SSS Sunvest Minerals Corp

Stem Cell Therapeutics Corp. (TSX VENTURE:SSS), a life sciences company
developing stem cell-related technologies, today announced the execution of a
Letter of Agreement with Trillium Therapeutics Inc. ("Trillium") of Toronto,
under which Trillium would be merged into Stem Cell Therapeutics Corp. ("SCT")
by way of a three-cornered amalgamation or plan of arrangement with a
newly-created SCT subsidiary.


In addition, SCT announces that its Board of Directors has authorized the
implementation of a share consolidation approved by its shareholders at the
special meeting held on December 20, 2012 at a ratio of 1 post-consolidation
common share for 10 pre-consolidation common shares.


Proposed Merger

Trillium specializes in immunotherapy and cancer stem cell research, with a
particular focus on blocking the negative pathways that malignant cells exploit
to suppress anti-tumor responses. Trillium is developing TTI-621, a novel
SIRPaFc fusion protein that targets CD47, augmenting the ability of the immune
system to destroy cancer stem cells. The project originated from leading
researchers in the field, including Drs. John Dick and Jean Wang of the
University Health Network and Dr. Jayne Danska of the Hospital for Sick
Children, all of Toronto. TTI-621, which is expected to enter formal
IND-enabling studies in the second quarter of 2013, is being developed initially
as a treatment for acute myeloid leukemia (AML), with potential applications in
other hematological and solid tumours. Trillium's preclinical cancer
immunotherapy pipeline also includes a fully human CD200-specific monoclonal
antibody which is also ready to enter formal IND-enabling studies. In addition
to its preclinical portfolio, Trillium is conducting a clinical trial in
patients with interstitial cystitis, a chronic and painful bladder disease.
Results from this trial are expected in mid-2013. 


"The proposed merger of Trillium and SCT would create Canada's only public
company advancing cancer stem cell technologies," said David Allan, the
Executive Chairman of SCT. "With a combined pipeline containing both TTI-621 and
the Tigecycline small-molecule program, which SCT recently optioned from the
University Health Network, the resulting entity will be well positioned as a
global contender in the cancer stem cell field."


It is intended that all Trillium executives and staff will remain with the
resulting entity. The current CEO of Trillium, Dr. Niclas Stiernholm, will
become the CEO of SCT, Dr. Robert Uger, Chief Scientific Officer, Dr. Penka
Petrova, Vice President, Drug Development and Mr. James Parsons, CFO. Upon
closing of the transaction, Dr. Michael Moore, Trillium's long-serving Chairman
and veteran biotechnology executive, will join the Board of Directors of SCT.
Following a career at the London Stock Exchange-listed biotechnology company,
Xenova Group plc, in 2003 Dr. Moore was appointed Chief Executive Officer of
then newly-formed Piramed Limited, which was sold to Roche five years later for
$160 million. As a result of these permanent management appointments the
executive services provided by Drs. Albert Agro and Bev Incledon, as an interim
measure through their company Concept 2 Clinic Inc., will cease as of closing of
the proposed merger.


It is contemplated that the Board of SCT post-merger will consist of Mr. David
Allan, Dr. James DeMesa, Dr. Henry Friesen, Mr. Dean Peterson, Dr. Calvin
Stiller and Dr. Niclas Stiernholm, all current board members of the Corporation,
together with Dr. Michael Moore.


"This transaction will allow the companies' combined assets to gain access to
the capital required for their proper development in order to transform them,
over time, into valuable new treatments," commented Dr. Stiernholm. "My
colleagues and I are excited about the upcoming creation of a much needed
commercial vehicle for Canada's world class cancer stem cell discoveries.
Although a formidable challenge for a company of any size, by building on the
strength of our own capabilities, our existing links to several of Ontario's
leading cancer research organizations, and our global industry network, we
believe we have a real opportunity to make a difference in the future treatment
of cancer."


Pursuant to the Letter of Agreement, the security holders of Trillium will
receive, on closing of the transaction, an aggregate consideration of
$2,850,000. This consideration is comprised of $1.2 million in cash and $1.65
million in SCT common shares, at a deemed price per share not lower than the
post-consolidation Discounted Market Price (as per the policies of the TSXV) at
the time of this announcement. SCT and Trillium intend to close the transaction
in the first half of 2013, subject to customary closing conditions, including
corporate and regulatory approvals, as well as securing the additional financing
required to conclude the proposed merger and to advance the SCT development
programs. The latter will be done through a public offering of securities for an
amount of $2.5 million to be priced based on market conditions. There can be no
assurance that the proposed merger with Trillium will be completed as proposed,
or at all. 


The proposed merger is an arm's-length transaction and will not result in a
change of control of SCT or the creation of a new control person (as defined in
TSX-V policies). All matters of the formation, negotiation and conclusion of the
planned merger are being managed by a Special Committee of each of SCT and
Trillium. Dr. Niclas Stiernholm, the CEO of Trillium, is a Director of SCT and
in recognition of these relationships, the Trillium Board engaged an independent
advisor, reporting directly to Trillium's Special Committee, to explore this
proposed merger and other transaction options. The principal securityholders of
Trillium have indicated they will support the proposed merger.


