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by Stockwatch Business Reporter
The TSX Venture Exchange fell 2.44 points to 762.73 Wednesday. Dr. Albert Friesen's halted capital pool shell, Buffalo Capital Inc. (BUFF), plans to launch Dr. Friesen's own cancer drug developer called Waverley Pharma Inc. for the shell's qualifying transaction. The shell, which has three million shares issued, will issue 40 million shares to its target's shareholders.
Dr. Friesen, who holds a PhD in protein chemistry, is the sole director and controlling shareholder of the Winnipeg-based target. Waverley Pharma is working on several cancer treatments, including an injectable generic drug (WAV-101) for lung cancers and another (WAV-102) for blood cancers. The company plans to file drug applications for WAV-101 and WAV-102 in the European Union in the fourth quarter. Then it hopes to file corresponding drug applications in North America in the first quarter of 2018. To finance these applications, the shell is selling a $5-million private placement at 50 cents. Completion of this financing is a condition for closing the QT.
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