CryoCath to sell C$17.39 million stock; Avant gets $10 million; Rockcliff cuts prices in C$5 million deal

By Laura Lutz

Des Moines, April 17 - CryoCath Technologies Inc. announced plans for a C$17.39 million private placement of stock, leading up Thursday's PIPE news.

Also in the biotech industry, Avant Immunotherapeutics, Inc. said it arranged a $10 million strategic private placement of stock with Pfizer Inc.

Rockcliff Resources Inc. cut the pricing of its C$5 million private placement of units and stock that was first announced on April 7.

Two renewable energy companies, U.S-based Prometheus Energy Co. and Canadian Finavera Renewables Inc., completed private placements for $3.1 million and C$1.25 million, respectively.

CryoCath to raise C$17.39 million

CryoCath Technologies said it will sell 4.19 million of common shares at C$4.15 apiece, for total proceeds of C$17.39 million.

The deal will be conducted by a syndicate of underwriters led by GMP Securities LP.

The underwriters have a greenshoe for 628,500 shares, or C$2,608,275.

Settlement is expected May 7.

CryoCath is a Montreal-based pharmaceutical company

It said the proceeds of the offering will be used to fund additional research, development and commercialization of the company's products; to expand marketing efforts in Europe; and for general corporate and working capital purposes, including debt repayment.

The company's shares lost C$0.19, or 4.09%, to close at C$4.45 on Thursday (Toronto: CYT).

Avant sells stock to Pfizer

In the United States, Avant Immunotherapeutics announced a $10 million private placement of stock with Pfizer Vaccines, LLC.

The placement will include 780,944 common shares at $12.81 apiece.

Avant is a vaccine development company based in Needham, Mass.

Pfizer Vaccines has agreed to buy the shares as part of a licensing agreement under which Prizer will be granted an exclusive worldwide license to a therapeutic cancer vaccine candidate, CDX-110, in phase 2 development.

"We are excited about the potential for CDX-110 and intend to partner with Avant and academic physician-scientists to investigate this novel vaccine candidate with the hope of providing patients and doctors with a new treatment option for this devastating disease," Briggs Morrison, senior vice president for clinical development at Pfizer, said in a news release.

Pfizer will also make an upfront payment of $40 million to Avant.

Avant's stock gained $1.67, or 16.62%, to finish Thursday at $11.72 before losing 1 cent, or 0.09%, in after-hours trading (Nasdaq: AVAN).

Rockcliff reprices offering

Rockcliff Resources lowered the share and unit prices in its previously announced C$5 million private placement.

The company now plans to sell 6.67 million flow-through shares at C$0.60 per share for C$4 million and 1.67 million units at C$0.60 apiece for C$1 million.

When it first priced on April 7, the deal was expected to include 5.72 million flow-through shares at C$0.70 per share and 1.54 million units at C$0.65 apiece.

Each unit still is comprised of one non flow-through share and one half-share warrant. Each whole warrant will still be exercisable at C$0.95 for two years.

Dundee Securities Corp is leading a syndicate of agents which includes Blackmont Capital Corp. and Evergreen Capital Partners Inc.

The agents have a greenshoe for 1,000,500 shares and 250,500 units for C$750,600, revised from 858,000 shares and 231,000 units, or C$750,750.

Proceeds will be used for exploration and working capital. Settlement is expected April 30.

Sudbury, Ont.-based Rockcliff Resources is a new resource company that is focused on the acquisition and development of high-quality mineral assets.

The company's shares dropped C$0.03, or 4.84%, on Thursday to close at C$0.59 (TSX Venture: RCR). Thursday's closing price was 7.8% lower than the C$0.64 closing price on April 7, the original pricing date.

Prometheus pockets $3.1 million

Prometheus Energy said that it raised $3.1 million in a private placement of 15% secured convertible debentures with Black River CEI Subsidiary 4 Ltd.

The five-month debentures were issued at par and are convertible into common shares at $0.32 per share.

They may be redeemed at any time upon five trading days notice at a price which provides an internal rate of return to Black River of 30% (including paid and accrued interest). Upon notice of early redemption, Black River may exercise its conversion rights.

Proceeds will be used for general corporate purposes.

Prometheus is a Seattle-based alternative and renewable fuel company.

"We are pleased that Black River has demonstrated its confidence in the opportunities available to Prometheus with this additional funding," Kirt Montague, Prometheus chief executive officer, said in a news release.

The company's stock gained 50p, or 14.29%, to close at £4.00 on Thursday (London: PEC).

Finavera wraps downsized deal

Finavera Renewables said it raised C$1.25 million from a private placement of units, down from the C$2 million size announced at pricing on Feb. 4.

In the end, Finavera sold 6.25 million units at C$0.20 apiece. It had planned to sell 10 million units.

Each unit consists of one common share and one half-share warrant, with each whole warrant exercisable at C$0.25 for two years.

Based in Vancouver, B.C., Finavera develops projects and technology in the clean renewable energy sector.

Proceeds will be used for development and general working capital.

The company's shares closed unchanged at C$0.15 on Thursday, down 34.7% from the C$0.23 closing level on the pricing date, Feb. 4 (TSX Venture: FVR).

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