Type/Product Area

Terms/Details (Date)

Acadia Pharmaceuticals

Sepracor Inc. (SEPR)

They will jointly research and develop agonists and antagonists of selective muscarinic receptors for CNS disorders, including Acadia's m1 agonist program

Sepracor is buying $10M of Acadia stock at a 40% premium, and will buy up to $10M more in stock at a 25% premium in one year; Acadia also will get research funding for three years; a single approval would result in $40M of payments to Acadia, plus royalties on sales (1/11)


Gilead Sciences Inc. (GILD)

Gilead got worldwide rights to small-molecule compounds for treating hepatitis C virus

Achillion gets $5M up front and a $5M equity investment, as well as partial research funding; it could earn more than $100M in milestone payments, as well as royalties on sales; the deal's value would increase if related compounds are developed (11/29)

AdnaGen AG*

Gen-Probe Inc. (GPRO)

Gen-Probe licensed technology for detecting rare, circulating tumor cells that are an early event in metastasis

Gen-Probe gets exclusive access for molecular diagnostic tests for prostate and bladder cancers; AdnaGen gets $1.75M in license fees, up to $2.25M in milestones, and royalties on any resulting sales (1/3)

Zentaris Inc.
(Canada; AEZS)

Keryx Biopharmaceuticals Inc. (KERX)

Keryx got certain rights to develop and sell ErPC in North America, South Africa, Israel, Australia and New Zealand

The product, designed to block PI3K-AKT pathways, is an analogue of perifosine, for which Keryx already had North American rights; terms were not disclosed (1/6)

Affitech A/S*

Dyax Corp. (DYAX)

Cross-licensing agreement covering phage display technologies

The deal involves Affitech's "Breitling" and Dyax's "Ladner" family of patents; terms of the deal were not disclosed (11/29)


GeneCare Research Institute Co. Ltd. (Japan)

GeneCare got an exclusive license to develop RNAi therapeutics against two DNA helicase genes associated with cancer

Alnylam gets up-front and annual payments, as well as potential milestones and royalties; it also kept the right to negotiate co-development and -promotion deals on the products in the U.S. (1/6)

Altair Nano-
technologies Inc.

Spectrum Pharmaceuticals Inc. (SPPI)

Spectrum acquired worldwide rights to RenaZorb (two second-generation lanthanum- based phosphate binding agents)

Spectrum will make an up-front payment of 100,000 shares of restricted stock and make a $200,000 equity investment; Altair also is eligible to receive milestone and royalty payments (1/31)


Pharmexa A/S (Denmark; CSE: PHARMX)

Pharmexa licensed an adjuvant for use with its HER-2 Protein AutoVac pharmaccine

Pharmexa will formulate the pharmaccine with the QS-21 adjuvant; terms of the deal were not disclosed (1/18)


Inpharmatica Ltd.* (UK)

Applied InSilico will apply its ADME technologies to research at Inpharmatica

Inpharmatica will use the technologies to advance its Admensa platform; terms of the contract were not disclosed (12/6)


InterMune Inc. (ITMN)

InterMune got expanded rights to certain compounds under their September 2002 collaboration to discover drugs for hepatitis C

Array gets a $2.5M payment, while all other terms remain the same; under a new deal, InterMune has an exclusive option through March 2005 to access Array's discovery platform for targets in hepatology; Array could get research, milestone and royalty payments if a target is selected (12/7)

Asinex Ltd.*

Biovitrum AB* (Sweden)

Deal to discover and optimize leads for multiple Biovitrum targets in metabolic diseases

Asinex will be eligible for milestone and royalty payments; separately, it will provide chemistry services for other targets on a fee-for-service basis (11/24)

Atugen AG*

Asinex Ltd.* (Russia)

Collaboration to discover and develop cancer drugs targeting the kinase PKN3

They will work on the program on a shared- risk basis; any revenues would be equally divided (2/7)

BioImage A/S*

Definiens AG* (Germany)

Agreement to deliver tailored applications to the high- content screening market

They will pool certain technologies in the worldwide, nonexclusive deal, which also includes a co-development element (12/6)


BioTie Therapies Corp. (Finland; HEX:BTH1V)

BioTie gained exclusive rights to develop the anti-inflammatory small-molecule compound BKT104

BioKine is entitled to receive milestone payments in the deal, along with royalties on any resulting sales (1/12)

