NA Proactive news snapshot: Endeavour Mining, Steppe Gold, GlobeX Data, Q BioMed, Tetra Bio-Pharma, Innocan Pharma, Helix Technologies UPDATE...
A glance at some of the day's highlights from the Proactive Investors US and Canada newswires
Endeavour Mining Corporation () is acquiring West Africa-focused gold miner Teranga Gold Corporation () (OTCQX:TGCDF) in a C$2.4 billion deal to form a top 10 gold producer. The news confirms speculation last week that Endeavour would buy Teranga, a low cost, mid-tier gold producer with two producing gold mines in Burkina Faso and Senegal to complement Endeavour’s six gold mines in West Africa. Once the deal is finalized, the combined company will boost its gold production to more than 1.5 million ounces per year and boast one of the largest exploration portfolios throughout West Africa’s Birimian greenstone belt.
() Monday reported 3Q financial results from operations at its ATO Gold Mine in Mongolia, which included cash flow of US$12.7 million and cash reserves of more than US$37 million. The company recorded revenue for the quarter of US$19.4 million with All in Sustaining Costs (AISC) of US$794 per gold ounce sold. Adjusted EBITDA for the period was US$9.9 million, as 11,352 gold ounces and 6,553 silver ounces were sold following 207,663 tonnes of ore processed with an average gold grade of 2.2 grams per tonne (g/t) and an average silver grade of 8.5 g/t.
Ltd () (), the cybersecurity and Internet privacy specialist, has inked a deal with SYNNEX Canada Limited, the subsidiary of Fortune 200 firm SYNNEX Corporation (NYSE:SNX), to distribute GlobeX's Sekur solution through the group's 11,000 resellers in Canada. Significantly, SYNNEX Canada estimates that between 5% and 15% of its resellers would resell Sekur, meaning of 11,000 resellers, between 550 and 1,650 would be selling GlobeX's security solutions.
Q BioMed Inc () announced Monday that it has received a US patent for its Uttrocide-B molecule as a potential liver cancer treatment. The company has the exclusive rights to the technology through an agreement with the Rajiv Gandhi Centre for Biotechnology, an autonomous institute under the Department of Biotechnology, Government of India and the Oklahoma Medical Research Foundation. Q BioMed said the method of use for the patent — titled "Uttroside-B and Derivatives Thereof as Therapeutics for Hepatocellular Carcinoma” — covers the use of a novel pharmaceutical for the treatment of hepatocellular carcinoma. International and additional US claims are currently under prosecution for the technology which addresses a severe unmet need for a safe and effective drug to treat hepatocellular carcinoma (HCC), the most common form of liver cancer, the company added. In a statement, CEO Denis Corin said the patent win comes as the company starts scaling up manufacturing and preparing Uttroside-B for an investigational new drug (IND) application with the US Food and Drug Administration.
() () said it's on track to complete patient enrollment for its Phase 4 clinical trial investigating IXINITY to treat under 12s with hemophilia B by the second quarter of 2021, having now recruited half of the patients required. "We are encouraged by the steady progress of our IXINITY Phase 4 pediatric clinical trial, as we have now reached the 50% enrollment target and are on track to complete enrollment by the second calendar quarter of 2021," said Khaled Mohamed, director of regulatory affairs for Medexus. "We look forward to completing this current study, which we are hopeful will allow us to expand the product label to include the U.S. pediatric population below 12 years of age.”
Inc (TSE:TBP)(OTCQB:TBPMF), a leader in cannabinoid-derived drug discovery and development, on Monday provided shareholders an update on some of its advancing programs. In a statement, the company said it completed mapping of human cannabinoids and metabolites during the third quarter of 2020, adding that this milestone has a major impact on both its QIXLEEF and CAUMZ drug development programs. Tetra said knowledge from completing this milestone will also figure prominently in any other THC- or CBD-based products that Tetra will develop, as it defines the metabolite profile of cannabinoids administered by inhalation. It demonstrated the ability of Tetra's inhalation technology to quickly deliver significantly higher levels of these cannabinoids to the brain and showed a profile favoring liver safety. In other developments, Tetra said it continues to project completion in 2020 of the toxicology studies required to initiate the CTA/IND process for the Phase 1 clinical study and to pursue the development of ARDS-003, a drug for COVID-19.
Innocan Pharma Corporation () (FRA:IP4) announced the launch of two therapeutic studies on small and large animals examining the therapeutic efficacy of its CBD-loaded liposome platform technology (LPT) in relevant diseases. In a statement Monday, the company said these studies follow the results of previous studies that demonstrated the prolonged release of CBD (cannabidiol) for at least three weeks into the blood of mice and rats after a single injection. The new studies will be conducted by the Hebrew University of Jerusalem. Innocan noted that the original study, which was led by Dr Ahuva Cern, senior researcher at the Hebrew University, found significant amounts of CBD in mice's blood and muscles up to 21 days after they were injected intramuscular with a single injection of CBD using LPT. The same findings were also demonstrated in rats.
