Millenium completes $15-million private placement

Millenium Biologix Corp has raised $15 million through a private placement in which the largest investor is BioScience Managers Ltd, a London UK-based venture capital firm. The placement issued 60.6 million shares valued at 25 cents each, diluting existing shareholders who held 70.7 million units. The investment ushers in major changes to the Kingston-based firm’s management and board of directors. Dr Timothy Smith, former president and COO, has resigned from the board and now becomes chief S&T officer. Sydney Pugh, a founder of Millenium and CEO, will remain but will accelerate succession plans to find his replacement. Millenium develops and commercializes implantable medical devices and skeletal regeneration products for targeted orthopedic uses....