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GNTA .29 / EMIS 4.17 Genta and Emisphere Technologies File IND with FDA for Oral Drug to Treat Bone Disease PR Newswire "US Press Releases "
BERKELEY HTS., N.J. and TARRYTOWN, N.Y., Aug. 1 /PRNewswire-FirstCall/ -- Genta Inc. (Nasdaq: GNTA) and Emisphere Technologies, Inc. (Nasdaq: EMIS) jointly announced today the submission of an Investigational New Drug Exemption (IND) to the Endocrinologic and Metabolic Drugs Division of the U.S. Food and Drug Administration (FDA) for a new drug known as G4544. Developed out of a joint collaboration announced last year, G4544 is a new tablet formulation that enables oral absorption of the active ingredient contained in Ganite(R) (gallium nitrate injection), a drug that is marketed by Genta and approved in the U.S. for treatment of cancer-related hypercalcemia that is resistant to hydration. The IND proposes a Phase 1 clinical trial that will examine initial safety and pharmacokinetics of G4544 in human subjects. Genta will act as Sponsor of the IND and will direct the clinical development program.
"The success of this project speaks to the expertise of Emisphere in developing and deploying our patented technology to address poorly absorbed compounds for broader patient use," said Michael Novinski, Chairman and Chief Executive Officer of Emisphere Technologies. "We are excited by the prospect of helping make treatments easier for a broad array of patients."
"Genta has pursued this project for a number of years, and we are very pleased with the results of our collaboration with Emisphere," said Dr. Raymond P. Warrell, Jr., Chairman and Chief Executive Officer of Genta. "With this success, G4544 significantly extends our intellectual property associated with the gallium products franchise. Our initial focus will be to establish clinical bioequivalence with our parenteral product. However, the active ingredient in G4544 has already demonstrated proof-of-concept activity in patients with multiple indications, including non-Hodgkin's lymphoma, bone metastases, Paget's disease, and osteoporosis. Going forward, Genta plans to manage the clinical development programs in oncology, and we intend to seek a partner for programs in metabolic bone disease."
Gallium-Containing Compounds
Gallium-containing compounds were originally developed by the U.S. National Cancer Institute . In investigational studies, high doses of gallium nitrate demonstrated consistent antitumor activity in patients with non- Hodgkin's lymphoma. However, experimental work by Genta personnel and others established that lower doses of gallium directly inhibited calcium release from bone, principally by decreasing bone resorption and possibly by also stimulating bone formation.
Many diseases are associated with accelerated bone loss, including osteoporosis, cancer, and Paget's disease. In some diseases, the rate of loss is slow and subtle, while in others the rate is rapid and acute. In osteoporosis, the most prevalent bone-losing condition, the process of bone loss extends over many years before the disease becomes evident. Conversely, in cancer-related hypercalcemia, bone loss is so rapid that it overwhelms the kidney's ability to eliminate calcium from the blood, and this condition can quickly become lethal.
In patients with cancer-related hypercalcemia who were resistant to hydration, randomized double-blind trials have been conducted with Ganite compared with calcitonin and with two bisphosphonates (etidronate [Didronel(R); Proctor and Gamble] and pamidronate [Aredia(R); Novartis, Inc. ]). However, the approved dose-schedule for Ganite calls for administration as a continuous intravenous infusion for up to 5 days, which has generally limited its use to patients with severe bisphosphonate- refractory disease.
Oral Gallium (G4544)
G4544 was developed to enable extended administration of the active ingredient in Ganite, which may greatly improve patient convenience and avoid the current need for intravenous pumps or hospitalization. The initial focus of clinical studies with G4544 will be to establish its bioequivalence with the intravenous product, potentially enabling rapid regulatory approval of the oral formulation.
About Genta
Genta Incorporated is a biopharmaceutical company with a diversified product portfolio that is focused on delivering innovative products for the treatment of patients with cancer. The Company's research platform is anchored by two major programs that center on oligonucleotides (RNA- and DNA- based medicines) and small molecules. Genasense(R) (oblimersen sodium) Injection is the Company's lead compound from its oligonucleotide program. The leading drug in Genta's small molecule program is Ganite(R) (gallium nitrate injection), which the Company is exclusively marketing in the U.S. for treatment of symptomatic patients with cancer related hypercalcemia that is resistant to hydration. Genta is partnered with IDIS (www.idispharma.com) on a program whereby both Ganite(R) and Genasense(R) are available on a "named- patient" basis in countries outside the United States . For more information about Genta, please visit our website at: www.genta.com.
About Emisphere Technologies
Emisphere Technologies, Inc. is a biopharmaceutical company that focuses on a unique and improved delivery of therapeutic molecules and pharmaceutical compounds using its eligen(R) technology. These molecules and compounds could be currently available or are in pre-clinical or clinical development. Such molecules or compounds usually cannot be delivered by the oral route of administration or the benefits of these compounds are limited due to poor bioavailability, slow on-set of action or variable absorption. The eligen(R) technology can be applied to the oral route of administration as well other delivery pathways, such as buccal, intra-colonic, pulmonary, intra-vaginal or transdermal. The Web site is: www.emisphere.com.
Safe Harbor Statement for Genta
This press release may contain forward-looking statements with respect to business conducted by Genta Incorporated . By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Forward- looking statements include, without limitation, statements about:
-- the Company's ability to obtain necessary regulatory approval for
Genasense(R) from the U.S. Food and Drug Administration ("FDA") or
European Medicines Agency ("EMEA");
-- the safety and efficacy of the Company's products or product
candidates;
-- the Company's assessment of its clinical trials;
-- the commencement and completion of clinical trials;
-- the Company's ability to develop, manufacture, license and sell its
products or product candidates;
-- the Company's ability to enter into and successfully execute license
and collaborative agreements, if any;
-- the adequacy of the Company's capital resources and cash flow
projections, and the Company's ability to obtain sufficient financing
to maintain the Company's planned operations;
-- the adequacy of the Company's patents and proprietary rights;
-- the impact of litigation that has been brought against the Company and
its officers and directors and any proposed settlement of such
litigation; and
-- the other risks described under Certain Risks and Uncertainties Related
to the Company's Business, as contained in the Company's Annual Report
on Form 10-K and Quarterly Report on Form 10-Q.
The Company does not undertake to update any forward-looking statements. There are a number of factors that could cause actual results and developments to differ materially. For a discussion of those risks and uncertainties, please see the Company's Annual Report on Form 10-K for 2006 and its most recent quarterly report on Form 10-Q.
Safe Harbor Statement for Emisphere Technologies
The statements in this release and oral statements made by representatives of Emisphere relating to matters that are not historical facts (including without limitation those regarding the timing or potential outcomes of research collaborations or clinical trials, any market that might develop for any of Emisphere's product candidates and the sufficiency of Emisphere's cash and other capital resources) are forward-looking statements that involve risks and uncertainties, including, but not limited to, the likelihood that future research will prove successful, the likelihood that any product in the research pipeline will receive regulatory approval in the United States or abroad, the ability of Emisphere and/or its partners to develop, manufacture and commercialize products using Emisphere's drug delivery technology, Emisphere's ability to fund such efforts with or without partners, and other risks and uncertainties detailed in Emisphere's filings with the Securities and Exchange Commission , including those factors discussed under the caption "Risk Factors" in Emisphere's Annual Report on Form 10-K (file no. 1-10615) filed on March 5, 2007 .
CONTACTS:
For Genta Incorporated
Tara Spiess
TS Communications Group, LLC
(908) 286-3980
info@genta.com
For Emisphere Technologies, Inc.
Bob Madison
(914) 593-8063
bmadison@emisphere.com
SOURCE Genta Inc.
ASTT .77 ASAT Announces Consent Solicitation for 9.25% Senior Notes PR Newswire "US Press Releases "
HONG KONG and MILPITAS, Calif., Aug. 1 /PRNewswire-FirstCall/ -- ASAT Holdings Limited (Nasdaq: ASTT) announced that its wholly-owned subsidiary, New ASAT (Finance) Limited (the "Company"), today commenced the solicitation of consents from the holders of the $150 million aggregate principal amount of outstanding 9.25% Senior Notes due 2011 (the "Senior Notes) to the amendment of certain provisions of the indenture, dated as of January 26, 2004 , pursuant to which the Senior Notes were issued. ASAT is seeking consents for amendment or waiver of certain defaults and events of default that may have occurred or may occur. The proposed amendments, if adopted, will among other things: (i) eliminate restrictions on the value of the assets that may be held by ASAT Semiconductor (Dongguan) Limited ("ASDL"), ASAT Holdings' Chinese subsidiary; (ii) expand the ability of ASAT Holdings and its subsidiaries to secure financing from additional sources; and (iii) extend the deadline for ASAT Holdings to fulfill its reporting obligations under the indenture. Holders of the Senior Notes are referred to the Company's Consent Solicitation Statement and materials, which will be mailed to each record holder, for the detailed terms and conditions of the consent solicitation.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030414/ASATLOGO)
The consent solicitation will expire at 5:00 p.m. , New York City time, on August 20, 2007 , unless extended by the Company (the "Consent Deadline"). Only holders of record as of 5:00 p.m. , New York City time, on July 25, 2007 are eligible to deliver consents to the proposed amendments in the consent solicitation.
ASAT Holdings has retained Piper Jaffray & Co. to serve as Solicitation Agent for the consent solicitation. Questions concerning the terms of the consent solicitation should be directed to Michael Hsieh of Piper Jaffray & Co. at (212) 284-9589. ASAT Holdings has also retained The Bank of New York to serve as its Information Agent and Tabulation Agent for the consent solicitation. Requests for assistance in delivering consents should be directed to Fernando Hutapea of The Bank of New York in Singapore at +65-6432-0346. Requests for copies of the Consent Solicitation Statement can be directed to either Piper Jaffray & Co. or The Bank of New York .
