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10,000,000 sold....nope 10,000,000 BOUGHT
If the state voted without debate you can be sure that the city will follow suit
Merck-Moffitt Deal Gets State Approval
Posted Feb 22, 2007 by Clarisa Gerlach
Updated Feb 22, 2007 at 04:38 PM
By Catherine Dolinski and Carol Gentry
of The Tampa Tribune
TALLAHASSEE - A state legislative commission unanimously approved a $15 million incentive package to help launch a new partnership between the H. Lee Moffitt Cancer Center & Research Institute and drug maker Merck & Co.
Without questions or debate, the state Legislative Budget Commission voted this afternoon to help create M2Gen, the for-profit partnership that will research causes of cancer and develop drugs for treatment. The venture will yield an estimated 165 jobs paying an average of $80,000. M2Gen will be located near the University of South Florida campus in Tampa.
The state’s action follows yesterday’s vote by Hillsborough County commissioners to approve a $28 million package of incentives to create the new institute. Still outstanding: a vote by the Tampa City Council on contributing $800,000 plus $1.2 million in land costs. The city’s approval seems all but assured.
For Moffitt and Merck, the next step is to solicit bids on the project, said Moffitt Director William Dalton, who hopes to break ground by the summer. “This gives us full steam ahead to embark on M2Gen,” he said.
stockholder, I don't think that the city vote matters. M2GEN is moving forward anyway.
Yes but by the looks of things, the project is moving forward with or with state support, which for all intents and purposes is just if they would want to kick in a few bucks.
M2GEN posts new job openings
Systems Analyst II 25049 TCC Systems Mon-Fri 8am-4:30pm 1122 M2GEN 2/15/07 11:46 AM
Sr Human Resources Generalist 25052 M2GEN Variable Variable 1567 M2GEN 3/16/07 8:05 AM
Sr Developer II 25049 TCC Systems Mon-Fri 8am-4:30pm 1126 M2GEN 2/15/07 11:47 AM
Sr Developer II 25049 TCC Systems Mon-Fri 8am-4:30pm 1127 M2GEN 2/15/07 11:47 AM
IT Engagement Project Manager II 25049 TCC Systems Mon-Fri 8am-4:30pm 1132 M2GEN 2/15/07 11:48 AM
Executive Director of Operations 25052 M2GEN Mon-Fri 8am-5pm 1465 M2GEN 2/13/07 5:10 PM
Developer 25049 TCC Systems Mon-Fri 8am-4:30pm 1128 M2GEN 2/15/07 11:47 AM
DB Analyst II 25049 TCC Systems Mon-Fri 8am-4:30pm 1129 M2GEN 2/15/07 11:47 AM
Cytotechnologist 25052 M2GEN Mon-Fri 8am-4:30pm 1268 M2GEN 2/7/07 12:10 PM
Case Manager 25052 M2GEN Mon-Fri 8am-5pm 1557 M2GEN 3/15/07 12:44 PM
CANCER INSTITUTE PACKAGE APPROVED
By MIKE SALINERO, The Tampa Tribune
TAMPA - Hillsborough County commissioners unanimously approved a $28 million economic incentive package Wednesday to help create a cancer research institute near the University of South Florida campus in Tampa.
The incentive package is the richest in county history, committing $20 million in cash and $8 million in land to a partnership between the H. Lee Moffitt Cancer Center & Research Institute and drug maker Merck & Co.
The for-profit partnership, called M2Gen, will study the molecular causes of cancer and develop drugs for treatment.
An estimated 165 jobs will be created initially, paying an average salary of $80,000, county economic development officials said. An additional 1,665 jobs will develop from spinoff industries and services at the M2Gen campus off Fowler Avenue, south of USF, officials said.
"This is the largest and most important economic development project in Hillsborough County history," said Gene Gray, the county's economic development director.
Gray and other supporters urged commission approval Wednesday, warning that a delay could endanger a state commitment of $15 million being considered today by the Legislative Budget Commission in Tallahassee.