Biolex Inc.*

Medarex Inc. (MEDX)

Biolex will create a commercial line for an undisclosed Medarex monoclonal antibody

At Medarex's option, Biolex may scale-up and manufacture the antibody following commercial-line creation; terms were not disclosed (2/4)

Biovation Ltd.*

Scancell Ltd.*

Biovation will apply its DeImmunisation technology to up to two further Scancell antibodies, including SC101

The goal is to help prepare the antibodies for clinical trials; terms of the deal were not disclosed (1/11)

Life Sciences

Predicant Biosciences Inc.*

Predicant got nonexclusive access to microfluidics technology for analyzing proteins using mass spectrometry

Predicant is developing proteomic tests; terms of the deal were not disclosed (1/6)


NeurAxon Inc.* (Canada)

Cambridge Bioscience will provide assay development and screening services to NeurAxon

Terms and targets of the deal were not disclosed (11/25)


Serono SA (Switzerland; NYSE:SRA)

Deal to develop and sell CancerVax's Canvaxin, an immunotherapy product in Phase III trials for advanced melanoma

They will share development costs and, in the U.S., profits on an equal basis; Serono has rights outside the U.S. and would pay royalties on those sales; CancerVax gets $25M in signing fees and a $12M equity investment up front, and could receive up to $253M in milestone payments (12/15)


Targeted Genetics Corp. (TGEN)

Collaboration to develop adeno-associated virus-based gene therapies for treating congestive heart failure

Targeted Genetics committed $2M toward development of AAV vectors containing the SERCA2a gene and phospholamban gene mutations, and is eligible to receive milestone and royalty payments (1/4)

Cellectis SA*

Lexicon Genetics Inc. (LEXG)

Lexicon got rights to technology for the replacement or insertion of a gene in a eukaryotic genome

Lexicon will use the technology in genetically modified mice research; terms of the worldwide, nonexclusive deal were not disclosed (11/22)


Group Ltd.*

ProStrakan will market Cellegy's Rectogesic (Cellegesic) in Europe

Cellegy gets up to $5.6M in up-front and milestone payments, as well as payments that exceed 25% of net sales in Europe (12/9)


DiaKine Therapeutics Inc.*

DiaKine licensed the small molecule Lisofylline for development in diabetes and related complications

CTI gets a license fee, potential milestone and royalty payments, and an equity interest in DiaKine; CTI retains all rights in non-diabetes applications (1/4)


Entercel Ltd.*

Entercel got access to ChemDiv's compound collection

ChemDiv also will provide medicinal chemistry services; terms of the deal were not disclosed (12/16)


Echelon Biosciences Inc.* (subsidiary of AEterna Zentaris Inc.)

They finalized deal to transfer to Echelon all rights to technology created in their collaboration

The rights are to develop, manufacture and market certain PI3K inhibitors for cancer indications; terms of the deal were not disclosed (2/1)

Systems Inc.*

Alimera Inc.*

Collaboration to develop and market a treatment for diabetic macular edema

Alimera also has an option to develop three additional products using CDS's delivery technology; terms were not disclosed (2/16)

Corixa Corp.

Genentech Inc. (NYSE:DNA)

Genentech got exclusive rights to an undisclosed target for development of humanized antibody-based therapeutics

Corixa gets a $1.6M up-front license fee and up to $8.25M in milestone payments, as well as royalties on any sales (1/13)

Corixa Corp.


Gen-Probe licensed rights to develop molecular diagnostic tests for about 50 potential genetic markers for various solid tumors

Gen-Probe will pay Corixa a $1.6M access fee, $3.2M more over two years unless it ends the deal, and up to $2M per product in milestones, as well as royalties on any resulting sales (12/5)

Crucell NV
(the Netherlands;

Genentech Inc. (NYSE:DNA)

Genentech is evaluating Crucell's STAR technology for the production of antibodies and other proteins

Genentech is funding the joint evaluation program, and has an option to sign a non- exclusive license agreement (1/7)

Crucell NV
(the Netherlands;

Chiron Corp. (CHIR)

Chiron got rights to use PER.C6 technology in manufacturing alphavirus vectors for vaccine research programs

Terms of the nonexclusive research deal were not disclosed; it is Chiron's second license to the technology (12/22)

Crucell NV
(the Netherlands;
Biologics (the

Micromet AG* (Germany)

Microment got a license to use the PER.C6 cell line for evaluating monoclonal antibodies and subsequent preclinical manufacturing

Crucell and DSM will receive a research license payment and annual maintenance fees; further terms were not disclosed (11/19)

Curis Inc.

