OccuLogix to issue shares; ANTs Software seeks $10 million; Sclor Pharma plans unit placement

By Stephanie N. Rotondo

Portland, Ore., March 15 - U.S. issuers, with many from the pharmaceutical arena, were busy in the PIPE market during Monday's session.

OccuLogix Inc. announced a $5 million registered direct offering of stock. Investors will also receive warrants.

ANTs Software Inc. meantime is seeking $10 million from a single investor. The company will sell common shares and warrants in its financing efforts.

And, Scolr Pharma Inc. said it will issue units in hopes of raising $4.13 million.

Among completed deals, Orexo AB had the biggest financing, an SEK 11 million private placement of convertible bonds. The proceeds raised from the transaction will be used to strengthen the company's financial position.

Cardium Therapeutics Inc. also wrapped a deal, taking in $11.3 million from a registered direct offering of units. A portion of the proceeds was raised as part of an over-allotment option.

Also, Eurasian Minerals Inc., one of the few non-U.S.-based issuers of the day, said it had raised C$5 million via private placement of units. The units were purchased by a member of World Bank.

OccuLogix to sell shares

OccuLogix is conducting a $5 million registered direct offering of equity, according to a press release and regulatory filing.

The company will issue approximately 1.55 million common shares at $3.22 each. Investors will also receive warrants equal to 621,118 additional shares. The warrants are exercisable at $4.00 for 18 months.

Proceeds will be used for general corporate purposes. Settlement is expected by March 18.

Calls seeking comment were not returned Monday.

Occulogix's stock (Nasdaq: TEAR) dropped 59 cents, or 15.57%, to $3.20. Market capitalization is $32.6 million.

Occulogix is a Boston-based developer of ophthalmic devices to treat age-related eye diseases.

ANTs seeks $10 milion

ANTs Software, a Burlingame, Calif.-based developer of database management software, will privately sell $10 million of stock to Fletcher International Ltd.

The deal was negotiated March 12.

According to the terms of the transaction, ANTs will issue 1.5 million common shares at $1.00 each in an initial tranche. In the second tranche, ANTs will issue $500,000 of shares at the prevailing market price.

In the third tranche, $3 million of shares will be sold at the greater of $1.25 and the prevailing market price. The fourth and final portion will include $5 million of shares issued at the greater of $1.50 or prevailing market price.

The investor will also receive warrants equal to $10 million in common shares. The warrants are exercisable at $0.903 for nine years.

"We are very excited by Fletcher's investment in ANTs and their involvement as a partner in our future growth," said Joseph Kozak, chairman and chief executive of ANTs, in a press release. "We have a number of very significant corporate milestones on the horizon and this investment agreement allows us to move towards meeting our goals."

"We anticipate that our investment will help accelerate ANTs' development of the new migration technology and we hope to find additional ways to support their growth," added George Ladner of Fletcher International.

Calls seeking further comment were not returned Monday.

ANTs' shares (OTCBB: ANTS) declined by 2 cents, or 2.17%, to $0.90. Market capitalization is $91.4 million.

Scolr plans unit placement

Scolr Pharma announced a $4.13 million private placement of units.

The deal priced March 12, according to a regulatory filing.

The company intends to sell 8.26 million units containing one common share and one fifth-share warrant. Whole warrants are exercisable at $0.75 for five years.

The company did not return calls seeking comment on Monday.

Scolr's equity (Amex: DDD) gained $0.0678, or 9.5%, to $0.7818. Market capitalization is $27.1 million.

Scolr Pharma is a Bothell, Wash.-based pharmaceutical company.

Orexo raises SEK 111 million

Orexo completed an SEK 111 million private placement of convertible bonds, the company said in a press release.

Novo A/S is the investor.

The 8% notes mature March 31, 2015 and are convertible into Orexo stock at SEK 47.50 per share. The conversion price represents a 25% premium.

"The amount raised through the convertible bond issue will strengthen Orexo's financial and strategic position and provide a platform for continued growth," the company said in the release.

Orexo's stock (Stockholm: ORS) closed at SEK 41.00.

Orexo is an Uppsala, Sweden-based pharmaceutical company.

Cardium direct offering done

Cardium Therapeutics settled an $11.3 million registered direct offering of units.

The deal originally priced on March 9 at $10 million. The remaining $1.3 million was part of an over-allotment option.

Cardium sold approximately 2.3 million units at $5.00 per unit. The units held 10 common shares and one warrant equal to five shares. The warrants are exercisable at $0.64 for five years.

The company did not return calls seeking comment on Monday.

Cardium's shares (Amex: CXM) improved by $0.0079, or 1.67%, to $0.48. Market capitalization is $26.5 million.

Cardium Therapeutics is a San Diego-based developer of therapeutic products and devices for cardiovascular, ischemic and related disorders.

Eurasian settles unit sale

Eurasian Minerals pocketed C$5.27 million from a private placement of common share units.

IFC, a member of World Bank, was the investor.

The Vancouver, B.C.-based mineral exploration company sold 2.55 million units at C$2.06 each. The units consisted of one common share and 0.75 warrants. Whole warrants are exercisable at C$2.88 for three years.

Because the funding was done with a World Bank investor, the funds must be used in "IFC-approved countries," David M. Cole, president and CEO, told Prospect News. Basically, he said, any developing country can benefit from the funds.

Eurasian plans to use the funds in Haiti, though it could also use the funding in Turkey or Kurdistan.

The transaction with IFC gives the company "a credibility checkmark," Cole added.

Eurasian's equity (TSX Venture: EMX) fell 9 cents, or 4.25%, to C$2.03. Market capitalization is C$59.1 million.

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