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QLT.T NR today 91m at 8.10
Globe/CP say QLT plans to appeal Eligard ruling
2006-03-01 09:01 ET - In the News
The Globe and Mail reports in a Canadian Press dispatch Wednesday drug developer QLT plans to appeal a U.S. court injunction on production and sales of its Eligard treatment for prostate cancer. The unbylined item says QLT hoped to file an "emergency" appeal that would be heard quickly by the United States Court of Appeals for the Federal Circuit. "I think we can probably get the appeal resolved and we're hoping that that takes place within the week, but obviously to some degree it is out of our control," said chief executive officer Bob Butchofsky. The ruling on Monday by the U.S. District Court for the Northern District of Illinois granted an injunction that stops QLT and partner Sanofi-Aventis from promoting, manufacturing and selling Eligard until May 1. In addition, the court ordered the recall of any Eligard products still owned by the companies and a voluntary recall program to allow doctors, wholesalers or distributors to return it for a refund. However, the court stayed the injunction for seven days. That is to give QLT time to file its appeal. TAP Pharmaceutical requested the court order. TAP is suing QLT and its partner. It alleges Eligard infringes on its patent
PBP.T NR today 94M at .27
Procyon acquires Cellpep, raises $18.1-million
2006-03-01 13:51 ET - News Release
Ms. Julie Thibodeau reports
PROCYON ANNOUNCES THE COMPLETION OF THE ACQUISITION OF CELLPEP S.A. AND THE CONCURRENT PRIVATE PLACEMENT
Procyon Biopharma Inc. has completed the closing of the acquisition of Cellpep S.A. and the concurrent private placement of $18.1-million under the terms previously reported in Stockwatch on Jan. 19, 2006. Concurrently, Turenne Capital Partenaires, the largest Cellpep shareholder, confirms that, following the completion of these transactions, it now exercises control over more than 10 per cent of the outstanding shares of Procyon.
Procyon has acquired over 96 per cent of all outstanding securities of Cellpep in exchange for 116,571,145 common shares, of which 101,627,761 have been issued to certain Cellpep shareholders at the closing; the remaining 14,943,384 shares will be issued to other Cellpep shareholders in four tranches over the next 24 months. Procyon now exercises total control over the business and affairs of Cellpep, and its two Canadian subsidiaries, Cellpep Pharma Inc. and Opep Pharma Inc. The 61,690,785 special warrants issued on Jan. 19, 2006, have been converted at the closing into 61,690,785 common shares of Procyon and 61,690,785 share purchase warrants, each warrant entitling its holder to purchase one common share of Procyon for an exercise price of 35 cents per share at any time until March 1, 2011. Also, 16,987,056 similar units were issued at the closing to certain Cellpep debentureholders.
The corporate name of Procyon has been changed to Ambrilia Biopharma Inc., effective March 1, 2006. The common shares of Ambrilia now trade on the Toronto Stock Exchange under the ticker symbol, PBP. On March 3, 2006, the shares will start trading under the new ticker symbol, AMB.
"We are pleased to have concluded the acquisition of Cellpep along with the concurrent $18.1-million financing," said Hans J. Mader, president and chief executive officer of Ambrilia. "The creation of Ambrilia Biopharma marks a new beginning, and the year to come promises to be exciting, with important corporate milestones expected to be met, such as the regulatory filings in Europe and in the U.S. for our first high-value-added generic, Octreotide," he concluded.
Procyon's corporate name change to Ambrilia Biopharma will not require registered shareholders of Procyon to return their share certificates to Procyon's transfer agent and registrar, Computershare Trust Company of Canada, as such name change will be done automatically in Computershare's system. Existing share certificates bearing the name Procyon Biopharma Inc. will be automatically identified as Ambrilia stock by Computershare. From now on, any new share certificate to be issued will bear the name Ambrilia Biopharma Inc.
North American operations of Ambrilia, including offices, laboratories and manufacturing facilities, will be relocated at new facilities located at 1000, Chemin du Golf, Verdun, Que., effective March 20, 2006.
Turenne is a venture capital fund manager specialized in the health, information technologies and service industries. Its head office is located at 31, Rue Tronchet, 75008 Paris (France). Various funds managed by Turenne held 24.5 per cent of the outstanding shares of Cellpep, in consideration of which they received, upon closing of the acquisition of Cellpep, 32,091,193 common shares of Ambrilia. The same funds also held 30.8 per cent of the convertible debentures issued by Cellpep for the purpose of the Procyon concurrent financing, in consideration of which such funds also received 5,224,541 common shares and 5,224,541 common share purchase warrants of Ambrilia. The total of 37,315,734 common shares of Ambrilia now held by the funds managed by Turenne represents 13.6 per cent of the shares of Ambrilia outstanding after the closing of the acquisition and concurrent financing.
As was the case for the shares previously held by these funds in the capital of Cellpep, their shares in the capital of Ambrilia are being held for investment purposes. As the manager of such funds, Turenne does not presently intend to exercise control or influence over Ambrilia. Nevertheless, Turenne may in the future increase its participation in Ambrilia by purchasing additional shares, depending on market opportunities, while remaining below 20 per cent of Ambrilia's total outstanding shares.
We seek Safe Harbor.
NRI.T NR today 123m at .60
Nuvo completes phase III safety trial for Pennsaid
2006-03-01 09:58 ET - News Release
Dr. Henrich Guntermann reports
NUVO PROVIDES UPDATE ON LONG-TERM SAFETY TRIAL FOR PENNSAID(R)
Nuvo Research Inc. has completed an initial analysis of the data in its phase III long-term, open-label safety trial (study 112E) for Pennsaid. A full review of the data is currently under way.
"An initial analysis of the results has been completed and confirms the safety profile of Pennsaid reported in the previous multiple short-term trials. The full analysis of data from this trial is still under way and we anticipate will be completed in the next four to six weeks," said Dr. Henrich Guntermann, Nuvo's president and chief executive officer. "The results of this study will form part of our NDA submission for Pennsaid, which remains on schedule for mid-2006."
The trial involved more than 300 patients who were administered Pennsaid for 26 weeks and a subset of more than 100 of these patients who were administered the drug for a total of 52 weeks. Pennsaid is a topical non-steroidal anti-inflammatory (NSAID) used for the treatment of osteoarthritis and is currently approved for sale in Canada and several European countries.
We seek Safe Harbor.
LOR.T NR today 173m at .385
Lorus publishes three anti-cancer research studies
2006-03-01 08:49 ET - News Release
Ms. Grace Tse reports
LORUS PUBLISHES STUDIES ON THREE DISTINCT LINES OF RESEARCH - ANTICANCER DRUG GTI-2501 AND TWO PRECLINICAL PROGRAMS - DATA PROVIDE STRONG SUPPORT FOR FURTHER DEVELOPMENT
Lorus Therapeutics Inc. has published three research studies for its anti-cancer products, providing support for further development of Lorus's lead small-molecule program and two anti-sense drugs.
"Publications in these peer-reviewed international journals reflect the high quality of the experimental program and scientific leadership within Lorus's preclinical small-molecule and anti-sense programs," said Dr. Jim Wright, Lorus's president and chief executive officer. "These papers also demonstrate our continuing commitment to carrying out comprehensive preclinical research in addition to the clinical research programs. The results add to our confidence in the company's current clinical and business development strategies."
GTI-2501 preclinical data indicate a broad spectrum of anti-tumor activity
The paper, entitled, "GTI-2501, an anti-sense agent targeting R1, the large subunit of human ribonucleotide reductase, shows potent anti-tumour activity against a variety of tumours," appears in the February issue of the International Journal of Oncology (volume 28, issue 2: pages 469 to 478). This paper presents the most recent data from the preclinical studies with GTI-2501, one of Lorus's lead anti-cancer drugs which is currently in clinical testing for hormone-refractory prostate cancer.
Notably, GTI-2501 treatment was highly effective in decreasing tumour growth in a dozen experimental models of human solid tumours in mice, including breast, lung, renal, brain, ovarian, pancreatic, colon, skin and prostate cancers -- indicating a broad spectrum of anti-tumour activity. Furthermore, as evidence of anti-metastatic activity, treatment of mice with GTI-2501 prevented the metastasis of human melanoma cells to the lungs of mice, and also dramatically improved survival of mice bearing human lymphoma cells.
Results suggest that GTI-2501 has the potential to act as a broad indication anti-cancer agent and support continuing clinical development.
Novel formulation developed for ML-series compound
The article entitled, "Liposome formulation of a novel hydrophobic aryl-imidazole compound for anticancer therapy," is currently available on-line through PubMed, and the full article will appear in print in the upcoming issue of the journal Cancer Chemotherapy and Pharmacology. The study showcased a novel delivery formulation for ML-220. Specifically, the new liposome delivery technology significantly improved the water solubility of ML-220, so that pharmacokinetic properties of ML-220 could be evaluated for the first time.
The study also showed that liposomal ML-220 retained anti-proliferative activity against human ovarian and breast cancer cell lines in vitro and significant in vivo efficacy when administered intravenously into mice harboring colon carcinoma (HT-29) tumours with no overt signs of toxicity.
The findings of this study provide a basis for studying the clinical uses and doses suitable for investigation with this formulation. The same technology will also be applicable to other compounds within the ML-series. Lorus anticipates the advancement of one or more compounds from the ML-series into clinical trials during 2006.
GTI-2601 exhibits anti-tumour effects
The article entitled, "Anti-proliferative and anti-tumor effects of antisense oligonucleotide GTI-2601 targeted against human thioredoxin," appeared in the February issue of Anti-Cancer Drugs (volume 17, issue 2: pages 143-154). This study showed that GTI-2601 significantly decreased expression of thioredoxin in human colon cancer cells in vitro, significantly inhibiting cell growth. GTI-2601 also had a profound anti-tumour effect in vivo on colon cancer tumours grown in mice.
In addition, studies are currently being conducted on formulations of GTI-2601 that employ a novel collagen delivery technology, in collaboration with Japan's Sumitomo Pharmaceuticals Co. Ltd. and Koken Co. Ltd. The goal of these studies is to identify a safe and effective delivery system for anti-sense therapeutics that would decrease the required effective dose and dose frequency for this class of drugs.
We seek Safe Harbor.
