shocker... THERAPURE forgive me if this has been posted already. But the Therapure Biologics IPO that has been shopped around Bay street by GMP and CIBC for the last couple weeks has been "pulled due to capital market conditions " as per the release below.
What the release doesnt say, is that these guys have their heads so far up their assess on valuation that no one would touch it with a 10' pole.
Not only were they trying to justify a $1B market cap...and raise $130mm for 15% of the company... but close to half of the proceeds were "earmarked" to pay back $50mm to Catalyst Capital... who would remain the companys controlling shareholder. Recall, Catalyst bought the Hemosol facility many years ago... and has now licensed a technology far inferior and years behind PLI's.... all they basically have is an empty building with a weak plan... one that likely PLI will be able to license at some point
Nice work GMP.. apparently bashing the valuation of the market leader in your investor presentations trying to justify
market valuation for Therapure that is a multiple of idiosity doesnt work. Looks good on ya.
good to see the market has common sense... this should alleviate any related pressure on PLI moving forward.
MISSISSAUGA, ON, Feb. 4, 2016 /CNW/ - Therapure Biopharma Inc. ("Therapure") today announced that its proposed initial public offering is being postponed due to current conditions in capital markets. While the business is performing above expectations and investor feedback about the quality of management and the company was very positive, the company makes this decision in light of the current market environment, in which no IPOs were concluded in the U.S. or Canada in January.
The Catalyst Capital Group Inc. ("Catalyst") continues its strong support for Therapure as a core investment in its portfolio. Catalyst believes that the positive exposure investors have received to Therapure during this process will position the company for success in considering future options as the company executes on its growth strategy.
"We believe that Therapure is the type of company Canadian public investors would want to add to their portfolios, and we will continue to work with Catalyst and Therapure's management to evaluate capital market conditions," said Steve Ottaway, Managing Director of Investment Banking at GMP Securities L.P.