Bud will introduce a proprietary ‘lifecycle investment approach’ that will serve as context for the growing number of situations where a successor GP is the preferred option. Participants will be introduced to the salient considerations and options available in these situations. Participants will also be introduced to a proprietary decision tree designed to facilitate any transition while reflecting the legal, operational and other perspectives.

“I am very pleased to have been chosen to present at such a noteworthy conference” stated Bud. “We are always pleased when our success at creating value pays off with this kind of recognition. To date we have experience as ‘successor GP’ in more than 15 situations and know it is important for limited partners to have another option. This is what we provide” concluded Bud.

Attendees of the session will gain the knowledge to be able to categorize underperforming funds, list the situations where active intervention is appropriate, determine the appropriate solution from the three options available, and apply a multiple step decision tree to facilitate the process
This recognition of this unique service is the latest in a series; including recent articles on KPM in the Financial Post and Dow Jones publications.

About the Kirchner Portfolio Management
Kirchner Portfolio Management (KPM) is the successor fund management division of Kirchner Investment Management Corporation. Kirchner Portfolio Management actively manages capital as a Corporate General Partner of venture capital and private equity investment funds on behalf of their limited partners. Our services include replacement GP or supplemental GP, management of remnant funds, managing funds after their investment phase to improve fund performance and liquidity, management of funds with inherent issues and management of distributed private securities.

For inquiries, please contact:
W.B. (Bud) Kirchner
Co-managing Partner
Kirchner Portfolio Management
205.313.0784
wbkirchner@kirchnergroup.com

Montreal, Quebec 08 August 2011 — Enobia Pharma Inc., a clinical stage biotech company focused on developing novel therapeutics for serious bone disorders, today announced that it has raised US$40 million through the private placement of approximately 13,724,000 shares of its common stock to new pharmaceutical and financial investors. The proceeds will be used to fund the ongoing development of ENB-0040, Enobia’s enzyme replacement therapy (ERT) for hypophosphatasia, a rare and potentially life threatening genetic bone disorder for which there is no currently approved therapy. BofA Merrill Lynch acted as the exclusive placement agent to the company.

“We are pleased by the strong interest from both strategic and financial investors. We look forward to building a first rate biopharmaceutical company focused on rare genetic bone diseases,” said Enobia Chairman and OrbiMed General Partner Jonathan Silverstein.

Enobia has completed two 6-month clinical studies in hypophosphatasia; a phase I/II study initiated in October 2008 in infants and young children with life threatening hypophosphatasia, and a phase II study in children aged 5-12. These patients continue to receive therapy in ongoing extension studies. Updates of infantile and juvenile data will be given at the upcoming SSIEM (September 2, 2011 Geneva Switzerland) and ASBMR (September 16, 2011 San Diego, CA) meetings. Enobia is also enrolling additional infants and children with severe hypophosphatasia under the age of 5.

One year treatment results from a Phase II study in adolescents and adults with hypophosphatasia will be available in the first half of 2012. ENB-0040 manufactured at commercial scale is now being used in clinical trials.

Enobia was also recently awarded a US$1.2 million FDA Orphan Grant for the long-term ENB-0040 treatment of infants and young children with life-threatening or severely debilitating hypophosphatasia. Enobia will receive these funds over the next three years with the opportunity to apply for additional funding in subsequent years.

About ENB-0040
There are currently no therapies approved for hypophosphatasia (HPP), a rare inherited metabolic disease characterized primarily by defective bone mineralization with multi-systemic sequelae caused by a deficiency in the enzyme tissue non-specific alkaline phosphatase (TNSALP). ENB-0040 (asfotase alfa) is an investigational subcutaneous enzyme replacement therapy for HPP. ENB-0040 is designed to directly target TNSALP to the bone in order to correct the enzyme deficiency, which could lead to restoration of normal bone mineralization and function. ENB-0040, awarded orphan designation in the U.S. and EU in 2008 and Fast Track status in 2009, is currently in Phase IIb clinical development.

About Enobia Pharma Inc.
Enobia Pharma Inc. is a private Montreal based company focused on the development of therapeutics to treat serious bone disorders for which there are no drug therapies currently approved. ENB-0040, an investigational drug for the treatment of hypophosphatasia, is the Company’s lead program. For more information, please visit www.enobia.com.

Company Contact:
Julie Anne Smith, Enobia Pharma Inc.
(514) 596-2901, extension 214

Media Contact (United States):
Liz Falcone, Feinstein Kean Healthcare
617-761-6727

Media Contact (Canada):
Jean-Pierre Trudel, APR, Jean-Pierre Trudel and Associates
(514) 347-6111

1 August 2011 – Founder departures in private equity are hardly new and can be traced back to the days of Kohlberg Kravis Roberts & Co. But with a wave of funds approaching the end of their investment periods and the potentially depressed value of some portfolios in the wake of the downturn, the economics of staying on as a founder may not be as compelling today as they had once been.

In recent years, for example, Bruckmann Rosser Sherrill & Co., Code Hennessy & Simmons, Veronis Suhler Stevenson and ICV Partners have all witnessed the departure of their respective co-founders, some of which went on to form new firms.

