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Heads up CVQ.V
CVQ-V NR 3.12 & 101M shares
CV seeks TSX listing; issues Q1 sales of $18.9-million
2006-01-18 09:58 ET - News Release
Mr. Gordon Brown reports
CV TECHNOLOGIES-MAKER OF COLD-FX(4)-REPORTS NET SALES OF $18.9 MILLION FOR Q1 AND APPLIES FOR TSX LISTING
CV Technologies Inc. has confirmed preliminary net sales figures of $18.9-million for the first quarter of fiscal 2006. This represents an increase of $7.6-million over first quarter sales of $11.3-million for the same period last year.
CV Technologies' president and chief executive officer, Dr. Jacqueline Shan, said: "We are very pleased with these results which reflect the success of our increased marketing programs and distribution networks, primarily in Eastern Canada. The recent launch of CELL-fX, for the relief of joint pain, also contributed to our sales growth."
The company also reported it has filed an application to be listed on the Toronto Stock Exchange, Canada's premier exchange. CV Technologies has been listed on the TSX Venture Exchange since 2001 and was selected as the exchange's top-performing company in 2005.
Dr. Shan said: "Graduating to the Toronto Stock Exchange will be a significant accomplishment for our company. We have shown a strong track record of business management in a time of rapid growth and we feel this is the right time to move to the senior exchange. A listing on the TSX can bring our company more visibility, attract analysts and institutional investors, and offer more stability to the company in the capital markets."
LOR-T NR today #2 - .375 & 172.8M shares
Lorus plans $21.6-million financing; tech transfer
2006-01-17 11:02 ET - News Release
Dr. Jim Wright reports
LORUS ANNOUNCES $21.6 MILLION TAX ASSISTED FINANCING AND REPAYMENT OF CONVERTIBLE DEBENTURES
Lorus Therapeutics Inc. has signed a term sheet in respect of a tax-assisted financing which, if completed, will raise net cash proceeds of $21.6-million before transaction costs. The tax-assisted financing is managed by Biotechnology Management Corp. The completion of the transaction is subject to a number of conditions precedent, including regulatory and corporate approvals and the completion of legal documentation satisfactory to the parties, and is expected to close on or before Feb. 15, 2006.
Pursuant to the transaction, Lorus intends to license certain patents relating to product candidates Virulizin, GTI-2040 and GTI-2501 in designated countries as part of a transfer of technology businesses to a limited partnership, PHBLP XLIV LP. The operating partnership will commercialize the business pursuant to the patent licence and Lorus (or a wholly owned subsidiary of Lorus) as general partner will manage the operating partnership after closing. Lorus will subscribe for Class B units of the operating partnership and JBX LP will subscribe for Class A units of the operating partnership. Lorus understands that the sole limited partner of JBX will be the Erin Mills Development Corp. The operating partnership will continue to have the ability to sublicense the technology to any potential partners with the potential to become a licence with Lorus when Lorus reacquires the business.
Between Nov. 15, 2007, and June 30, 2009, Lorus will have the right to, and intends to, reacquire the business at its fair market value by purchasing all of the issued and outstanding Class A units of the operating partnership in consideration of, among other things, the issuance of between 25,846,000 and 32,308,500 common shares of Lorus. In connection with its participation in this transaction, Lorus will issue 10 million warrants to the manager to acquire common shares of Lorus at an exercise price of 45 cents per common share.
In addition, Lorus has reached an agreement with the holder of its $15-million convertible secured debentures, the Erin Mills Investment Corp. (TEMIC), subject to the successful completion of the tax-assisted financing transaction, to repay the debentures prior to maturity. In consideration of the early repayment of the debentures, TEMIC has agreed to cancel the warrants exercisable at $1 per common share that were originally issued upon entering into the debentures in October, 2004.
"This transaction will improve the financial position of Lorus both by eliminating our currently outstanding $15-million in convertible debentures, as well as the monthly interest costs of approximately $75,000 and the corresponding monthly issuance of approximately 250,0000 common shares to pay the interest. It will also provide Lorus with significant additional funds to use towards the advancement of our small-molecule and anti-sense drug development programs," said Dr. Jim Wright, president and chief executive officer. "Lorus continues to focus on forming partnerships for drugs under clinical development, primarily, its proprietary anti-sense products, as well as Virulizin."
