Mike,It is managed by MDS a huge health and medical services company.I have pasted some news out today from Stockwatch on HCB.UN.
Happy Holidays,
Richard
Health Care & Biotechnology Venture Fund -
Health Care funds increases
Health Care & Biotechnology Venture Fund HCB.UNShares issued 4,354,8721998-12-23 close $4.5Monday Dec 28 1998Mr. Michael Callaghan reports As of Dec. 18, 1998 the net asset value (NAY) of The Heals Care and Biotechnology Venture Fund (the funds) totals $26.8-million or $6.41 per trust unit. The NAV does not, in both cases, reflect increases in value for the 34 per cent of the fund's invested capital, which is in private companies. These investments are generally valued at the fund's original cost and the continued progress of these companies is not reflected in their valuations. As of Dec. 18, 1998, units in the fund traded on the TSE at $4.30 per unit, which is a 33 per cent discount to the current net asset value. In December 1998, the fund invested $770,000 in Pangea Systems Inc. as part of a $15-million (U.S.) private placement. The company expects to raise an additional $3-million (U.S.) in the next 80 days for a total financing round of $18-million (U.S.) Pangea was founded in 1991 and is a leader in the emerging bioformatics software market. Bioinformatics is the application of computer science to the analysis of biological data. The company has an installed base of customers including several large pharmaceutical and biotechnology companies who are currently generating revenue for Pangea. This investment is valued at the fund's original cost. In Dec. 1998, the fund sold a number of its investments in publicly traded companies. The fund sold the remainder of its investment in Micrologix Biotech for an approximate capital gain of $23,500. The fund realized an approximate total capital gain on its investment in Micrologix of $326,180. The fund sold its shares in Liquid Pharmaceuticals that it received when Seragen Inc. was acquired by Ligand for an approximate capital gain of $11,930. The fund sold its shares in TLC The Laser Center that it received when BeacenEye was acquired by TLC for an approximate capital gain of $145,340. The fund sold approximately 70 per cent of its remaining shares in DepoTech Corporation for a capital loss of approximately $143,635 (Canadian). In addition, the fund had previously realized $854,000 in capital gains in DepoTech. The fund continues to hold an investment of $260,000 in DepoTech. On Dec. 18, 1998 the market value of this investment was $100,000. In December 1998, Drug Royalist Corporatlon Inc. announced that for $16-million it acquired from a third party a royalty interest in the worldwide sales of a major antic-cancer drug, that is expected to generate significant revenues for Drug Royalty in 1999 and beyond. Drug Royalty reserved financing on the transaction from The Royal Bank of Canada. In addition, Paul Capital Partners, a United States based investment manager, co-invested alongside Drug Royalty for a significant undisclosed amount, making the total transaction Drug Royalty's largest to date. Drug Royalty's 1999 revenues are expected to increase significantly as a result of this latest transaction, as well as our May 1998 acquisition of royalties from Neupogen marketed by Amgen. The fund has invested $1.05-million in drug royal to date. On Dec. 18, 1998 the market value of this investment was $1.38-million. In Dec. 1998, Triangle Pharmaceuticals, Inc. entered into a purchase agreement for the sale of an aggregate of 4.8 million newly issued shares of Triangle common stock to selected institutional and other accredited investors. The purchase prices per share was $10.00 (U.S) or a total private placement of $48-million (U.S._ The fund had invested $500,000 in Avid Corporation which was acquired by Triangle Pharmaceuticals, in August 1997. On Dec. 18, 199B, the market value of the shares received to date was $257,000. The fund continues to have upside potential in Triangle, through its prorate share of up to 2.1 million common shares in Triangle Stock (contingent upon the attainment of certain development milestones). (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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