With election results in, Canadian markets appear to have steadied as Prime Minister Justin Trudeau was re-elected on Monday.
The S&P/TSX Composite Index is down 0.30 per cent today, sitting at 20,400.42 points as of 12:29 pm ET. Over the last five days, the index rose 0.53 per cent after dropping to just under 20,000 points on Monday.
The Canadian dollar followed a similar trajectory on election day, falling to US$0.7795 before recovering, and is sitting at US$0.7903 as of September 23.
The Daily Nominal Canadian Effective Exchange Rate (CEER), which measures the loonie against 17 of Canada’s main trading partners, was at 121.16 as of September 10, 2021, compared to 116.8 in September 2020.
Readers of The Market Herald Canada followed companies in the health care and technology sectors.
Here’s a look at those stories.
Defence Therapeutics (CSE:DTC) announces development of an intranasal COVID-19 vaccine formulation
First up in health care is Defence Therapeutics, a biotechnology company engineering next-generation vaccines. The company announced on Monday that it has developed a new vaccine for COVID-19.
The vaccine, AccuVAC-IN002, is administered using intranasal delivery, which targets mucosal sites that are often the initial site of infection for airborne viruses like COVID-19.
“With Defence’s new AccuVAC-IN002 formulation, we are able to induce both IgA and IgG antibody responses both systemically and at mucosal sites. This would ensure a transmission-blocking effect that will not only halt initial infection but will also ensure close to a 100 per cent blockade in viral shedding,” said CEO Mr. Plouffe.
Defence is dedicated to fighting this airborne disease and any other emerging pathogens through its vaccine development program.
Shares in Defence Therapeutics (DTC) are down 11.28 per cent over the last 5 days, trading at $6.95 per share as of 11:04 am ET on Friday.
Next Hydrogen (TSXV:NXH) expands into new assembly facility
Also on Monday, Next Hydrogen announced that it had opened its new assembly facility in the Greater Toronto Area.
Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source.
Located in Mississauga, the new 27,000 square foot facility will provide the capacity for product assembly, testing, product development and engineering, and leadership functions across Next Hydrogen.
Raveel Afzaal, president and CEO of Next Hydrogen, commented on the new facility.
“We will be able to better serve our customers,” said Mr. Afzaal, “by co-locating our technical, engineering, assembly and after-service teams, and collaborating more effectively across business units.”
Shares in Next Hydrogen Solutions (NXH) are down 11.93 per cent over the last five days, trading at $4.80 per share as of 11:54 am ET.
XTM (CSE:PAID) announces oversubscribed private placement
Next on our list is financial technology company XTM, who announced an oversubscribed private placement on Tuesday.
The company initially planned to issue up to 15,000,000 units at a price of $0.40 per unit for proceeds of up to $6 million and has now closed its order book due to increased demand and the unexpected size of orders received to date.
XTM anticipates that the net proceeds will be used for general working capital purposes and for strategic acquisitions.
As a fintech company, XTM provides necessary support systems including mobile and web applications and ancillary banking services.
Shares in XTM (PAID) have gone up 8.75 over the last five days, trading at $0.435 per share as of 1:18 pm ET.
PyroGenesis (TSX:PYR) subsidiary lands multi-million-dollar order in Quebec
PyroGenesis Canada Inc. has made the TMH Canada Top 5 list for the third week in a row, reporting on Wednesday that its subsidiary Pyro Green-Gas has been awarded a multi-million-dollar contract.
Pyro Green-Gas will supply Carbonaxion Bioénergies with a landfill biogas purification system for its GNR Neuville project, which is being developed at the environmental complex of the Régie régionale de gestion des matières résiduelles de Portneuf in Quebec.
The Régie is a municipal organization that manages the residual materials of 24 municipalities.
“We look forward to deploying Pyro Green-Gas’s proprietary technologies that will not only significantly reduce GHGs, but will also transform an expense into a revenue stream for the municipalities concerned over the next 20 years,” said Carbonaxion Bioénergies President and Co-founder Réjean Carrier.
Shares in PyroGenesis started the week off well before dropping 5.24 per cent to $5.07 per share as of 1:24 pm ET on Friday.
Alpha Cognition (TSXV:ACOG) announces $12.5 million public offering
On Thursday, Alpha Cognition announced a $12.5 million public offering led by Raymond James that is expected to close on September 29, 2021.
The company will offer 8,350,000 units priced at $1.50 per unit and will use the proceeds for working capital, general corporate purposes and for the marketing and clinical development of its flagship formulations.
Alpha Cognition’s flagship formulations include Alpha-1062, which is intended as a treatment for Alzheimer’s Disease, and Alpha-0602, which is intended as a treatment for ALS.
The offering is pursuant to Alpha’s Canadian base-shelf prospectus dated August 25, 2021. The company will file a prospectus supplement in each province and territory except Quebec.
Shares in Alpha Cognition have fallen 23.73 per cent over the last five days, trading at 1:35 per share as of 11:56 am ET on Friday.