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by Stockwatch Business Reporter

The TSX Venture Exchange lost 2.88 points to 776.78 Monday. Dr. Albert Friesen's fourth capital pool shell, Buffalo Capital Inc. (BUFF: halted), has filed an information circular for its shareholders meeting, to be held on Oct. 6. The shell is working on a qualifying transaction that is non-arm's length, so its shareholders must approve the deal. Buffalo is launching Dr. Friesen's own cancer drug promotion called Waverley Pharma Inc. The shell, which has three million shares issued, will issue 40 million shares to its target's sole shareholder, Dr. Friesen's ADF Family Holdings Corp. On closing of the QT, Dr. Friesen will control 40.7 million shares or 76.79 per cent of the resulting issuer.

Waverley holds a licence to sell two generic drugs (WAV-101 and WAV-102) that are still in development. WAV-101 will be for lung cancers, and WAV-102 will be for blood cancers. Waverley's licence is exclusive for Canada, the United States and the European Union, except the United Kingdom. The licence is non-exclusive for the U.K. Waverley's licensor is Reliance Life Sciences Pvt. Ltd., which is part of the Reliance Group, the second-largest conglomerate in India. Waverley has paid Reliance Life Sciences $20,000 (U.S.) and will pay another $1.38-million (U.S.) depending on unspecified milestones. Waverley will also pay a 7.5-per-cent net sales royalty. It hopes to begin sales in 2019. To finance the resulting issuer's drug applications, the shell must sell a $5-million private placement at 50 cents. Just remember that in spite of their many confidence-building details, these two drugs are under development, and the success rate for such projects is dismal.

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