IDM Pharma secures $24.85 million from stock sale; Cereplast seals $14.57 million PIPE

By Sheri Kasprzak

New York, June 21 - IDM Pharma, Inc. is gearing up to conclude a $24.85 million registered direct placement. The offering is one of a few biotech deals announced this week.

"I think it's safe to say biotech is pretty good," said one sellside market source. "We're seeing a lot of stuff. Most of it is pretty big in terms of size. There have been a lot of direct placements. It seems to be a little easier to get better pricing if you go the shelf registration route."

After the IDM deal was announced early Thursday, the stock began sliding even before the market opened, giving up 15.46%, or 64 cents, by 8:40 a.m. ET. By the end of the day, the stock had given up 27.05%, or $1.12, to close at $3.02 (Nasdaq: IDMI).

Volume took off with 4,939,938 shares traded compared with the average 859,694 shares.

A group of investors plans to buy 7.1 million units at $3.50 each.

The units consist of one share and one third-share warrant. The whole warrants are exercisable at $4.06 each.

The underlying shares will be sold under the company's shelf registration.

The deal is scheduled to close June 25.

Rodman & Renshaw, LLC was the placement agent.

Proceeds will be used for marketing of the company's lead candidate, MTP-PE to destroy residual cancer cells. The rest will be used for working capital and general corporate purposes.

Located in Irvine, Calif., IDM is a biopharmaceutical company focused on immunotherapeutic treatments for cancer.

Micromet stock slips

In other biotech news, Micromet, Inc. saw its stock fall on Thursday, a day after the company closed a $25.323 million private placement.

The company's stock dropped by 13 cents, or 5.06%, on Thursday to close at $2.44 (Nasdaq: MITI). On Wednesday, when the deal settled, the stock fell 4.46%, or 12 cents, to close at $2.57.

A group of institutional investors agreed to buy limited partnership units at $2.7525 each.

RBC Capital Markets was the lead agent.

Based in Bethesda, Md., Micromet is a biopharmaceutical company focused on developing treatments for cancer, inflammatory diseases and autoimmune diseases.

Cereplast raises $14.57 million

In other news, Cereplast, Inc. sealed a $14,569,600 stock deal.

After the offering was announced Thursday morning, the stock gained 4 cents, or 7.84%, by 10:30 a.m. ET. The stock edged up by just a tenth of a cent to settle at $0.511 (OTCBB: CERP).

Seven investors bought 38,341,053 shares at $0.38 each.

The investors include Alec Pettigrew, Clariden Leu, Credit Suisse Equity Fund Future Equity, Fortis L Fund Equity Environmental Sustainability World, Independent Trading Combination Effective BV, Swisscanto and UBS Global Asset Management.

Proceeds will be used for capital investments to expand the company's manufacturing and logistical operations, for commercialization of the company's bio-based resins and for working capital.

Based in Hawthorne, Calif., Cereplast manufactures bio-based renewable plastics.

Remedent raises $7 million

Elsewhere, Remedent, Inc. wrapped a $7 million stock deal.

The company issued 5.6 million shares at $1.25 each to Special Situations Fund, MicroCapital, LLC and Potomac Capital Management, LLC, among other investors.

The investors involved in the deal also received warrants for 4.2 million shares, exercisable at $1.55 each.

Proceeds will be used for working capital and general corporate purposes.

The stock remained unmoved on Thursday at $1.75 (OTCBB: REMI).

Based in Deurle, Belgium, Remedent develops oral care and cosmetic dentistry products.

Consolidated Thompson raises C$200 million

Moving to the Canadian PIPE market, Consolidated Thompson Iron Mines Ltd. pocketed C$200,022,500 from a private placement.

The company issued 42.11 million shares at C$4.75 each.

Orion Securities Inc. was the lead underwriter.

Proceeds will be used for development on the company's Bloom Lake iron ore property in Quebec. The rest will be used for future acquisitions and for working capital.

Consolidated Thompson's stock gained 35 cents to end at C$5.90 (TSX Venture: CLM).

Toronto-based Consolidated Thompson is an iron ore exploration and development company.

Hanwei raises C$45 million

In the Canadian energy sector, Hanwei Energy Services Corp. settled a C$45 million private placement of special warrants.

The company sold 9 million special warrants in the offering.

Each special warrant is exchangeable for one share once a prospectus is filed qualifying the shares issuable upon the exchange of the special warrants.

Canaccord Capital Corp., GMP Securities LP and Research Capital Corp. were the underwriters.

Proceeds will be used for the development and manufacture of wind power products. The rest will be used for working capital.

The stock gained 44 cents to end at C$6.69 (TSX Venture: HE).

Hanwei, based in Vancouver, B.C., is a pipeline construction company.

Eurasia's $1 million deal

In other energy-related offerings, Eurasia Energy Ltd. negotiated the terms of a $1 million private placement of units.

The deal includes up to 4 million units of one share and one warrant. Each warrant is exercisable at $0.25 for two years.

The offering sent the stock jumping by 14.3%, or 5 cents, to settle at $0.40 (OTCBB: EUEN).

Proceeds will be used for the company's defense of a commercial action brought against it by Commonwealth Oil & Gas Co. Ltd. in a court in Scotland.

The lawsuit was brought against Eurasia in October 2006 in the Court of Session in Edinburgh by Arawak Energy Corp. and Commonwealth, its subsidiary. The suit alleges that Eurasia chief executive officer Nicholas W. Baxter breached his duty as a director and accessed confidential information related to Arawak and Commonwealth oil and gas properties to secure Eurasia's memorandum of understanding for its block in Azerbaijan.

The remaining proceeds will be used for oil and gas exploration.

Based in Aberdeenshire, Scotland, Eurasia is an oil and gas exploration company.

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