By most counts, the economics that departing general partners receive – while always heavily negotiated – has come down from what it was 10 years ago. One lawyer specializing in succession planning said that he was no longer doing the “sweetheart deals” the industry used to see for departing founders, where they would continue to receive management fees for a period of time, on top of an extensive cash settlement in the $5 million plus range.

These days, some firms have a penalty vesting provision, where founders lose all or some portion of their existing position in the carry, according to John Ayer, partner at Ropes & Gray LLP. Their forfeited carry will be used to pay whoever takes over his or her role. Sometimes, if the split is amicable and toward the end of the fund, the departing founder typically gets fully vested or nearly fully vested, although only 8.5% of respondents to a 2010 survey conducted by Dow Jones & Co. and Glocap Search LLC said that retirement triggered vesting to accelerate to 100%. But all packages are negotiated and come in myriad forms.

In that same survey, 83.9% of retired partners from buyout and venture capital funds share carried interest from active funds raised prior to retirement. Only 8% share carry from active funds raised after retirement. Even some provisions like a non-compete have become more common, says another lawyer. “The industry never used to have it. Now, I raise it with every new group that I work with as an option,” he said.

Bud Kirchner, who runs merchant bank Kirchner Private Capital Group, devotes part of his practice to GP succession situations, where his firm will help structure a transition and essentially stand in for the departing GP to manage their portfolio companies. Business has been gaining momentum, he says – for several years it was venture capital-focused, but today the buyout side has caught up.

“We have a tremendous wave of funds coming up to the end of their fund life, and that crystallizes these issues: fees fall precipitously, the value of the carry is put into question, and you’re not sure if you’re up for raising another fund,” Kirchner said.

Despite the tightening of fund terms, the consensus seems to be that the current transition processes GPs go through have been, on the whole, fairly smooth. “Our industry is maturing; it’s becoming more institutional, and you have fewer of the blowups that happened in the past,” said one co-founder of a buyout firm that went through a rockier transition period when a founder left. “I’m actually surprised at how natural the evolution has been at many firms – it in general has been done in a thoughtful and organized fashion.”

His firm has been careful about the dispersion of carry – co-founding partners already know what their carry will be in the next fund with an agreement upfront rather than negotiation before a fund-raising period. It’s a testament to the more “mapped out” process GPs go though these days when it comes to succession issues, he said. Whether or not the industry will indeed see a wave of founder retirements remains to be determined.

“It’s a bit of a George Washington problem,” said Ayer. “You want to be fostering a new generation of partners who can continue to successfully run the firm. On the other hand, founders are incredibly valuable. The balance is keeping these highly talented guys for the next generation, but making the transition in a way that’s respectful of what the founders have created.”

Written By: Beina Xu, Dow Jones Reporter

09 June 2011 – New Section 2(ee) for REQUIEM 25EC in Leafy Vegetables

Winnipeg, Manitoba  14 April 2011 – Manitoba Harvest Hemp Foods & Oils is pleased to announce that it has been named a finalist in the inaugural HSBC International Business Awards, which celebrate the best of Canadian companies doing business abroad.

Developed by HSBC Bank Canada in partnership with Business without Borders, the awards honor Canadian firms that have made a real difference in taking their products and services to the world. Manitoba Harvest is recognized as one of three finalists in the Small and Medium Enterprise category, highlighting its strong growth trajectory in the U.S. market and its commitment to corporate social responsibility initiatives.

“It’s an honor to receive recognition as one of HSBC’s International Business Award finalists. It’s a testament to the vision and dedication of the Manitoba Harvest team, who continues to drive our company’s growth in a strategic and responsible way, from ingredient sourcing initiatives to environmental and social stewardship,” said Mike Fata, CEO and co-founder of Manitoba Harvest.

Manitoba Harvest’s top export is shelled hemp seed, also known as “hemp hearts.” The company also exports hemp protein powder, Hemp Bliss organic hemp beverage, hemp seed butter and hemp oil. The company strives to conduct business in a responsible way, sourcing hemp seed from local farmers to create a closed-loop system that fosters collaboration and fairness. The company also utilizes energy efficient facilities, sources renewable energy credits to offset electrical usage, and all products are offered in re-usable or recyclable packaging.

“We are thoroughly impressed with the caliber of performance and results seen in our twelve finalists,” said Mark Watkinson, Senior Executive Vice President, Head of Commercial Banking, North America, HSBC. “We were particularly impressed by the diversity of industries and Canadian regions represented, as these speak volumes to Canadian companies successfully translating opportunity into success. While only four winners will emerge, all finalists deserve our attention and respect.”

Finalists and winners will be honored at a gala celebration on the evening of May 10, 2011, at the Art Gallery of Ontario, in Toronto. Brett Wilson, entrepreneur, philanthropist and CBC Dragon’s Den panel member will be the master of ceremonies.