PLE.v interesting
PLE.V interesting
URE.t NR today 46M o/s at 1.25
Ur-Energy finds U308 targets with Thelon survey
2006-02-28 10:02 ET - News Release
Mr. Jonathan Buick reports
UR-ENERGY INC. ANNOUNCES POSITIVE GEOPHYSICAL RESULTS THELON BASIN PROPERTIES, NWT
Ur-Energy Inc. (URE) has released results from airborne magnetic and MegaTEM surveys carried out by Fugro Airborne Surveys over the Screech, Gravel Hill and Eyeberry properties in the southwestern Thelon basin of the Northwest Territories. The surveys consisted of deep-penetrating, high-resolution electromagnetic and magnetic components using Fugro's MegaTEM II proprietary system. The surveys covered the Screech and Gravel Hill properties as well as the southern portion of the Eyeberry property. The surveys were flown in July, 2005. Interpretation was not available at the time of filing of the company's prospectus, dated Nov. 17, 2005.
URE acquired three claim groups totalling 67,223 hectares along the southwestern limb of the Thelon basin in late 2004 to explore for Athabasca-style unconformity uranium deposits. The Thelon basin is host to Cogema Resources Inc. Kiggavik uranium deposits, which together contain significant uranium resources (greater than 110 million pounds of U308 in mineralization grading from 0.28 per cent to 0.44 per cent U308). There are also a number of important prospects and radioactive boulder trains in other areas of the basin. Compared with the Athabasca basin, the Thelon is relatively underexplored and has not been subject to recent advances in airborne technology, structural interpretation and developments in the importance of clay mineralogy.
The objectives of the airborne surveys included:
identification of sub-Thelon formation basement conductors;
identification of basin-sandstone conductive zones indicative of clay alteration; and
magnetic mapping of basement structure and stratigraphic contacts.
The data generated from the surveys are very positive with identification of exploration indicators and structural traps for buried uranium mineralization.
The highest-priority exploration target occurs on the Screech property and is interpreted to be a northeast-southwest-trending conductive zone. This zone is continuous with basement electromagnetic conductors that were outlined by past exploration on the adjacent Boomerang Lake property, now held by Uravan Minerals Inc. The conductors are indicative of graphitic horizons within a broad northeast-striking formation of Paleoproterozoic basement metapelites. This graphitic horizon hosts the Boomerang Lake uranium-gold prospect, located 10 kilometres to the southwest of the Screech property, and continues onto URE's Screech claims.
A broad, diffuse and deep-sourced conductive zone occurs over the Screech Lake area in the centre of the property, and over a second area to the southeast of Screech Lake. These resistivity lows are interpreted by URE consultants to be reflective of clay mineral alteration deep in the Thelon sandstones but above the unconformity contact. Such alteration is a characteristic feature of unconformity-associated uranium deposits in the Athabasca basin and a positive indicator of past hydrothermal activity. This interpretation is supported by the presence of highly anomalous surface radon measurements. Further work is continuing using a Denver-based geophysical consulting firm to conduct specialized interpretation of the MegaTEM data.
On the other properties, a strong bedrock conductor occurs in the southwestern part of the Eyeberry claim group. This is in an area covered by Thelon sandstones near the flank of a north-south-trending basement horst of Paleoproterozoic Hurwitz group quartzites. URE consultants interpret a northeast-trending metasedimentary belt underlying the sandstones in this part of the Eyeberry property. Ground follow-up is highly recommended.
Four small conductive zones are indicated on the Gravel Hill property near the southern end of Gravel Hill Lake. The anomalies are located on a lobe of Thelon sandstone overlying older Paleoproterozoic and Archean basement rocks. A structural interpretation of the Fugro results by URE consultants shows that the uranium showings found by Urangeselshaft in 1978 and 1979 occur at the intersections of northeasterly structures with older east-west faulting. Prospecting of radioactive occurrences and radon anomalies will be undertaken in 2006 field season.
Ground geophysical results -- Screech Lake property
URE has also released the results from recently completed ground geophysical surveys covering a part of the Screech Lake property adjacent to and underlying Screech Lake. Aurora Geosciences Ltd. of Yellowknife conducted the time-domain electromagnetic (Protem), magnetic and VLF-EM surveys. Interpretation and results of these surveys were received by Ur-Energy in late 2005.
The Protem survey outlined a thick blanket zone displaying the geophysical characteristics of weathered conductive regolith at depths of 500 to 700 metres below surface over the entire surveyed area. A strong magnetic high underlies much of Screech Lake and surrounding area. Geophysical parameters and source modelling suggest the magnetic anomaly represents a granitic intrusive feature. Magnetics also indicate linear northwest- and east-west-trending zones underlying the Screech Lake area, which likely represent cross-faults or fracture systems, a very favourable structural setting for Athabasca-style uranium mineralization.
An 800-metre-long conductor and coincident zone of low resistivity were outlined just northwest of Screech Lake. The zone strikes southwest and coincides with a discontinuity in basement topography. This interpreted late fault appears to have a calculated vertical displacement of 40 to 60 metres, which affects both basement rocks and the overlying Thelon sandstones.
A broad zone of very low resisitivity is situated in the western half of Screech Lake. This zone is perched 100 metres above the interpreted Thelon sandstone/basement unconformity and plunges shallowly southwest, merging with the basement regolith just southwest of Screech Lake. These two zones of low resistivity, occurring above the unconformity within the sandstones, are interpreted to result from extensive, locally intense clay alteration in the Thelon sandstones. This type and extent of alteration typically overlies high-grade, unconformity associated uranium deposits in the Athabasca basin.
Screech Lake is the site of highly anomalous radon gas emissions, as well as other products of radioactive decay. These emissions filter into the lake through fissures and result in highly ionized waters. They are direct indicators of buried uranium mineralization and have made the Screech Lake area the focus of exploration for URE in the Thelon basin.
The Screech, Gravel Hill and Eyeberry properties (collectively the Thelon project) are described in a National Instrument 43-101 technical report dated Oct. 20, 2005, by J.D. Charlton, PGeol. The qualified persons for Ur-Energy with respect to the company's Canadian holdings are Paul Pitman, PGeo, vice-president of Canadian exploration, and J.D. Charlton, PGeol, senior consulting geologist.
We seek Safe Harbor.
CVQ.T from 02/27 NR
CV tries to cure negative press with bombast
2006-02-27 09:47 ET - News Release
Dr. Jacqueline Shan reports
CV TECHNOLOGIES STANDS BEHIND EFFECTIVENESS OF COLD-FX'R' -- SEVEN CLINICAL TRIALS AND PEER-REVIEWED PUBLICATIONS PROVE THAT THE REMEDY WORKS; VANCOUVER SUN ARTICLE MISLEADING AND INACCURATE
CV Technologies Inc. continues to stand behind its motto "trust the science" -- science, in the form of a talented team of medical experts, seven clinical trials and peer-reviewed publications, confirms what millions of people already know -- that COLD-fX is statistically proven to prevent colds and flu.
The statement comes after a misleading article was published in The Vancouver Sun on Feb. 25, and reprinted in four other CanWest newspapers, which may erroneously lead individuals to question the effectiveness of COLD-fX.
"We believe the article contains errors, misleading information, improper context, unfamiliarity with cold and flu clinical research and a pharmaceutical predisposition to curative care rather than preventative care," said Dr. Jacqueline Shan, president, chief executive officer and chief scientific officer of CV Technologies. "The Vancouver Sun's article may have the public unnecessarily questioning COLD-fX when in fact they have no reason to. Our product is evidence-based and clinically researched to the highest standards, and the trials in question were subjected to a rigorous peer-review process and were published in two highly respected medical journals."
The article, written by a business columnist with little background in the science of colds and flu, relied exclusively on the opinions of two academics who are not experts in cold and flu research or clinical practice. Neither of the two individuals interviewed for the article have demonstrated real experience in drug development.
"COLD-fX works and we can prove it," said Dr. Shan. "These clinical trials in question were conducted to the highest standards -- they were double-blind, placebo-controlled and randomized, and regulated by either Health Canada or the United States Food and Drug Administration (FDA).
"The totality of evidence demonstrated through seven peer-reviewed publications further supports our position that COLD-fX is proven to prevent colds and flu," said Dr. Shan. "In addition, we estimate that as many as 21 national and international experts, who regularly review research for medical journals in both Canada and the U.S., have reviewed the science behind COLD-fX and recommended it for publication."
The Vancouver Sun did not include quotes on the study results from any of the authors of the COLD-fX trials, or from any of the editors of the peer-reviewed medical journals. The editors had expert scientists critique the studies, who in turn accepted the scientific validity of these clinical studies. These trials provide the proof that COLD-fX does in fact work by showing statistical differences between the placebo and COLD-fX treatments.
Credentials of some past and present senior clinical investigators of COLD-fX
Dr. Gerry Predy, MD, received his doctorate in medicine from the University of Alberta in 1976 and holds a fellowship in the Royal College of Physicians and Surgeons (Canada) in community medicine. Since 1996, he has been the MOH for the capital health region in Alberta -- the largest integrated academic health region in Canada. He supervises 170 public health nurses, inspectors and health care workers involved in public health education. He is an associate professor at the University of Alberta, the director of the Northern Alberta Trials and Evaluation Centre and has conducted research in a number of public health areas. He is also the former chair of the Alberta Council of Officers of Health. He was a co-clinical investigator for a trial involving COLD-fX, published in the October, 2005, edition of the Canadian Medical Association Journal.
Dr. Tapan Basu, PhD, studied in the department of nutritional biochemistry at the University of London and received his doctorate from the University of Surrey in 1971. He has written extensively on nutrition and pharmacology, including six books, and 158 papers and abstracts. He is or has been a member of advisory boards for professional publications such as the British Journal of Nutrition and has played a key role in international conferences on clinical nutrition in six different countries. He holds nine awards or honours for his work and has received research grants from five countries. He holds memberships in 12 professional societies including the British Society of Surgical Oncology and is a fellow of the American College of Nutrition. He was a co-clinical investigator for a trial involving COLD-fX, published in the October, 2005, edition of the Canadian Medical Association Journal.
Dr. Janet McElhaney, MD, FRCPC, received her doctorate in medicine from the University of Alberta in 1986 and holds a fellowship in the Royal College of Physicians and Surgeons (Canada). She is a specialist in geriatric medicine and is the chair of the department of geriatric medicine, University of British Columbia. She is the recipient of 17 honours, awards and scholarships, including one from each of both the American and Canadian Geriatrics Societies. She has taught at four universities over the past 13 years, including the University of Connecticut, where she held an appointment in the Centre for Immunotherapy for Cancer and Infectious Diseases, and was cross-appointed in the University's Centre on Aging. She has been or is a member or chair of 16 university committees, seven professional societies/associations and two professional journals. She has written extensively on respiratory diseases and geriatric medicine, including 67 papers, abstracts and book chapters. She has lectured or presented abstracts in seven countries and has done research for nine pharmaceutical companies. She was the clinical investigator for a trial involving COLD-fX, published in the January, 2004, edition of the Journal of the American Geriatrics Society.
