detection of cancer cells. It combines seamlessly with Biocept’s core technologies using antibodies for CTC enrichment, as well as Biocept’s microchannel intellectual property for the capture, enrichment, and imaging of CTCs from patients with cancer.
Globex Mining Enterprises Inc () (), the mineral property bank, said it had completed the 2,000-kilometer airborne survey at its Francoeur, Arntfield, Lac Fortune Gold Mines property in Beauchastel and Dasserat townships in Quebec, and was so pleased with the data that it flew over other properties. “The initial mag maps are of excellent quality and more than meet our expectations that the detail provided by the survey will allow Globex to trace gold bearing horizons and structures in areas of overburden cover and predict displacement caused by faulting,” the firm said in a brief statement.
Q BioMed Inc () said it expects to book revenues in the current quarter for its cancer pain bone drug Strontium89 despite coronavirus restrictions and is eyeing over $25 million in annual sales for the drug in 2022 based on the potential market size. In a wide-ranging shareholder update on the group’s various programs, CEO Denis Corin said the now commercial pharma group has been building significant value ranging from blockbuster potential drugs to imminent revenue-producing opportunities since it was founded five years ago.
ImagineAR Inc () (OTCQB:IPNFF), an augmented reality platform company said Tuesday that Escape Room NJ has inked a partnership agreement to become both a client and reseller of ImagineAR. The Vancouver-based company said Escape Room NJ will be the first-ever escape room in North America to integrate immersive augmented reality within its three locations, as well as, offer AR Scavenger Hunts to their clientele. ImagineAR has tapped a lucrative market as there are over 2,000 escape rooms around the world. While providing a midyear update ImagineAR CEO Alen Paul Silverrstieen said: “With a market cap of approximately $25 million dollars, ImagineAR continues to provide investors with a great opportunity to participate in the anticipated growth of AR, which promises to be a disruptive over the next three years.”
() CEO Dr Faz Chowdhury said Tuesday the company plans “to take full advantage” of the opportunity to commercialize in the US its non-invasive continuous glucose monitor sugarBEAT for patients with Type 2 diabetes. “This is a very exciting period for Nemaura Medical as it has steadily transitioned toward commercialization of its lead product, sugarBEAT, initially in the UK and Germany,” Dr Chowdhruy said in a statement. “Our ability to simultaneously launch product in the US under the wellbeing category also provides a significant commercial opportunity. We intend to take full advantage of this opportunity, given the sheer scale of the market in the US.” The sugarBEAT device has already received its CE mark from regulators in Europe and is currently in production in the UK.
Humanigen Inc () revealed on Tuesday that the first patient had been infused in its Phase 1/2 clinical trial of a treatment for those with relapsed or refractory Large B-cell Lymphoma. This so-called ZUMA-19 study is being conducted in collaboration with Kite, which is a Gilead Sciences () company. “We are excited to see this clinical collaboration move forward as we seek to understand the potential benefit of lenzilumab being administered with CAR T therapy in patients with relapsed or refractory large B-cell lymphoma,” Durrant, the chief executive officer of Humanigen said in a statement.
1933 Industries Inc () () CFO Stephen Radusch said that the cannabis company had implemented “prudent financial measures” during the group’s fiscal third quarter to deal with the realities of the coronavirus (COVID-19) pandemic and position the company for growth. In a statement accompanying the latest numbers, Radusch said: “During this challenging period, our main priority has been to implement prudent financial measures that will enable us to weather the uncertain climate brought on by the temporary closure of retail locations where our products are sold.” He added: “We have reduced expenses and we are carefully managing our cash position, while maintaining operations amidst the pandemic. Going forward, we will continue to focus on cost controls and additional reductions as we improve efficiencies. We have continued to push the cultivation facility to full capacity, while building inventory for our AMA branded extraction products.”
Mining Inc () (OTCQB:HGGOF) revealed it has kicked off the first ‘serious’ exploration drill program in 25 years at its flagship Johnson Tract gold asset in Alaska. Last year the firm generated numerous “quality drill targets within an 800-meter radius of the high-grade JT deposit mineral resource, several of which will be drilled for the first time this year”, CEO Darwin Green told investors in a statement on Tuesday. “Focus is on expanding the mineral resource base and discovering new zones of mineralization, with early emphasis given to the Northeast Offset target where limited drilling by previous operators identified what is believed to be the fault-displaced continuation of the deposit. Crews are on-site, COVID-19 mitigation plans are in place, and drills are in position and ready to commence coring,” he said.
Heritage Cannabis Holdings Corp () () announced Tuesday that its subsidiary Voyage Cannabis Corp will provide contract manufacturing services for Canadian hemp CBD producer True North Agri Inc. In a statement, Heritage said that the agreement was borne out of its ability to produce a full spectrum of cannabis oil products through its subsidiary Purefarma Solutions, which uses a direct-to-vape process that eliminates harmful additives, flavours or carrier oils. Voyage Cannabis will provide True North contract manufacturing services, including biomass sourcing as well as all types of cannabis oil production and vape cartridge products, for its Red Barn brand of hemp-derived CBD. Separately, the Toronto-based company also reported its second-quarter 2020 results that showed the cannabis company generate C$884,830 in revenue for the three-month period to end April 30 compared to nil in the same quarter a year prior.