We seek Safe Harbor.
NRI-T NR today .60 & 123M shares
Paladin Labs invests in Nuvo through Squire
2006-01-17 07:12 ET - News Release
See News Release (C-PLB) Paladin Labs Inc
Ms. Samira Sakhia of Paladin Labs reports
NUVO SELLS ADDITIONAL CANADIAN PENNSAID'R' RIGHTS TO PALADIN SUBSIDIARY
Paladin Labs Inc. and Nuvo Research Inc. have entered into an agreement which expands their relationship with respect to the sale and marketing of Pennsaid in Canada. In August, 2005, Squire Pharmaceuticals Inc. (formerly Dimethaid Health Care Ltd.) was acquired by Paladin from Nuvo. The terms of this expanded agreement include Squire making an upfront payment, providing continuing royalties on the sale of Pennsaid and making an investment of $500,000 in Nuvo through a three-year debenture convertible into Nuvo shares at a conversion price of 45.6 cents, which is based on the 10-day average closing price.
"We are pleased to broaden our relationship with Paladin, a company with a proven ability to successfully build leading brands in Canada," said John London, Nuvo's vice-chairman. "This transaction provides non-dilutive funding for our operations, including our drug development program, to mid-2006, when we plan to submit our amended new drug application (NDA) for Pennsaid to the United States Food and Drug Administration (FDA)."
"Clinical data indicates that Pennsaid is as effective as oral diclofenac, considered the 'gold standard' treatment for osteoarthritis, but with significantly fewer adverse events. Providing safer and effective alternatives like Pennsaid to some of the four million Canadians living with osteoarthritis, furthers Paladin's goal of improving the lives of Canadians," said Jonathan Ross Goodman, president and chief executive officer of Paladin. "We are excited that we have been able to expand our rights to Pennsaid and our relationship with Nuvo."
We seek Safe Harbor.
LOR-T NR today .375 & 172.8M shares
Lorus trims down 2006 Q2 gains with $5.1-million loss
2006-01-17 11:55 ET - News Release
Ms. Grace Tse reports
LORUS THERAPEUTICS REPORTS SECOND QUARTER RESULTS FOR FISCAL YEAR 2006
Lorus Therapeutics Inc. is providing financial results for the three- and six-month periods ended Nov. 30, 2005.
Product updates
Virulizin
Lorus reported during the quarter that the data from its Virulizin phase III clinical trial treating patients with metastatic pancreatic cancer did not reach statistical significance in terms of median overall survival times. However, the data did show promising statistical trends in certain patient populations which the company continues to evaluate.
GTI-2040
One of the lead drugs in Lorus's antisense portfolio, GTI-2040, continues to advance in the clinic with six phase II clinical trials under way sponsored by the National Cancer Institute (NCI) in six different indications. During the quarter, Lorus has continued to see exciting developments related to its antisense portfolio including:
* in early December, Lorus reported positive findings in its clinical trial of GTI-2040, combined with cytarabine in patients with recurrent or refractory AML, sponsored by the NCI. These patients have few remaining treatment options and, without novel therapies, are candidates for bone-marrow transplants. The clinical trial data presented showed complete responses in 44 per cent of patients 60 years of age or younger. Patients in this trial had either failed to respond to prior therapy or had rapidly relapsed. Such patients usually have a very low expectation of complete response of approximately 10 per cent to 20 per cent on salvage therapies such as high-dose cytarabine; and
* during the quarter, Lorus reported the publication of interim results of the clinical trial of GTI-2040 in combination with docetaxel and prednisone in patients with hormone refractory prostate cancer (HRPC). The publication reports that in patients evaluable for prostate-specific antigen (PSA) there were seven PSA responses (reductions of greater than 50 per cent), seven disease stabilizations and one disease progression on this regimen of antisense therapy, targeting the R2 component of ribonucleotide reductase combined with docetaxel and prednisone. One patient was inevaluable and eight were not yet assessed. PSA is overproduced in prostate cancer cells and is commonly used to assess disease progression and response. Median survival in HRPC is a dismal 18 months despite initial responses to chemotherapy, so there is a need for novel combination therapies.