Piper Jaffray & Co. and ASAT Holdings management will host a conference call with current bondholders on Monday, August 6, 2007 at 9:00 a.m. ET . Please contact Michael Hsieh of Piper Jaffray & Co. at (212) 284-9589 for further details.
This press release is not an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities. The consent solicitation is being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement dated August 1, 2007 and the accompanying Second Supplemental Indenture. The adoption of the proposed amendments requires the receipt of valid consents in respect of a majority in aggregate principal amount of all outstanding Senior Notes by the Consent Deadline.
About ASAT Holdings Limited
ASAT Holdings Limited is a global provider and leading developer of semiconductor package design, assembly, and test services. With 18 years of experience, ASAT offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in-package technology, and flip chips. ASAT was the first company to develop moisture-sensitive level one capability on standard leaded products. Today, ASAT has operations in the United States , Asia, and Europe . For more information, visit http://www.asat.com.
Safe Harbor
This press release may contain statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including the ability of ASAT's management to effectively lead the company, the risk that ASAT may not be able to attract qualified people to its management team or retain its existing management and employees, possible disruptions to its business and operations caused by changes in senior management, the ability to complete the consent solicitation on terms acceptable to us, and those risks outlined in ASAT's filings with the Securities and Exchange Commission . ASAT does not undertake any obligation to update this forward-looking information, except as required under applicable law.
SOURCE ASAT Holdings Limited
ARTG 3.18
Wednesday, August 01 2007 7:59 AM, EST ATG to Present at the Canaccord Adams Global Growth Conference Business Wire "US Press Releases "
CAMBRIDGE, Mass .--(BUSINESS WIRE)--
ATG ( Art Technology Group, Inc. , NASDAQ: ARTG), the leading eCommerce platform provider, today announced that management is scheduled to present at the Canaccord Adams Global Growth Conference on Wednesday, August 8, 2007 . At the conference, Chief Financial Officer Julie Bradley will provide insight about the company's business strategy and recent financial results.
The company's presentation at 4:30 p.m. EST on August 8th will be webcast live over the Internet. Interested parties may access the live and archived presentation by visiting the "For Investors" section of ATG's website at www.atg.com.
About ATG
ATG ( Art Technology Group, Inc. , NASDAQ: ARTG) makes the software and delivers the on demand solutions that the world's most customer-conscious companies use to power their e-commerce web sites, attract prospects, convert them to buyers and ensure their satisfaction so they become loyal, repeat, profitable customers. Our e-commerce suite is ranked the #1 current offering and #1 in strategy by the industry's most influential analyst firms, and powers more of the top 300 internet retailers than any other vendor. Our eStara brand provides customer interaction solutions to enhance conversions and customer support, and delivers the world's most widely used click-to-call service. ATG's solutions are used by over 900 major brands, including Amazon, American Eagle Outfitters, AOL, AT&T, Best Buy, B&Q, Cabela's, Carrefour, Cingular, Coca Cola, Continental Airlines , CVS, Dell, DirecTV, El Corte Ingles, Expedia, France Telecom, Harvard Business School Publishing, Hewlett-Packard, Hilton, HSBC, Intuit, J. Crew, Macy's, Meredith, Microsoft, Neiman Marcus, New York & Company , Nokia, OfficeMax, PayPal, Philips, Procter & Gamble, Sears, Sony, Symantec, Target, T-Mobile, Urban Outfitters, Verizon, Viacom, Vodafone and Walgreens. The company is headquartered in Cambridge, Massachusetts , with additional locations throughout North America and Europe . For more information about ATG, please visit www.atg.com.
(C) 2007 Art Technology Group, Inc. ATG and Art Technology Group are registered trademarks of Art Technology Group, Inc. All other product names, service marks, and trademarks mentioned herein are trademarks of their respective owners.
Source: Art Technology Group, Inc.
CCUR 1.53
Wednesday, August 01 2007 7:59 AM, EST Concurrent Announces NightStar LX Tools Version 4.1 For Linux Business Wire "US Press Releases "
DULUTH, Ga.--(BUSINESS WIRE)--
Concurrent (NASDAQ:CCUR), a leading provider of real-time Linux(R) operating systems and integrated software and computer solutions for mission-critical applications, today announced the release of a new version of its NightStar(TM) LX debugging and analysis tools. NightStar is a powerful, integrated Qt-based GUI tool set for developing and tuning time-critical 32-bit and 64-bit applications. NightStar tools reduce test time, increase productivity and lower development costs.
The NightStar LX suite includes the NightView(TM) source-level debugger, the NightTrace(TM) event analyzer, the NightProbe(TM) data monitor, and the NightTune(TM) system and application tuner. NightStar LX now supports x86-based systems running SUSE Linux Enterprise Server 10 and SUSE Linux Enterprise Desktop 10 from Novell, with continued support for Red Hat(R) Enterprise Linux 4.
"Developing modern multithreaded Linux applications on multi-core architectures requires powerful debugging tools," said Gary Beerman, Marketing Director, Concurrent. "Troubleshooting and tuning on these systems can be as difficult as finding a needle in a haystack. With NightStar, Linux application engineers have exceptional visibility and control in both the development and production environment."
"Concurrent's NightStar LX tools are time tested in a diverse application set," said Justin Steinman, director of marketing for Linux and Open Platform Solutions at Novell. "Concurrent's added support for SUSE Linux Enterprise Server and SUSE Linux Enterprise Desktop expands the choices available to our customers with a proven set of software tools."
NightStar LX version 4.1 features a complete GUI makeover that makes it more flexible and easier to use on multi-core environments. NightStar's new Qt-based presentation provides more modern rendering, shading and option control. The new version allows individual tool panels to be moved and resized to make it easy for users to customize their debugging displays.
NightStar tools run with minimal intrusion, thus preserving application execution behavior and determinism. Users can quickly and easily debug, monitor, analyze and tune multi-threaded and parallel C, C++ or FORTRAN applications in real-time. An interactive memory debugger helps find and eliminate memory problems during the debug process without code recompilation.
NightStar's new application illumination feature allows programmers to automatically trace application function calls and examine the values of parameters passed and returned. Function call tracing is fully customizable and can provide a complete view of glibc activities.
Concurrent is a proud member of Novell PartnerNet, participating as a Silver Technology member. This partnership has contributed to SUSE Linux Enterprise Real Time from Novell which features Concurrent real-time enhancements integrated with SUSE Linux Enterprise 10. SUSE Linux Enterprise Real Time provides fast response and predictable performance in time-critical environments. Earlier in 2007, Concurrent announced the availability of NightStar for SUSE Linux Enterprise Real Time, available from Concurrent and Novell. Today's announcement extends NightStar tool availability to all SUSE Linux Enterprise platform customers.
Pricing and Availability
NightStar LX tools packages range from to $495 to $995 . NightStar LX is available for immediate trial download and purchase. For further information and demo signup please visit www.ccur.com/nightstar.
About Concurrent
Concurrent (NASDAQ: CCUR) is a leading provider of high-performance, real-time Linux software and solutions for commercial and government markets. For 40 years Concurrent's best-of-breed products have enabled a range of time-critical solutions including: modeling and simulation, high speed data acquisition, visual imaging, low latency transaction processing and on-demand television. Concurrent's on-demand television applications are utilized by major service providers in the cable and IPTV industries to deliver video-on-demand (VOD) and, through subsidiary company Everstream, measure the effectiveness of interactive television. Concurrent is a global company with regional offices in North America , Europe , Asia and Australia , and has products actively deployed in more than 24 countries. Concurrent's products and services are recognized for being uniquely flexible, comprehensive, robust and reliable. For more information, please visit www.ccur.com.
Certain statements made or incorporated by reference in this release may constitute "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and development and our future performance, as well as our expectations, beliefs, plans, estimates, or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward looking statements include, among others, statements regarding our products, release schedules, product availability and product development. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Such risks and uncertainties include our ability to meet release schedules, customer demands, accomplish development goals, integrate our products, and deploy integrated solutions.
Important risk factors are discussed in our Form 10-K filed with the Securities and Exchange Commission on Sept. 1, 2006 and may be discussed in subsequent filings with the SEC. The risk factors discussed in such Form 10-K under the heading "Risk Factors" are specifically incorporated by reference in this press release. Our forward-looking statements are based on current expectations and speak only as of the date of such statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise.
Concurrent Computer Corporation and its logo and Everstream and its logo are registered and unregistered trademarks of Concurrent Computer Corporation . All other product names are trademarks or registered trademarks of their respective owners.
Source: Concurrent
AXTI 4.85
Wednesday, August 01 2007 7:44 AM, EST Reminder - AXT, Inc. Schedules Second Quarter 2007 Earnings Release for August 1, 2007 PR Newswire "US Press Releases "
FREMONT, Calif., Aug. 1 /PRNewswire-FirstCall/ -- AXT, Inc. (Nasdaq: AXTI), a leading manufacturer of compound semiconductor substrates, will announce its financial results for the second quarter 2007 in a press release immediately following the close of market on August 1, 2007 . The company will also host a conference call to discuss these results on August 1, 2007 at 1:30 p.m. PDT . The conference call can be accessed at (973) 935-2402 (PIN 8890680). The call will also be simulcast on the Internet at http://www.axt.com. Replays will be available at (973) 341-3080 until August 8, 2007 . Financial and statistical information to be discussed in the call will be available on the company's website immediately prior to commencement of the call. Additional investor information can be accessed at http://www.axt.com or by calling the company's Investor Relations Department at (510) 683-5900.
About AXT, Inc.
