- Alphanco Venture (AVC.P) has closed its qualifying transaction and acquired all outstanding shares of Marvel Biotechnology Inc
- Alphanco has changed its name to Marvel Biosciences Corp
- Marvel Biosciences is expected to commence trading on the TSXV under the symbol MRVL on or about July 12
- Marvel Biotech has become a wholly-owned subsidiary of the company
- Alphanco Venture is unchanged, trading at C$0.20 at 1:48 pm ET
Alphanco Venture (AVC.P) has closed its qualifying transaction and acquired all outstanding shares of Marvel Biotechnology Inc.
Alphanco has changed its name to Marvel Biosciences Corp.
Under the terms of the three-cornered amalgamation, Alphanco acquired all of the issued and outstanding shares of Marvel Biotech through an amalgamation between one of its wholly owned subsidiaries and Marvel Biotech.
The amalgamation resulted in the shareholders of Marvel Biotech receiving common shares of Alphanco as consideration.
Marvel Biotech has become a wholly-owned subsidiary of the company.
The Calgary-based biotechnology company utilizes a drug redevelopment approach to drug development. It has currently developed several new patented and patentable chemical entities, using synthetic chemical derivatives of known, off-patent drugs.
The transaction is classified as a reverse take-over.
Final approval of the transaction will occur when the TSX Venture Exchange issues the Final Exchange Bulletin. Subject to final acceptance by the TSXV, the common shares of Marvel Biosciences are expected to commence trading on the exchange under the symbol MRVL on or about July 12.
“We are pleased to announce the completion of this significant milestone for our Company and with our partners at Alphanco. This financing will allow Marvel Biotech to develop its lead asset MB-204 for clinical testing. We look forward to updating the market on our progress and MB-204 with application to the neurological diseases of depression & anxiety, Alzheimer’s, ADHD and addiction, cancer, and the application to the non-neurological disease of non-alcoholic steatohepatitis liver fibrosis,” said Marvel Biotech CEO Rod Matheson.
The company will be classified as a Tier 2 life sciences issuer pursuant to TSXV policies.
Alphanco Venture is unchanged, trading at C$0.20 at 1:48 pm ET.