Small-molecule program
The Lorus team is actively working on advancing its small-molecule program at an accelerated pace, with the objective of moving a drug candidate into the clinic during calendar 2006. During the first quarter, Lorus reported continued success in the development of the small-molecule, anti-cancer program with the selection of a class of lead molecules. Two molecules from this class, ML-133 and LT-253, have been chosen as lead candidates for further development as novel anti-cancer drugs based on the results of preclinical studies.
"The second quarter of 2006 has been challenging and exciting at the same time," said Dr. Jim Wright, president and chief executive officer. "We have been very pleased with the data we have seen from our GTI-2040 phase II clinical trials supported by the NCI, while challenged with the mixed results of our phase III clinical trial of Virulizin and the subsequent corporate changes. Although it has been an unusual quarter, Lorus has emerged with what continues to be a diversified product pipeline with seven phase II clinical trials under way and a strong preclinical program."
Financial results
Lorus's cash used in operating activities was $2.4-million for the three months ended Nov. 30, 2005, compared with $5-million in the same period last year. For the six-month period ended Nov. 30, 2005, cash used in operating activities totalled $7.2-million compared with $10.8-million in the same period last year. The decrease is primarily due to lower research and development expenditures during the quarter due to the close of the company's Virulizin phase III clinical trial in July, 2005, as well as a higher accounts payable and accrued liabilities balance at Nov. 30, 2005, offset by severance costs associated with the corporate changes announced during the quarter.
Net loss for the three months ended Nov. 30, 2005, totalled $5.1-million (three cents per share) compared with a loss of $5.9-million (three cents per share) for the same period last year. For the six-month period ended Nov. 30, 2005, net loss totalled $10.8-million (six cents per share) compared with $12.2-million (seven cents per share) for the comparable period last year. The year-to-date decrease in net loss is due primarily to a reduction of $2.3-million in research and development expenses offset by higher general and administrative expense of $330,000 due to severance costs, as well as higher interest expense of $368,000 and accretion expense of $308,000 associated with the convertible debenture entered into during fiscal 2005.
Research and development expenses for the three months ended Nov. 30, 2005, decreased to $2.6-million compared with $3.8-million for the same period last year. For the six months ended Nov. 30, 2005, research and development expenses decreased to $6.6-million compared with $8.9-million for the same period last year. The anticipated decrease in research and development activities relates primarily to lower clinical trial costs for the now-complete, phase III trial of Virulizin in comparison with the prior year when the trial was fully enrolled and under way.
General and administrative expenses for the three-month period ending Nov. 30, 2005, increased to $1.6-million compared with $1.3-million in the same period last year. General and administrative expenses for the six-month period ending Nov. 30, 2005, increased to $2.7-million compared with $2.4-million in the same period last year. The increase in general and administrative expense is due to severance costs of $468,000 resulting from corporate changes in November, 2005, offset by lower payroll and operating costs subsequent to the changes.
Stock-based compensation expense decreased to $414,000 for the three months ended Nov. 30, 2005, compared with $650,000 for the same period last year and $705,000 for the six months ended Nov. 30, 2005, compared with $861,000 for the six months ended Nov. 30, 2004. The decrease for the three-month period is the result of a stock option amendment in the prior year extending the contractual life of all options outstanding from five to 10 years, which resulted in a one-time charge of $208,000. In addition, during the quarter, there was a change in estimate related to some of the stock options with contingent vesting criteria leading to a reduction in expense of $78,000 during the quarter. These one-time charges were offset by annual options granted in the second quarter in September, 2005, compared with November in the prior year which resulted in two additional months of expense. For the six-month period, the decrease in expense related to the option amendment and the reversal of expense is offset by a higher number of options issued year to date in comparison with the prior year.