Bill Dalton, chief executive officer of Moffitt, told the commission that Merck's contribution of about $95 million for the $145 million deal is "unprecedented" in the field of public-private partnerships.
"I think it's important to note that not one penny of that tax money is going to Merck," Dalton said. "This package also creates a sustainable business plan so that we don't have to keep coming back to the state and the county for money."
Commission Chairman Jim Norman tried to delay the vote for two weeks in hopes of getting Tampa to increase its cash contribution from $800,000 to $7 million, thereby reducing the county's cash commitment by $6.2 million.
But Tampa Mayor Pam Iorio said the city would not increase its contribution, and Norman eventually voted for the county's $28 million incentive package.
Commissioner Ken Hagan, although not backing a delay, called Tampa's financial commitment "woefully inadequate."
Commissioner Mark Sharpe responded that the city's contribution was irrelevant. Sharpe, whose father died of colon cancer, said the partnership's benefits would go beyond economic considerations.
"This is why I became a county commissioner," Sharpe said. "We're not just bringing economic investment and activity to our community. We can save lives."
Hagan and Norman said the city and county had always split past economic incentive packages 50-50.
But Mark Huey, the city's economic development director, said there has never been a package this large.
Huey said the increased tax revenue generated by the partnership would amount to $130,000 a year for the city, far below the $700,000 a year the city would have to pay the county to retire $7 million over 10 years, as Norman had proposed.
Now it's up to the state to vote on committing $15 million and the city council to vote on its contribution of $800,000 plus $1.2 million in land costs.
stockholder101, I can't wait until the day Merek makes a $5.00 per share tender offer for DNAG period!
Trebeg, I thing the 10K showed exactly what this company's potential is, revenue coming in the door, R&D expense being the largest cost factor, a solid pipeline of cutting edge products that are at the forefront of medical testing. Products that will limit the liability of Big Pharma's lawsuit exposure.
Nothing like torpedoing the price first thing in the AM
10KSB is out !!
Hopefully, they will use their response testing to target who should receive the EPO and who should be specifically eliminated from treatment.
Sure would eliminate the standard one size fits all approach that big pharma usually takes.
EPO under fire. Hopefully DNAG's EPO drug and testing process will circumvent any of the side effects mentioned.
Amgen asked to participate on FDA EPO drug panel as cloud continues to loom over class
03-06-07
Amgen said it has been invited to participate on a May 10 FDA panel to review the use of anemia drugs known as erythropoietin or EPO drugs in cancer patients.
Amgen in January disclosed a higher risk of death among cancer patients not undergoing chemotherapy who were treated with its blockbuster EPO drug Aranesp compared to patients given a placebo.
The upcoming panel meeting will also provide a forum for the review of Amgen’s ongoing vigilance program for Aranesp, the company’s head of research and development Roger Perlmutter said in a statement.
Aranesp, which had global sales of nearly $4 billion in 2006, is approved to treat chemotherapy-induced anemia and anemia related to kidney disease. Amgen has also been investigating the drug in a condition called anemia of cancer, or anemia in cancer not associated with chemotherapy.
The EPO class has been under a further cloud following a setback involving an experimental drug.
Last Friday, Roche temporarily suspended recruitment into a mid-stage trial of its EPO drug Cera in anemic lung cancer patients due to an imbalance of deaths across the four arms of the study.
Roche said in a published report that the deaths were driven in part by the progression of the cancer.
Meanwhile, some doctors have been curtailing the use of EPO drugs following the reports of increased deaths.
“This is very disconcerting,” said Dr. Peter Eisenberg, an oncologist at California Cancer Care in Greenbrae, CA, in a Los Angeles Times report.
Eisenberg said he still planned to prescribe the medication, especially for gravely ill patients who might not survive their cancer and would clearly benefit form the drug.
But “what do I do now with a 55-year-old patient with early breast or colorectal cancer,” he asked. “Many of them are likely to survive their disease. I’m not sure if I feel comfortable giving them something that could do them harm in that case.”
buy at .0158 and sell at .0166 I wonder if OLMP and NITE actually make money spread trading on hundredths of a cent
Sandoz, Good find. The large players have been buying and partnering with over 300 small players in the past two years.