Dr. Allan Donner, PhD, was the chair of the department of epidemiology and biostatistics, University of Western Ontario, for 15 years, beginning in 1987 with a special emphasis on community medicine and population health. He is a co-author of the text Design and Analysis of Cluster Randomization Trials in Health Research. He served on this steering committee of multinational trials sponsored by the World Health Organization and the European Commission, is a consultant to the International Vaccine Institute, based in Korea, and is a member of the expert advisory committee on bioavailability and bioequivalence at Health Canada. He has presented invited talks and workshops for the Society for Clinical Trials, the Drug Information Association and the Biometric Society. He is a fellow of the American Statistical Association and was president of the Biostatistics Section of the Statistical Society of Canada in 1991 to 1992. He currently holds research grants from the Canadian Institute of Health (CIHI), the Natural Sciences and Engineering Research Council of Canada and the Ontario Ministry of Health.
Dr. Andrew Simor, MD, FRCPC, received his doctorate in medicine from the University of Toronto in 1976, and holds a fellowship in the Royal College of Physicians and Surgeons (Canada) and the American College of Physicians/American Society of Internal Medicine. He is a specialist in infectious diseases, with expertise in geriatrics. He holds seven appointments including head, department of microbiology, Sunnybrook and Women's College Health Sciences Centre. He has taught at McMaster University and the University of Toronto. He was for 10 years director of the university's residency training program in microbiology and for five years chair of the board of examiners, infectious diseases, RCPSC. He has been or currently is chair/member of 28 professional committees. He belongs or has belonged to 11 professional societies or organizations. He has received various other honours or awards including the University of Toronto's Teaching Institutional Award in Microbiology. He has written extensively on infectious diseases, including 185 papers, 27 non-peer-reviewed publications and 33 reviews, chapters or monographs, and since 1982 published alone or with colleagues 370 papers or abstracts. He has been principal or co-investigator of 32 research projects for the Centre for Diseases Control (CDC), Health Canada, the Medical Research Council of Canada and Canadian Institutes of Health Research (CIHR)
CV Technologies president, chief executive officer and chief scientific officer
Dr. Jacqueline Shan, PhD, DSc, is the co-discoverer of COLD-fX. She holds two doctorates, is recognized by universities in three countries and is a member of the distinguished Chinese Academy of Medical Sciences. She was awarded a PhD with distinction in physiology at the University of Alberta in 1992 and a doctor of science (DSc) degree in Pharmacology from Peking Union Medical College in Beijing in 1993. She is an adjunct professor, University of Alberta, distinguished visiting investigator, National Research Institute of Chinese Medicine in Taiwan, visiting professor at Peking Union Medical College and visiting associate professor, University of Hong Kong. She has authored/co-authored 50 peer-reviewed scientific papers. She entered the industry in 1992 by co-founding two biotechnology companies -- CV Technologies Inc. and HerbTech Inc., both of Edmonton, Alta. She discovered/co-discovered 10 U.S. and PCT patented products. Dr. Shan is an internationally recognized speaker and the past/present member of 20 government industry, science and research bodies, and was recently appointed to the Alberta Life Sciences Institute chaired by the Alberta Minister of Innovation and Science.
International experts who have commented on clinical trials involving COLD-fX
In an excerpt from a column in the Montreal Gazette, which talks about the fact that a quarter of current prescription drugs come from plants and the lack of standardization in natural health products, Dr. Joe Schwarcz singles out COLD-fX as an exception.
"Of course, you will note that the word 'may' appear very often in discussions of herbal treatments because hard scientific evidence is elusive. But in one interesting case, we may be able to remove the may. Maybe.
"Ginseng has long been associated with a number of fanciful health benefits including increased energy, improved mental function and a vitalization of the immune system. Now a Canadian company, CV Technologies of Edmonton, has demonstrated through sound research that there is something to the improved immune function claim.
"A specific preparation of North American ginseng, containing a standardized amount of certain polysaccharides that are thought to be the active ingredients, has been shown in clinical trials to have an effect on the common cold. It isn't quite the Holy Grail, but COLD-fX in a proper controlled, double-blind trial reduced the frequency and severity of the common cold.
"For four months, 323 adults took either the ginseng capsules or a daily placebo and kept careful records of any symptom that could be attributed to the common cold. COLD-fX did not prevent people from catching a cold, but it did reduce the risk of contracting a second one and it did reduce the misery commonly associated with a cold.
"We are not talking of a miracle here, but in spite of the fact that the product is promoted by Don Cherry, the famous hockey pundit, it is an herbal product that does work.
"Just goes to show that nobody can be wrong about everything all the time."
Dr. Schwarcz, writing in the Montreal Gazette, Dec. 4, 2005.
Dr. Schwarcz is director of McGill University's Office for Science and Society and a medical commentator on CJAD-Radio, Montreal, and CFRB-Radio, Toronto. He is host of a weekly one-hour show each Sunday on these stations called "The Dr. Joe Schwarcz Show."
Commenting on COLD-fX, "It looks like a good product and something people should pay attention to."
Comments after taking COLD-fX, "I swear that's the mildest cold I've had in years."
-- Dr. Art Hister on "House Calls" on CKNW-Radio, Vancouver, Nov. 12, 2005.
Dr. Hister is an author and medical commentator who was selected Canada's top public health educator by the Canadian Public Health Association. He is the host of the weekly radio show called "House Calls," which airs on eight radio stations in four provinces.
"I think it's intriguing. It's provocative. They had a positive result which is frankly more than I had expected."
Dr. William Schaffner, ABC-TV's Good Morning America, Oct. 25, 2005.
Dr. Schaffner, chairman of the department of preventive medicine and professor of infectious diseases in the department of medicine at Vanderbilt University's School of Medicine. Dr. Schaffner is an international flu expert and member of the Centres for Disease Control and Prevention's advisory committee on immunization practices. He is a consultant in communicable diseases control for WHO, the American Hospital Association and the American College of Physicians. He serves on the editorial board of three medical journals and authored or co-authored 230 published studies, reviews and book chapters on infectious diseases. Dr. Schaffner is a graduate of Yale and Cornell.
"The results look pretty good."
-- Dr. Norman Farnsworth, Newsday, Oct. 25, 2005.
Dr. Farnsworth is a member of Health Canada's expert advisory committee on natural health products. He is director of the program for collaborative research/pharmaceutical sciences at the department of chemistry and director of the UIC/NIH Dietary Supplements Research Centre at the University of Illinois. He is director of WHO's Collaborating Centre for Traditional Medicine. He is credited with designing a worldwide database called Napralert, which compiles scientific literature on the safety and efficacy of herbal medicines, plants, marine organisms and fungi.
"In my judgment there is no doubt that COLD-fX is effective in lowering the incidents of colds."
-- Dr. Tapan Basu, Canadian Researcher, University of Alberta professor emeritus, on CTV News, Oct. 25, 2005.
"This may well be the first product of its kind that has some benefit in either shortening the length of the common cold and perhaps even preventing it."
-- Dr. Andrew Simor, chief of microbiology, Sunnybrook & Women's College Hospital, Toronto, CBC-TV Network, Oct. 5, 2005.
"This is a good study. It does tell us something about this product and prevention."
-- Dr. Heather Boon, assistant professor, faculty of pharmacy, University of Toronto, CTV NewsNet, Oct. 24, 2005.
"The methods of this study were strong and they protect against bias.
"This may be the only formulation that works so you can't assume that any ginseng from any health food store is going to do the trick.
"For people who like to avoid medication and who are willing to take a pill throughout the entire season this does show it's possible to prevent a cold. That's an interesting advance. You know it's been axiomatic that we could put people on the moon, but we can't prevent a cold. Maybe we're moving in that direction. That's exciting."
-- Dr. David Katz, ABC-TV's Good Morning America, Oct. 25, 2005.
Dr. Katz, internationally renowned author and authority on nutrition, weight control and the prevention of chronic diseases. He is an associate professor of public health and director of the Yale Prevention Research Centre (dedicated to chronic disease prevention), which he co-founded in 1998. He has served as principal investigator for numerous community and clinical trials, and has acquired and managed nearly $20-million in research funds. He has written nine books and was elected president of the Association of Teachers of Preventive Medicine in 2004. He was recognized by the Consumer's Research Council of America in 2003/2004 and 2004/2005 as one of America's top physicians in preventive medicine. He is a medical contributor for ABC News, appears regularly on Good Morning America and writes a syndicated column for the New York Times.
Dr. Brian Goldman concluded that the results were "statistically significant."
-- Dr. Goldman, CBC-Radio's long-time medical commentator, over CBC-Radio, Halifax "Mainstreet," on Oct. 27, 05
"Initial trials seem to indicate that it may be effective in preventing a whole range of respiratory viruses."
-- Dr. Robert Strang, Halifax, chief medical officer of Health/Halifax Chronicle Herald, March 15, 2005.
"It's obviously not going to be the cure for the common cold. There are so many factors involved in why people get colds that I think we will probably never see a cure. This study does show some effect of this product."
-- Dr. Gerry Predy, Edmonton chief medical officer of health, CFCN-TV, Calgary, Oct. 5, 2004.
We seek Safe Harbor.
ALNY NR today 16.07
Alnylam Grants Integrated DNA Technologies License to Kreutzer-Limmer Patents for the RNA Interference Research Products Market; Leading Provider of Custom Nucleic Acids Gains Access to First Issued RNAi Research Patents
2006-02-28 08:00 ET - News Release
CAMBRIDGE, Mass. & CORALVILLE, Iowa -- (Business Wire) -- Feb. 28, 2006
Company Website: http://www.alnylam.com
Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), a leading
RNAi therapeutics company, and Integrated DNA Technologies, Inc.
(IDT), the largest supplier of custom nucleic acids in the U.S.,
announced today that Alnylam has granted IDT a non-exclusive license
to provide RNAi research products and services under the
Kreutzer-Limmer patent family. This patent family, owned exclusively
by Alnylam, covers small interfering RNAs (siRNAs) and their use to
mediate RNAi in mammalian cells.
"This agreement with IDT, one of the leading suppliers in the U.S.
of DNA and RNA oligonucleotides for research applications, continues
to underscore the value of the Kreutzer-Limmer patent family as a
critical component of fundamental IP in the field of RNAi," said
Roland Kreutzer, Ph.D., Managing Director of Alnylam Europe AG.
"Alnylam continues to leverage its leading intellectual property
estate through relationships that we expect will create value today,
and in the future. This brings the number of license agreements
Alnylam has executed granting rights to 20, including 11 with research
product suppliers."
"We are pleased to be able to strengthen our Dicer-Substrate RNAi
product offerings to our customers," said Roman Terrill, General
Counsel of IDT. "Taking a license to the Kreutzer-Limmer patent family
reinforces our ability to supply custom RNAi duplexes and our
proprietary Trifecta(TM) kits in the areas of academic research,
biotechnology, and pharmaceutical development."
