Diabetogen completes first round financing

Diabetogen Biosciences Inc, London ON, has raised $7.8 million in first-round equity investment to move its technology platform for the treatment of autoimmune diseases towards clinical trials. The firm is currently working towards treatment for Type I diabetes. The financing was provided by the Business Development Bank of Canada Venture Capital Division, VentureLink Group of Funds Inc, StrategicNova Canadian Technology Fund, Eastern Technology Seed Investment Fund and Dynex Capital Inc. Diabetogen has already established strategic partnerships with Abgenix Inc and others, and is seeking additional partnerships….

Westport completes $47.9-million share offering

Westport Innovations Inc, Vancouver, has raised net proceeds of $47.9 million through share offering of 6,836,000 shares at $7 each. The bought-deal equity financing includes an underwriters option of nearly 2 million additional shares. Westport develops technology enabling diesel engines to operate on natural gas. Through a joint venture — Cummins Westport — the firm sells three lines of alternative fuel, sparking-ignited engines designed by Cummins for use in transit, shuttle and school buses….