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by Stockwatch Business Reporter
The TSX Venture Exchange gained 5.36 points to 804.55 Monday. Dr. Albert Friesen has filed a preliminary prospectus to list his fourth capital pool shell, Buffalo Capital Inc. The shell is selling a $200,000 to $300,000 initial public offering of 800,000 to 1.2 million shares at 25 cents. Its IPO agent is PI Financial Corp.
According to the prospectus, Buffalo Capital raised $100,000 in December, 2016, by selling one million escrowed shares at 10 cents to its directors. It will likely adjust these figures in its final prospectus, say, to 800,000 escrowed shares sold at 12.5 cents, because the price of seed shares must be at least half of the IPO price. As it currently stands, Dr. Friesen holds 700,000 of the one million escrowed shares.
Dr. Friesen has a PhD in protein chemistry and is the president of Genesys Venture Inc., a private biotech consulting firm in Winnipeg. In the 1990s, he was the president of a stem cell and HIV drug developer called Genesys Pharma Inc., which peaked at $7.50 on the Vancouver Stock Exchange in 1993. Genesys Pharma was acquired by Novopharm Biotech Inc. in 1997, and the combined company went private in 2005. Currently, besides Genesys Ventures, Dr. Friesen is also the president of Medicure Inc. (MPH: $8.95), the maker of a drug called Aggrastat for patients with acute coronary syndrome (decreased blood flow in the heart). He took Medicure public in January, 2000, through Dev Randhawa's Alberta Stock Exchange capital pool shell, Lariat Capital Inc. At the time, Medicure was still in the early stages of its drug development.
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