Alnylam's IP estate includes certain 'fundamental' patents and
patent applications that claim the broad structural and functional
properties of synthetic RNAi products. These include the
Kreutzer-Limmer I and II patents, acquired through the Ribopharma
merger: EP Patent No. 1144623, covering methods, medicaments and uses
of siRNAs with up to 25 nucleotides complementary to a target gene; EP
Patent No. 1214945, covering compositions, methods, and uses of siRNAs
with a length between 15 and 49 nucleotides; and EP Patent No.
1352061, covering therapeutic compositions, methods, and uses of siRNA
and derivatives directed toward over 125 disease targets. Additional
fundamental patents licensed to Alnylam on an exclusive or
non-exclusive basis include those of Crooke (U.S. Patent Nos.
5,898,031 and 6,107,094), Fire and Mello (U.S. Patent No. 6,506,559),
Glover et al. (EP Patent No. 1230375), and the Tuschl II series
(derived from WO 02/044321 and including recently allowed claims US
10/832,248 and US 10/832,432, with further patent applications
pending). In addition, Alnylam has licenses to other 'fundamental'
patents pending, including Tuschl I (derived from WO 01/075164).
About RNA Interference (RNAi)
RNA interference, or RNAi, is a naturally occurring mechanism
within cells for selectively silencing and regulating specific genes.
Since many diseases are caused by the inappropriate activity of
specific genes, the ability to silence genes selectively through RNAi
could provide a new way to treat a wide range of human diseases. RNAi
is induced by small, double-stranded RNA molecules. One method to
activate RNAi is with chemically synthesized small interfering RNAs,
or siRNAs, which are double-stranded RNAs that are targeted to a
specific disease-associated gene. The siRNA molecules are used by the
natural RNAi machinery in cells to cause highly targeted gene
silencing.
About Alnylam
Alnylam is a biopharmaceutical company developing novel
therapeutics based on RNA interference, or RNAi. The company is
applying its therapeutic expertise in RNAi to address significant
medical needs, many of which cannot effectively be addressed with
small molecules or antibodies, the current major classes of drugs.
Alnylam is building a pipeline of RNAi therapeutics; its lead program
is in Phase I human clinical trials for the treatment of respiratory
syncytial virus (RSV) infection, which is the leading cause of
hospitalization in infants in the U.S. The company's leadership
position in fundamental patents, technology, and know-how relating to
RNAi has enabled it to form major alliances with leading companies
including Merck, Medtronic, and Novartis. The company, founded in
2002, maintains global headquarters in Cambridge, Massachusetts, and
has an additional operating unit in Kulmbach, Germany. Alnylam is
honored to be the 'emerging/mid-cap' company recipient of the 2006
James D. Watson Helix Award, the biotechnology industry's award for
outstanding achievement. For more information, please visit
www.alnylam.com.
About IDT
Integrated DNA Technologies, Inc. (IDT) is the largest supplier of
custom nucleic acids in the U.S., serving the areas of academic
research, biotechnology, clinical diagnostics and pharmaceutical
development. IDT's primary business is the manufacturing of custom DNA
and RNA oligonucleotides (oligos) for research applications. Founded
in 1987 by Joseph Walder, M.D., Ph.D. (University of Iowa), Integrated
DNA Technologies, Inc. has achieved annual double-digit growth over
the past 10 years. Today, IDT synthesizes and ships up to 25,000
custom oligos per day, and more than 60,000 customers worldwide turn
to IDT to fulfill their synthetic DNA and RNA requirements.
Alnylam Forward-Looking Statements
Various statements in this release concerning our future
expectations, plans and prospects, including our views with respect to
the commercialization of RNAi products, constitute forward-looking
statements for the purposes of the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995. Actual results may
differ materially from those indicated by these forward-looking
statements as a result of various important factors, including risks
related to: our approach to discover and develop novel drugs, which is
unproven and may never lead to marketable products; our ability to
obtain additional funding to support our business activities; our
dependence on third parties for development, manufacture, marketing,
sales and distribution of our products; the successful development of
products, all of which are in early stages of development; obtaining
regulatory approval for products; competition from others using
technology similar to ours and others developing products for similar
uses; obtaining, maintaining, and protecting intellectual property
utilized by our products; and our short operating history; as well as
those risks more fully discussed in the "Certain Factors That May
Affect Future Results" section of our most recent Form 10-Q filed with
the Securities and Exchange Commission. In addition, any
forward-looking statements represent our views only as of today and
should not be relied upon as representing our views as of any
subsequent date. We do not assume any obligation to update any
forward-looking statements.
Contacts:
Investors:
Alnylam Pharmaceuticals, Inc.
Cynthia Clayton, 617-551-8207
or
Media:
KMorrisPR
Kathryn Morris, 845-635-9828
CVQ.V NR today 2nd. 101m at 3.42
Van Sun says CV has temperature, shares catch cold
2006-02-28 09:09 ET - In the News
The Vancouver Sun reports in its Tuesday edition CV Technologies came out swinging Monday. The Sun's David Baines writes from Edmonton that CV slammed a Sun story published Saturday that questioned some of the scientific claims made by the company about its flagship product, COLD-fX. "We believe the article contains errors, misleading information, improper context, unfamiliarity with cold and flu clinical research, and a pharmaceutical predisposition to curative rather than preventative care," said chief executive officer Jacqueline Shan in a release. On the TSX Venture Exchange, the company's price fell 61 cents to $3.01 in early trading, but recovered much of that lost ground to close at $3.42, down 20 cents. Trading was heavy as 754,284 shares changed hands, nearly four times recent daily average. It was a love-in at the company's annual meeting in Edmonton. About 200 shareholders gathered to celebrate the success of the product. Only one shareholder asked about The Sun article. Rather than address the question directly, Ms. Shan simply referred the shareholder to the news release issued earlier. Another holder, Hugh Bodmer, 61, of Olds, Alta., dismissed The Sun article as "bullshit."
QLT.T NR today 91M at 8.11
Post says QLT names Butchofsky CEO
2006-02-28 07:42 ET - In the News
The Financial Post reports in its Tuesday edition QLT shuffled its board Monday and named Robert Butchofsky as chief executive officer. The Post's Jason Kirby writes analysts are taking a wait-and-see approach on whether he is the right man for the job. Mr. Butchofsky has been with the company for 18 years, working in marketing and sales. He took over the job of running Vancouver's QLT on an interim basis after former CEO Paul Hastings departed in September. Mr. Hastings spearheaded the acquisition of Atrix Laboratories. The deal failed to deliver on Mr. Hastings's promises that it would reduce QLT's reliance on its Visudyne treatment for wet age-related macular degeneration. Visudyne sales have dropped due to increased competition. As interim CEO, Mr. Butchofsky wrote down nearly 50 per cent of the value of the Atrix acquisition, while slashing 20 per cent of QLT's workforce in December. He said he planned to reduce another 26 per cent of positions at the drugmaker. "I'm not surprised he got the job, but Bob is an unproven commodity," said Karen Boodram, an analyst with Pacific International Securities in Vancouver. "He comes at a time when all of QLT's products are under pressure."
CVQ.V NR today 101M at 3.42
Globe/CP say CV to seek FDA approval for COLD-fX
2006-02-28 07:32 ET - In the News
The Globe and Mail reports in its Tuesday, Feb. 28, edition that CV Technologies is arranging new clinical testing for its COLD-fX pills. A Canadian Press dispatch to The Globe reports that CV is hoping to sell the product over the counter in the United States. Chief executive officer Dr. Jacqueline Shan says the company will conduct phase III drug trials to obtain approval from the U.S. Food and Drug Administration. She estimates the move will take three years and cost $20-million to $30-million. Meanwhile, CV will continue to focus on markets in Quebec and Eastern Canada. The company will also conduct more research to support its notion that COLD-fX, a ginseng-based product, improves the immune system. Recently, the company blasted CanWest MediaWorks for publishing what it called a "misleading an inaccurate" article in The Vancouver Sun. CV argued that science is on its side, and provided details of the academic background of researchers involved in COLD-fX. CV had sales of $18.9-million between October and December. This produced pretax earnings of $7.4-million.
ALNY NR 2/24/06 at 14.72
Alnylam to Webcast Presentation at the Citigroup 2006 Healthcare Conference on March 1, 2006
2006-02-24 16:00 ET - News Release
CAMBRIDGE, Mass. -- (Business Wire) -- Feb. 24, 2006
Company Website: http://www.alnylam.com
Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), a leading
RNAi therapeutics company, today announced that management will
present a company overview at the Citigroup 2006 Healthcare Conference
on Wednesday, March 1, 2006 at 10:55 a.m. ET at the Mayflower Hotel in
Washington DC.
A live audio webcast of this presentation will be available on the
"Investors" section of the company's website, www.alnylam.com. A
replay of the presentation will be posted on the Alnylam website
approximately three hours after the event, and will be archived for 30
days.
About Alnylam
Alnylam is a biopharmaceutical company developing novel
therapeutics based on RNA interference, or RNAi. The company is
applying its therapeutic expertise in RNAi to address significant
medical needs, many of which cannot effectively be addressed with
small molecules or antibodies, the current major classes of drugs.
Alnylam is building a pipeline of RNAi therapeutics; its lead program
is in Phase I human clinical trials for the treatment of respiratory
syncytial virus (RSV) infection, which is the leading cause of
hospitalization in infants in the U.S. The company's leadership
position in fundamental patents, technology, and know-how relating to
RNAi has enabled it to form major alliances with leading companies
including Merck, Medtronic, and Novartis. The company, founded in
2002, maintains global headquarters in Cambridge, Massachusetts, and
has an additional operating unit in Kulmbach, Germany. Alnylam is
honored to be the 'emerging/mid-cap' company recipient of the 2006
James D. Watson Helix Award, the biotechnology industry's award for
outstanding achievement. For more information, please visit
www.alnylam.com.
Contacts:
Investors:
Alnylam Pharmaceuticals, Inc.
Cynthia Clayton, 617-551-8207
or
Media:
KMorrisPR
Kathryn Morris, 845-635-9828
NVAX NR today at 5.465
Novavax Announces $20 Million Common Stock Offering to Kleiner Perkins Caufield & Byers and Prospect Venture Partners
2006-02-27 08:29 ET - News Release
MALVERN, Pa., Feb. 27 /PRNewswire-FirstCall/ -- Novavax, Inc. today announced that it has entered into a definitive agreement for a $20 million registered direct offering of 4,597,701 shares of its common stock to Kleiner Perkins Caufield & Byers and Prospect Venture Partners. The shares of common stock, priced at $4.35 per share, were registered pursuant to Novavax's shelf registration statement that was declared effective by the Securities and Exchange Commission on January 6, 2006. The closing is subject to satisfaction of customary closing conditions.