Common Share Consolidation

The Board of Directors of SCT determined to implement, subject to TSX Venture
Exchange approval, a share consolidation of the issued and fully paid common
shares without par value of SCT on the basis of 1 post-consolidation common
share for 10 pre-consolidation common shares as authorized by SCT's shareholders
at the special meeting of shareholders held on December 20, 2012. No fractional
shares shall be issued in connection with the consolidation and any fractional
shares resulting from the consolidation will be eliminated. The number of SCT
common shares outstanding is 186,619,359. The number of common shares
outstanding following the consolidation will be 18,661,936. There will be no
name change in conjunction with the share consolidation.


Letters of transmittal with respect to the consolidation will be mailed out to
all registered shareholders. All registered shareholders of SCT will be required
to send their certificates representing pre-consolidation common shares with a
properly executed letter of transmittal to SCT's transfer agent, Computershare
Investor Services Inc., in accordance with the instructions provided in the
letter of transmittal. Shareholders who hold their common shares through a
broker or other intermediary and do not have common shares registered in their
own name will not be required to complete a letter of transmittal.


About Trillium Therapeutics:

Trillium Therapeutics is a private biopharmaceutical company specializing in
immune regulation and cytoprotection. The company, which was originally spun out
from six major Ontario research institutions, currently has two preclinical
oncology programs: TTI-621, a SIRPaFc fusion protein that blocks the activity of
CD47, a molecule that is upregulated on cancer stem cells in AML and other
tumours; and TTI-200.7, a fully human CD200-specific monoclonal antibody that
blocks the activity of CD200, an immunosuppressive molecule that is
overexpressed by several hematopoietic and solid tumours. The company's most
advanced program, TTI-1612, is a cytoprotective recombinant growth factor that
is being developed for the treatment of interstitial cystitis. Trillium has a
rich and successful history of academic and industry collaborations and business
relationships, and has been supported by three Canadian venture capital
investors: Covington Capital, Growthworks and BDC Capital, as well as by the
MaRS Investment Accelerator Fund (IAF) and the Federal Economic Development
Agency's Investing in Business Innovation (IBI) program.


Dr. Niclas Stiernholm holds a Ph.D. in immunology from the University of
Toronto. Having started his career at Allelix Biopharmaceuticals, considered one
of Canada's first biotechnology companies, Dr. Stiernholm joined YM BioSciences
where he was Executive Vice President and Chief Scientific Officer until the
completion of YM's IPO in 2002. He then became the founding full-time CEO of
Trillium. He currently serves on several scientific and corporate boards of
directors, including the Ontario Genomics Institute, OBIO, and AIM Therapeutics.
Dr. Robert Uger also earned his PhD in immunology from the University of Toronto
and has 10+ years of pharma/biotech experience. He was previously at Sanofi
Pasteur before becoming Vice President, Research & Development at Trillium
Therapeutics in 2003. Dr. Penka Petrova, holding a PhD in microbiology from
Saarland University in Germany, joined Trillium from Neurotrophic Bioscience in
the same year and is currently Director, Drug Development.


For the year ended June 30, 2012 (audited) and period ended September 30, 2012
(unaudited), Trillium reported respectively total revenues of $54,047 and of
$8,855, $8,464,683 and $2,183,759 in net losses, $3,609,671 and $2,837,254 in
assets, $46,359,655 and $47,769,115 in total liabilities and $42,749,984 and
$44,931,861 in total shareholders' deficiency. Since its inception to June 30,
2012, Trillium has spent $29, 723,116 on its R&D activities. It is expected that
there will be no debt of Trillium outstanding post-transaction other than the
amounts drawn down under a loan agreement with the Federal Economic Development
Agency of Ontario.


About Stem Cell Therapeutics: 

Stem Cell Therapeutics Corp. (TSX VENTURE:SSS) is a Canadian company developing
stem cell-based therapeutics through partnerships with research institutions and
technology transfer organizations. SCT's objectives include the sourcing and
acquisition of additional stem cell-related development opportunities, and
securing capital for the advancement of its licensed or acquired products. In
October 2012 SCT became a member of the 20-member Centre for Commercialization
of Regenerative Medicine ("CCRM") consortium. For more information, visit:
www.stemcellthera.com. 


This press release may contain forward-looking statements, which reflect SCT's
current expectation regarding future events. These forward-looking statements
involve risks and uncertainties that may cause actual results, events or
developments to be materially different from any future results, events or
developments expressed or implied by such forward-looking statements. Such
factors include, but are not limited to, SCT's ability to obtain financing in
connection with the proposed arrangement; uncertainties as to the timing of the
arrangement; the satisfaction of the conditions precedent to the completion of
the arrangement; changing market conditions; the successful and timely
completion of pre-clinical and clinical studies; the establishment of corporate
alliances; the impact of competitive products and pricing; new product
development risks; uncertainties related to the regulatory approval process or
the ability to obtain drug product in sufficient quantity or at standards
acceptable to health regulatory authorities to complete clinical trials or to
meet commercial demand; and other risks detailed from time to time in SCT's
ongoing quarterly and annual reporting. Except as required by applicable
securities laws, SCT undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Stem Cell Therapeutics Corp.
David Allan
Executive Chairman
+1 647 258 4325
DAllan@StemCellThera.com
WWW.StemCellThera.com

Sunvest Minerals Corp (TSXV:SSS)
Historical Stock Chart
From Jun 2024 to Jul 2024

Sunvest Minerals Corp (TSXV:SSS)
Historical Stock Chart
From Jul 2023 to Jul 2024