Karora Resources Inc (), formerly called RNC Minerals Corp (), has struck a deal with (TSE: MMX) to reduce the royalty burden at Karora’s Beta Hunt mine in Australia. Maverix has agreed to reduce its royalty on gold production from the mine to 4.75% from 7.5% with effect from July 1, 2020, the miner said in a statement. As consideration for the reduction, Karora will pay US$5 million in cash and issue 35.1 million shares at C$0.506 each to Maverix. The cash will be paid in two equal installments of US$2.5 million, with the first such payment to be made on closing and the second payment to be made in January 2021.
Inc () (OTCMKTS:BRGGF) has reported a 44% revenue boost in its first-quarter 2020, driven by new contracts with nine gaming industry leaders. The online gaming solution provider posted group revenue of C$13.6 million for the three-month period ended March 31, 2020, compared to C$9.4 million in the same quarter of 2019. The company said it had a strong pipeline of potential contracts, with an additional 20 potential new customers in Europe and Latin America currently in discussions.
() () (WKN:A2JM2X) has announced the start of resource expansion and definition drilling at its Lawyers gold-silver project located in the Golden Horseshoe of north-central British Columbia. The company said it has already completed in excess of 270 metres of drilling with two drill rigs positioned and turning at the Cliff Creek Zone (CCZ). An additional two dill rigs will be added this week for a total of four, and all the drill holes will be logged and sampled in preparation for assay analysis. Selected previous drill results from the Cliff Creek Zone include 2.40 meters (m) at 87 grams per tonne (g/t) gold and 2,407 g/t silver, plus 36.50m at 2.68 g/t gold & 82.57 g/t silver.
Naturally Splendid Enterprises Ltd () () has revealed that it is submitting further information to Health Canada as part of its fast-track application for a Phase 2 trial of Cavaltinib to treat coronavirus (COVID-19). The group also said it has now submitted the clinical trial design protocol through the proposed joint venture with Biologic Pharmamedical Research. Cavaltinib is licensed to a joint venture owned by Naturally Splendid and Biologic Pharmamedical Research based on technology and patents developed by Biologic. The candidate has been shown to inhibit IL-6 and several other cytokines central to the ‘cytokine storm’ phenomenon, where the body starts to attack its own cells rather than just fighting off the virus, seen in critically ill COVID-19 patients
Trillion Energy International Inc () (OTCMKTS:TCFF) said Tuesday it expects to receive next month an independent report on its prospective gas resources on the SASB gas field in the Black Sea. In addition, the company said it has completed its preliminary cost estimates and timelines associated with developing the reserves on SASB, in which it owns a 49% stake. Trillion said its focus on the re-development of SASB is to prioritize development based on the economics of each of the four gas fields, such as cost, total expected ultimate recovery, risk, and proximity to existing infrastructure.
() has updated on its previously announced order for 500 Jiangsu AOXIN X30L model logistical electric vehicles, noting that 40 units have been delivered complete with financing, licensing, insurance, vehicle registration plate administration and tax invoice issuance. The group said that financing is secured for an additional 360 units, which are expected to be delivered in July. The final 100 units requires financing, which the company anticipates will be secured in the coming weeks. Financing is secured for 400 units of the 500-unit order valued at RMB 50 million or around US$7 million, with the second order for 700 units valued at RMB 117 million or around US$17 million.
Inc () announced Tuesday top-line results from the 14-week CONNECT-FX clinical study of cannabidiol (CBD) in children and adolescents with Fragile X syndrome. The multi-national, randomized, double-blind, placebo-controlled trial assessed the efficacy and safety of the Zygel CBD gel as a treatment for behavioral symptoms of the syndrome (FXS) in 212 patients. In a statement, Zynerba said Zygel did not achieve statistical significance versus placebo in the primary endpoint of improvement in the Social Avoidance subscale of the Aberrant Behavior Checklist – Community FXS (ABC-CFXS). Zynerba CEO Armando Anido said the test results may offer the company a “pathway towards licensure” and that it will seek to discuss the result with the FDA “as soon as possible.”
American Manganese Inc () (OTCPINK:AMYZF) has welcomed comments from the US Secretary of Energy, Dan Brouillette, which have recognized the firm’s role in the supply chain of critical materials. The company is advancing a ground-breaking process, which extracts, from spent batteries, cathode materials such as lithium, cobalt, nickel, and manganese at battery-grade purity. “Until our country can start mining and refining more of these materials or develop commercially viable substitutes, we must recycle as much critical mineral and REE content as we can from existing products,” Brouillette said in an op-ed published at RealClearEnergy.