Subsequent to the quarter end, Lorus signed a term sheet in respect of a tax-assisted financing which, if completed, will raise gross cash proceeds of $21.6-million as part of Lorus's participation in the biotechnology investment fund program managed by IATRA Management Services Corp., a wholly owned subsidiary of IATRA Life Sciences Corp. The completion of the transaction is subject to a number of conditions, including regulatory approval, no requirements for shareholder approval and the completion of legal documentation satisfactory to the parties, and is expected to close on or about Feb. 15, 2006.
In addition, Lorus has signed a term sheet with the holder of its $15-million convertible secured debentures, the Erin Mills Investment Corp. (TEMIC), subject to the successful completion of the tax-assisted financing transaction, to repay the debentures prior to maturity. In consideration of the early repayment of the debentures, TEMIC has agreed to cancel the warrants exercisable at $1 per common share that were originally issued upon entering into the debenture agreement in October, 2004.
CONSOLIDATED STATEMENTS
OF LOSS AND DEFICIT
(Unaudited in thousands of dollars,
except per common share data)
Three Three
months months
ended ended
Nov. 30, Nov. 30,
2005 2004
Revenue $ 6 $ 1
--------- ---------
6 1
--------- ---------
Expenses
Cost of sales 1 1
Research and
development 2,631 3,838
General and
administrative 1,619 1,333
Stock-based
compensation 414 650
Depreciation and
amortization 130 144
--------- ---------
Operating
expenses 4,795 5,966
Interest expense
on convertible
debentures 209 39
Accretion in
carrying value
of convertible
debentures 180 58
Amortization of
deferred
financing charges 19 19
Interest income (95) (136)
--------- ---------
Loss for
the period 5,102 5,945
--------- ---------
Deficit,
beginning
of period 152,385 130,826
--------- ---------
Deficit,
end of
period $ 157,487 $ 136,771
========= =========
Basic and
diluted
loss per
common share $ 0.03 $ 0.03
========= =========
Six Six
months months
ended ended
Nov. 30, Nov. 30,
2005 2004
Revenue $ 7 $ 3
--------- ---------
Expenses
Cost of sales 1 1
Research and
development 6,588 8,887
General and
administrative 2,695 2,358
Stock-based
compensation 705 861
Depreciation and
amortization 260 251
--------- ---------
Operating
expenses 10,249 12,358
Interest expense
on convertible
debentures 407 39
Accretion in
carrying value
of convertible
debentures 366 58
Amortization of
deferred
financing charges 39 19
Interest income (210) (281)
--------- ---------
Loss for
the period 10,844 12,190
--------- ---------
Deficit,
beginning
of period 146,643 124,581
--------- ---------
Deficit,
end of
period $ 157,487 $ 136,771
========= =========
Basic and
diluted
loss per
common share $ 0.06 $ 0.07
========= =========
Media, members of the financial community and shareholders are invited to listen to the company's quarterly earnings presentation through an audio webcast on the company's website on Thursday, Jan. 19, 2006.
We seek Safe Harbor.
TMC-T NR today 1.85 & 44.8M shares
Tm Bioscience to supply Jacobi with Tag-It reagents
2006-01-17 10:31 ET - News Release
Mr. James Smith reports
TM BIOSCIENCE TO SUPPLY JACOBI MEDICAL CENTER WITH TAG-IT(TM) REAGENTS
Tm Bioscience Corp. has signed an agreement to supply Jacobi Medical Center (Bronx, N.Y.) with Tag-It reagents for use in its Ashkenazi Jewish Panel and cystic fibrosis (CF) gene assays.
"Using Tm's platform approach, we have been able to greatly enhance our genetic screening abilities to the benefit of the large communities we serve. The Tag-It technology has allowed us to create assays that generate accurate results rapidly while minimizing operator time," said Dr. Susan Gross, co-director of the division of reproductive genetics at Jacobi Medical Center.
Located in the Bronx, Jacobi Medical Center provides quality health care for about 1.2 million Bronx and New York area residents. With more than 500 beds, Jacobi Medical Center has grown into the largest public hospital in the Bronx. It offers a complete range of acute, specialty, general and psychiatric services. Jacobi also operates community-based health care centres that provide general adult and pediatric examinations, and health screenings for a variety of concerns, including hypertension, diabetes, breast cancer and prostate cancer.
