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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Cipher Pharmaceuticals Inc. (CPH-T) is buying Cardiome Pharma Corp. (CRME-Q; COM-T). The deal "provides important upfront and non-dilutive consideration of $25.5-million," the companies said in a release.

Cardiome shareholders will receive common shares, on a one-for-one ratio, of a newly created Canadian entity named Correvio Pharma Corp. that will apply for a substitution listing on the Nasdaq and TSX.  Correvio will hold all of Cardiome's pre-transaction assets, excluding the Canadian business portfolio being acquired by Cipher as part of the deal.

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"This transaction enables us to focus our internal resources on our rapidly growing European business and rest of world commercial initiatives, along with providing important financial flexibility for the execution of potential future business development transactions," stated Cardiome CEO William Hunter. "It also allows us to secure important non-dilutive capital, while reducing our cash burn. We believe this new strategic path creates a more robust company and leaves us well positioned for long-term growth."

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BNK Petroleum Inc. (BKX-T) reported fourth-quarter gross revenue of U.S.$6.4-million up from U.S. $2.3-million a year ago. Its net loss was U.S. $1.3-million or a penny per share, which was in line with expectations and compared to a loss of U.S. $3.7-million or 2 cents a year earlier.

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Tetra Bio-Pharma Inc. (TBP-X) says it has been added to the Horizons Marijuana Life Sciences Index managed by Horizons ETFs Management (Canada) Inc. 
"This is a very positive sign for our shareholders," says Bernard Fortier, CEO of Tetra in a release.

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Carmanah Technologies Corp. (CMH-T) says it has acquired a portfolio of patents and patent applications from Stop Experts Inc. and R.D. Jones for U.S. $2.4-million. "As a result of the transaction the patent infringement claims and litigation against the company originally disclosed on August 8, 2013 will be dismissed," it stated in a release.

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Westshore Terminals Investment Corp. (WTE-T) reported revenue of $80.8-million in the fourth quarter down from $88.1-million a year earlier.

Profit was $25.7-million or 36 cents per share versus a profit of $32.3-million or 44 cents a year earlier. Analysts were expecting earnings of 41 cents in the most recent quarter and revenue of $82.2-million.

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Ballard Power Systems (BLDP-Q; BLDP-T) says it has signed a contract with Calstart for a fuel cell module to be used in a trial and development program involving UPS delivery vans in California. Funding for the project is being provided by the South Coast Air Quality Management District (SCAQMD) as part of its efforts to reduce harmful air pollution, the company stated.

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Kroll Bond Rating Agency (KBRA) issued a statement regarding Element Fleet Management Corp. (EFN-T)'s fourth-quarter results. The company noted the result included a "significant charge" related to the company's 49.99-per-cent interest in 19 Capital Group LLC, a joint venture involved in leasing highway tractors and trucks in the U.S.

"On October 3, 2017, KBRA affirmed the issuer rating of A- with a Stable Outlook for Element Fleet Management Corp. and also noted EFN's exposure to 19 Capital as a key credit constraint," KBRA stated. "While the impact of the results of the JV on Element Fleet are considered credit negative, we note that the JV is considered a part of non-core operations and the dompany's overall exposure to non-core assets is relatively low (6 per cent) in the context of its balance sheet."

However,  the statement said 19th Capital "represents a sizable risk to Element Fleet and prolonged, substantial losses or other noteworthy risk factors arising from the JV that negatively impact EFN's financial condition could trigger a review."

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Granite Oil Corp. (GXO-T) says its board has initiated a formal process to review potential strategic alternatives "in an effort to enhance shareholder value," which may include a merger or sale.

"The board believes that the current trading price of its common shares does not adequately reflect the underlying value of the company and its successful EOR [Enhanced Oil Recovery] project," it stated in a release.

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Trillium Therapeutics Inc. (TRIL-Q) says the U.S. Food and Drug Administration (FDA) Office of Orphan Products Development has granted an Orphan Drug Designation to its treatment of cutaneous T-cell lymphoma.

"The FDA's decision to designate TTI-621 as an orphan drug underscores the urgent need to develop additional therapeutics for patients with cutaneous T-cell lymphoma," said Dr. Niclas Stiernholm, CEO of Trillium Therapeutics in a release. "We believe that our investigational drug holds promise as a potential new treatment and will continue advancing the compound through clinical development in both of our trials."

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Step Energy Services Ltd. (STEP-T) reported fourth-quarter revenue of $154.3-million up from $64.2-million a year earlier. Net income came in at $17.5-million or 28 cents per share versus a loss of $2.6-million or five cents a year earlier.

Analysts were expecting earnings to come in at 28 cents for the most recent quarter and for revenue to be $155.8-million.

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