On December 1, 2004, Adaltis Inc., an international in vitro diagnostic company that develops, manufactures and markets diagnostic systems, completed its initial public offering.  Pursuant to the offering, Adaltis issued 10 million common shares at $5.50 per share for aggregate gross proceeds of $55 million.  The underwriting syndicate for the offering was co-led by National Bank Financial Inc. and Loewen, Ondaatje, McCutcheon Limited and included CIBC World Markets Inc., Desjardins Securities Inc. and BMO Nesbitt Burns Inc.

Immediately prior to the closing of the offering, Adaltis acquired all of the issued and outstanding shares of  Shanghai CP Adaltis Diagnostics Company Limited not already owned by Adaltis for an aggregate consideration of $25 million.  In consideration for such acquisition, Adaltis issued an aggregate of 4,545,455 common shares at the same price per share as the issue price of the offering.

Adaltis was represented by Davies Ward Phillips & Vineberg LLP, with a team that included Richard Cherney, Olivier Désilets, Justin Vineberg and Annie Beaudoin (corporate finance and securities) in Montreal and Gerald Shepherd and Charles Malone in New York (corporate finance and securities).