Genentech Inc. (NYSE:DNA)

Curis exercised its U.S. co-development option to develop a product for topically treating basal cell carcinoma

Curis now will share in costs and profits for the preclinical compound from their 2003 collaboration based on inhibition of the Hedgehog signaling pathway (2/1)


Undisclosed company

The company will access Cyntellect's Cell Xpress service

Terms of the deal were not disclosed (1/27)


Genentech Inc. (NYSE:DNA)

Genentech will use Dharmacon RNAi technology for drug discovery and development

Dharmacon will supply Genentech a range of siRNA reagents under undisclosed terms (1/21)


Biovitrum AB* (Sweden)

Deal to identify small-molecule lead compounds suitable for advancing targets in the metabolic disease area

Biovitrum gets access to DPI's compound collection and its process and data tools; terms of the deal were not disclosed (12/14)

Dyax Corp.

Tanox Inc. (TNOX)

Tanox got nonexclusive access to antibody phage display libraries to identify fully human antibodies

Dyax gets an up-front license fee, annual license fees and potential milestone and royalty payments; target areas were not disclosed (11/29)

Dyax Corp.

Epix Pharmaceuticals Inc. (EPIX)

Deal to use Dyax's phage display technology to discover peptides for use as imaging agents and/or therapeutics

The deal, the second between the firms, will focus on an undisclosed Epix target; Epix will fund research at Dyax and make potential milestone and royalty payments (11/19)


InNexus Biotechnology Inc. (Canada; VSE:IXS)

Deal to develop antibodies for certain targets that will be modified for delivery using InNexus' TransMab technology

Epitomics will supply the antibodies; they plan to develop products through Phase II before licensing them out; financial details were not disclosed (1/12)


Trigen Ltd.* (UK)

Deal to develop controlled-release formulations of Trigen's oral anticoagulant, TGN 167

Eurand will develop a tablet form of the drug; Trigen retains all product rights; terms were not disclosed (11/24)

Evotec OAI

AnorMed Inc. (Canada; TSE:AOM)

Evotec will support chemical development of AnorMED candidate AMD 3100

Evotec will complete the full validation of the process for the Phase III product under undisclosed terms (2/16)

FIT Biotech

Inovio A/S* (Norway)

Program to develop FIT's HIV vaccine candidate with Inovio's Elgen gene delivery technology

The agreement includes an option for FIT to negotiate a co-development/license deal for moving the program into clinical trials; terms were not disclosed (11/17)

Genomics NV*

Celgene Corp. (CELG)

Galapagos will provide its adenoviral siRNA and cDNA libraries in a target discovery collaboration

Celgene will use the SilenceSelect and FLeXSelect technologies across its research programs; terms of the deal were not disclosed (11/18)


Amgen Inc. (AMGN)

Amgen will sponsor research for discovery and development of therapeutics and diagnostics for an undisclosed disorder

Amgen will select genetic targets identified by GenData's population genetics discovery platform; specific terms were not disclosed (1/5)

GeneGo Inc.*

RNA Co. Ltd.* (Japan)

RNA Co. licensed GeneGo's MetaCore technology for use in RNAi drug discovery

Terms of the deal were not disclosed (1/24)

Biotech LLC*

Qiagen NV (the Netherlands; QGEN)

Qiagen licensed a technology for haplotype-specific extraction of DNA

Qiagen subsidiary GenoVision Inc. got exclusive rights to the technology in all applications; terms were not disclosed (2/14)


MycoLogics Inc.*

MycoLogics gained rights to develop certain antifungal products under the Globe-Immune Tarmogen Technology

MycoLogics plans to begin preclinical testing of human and animal vaccines targeting fungal diseases; terms of the deal were not disclosed (1/17)

GPC Biotech

Debiopharm SA* (Switzerland)

Debiopharm licensed GPC's preclinical small-molecule MHC Class II antagonists program

Debiopharm will make up-front and potential milestone and royalty payments in exchange for worldwide rights (12/17)

