Halozyme secures $32.09 million from private placement; Adaltis plans C$28 million stock offering

By Sheri Kasprzak

New York, April 24 - Two biotech companies led private placement news Tuesday, with the largest offering coming from Halozyme Therapeutics, Inc.

Halozyme secured $32.095 million from a stock deal with New River Management V, LP. The company plans to sell 3.5 million shares at $9.17 each.

The company's stock got off to a good start, gaining 30 cents, or 3.51%, by 9 a.m. ET. The stock went on to gain 11.4%, or $1.02, to end at $9.97 (Amex: HTI). In after-hours trading, the stock was up another 3 cents.

San Diego-based Halozyme is a biopharmaceutical company focused on developing recombinant human enzymes for drug delivery, palliative care, oncology and infertility markets.

Another biotech company, Adaltis Inc., said it intends to raise C$28,067,501 in a private placement of stock.

The deal includes up to 16,038,572 shares at C$1.75 each.

The investors will also receive warrants for 5,613,498 shares, exercisable at C$2.20 each for five years.

The investors will be mostly U.S.-based institutional investors. However, some strategic shareholders will also participate, including shareholders of Picchio Pharma, Inc., a company jointly owned by the FMRC Family Trust of which Francesco Bellini, chairman of Adaltis's board, is a beneficiary. Power Technology Investment Corp. will also participate.

Adaltis expects the offering to settle on May 4.

Lazard Freres & Co. LLC was the placement agent.

"With our state-of-the-art manufacturing facility in Shanghai, China, now fully operational and with the launch of Eclectica gaining momentum in new markets, Adaltis plans to use the proceeds of this offering to continue executing its strategy to become a leading in vitro diagnostic company in emerging markets with a specific focus on China," company chief executive officer Pierre Larochelle said in a statement.

The company's stock fell by a penny on Tuesday to end at C$2.04 (Toronto: ADS).

With headquarters in Montreal, Adaltis develops diagnostic systems, particularly in vitro diagnostic products.

Depomed stock dips

In other biotech news, Depomed, Inc.'s stock fell by 2% after closing a $20,007,500 registered direct placement of stock on Monday.

The stock fell 8 cents to end at $3.90 (Nasdaq: DEPO). The stock gained 3 cents on Monday to close at $3.98.

The shares were sold under the company's shelf registration.

In the offering, the company sold shares at $3.775 each, a 4.4% discount from the company's $3.95 closing stock price on Friday.

Depomed, based in Menlo Park, Calif., develops extended-release formulations of existing drugs.

Another biotech company, Arbios Systems, Inc., saw its stock climb by 2.86% on Tuesday after settling a $4.8 million private placement of units on Monday.

The stock gained 2 cents to close at $0.72 (OTCBB: ABOS). Arbios's stock gained 4.48%, or 3 cents, to close at $0.70 on Monday.

Volume rebounded on Tuesday with 18,000 shares traded compared to the average 21,809 shares. On Monday, 1,000 shares traded.

The company sold units of two shares and two warrants. The units were sold at $1.30 each, a 94% premium to the company's $0.67 closing stock price on Friday.

Proceeds will be used for product registration of the company's Sepet liver assist device in Europe.

Located in Waltham, Mass., Arbios develops liver assist devices to diagnose and treat liver failure.

Dejour prices offering

Moving to Canadian offerings, Dejour Enterprises Ltd. planned a C$21.2 million private placement of 8 million units at C$2.65 each.

The units in the non-brokered offering include one share and one half-share warrant. The whole warrants are exercisable at C$3.35 each for two years.

The deal includes a greenshoe for up to 25% of the offering size.

The deal is expected to close May 25.

Proceeds will be used for the development of the company's North American energy holdings, for potential acquisitions and for working capital.

Dejour, based in Vancouver, B.C., is an oil and natural gas exploration company.

Gold activity strong in Canada

Meanwhile, gold explorers were strong in the PIPE market Tuesday, despite a drop in gold prices.

After flirting with the $700-an-ounce level, prices dropped $6.50 to close at $687.70 per ounce.

"We fully expect gold to reach the $700 [per ounce] level at some point this year, probably not too far from now," said one Vancouver, B.C.-based market source. "Gold has historically done well, and that seems to be pushing these offerings we're seeing now."

Gold offerings Tuesday were led by an C$8.25 million deal closed by TTM Resources Inc.

The Vancouver, B.C., company sold 9.2 million non flow-through units at C$0.75 each and 1.5 million flow-through units at C$0.90 each. The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$1.00 for the first year and at C$1.30 for the second year.

Canaccord Capital Corp. was the lead agent for the deal.

The company's stock gained 5 cents to end at C$1.20 Tuesday (TSX Venture: TTQ).

Another Vancouver, B.C.-based gold mining company, Corex Gold Corp., priced a C$5.004 million offering of units.

That deal includes up to 5.56 million and at least 3.34 million units of one share and one half-share warrant priced at C$0.90 each. The whole warrants are exercisable at C$1.25 each for two years.

Proceeds will be used for exploration on the company's Mexican resource properties and for working capital.

Haywood Securities Inc. is the lead agent.

Corex stock fell 5 cents to end at C$1.00 Tuesday (TSX Venture: CGE).

Olivut's C$8.05 million deal

In other Canadian resources news, Olivut Resources Ltd. negotiated and upsized the terms of a C$8.05 million private placement.

The deal includes up to 4.6 million units at C$1.75 each.

The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$2.00 for two years.

The deal is set to close May 10.

The offering priced on Tuesday morning as a C$6,501,250 deal comprised of 3.715 million units.

Genuity Capital Markets is the bookrunner for the deal.

Proceeds will be used for exploration on the company's Hoam project and for general corporate purposes.

The stock gained 10 cents to end at C$2.00 (TSX Venture: OLV).

Toronto-based Olivut is a diamond exploration company.

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