Generex Biotechnology Corp. (GNBT-NASDAQ) announced on Monday, October 11, 2010, that it entered into a definitive agreement to acquire 51% of Global Medical Direct, LLC (Lenexa, Kansas) in exchange for a cash and stock payment of $25 million. Global Medical’s 2010 revenue is expected to total approximately $30 million with over $8 million in net income. This synergistic acquisition could close by January 2011.
Pluristem Therapeutics Inc. (PSTI-NASDAQ) announced on Tuesday, October 12, that it entered into agreements to raise over $5 million in a private placement of common stock. Pluristem, based in Israel, is developing cell therapy products derived from human placenta to treat severe ischemic and autoimmune disorders. Cell therapy is a method of replacing diseased or dysfunctional cells with healthy, functioning ones. After reporting favorable Phase I clinical data earlier this year, Pluristem is poised to commence Phase II trials of its lead cell therapy product for critical limb ischemia (CLI), a severe form of peripheral artery disease (PAD) that may affect up to 300,000 people in the U.S.
Vena Resources Inc. (VEM-TSX) raised $546,000 in a non-brokered private placement, as announced on Friday, October 8, 2010. This follows a $400,000 private placement completed in September 2010. Vena is a Canadian mining company focused on the exploration and development of Peru’s mineral potential. The Company operates in four divisions—Mining, Clean Energy, Precious Metals, and Base Metals—and via strategic partnerships with Cameco Corp. (CCJ-NYSE), Gold Fields Ltd. (GFI-NYSE), and Trafigura Beheer B.V.