MDS acquires Stilco shares in VC management firms

MDS Capital Corp has acquired the shares of the Canadian Venture Capital Management Corp (CVCMC) from Stilco Investments Ltd and to become its sole shareholder and operator. MDS also acquired from Stilco all the shares of Medical Discovery Management Corp (MDMC), manager of the Canadian Medical Discoveries Funds I and II. Stilco is controlled by Dr Calvin Stiller, who will resign as chairman and CEO of MDMC and the CMDF funds. MDS has assisted in the management of CMDF since its inception in 1994 and currently owns 50% of MDMC shares. MDS and Stiller were also co-owners of the Canadian Science and Technology Growth Fund Inc and Capital Alliance Ventures Inc, through Fullarton Capital Corp. They have since been acquired by GrowthWorks Capital Ltd (R$, January 24/05 & July 22/05). The transactions, which are slated to become effective October 17, will also give MDS 100% indirect control over BC Medical Innovation Fund — formerly ALTURA Growth Fund. — which was acquired by MDS and Stilco in 2004....