AXT designs, develops, manufactures and distributes high-performance compound and single element semiconductor substrates comprising gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge). The company's substrate products are used primarily in lighting display applications, wireless communications, and fiber optic communications. Its vertical gradient freeze (VGF) technique for manufacturing semiconductor substrates provides significant benefits over other methods and enabled AXT to become a leading manufacturer of such substrates, particularly in optoelectronics applications. AXT has manufacturing facilities in China and invests in five joint ventures producing raw materials. For more information, see AXT's website at http://www.axt.com. The company can also be reached at 4281 Technology Drive, Fremont, California 94538 or by calling (510) 683-5900. AXT is traded on the NASDAQ Global Market under the symbol AXTI.
SOURCE AXT, Inc.
NTMD 2.01
Wednesday, August 01 2007 7:14 AM, EST NitroMed Reports Financial Results for Second Fiscal Quarter 2007 Business Wire "US Press Releases "
LEXINGTON, Mass.--(BUSINESS WIRE)--
NitroMed, Inc. (NASDAQ: NTMD), an emerging pharmaceutical company and the maker of BiDil(R) (isosorbide dinitrate/hydralazine hydrochloride), an orally administered medicine approved in the United States for the treatment of heart failure in self-identified black patients, today reported financial results for its second fiscal quarter and year to date ended June 30, 2007 .
Total revenues for the three months ended June 30, 2007 were $3.7 million compared to $2.9 million for the same period in 2006, an increase of $0.8 million , or 30%. For the six months ended June 30, 2007 , total revenues were $7.3 million , compared to $5.2 million for the same period during 2006, an increase of $2.1 million , or 41%. Sales of BiDil accounted for all revenues during both periods.
Total operating expenses for the three months ended June 30, 2007 , excluding cost of product sales, were $9.6 million , compared to $21.1 million for the same period in 2006, a decrease of $11.5 million or 55%. For the six months ended June 30, 2007 , total operating expenses, excluding cost of product sales, were $22.5 million , compared to $48.9 million for same period during 2006, a decrease of $26.4 million or 54%.
The substantial year-over-year decreases in operating expenses are primarily the result of the Company's restructuring actions in March and October of 2006, which reduced costs and employee headcount in the areas of research and discovery, and sales and marketing, respectively. Advertising and promotional expenses were also higher during the commercial launch phase for BiDil in 2006.
The Company's net loss for the quarter ended June 30, 2007 was $6.2 million or $0.16 per common share, compared to a net loss of $18.3 million or $0.50 per common share for the same quarter in 2006. For the six months ended June 30, 2007 , the Company's net loss was $16.4 million or $0.42 per common share, compared to a net loss of $44.2 million or $1.24 per common share for the same period in 2006.
At June 30, 2007 , the Company had cash, cash equivalents and marketable securities totaling $44.4 million , an increase of $2.3 million from December 31, 2006 . In May 2007 , the Company raised net proceeds of $18.3 million in a registered direct offering of its common stock.
Kenneth M. Bate, NitroMed's President and Chief Executive Officer, stated, "During the quarter, we focused on expanding our U.S. field sales organization while continuing to achieve placements of BiDil on institutional formularies. We are also making good progress toward our goal of approximately doubling the size of our sales organization, with key managers now in place to direct a pull-through program for BiDil at the physician level. We feel confident that we are appropriately building the market for the BiDil brand, as we proceed with the development of an extended release formulation of BiDil."
James G. Ham, III, NitroMed's Chief Financial Officer, commented, "We've continued to carefully manage our expenses during the second quarter, and have again achieved a substantial reduction in sequential cash burn, which was $6.3 million during the second quarter of 2007. Our team and resources remain committed to the development of BiDil extended release and to supporting the currently marketed immediate release formulation of BiDil. For the year 2007, we are lowering our expense guidance, which we now project will be in the range of $50 - $55 million , including share-based compensation expense related to SFAS 123R but excluding cost of product sales."
Corporate Highlights
Accomplishments realized by NitroMed during the second quarter of 2007 include:
-- The publication in the June issue of the Journal of Cardiac
Failure of remodeling data for BiDil. The article features
outcomes for the African American Heart Failure Trial
(A-HeFT), demonstrating further regression of left ventricular
remodeling in an already well-treated black population with
heart failure.
-- The completion of a registered direct offering of the
Company's common stock in May 2007 , resulting in net proceeds
to the Company of $18.3 million .
-- Improvement in preferred reimbursement for BiDil and inclusion
of BiDil on key hospital formularies. Preferred reimbursement
denotes a preferential level of reimbursement at which patient
co-pays range from approximately $15.00 to $30.00 per
prescription. The Company estimates that approximately 70% of
African Americans with heart failure now have functional,
affordable access to BiDil.
Webcast and Conference Call
NitroMed will host a webcast and conference call, including an open question and answer session to discuss second quarter 2007 financial results and Company progress.
Date: Wednesday, August 1, 2007
Time: 8:00 a.m. Eastern Time
Access by Conference Call:
Domestic callers: Dial 800-591-6944
International callers: Dial 617-614-4910
Participant passcode: 98059341
Access by Webcast:
Go to www.nitromed.com for live webcast link.
An audio replay of the earnings conference call will be available two hours after the call and through August 8, 2007 . The replay can be accessed by dialing 888-286-8010. International callers should dial 617-801-6888. The replay passcode for all callers is 89122822. The webcast will be archived on the Company's website for an indefinite period of time following the earnings call.
About NitroMed, Inc.
NitroMed of Lexington, Massachusetts is an emerging pharmaceutical company and the maker of BiDil(R) (isosorbide dinitrate/hydralazine hydrochloride), an orally administered medicine available in the United States for the treatment of heart failure in self-identified black patients. In this population, BiDil is indicated as an adjunct to current standard therapies such as angiotensin converting enzyme (ACE) inhibitors and beta blockers. There is little experience in patients with New York Heart Association Class IV heart failure. BiDil was approved by the U.S. Food and Drug Administration , primarily on the basis of efficacy data from the Company's landmark A-HeFT (African American Heart Failure Trial) clinical trial and is marketed by NitroMed through a specialty medicines sales organization.
For full prescribing information, visit: www.BiDil.com. BiDil is a registered trademark of NitroMed, Inc.
Forward Looking Statements
Statements in this press release about future expectations, plans and prospects for the Company, including the Company's expectations regarding cash management and operating expenses in 2007, its positioning to achieve the Company's goals and objectives in 2007, its plans to expand its sales organization, its plans to build the market for the BiDil brand and its plans to develop an extended release formulation of BiDil, known as BiDil XR(TM), constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: difficulties in successfully developing, obtaining regulatory approval for, manufacturing and commercializing BiDil XR, including the Company's ability to maintain third-party relationships for the development and manufacture of clinical and commercial quantities of BiDil XR on favorable terms, if at all; the Company's ability to execute on its revised sales and marketing strategy for BiDil, including, without limitation, the Company's ability to achieve anticipated cost reductions, the Company's ability to successfully market and increase the sales of BiDil with limited sales force support and centralized marketing efforts, the Company's ability to recruit the specialized sales representatives necessary to execute on this strategy, and the Company's ability to successfully enter into a co-promotion agreement for BiDil on favorable terms, if at all; the Company's ability to enter into collaboration or licensing arrangements with strategic partners related to its product candidate portfolio on favorable terms, if at all; the Company's ability to obtain the substantial additional funding required to execute its business strategies; patient, physician and third-party payor acceptance of BiDil and/or BiDil XR, if successfully developed, as safe and effective therapeutics; the Company's ability to obtain or maintain intellectual property protection and required licenses; unanticipated operating expenses for the remainder of fiscal year 2007 and beyond; and other important factors discussed in the Section titled "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 , which has been filed with the SEC, and in the other filings that the Company makes with the SEC from time to time. The forward-looking statements included in this press release represent the Company's views as of the date of this release. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this release.
NITROMED, INC.
SELECTED FINANCIAL INFORMATION
(in thousands, except per share amounts)
CONDENSED STATEMENTS OF OPERATIONS
For the three and six months ended June 30, 2007 and 2006
(Unaudited) Three Months Six Months Ended
Ended
June 30, June 30,
------------------ -------------------
2007 2006 2007 2006
-------- --------- --------- ---------
Revenues:
Product revenue $ 3,715 $ 2,855 $ 7,283 $ 5,171
Cost and operating expenses:
Cost of product sales 637 621 1,591 1,517
Research and development 2,931 4,516 5,938 10,515
Sales, general and
administrative 6,634 16,580 15,582 36,365
Restructuring charge - - 1,004 2,038
-------- --------- --------- ---------
Total cost and operating
expenses 10,202 21,717 24,115 50,435
-------- --------- --------- ---------
Loss from operations (6,487) (18,862) (16,832) (45,264)
Non-operating income,
net 251 582 482 1,060
-------- --------- --------- ---------
Net loss $(6,236) $(18,280) $(16,350) $(44,204)
======== ========= ========= =========
Basic and diluted net loss
per common share $ (0.16) $ (0.50) $ (0.42) $ (1.24)
======== ========= ========= =========
Shares used in computing
basic and diluted net loss
per common share 40,100 36,724 38,689 35,667
======== ========= ========= =========
CONDENSED BALANCE SHEETS
As of June 30, 2007 and December 31, 2006
(Unaudited)
June December
30, 31,
2007 2006
-------- ---------
ASSETS
Cash and marketable
securities $44,446 $ 42,153
Accounts receivable, net 1,368 1,370
Inventories 2,986 2,846
Other assets 1,214 2,336
-------- ---------
Total assets $50,014 $ 48,705
======== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $14,964 $ 15,692
Deferred revenue - 206
Long-term debt - 3,728
Stockholders' equity 35,050 29,079
-------- ---------
Total liabilities and
stockholders' equity $50,014 $ 48,705
======== =========
Source: NitroMed, Inc.
