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Shell Summary for May 28, 2020

2020-05-28 20:14 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 3.52 points to close at 544.62 Thursday. Alfredo De Lucrezia's third capital pool shell, Vincero Capital Corp. (VCO: halted), has arranged a pharmaceutical deal for its qualifying transaction. It is acquiring worldwide rights (excluding China) to a potential cancer treatment from a California cancer drug developer called NewGen Therapeutics Inc. The shell, which has 15 million shares issued, will issue 30 million shares to NewGen. In connection with the QT, the shell and NewGen together aim to raise $2.5-million at 20 cents.

NewGen was formed in 2011. That year, it acquired worldwide rights (excluding China) to three potential cancer treatments, including the one that Vincero Capital is now acquiring. NewGen acquired the rights to those three potential drugs from a Chinese firm, Jiangsu Kanion Pharmaceutical Co. Ltd., which trades on the Shanghai Stock Exchange and last closed at the equivalent of $2.54. With 592.88 million shares issued, Jiangsu Kanion's market cap is $1.5-billion.

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