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BC Tech Companies Raise Over $1.3 Billion in Financing in 2017, 10 Largest Deals Bring Home Over $873 Million
Friday, January 12, 2018
BC Tech Financing Deal of the Year: Richard M. Glickman, L.L.D. (Hon), CEO & Chairman of the Board, Aurinia Pharmaceuticals Inc. being interview by Jim Cramer on CNBC following their monster capital raise of $230 million (Photo Credit: CNBC)
Vancouver, BC, January 12, 2018--(T-Net)--2017 was a big year for financings and merger and acquisition activity in the BC tech industry.
According to our records, T-Net alone reported on over 100 financing deals representing over $1.3 billion in capital raised in fiscal 2017.
Some of our emerging life sciences companies really went to town in particular in 2017, closing three of the top 5 financing deals of the year.
A number of tech companies did not include the actual amount of their financing raised (so are not included in these totals), and we are sure there are also (many) other BC tech related companies out there that may have closed new financing rounds in 2017 that we are just not aware of (or which have not been reported or submitted to us), so the total number of funding deals, and the amounts raised in the BC tech industry may actually be much higher than this.
That is among the busier financing years we've seen in recent BC tech industry history. It's a pretty good year when a number of companies raise $20 million+ and are not even close to being in the top 10 financing deals of the year.
Below is our "unofficial" list of the top 10 largest financings for BC tech companies that we reported on in 2017.
(if we have missed anyone in this list, please email us at technews@bctechnology.com and we will update)
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1. TOP FINANCING DEAL OF THE YEAR: Aurinia Pharmaceuticals ($230 M)
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Victoria-based Biopharm Company Aurinia Closes Monster $230 Million Financing
Richard M. Glickman, L.L.D. (Hon), CEO & Chairman of the Board
Aurinia Pharmaceuticals Inc.
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Victoria, BC, March 23, 2017--Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) (TSX:AUP), a clinical stage biopharmaceutical company focused on the global immunology market, has announced the closing of a pretty stunningly massive underwritten public offering of 25,645,000 common shares for gross proceeds of approximately CDN $230 million.
Aurinia intends to use the net proceeds from the Offering to advance the clinical and nonclinical development of its lead drug candidate, voclosporin, as a therapy for lupus nephritis and for general corporate purposes. Many members of Aurinia's current leadership team (including Mr. Glickman) are former senior managers of BC-based Aspreva Pharmaceuticals, which Swiss pharmaceutical company Galenica acquired for nearly $1 Billion in a staggering large acquisition here in 2008.
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Harry Pokrandt, CEO, President, and Director
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Vancouver, BC, December 21, 2017--HIVE Blockchain Technologies Ltd. (TSX.V:HIVE), a Vancouver-based publicly listed blockchain infrastructure company, announced that it has entered into binding letter agreements with its strategic partner and major shareholder, Genesis Mining Ltd., the largest digital currency mining hashpower provider, to significantly expand the Company's digital currency mining operations in Sweden in 2018, including the addition of a large-scale Bitcoin mining facility.
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6. D-Wave Closes $50 Million U.S. Convertible Notes Financing to Fund Next Generation of Quantum Computers ($62.5 Million CDN)
Vern Brownell, President and Chief Executive Officer, D-Wave Systems
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Burnaby, BC, May 24, 2017--D-Wave Systems Inc., a leader in quantum computing systems and software, announced that it has received new capital in the form of convertible notes from the Public Sector Pension Investment Board.
This was Canada's 9th largest deal in Q2. PSP Investments funded US$30 million at closing, with an additional US$20 million available at D-Wave's option upon the achievement of certain milestones.
This facility brings D-Wave's total funding to approximately US$200 million.
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7. Visier - $61 Million Financing
John Schwarz, Chief Executive Officer & Founder
Visier followed directly behind and closed Canada's 4th largest venture capital financing in the quarter with a $61 million financing ($45 million US).
Sorenson Capital led the round and is joined by existing investors Foundation Capital, Summit Partners, and Adams Street Partners. This round brings Visier's total funding to $94.5 million.
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