BioPharma Corp.
(Canada; TSE:HBP)

Lumera Corp. (LMRA)

Lumera exclusively licensed Helix's Biochip technology for developing protein chip sets

Helix is entitled to up-front, milestone and royalty payments, and retains the right to use the technology in its research (1/25)

HMGene Inc.*

WellGen Inc.*

HMGene will screen WellGen compounds against its panel of genes involved in adipocyte development

Terms of the research contract and licensing deal were not disclosed; WellGen would commercialize any resulting products (2/10)


Sequenom Inc. (SQNM)

Deal to analyze Sequenom genetic markers associated with breast and prostate cancer in Icelandic patient samples

Sequenom has commercialization rights for any resulting products, while Iceland Genomics is entitled to receive royalties on any sales (2/9)


Aclara BioSciences Inc. (ACLA)

Agreement to analyze tumor samples to validate candidate biomarkers

IGC will provide samples that Aclara will analyze using its eTag assays; Aclara will provide funding, and share resulting data (12/3)

IGI Inc.

Senetek plc (OTC BB:SNTKY)

Deal to evaluate IGI's Nova- some and micellar nanoparticle technologies for topical delivery of Senetek's Invicorp erectile dysfunction therapy

The deal was disclosed at the same time as Sentek's offer to merge with IGI in a 50-50 deal; terms of the collaboration were not disclosed (1/14)

Systems Inc.

Genentech Inc. (NYSE:DNA)

ImClone licensed rights to patents covering aspects of antibody technology

The licenses relate to the EGFR-targeted antibodies Erbitux and IMC-11F8; terms were not disclosed (1/25)

Incyte Corp.

Biosite Inc. (BSTE)

Biosite exercised a semi- exclusive research and diagnostics license, and got an exclusive option to license 50 other diagnostic targets

Incyte has received up-front fees, and could receive additional milestones and royalties should Biosite develop and commercialize diagnostic products using any of the targets (2/7)

Intercell AG*

SciGen Ltd.* (Singapore)

They entered an exclusive agreement to develop a therapeutic vaccine for hepatitis B virus

The effort will combine an Intercell adjuvant with an already-licensed antigen from SciGen; they will share costs and ownership of resulting products (12/13)


Sarissa Inc.*

Sarissa licensed an antisense inhibitor of thymidylate synthase, which has applications in cancer

Isis gets a $1M up-front fee in stock and potential milestone and royalty payments; Sarissa gets exclusive, worldwide rights (2/14)

Ludesi AB*

WITA GmbH* (Germany)

Collaboration to provide information on protein functions in human, animal and plant cell cultures

They plan to offer a proteomics solution that offers speed advantages; terms were not disclosed (11/18)


Diatos SA* (France)

Diatos got exclusive rights to develop and sell OncoGel (injectable paclitaxel) worldwide except North America and Korea

They will collaborate on clinical development; MacroMed gets a license fee and potential milestone and royalty payments, and retained the right to supply the product (1/5)

Medarex Inc.

PharmAthene Inc.*

Collaboration to develop Medarex's fully human anti- body MDX-1303, which targets the Bacillus anthracis protective antigen

Medarex gets an initial fee and would get an undisclosed share of any profits; PharmAthene will fund all future activities that are not supported by government funds (12/6)

Medarex Inc.

MedImmune Inc. (MEDI)

Deal initially focused on development of Medarex's MDX-1103 and MDX-1333, preclinical antibodies that target autoimmune diseases

Medarex gets $15M up front and an option prior to pivotal studies to elect to co-develop the products in return for co-promotion rights in the U.S.; otherwise, it would be eligible for milestone and royalty payments (11/23)


EnVivo Pharmaceuticals Inc.*

Collaboration to develop small-molecule HDAC inhibitors for treating neurodegenerative disorders

MethylGene, which will contribute chemistry expertise, gets $1.1M the first year; then they will share costs and revenues equally (2/8)


EvoGenix Pty. Ltd.* (Australia)

EvoGenix got a research license to patents in the field of single-chain antibodies

Micromet gets an up-front payment, annual maintenance fees and sublicensing fees, which will be shared with Enzon Pharmaceuticals Inc. (12/23)


Serono SA (Switzerland; NYSE:SRA)

Deal for development of Micromet's fully human anti- body MT201, which targets the epithelial cell adhesion molecule