AMRN .48
Wednesday, August 01 2007 7:25 AM, EST Amarin Reports Second Quarter 2007 Financial Results PR Newswire "US Press Releases "
LONDON , August 1 /PRNewswire-FirstCall/ -- Amarin Corporation plc (NASDAQ: AMRN) ("Amarin" or "Company") today reported:
- financial results for the second quarter ended June 30, 2007
- an update on its phase III trials in Huntington's disease with Miraxion and
- progress with its development pipeline.
For the second quarter of 2007, Amarin reported a net loss of $15.6 million , or $0.17 per share, compared with a net loss of $6.1 million , or $0.08 per share, in the second quarter of 2006. For the six months ended June 30, 2007 , Amarin reported a net loss of $24.4 million or $0.27 per share, compared with a net loss of $15.1 million or $0.19 per share for the six months ended June 30, 2006 . The increased losses in the periods were primarily due to the previously announced write off of the Miraxion intangible asset of $8.8 million (described further below).
Rick Stewart, chief executive officer of Amarin, commented on Amarin's phase III program in Huntington's disease with Miraxion, "The six-month results previously announced from our two phase III trials in Huntington's disease triggered significant data analysis and evaluation which is ongoing and targeted for completion in the fourth quarter. Preliminary analysis of the 12-month data suggests that there may be a benefit for Huntington's disease patients from a longer treatment period with Miraxion, particularly the specific genetic patient group that was targeted in these trials. This is similar to the encouraging findings from the long term open label study from our earlier trial with Miraxion. However, the viability of our Huntington's disease program remains uncertain until we have completed the full analysis and evaluation of the complex set of trial data."
Mr Stewart continued, "I am pleased to report that we have made substantial progress with the rest of our development pipeline. We are currently developing a cardiovascular strategy to capitalize on the known clinical benefits of EPA in this area. EPA-based prescription drugs, like Miraxion, are already approved in the U.S. and Japan for the treatment of cardiovascular disease. We plan to disclose further information on our cardiovascular strategy later this year. In addition, our other four key development programs in Parkinson's disease, epilepsy seizures, memory and cognition have all made significant progress and are planned to reach important development milestones in the next six months."
PIPELINE UPDATE
Huntington's disease ("HD")
Amarin continues to analyze and evaluate the substantial amount of data generated from its two Phase III clinical trials of Miraxion in HD. On April 24, 2007 , Amarin announced top-line results from both studies at six months that showed no statistically significant difference in efficacy between Miraxion and placebo. The primary endpoint of the trials was a change in the Total Motor Score 4 (TMS-4) component of the Unified Huntington's Disease Rating Scale at six months.
The U.S. trial was prospectively designed as a 12-month study, with a six-month, double-blind, placebo-controlled treatment period followed by a further six-month, open label extension period where all patients received Miraxion. In total, 190 patients had completed their 12-month assessments by the time the six-month results were announced and the trial halted. The E.U. trial commenced later than the U.S. trial and a meaningful number of patients had not received 12 months of treatment when the trial was halted.
In excess of 600,000 data points were generated during the trials which require analysis, correlation and evaluation. Amarin is carrying out this analysis, which is incomplete, with the aid of the Huntington's Study Group ("HSG") and the European HD network ("Euro HD").
Preliminary indications suggest that patients who were treated with Miraxion for 12 months on average showed no deterioration of the primary endpoint (TMS-4) in the overall patient group. In addition, a genetic sub-group of patients - those with a CAG repeat length of less than 45 - on average displayed an improvement in TMS-4. It was this specific genetic group of patients that was targeted as potential responders to Miraxion, based upon clinical data from an earlier trial.
These preliminary findings are similar to the encouraging open label data seen at 24-months following the earlier 135 patient phase III trial. The 24-month data was recently presented at the 11th International Congress of The Movement Disorders Society , Istanbul .
However, the viability of the program will remain uncertain until the full analysis of this complex data is complete. Amarin continues to analyze and evaluate the full data from the two trials with the HSG, Euro HD and our advisors. The Company also intends to pursue discussions with the U.S. Food and Drug Administration and European Agency for the Evaluation of Medical Products . Further information should be forthcoming later this year, likely in the fourth quarter.
Miraxion was found to be safe and well tolerated by patients.
Cardiovascular disease
The clinical benefit of EPA-based drugs to treat cardiovascular disease is well recognized. A Japanese prescription drug, identical to Miraxion (ultra pure EPA), is approved and marketed for trygliceride lowering. In the U.S., an EPA-based prescription drug is also approved and marketed for this indication. In the most recent HD trials, Miraxion, as expected, was shown to lower tryglicerides in patients with elevated baseline levels. Amarin is currently developing a cardiovascular strategy to capitalize on the known clinical benefits of EPA. Further information will be disclosed in the fourth quarter.
Parkinson's disease - Two programs
Oral apomorphine
Amarin's novel, oral formulation of apomorphine for the treatment of "off" episodes in advanced Parkinson's patients completed a second pharmacokinetic study in volunteers earlier this year. This study compared the pharmacokinetic characteristics of four different formulations of oral apomorphine. The lead formulation has now been selected for optimization and a final pharmacokinetic study in volunteers is planned for the fourth quarter. A Phase II study in Parkinson's patients is expected to begin in early 2008.
Amarin's novel, oral formulation provides rapid absorption of apomorphine directly into the bloodstream after sublingual (under the tongue) administration. This novel formulation would offer patients an improved alternative to the currently available injectable formulation of apomorphine that can be associated with the formation of painful swellings at the site of administration.
Combinatorial lipid formulation of levodopa
Pre-clinical results from Amarin's combinatorial-levodopa development program are encouraging. Initial results show substantially increased brain levels of dopamine compared to control in pre-clinical models. Additional pre-clinical studies are ongoing. Clinical trials are planned to commence next year. Levodopa is the "gold standard" for the alleviation of Parkinson's disease symptoms, accounting for 70% of the prescription market.
Epilepsy Seizures
In February, Amarin in-licensed the global rights to a novel, nasal lorazepam formulation for the out-patient treatment of emergency seizures in epilepsy patients, specifically status epilepticus ("SE") and acute repetitive seizures ("ARS"). Amarin's nasal lorazepam will complete a pre-clinical pharmacokinetic study during the third quarter. Subsequent refinement of the nasal formulation is expected to be conducted on completion of this study. Clinical studies are planned to commence next year.
Intravenous lorazepam is a first line of treatment for SE and ARS in hospital emergency rooms in the United States . A nasal lorazepam product for seizure emergencies in the out-patient setting would represent an important treatment alternative for epilepsy patients. Diazepam rectal gel is the only treatment currently approved by the U.S. Food and Drug Administration ("FDA") for seizure emergencies in the out-patient setting. Diazepam gel's use is limited by its rectal route of administration. Consequently, an opportunity exists for the development of a product with a more convenient route of administration permitting broader out-patient treatment of SE and ARS in both children and adults.
Memory and Cognition
Amarin intends to commence a proof of concept study in humans with ultra-pure EPA in memory and cognition in the fourth quarter. Data generated by the Institute of Neuroscience at Trinity College , Dublin, Ireland supports the use of ultra-pure EPA in pre-clinical models of memory and cognition.
Combinatorial Lipid Program
In addition to the targeted transport of levodopa to treat Parkinson's patients discussed above, Amarin has several targeted transport projects under evaluation. As these programs progress, further details will be disclosed.
Amarin's targeted transport technology chemically conjugates bio-active lipids with either other lipids or existing drugs to improve bioavailability, blood brain barrier penetration and potentially increase efficacy, while reducing side effects. Each conjugate will be a new chemical entity ("NCE") with the potential for new intellectual property. The application of this platform is not limited to neurology, as it has applicability across a range of indications from cardiovascular to oncology.
FINANCIAL RESULTS
Three months ended June 30, 2007
For the quarter ended June 30, 2007 , Amarin's operating loss was $16.4 million , compared with an operating loss of $7.2 million for the same period in 2006. The increase for the quarter is primarily due to the previously announced write off of the Miraxion intangible asset of $8.8 million (described further below), an increase in selling, general and administration costs of $0.9 million and a higher stock compensation charge of $0.6 million . These adverse variances were offset by a reduction in research and development expenditure of $0.9 million .
Research and development costs of $2.4 million reflect third party research contract costs, staff costs, preclinical study costs, clinical supplies and the costs of conducting clinical trials. The decrease for the second quarter of $0.9 million from the comparative period of 2006 is primarily due to the completion of the two Phase III trials with Miraxion in Huntington's disease.
Selling, general and administrative costs primarily represent Amarin's general corporate overhead, the Company's substantial investment in intellectual property and the business and corporate development costs of pursuing its growth strategy, including the costs of evaluating potential in-licensing and acquisition opportunities. Selling, general and administrative costs for the second quarter 2007 of $3.8 million increased by $0.9 million when compared to the same period in 2006. The increase is primarily due to increased personnel costs and the significant level of business development activity during the quarter.
Non-cash share based compensation expense increased $0.6 million to $1.5 million when compared to the same period in 2006. This increase was due to options granted since the end of the comparative period.
Impairment of intangible assets
As previously reported, intangible assets of $8.8 million were written off during the quarter. While Miraxion may have potential value in Huntington's disease, central nervous system disorders and other therapeutic indications, due to the six month trial results of the Phase III trials, it was deemed appropriate to write off the intangible asset, all of which relates to Miraxion.
Six months ended June 30, 2007
For the six-month period ended June 30, 2007 , Amarin reported an operating loss of $26.1 million , compared with an operating loss of $13.8 million for the comparative period in 2006. The increase in operating loss over 2006 is mainly due to the $8.8 million impairment of intangible assets, an increase in share based compensation expenses of $1.4 million and increased selling, general and administration costs, primarily reflecting increased personnel costs and the significant level of business development activities to date this year.
