Stressgen sells reagents business, withdraws offering

Victoria-based Stressgen Biotechnologies Corp has withdrawn its proposed common shares offering, sold off its bioreagents business and replaced its president and CEO. The reagents business was sold for $8 million to the newly formed Stressgen Bioreagents Corp funded by Ampersand Ventures. Accompanying the sale are 26 of the firm’s 103 employees. The withdrawal of the February 25/05 share offering was blamed on unfavorurable market conditions and the firm’s current valuation. Several strategies are being pursued to preserve cash and seek co-funding for development of its fusion therapeutic vaccine technologies....