SSB-T NR today .76 & 80M shares
Stressgen gets rest of money from bioreagent business
2006-01-17 08:32 ET - News Release
Mr. Gregory McKee reports
STRESSGEN RECEIVES FINAL PROCEEDS FROM SALE OF BIOREAGENT BUSINESS
Stressgen Biotechnologies Corp. has received approximately $720,000 from Stressgen Bioreagents Corp., a company financed by Ampersand Ventures. This money was being held in escrow in connection with the previously announced sale of the company's bioreagent business. The release of money held in escrow was not scheduled until April of this year. In consideration for early release, the company provided, among other things, a small financial discount on the total amount held in escrow.
"This is another small financial milestone toward implementing our new strategic plan," stated Gregory M. McKee, president and chief executive officer of Stressgen Biotechnologies. "We continue to focus on more substantive transactions, such as partnering efforts and other initiatives, to obtain the necessary funds to continue development of the HspE7 program."
We seek Safe Harbor.
ONC-T NR today 4.95 & 36M shares
Oncolytics finishes follow-up for clinical trial
2006-01-17 09:14 ET - News Release
Mr. Brad Thompson reports
ONCOLYTICS BIOTECH INC. ANNOUNCES CONCLUSION OF PATIENT FOLLOW UP IN CANADIAN PHASE I RECURRENT MALIGNANT GLIOMA CLINICAL TRIAL
Oncolytics Biotech Inc. has confirmed that the six-month follow-up period has been concluded for patients in its phase I Canadian recurrent malignant glioma clinical trial. As reported in October, 2005, intratumoural administration of reovirus was well tolerated by the patients and a maximum tolerated dose was not reached. Surviving patients continue to be monitored and data analysis is continuing.
"We intend to continue to investigate Reolysin as a monotherapy in our U.S. phase I/II malignant glioma clinical trial, employing an alternative delivery method," said Dr. Brad Thompson, president and chief executive officer of Oncolytics. "We are also considering the potential use of Reolysin in combination with both the chemotherapeutics and radiation therapy that are the current standards of care for malignant glioma."
The study examined the use of a single, intratumoural injection of Reolysin, delivered using imaging-guided surgery, in patients with malignant gliomas that had recurred despite other treatments, including surgery and radiation therapy. A total of 12 patients were treated in the study at dosages of 10 (seven), 10 (eight) and 10 (nine) TCID (50) in a delivery volume of 0.9 millilitre.
We seek Safe Harbor.
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Great isn't it...
Great day for Cdn Oils:
CLL.T up .59 and BVX.T up .36
Hope the rest of the week continues this way.
Great day for Cdn Oils. CLL up .59, BVX up .39
Hope the rest of the week goes this way.
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In MUG.V but not NOT.V
Mug NR today
MUG-V NR 75M shrs out
Murgor finds 44.47 g/t Au in two metres at Windfall
2006-01-16 12:25 ET - News Release
Mr. Andre Tessier reports
MURGOR OPENS THE DOWN PLUNGE EXTENSION OF ZONE F-51 AT WINDFALL WITH AN INTERSECTION OF 44.47 G/T AU OVER 2.0 METERS.
Murgor Resources Inc. has provided the latest drill results from its most recent phase of drilling at the Windfall property in northwestern Quebec. This latest phase of drilling consisted of eight drill holes (WIN-05-81 to 88) for a total of 967 metres drilled in December, 2005. Results from drill hole WIN-05-69 from the previous phase of drilling were also received. The objective of this phase of drilling was to continue defining the geometry of the F-17 and F-51 zones with infill holes and testing their strike extensions. The holes drilled on zone F-51 tested the extensions of the shear zone and drill hole WIN-05-87, that tested the interpreted down-plunge extension of the mineralization returned assays of 44.47 g/t Au over a two-metre interval. The drill holes on zone F-17 targeted the shear zone between strongly mineralized oreshoots with best results of four g/t Au over three metres and 3.8 g/t Au over three metres. Drill hole WIN-05-69 was targeted at the Debris occurrence and returned assays of 1.5 g/t Au over 13 metres including a section of two metres grading four g/t Au.