About Manitoba Harvest Hemp Foods & Oils
Founded in 1998, Manitoba Harvest Hemp Foods & Oils is the world’s largest vertically-integrated, farmer owned hemp food manufacturer. Manitoba Harvest is proud to offer award-winning products like Hemp Pro 70® (hemp protein concentrate), Hemp Bliss® Organic Hemp Beverage, shelled hemp seed, and hemp oil. In addition to their own popular brand of hemp foods, Manitoba Harvest supplies many other leading consumer brands with functional hemp food ingredients. www.manitobaharvest.com.

About HSBC Bank Canada
HSBC Bank Canada, a subsidiary of HSBC Holdings plc, has more than 260 offices, including over 140 bank branches, and is the leading international bank in Canada. With around 7,500 offices in 87 countries and territories and assets of US$2,455 billion at 31 December 2010, the HSBC Group is one of the world’s largest banking and financial services organizations.

About Business without Borders
Canada’s newest and best source of news and information for companies seeking to do business beyond this nation’s borders, Business without Borders was created by HSBC Bank Canada in association with Rogers Publishing Limited and the Globe and Mail. Business without Borders provides news, analysis, tools and inspiring profiles of Canadian businesses that are exporting, expanding their operations and sales abroad or relocating operations to other countries.

15 March 2011 – Chromatin Announces Dual-Purpose Hybrid Sorghum For Sugar And Bioenergy Production

08 March 2011 – Advanta US and Chromatin, Inc. Announce Commercial License Agreement for Sorghum Germplas

Quebec City, Quebec 21 February 2011 – Biopharmacopae Design International Inc. (“Biopharmacopae”), a company specialized in the discovery and development of innovative, science-based, plant-derived ingredients and products for the nutraceutical and cosmeceutical industries, announced today that it has closed a $2 Million private financing round with Canadian venture capital firm Avrio Ventures. This second round of financing from Avrio Ventures confirms the company’s growth potential. The funds will contribute to further advance the commercialization of Biopharmacopae’s flagship product RIDOVIR™ Cold and its other discoveries in the Canadian and International markets.

Biopharmacopae recently launched RIDOVIR™ Cold, a new cough and cold natural health product in several Canadian pharmacies. In addition, the company joined forces with well-known pharmacist and health expert Jean-Yves Dionne. The company is currently expanding its presence in the market by establishing additional commercial agreements with other pharmacies and large retail stores. “Biopharmacopae holds a portfolio of extremely promising products with significant market potential, and their recent studies on the antiviral activity of their cough and cold natural health product, RIDOVIR™ Cold, are very encouraging, says Mr. Aki Georgacacos, Partner at Avrio Ventures. In addition, with the company’s expertise and recent discovery, Biopharmacopae is well-positioned within the industry to become a strategic partner for companies looking for innovative products with great market potential.”

“We have created a technology platform adapted to the discovery of new health benefits related to plants and this gives us a competitive advantage when it comes to developing innovative health and beauty solutions” explains Dr. Johane Guay, Ph.D., Biopharmacopae’s President and CEO. Dr. Guay stated that she is extremely grateful for Avrio’s financial support and business and industry-related knowledge. “The solidity of our partnership with Avrio as well as their expertise and support are great assets to the existing strengths of the company. Together, we are currently pursuing further clinical research studies and intensifying our commercial efforts for RIDOVIR™ Cold in Canada and on the export markets.”

About Biopharmacopae
Biopharmacopae is a Canadian company known for the superior quality of its innovative plant-derived active ingredients and products. These products and ingredients are distributed through a worldwide network of partners recognized in the cosmetic and natural health product markets. The company develops and manufactures its products and active ingredients using a rigorous pharmaceutical approach that scientifically demonstrates their safety and efficacy. The company distinguishes itself with its original collection of over 15,000 plant extracts and with its exclusive technology platform, eXcelerate that allows for the rapid screening of thousands of plant extracts, highlighting their specific beneficial effects on human health. Biopharmacopae contributes to the advancement of science and improvement of the quality of life by developing natural products and ingredients that combine tradition and innovation.

About Avrio Ventures Management Corporation
Avrio Ventures provides Canada’s promising industrial bioproducts, nutraceutical ingredients and food technology companies with the investment support and resources they need to succeed. With a collective 80 years of experience in Canada’s industrial life science venture capital sector through the successes of FCC Ventures, a division of Farm Credit Canada, and Kirchner Investment Management Corporation, the Avrio team is well equipped with deep, sector-specific knowledge. Also providing strategic guidance, operational skills and access to industry relationship’s the Avrio team is uniquely qualified to support an entrepreneurial industrial life sciences organization throughout its growth.

About Mr Jean-Yves Dionne
Jean-Yves Dionne is a pharmacist, a scientific advisor and consultant in the natural health product (NHP) industry for several companies and professional groups. His research focuses on the interaction between NHPs and drugs as well as on conventional medicine and complementary or alternative medicine. He is the author or co-author of several books, including “Herbs, Everyday Reference for Health Professionals”.

14 February 2011 – AgraQuest and partners to introduce unique biofungicide for control of Black Sigatoka in Bananas