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Shell Summary for Aug. 10, 2020

2020-08-10 20:42 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange added 7.69 points to close at 747.67 Monday. Richard Buzbuzian's second capital pool shell, Buzbuz Capital Corp. (BZBZ: halted), plans to acquire a Toronto medical device start-up called Inolife R&D Inc. for the shell's qualifying transaction. The shell will roll back 1 for 2, leaving it with 4.75 million shares issued, then issue up to 77 million shares to its target's shareholders and creditors.

Inolife R&D, also called Inolife Sciences Corp., was formed in 2017. It is working on a device called Inojex, which is meant to be a needle-free alternative to injectors. Instead of delivering medication through a hypodermic needle, Inojex uses a tiny, rapid spray. According to Inolife's website, a typical hypodermic needle creates a 390-micrometre opening in a patient's skin. In comparison, Inojex, through its liquid jet technology, will create a 170-micrometre opening. (The diameter of hair is between 15 and 180 micrometres.) Inojex is supposed to be "virtually" painless, according to the company's website. The device will be reusable up to 15,000 times, but it will have disposable parts.

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