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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 4.41 points to 787.38 Friday, but it ended the week down 2.13 points. Two capital pool shells have completed their qualifying transactions: Dr. Albert Friesen's fourth shell, Buffalo Capital Inc., has launched Dr. Friesen's own cancer drug developer, Waverley Pharma Inc. (WAVE: $0.50); and Mark Goodman's first shell, Focused Capital Corp., has launched a Quebec gold junior called Orford Mining Corp. (ORM: $0.54).

There were three Waverley Pharma trades, each at 50 cents, for a modest total of 2,500 shares. When Waverley was still private, it had a single shareholder, Dr. Friesen. Under the QT, he received 40 million shares. He now holds 40.7 million shares or 76.79 per cent of the public Waverley.

The company holds a licence to sell two generic drugs that are still in development. One drug will be for lung cancers, and the other will be for blood cancers. The licence will be non-exclusive for the United Kingdom and exclusive for the rest of the European Union, the United States and Canada. Dr. Friesen holds a PhD in protein chemistry. He is the president of Medicure Inc. (MPH: $8.30), which sells a heart drug called Aggrastat in the U.S. When Dr. Friesen took Medicure public in January, 2000, it was still in the early stages of drug development. Medicure peaked at $10.67 in December, 2016.

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