Hopefully, DNAG's partnership with Moffit and Merck will also form some strong synergies as well.
Frud sinks..now looie swims
But Hey
K-8 Maybe DNAG needs to buy back some of its own shares.
Dr. FrudLooie? The alter ego has emerged.
Jeves..good point. Roche owns 56% of Genentech, Gilead bought Myogen in October 2006 for $2.5 Billion, Myogen had only $7.0 million in sales.
Both of these companies were aquired due to their pipeline and experience with DNA testing. Maybe were onto something in the not too distant future.
yesterdays losers are making back their money today
Cool the friday night fights featuring Dr. Frud vs. Chrisbasket! LOL
Welcome to the board ICEHOLE!!
66Fan ... I thouhgt your indictment of the lawyers was very well done.
I do recall at some point that "jever" had mentioned that he was receiving information from his uncle "Kinney". I wonder how deep the rabbit hole goes???
The sharks are out in full force!!!!!
Jever.you didn't"just get filled" You've been full of it all along...LOL
thanks
Does anybody have any idea as to what the last SEC filing is all about?
It states Effect, but does not have any text.
"Strategic Inflection Point" - a point of massive change. Personalized medicine is one of those occurances where by a massive change is about to be unloaded on major pharmacutical companies and change the face of the industry as we know it today.
"Detection is hidden by the market competitor until its too late to stop the damage."
With DNAG not talking up their progress because of their strategic plan, could very well contain a plan that is not obvious. The PR regarding the school children could be smoke and mirrors compared to their true agenda.
Jeves..sure $3.00 each and there yours!!!
FRIDAY!!!!!!......... is groundhogs day!
Dr. F. a few words "Human Tissue Bank"
Although Merck has insisted on keeping such details confidential, Dalton and two other Moffitt officials who worked on the M2Gen deal said last week that the agreement contains safeguards that protect the interests of Moffitt's researchers, patients and other stakeholders. It gives Moffitt and M2Gen freedom to do business with companies besides Merck, said Charles Resnick, a Moffitt board member who helped arrange the partnership.
A committee with representatives from both Merck and Moffitt will make decisions on how to commercialize the intellectual property that is generated within the walls of M2Gen, said James Mule, Moffitt's associate director for translational science and technology development. The drug company will have no say over discoveries Moffitt researchers make outside the M2Gen project, he said.
Access to the database, from which patients' identities have been stripped, will be given to researchers at Moffitt's affiliates, Resnick said. But others, such as faculty members at University of Florida, could apply for access for specific projects and be granted access if the request is scientifically valid, he said.
The M2Gen project is different from the Pfizer-Scripps relationship in several ways, Resnick and Mule said. For one thing, Scripps does basic research rather than work with patients in a clinical setting, where rapid access to treatment is vital. For another, the Merck-Moffitt partnership has created a separate for-profit company that will generate jobs to benefit the area.
Some nice big blocks being bought
Dear Dr. Frudaky,
"fleet footed traders" would be hard pressed to make a dash for cash on $0.0008 Even less likely is any substantial trader would piecemeal 5k - 100k shares at a time and cover trade costs.
Again, let's get real about this investment. It's a PENNY stock, speculative at best. Why, unless your Obsessive Compulsive Disorder is not being properly treated, would you spend so much time and effort bantering with the posters on this board? It seems evertime I stop in to read some of the posts you are inevitably pissing in someones pocket about their textual ineptness or your, pretentious, condesending, pseudo-intellectual jibberish.
My suggestion is read the posts, if you care to, and move on already. Don't bother answering this post as it will be 1,000 posts deep before long.
I don't believe the MM's are doing anything. I think this is just a case of program traders making money $.0001 at a time in large blocks.
Jeves partner? Are you taking up square dancing lessons! LOL
chris,
I'm with you $27.50!!!
We be landing on Da MOOOOOON!
I predict .275 by the end of next week. IMHO
unfortunately sellers don't seem to be holding their ground very well
The wizard of OZ has spoken! LOL