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by Stockwatch Business Reporter
The TSX Venture Exchange gained 5.05 points to 802.60 Wednesday. Robin Hutchison's second capital pool shell, RMR Science Technologies Inc. (RMS: halted), plans to acquire a Nevada biotech start-up called Cannogen Biosciences Inc. for the shell's qualifying transaction. The shell, which has 7,735,775 shares issued, will issue 7.5 million shares to its target's shareholders. To raise money for the resulting issuer, RMR Science must also sell a $5-million private placement at 50 cents.The target, Cannogen, holds patents that it hopes to use for "medical foods formulations for humans" as well as "products designed specifically for pet health." So far, it appears that there are not yet any products, just patents. Cannogen also holds exclusive licences for biochemistry patents.
Cannogen is nominating two officers for the resulting issuer:Dr. Larry McCleary andDon Hagans. Dr. McCleary is a neurosurgeon in Nevada. He holds a handful of patents himself, including one that can be used to make a nutritional supplement for treating impaired neurological function (in humans). Dr. McCleary will be the chief medical officer of the resulting issuer.
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