Micromet gets $10M up front and milestone payments up to $138M if the product is approved in three or more indications; it also would get royalties on sales; Serono will take over development after completion of ongoing Phase II trials in cancer (12/7)


Probiodrug AG* (Germany)

Deal to develop small-molecule drugs, initially focused on inhibition of the serine protease dipeptidyl peptidase IV for treating anxiety and depression

Morphochem will identify compounds and Probiodrug will profile them; they each will retain an ownership interest in resulting intellectual property; terms were not disclosed (11/18)


Zelos Therapeutics Inc.*

Collaboration to develop an inhalable powder form of Zelos' parathyroid hormone analogue Ostabolin-C

Nektar will develop the dry-powder drug and inhalation system, and get R&D funding along with potential milestone and royalty payments (1/24)


Undisclosed company

NeoPharm will provide customized NeoPhectin formulations for partner's compounds

NeoPharm is entitled to payments of $500,000 over the next six months, and can negotiate a license agreement for any of the formulations that are developed (12/21)

(the Netherlands)

Biolex Inc.*

Collaboration to co-develop a controlled-release formulation of recombinant human alfa interferon

They will combine OctoPlus' biodegradable PolyActiv drug-delivery technology with Biolex's BLX-883; terms of the deal were not disclosed (2/16)


Novasite Pharmaceuticals Inc.*

Novasite licensed access to OriGene's TruClone collection of full-length human cDNAs

Terms of the deal were not disclosed (2/15)


Neosil Inc.*

Neosil licensed several hair-growth products from OsteoScreen

Terms of the deal were not disclosed (2/16)

BioMedica plc

Biogen Idec Inc. (BIIB)

Biogen got rights to use Oxford's LentiVector technology in research activities

Oxford gets an up-front license fee and annual maintenance payments; further terms were not disclosed (1/5)

BioMedica plc

MolMed SpA* (Italy)

MolMed got rights to use Oxford's in vivo gene delivery technology in development of its products

Oxford gets an up-front license fee and annual maintenance payments, as well as potential milestone and royalty payments (12/13)

Systems BV*
(the Netherlands)

Cytos Biotechnology AG (Switzerland; SWX:CYTN)

Research and option deal to identify peptide antigens for peptide-based therapeutic vaccines

Pepscan will use its CLIPS technology to map and reconstruct the receptor interaction site of a cytokine that Cytos intends to target; terms were not disclosed (12/14)


Auxilium Pharmaceuticals Inc. (AUXL)

Auxilium got exclusive rights to develop and sell eight analgesic compounds using a transmucosal film technology

The products will target acute and chronic pain; terms of the deal were not disclosed (2/8)

Life Sciences

Octapharma AG* (Switzerland)

Octapharma gained access to ProMetic's Mimetic Ligand affinity technology for the manufacture of protein drugs

The deal was valued at C$1.4M to ProMetic (1/5)

Proteom Ltd.*

Prolysis Ltd.* (UK)

Proteom will optimize antibiotic leads discovered by Prolysis

Terms of the drug discovery agreement were not disclosed (12/2)


Gen-Probe Inc. (GPRO)

Gen-Probe acquired an exclusive option to develop a point-of-use nucleic acid testing instrument

Gen-Probe is paying $1M for an 18-month option to use an immunoassay platform for the clinical diagnostics, blood screening and industrial fields; it would pay $5.9M to $7M for 25% of Qualigen and up to $3M in license fees, as well as sales royalties, if it exercises the option (11/18)


BioLineRx Ltd.* (Israel)

BioLineRx got exclusive worldwide rights to develop BL-1030

BL-1030 is an L-selectin inhibitor targeted at inflammatory bowel disease; terms of the deal were not disclosed (1/13)

Sareum Holdings plc (UK; AIM:SAR)

EiRx Therapeutics plc (UK; AIM:ERX)

Collaboration to discover and develop cancer therapies

Sareum will apply its technologies to gene targets for cancer from EiRx; they plan to license resulting compounds after initial trials, and share resulting revenues (12/1)

Holdings plc

Millennium Pharmaceuticals Inc. (MLNM)

Sareum will generate chemical compound libraries for use in Millennium drug discovery programs

Terms of the fee-for-service deal were not disclosed (11/22)

Genetics Inc.