At zone F-51, drill hole WIN-05-87 has confirmed the northeastern and depth extension of an oreshoot with the intersection of 44.47 g/t Au over two metres, between 147 metres and 149 metres depth. Drill holes WIN-05-86 and 88 were drilled off the oreshoot and yielded no significant assays. The gold mineralization at zone F-51 occurs in the same northeast-trending, northwest-dipping structure as the F-17 zone, approximately 700 metres to the northeast. Mineralization at zone F-51 has a strike extent of approximately 200 metres is known to a depth of approximately 150 metres, and is open to the northeast and at depth. The oreshoot of higher grades and widths occurring within the shear zone and plunges approximately 45 degrees to the northeast. To date only one oreshoot is know at zone F-51 but a minimum of two of these oreshoots have been defined at zone F-17 where oreshoots are plunging 10 degrees northeast.
So far, the oreshoot of zone F-51 is defined by the following drill holes:
* WIN-04-09: 3.29 g/t Au over six metres;
* WIN-05-13: 3.89 g/t Au over 7.50 metres;
* WIN-05-16: 8.03 g/t Au over two metres;
* WIN-05-37: 4.49 g/t Au over two metres;
* WIN-05-44: 8.61 g/t Au over two metres; and
* WIN-05-87: 44.47 g/t Au over two metres
Five drill holes were drilled on the F-17 zone, off the oreshoots, during this phase of drilling. Results are as follows:
ZONE F-17: (NEW RESULTS ONLY)
DDH From To Length Au
(m) (m) (m) (g/t)
WIN-05-81 95.0 97.0 3.0 4.00
WIN-05-82 43.0 44.0 1.0 2.55
WIN-05-83 No signifiacant assays
WIN-05-84 No signifiacant assays
WIN-05-85 71.0 74.0 3.0 3.80
The Windfall property comprises 214 mining claims covering an area of 8,995 hectares and is held 50 per cent by Murgor and 50 per cent by Freewest Resources Canada Inc. To date, 11,696 metres of drilling have been completed at the Windfall property since November, 2004, and another 5,000 metres of drilling is planned until the spring of 2006. Three gold zones (F-11, F-17 and F-51) have been defined to date on the property. Current drilling aims to increase the size of the known gold zones and outline additional gold zones.
Management at Murgor continues to be extremely enthusiastic about the Windfall property. Down-plunge extensions of both the F-17 and F-51 zones will be tested in the next phase of drilling at Windfall when drilling will finish at the Barry property. The 70 metres of untested structure between the two zones and numerous targets of the mineralized structure intersected by Noront Resources to the south remain untested.
In other news
Murgor has completed a private placement by issuing a total of 2.75 million units at a price of 11 cents per unit to accredited investors in Quebec and Ontario, for gross proceeds to Murgor of $302,500. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at a price of 18 cents per share until Jan. 13, 2008.
The offering price was established at the same time as the offering price of the units comprising Murgor's flow-through private placement, which closed on Dec. 30, 2005 (see Stockwatch on Jan. 3, 2006), and was based on the market price of Murgor's common shares in December, 2005.
Under applicable securities legislation and policies of the TSX Venture Exchange, the common shares and common share purchase warrants issued in connection with the private placement are subject to a hold period expiring on May 14, 2006. Murgor will use the proceeds from the issuance of the units for working capital and general corporate purposes.
As a result of the private placement, there are 75,117,964 common shares of Murgor issued and outstanding.
Gold analyses reported in this release were performed by standard 30-gram fire assay with AA finish and assays were performed by ALS Chemex Laboratories, in Val d'Or, Que. Andre C. Tessier, PGeo (Ont.), PEng (Que.), and president and chief executive officer of Murgor, was the qualified person in the field and is responsible for the preparation of this news release.
