Drug Royalty Corp., Phytogen deal

DRI invested C$3 million (US$2.16 million) in Phytogen, bringing DRI's total investment in the company to C$4.5 million. DRI receives increased royalties on Phytogen's sales, 600,000 convertible preferred shares and warrants to purchase 300,000 additional shares. DRI also has the option to convert its warrants and other entitlements into an additional royalty at the time of an IPO. The deal is part of a C$7 million investment in Phytogen by DRI, a health care financing group, and the Canadian Medical Discovery Fund (London, Ontario). ...