Dyax secures $50 million facility; Advanced Cell investor doubles deal; Rubicon, Radiant to sell stock

By Kenneth Lim

Boston, Oct. 30 - Dyax Corp. secured a $50 million equity financing facility for the next 18 months as the company seeks to commercialize an anti-inflammation treatment.

Advanced Cell Technology, Inc. said an investor doubled its commitment to provide convertible funding to the company over the next six months.

Rubicon Minerals Corp. plans to raise C$12.13 million through flow-through and hard equity financing for exploration and general purposes, while Radiant Energy Corp. intends to offer C$4 million of common stock.

Dyax secures 18-month facility

Dyax negotiated a $50 million 18-month committed equity financing facility with Azimuth Opportunity Ltd.

The facility gives Dyax the option to draw down on the facility up to 24 times.

The size of each draw down is based on the price of the common shares and a limit of 2.5% of Dyax's market capitalization at the time of the draw down. Azimuth will also not be required to invest more than $7.75 million in any single draw down.

The shares to be sold under the facility will be priced at a discount of 4.05% to 6.25%.

Dyax common stock (Nasdaq: DYAX) closed unchanged at $3.29 on Thursday.

Dyax is a pharmaceutical company based in Cambridge, Mass. whose lead product is DX-88, a proposed treatment for hereditary angioedema and surgical blood loss prevention.

"This is a transformational period for Dyax, as we finalize the commercialization strategy for DX-88 in hereditary angioedema," Dyax executive vice president and chief financial officer George Migausky said in a statement.

"Together with our existing capital resources, this equity facility provides Dyax additional financial flexibility to accomplish our commercial and growth strategies. These near-term growth objectives include the further development of DX-88 in other indications as well as the expansion and advancement of our internal pipeline of product candidates."

Advanced Cell raises more

Advanced Cell Technology said Transition Holdings, Inc. is doubling its funding commitment to $1 million.

Transition, an Ireland-based institutional investor, is now committed to buy $1 million of one-year 7% convertible debentures over the next six months. The investor has already provided $150,000 in funding.

Advanced Cell common stock (OTCBB: ACTC) closed at C$0.02 on Thursday.

The proceeds will be used for working capital, general corporate purposes and to continue the development of Advanced Cell's most advanced clinical programs.

Advanced Cell is an Alameda, Calif., biotechnology company.

"We are pleased that there are still investors who recognize the opportunities for our technology platform and the prospects to develop it through a more supportive political environment for stem cell companies as a result of the upcoming change in the administration," Advanced Cell chairman and chief executive William M. Caldwell IV said in a press release.

"At a time where a lack of funding in the capital markets has created unprecedented challenges for development-stage biotechnology companies, Advanced Cell has managed to raise enough capital to continue operations, although on a far more limited basis than is desirable. Despite these funding difficulties, the company has reduced debt from an aggregate balance of $49 million to a face value of $13 million over the past three years. We look forward to the upcoming presidential election and renewed governmental support for the stem cell industry."

Rubicon to sell shares

Rubicon Minerals said it plans to offer up to C$12.13 million of its common stock through a private placement.

The deal comprises 4.5 million flow-through common shares at C$1.35 apiece for C$6.08 million and 5.5 million common shares at C$1.10 apiece for C$6.05 million. Rubicon common stock (TSX: RMX) gained 4.31% or $0.05 to close at $1.21 Thursday.

Proceeds will be used for exploration and general and administrative and working capital purposes.

Based in Vancouver, B.C., Rubicon Minerals is a mineral exploration-stage company that explores for commercially viable gold and base metal deposits.

Radiant Energy plans placement

Radiant Energy will offer C$4 million of its common stock through a private placement at C$0.11 per share.

Radiant common stock (TSX: RDT) finished unchanged at C$0.10 Thursday.

Proceeds will be used for general working capital.

Based in Port Colborne, Ont., Radiant produces an infrared pre-flight aircraft de-icing system.

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