Kleiner Perkins Caufield & Byers, based in Menlo Park, California, has agreed to acquire $12.5 million or 62.5% of this offering. Prospect Venture Partners, based in Palo Alto, California, has agreed to acquire $7.5 million or 37.5% of this offering. For Prospect Venture Partners this investment is in addition to its $5.5 million previously accumulated equity ownership position in Novavax acquired through open market purchases of common stock.
Both firms will recommend a representative to serve on the Novavax board of directors within a few weeks which will be considered at the upcoming annual meeting of stockholders of Novavax. Both firms have contractually agreed not to sell any securities acquired in this offering for a minimum of 90 days.
Brook Byers, Managing Partner of Kleiner Perkins Caufield & Byers, said: "Our investment in Novavax is aligned with our intent to support global efforts to address the public health threat posed by the current H5N1 strain or other strains of avian influenza virus. We believe in Novavax's management team and in their virus-like particle technology platform to create effective and flexible vaccines against avian flu strains and other pathogens, and the Company's creative manufacturing approach to rapidly create worldwide supply of such vaccine candidates."
Rahul Singhvi, President and Chief Executive Officer of Novavax said: "We are pleased that Kleiner Perkins and Prospect Venture Partners have committed such a significant investment in Novavax. The track record of these venture firms is legendary, and their active participation in the Company will be invaluable in supporting us in successfully executing our plans to create an effective vaccine against pandemic influenza. We will work closely with both firms to leverage their substantial expertise in healthcare and biotechnology."
"I am eager to begin my association with Novavax and help realize the potential of the Company's highly innovative and powerful vaccine technology," said Dr. James Tananbaum, Managing Partner of Prospect Venture Partners. "I look forward to helping the company's senior management team and board maximize Novavax's promising research."
Novavax plans to use the net proceeds from the offering for general corporate purposes, including but not limited to i) clinical development of virus like particles (VLP)-based avian and seasonal influenza vaccines, including the development of appropriate adjuvants, and demonstration of large-scale production capabilities, for such vaccines; ii) internal research and development programs, such as preclinical and clinical testing and studies of our product candidates and the development of new technologies; iii) expansion of and investment in the Company's research and development facilities, including compliance with cGMP (current General Manufacturing Practices) and GLP (General Laboratory Practices) rules and regulations and iv) other general corporate purposes. A copy of the final prospectus relating to the offering may be obtained from Dennis Genge, Vice President and Chief Financial Officer, Novavax, Inc., 508 Lapp Road, Malvern, PA 19355, when available.
About Novavax, Inc.
Novavax is focused on creating differentiated, value-added pharmaceutical and vaccine products and technologies. The company's technology platforms include the virus-like particle (VLP) manufacturing technology utilizing the baculovirus expression system in insect cells, as well as novel vaccine adjuvants based on Novasomes and dendrimer technologies. The company is developing vaccine against the H5N1 strain of avian influenza virus and the human seasonal influenza virus using its VLP and Novasome technologies. Novavax's drug delivery technologies include the micellar nanoparticle (MNP) technology which is the basis for the development of its first FDA-approved product, ESTRASORB. In addition to MNP, Novavax drug delivery technologies include Novasomes(R) (paucillamellar non-phospholipid vesicles) and Sterisomes(R) (subcutaneous depot injection). The company has several products utilizing the MNP technology in various stages of development.
About Kleiner Perkins Caufield & Byers (KPCB)
Since its founding in 1972, KPCB has backed entrepreneurs in 450 ventures, including AOL, Align, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic Health, Genprobe, Google, Hybritech, IDEC Pharmaceuticals, Intuit, Juniper Networks, Netscape, Ligand Pharmaceuticals, Lotus, Nuvasive, Sun Microsystems, Symantec, Verisign and Xilinx. KPCB portfolio companies employ more than 250,000 people. More than 150 of the firm's portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions. For more information on KPCB, please visit www.kpcb.com.
About Prospect Venture Partners
Prospect Venture Partners is a Palo Alto, California-based venture capital firm with over $1 billion of capital under management. The firm is dedicated to investing in outstanding biomedical technology and life science companies. Prospect targets commercially attractive health care enterprises with outstanding entrepreneurial management teams, proprietary products, and innovative technology or services with potential for significant investment returns. The firm invests in companies with a broad range of development and financing requirements including: (a) incubating new companies, (b) investing in first and second venture financing rounds, and (c) participating in later stage private and public companies with proven business models requiring expansion capital. For more information on Prospect Venture Partners, please visit www.prospectventures.com.
Forward Looking Statements
Statements made in this press release that state Novavax's or management's intentions, hopes, beliefs, expectations, or predictions of the future are forward-looking statements. Forward-looking statements include but are not limited to statements regarding usage of cash, product sales, future product development and related clinical trials and future research and development, including FDA approval. Novavax's actual results could differ materially from those expressed in such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among other things, the following: general economic and business conditions; ability to enter into future collaborations with industry partners, competition; unexpected changes in technologies and technological advances; ability to obtain rights to technology; ability to obtain and enforce patents; ability to commercialize and manufacture products; ability to establish and maintain commercial-scale manufacturing capabilities; results of clinical studies; progress of research and development activities; business abilities and judgment of personnel; availability of qualified personnel; changes in, or failure to comply with, governmental regulations; the ability to obtain adequate financing in the future through product licensing, co-promotional arrangements, public or private equity financing or otherwise; and other factors referenced herein. Additional information is contained in Novavax's annual report on Form 10K for the year ended December 31, 2004 and quarterly reports on Form 10Q for the quarters ended March 31, 2005 and June 30, 2005 and September 30, 2005 incorporated herein by reference. Statements made herein should be read in conjunction with Novavax's annual and quarterly reports filed with the SEC. Copies of these filings may be obtained by contacting Novavax at 508 Lapp Road, Malvern, PA 19355 Tel 484-913-1200 or the SEC at www.sec.gov.
Novavax, Inc.
CONTACT: Investor Relations, Kathy Hamilton, Novavax, Inc.,
+1-484-913-1213, khamilton@novavax.com; John Denniston, Partner, Kleiner
Perkins Caufield & Byers, +1-650-233-3300, jdenniston@kpcb.com; James
Tananbaum, Managing Partner, Prospect Venture Partners, +1-650-470-8103,
jim@prospectventures.com
Web site: http://www.novavax.com/
http://www.prospectventures.com/
http://www.kpcb.com/
Just saw that on the trader thread. Good luck.
TTH.T NR today 138M at .72
Transition presents AZD-103 findings at Keystone
2006-02-27 10:35 ET - News Release
Dr. Tony Cruz reports
ALZHEIMER'S DISEASE LEAD PRODUCT, AZD-103, NEUTRALIZES DISEASE EFFECTS OF AMYLOID BETA IN PRECLINICAL MODEL
Transition Therapeutics Inc. has confirmed that an oral presentation demonstrating that AZD-103 neutralizes and rescues amyloid beta inhibition of synaptic transmission in a leading experimental model associated with learning and memory was made at the Keystone Symposia on Alzheimer's disease held in Breckenridge, Colo. The presentation was entitled "The Cyclohexanehexol, AZD-103, Neutralizes Cell-derived A-Beta Oligomers and Rescues Hippocampal Long-Term Potentiation." The studies were performed in the laboratory of Dr. Dennis Selkoe at Brigham and Women's Hospital of the Harvard University School of Medicine in Boston, Mass.
This standard assay of hippocampal long-term potentiation (LTP) has been extensively described in the literature, and is widely accepted as a measure of synaptic efficacy and plasticity in the brain. The cellular and molecular basis of LTP employs closely similar mechanisms to those necessary for learning and memory in humans. In these studies, AZD-103 was shown to be highly effective at neutralizing the short-term effects of amyloid beta oligomers on synaptic function in the hippocampal slices from mice. Based on these very encouraging findings, AZD-103 continues to demonstrate the efficacy and safety profile necessary to be considered as a leading drug candidate for the treatment of Alzheimer's patients.
About AZD-103
The lead compound AZD-103 is part of an emerging class of disease-modifying agents that have the potential to both reduce disease progression and improve symptoms such as cognitive function. AZD-103 breaks down neurotoxic fibrils, allowing amyloid peptides to clear from the brain rather than accumulate and total to form amyloid plaques, a hallmark pathology of Alzheimer's disease. In addition, AZD-103 is well positioned as an Alzheimer's therapy as it is taken orally, crosses the blood brain barrier and has an excellent safety profile.
About Alzheimer's disease
Alzheimer's disease is a progressive brain disorder that gradually destroys a person's memory and ability to learn, reason, make judgments, communicate and carry out daily activities. The disease affects more than four million Americans, and with an aging population is expected to double over the next 20 years unless an effective therapy is developed. Currently approved Alzheimer's therapies primarily treat disease symptoms but do not reverse or slow down disease progression. These products have annual sales of $3.1-billion (U.S.); however, the Alzheimer's pharmaceutical market is expected to grow significantly with the arrival of products that alter disease progression.
We seek Safe Harbor.
CJC-T NR today 47M at 1.48
ConjuChem to begin study of PC-DAM: Exendin-4
2006-02-27 08:17 ET - News Release
Mr. Lennie Ryer reports
CONJUCHEM TO INITIATE PHASE I/II CLINICAL STUDY OF PC-DAM(TM): EXENDIN-4 FOR TYPE 2 DIABETES
The U.S. Food and Drug Administration (FDA) has cleared ConjuChem Inc.'s phase I/II protocol for the treatment of Type 2 diabetes using the company's proprietary PC-DAC: Exendin-4 compound. This protocol has also been approved by an independent IRB (institutional review board). Patient dosing will begin mid-March, 2006. Preliminary data are expected to be available in mid-2006.
Phase I/II trial design
The phase I/II trial will be a randomized, double-blind, single-escalating dose study. The study will evaluate the safety, tolerability, maximum tolerated dose (MTD), pharmacokinetic and pharmacodynamic (duration of activity after one injection) profile of PC-DAC: Exendin-4 in patients with stable Type 2 diabetes. The study will enroll a maximum of 68 patients with HbA1c levels between 6.5 per cent and 11 per cent and will consist of six cohorts (plus two optional cohorts) and a MTD group.
"We are excited to start this clinical program with PC-DAC: Exendin-4 which should ultimately confirm the positive efficacy and the excellent tolerability profile we saw for this compound in our preclinical studies," said Dr. Jean-Paul Castaigne, chief operating officer. "Moreover, we expect the data to support our efforts to produce a once-per-week GLP-1 receptor agonist compound."
