Welcome!

News Feed Item

Crossover Healthcare Fund Announces Ownership Interest in Pivotal Therapeutics Inc.

BOSTON, MASSACHUSETTS -- (Marketwired) -- 05/05/14 -- Crossover Healthcare Fund ("Crossover") announces that pursuant to certain acquisitions ("Acquisitions") it has acquired direct or beneficial ownership in securities of Pivotal Therapeutics Inc. (OTCQX: PVTTF)(CSE: PVO) ("Pivotal"), consisting of an aggregate of 12,462,768 common shares ("Common Shares"), 8,460,521 Common Share purchase warrants ("Warrants") and 1,649.28 debt units convertible into a total of 8,246,400 Common Shares ("Debt Units") in the capital of Pivotal. Prior to the Acquisitions, Crossover beneficially owned or controlled, directly or indirectly, 464,500 Common Shares or 0.6% of the issued and outstanding Common Shares of Pivotal.

Pursuant to a non-brokered private placement ("Private Placement") Crossover subscribed for 12,462,768 units of Pivotal ("Units") at the price of CDN $0.22 per Unit, each Unit consisting of one Common Share and one-half of a Common Share purchase Warrant, for aggregate consideration of CDN $2,741,809. Directly after the closing of the Private Placement, Crossover held ownership of an aggregate of 12,927,268 Common Shares and 6,231,388 Warrants.

In addition, Crossover acquired 1,649.28 Debt Units of Pivotal at a price of CDN $1,000 per Debt Unit for aggregate consideration of CDN $1,649,280 (the "Debt Financing"). Each Debt Unit consists of a convertible promissory note (the "Notes") and Warrants to purchase 1,200 Common Shares of Pivotal. Crossover may convert the Notes into Common Shares for CDN $0.20 per Common Share at any time prior to two (2) years from the date of issuance of the Notes. Each Warrant may be exercised to purchase one Common Share upon payment of the exercise price of CDN $0.30 per Common Share, exercisable after the date of issuance and shall expire five (5) years after the date of issuance. Pivotal issued 250,000 Warrants to Crossover as payment for interest accrued in connection with Crossover's ownership of Debt Units purchased under the Debt Financing.

As a result of the Acquisitions, Crossover currently holds 12,927,268 Common Shares representing 14.1% of the 91,916,277 issued and outstanding Common Shares. If the Warrants were converted into Common Shares, Crossover would hold 21,387,789 Common Shares representing 21.3% of the 100,376,798 outstanding Common Shares after such conversion and if the Notes were converted into Common Shares, Crossover would hold 21,173,668 Common Shares representing 21.1% of the 100,162,677 outstanding Common Shares after such conversion (assuming that no other Warrants or Notes of Pivotal are converted). If both the Warrants and Notes were converted into Common Shares, Crossover would hold 29,634,189 Common Shares representing 27.2% of the 108,623,198 issued and outstanding Common Shares after such conversion (assuming that no other Warrants or Notes of Pivotal are converted).

Additional Information

Crossover purchased the above noted securities from treasury in reliance on the exemption provided in Section 2.3 of National Instrument 45-106 - Prospectus and Registration Exemptions for investment purposes and Crossover may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over the Common Shares, Warrants, Notes or other securities of Pivotal, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with the applicable securities commissions or similar regulatory authorities in Canada, which report will contain additional information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will be filed on SEDAR under Pivotal's company profile at www.sedar.com.

Contacts:
Crossover Healthcare Fund
Daniel Carlson
617-532-6459

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, will discuss how from store operations...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, will discuss some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he’ll go over some of the best practices for structured team migrat...
SYS-CON Events announced today that Datera will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera offers a radically new approach to data management, where innovative software makes data infrastructure invisible, elastic and able to perform at the highest level. It eliminates hardware lock-in and gives IT organizations the choice to source x86 server nodes, with business model option...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, will discuss how they bu...
Digital transformation is changing the face of business. The IDC predicts that enterprises will commit to a massive new scale of digital transformation, to stake out leadership positions in the "digital transformation economy." Accordingly, attendees at the upcoming Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA, Oct 31-Nov 2, will find fresh new content in a new track called Enterprise Cloud & Digital Transformation.
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp emp...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
As people view cloud as a preferred option to build IT systems, the size of the cloud-based system is getting bigger and more complex. As the system gets bigger, more people need to collaborate from design to management. As more people collaborate to create a bigger system, the need for a systematic approach to automate the process is required. Just as in software, cloud now needs DevOps. In this session, the audience can see how people can solve this issue with a visual model. Visual models ha...
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
SYS-CON Events announced today that Avere Systems, a leading provider of hybrid cloud enablement solutions, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere Systems was created by file systems experts determined to reinvent storage by changing the way enterprises thought about and bought storage resources. With decades of experience behind the company’s founders, Avere got its ...