I found it on a Google search. I looked for "wall street journal IGXT" and set search time for last 24 hours. Here it is:
FEBRUARY 2, 2012, 12:00 P.M. ET
CANADA TIP SHEET: Cleland Takes Hands-On Approach To Investing
--Uses private equity style to buy small-, micro-cap stocks
--Holds Neptune, Acasti; introduces them to board/executive talent
--Fund down 0.09% for one-year period ended December, sharply outperforming 8.7% drop in S&P/TSX Total Return index
By Ben Dummett
Of DOW JONES NEWSWIRES
TORONTO (Dow Jones)--Hugh Cleland makes big bets on small and micro-capitalized stocks, so the money manager takes a hands-on approach to the companies in which he invests to better ensure they achieve their growth potential and maximize his returns.
Cleland, manager of the C$6.0 million Blumont Northern Rivers Innovation RSP Fund, approaches his investments in a way similar to private equity funds, which often play a role in the appointment of management and board members to their portfolio companies in a bid to bolster returns. Cleland also manages the C$21 million Blumont Innovation Private Equity Strategy Fund. Its holdings are similar to those of the RSP Fund.
One of Cleland's holdings is Neptune Technologies & Bioresources Inc. (NEPT), a producer of krill oil which comes from marine crustaceans. Neptune currently sells krill oil as a dietary supplement for cardiovascular, cognitive and anti-inflammatory benefits. But Neptune's subsidiary Acasti Pharma Inc. (APO.V) is seeking regulatory approval for doctors to prescribe krill oil as a drug to treat certain ailments.
"Acasti is very much on the same path" as Reliant Pharmaceuticals, Cleland said. Reliant won approval to sell fish oil as a drug, and was sold in late 2007 to GlaxoSmithKline PLC (GSK) for $1.65 billion. Cleland also owns shares in Acasti.
Cleland introduced Neptune's management to Anthony Holler, who subsequently joined the board. Holler was previously chief executive at ID Biomedical until it was sold in 2005 to GlaxoSmithKline for about C$1.7 billion. He also introduced the company to Harlan Waksal, who is now a senior executive at Neptune's subsidiary Acasti. Waksal was co-founder of ImClone System, which was sold to Eli Lilly (LLY) for $6.5 billion in 2008.
IntelGenx Technologies Corp. (IGXT), a drug delivery company, is another of Cleland's holdings. The company develops systems to administer drugs to patients more simply or to make the drugs more effective.
"It's a very low risk" approach because the company is using already approved drugs, the fund manager said.
As of the end of December, the fund was down 0.09% for the one-year period, sharply outperforming the 8.7% drop in the S&P/TSX Total Return index, according to tracking service Globe Investor.
Investing in small- and micro-cap stocks can often generate outsized returns because the companies are at an early stage of their growth. But they also typically carry more risk because they are not well established.
Cleland focuses on companies that he believes have a sustainable competitive advantage. He notes that three out of the fund's five largest positions in the summer of 2008 are still in the top six today despite the upheaval in markets because of the credit crisis and Europe's debt woes.
In addition to Neptune and IntelGenx, this group includes AeroMechanical Services Ltd. (AMA.V), a provider of automated data collection and delivery services for commercial aviation.
Cleland sits on the board of VentriPoint Diagnostics Ltd. (VPT.V), another of the fund's holdings. VentriPoint develops medical imaging technology.
However, rather than try to influence the company's direction in this capacity, Cleland wanted access to the expertise of VentriPoint's directors and advisory board to help him identify and assess other investments for the fund.
An activist approach can offer "two-way synergies," Cleland said.
-By Ben Dummett, Dow Jones Newswires; 416-306-2024; ben.dummett@dowjones.com
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