Following the completion of this study, ConjuChem intends to start a phase I/II multiple dose trial.
About PC-DAC: Exendin-4
Exendin-4 is a Glucagon-like peptide-1 (GLP-1) homolog and an agonist for the GLP-1 receptor. It lowers blood glucose levels through a distinct mechanism complementary to the mechanisms of action of currently available anti-diabetic drugs. By decreasing glucagon and increasing insulin secretion in a glucose-dependent manner, Exendin-4 may stimulate (B)-cell proliferation, restore (B)-cell sensitivity to glucose, delay gastric emptying and increase peripheral sensitivity to glucose. Historically, the clinical utility of Exendin-4 has been limited by its relatively short half-life in plasma. Developed with ConjuChem's proprietary technology, PC-DAC: Exendin-4 is a modified Exendin-4 analogue that is bonded to recombinant human albumin (Recombumin, provided by Delta Biotechnology Limited). This preformed conjugate has a much longer half-life (up to one week) than its natural counterpart. In addition, by conjugating Exendin-4 to albumin ex vivo (PC-DAC: Exendin-4), ConjuChem expects to control the pharmacokinetic surge of drug responsible for causing nausea and vomiting in patients and to shield the Exendin-4 peptide from immune system recognition.
About PC-DAC
ConjuChem developed preformed conjugate-drug affinity complex (PC-DAC) to complement its drug affinity complex (DAC) technology. Preformed conjugates are a natural extension of the company's core albumin bonding expertise. Both DAC and PC-DAC peptides are designed to have much longer durations of activity while retaining the therapeutic properties of the original peptides.
PC-DAC: Peptides are engineered such that the DAC: Peptide attaches covalently to recombinant human albumin outside the body (ex vivo bioconjugation). The PC-DAC: Peptide is subsequently injected subcutaneously into a patient. Ex vivo bioconjugation of preformed conjugates only recently became a viable option with the introduction of a recombinant source of albumin. Previously, the only available albumin was purified from human serum, which could not be used as part of a drug product due to safety concerns inherent to the source.
We seek Safe Harbor.
ANP.T NR today 84M at 18.16
FP/wire say Angiotech vows to appeal U.K. patent ruling
2006-02-27 07:00 ET - In the News
The National Post reports in its Saturday, Feb. 25, edition that Angiotech Pharmaceuticals intends to appeal a British court ruling invalidating its patent on a drug coating for surgical stents. A Reuters dispatch to the Post reports that a British court is allowing Conor Medsystems to use the technology that was licensed to Boston Scientific. The British decision will not be enforceable in other European countries. Boston Scientific and Conor use the cancer drug paclitaxel to make stents, which are tiny tubes that prop open arteries after surgery. Angiotech argues the ruling is contrary to a prior decision by the European Patent Office. Raymond James Equity analyst Brian Bapty says the British ruling will have little effect on Angiotech. He comments that complex patents are difficult to defend in the United Kingdom, and Angiotech was not expecting a simple victory. Mr. Bapty expects multiple rounds and appeals. CIBC World Markets analyst John Calcagnini believes Conor will win any litigation around patents.
My take on it is both good & bad. Good - No dilution, Bad - Board shakeup. But the bad may be good in that new blood will infuse new energy into the stock. (Confused yet???)
If you read the chart it tells me that it has pulled back to fib (perfect retrace) and is now set to go. Using 1.45 as the retrace (1.25/1.82) the #'s I see are 1.38/1.53/1.60/1.82/1.955/2.17, with the most likely top as around 1.95/6. Thats just my opinion and I don't hold any shares on this one. I am watching it closely though.
What is your opinion of the chart?
CJC-T NR today 47M at 1.77
ConjuChem to recapitalize and reorganize business
2006-02-24 11:22 ET - News Release
Mr. Lennie Ryer reports
ConjuChem Inc. has entered into an agreement with 1211417 Alberta Inc., an investor group led by Sheldon Reid, a co-founder of Capitol Energy Resources Ltd., to recapitalize and reorganize the company's business, providing ConjuChem with a non-dilutive capital injection of $6.4-million.
Pursuant to the agreement, the investor group will invest $6.4-million in ConjuChem by way of convertible debentures. ConjuChem will subsequently transfer its existing assets (including the $6.4-million proceeds) and liabilities to a subsidiary company (Newco), the shares of which will be distributed to ConjuChem's current shareholders on a one-for-one basis. Existing shareholders of ConjuChem will retain their equity interest. Current holders of stock options and warrants of ConjuChem will exchange their existing options and warrants for options and warrants in Newco. Newco will also assume the current senior convertible notes of ConjuChem. As part of the reorganization, Newco will maintain a Toronto Stock Exchange listing.
The restructuring will be completed by way of a plan of arrangement to be approved by the Quebec Superior Court and ConjuChem securityholders (by a majority of at least 75 per cent of the securityholders voting). The transaction is also subject to all necessary regulatory approvals, including approval of the exchange and the receipt by the board of directors of ConjuChem of a favourable fairness opinion to be provided by an independent third party financial adviser. An independent committee of the board of ConjuChem, established in connection with the arrangement and the loan transaction referred to below, determined that they are in the best interests of the company and its shareholders. Subject to these conditions, the board has unanimously approved the transaction.
Following the transaction, Newco will change its name to ConjuChem Biotechnologies Inc. and, fuelled by a non-dilutive capital injection of $6.4-million, continue to advance a pipeline of next-generation peptide therapeutics developed by ConjuChem toward commercialization. The current management of ConjuChem will continue in the same capacity with Newco.
Newco will grant the current holders of senior convertible notes and warrants of ConjuChem, as contemplated by the trust indentures governing such instruments, additional common shares of Newco (or a cash equivalent) upon conversion or exercise of the notes or warrants, respectively, having a value equivalent to the value at such time, if any, of the shares they would have retained in the existing entity as a result of this transaction, the whole subject to a maximum amount of $4-million.
ConjuChem was advised on the reorganization transaction by Orion Securities Inc.
Concurrent with the reorganization transaction, ConjuChem has entered into a loan transaction with Baker Bros. Advisors LLC, which will provide ConjuChem with a short-term loan of $6.4-million in order to effectively provide the company with access to the proceeds from the non-dilutive funds, resulting from the reorganization prior to its completion.
"The combination of these two transactions provides ConjuChem with additional liquidity with which to deliver on short-term milestones and enhance the value of our technology platforms. The structuring of these transctions is highly positive for our stakeholders as it strengthens our balance sheet without dilution," said Lennie Ryer, vice-president and chief financial officer. "Our shareholders will maintain their current interest in ConjuChem and, at the same time, receive an equity interest in an oil and gas venture."
Additional details regarding the transaction will be provided to shareholders in an information circular expected to be mailed in March, 2006. Completion of the transaction is expected to occur in April, 2006.
We seek Safe Harbor.
QLT.T NR today 91M at 8.33
Van Sun says QLT concedes Atrix deal a bust
2006-02-23 09:24 ET - In the News
The Vancouver Sun reports in its Thursday edition QLT reported Wednesday a fourth-quarter loss of $370.4-million or $4.04 a share resulting from a $410.5-million charge on its Atrix Laboratories acquisition (all figures U.S.). The Sun's Gillian Shaw writes the charge on the November, 2004, deal, left the troubled drug developer with a loss of $325.4-million or $3.51 per share for the year ended last Dec. 31. That compares with a 2004 loss of $165.7-million or $2.26 per share. "As I look back at 2005, it's apparent that QLT faced a number of challenges, experienced significant changes and quite frankly suffered some bad luck," acting chief executive officer Robert Butchofsky told analysts in a call. "By any measure, we had a difficult year and 2006 looks to be a year of transition." Total revenues for the quarter were $50.4-million. That was down from $53.8-million in the fourth quarter of 2004. Total revenues for the year were $242-million. Visudyne sales were $107.2-million for the quarter, a 13.5-per-cent drop from the same period a year ago. Visudyne sales were $438.8-million in 2005, an 8-per-cent increase over 2004. QLT closed at $8.33 on the Toronto Stock Exchange, up from Tuesday's close of $7.71.
DND.T - NR today 21M at 5.05
Cipher Pharmaceuticals to resume at the open
2006-02-23 08:09 ET - Resume Trading
Cipher Pharmaceuticals Inc. will resume at the open on Feb. 23, 2006, an announcement having been made.
Yes, its looking lively, isn't it lol
YM.T NR on 17th 41M at 5.37
YM BioSciences raises $40-million (U.S.)
2006-02-17 09:29 ET - News Release
Ms. Carolyn McEwen reports
YM BIOSCIENCES CLOSES US $ 40 MILLION FINANCING
YM BioSciences Inc. has closed its previously announced registered direct offering of 9,436,471 common shares at an issue price of $4.25 (U.S.) for gross proceeds of approximately $40-million (U.S.). SG Cowen & Co., LLC served as lead placement agent and Dundee Securities Corp. and Canaccord Capital Corp. served as co-placement agents for the transaction.
The funds will be used principally to finance YM's drug development activities.
We seek Safe Harbor.
DND.T NR today 21M at 5.05
Cipher Pharmaceuticals arranges $12-million financing
2006-02-22 15:44 ET - News Release
Mr. Ross Marshall reports
CIPHER ANNOUNCES $12 MILLION BOUGHT DEAL
Cipher Pharmaceuticals Inc. has entered into an agreement for a $12-million bought-deal financing with a syndicate of underwriters led by National Bank Financial Inc. A total of 2.5 million common shares will be issued at a price of $4.80 per common share. The proceeds from the offering will be used to expand the company's product pipeline and for general corporate purposes.
The underwriters will also have an option, exercisable at any time until up to 30 days following the closing of the financing, to purchase up to an additional 15 per cent of the offering on the same terms and conditions, which would increase the total amount to $13.8-million. The offering is subject to normal regulatory approvals including approval of the Toronto Stock Exchange and is expected to close on or before March 14, 2006.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent registrations or an exemption from the registration requirements. This release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
We seek Safe Harbor.
Thanks Sage I will.
Break out EXN.V - Found more silver (already producing)
A number of familar names at www.tradingchief.com
EXN.v NR today plus a break out
VIR-T NR today 58M at 1.32
ViRexx's George presents Chimigen info at meeting
2006-02-22 08:53 ET - News Release
Dr. Lorne Tyrrell reports
VIREXX PRESENTS HEPATITIS C CHIMIGEN'TM' TECHNOLOGY AT BACULOVIRUS & INSECT CELL CULTURE ANNUAL MEETING
Rajan George, PhD, vice-president of research and development of ViRexx Medical Corp., made a presentation about the company's Chimigen technology for hepatitis C at the ninth annual meeting of the Baculovirus & Insect Cell Culture held on Feb. 20-22, 2006, in San Francisco. The presentation is titled "Properties of a Chimigen Vaccine Produced in Insect Cells for the Treatment of Chronic Hepatitis C Infections."
