Leslie Dan increases Viventia stake

Guest Contributor
February 18, 2003

Viventia Biotech Inc has completed a paper transaction that will save the Toronto-based start-up more than $270,000 in interest payments. The funds will be used to finance ongoing R&D and corporate operations. Viventia — a developer of monoclonal antibodies targeting multiple forms of cancer — repaid a $2-million debenture to Clairmark Investments Ltd, which in turn made a $2-million equity investment in the firm. Clairmark is controlled by Leslie Dan, Viventia’s board chairman and former head of Novopharm Group of Companies (now owned by Israeli-based Teva Pharmaceuticals Industries Ltd). The transaction increases Dan’s ownership stake in Viventia from 57.4% to 59.1% Viventia still has two debentures worth $4 million outstanding....

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