News
PYMX

Investor Frustration at PolyMedix

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Citing PolyMedix’s (PYMX) rapid rise in the number of outstanding shares and subsequent dilution over the last three years as one reason the stock has grossly underperformed, Target Capital Management is urging the company’s board to take steps to better align its interests with shareholders, according to a recent Schedule 13D filing with the Securities and Exchange Commission. Santa Rosa Beach, Fla.-based Target Capital, which owns nearly 7% of the company’s 106.7 million outstanding shares, said it wanted to meet with PolyMedix board members to discuss the possibility of a sale of the company, a partnership with another biotech firm and the need to prevent issuing options, among other issues. The problem is that it appears that the board’s chairman, Frank Slattery, Jr., has no interest in talking with Target Capital’s Stephen Springer, or any other shareholders, according to the filing. PolyMedix’s shares were recently trading around 19 cents after trading as high as $1.50 early in the year. The slide began in earnest in May when the Radnor, Pa.-based company announced that it was halting the development of an anticoagulant reversing agent amid adverse blood pressure reactions in subjects during in a Phase II clinical trial.

Deals

SANUWAVE Health Sells Convertible Promissory Notes

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SANUWAVE Health (SNWV) announced a $1.25 million Convertible Promissory Notes transaction. The fixed conversion price, Warrants, Placement Agent, and investors were not disclosed. The Notes will be convertible at the Company's option upon the completion of a larger financing that is expected to close no later than the first quarter of 2013. See the PlacementTracker Deal Summary.

Deals
PBYI

Puma Bio Follows Reverse Merger with Public Offering

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Puma Biotechnology (PBYI) followed up its 2011 reverse merger with a $138 million underwritten public offering this October. The DPO (delayed public offering) made for a pointed contrast with companies who go public through the reverse merger route and then find themselves starved for capital and visibility. The offering was upsized from an original target of $120 million. While it is relatively easy to register shares with regulators and attempt to sell the registered shares to the public, an underwritten public offering is much more likely to ensure a significant influx of capital, establish lasting ties with investment banks, generate research coverage and establish a presence among investors. Puma reversed merged with Form 10 shell Innovative Acquisitions Corp.

Deals

BioTime Funds Anti-Aging Work with PIPE

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BioTime (BTX), a developer of treatments for age-related degenerative diseases, announced that it is raising $5 million in a Common Stock transaction. The common stock was sold at $3.70 per share, an approximate 25% premium to the market price ($2.97) of BTX at deal announcement. A series of 650,000 36-Month Warrants with an exercise price of $5 per share (68.35% premium) was issued to the investor in this transaction. The Placement Agent and the investor were not disclosed. See the PlacementTracker Deal Summary.