CuraGen Corp. (CRGN)

CuraGen exercised its option to designate a second antigen target under their existing antibody-drug conjugate collaboration

The option, stemming from their June 2004 collaboration, triggered a $1M payment to Seattle Genetics (2/15)

Sertanty Inc.*

Specs* (the Netherlands)

Deal to design and produce small- molecule libraries targeting several kinase families

Sertanty will design targeted libraries that Specs will offer to its worldwide customer base (12/21)

Symbiontics Inc.*

ZyStor Therapeutics Inc.*

ZyStor acquired Glycosylation Independent Lysosomal Targeting technology

The technology is designed to improve the effectiveness of therapeutics that replace missing lysosomal enzymes; terms were not disclosed (12/15)

Genetics Corp.

Sirna Therapeutics Inc. (RNAI)

Collaboration using TGEN's adeno- associated virus delivery platform to develop drugs for Huntington's disease

The AAV platform will be combined with Sirna's HD program and expertise in RNA silencing technologies; costs and any revenues will be shared (1/11)

TheraSTrat AG*

Discovery Partners International Inc. (DPII)

TheraSTrat will apply its SafeBase Knowledge Base to aid discovery efforts at DPI

They will apply genomics technologies to identify safety problems for individuals with relevant variations; terms of the deal were not disclosed (12/13)


BioInvent International AB (Sweden; SSE:BINV)

They expanded collaboration to include a new class of anti-angiogenesis agents being developed by ThromboGenics

Terms were not disclosed; the existing collaboration focuses on developing antibody-based drugs for cardiovascular indications (12/17)


Genentech Inc. (NYSE:DNA)

Genentech gained worldwide rights to TTI technology directed against an undisclosed target

TTI gets an up-front payment, R&D funding and milestone payments; it also would get a royalty on sales; other terms were not disclosed (12/14)

Tripos Inc.

BioTie Therapies Corp. (Finland; HEX:BTH1V)

Tripos will identify and optimize backup series for one of BioTie's drug discovery programs

Tripos, using its LeadHopping technology, also will create compound libraries; terms of the multiyear deal were not disclosed (2/7)


Pharmexa A/S (Denmark; CSE: PHARMX)

Pharmexa acquired a portfolio of intellectual property rights in the field of immunotherapy

Vectron is in liquidation; the technology includes targeted liposomal delivery systems and recombinant antibody-like proteins known as single-chain diabodies (12/22)


Avalon Pharmaceuticals Inc.*

Avalon gained exclusive rights to develop and sell VX-944, a Phase I IMPDH inhibitor, for treating various cancers

Vertex will get up to $73M in up-front and milestone payments, and royalties on any sales; Vertex also has certain co-promotion rights in the U.S. and Europe (2/15)

Xencor Inc.*

Genentech Inc. (NYSE:DNA)

Collaboration to use Xencor's XmAb technology to develop drugs against the antibody targets CD20 and Her2, and an undisclosed antigen

Xencor gets $5M up front and annual license fees, as well as potential milestone payments for each target and royalties on any sales; Genentech's license is exclusive and worldwide (12/1)

Xenova Group

Oxxon Therapeutics Inc.*

Oxxon got rights to use Xenova's DISC- SV Vector in various indications in oncology and infectious diseases

The deal is worth up to $83M to Xenova in up-front and milestone payments, in addition to royalties on any sales; Oxxon also could get additional rights for additional payments; Xenova keeps rights for the prophylaxis of herpes virus diseases (1/13)

Zyomyx Inc.*

Invitrogen Corp. (IVGN)

Invitrogen licensed rights to protein microarray patents for specific fields of use

Invitrogen gets exclusive rights to patents covering a range of development processes for microarrays that use certain detection modalities; terms were not disclosed (11/30)


* Private companies are indicated with an asterisk.

Unless otherwise noted, the trading symbols listed for public biotechnology companies are on the Nasdaq market.

AIM = Alternative Investment Market; AMEX = American Stock Exchange; CSE = Copenhagen Stock Exchange; FSE = Frankfurt Stock Exchange; HEX = Helsinki Stock Exchange; LSE = London Stock Exchange; NYSE = New York Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; SSE = Stockholm Stock Exchange; SWX = Swiss Stock Exchange; TSE = Toronto Stock Exchange; VSE = Vancouver Stock Exchange.

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