Inc (), which has a suite of technology services and platforms that enable cannabis business owners manage risk, posted third-quarter results that saw its software revenue jump, driven by an increasingly expanded client base. For the period ended September 30, 2020, the Denver, Colorado-based technology company reported software revenue of $2.8 million, up 18% from 2019. The company noted that software revenue also expanded 6% on a sequential basis “defying market headwinds.” The company has also grown year-to-date revenue to $8.8 million, up 13% from 2019, while improving gross margin to 68%, compared to the same period in 2019. CEO Zachary L Venegas said it was the firm's "third consecutive quarter of positive adjusted EBITDA, and improvement in nearly every operational and financial metric."
LexaGene Holdings Inc () () (FRA:5XS2) announced Monday that it has received a purchase order for a MiQLab system from a multinational biotechnology company that generates billions in annual revenue. MiQLab is the first commercially available open-access multiplex PCR system of its kind. The open-access feature means it is extremely easy for operators to use the automated MiQLab system at their facilities to perform customized, highly multiplexed PCR tests. The company noted that this is highly desirable over the alternative, which is to ship collected samples to a reference laboratory for manual PCR processing by skilled molecular biologists or waiting days for cultures to grow. The biotechnology company that made the purchase order is a manufacturer of biologics, vaccines, and chemicals.
Metalla Royalty and Streaming Ltd () Friday said the TSX Venture Exchange has accepted for expedited filing two share purchase agreements dated November 4, 2020, between the company and Streaming Ltd., Metalla America Ltd., Donald L. Merrick, and John E. Zimmerman, whereby the Mettalla Royalty will acquire 100% of the issued and outstanding common shares of Gold Corp. and Geological Services Inc. (GSI), two privately held Utah corporations that hold a portfolio of royalties in Nevada and Utah. Under the terms of the agreement, the US$4,125,000 purchase price was satisfied via US$1 million in cash and the issuance of 401,875 common shares at a deemed value of US$7.776 per share.
Inc () (OTCMKTS:MGXRF) (FRA:0E9) is set to deliver its innovative zinc-air energy storage system to a ground-breaking low energy architectural project in British Columbia on time by December 21 this year. The system is designed to deliver power in the range of 20kW to 1MW or more and energy of 160kWh to 8MWh or more and will be deployed at the ‘75 house' which is currently being built on the estate in Surrey, BC, configured to be 20kW and 80kWh, but it can be easily modified to meet any change in demand, said Zinc8. It will be integrated with an onsite solar array to provide the main source of power to the estate.
Algernon Pharmaceuticals Inc () (OTCQB:AGNPF) (FRA:AGW) has received a refundable tax credit of around C$600,000 from its clinical research work in Australia. The Canadian pharmaceutical firm is working on a Phase 2 trial in Australia for its lead drug NP-120 drug (Ifenprodil) as a potential treatment for patients with a type of lung disease called idiopathic pulmonary fibrosis (IPF), which results in scarring of the lungs, and chronic cough. “Algernon’s unique business model of drug repurposing includes conducting as much clinical research as possible in Australia in order to take advantage of the Australian Government’s 41% refundable tax credit program,” said Christopher J Moreau, Algernon's CEO in a statement Monday.
(NEO:MMED) () late Friday announced that it has a current cash reserve of US$37.8 million, or C$50.1 million, after closing a C$28.8 million financing on October 30, 2020. The company said its current cash position will enable it to continue to advance its clinical trial pipeline of psychedelic-inspired medicines and experiential therapies.
() (OTCQB:FUNFF) (FRA:4UY) started trading on the OTCQB Venture Market on Monday after uplisting its shares from the Pink exchange. The move will help the Vancouver-based e-sports company gain wider exposure to US investors, FansUnite CEO Scott Burton told shareholders. "We have seen an increased interest from American investors as the online betting space gains traction worldwide," Burton said in a statement. "By upgrading our ticker, we will have increased visibility and exposure to a broader investment community. As we continue to execute on our vision of becoming a global iGaming leader, we are excited to showcase our achievements to a growing base of US and international investors."
Talon Metals Corp () (OTCMKTS:TLOFF) (FRA:TAO) reported that it spent C$2.3 million on exploration at its exciting Tamarack nickel-copper-cobalt project in the third quarter to end-September, as it continues to advance the asset - one of the only undeveloped nickel properties in the US. The project lies in Minnesota and the exploration firm's goal is to potentially supply the rapidly growing electric vehicle (EV) battery market. In the three months to September 30, Talon told investors that capitalized exploration costs and deferred expenditures for the site amounted to C$2.3 million, compared to C$0.8 million in the third quarter of 2019.
Corp () said it had told the Toronto venture exchange of its plan to repurchase, for cancellation, up to around 1.62 million of its own shares. The purchases are to be made through the facilities of the exchanged during the period from November 19 this year to November 18, 2021, it said. Purchases pursuant to the bid will be made by Paradigm Capital Inc on behalf of the company.
1933 Industries Inc () () said all matters set forth at its AGM were approved on Friday, November 13, including fixing the number of directors on the board at six and appointing Davidson & Company LLP as auditor of the company for the fiscal year ending July 31, 2019.