Cash Position
At June 30, 2007 , Amarin had cash of $27.6 million compared to $29.0 million at March 31, 2007 . During the quarter, Amarin raised gross proceeds of $3.7 million of which $0.7 million was invested by directors and officers of the Company. In June 2007 , Amarin entered into an equity line of credit agreement that provides Amarin with the option to draw down up to a total of $15.0 million of additional equity funding from time to time. The net decrease in cash balances is due to operating cash outflows during the period.
Amarin has no debt other than working capital liabilities. Amarin forecasts having sufficient cash to fund its operations through August 2008 .
At June 30, 2007 , Amarin had 97.8 million ordinary shares in issue and options and warrants outstanding to purchase 21.3 million shares.
CONFERENCE CALL
Amarin management will host a conference call to discuss these results at 8:30 a.m., Eastern Daylight Time , 1:30 p.m. , Greenwich Mean Time, today, August 1, 2007 . To participate in the call, please dial (800)-968-7995 (toll free) in the US or +1-(706)-679-8403 (toll) elsewhere. The conference ID is 10049924. A telephone replay will be available shortly after the conference call through 12:00 Midnight, Eastern Daylight Time, on Monday, October 1, 2007 , via the link on the company's website at www.amarincorp.com or by dialling (800)-642-1687 (tollfree) in the US or +1-(706)-645-9291 (toll) elsewhere, and entering the access code 10049924. In addition, the call will also be webcast live and a link will be on the company's website at www.amarincorp.com. Information on the company's website is not part of this press release.
About Amarin
Amarin is committed to improving the lives of patients suffering from diseases of the central nervous system. Our goal is to be a leader in the research, development and commercialization of novel drugs that address unmet patient needs.
Amarin's core development pipeline includes, in addition to Miraxion for several therapeutic indications, four other key development programs in Parkinson's disease, epilepsy seizures, memory and cognition and our proprietary pre-clinical combinatorial lipid program.
Amarin has its primary stock market listing in the US on the Nasdaq Capital Market ("AMRN") and secondary listings in the UK and Ireland on AIM ("AMRN") and IEX ("H2E") respectively.
For press releases and other corporate information, visit the Amarin website at http://www.amarincorp.com. Information on our website does not form part of this press release.
Disclosure Notice:
The information contained in this document is as of August 1, 2007 . Amarin assumes no obligation to update any forward-looking statements contained in this document as a result of new information or future events or developments. This document contains forward-looking statements about Amarin's financial condition, results of operations, business prospects and products in research that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as "will", "anticipate", "estimate", "expect", "project", "forecast", "intend", "plan", "believe" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or events. Among the factors that could cause actual results to differ materially from those described or projected herein are the following: risks relating to the Company's ability to maintain its Nasdaq listing (including the risk that the Company may not be able to achieve compliance with the Nasdaq minimum bid price and/or other continued listing criteria within the required timeframe or at all and the risk that the Company may not be able to successfully appeal a Nasdaq delisting determination); the success of Amarin's research and development activities; decisions by regulatory authorities regarding whether and when to approve Amarin's drug applications, as well as their decisions regarding labeling and other matters that could affect the commercial potential of Amarin's products; the speed with which regulatory authorizations, pricing approvals and product launches may be achieved; the success with which developed products may be commercialized; competitive developments affecting Amarin's products under development; the effect of possible domestic and foreign legislation or regulatory action affecting, among other things, pharmaceutical pricing and reimbursement, including under Medicaid and Medicare in the United States , and involuntary approval of prescription medicines for over-the-counter use; Amarin's ability to protect its patents and other intellectual property; claims and concerns that may arise regarding the safety or efficacy of Amarin's product candidates; governmental laws and regulations affecting Amarin's operations, including those affecting taxation; Amarin's ability to maintain sufficient cash and other liquid resources to meet its operating requirements; general changes in International and US generally accepted accounting principles; growth in costs and expenses; and the impact of acquisitions, divestitures and other unusual items. A further list and description of these risks, uncertainties and other matters can be found in Amarin's Form 20-F for the fiscal year ended December 31, 2006 , filed with the SEC on March 5 2007, Amarin's statutory annual report for the year ended 31 December, 2006 furnished on a Form 6-K to the SEC on May 9, 2007 and in its Reports of Foreign Issuer on Form 6-K furnished to the SEC.
Amarin Corporation plc
Period Ended 30 JUNE 2007 Selected Data (IFRS - UNAUDITED)
Three months ended Six months ended
30 June 30 June
2007 2006 2007 2006
Total Total Total Total
$'000 $'000 $'000 $'000
Revenue - - - -
Gross profit - - - -
Operating expenses:
Research and
development 2,409 3,341 6,787 6,132
Selling, General &
Administrative 3,779 2,861 7,775 6,159
Amortisation of
intangible assets - 168 169 337
Impairment of
intangible fixed
assets(non-cash) 8,784 - 8,784 -
Share-based
compensation(non-cash) 1,465 817 2,595 1,166
Operating expenses 16,437 7,187 26,110 13,794
Total research &
development 2,756 3,611 7,373 6,517
Total selling, general
& administrative 13,681 3,576 18,737 7,277
Total operating
expenses 16,437 7,187 26,110 13,794
Total operating (loss) (16,437) (7,187) (26,110) (13,794)
Finance income 648 935 1,200 972
Finance expense - (6) - (2,826)
(Loss) before taxes (15,789) (6,258) (24,910) (15,648)
Income tax credit 169 163 486 553
Net (loss) for the
period (15,620) (6,095) (24,424) (15,095)
Weighted average
shares - basic 92,948 81,202 91,723 79,763
(Loss)/income per
share:
Basic (0.17) (0.08) (0.27) (0.19)
Diluted (0.17) (0.08) (0.27) (0.19)
Amarin Corporation plc
Period Ended 30 JUNE 2007 Selected Data (IFRS - UNAUDITED)
As at As at As at
30 June 31 March 31 Dec
2007 2007 2006
$'000 $'000 $'000
1. Selected Balance Sheet Data
Assets
Non-current assets
Property, plant and equipment 643 632 314
Intangible fixed assets - 9,480 9,636
Available for sale investment 24 20 18
667 10,132 9,968
Current assets
Income tax recoverable 1,363 1,169 1,617
Other current assets 1,434 1,216 1,172
Cash 27,610 28,969 36,802
Total current assets 30,407 31,354 39,591
Total assets 31,074 41,486 49,559
Liabilities
Non-current liabilities
Provisions - 81 119
Other liabilities 92 99 116
Total non-current liabilities 92 180 235
Current liabilities
Trade payables 2,324 1,435 2,096
Accrued expenses & other
liabilities 7,919 8,767 8,660
Total current liabilities 10,243 10,202 10,756
Total liabilities 10,335 10,382 10,991
Equity
Capital and reserves attributable
to equity holders
Share capital 8,691 7,991 7,990
Other reserves 12,048 23,113 30,578
Total shareholders' equity and
liabilities 31,074 41,486 49,559
2. The selected financial data set out in this press release should be
read in conjunction with our 2006 20-F which was filed with the SEC on
March 5, 2007 and our 2006 Statutory Annual Report (including risk
factors described therein) which was furnished on a Form 6-K to the SEC
on May 9, 2007 and our IFRS transition document also furnished on a Form
6-K to the SEC on May 9, 2007 .
3. Loss per share
Basic loss per share is calculated by dividing the net loss by the
weighted average number of shares in issue in the period. The Company
reported a net loss in the three months ended June 30, 2006 and 2007. As
a result the loss per share is not reduced by dilution from outstanding
options and warrants.
4. Intangible assets
As previously reported, on April 24, 2007 Amarin announced results from
its Phase III clinical trials which showed no statistically significant
difference between Miraxion and placebo with regard to primary and
secondary endpoints. While Miraxion may have potential value in central
nervous system disorders and other therapeutic indications, due to the
6-month results of the Phase III trials, it was deemed appropriate to
write off the intangible asset, all of which relates to Miraxion. This
non-cash write off occured in April 2007 and increased the net loss and
reduced net assets of the group by $8.8 million and $9.5 million
respectively.
SOURCE Amarin Corporation Plc
FTWR 4.30
Wednesday, August 01 2007 7:29 AM, EST FiberTower Announces Backhaul Agreement With Sprint Nextel for WiMax Buildout PR Newswire "US Press Releases "
SAN FRANCISCO , Aug. 1 /PRNewswire-FirstCall/ -- FiberTower Corporation (Nasdaq: FTWR), a wireless backhaul services provider, today announced that it had entered into an agreement with Sprint Nextel (NYSE: S) to provide backhaul services in seven of the wireless carrier's initial WiMax launch markets. FiberTower is unable to disclose terms of the agreement as it is subject to confidentiality agreements. However, the Company can disclose that Sprint Nextel's deployment is based on providing Ethernet-based backhaul, a first for any mobile backhaul provider.
Earlier in the year, Sprint announced its intention to launch its Mobile WiMax broadband services in initial markets by year-end 2007. This initial deployment will be followed by a larger roll-out approaching 100 million people by year-end 2008.
FiberTower's unique hybrid network architecture, consisting of microwave and fiber technologies, provides backhaul transport that is highly reliable, cost-effective and scalable as Sprint Nextel continues its deployment of next-generation wireless services.
"We are extremely pleased and excited to have been selected by Sprint Nextel to be the first backhaul provider to deploy commercial Ethernet services," said Michael Gallagher, FiberTower's President and CEO. "We place significant value in our relationship with Sprint Nextel and believe that this historic agreement represents the first step in the carrier's commitment to deploying cutting-edge broadband applications with broad appeal to consumers and the enterprise."
