NA Proactive news snapshot: Orgenesis, TruTrace Technologies, Cenovus Energy, Zynerba Pharmaceuticals ...

NA Proactive news snapshot: Orgenesis, TruTrace Technologies, Cenovus Energy, Zynerba Pharmaceuticals ...

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Orgenesis Inc (NASDAQ:ORGS), a developer of advanced cell and gene therapies, posted strong financial results Tuesday for the year ended December 31, 2019 driven by its point-of-care cell therapy business. The Maryland company recently completed the sale of subsidiary Masthercell Global Inc, a contract development manufacturing organization, to Catalent Pharma Solutions, for around $127 million. It expects to use the proceeds to grow its evolving point-of-care cell therapy business and develop advanced therapy medicinal products. The company's revenue jumped 78% to $33.3 million, compared to $18.7 million for fiscal year 2018. Similarly, gross profit soared 92% to $15 million in fiscal year 2019, compared to $7.8 million for FY 2018. The point-of-care (POCare) platform generated $3.1 million in sales, compared to nothing in FY 2018. TruTrace Technologies Inc (CSE:TTT) (OTCMKTS:TTTSF), the cannabis-focused blockchain group, has welcomed Cesare Fazari as a director of the board with effect from March 9.  Fazari is a founding partner of Northwood Developments and specializes in commercial retail rollout, having completed thousands of turnkey projects for major commercial franchises, including Shoppers Drug Mart, Marshalls, Trade Secrets and Public Mobile, said the firm in a statement. Also in Tuesday's statement, TruTrace revealed that Swapan Kakumanu had resigned as director but he continues to serve as the finance chief and secretary of the company. This change is also with effect from March 9. Canadian oil and gas producer Cenovus Energy Inc (TSE:CVE) has taken steps to protect its balance sheet in the wake of the significant global oil price slide, it told investors Tuesday.  Crude plunged after Saudi Arabia - the globe's top exporter -  said it would up output next month, flooding the market, in response to Russia's refusal to cut supplies as per an OPEC plan. Cenovus has now said it will cut its 2020 capital spending by around 32% for 2020 (to between C$0.9 to C$1 billion from C$1.3 to C$1.5 billion previously) to maintain the strength of its balance sheet. The oiler will also temporarily suspend its crude-by-rail program and deferring final investment decisions on major growth projects, it said. It will work towards funding this revised capital program and current dividend within its own cash flow, it added. Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) announced that it had ended 2019 with more than $70 million in cash and cash equivalents, giving the company plenty of capital as it advances its flagship Zygel CBD Gel to treat Fragile X Syndrome (FXS).  “Management believes that the cash runway is sufficient to fund operations and capital requirements beyond the expected NDA submission and potential approval of Zygel in FXS and into the second half of 2021,” the company said in a statement.  Zynerba said enrollment is complete with 212 patients randomized into CONNECT-FX, a pivotal, multinational, randomized, double-blind, placebo-controlled trial evaluating the efficacy and safety of Zygel in treating common behavioral symptoms of FXS. The company expects to report topline results late in the second quarter of 2020. TRACON Pharmaceuticals Inc (NASDAQ:TCON) said that along with Osaka-headquartered Santen Pharmaceutical, a specialized company dedicated to ophthalmology, it has discontinued the development of DE-122 for the treatment of wet age-related macular degeneration (wAMD) after reviewing recently obtained top-line data from the Phase 2a AVANTE clinical study. Topline data shows DE-122 did not improve visual acuity when combined with Lucentis, compared to single-agent Lucentis. Santen licensed the development rights to DE-122 in the ophthalmic field from TRACON in 2014. Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) said the TSX Venture Exchange had accepted for filing documentation about a non-brokered private placing announced February 28 this year and March 3 this year. It is for over 7 million shares at C$0.15 each and over 3.5 million warrants to buy the same number of shares at an exercise price of C$0.22 for five years. There are ten placees. VolitionRx Limited (NYSEAMERICAN:VNRX) issued a corporate brochure and new corporate video detailing the company's mission, strategy, technology, recent achievements and future plans. "I am really proud to be chief executive officer of Volition and am excited with the progress we are making as we enter our tenth year," said Cameron Reynolds. "We have been working hard to develop our epigenetic platform, intellectual property, team and products and are excited to share these materials to help bring our mission to life." Weekend Unlimited Industries Inc (CSE:POT) (OTCQB:WKULF) said it had raised a total of C$1.18 million via a previously announced placing, and it has now closed a second tranche.  In a statement on Tuesday, the company also said it had appointed David Parchomchuk as a board director.  On February 11 this year, the group said the first tranche had closed, bringing in a total of $1,029,337 from the issuance of around 8.23 million units at C$0.125 each. On Tuesday, the recreational cannabis and CBD wellness company said it had issued a further 629,300 units at a price of C$0.125 a throw. Weekend Unlimited has raised an aggregate total of C$1,180,000 through the offering, it said. Commissions related to the financing of $2,349 and 18,792 warrants have been paid and granted respectively. NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF) CEO Evan Gappelberg has invested another chunk of capital into the augmented reality company by purchasing 100,000 shares of stock. The buy is on top of the combined US$100,000 worth of shares that Gappelberg and his wife bought in February. The CEO now owns more than 4.5 million shares. Gappelberg acquired the shares by exercising C$0.70 warrants, juicing NexTech’s cash position with a $70,000 investment. In total, the company’s cash position is more than C$3 million. The newly-bought shares will have a one-year resale restriction.    

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