A Medical Device Daily

Synthetic Blood International (SBI; Costa Mesa, California) and Virginia Commonwealth University's (Richmond, Virginia) Tech Transfer unit reported that they have signed a license agreement allowing the company exclusive use of certain VCU discoveries. The discoveries relate to non-pulmonary oxygenation, enhanced oxygen transport to tissue, and gas-based wound and tissue therapeutics.

"These licenses will allow our company to develop novel products with Oxycyte in combination with hydrogen peroxide. We believe these can be developed to be used in cardiopulmonary indications and for revolutionary wound treatment indications and devices," said company CEO/chairman Chris Stern. "This license agreement is a substantial expansion of our intellectual property. The potential products from this new IP could add immense value to the company and its future."

Oxycyte is SBI's perfluorocarbon therapeutic oxygen carrier and blood substitute.

"We are pleased to have a signed license with Synthetic Blood International," said Ivelina Metcheva, PhD, director of VCU Tech Transfer and president of the VCU Intellectual Property Foundation. "The company already has a strong relationship with VCU researchers and this agreement should help their work result in life-saving products."

SBI is dedicated to commercializing pharmaceuticals and devices in the field of oxygen therapeutics and continuous substrate monitoring.

In other dealmaking news, Draxis Health (Mississauga, Ontario), a supplier of radiopharmaceuticals, reported that the plan of arrangement under the Canada Business Corporations Act, involving it, its shareholders and Jubilant Acquisition, an indirect wholly-owned subsidiary of Jubilant Organosys (Noida, India), was approved by 99% of the votes cast by holders of Draxis' common shares, which is in excess of the 66-2/3% approval requirement. The plan of arrangement, when it becomes effective, will result in the acquisition by Jubilant of all the outstanding common shares of Draxis for $6 in cash per common share, or a total of about $255 million.

Of the total common shares issued and outstanding, 77% were voted either in person or by proxy at the annual and special meeting of Draxis shareholders the company said.

The closing of the transaction is subject to customary closing conditions, including receipt of a Final Order from the Quebec Superior Court approving the plan of arrangement. The hearing in respect of the Final Order is expected to take place on May 27, 2008. The transaction is expected to close shortly thereafter.

Banc of America Securities Canada has served as financial advisor to Draxis and McCarthy Tetrault is legal counsel to the company. Lazard has been financial advisor to Jubilant and Osler Hoskin & Harcourt is Jubilant's legal counsel.

Jubilant is one of the largest custom research and manufacturing services and drug discovery and development services companies out of India. The company has a presence across the pharmaceutical value chain for products and services such as exclusive synthesis, contract manufacturing, proprietary products, active pharmaceutical ingredients, generic dosage forms, drug discovery services, drug development services, chemistry services, clinical research services.