"Sprint Nextel continues to build-out the largest and most technologically advanced mobile broadband network in the U.S.," said Barry West, CTO and President of Sprint Nextel's 4G Mobile Broadband division. "We aim to maintain our position as the leader in broadband mobility and believe that our relationship with FiberTower will support that goal. FiberTower's superior service quality, flexibility and scalability are a perfect fit for our next-generation network plans and we look forward to dramatically expanding this relationship going forward."
About FiberTower
FiberTower is a backhaul and access services provider focused primarily on the wireless carrier market. With its extensive spectrum footprint in 24 GHz and 39 GHz bands, carrier-class microwave and fiber networks in 12 major markets, customer commitments from six of the leading cellular carriers, and partnerships with the largest tower operators in the U.S, FiberTower is considered to be the leading alternative carrier for wireless backhaul. FiberTower also provides backhaul and access service to government and enterprise markets. For more information, please visit our website at http://www.fibertower.com.
Forward Looking Statements
Statements included in this news release which are not historical in nature are "forward-looking statements" within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. There are many risks, uncertainties and other factors that can prevent the achievement of goals or cause results to differ materially from those expressed or implied by these forward-looking statements including, without limitation, interest rates, market prices for our securities, investors' assessment of our prospects, and those risk factors described in the Company's filings with the Securities and Exchange Commission , including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Investor Contact:
Gus Okwu / DRG&E
404-892-8178
gokwu@drg-e.com
Company Contact:
Ornella Napolitano, VP and Treasurer
FiberTower Corporation
202-251-5210
onapolitano@fibertower.com
SOURCE FiberTower Corporation
SOFO 2.51
Wednesday, August 01 2007 7:15 AM, EST Sonic Foundry Event Services to Webcast Chief Executive Magazine's 22nd Annual CEO of the Year Event PR Newswire "US Press Releases "
MADISON, Wis ., Aug. 1 /PRNewswire-FirstCall/ -- Sonic Foundry(R) Inc. (Nasdaq: SOFO), a leader in automated rich media communications technology, today announced the company's Mediasite Event Services group will webcast Chief Executive magazine's annual CEO of the Year award ceremony. The event will take place tonight at 6:00 p.m. ET at the New York Stock Exchange .
The Chief Executive 2007 CEO of the Year is Target CEO Bob Ulrich, who was selected by a panel of his peers. For 22 years, Chief Executive together with the CEO community has taken this opportunity to give recognition to a respected colleague's leadership skills and exemplary achievement in leading a vibrant company. Past honorees of this prestigious award have included George David, Frederick Smith, Michael Dell and Sandy Weill.
During the event, the reigning CEO of the Year, Mr. A.G. Lafley of Procter & Gamble, will pass the baton to Ulrich. Trained Sonic Foundry technicians will work on-site to capture the audio, video and visual aids during the presentation, which will then be automatically webcasted using Sonic Foundry's patented Mediasite(R) web communications platform.
"We look forward to offering wider online access to this exclusive event," said Edward M. Kopko, chairman and CEO of Chief Executive magazine . "By webcasting with Mediasite Event Services, we can extend this unique program to a much broader executive audience who is unable to attend physically, yet stands to benefit greatly from the intelligence and insight of our CEO of the Year."
Sonic Foundry's Mediasite Event Services group consists of systems engineers with specialized knowledge of event recording and conference webcasting. The group supplies technical webcasting services and expertise to organizations who seek to complement their conference or event with viewing over the web. Since its launch in January of this year, the Mediasite Event Services group has provided live and on-demand webcasting for clients ranging from Fortune 500 corporations and university associations to sporting events and charitable organizations.
About Chief Executive
Chief Executive is the only magazine written strictly for CEOs and their peers. As the leading source of intelligence for and about CEOs, it provides ideas, strategies and tactics for top executive leaders seeking to build more effective organizations. Chief Executive conveys the full range of the CEO experience: the corporate challenges, as well as the personal pressures and satisfactions that come with the most demanding job in business. The readers of Chief Executive include the world's most influential leaders -- the CEOs of major corporations around the globe. They are not only shaping new economies around the world, but new societies as well. Chief Executive offers clear-eyed reporting of their successes -- and their failures -- in ways that illuminate, educate, entertain and inspire other CEOs.
About Sonic Foundry(R), Inc.
Founded in 1991, Sonic Foundry (Nasdaq: SOFO) is a technology leader in the emerging rich media communications marketplace, providing enterprise solutions and services that link an information driven world. Ziff Davis Media's Baseline Magazine named Sonic Foundry to its list of the top ten fastest-growing software companies with sales under $150 million . Sonic Foundry is changing the way organizations communicate via the Web and how people around the globe receive vital information needed for work, professional advancement, safety and education. The company's integrated Webcasting and Web presentation solutions are trusted by Fortune 500 companies, education institutions and government agencies for a variety of critical communication needs. Sonic Foundry is based in Madison, WI . For more information about Sonic Foundry, visit the company's Website at http://www.sonicfoundry.com.
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for Sonic Foundry's products, its ability to succeed in capturing significant revenues from media services and/or systems, the effect of new competitors in its market and other risk factors identified from time to time in its filings with the Securities and Exchange Commission .
SOURCE Sonic Foundry, Inc.
with MCT on some i get a news summary and others i get the full news...is that true for u as well? tia
HNAB 1.77
Wednesday, August 01 2007 7:02 AM, EST Hana Biosciences Licenses North American Commercial Rights for Zensana(TM) to Par Pharmaceutical in a $50 Million Deal Business Wire "US Press Releases "
SOUTH SAN FRANCISCO, Calif .--(BUSINESS WIRE)--
Hana Biosciences (NASDAQ:HNAB), a biopharmaceutical company focused on advancing cancer care, today announced that it has entered into an exclusive licensing agreement with Par Pharmaceutical (NYSE:PRX) for the development and commercialization of Zensana(TM) (ondansetron HCI) Oral Spray in North America . Zensana is the first 5-HT3 antagonist to deliver ondansetron, a standard antiemetic therapy, in an oral spray. Ondansetron is used in the prevention of nausea and vomiting as a result of chemotherapy, radiation, and surgery. Leerink Swann & Company acted as the exclusive advisor to Hana for this transaction.
Under the terms of the agreement, Par Pharmaceutical gains exclusive North American rights to Zensana, and will have primary responsibility for the compound's development, all regulatory filings with the U.S. Food and Drug Administration and sales and marketing. Hana Biosciences will receive an initial payment of $5 million through the sale of common stock at a share price of $2.00 , a 25% percent premium. Hana may also receive up to $45 million in development and commercialization milestone payments. Following Zensana's approval, Hana will be eligible to receive royalty payments on sales exceeding specified levels.
"Par is an ideal partner to commercialize Zensana, which we believe will be an important product for patients suffering from nausea following chemotherapy, radiation or surgery. Par has built a strong portfolio of proprietary products and brings proven capabilities in the commercialization of supportive care products," stated Mark J. Ahn, PhD, President and Chief Executive Officer. "This agreement provides Hana with a means of leveraging Zensana to achieve near- and long-term revenues while focusing our internal efforts on Hana's pipeline of oncology product candidates. Led by our three product candidates utilizing our Optisome(TM) Nanoparticle Technology, we look forward to advancing our pipeline through clinical development and increasing value for shareholders."
John A. MacPhee, president of Par's Branded Products Division, said, "Zensana aligns well with Par's strategy to expand its presence in supportive care in oncology and AIDS. Zensana would represent an excellent alternative for patients having difficulty tolerating other oral dosage forms of ondansetron."
About Zensana(TM) (ondansetron HCl) Oral Spray
Zensana(TM) (ondansetron HCI) Oral Spray is a 5-HT3 antagonist in development to deliver ondansetron, a standard antiemetic therapy, in a convenient, micromist oral spray for the prevention of nausea and vomiting as a result of chemotherapy, radiation, and surgery. Ondansetron, a selective blocking agent of the hormone serotonin, is an FDA-approved active ingredient that is widely used in tablet form to prevent chemotherapy, radiation, and post-operative associated nausea and vomiting. Many patients requiring antiemetic therapy experience dysphagia, a discomfort or difficulty swallowing tablets, due to mouth and throat sores, inflammation, or dry mouth. Hana believes that the convenience of drug delivery via an oral spray may offer an attractive alternative to tablets and other forms of ondansetron.
About Hana Biosciences, Inc.
Hana Biosciences, Inc. (NASDAQ:HNAB) is a South San Francisco, CA -based biopharmaceutical company focused on acquiring, developing, and commercializing innovative products to advance cancer care. The company is committed to creating value by building a world-class team, accelerating the development of lead product candidates, expanding its pipeline by being the alliance partner of choice, and nurturing a unique company culture. Additional information on Hana Biosciences can be found at www.hanabiosciences.com.
About Par Pharmaceutical Companies, Inc.
PAR Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit www.parpharm.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are often, but not always, made through the use of words or phrases such as "anticipates," "expects," "plans," "believes," "intends," and similar words or phrases. These forward-looking statements include without limitation, statements regarding the timing, progress and anticipated results of the clinical development, regulatory processes, potential clinical trial initiations, potential IND and NDA filings and commercialization efforts of Hana's product candidates, including its Zensana product candidate. Such statements involve risks and uncertainties that could cause Hana's actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. Among other things, there can be no assurances that any of Hana's development efforts relating to its other product candidates will be successful, that Hana will be able to obtain regulatory approval of any of its product candidates, and that the results of clinical trials will support Hana's claims or beliefs concerning the effectiveness of its product candidates. Additional risks that may affect such forward-looking statements include Hana's need to raise additional capital to fund its product development programs to completion, Hana's reliance on third-party researchers to develop its product candidates, and its lack of experience in developing and commercializing pharmaceutical products. Additional risks are described in the company's Annual Report on Form 10-K for the year ended December 31, 2006 filed with the Securities and Exchange Commission . Hana assumes no obligation to update these statements, except as required by law.