"The presentation provided ex-vivo results of a Chimigen vaccine candidate produced using an insect cell expression system which imparts special immunological characteristics to the protein," commented Dr. Lorne Tyrrell, chief executive officer and chief scientific officer of ViRexx. "The results show the production of functional and hepatitis C virus (HCV) antigen-specific T cells which suggest that the HCV preclinical Chimigen vaccine candidate may be a potential therapeutic vaccine for the treatment of chronic HCV infection."
ViRexx's Chimigen HCV vaccine technology targets the 170 million hepatitis C chronic carriers worldwide. There are no commercial prophylactic or therapeutic vaccines available to treat hepatitis C. Chimigen vaccines are designed to generate both humoral as well as cellular immune responses against an infectious agent. The Chimigen therapeutic vaccine is designed to stimulate the immune system to recognize and destroy the disease-causing agent located both within the cell and in circulation.
About the ninth annual Baculovirus & Insect Cell Culture meeting
The Baculovirus & Insect Cell Culture meeting discusses the development and production of products produced in insect cells using the baculovirus expression system from which scalable processes can be properly monitored and reproduced. The meeting reviews the technology's more successful applications and focuses on the latest advances in cell-line development, production techniques, analytical and purification methods, and the most recent regulatory trends.
We seek Safe Harbor.
QLT-Y NR today 91M at 7.71
QLT loses $325.41-million (U.S.) in 2005
2006-02-22 09:02 ET - News Release
Mr. Bob Butchofsky reports
QLT ANNOUNCES 2005 RESULTS AND VISUDYNE SALES GUIDANCE FOR 2006
QLT Inc. has provided its financial results for the fourth quarter ended Dec. 31, 2005, and full year 2005, as well as issued its Visudyne sales guidance for 2006. Unless specified otherwise, all amounts are in United States dollars and in accordance with U.S. GAAP.
"The company has faced many challenges over the last 12 months. I continue to work closely with the senior management team and our board of directors in reviewing the company's assets, products, business lines and strategic position to determine the most effective steps toward enhancing shareholder value," said Bob Butchofsky, acting chief executive officer.
2005 results
Earnings per share
On a GAAP basis, QLT reported a loss of $4.04 in the fourth quarter and a loss of $3.51 for the full year 2005. The large fourth quarter and full year losses were primarily due to a $410.5-million non-cash charge for impairment of goodwill and other intangible assets, described below, that resulted from the acquisition of Atrix Laboratories, Inc.
Non-GAAP earnings per share were 11 cents in the fourth quarter and 66 cents for the full year 2005, within the company's 2005 non-GAAP earnings per share guidance range of 63 cents to 77 cents.
Annual sales
As previously announced, Visudyne sales for the fourth quarter were $107.2-million, a decrease of 13.5 per cent over sales in the fourth quarter of 2004. Worldwide Visudyne sales were $483.8-million for the full year 2005, 7.9 per cent higher than for 2004. For the full year 2005, Eligard sales were $88.8-million worldwide, an increase of 5 per cent over 2004.
Revenues
Total revenues reached $242.0-million in 2005, growing 30.0 per cent from the prior year, due primarily to revenue from products added in the Atrix acquisition. Revenue from Visudyne for the year was $187.2-million up by $9.8-million over the prior year. The profit share from Visudyne sales increased to 31.7 per cent from 31.1 per cent in 2004.
Research and development expenses
Expenditures for Research and development in 2005 were $74.6-million, compared with $50.1-million for the same period in 2004, primarily due to programs resulting from the Atrix acquisition. For the fourth quarter of 2005, expenditures for research and development were $19.8-million, compared with $17.2-million in the same period of 2004.
Selling, general and administrative expenses
For 2005, selling, general and administrative expenditures were $23.5-million, compared with $17.5-million in 2004, an increase of 34.4 per cent, resulting from a full year of expenses from the Atrix acquisition and separation charges related to the departure of the former chief executive officer. For the fourth quarter of 2005, selling, general and administrative expenditures were $5.4-million, down $700,000 from the fourth quarter of 2004.
Impairment of goodwill and other intangibles
QLT previously disclosed that, under current accounting standards, the company had and would continue to periodically evaluate changes in events and circumstances related to its business for any potential impairment of goodwill and intangible assets. As a result of that review, in the fourth quarter of 2005 the company recorded a $410.5-million non-cash charge for impairment of goodwill and other intangible assets resulting from its 2004 acquisition of Atrix. At the end of 2005, management updated QLT's strategic plan, which led management to revisit the impairment analysis previously conducted during the third quarter of 2005. Management determined the amount of the impairment charge after considering QLT's updated strategic plan and factors such as the actual sales performance of Eligard in 2005 and projections for future Eligard sales performance, the adverse trial decision in the continuing TAP litigation related to Eligard, future projections for Aczone, decisions to partner future Atrigel programs and adjustments to forecasts for Atrix products in preclinical and clinical development.
Cash and short-term investments
The company's cash and short-term investments at Dec. 31, 2005, were $466-million, compared with $380-million at Dec. 31, 2004. The balance benefited from the build-up during the year of the company's income tax payable, from zero at the start of the year to $17-million by year-end. The amount owing will be paid in the first quarter of 2006.
2006 Visudyne sales guidance
Based on recent events and current trends in Visudyne sales, QLT is projecting that Visudyne sales will range from $370-million to $400-million in 2006.
Pending the outcome of the continuing discussions with the board of directors, as well as recent developments with respect to the Eligard litigation outlined below, QLT is suspending detailed guidance for 2006.
Eligard litigation update
TAP has filed a motion to prevent or limit the manufacture, sale and promotion of Eligard in the U.S. until expiry of the patent on May 1, 2006. The company's subsidiary, QLT USA Inc., has opposed that motion and filed a motion with the court to ensure the continued availability of Eligard to prostate cancer patients in the U.S. until the TAP patent expires. Those motions have not yet been heard by the court. In addition, unless the court explicitly permits the continued sale of Eligard, or a licence is granted, the marketing partner for Eligard in the U.S., Sanofi-aventis, has advised that it may elect to suspend Eligard sales in the U.S. until the expiry of the TAP patent on May 1, 2006.
CONDENSED CONSOLIDATED STATEMENT
OF OPERATIONS
Three months ended Dec. 31
(in thousands of U.S. dollars)
2005 2004
Revenues
Net product
revenue $ 43,507 $ 49,939
Net royalties 5,290 2,338
Contract research
and development 1,366 1,532
Licensing and
milestones 222 -
--------- ---------
50,385 53,809
--------- ---------
Costs and
expenses
Cost of sales 11,307 11,059
Research and
development 19,822 17,192
Selling, general
and administrative 5,411 6,110
Depreciation 2,221 1,188
Amortization of
intangibles 1,806 852
Impairment of
goodwill and
other intangible
assets 410,534 -
Impairment of
plant and
equipment 6,955 -
Purchase of
in-process
research and
development - 236,000
Restructuring
charge 4,657 -
--------- ---------
462,713 272,401
--------- ---------
Operating (loss) (412,328) (218,592)
Investment and
other income
Net foreign
exchange gains 456 540
Interest income 4,147 2,766
Interest expense (1,594) (1,602)
Other gains
(losses) 45 (7)
--------- ---------
3,054 1,697
--------- ---------
(Loss) before
income taxes (409,274) (216,895)
Recovery
(provision) for
income taxes 38,881 (6,345)
--------- ---------
(Loss) before
extraordinary
gain (370,393) (223,240)
--------- ---------
Extraordinary
gain - 2,124
--------- ---------
Net (loss) $(370,393) $(221,116)
========= =========
Basic net (loss)
per common share
(Loss) before
extraordinary
gain $ (4.04) $ (2.64)
Extraordinary
gain - 0.02
--------- ---------
Net (loss) $ (4.04) $ (2.62)
========= =========
Diluted net
(loss) per
common share
(Loss) before
extraordinary
gain $ (4.04) $ (2.64)
Extraordinary
gain - 0.02
--------- ---------
Net (loss) $ (4.04) $ (2.62)
========= =========
CONDENSED CONSOLIDATED STATEMENT
OF OPERATIONS
Year ended Dec. 31
(in thousands of U.S. dollars)
2005 2004
Revenues
Net product
revenue $ 210,024 $ 179,298
Net royalties 19,942 2,338
Contract research
and development 11,283 4,436
Licensing and
milestones 724 -
--------- ---------
241,973 186,072
--------- ---------
Costs and
expenses
Cost of sales 51,230 33,377
Research and
development 74,597 50,059
Selling, general
and administrative 23,477 17,464
Depreciation 8,088 3,715
Amortization of
intangibles 6,915 852
Impairment of
goodwill and
other intangible
assets 410,534 -
Impairment of
plant and
equipment 6,955 -
Purchase of
in-process
research and
development - 236,000
Restructuring
charge 8,042 -
--------- ---------
589,837 341,467
--------- ---------
Operating (loss) (347,865) (155,395)
Investment and
other income
Net foreign
exchange gains 4,152 837
Interest income 13,203 10,136
Interest expense (6,357) (6,261)
Other gains
(losses) 49 1,905
--------- ---------
11,047 6,617
--------- ---------
(Loss) before
income taxes (336,818) (148,778)
Recovery
(provision) for
income taxes 11,406 (29,448)
--------- ---------
(Loss) before
extraordinary
gain (325,412) (178,226)
--------- ---------
Extraordinary
gain - 12,517
--------- ---------
Net (loss) $(325,412) $(165,709)
========= =========
Basic net (loss)
per common share
(Loss) before
extraordinary
gain $ (3.51) $ (2.43)
Extraordinary
gain - 0.17
--------- ---------
Net (loss) $ (3.51) $ (2.26)
========= =========
Diluted net
(loss) per
common share
(Loss) before
extraordinary
gain $ (3.51) $ (2.43)
Extraordinary
gain - 0.17
--------- ---------
Net (loss) $ (3.51) $ (2.26)
========= =========
We seek Safe Harbor.
