Engine Biosciences raises $10 million in Southeast Asia’s largest institutional seed round

 Life sciences startups in Asia are getting another boost with the $10 million investment in Engine Biosciences — a biotech company that’s applying machine learning to genomics for drug discovery. With its headquarters in both Singapore and San Francisco, the company has managed to attract some impressive investors from both the U.S. and Asia. The round was co-led by Danhua… Read More

Logitech’s HomeKit-Enabled Circle 2 Cameras Gain Notification Snapshots and Subscription Discounts

Logitech today announced the launch of new features for its HomeKit-compatible Circle 2 security cameras via an update to the Logi Circle app.

Notification Snapshots, a new in-app feature, are designed to provide a visual “snapshot” notification of an event whenever motion is detected by the Circle 2 camera.

With this option, you’ll get a visual representation of exactly what triggered the motion detection feature rather than a simple text-based notification that lets you know motion was detected. Snapshots will be sent via push notification and should let you react more quickly to incoming motion detection alerts.

For customers who also subscribe to Logitech’s Circle Safe premium service, Notification Snapshots offer up a zoomed-in view of the object or person that triggered the motion detection based on the Circle’s Person Detection feature.

Enabling Notification Snapshots on existing Circle 2 cameras will require you to download the updated Logi Circle app from the App Store and install a new firmware update from within the app.

Along with new notification features, Logitech is also introducing new Circle Safe Home subscription plans designed for customers with multiple cameras.

Circle Safe pricing starts at $3.99 per month for the basic subscription for a single camera and goes up to $9.99 per month (or $99.99 per year) for the premium subscription, but customers with multiple cameras can now get discounted prices.

For up to five cameras, Circle Safe Basic starts at $6.99 per month or $69 per year, while Circle Safe Premium starts at $17.99 per month or $179 per year.

Circle Safe Basic and Circle Safe Premium allow you to store video in the cloud for a longer period of time and access premium features. Logitech’s cameras, available from Logitech and Amazon for $180, can be used sans subscription, but only 24 hours of video footage is stored in the cloud.

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Wall St. ends off day’s highs as Fed sees inflation rising

(Reuters) – U.S. stocks finished marginally higher on Wednesday as indexes gave up early gains after the Federal Reserve said it sees inflation rising this year, signaling it remains on track to boost interest rates again in March.

SpaceX rocket launches Luxembourg satellite for NATO

CAPE CANAVERAL, Fla. (Reuters) – A SpaceX Falcon 9 rocket blasted off from Florida on Wednesday carrying into orbit a Luxembourg-made communications satellite designed in part to expand NATO’s surveillance reach and its capability to deter cyber attacks on alliance members.

Anxious wait for reasons in OSC report on Aurora/Cannimed

The last time market participants heard from the three-person Ontario Securities Commission (OSC) panel on the Aurora Cannabis/Cannimed Therapeutics matter — a $1.1-billion deal approved by both companies last week — was on Dec. 22.

Back then, the panel blocked Cannimed from using a shareholders’ rights plan to prevent a hostile takeover; demanded that Aurora (which had the “hard lock-up” support of 38 per cent of Cannimed’s shareholders and which under the rules was allowed to purchase another 5 per cent) provide more disclosure about information received from individuals “in a special relationship” with Cannimed; and denied Aurora’s request to shrink the new statutory 105-day deposit period, to 35 days. It was decisive stuff, but probably in line with expectations.

“The OSC showed zero tolerance for a poison pill that might have the effect of defeating an offer that was on the table,” said Patricia Olasker, a partner at Davies Ward Phillips & Vineberg, a firm not involved in the takeover. Olasker added that the OSC indicated while the new rules are “settling in,” that it’s going to be “very slow to grant relief (and) depart from the rules in the heat of the battle.” In other words, the OSC “will protect the regime” that came into effect in May 2016, she said.

But four words written on that two-and-a half-page document issued Dec. 22 guarantee the next publication on the same matter will have a strong readership, in the legal and financial community, and among issuers, which could be contemplating a takeover. The words: With reasons to follow.

Given the relative newness of the takeover rules, given the specifics of this transaction, and given the extent to which policy may be addressed, M&A practitioners will be divining the tea leaves when the reasons are released.

For instance, Jeremy Fraiberg, co-head of M&A at Oslers, will be looking for answers on whether the regulator was concerned about “this specific pill and its prohibition on the bidder entering lock-up agreements,” or whether it had broader concerns about the use of pills “to prevent creeping up 5 per cent during the course of the bid.”

If the latter emerges as the concern, then Fraiberg, whose firm played a minor role in the transaction, notes: “Any hostile bidder would be able to buy an additional 5 per cent during the course of the bid, regardless of whether the bid is ultimately successful.”

DWPV’s Olasker notes the circumstances of the takeover may allow the panel to comment on “hard lock-ups” and the extent to which their existence (the 38-per-cent support for Aurora could not be withdrawn in the event of a higher offer) “precludes a proper process.” If so, the situation, the panel could argue, is contrary to the public interest. Olasker’s view is that this situation wasn’t present, though Cannimed argued before the panel that it was.

Practitioners will also be looking for discussion on defensive tactics; the extent to which Cannimed information was shared with Aurora; and the concept of joint actors — the extent to which the locked-up shareholders and the bidder were acting together.

Another hope is that somewhere in the panel’s reasons there will be commentary on the recent takeover of Equity Financial by an insider, Smoothwater Capital. On that transaction, which started four years back, Smoothwater owned or exercised direction or control over about 34.57 per cent of the target. It also had “hard” lock-up agreements with other shareholders that, in total, gave it control of 50.50 per cent of the shares. Once shareholders who had entered into voting support agreements were added in, support rose to more than 70 per cent.

Financial Post