Source: Hana Biosciences, Inc.
AVRX 4.52
Wednesday, August 01 2007 6:59 AM, EST Avalon to Release Second Quarter 2007 Financial Results PR Newswire "US Press Releases "
GERMANTOWN, Md., August 1 /PRNewswire-FirstCall/ -- Avalon Pharmaceuticals, Inc. (Nasdaq: AVRX) today announced that it is scheduled to release financial results for the second quarter of 2007, on Wednesday, August 8, 2007 after the close of the U.S. financial markets. The Company will also host a conference call on Thursday, August 9, 2007 at 8:00 a.m. Eastern Daylight Savings Time to provide a company update and discuss the financial results for the quarter. Interested investors, analysts, members of the media and the general public can listen to the call live over the Internet from the investor section of the Company's website or by dialing the numbers listed below.
Conference Call Details:
------------------------
Dial-In: (866) 770-7129 (U.S.)
(617) 213-8067 (International)
Passcode: 95694420
Webcast: Please go to: http://www.avalonrx.com/, Investor Relations/
Upcoming Presentations, within 15 minutes prior to the call and
select the webcast link. The conference call replay will be
available through September 30, 2007 .
About Avalon Pharmaceuticals
Avalon is a biopharmaceutical company focused on the discovery, development and commercialization of first-in-class cancer therapeutics. Avalon's lead product candidate, AVN944, an IMPDH inhibitor, is in Phase II clinical development. Avalon also has preclinical programs to develop inhibitors of the Beta-catenin and Aurora pathways, discovery programs for inhibitors of the survivin and Myc pathways and partnerships with Merck, MedImmune, Medarex, and Novartis. AvalonRx(R) is the company's proprietary platform which is based on large-scale biomarker identification and monitoring, used to discover and develop therapeutics for pathways that have historically been characterized as "undruggable". Avalon is headquartered in Germantown, Md.
SOURCE Avalon Pharmaceuticals, Inc.
CGEN 2.96
Wednesday, August 01 2007 6:59 AM, EST Compugen Adds Three Members to Board of Directors Business Wire "US Press Releases "
TEL AVIV, Israel --(BUSINESS WIRE)--
At its Annual Meeting held yesterday, Compugen Ltd. (NASDAQ:CGEN) elected three new members to its Board of Directors: Yair Aharonowitz, Ph.D., Arie Ovadia, Ph.D. and Joshua Shemer, M.D.
Professor Aharonowitz is Professor of Microbiology and Biotechnology and was previously Vice President of Research and Development and Head of the Institute of Biotechnology , all at Tel Aviv University . He has been a visiting scientist at Oxford University , and was formerly an Alberta Heritage Fellow at the University of Alberta , Edmonton , and a visiting professor at the Karolinska Institute and at the University of British Columbia . Prof. Aharonowitz is a Fellow of the American Academy of Microbiology and a member of the Israeli Society of Microbiology .
Dr. Ovadia advises major Israeli companies on finance, accounting and valuations, and is a member of the board of directors of The Strauss Group , Israel Petrochemical Industries, ViryaNet, Carmel, Elron, Giron, Destiny, Scitex, Peninsula and Intercure. In addition, he served as a member of the Israeli Accounting Board and the Israeli Security Authority .
Professor Shemer is Professor of Medicine at Tel Aviv University and is currently CEO of Steba Biotech N.V. In addition, he is a member of the Board of Directors of Maccabi Healthcare Services, Chairman of Assuta Medical Centers and Director of the Israel Center for Health Technology Assessment , Gertner Institute , Tel Hashomer. Prof. Shemer was previously the Director-General of Maccabi Healthcare Services, Director-General of the Israeli Ministry of Health and Surgeon General of the Israel Defense Forces .
Compugen's board now consists of six members, the three new members plus Ruth Arnon, Ph.D., Martin Gerstel, and Alex Kotzer, three prior members whose terms are continuing.
Professor Arnon was appointed to the Board on May 30, 2007 and was formerly a Professor and Vice-President of the Weizmann Institute of Science . She is a noted immunologist, and has made significant contributions to the fields of vaccine development, cancer research and the study of parasitic diseases, and was the co-developer of Copaxone(R), a leading drug for the treatment of multiple sclerosis. Prof. Arnon is a member of the Israel Academy of Sciences , presently chairing its Science Division, and is a recipient of numerous scientific awards and honors.
Martin Gerstel is Chairman of the Compugen Board and retired CEO of Alza Corporation ; Alex Kotzer is Compugen's President and CEO.
About Compugen
Compugen's mission is to be the world leader in the discovery and licensing of product candidates to the drug and diagnostic industry. The Company's powerful discovery engines enable the predictive discovery of numerous potential therapeutics and diagnostic biomarkers. This capability results from the Company's decade-long pioneering efforts in the deeper understanding of important biological phenomena at the molecular level through the incorporation of ideas and methods from mathematics, computer science and physics into biology, chemistry and medicine. To date, Compugen's diagnostic and therapeutic product discovery efforts and its initial discovery engines have focused mainly within the areas of cancer, immune-related and cardiovascular diseases. The Company's primary commercialization pathway for its product candidates is to enter into milestone and revenue sharing out-licensing and joint development agreements with leading therapeutic and diagnostic companies. Compugen has established an agricultural biotechnology affiliate -- Evogene, and a small-molecule drug discovery affiliate -- Keddem Bioscience. For additional information, please visit Compugen's corporate Website at www.cgen.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include words like "may," "expects," "believes," and "intends," and describe opinions about future events. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Compugen to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Some of these risks are: changes in relationships with collaborators; the impact of competitive products and technological changes; risks relating to the development of new products; the ability to implement technological improvements; the ability of Compugen to obtain and retain customers. These and other factors are identified and more fully explained under the heading "Risk Factors" in Compugen's annual reports filed with the Securities and Exchange Commission .
Source: Compugen Ltd.
NSUR 3.76 Wednesday, August 01 2007 6:29 AM, EST Insure.com, Inc. Reports Second Quarter 2007 Financial Results PR Newswire "US Press Releases "
DARIEN, Ill., Aug. 1 /PRNewswire-FirstCall/ -- Insure.com, Inc. (Nasdaq: NSUR) today announced financial results for the second quarter ended June 30, 2007 .
Financial Results
Insure.com reported revenues of $4.7 million in the second quarter of 2007, an increase of 19 percent from revenues of $3.9 million for the same quarter of last year. On a sequential basis, revenues increased 11 percent over the first quarter of 2007. The net loss for the quarter was $299,000 or $.04 per share, compared to a net loss of $917,000 , or $.13 per share, in the second quarter of 2006, and an improvement compared to the net loss of $882,000 , or $.12 per share recorded in the first quarter of 2007.
"Insure.com delivered improved financial results compared to the same period of last year and the first quarter of 2007," commented chairman and CEO Robert Bland. "We are making solid progress with the continued build-out of our telephone call center. Website refinements are also yielding more leads per marketing dollar spent, which means that customer acquisition costs have come down nicely so far in 2007. We are very excited about the future of the online insurance business."
Chief financial officer Phil Perillo stated, "Increased sequential revenue from our new life insurance phone sales unit helped to narrow our net loss for the quarter to $299,000 , compared to a loss of $882,000 for the first quarter of 2007. Our 2007 life insurance new business pipeline remains robust in that we achieved 11,100 life applications requested in the second quarter of 2007, which is up 95 percent from 5,700 in the second quarter of 2006 and up 12 percent from 9,900 in the first quarter of 2007. Life applications requested for the first six months of 2007 were 21,000, up 78 percent from 11,800 for the same period of 2006."
Insure.com has a strong balance sheet with no debt. Cash and investments at June 30, 2007 amounted to $10.5 million vs. $8.2 million at year-end 2006. Stockholders' equity amounted to $18.2 million at June 30, 2007 as compared to $19.3 million at December 31, 2006 . Insure.com has a federal tax loss carry forward of approximately $46 million .
Insure.com has a stock repurchase plan in place. During the second quarter of 2007, we repurchased 3,484 shares of our common stock. Under this plan, we are currently authorized by the board to repurchase up to 618,000 additional shares in the open market or in negotiated transactions.
The majority of our revenues are derived from the sale of individual life insurance policies. The overall U.S. life insurance market is currently stagnant in terms of commission revenue growth due to record low premiums. We expect this challenging market to remain throughout 2007.
In 2007, we expect life insurance commissions to make up approximately 75 percent of our revenues, with most of the remainder coming from the sale of insurance leads. In 2006, approximately 66 percent of our revenues were derived from the sale of individual life insurance, with most of the balance made up of sales of non-life insurance traffic to insurance companies and agents.
About Insure.com
Insure.com provides a comprehensive consumer information service and companion insurance brokerage service that caters to the needs of self-directed insurance shoppers. Visitors to the Company's flagship Web site, http://www.insure.com, are able to obtain free, instant quotes from leading insurers and have the freedom to buy online or by phone from any company shown. Insure.com also plays home to over 2,000 originally authored articles on various insurance topics and also provides free insurance decision-making tools that are not available from any other single source. Insure.com generates revenues from receipt of industry-standard commissions, including back-end bonus commissions and volume-based contingent bonus commissions that are paid by participating insurance companies. We also generate advertising revenues from the sale of Web site traffic to various third parties. Insure.com was originally founded in 1984 as Quotesmith Corporation . Shares of the Company's common stock trade on the Nasdaq Capital Market under the symbol NSUR.