PTI-T NR Today 92M at 6.88
Globe says board rewards Patheon management's failure
2006-02-22 08:59 ET - In the News
The Globe and Mail reports in its Wednesday edition drug company Patheon Patheon served up yet another profit warning last week. The Globe's Derek DeCloet, writing in the Vox column, says the stock has lost 46 per cent in five years. Robert Tedford has taken plenty of heat since his bet-the-company acquisition of Mova Pharmaceuticals, an American competitor, in late 2004. Mova has become a big headache. But perhaps it is time to spread the blame to the board. The directors forgot these four words, "People respond to incentives." For Patheon management, it was grow at any cost. It did, and it worked for a while. Robert Tedford, the chief executive officer, and Nick DiPietro, the president and chief operating officer, own just 750,000 shares between them, less than 1 per cent of the total. They have suffered with the shareholders, but only to a point. In other respects, they prospered. Mr. Tedford's salary has more than tripled since his first full year as CEO to $650,000, and Mr. DiPietro's also tripled. And the board has been generous with equity, repeatedly handing both men large grants of stock options. It does poorly? Here are some more options at even lower prices. Call it a reward for failure.
PBP.T NR today 94M at .295
Procyon gets receipt for short-form prospectus
2006-02-22 08:53 ET - News Release
Ms. Julie Thibodeau reports
PROCYON ANNOUNCES RECEIPT FOR SHORT FORM PROSPECTUS
Procyon Biopharma Inc. has obtained a receipt for its final short-form prospectus in the provinces of British Columbia, Alberta, Manitoba, Ontario and Quebec with respect to its previously announced special warrants financing, intended to be concurrent to the merger via acquisition of Procyon and Cellpep S.A.
The short-form prospectus qualifies the distribution of 61,690,785 common shares and 61,690,785 warrants of Procyon Biopharma issuable upon the deemed exercise, without any additional consideration, of 61,690,785 special warrants of the company issued on Jan. 19, 2006, under a special warrant indenture dated Jan. 19, 2006, among Procyon, Dundee Securities Corp. and Computershare Trust Company of Canada, in accordance with various subscription agreements and with an agency agreement dated Jan. 19, 2006, between Procyon and Dundee, together with Loewen, Ondaatje, McCutcheon Limited and Desjardins Securities Inc. The special warrants were sold at a price of 23 cents per special warrant for total gross proceeds of $14,188,880.63. Each warrant underlying the special warrants will entitle its holder, upon payment of an exercise price of 35 cents at any time until the fifth anniversary of its issue date, to purchase one common share of Procyon. This financing and the acquisition by Procyon of all or substantially all of Cellpep's securities are subject to the approval of Procyon's shareholders at their special general meeting to be held on Feb. 24, 2006, and are expected to close on or about March 1, 2006.
This short-form prospectus also qualifies the distribution of 3,701,447 non-assignable warrants, which the company agreed to grant to Dundee Securities, Loewen, Ondaatje, McCutcheon and Desjardins Securities, and to Medipress Management Inc. Each non-assignable warrant will entitle its holder, upon payment of an exercise price of 23 cents at any time prior to a date that is 24 months after the distribution date, to purchase one common share and one warrant. Each warrant underlying the non-assignable warrants will entitle its holder, upon payment of an exercise price of 35 cents at any time until the fifth anniversary of the distribution date, to purchase one common share of Procyon.
DDS.T NR today 43M at 8.70
Globe says Biovail gets head start on Labopharm
2006-02-22 08:18 ET - In the News
See In the News (C-BVF) Biovail Corp (2)
The Globe and Mail reports in its Wednesday, Feb. 22, edition that Biovail is now selling its once-daily pain reliever, Ultram ER, in the United States via Johnson & Johnson. The Globe's Leonard Zehr writes that Biovail and the giant are hoping to fill the void left by Vioxx. They have at least a seven-month head start on the nearest competitor, Labopharm of Quebec. Labopharm will receive a decision from the United States Food and Drug Administration for its once-daily tramadol pain reliever in September. Purdue Pharma intends to distribute the drug. National Bank Financial analyst Andre Uddin says he is waiting to see the second-quarter results of Johnson & Johnson sales arm Ortho-McNeil. For the moment, he is forecasting Ortho-McNeil will see $45.5-million in sales this year and $142.6-million in 2007. In a 10-year accord, Biovail will get supply prices of 27.5 per cent for making Ultram ER, based on the net selling price in the first year. This will rise to 37.5 per cent in 2007 and beyond. Biovail fell 51 cents to $25.10 on the New York Stock Exchange on Feb. 21.
Note in the box above
I have used Cdn. $ prices for HEB/TTH & VAS.
The US ones didn't make sense.
TTH-T NR today 138M at .71
Transition Therapeutics receives U.S. patent for E1
2006-02-21 09:30 ET - News Release
Dr. Tony Cruz reports
TRANSITION THERAPEUTICS GRANTED US PATENT FOR DIABETES REGENERATIVE PRODUCT E1-INT(TM)
Transition Therapeutics Inc. has been issued a patent by the U.S. Patent and Trademark office, U.S. Patent No. 6,992,060. The claims in this patent cover methods of treating diabetes patients using Transition's lead diabetes regenerative product, E1-I.N.T. This patent issuance demonstrates Transition's continuous strategy to aggressively pursue the broad intellectual property protection of islet cell regenerative factors and their use in the treatment of diabetes. Transition's patent portfolio of diabetes regenerative therapies now expands to seven issued patents with an extensive portfolio of patent applications pending in multiple jurisdictions throughout the world.
The I.N.T. technology platform, covered by a broad patent portfolio, is based on the discovery that a short course of injections of naturally occurring peptides can regenerate insulin-producing cells in the body. Two lead I.N.T. products are currently under development:
E1-I.N.T., a combination of Transition's epidermal growth factor analogue (E1) and gastrin analogue (G1), has completed two phase I clinical trials, and is currently enrolling Type I and Type II diabetes patients in two exploratory phase IIa clinical trials; and
GLP1-I.N.T., a combination of one of the leading diabetes drug candidates, Glucagon-Like-Peptide-1 (GLP-1), with G1, is currently in preclinical development.
We seek Safe Harbor.
VAS.T NR today 83M at 3.50
Vasogen appoints Cresswell, Stiller to board
2006-02-21 08:46 ET - News Release
Mr. William Grant reports
VASOGEN ANNOUNCES PLANS FOR TERRANCE H. GREGG TO SUCCEED WILLIAM R. GRANT AS CHAIRMAN
Terrance H. Gregg will succeed William R. Grant as chairman of Vasogen Inc.'s board of directors at the company's upcoming annual meeting on March 22. Mr. Gregg, who joined Vasogen's board of directors in 1999, has been vice-chairman since November, 2005, and has served as the chair of the compensation, nominating, and corporate governance committee of the board for the past several years. Mr. Grant, who has served as Vasogen's chairman for the last five years, will remain a director on Vasogen's board.
"Terry Gregg has made significant contributions to Vasogen's development and I am very pleased to welcome him to his new role as chairman," said Mr. Grant, vice-chairman and co-founder of Galen Associates and current chairman of Vasogen's board. "When we served together on the board of MiniMed, I saw Terry transform it from a development-stage therapeutic device company into a global leader in diabetes management systems, and I believe his vision and experience will prove invaluable as we prepare for the commercialization phase of Vasogen's Celacade technology. As I leave the position of board chair, I look forward to continuing my close involvement with Vasogen, both as a director and a major shareholder. Our company is well positioned to emerge as a medical success story, and I know Terry shares my enthusiasm for our future."
In 1996, Mr. Gregg became president and chief operating officer of MiniMed Inc., now a world leader in insulin pump therapy and continuous glucose monitoring, and was instrumental in Medtronic's $3.4-billion (U.S.) acquisition of the company in 2001. Mr. Gregg retired as president of Medtronic MiniMed in 2002. He also served in executive positions with Smith & Nephew PLC, a diversified health care product company, and Allergan Inc., a leading ophthalmic device and pharmaceutical company. He is currently a special venture partner with Galen Associates, a private equity firm specializing in the health care sector, and also serves on the boards of Amylin Pharmaceuticals Inc., DexCom Inc., LMS Medical Systems Inc., and is executive chairman of Patton Medical Devices LC. Mr. Gregg also served with Mr. Grant on the board of Ocular Sciences Inc., which was purchased by the Cooper Companies Inc. for $1.2-billion (U.S.) last year.
Recently, Vasogen also announced that Dr. Ronald M. Cresswell, PhD, DSc (honours), FRSE, former senior vice-president and chief scientific officer of Warner-Lambert, and Dr. Calvin R. Stiller, CM, OONT, MD, FRCP(C), co-founder and former chairman and chief executive officer of the Canadian Medical Discoveries Fund, have been named to its board of directors. Both Dr. Cresswell and Dr. Stiller have considerable experience directing the research, development and business initiatives of companies commercializing products for the health care industry. Dr. Cresswell has over 30 years of research and commercial development experience in cardiovascular and other important therapeutic areas and his vision and leadership in the development of Lipitor was instrumental in the product's ultimate success. Dr. Stiller was principal investigator of the Canadian multicentre study that established the importance of cyclosporine and led to its worldwide use as first-line therapy for transplant rejection. Andre Berard and Dr. Surya Mohapatra will be retiring from Vasogen's board at its upcoming annual meeting.
"On behalf of our shareholders, I would like to thank Bill Grant for his vision and leadership during a critical phase of Vasogen's development, and welcome his continued contribution to our board," said Mr. Gregg, director of Vasogen and incoming chairman. "I have also enjoyed working with Andre Berard and Surya Mohapatra on the board over the past several years, and I would like to thank them for contributing their considerable knowledge and experience to the governance and success of Vasogen over this period."
We seek Safe Harbor.
PTI-T NR today 92M at 7.01
Post/wire say Patheon shares reach for medicine cabinet
2006-02-20 07:57 ET - In the News
The Financial Post reports in a Bloomberg dispatch Saturday that Patheon shares plunged Friday after the Canadian contract drugmaker said profit will decline in 2006. Bloomberg's Frederic Tomesco writes Patheon also said first-quarter earnings fell short of its forecasts. Patheon shares fell 84 cents to $7.01. More than 1.7 million shares traded, almost triple the average of the past three months. Production delays at a Puerto Rico plant that makes the antibiotic Omnicef will cut first-quarter earnings by six U.S. cents a share, double the Dec. 13 estimate. Full-year profit "before one-time items may be lower" than a year ago. "We are doubtful that the current issues are the last," UBS AG analyst Jeff Elliott wrote in a note to investors. Mr. Elliott, who has a "reduce" rating on the stock, now expects the company to earn 14 U.S. cents a share this year, down from his previous estimate of 18 U.S. cents. Patheon earned 25 U.S. cents a share in fiscal 2005. The average 2006 profit estimate of nine analysts surveyed by Thomson Financial is 22 U.S. cents. The average estimate of eight analysts surveyed by Thomson for profit in the first quarter ended Jan. 31 is three U.S. cents a share.
Or primed & ready like this NWI.T
DJE.V
I like the trend on this one URE.T