NA Proactive news snapshot: Innocan Pharma, Helix Technologies, LexaGene, Metalla Royalty, Zinc8 Energy ...

Innocan Pharma Corporation (CSE:INNO) (FRA:IP4) announced the launch of two therapeutic studies on small and large animals examining the therapeutic efficacy of its CBD-loaded liposome platform technology (LPT) in relevant diseases. In a statement Monday, the company said these studies follow the results of previous studies that demonstrated the prolonged release of CBD (cannabidiol) for at least three weeks into the blood of mice and rats after a single injection. The new studies will be conducted by the Hebrew University of Jerusalem. Innocan noted that the original study, which was led by Dr Ahuva Cern, senior researcher at the Hebrew University, found significant amounts of CBD in mice’s blood and muscles up to 21 days after they were injected intramuscular with a single injection of CBD using LPT. The same findings were also demonstrated in rats.

Helix Technologies Inc (OTCQB:HLIX), which has a suite of technology services and platforms that enable cannabis business owners manage risk, posted third-quarter results that saw its software revenue jump, driven by an increasingly expanded client base. For the period ended September 30, 2020, the Denver, Colorado-based technology company reported software revenue of $2.8 million, up 18% from 2019. The company noted that software revenue also expanded 6% on a sequential basis “defying market headwinds.” The company has also grown year-to-date revenue to $8.8 million, up 13% from 2019, while improving gross margin to 68%, compared to the same period in 2019. CEO Zachary L Venegas said it was the firm’s “third consecutive quarter of positive adjusted EBITDA, and improvement in nearly every operational and financial metric.”

LexaGene Holdings Inc (CVE:LXG) (OTCQB:LXXGF) (FRA:5XS2) announced Monday that it has received a purchase order for a MiQLab system from a multinational biotechnology company that generates billions in annual revenue. MiQLab is the first commercially available open-access multiplex PCR system of its kind. The open-access feature means it is extremely easy for operators to use the automated MiQLab system at their facilities to perform customized, highly multiplexed PCR tests. The company noted that this is highly desirable over the alternative, which is to ship collected samples to a reference laboratory for manual PCR processing by skilled molecular biologists or waiting days for cultures to grow. The biotechnology company that made the purchase order is a manufacturer of biologics, vaccines, and chemicals.

Metalla Royalty and Streaming Ltd (CVE:MTA) Friday said the TSX Venture Exchange has accepted for expedited filing two share purchase agreements dated November 4, 2020, between the company and Streaming Ltd., Metalla America Ltd., Donald L. Merrick, and John E. Zimmerman, whereby the Mettalla Royalty will acquire 100% of the issued and outstanding common shares of Genesis Gold Corp. and Geological Services Inc. (GSI), two privately held Utah corporations that hold a portfolio of royalties in Nevada and Utah. Under the terms of the agreement, the US$4,125,000 purchase price was satisfied via US$1 million in cash and the issuance of 401,875 common shares at a deemed value of US$7.776 per share.

Zinc8 Energy Solutions Inc (CSE:ZAIR) (OTCMKTS:MGXRF) (FRA:0E9) is set to deliver its innovative zinc-air energy storage system to a ground-breaking low energy architectural project in British Columbia on time by December 21 this year. The system is designed to deliver power in the range of 20kW to 1MW or more and energy of 160kWh to 8MWh or more and will be deployed at the ‘75 house’ which is currently being built on the estate in Surrey, BC, configured to be 20kW and 80kWh, but it can be easily modified to meet any change in demand, said Zinc8. It will be integrated with an onsite solar array to provide the main source of power to the estate. 

Algernon Pharmaceuticals Inc (CSE:AGN) (OTCQB:AGNPF) (FRA:AGW) has received a refundable tax credit of around C$600,000 from its clinical research work in Australia. The Canadian pharmaceutical firm is working on a Phase 2 trial in Australia for its lead drug NP-120 drug (Ifenprodil) as a potential treatment for patients with a type of lung disease called idiopathic pulmonary fibrosis (IPF), which results in scarring of the lungs, and chronic cough. “Algernon’s unique business model of drug repurposing includes conducting as much clinical research as possible in Australia in order to take advantage of the Australian Government’s 41% refundable tax credit program,” said Christopher J Moreau, Algernon’s CEO in a statement Monday.

MindMed (NEO:MMED) (OTCQB:MMEDF) late Friday announced that it has a current cash reserve of US$37.8 million, or C$50.1 million, after closing a C$28.8 million financing on October 30, 2020. The company said its current cash position will enable it to continue to advance its clinical trial pipeline of psychedelic-inspired medicines and experiential therapies.

FansUnite Entertainment Inc (CSE:FANS) (OTCQB:FUNFF) (FRA:4UY) started trading on the OTCQB Venture Market on Monday after uplisting its shares from the Pink exchange. The move will help the Vancouver-based e-sports company gain wider exposure to US investors, FansUnite CEO Scott Burton told shareholders. “We have seen an increased interest from American investors as the online betting space gains traction worldwide,” Burton said in a statement. “By upgrading our ticker, we will have increased visibility and exposure to a broader investment community. As we continue to execute on our vision of becoming a global iGaming leader, we are excited to showcase our achievements to a growing base of US and international investors.”

Talon Metals Corp (TSE:TLO) (OTCMKTS:TLOFF) (FRA:TAO) reported that it spent C$2.3 million on exploration at its exciting Tamarack nickel-copper-cobalt project in the third quarter to end-September, as it continues to advance the asset – one of the only undeveloped nickel properties in the US. The project lies in Minnesota and the exploration firm’s goal is to potentially supply the rapidly growing electric vehicle (EV) battery market. In the three months to September 30, Talon told investors that capitalized exploration costs and deferred expenditures for the site amounted to C$2.3 million, compared to C$0.8 million in the third quarter of 2019.

Vox Royalty Corp (CVE:VOX) said it had told the Toronto venture exchange of its plan to repurchase, for cancellation, up to around 1.62 million of its own shares. The purchases are to be made through the facilities of the exchanged during the period from November 19 this year to November 18, 2021, it said.  Purchases pursuant to the bid will be made by Paradigm Capital Inc on behalf of the company.

1933 Industries Inc (CSE:TGIF) (OTCQX:TGIFF) said all matters set forth at its AGM were approved on Friday, November 13, including fixing the number of directors on the board at six and appointing Davidson & Company LLP as auditor of the company for the fiscal year ending July 31, 2019. 

Story by ProactiveInvestors