Cautions about Forward-Looking Statements
This announcement may contain forward-looking statements that involve risks, assumptions and uncertainties pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. This announcement also contains forward-looking statements about events and circumstances that have not yet occurred and may not occur. These forward-looking statements are inherently difficult to predict. Expressions of future goals and similar expressions including, without limitation, "intend," "may," "plans," "will," "believe," "should," "could," "hope," "expects," "expected," "does not currently expect," "anticipates," "predicts," "potential" and "forecast," reflecting something other than historical fact, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Investors should be aware that actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. Reported Web site activity and/or quotes are not necessarily indicative of any present or future revenue. The Company will not necessarily update the information in this press release if any forward-looking statement later turns out to be inaccurate. Potential risks and uncertainties include, among others, concentration of common stock holdings, general price declines within the life insurance industry, unpredictability of future revenues, potential fluctuations in quarterly operating results, competition, the evolving nature of its business model, possible write down of intangible assets and goodwill, risks associated with capacity constraints, management of growth and potential legal liability arising out of misuse, breach of confidentiality or error in the handling of confidential customer information. More information about potential factors that could affect the Company's financial results are included in the Company's Annual Report on Form 10-K for the year ended December 31, 2006 which is on file with the United States Securities and Exchange Commission .
INSURE.COM, INC.
STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Quarter Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
Revenues:
Commissions and fees $4,679 $3,941 $8,880 $8,811
Expenses:
Selling & marketing 1,421 2,446 3,196 4,951
Operations 2,662 1,380 4,805 2,959
General &
administrative 820 889 1,879 1,778
Depreciation & amort. 188 228 383 464
Total expenses 5,091 4,943 10,263 10,152
Operating income (loss) (412) (1,002) (1,383) (1,341)
Investment income (net) 111 84 200 165
Gain (loss) on
disposal of assets 2 1 2 (29)
Net income (loss) $(299) $(917) $(1,181) $(1,205)
Net income (loss)
per common share,
basic and diluted $(0.04) $(0.13) $(0.16) $(0.16)
Diluted average common
shares and equivalents
outstanding 7,300 7,315 7,300 7,318
SELECTED BALANCE SHEET DATA
(In thousands)
June 30, December 31,
2007 2006
Cash and equivalents.......... $ 649 $ 1,300
Investments................... 9,895 6,941
Commissions receivable........ 2,776 2,599
Land and building, net........ -- 3,446
Intangibles and goodwill...... 5,395 5,657
Other assets.................. 826 729
Total assets.................. $19,541 $20,672
Total current liabilities..... $ 1,324 $ 1,348
Total stockholders' equity.... 18,217 19,324
Total liabilities &
stockholders' equity....... $ 19,541 $20,672
SOURCE Insure.com, Inc.
FACT 1.55 State questions Empire Zone commitments: Some companies getting breaks dispute claims of shortfalls [Albany Times Union, N.Y.] Knight Ridder/Tribune "Business News "
Aug. 1 -- ALBANY -- State economic development officials are sending letters to about 230 Capital Region companies they believe have fallen short of the job or investment commitments they made to the Empire Zone tax break program.
A number of companies disputed claims by officials of Empire State Development Corp. , which sent the letters and administers the program.
A local sampling of Empire State Development reports show a First Albany Capital employment shortfall of 161 jobs, Cyclics of Schenectady's shortfall of 20 jobs and Regeneron Pharmaceuticals of East Greenbush with a $980,000 investment shortfall.
Wal-Mart officials criticized their inclusion on the list, which says the giant retailer has missed investment goals for its Johnstown distribution facility by $41 million .
The company has already invested $80 million in the project, said Phil Serghini, a Wal-Mart spokesman.
"This whole thing is completely bogus," Serghini said. "We look forward to getting the letter. We fulfilled what we have promised."
Empire State Development said Monday it is sending letters to 3,000 companies in the state that it believes are falling "substantially short" of job creation or investment promises made in return for receiving Empire Zone benefits.
By using data about the 3,000 companies collected by ESDC, the Times Union was able to identify roughly 230 Capital Region companies that ESDC has targeted.
Regeneron Pharmaceuticals in East Greenbush has missed its investment targets by $980,000 under the Empire Zone program, according to the letters.
Regeneron officials contacted by the Times Union Tuesday said they were unaware of any shortfall but declined further comment.
Jay Sherman, Empire Zone coordinator for Rensselaer County, said he was under the impression that no Rensselaer County firms are being targeted by Empire State Development. He said he recently told participants that the state was happy with their performance.
"If there has been a change, I will stand corrected," Sherman said.
Empire Zones were created by the state in 1986 to help stimulate economic growth in poor areas with high unemployment. The program was significantly expanded and widely used under Gov. George Pataki's administration.
Companies which failed to meet at least 60 percent of their goals -- based on an audit of their 2005 business annual reports filed with ESDC -- are getting the letters.
The Empire Zone program has come under fire from consumer advocates, and the new administration of Gov. Eliot Spitzer has vowed to take a close look at its benefits and shortcomings.
A Times Union analysis of the program in April found that Capital Region companies reap nearly $40 million in annual tax breaks from their inclusion in Empire Zones.
Patrick Foye, co-chairman of Empire State Development, said in an interview Tuesday that the Empire Zone program has had a lot of success over the years in creating jobs in the state.
But he said the letter-writing campaign is designed "to put companies on notice." ESDC will look at the companies' 2006 annual reports to see if progress has been made on meeting their goals.
"We're asking for information," he said. "We're going to monitor this closely."
Foye said each case will be looked at separately, especially since some companies may have legitimate reasons for missing targets, such as a natural disaster. Some companies found in default may have to repay benefits they might have received. Rulison can be reached at 454-5504 or by e-mail at lrulison@timesunion.com.
To see more of the Albany Times Union , or to subscribe to the newspaper, go to http://www.timesunion.com.
Copyright (c) 2007, Albany Times Union, N.Y.
Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc. , 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
LOL! few minutes ago i got summaries....now i get the whole NR...hmmmm, ty!
how can i see the entire news release as opposed to the summary on the news streamer?
i need help with microcaptrade...anyone know how to see entire news release and not just summary?
anyone here use microcaptrade?
good!!! HMPH!
that's good for me because most of the time i forgot to hit KEEP when i meant to.....i like it.
love the new REMOVE feature in the mailbox :)
NRMG added to ibox
NRMG - National Realty and Mortgage Inc. Reverse Split History
Symbol Split Ratio Date
NRYM 1:300 R/S 12/19/2005
NRES name change 10/20/2005
NPPI name change 12/20/2000
NPPI 1:10 R/S 01/20/1999
ok...that helped...thanks much!
SREA .20/.21 ut into close
it was a nite walk down...he filled at ask and dropped ask repeatedly
PRSU .031x2 .033x1
weeeeeeeeeeeeeeeeee .06/.07
;) MAUG .055x3 .06x1
Maui General Store Inc. Subsidiary Announces Joint Venture With Vietnamese Company
Jul 31, 2007 3:00:00 PM
2007 PrimeNewswire, Inc.
HANA, Hawaii, July 31, 2007 (PRIME NEWSWIRE) -- Maui General Store, Inc. (OTCBB:MAUG) announced today that its recently formed subsidiary has executed a joint venture agreement with a Vietnamese company to assist in arranging Initial Public Offerings and equity financing for selected companies. The companies being represented under this agreement each have yearly revenues over USD 100 million.
Asia Merger & Acquisition Corporation (AMAC) will represent the firms with our joint venture partner in negotiations with well known investment banks in the United States and abroad. AMAC shall receive fees/cash/stock of total transactions.
Confidentiality agreements with the joint venture partner and the subject firms, applicable quiet period regulations inter alia prohibit AMAC from disclosing the identities of the privately held firm(s) at this time. AMAC will inform shareholders when legally possible. Kindly note that these transactions are inter-country, consequently, we will comply with the securities regulations of both jurisdictions.
Mr. Richard Miller, CHB/CEO/PRES of Maui stated Tuesday; "AMAC is going to represent the Vietnamese firms during their transition to becoming publicly held companies. These firms will have decades of profitable expansion and are highly respected in their home country of Vietnam. Their business operations are vital to Vietnam's emerging economy and continued internal growth. We are honored to represent them at this important time in their corporate life. This event, coupled with the recent appointment of former Microsoft Vice President Rowland Hanson to our board will prove to be an historic month for our shareholders."
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
The Maui General Store logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1128
CONTACT: Maui General Store, Inc.
Richard Miller, President and CEO
808-248-8787
check that L2
a hot day for RSs..lol...geepers
PRSU .056/.057 1x1
PRSU .053/.055 (HDSN moved to .10 with FANC :)
only found 1 RS for NRMG...are there more?
NRES name change to NRYM 10/20/2005
NRYM to NRMG 1:300 RS 12/19/2005
8/1/2007 PDYD 1-500 R/S **Polydyne Industries Inc Common Stock PDYI Polydyne Industries Inc New Common Stock
8/1/2007 IQMG 1-20 R/S ** I Q Holdings Inc Common Stock SSII Scenario Systems International, Inc. Common Stock
8/1/2007 ASRS 1-50 R/S ** Atlas Resources, Inc. Common Stock GLBH Global Tech Holdings, Inc. Common Stock
13:43 8/1/2007 UWKI uWink, Inc. (Del) Common Stock UWKI uWink, Inc. (Del) Common Stock Refer to 7/25/2007 daily list. The correct CUSIP for the new side of this transaction is 91818N100. **
8/1/2007 TNVF 1-10 R/S **Terra Nova Financial Group, Inc. Common Stock TNFG Terra Nova Financial Group, Inc. NEW Common Stock