Technology Inc () (OTCQB:NTTCF), a cryptocurrency payments technologies company, announced Tuesday that it has engaged Irvine, California-based investment bank Boustead Securities. In a statement, the Vancouver-based company said it has contracted Boustead to help “screen and negotiate” potential strategic acquisitions for as well as identify institutional investment for the company. “Boustead Securities has an impressive track record for raising institutional capital for middle market companies,” founder CEO Clayton Moore said in a statement.
() () said it has entered into an agreement with MMJ Group Holdings Limited, dated June 29, 2020, under which MMJ has agreed to defer the repayment of its secured loan to Harvest One in the amount of $2.0 million until the earlier of: (i) August 31, 2020; and (ii) the closing or termination of the previously announced sale of United Greeneries’ licensed cannabis cultivation and processing businesses located in Duncan, British Columbia. MMJ is Harvest One’s largest shareholder holding approximately 26% of the issued and outstanding shares of the Company. Andrew Bayfield, chief executive officer of Harvest One, commented: “We appreciate the commitment and support that MMJ continues to provide to Harvest One as we continue to execute on our Strategic Review.”
() said the TSX Venture Exchange has accepted for filing documentation with respect to the first tranche of its non-brokered private placement, announced June 19, 2020, which will see the issue of 2,524,169 shares at a purchase price of 45 cents each, together with share purchase warrants to purchase 2,524,169 shares at an exercise price of 75 cents for a two-year period, with 13 placees.
() () (FRA:A2PL)has announced that it will not be making the quarterly interest payment due to Debenture Holders on June 30, 2020, as a result of the coronavirus (COVID-19) pandemic. The company currently has $35 million in 8% unsecured convertible debentures outstanding, maturing on March 26, 2022. It said the overall decline in the public cannabis markets, coupled with the extraordinary market conditions resulting from the global pandemic, have negatively impacted the financing markets and have caused liquidity constraints, and despite the company’s best efforts, management has not been able to secure further rounds of financing to execute its development initiatives. Shay Shnet, Nabis chief executive officer commented: “COVID-19 has made raising capital virtually impossible during the global pandemic, but we are very pleased with the increases we are seeing in top-line revenue at our dispensary in Arizona, which has increased close to 90% with gross margins hovering around 50%. This increase in revenue and margins, coupled with an aggressive cost cutting exercise, has the Company moving in the right direction towards profitability, positive EBITDA and operational cash flow. We are working diligently to secure additional financing to enable Nabis to execute on its core strategy.”
Nabis Holdings also said it is working on the steps required to complete its Annual Financial Filings and expects to be able to file them by July 15, 2020. The company added that it is also working on the steps required to complete the interim financial statements for the three-month period ended March 31, 202, and expects to be able to file these by the extended filing deadline of July 16, 2020. it also confirmed that, as of the date of this news release, there has been no material change in the information contained in the default announcement issued on June 15, 2020 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
Versus Systems Inc () () (FSE:BMVA) said that, as previously announced on April 29, 2020, it will be relying on the blanket relief granted by the Canadian Securities Administrators which provides a maximum 45-day extension in respect to the following provisions due to challenges created by the coronavirus (COVID-19) pandemic, and still expects to make its Interim Filings no later than July 15, 2020. The company confirmed that there have been no material developments, other than those disclosed through news releases, since April 29, 2020, when the company announced it would rely on the blanket relief.
() said that, in response to the unprecedented public health impact of coronavirus (COVID-19), and to mitigate risks to the health and safety of its shareholders, employees and local communities, the company is deferring its annual meeting to September 22, 2020.
() () (FSE:7BC) said that, In light of the coronavirus (COVID-19) public health emergency and related restrictions on gatherings, the company intends to delay holding its annual general meeting of shareholders to a later date, but prior to December 31, 2020.
(CVEW:BTI.V) (), a pre-clinical, research-stage biopharmaceutical company developing its proprietary xB3 platform technology for the delivery of therapeutics across the blood-brain barrier and the treatment of central nervous system disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases, announced that it has filed its audited annual financial statements and management’s discussion and analysis for the period ended February 29, 2020, which can be accessed on the company’s website at www.bioasis.us/investors/.
(), operator of financial markets for 10,000 U.S. and global securities, announced that Silver One Resources Inc. (CVE:SVE) (OTCQX:SLVRF), a Canadian junior mining company focused on the exploration and development of quality silver assets, has qualified to trade on the OTCQX Best Market and has upgraded from the OTCQB Venture Market. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among US investors. “We are pleased to reach the milestone of advancing from trading on the OTCQB to the OTCQX. This will make it easier for our U.S. investors to participate in Silver One, by reducing the requirement of having a Canadian trading account,” said Greg Crowe, the CEO of Silver One. “With three highly prospective silver properties in the safe mining jurisdictions of Nevada and Arizona, Silver One is well positioned as a potential silver investment. This is becoming increasingly important for those who are concerned with operators in less secure areas of the world. Silver One has attracted a significant number of investors in the U.S. since it began trading on the OTCQB in May 2019 and the advancement to the OTCQX will only make investing easier for many of our current and future Silver One shareholders.”
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