MUG.V up .05 to .21 on 1.9M shrs
NR 75M shrs out
Murgor finds 44.47 g/t Au in two metres at Windfall
2006-01-16 12:25 ET - News Release
Mr. Andre Tessier reports
MURGOR OPENS THE DOWN PLUNGE EXTENSION OF ZONE F-51 AT WINDFALL WITH AN INTERSECTION OF 44.47 G/T AU OVER 2.0 METERS.
Murgor Resources Inc. has provided the latest drill results from its most recent phase of drilling at the Windfall property in northwestern Quebec. This latest phase of drilling consisted of eight drill holes (WIN-05-81 to 88) for a total of 967 metres drilled in December, 2005. Results from drill hole WIN-05-69 from the previous phase of drilling were also received. The objective of this phase of drilling was to continue defining the geometry of the F-17 and F-51 zones with infill holes and testing their strike extensions. The holes drilled on zone F-51 tested the extensions of the shear zone and drill hole WIN-05-87, that tested the interpreted down-plunge extension of the mineralization returned assays of 44.47 g/t Au over a two-metre interval. The drill holes on zone F-17 targeted the shear zone between strongly mineralized oreshoots with best results of four g/t Au over three metres and 3.8 g/t Au over three metres. Drill hole WIN-05-69 was targeted at the Debris occurrence and returned assays of 1.5 g/t Au over 13 metres including a section of two metres grading four g/t Au.
At zone F-51, drill hole WIN-05-87 has confirmed the northeastern and depth extension of an oreshoot with the intersection of 44.47 g/t Au over two metres, between 147 metres and 149 metres depth. Drill holes WIN-05-86 and 88 were drilled off the oreshoot and yielded no significant assays. The gold mineralization at zone F-51 occurs in the same northeast-trending, northwest-dipping structure as the F-17 zone, approximately 700 metres to the northeast. Mineralization at zone F-51 has a strike extent of approximately 200 metres is known to a depth of approximately 150 metres, and is open to the northeast and at depth. The oreshoot of higher grades and widths occurring within the shear zone and plunges approximately 45 degrees to the northeast. To date only one oreshoot is know at zone F-51 but a minimum of two of these oreshoots have been defined at zone F-17 where oreshoots are plunging 10 degrees northeast.
So far, the oreshoot of zone F-51 is defined by the following drill holes:
* WIN-04-09: 3.29 g/t Au over six metres;
* WIN-05-13: 3.89 g/t Au over 7.50 metres;
* WIN-05-16: 8.03 g/t Au over two metres;
* WIN-05-37: 4.49 g/t Au over two metres;
* WIN-05-44: 8.61 g/t Au over two metres; and
* WIN-05-87: 44.47 g/t Au over two metres
Five drill holes were drilled on the F-17 zone, off the oreshoots, during this phase of drilling. Results are as follows:
ZONE F-17: (NEW RESULTS ONLY)
DDH From To Length Au
(m) (m) (m) (g/t)
WIN-05-81 95.0 97.0 3.0 4.00
WIN-05-82 43.0 44.0 1.0 2.55
WIN-05-83 No signifiacant assays
WIN-05-84 No signifiacant assays
WIN-05-85 71.0 74.0 3.0 3.80
The Windfall property comprises 214 mining claims covering an area of 8,995 hectares and is held 50 per cent by Murgor and 50 per cent by Freewest Resources Canada Inc. To date, 11,696 metres of drilling have been completed at the Windfall property since November, 2004, and another 5,000 metres of drilling is planned until the spring of 2006. Three gold zones (F-11, F-17 and F-51) have been defined to date on the property. Current drilling aims to increase the size of the known gold zones and outline additional gold zones.
Management at Murgor continues to be extremely enthusiastic about the Windfall property. Down-plunge extensions of both the F-17 and F-51 zones will be tested in the next phase of drilling at Windfall when drilling will finish at the Barry property. The 70 metres of untested structure between the two zones and numerous targets of the mineralized structure intersected by Noront Resources to the south remain untested.
In other news
Murgor has completed a private placement by issuing a total of 2.75 million units at a price of 11 cents per unit to accredited investors in Quebec and Ontario, for gross proceeds to Murgor of $302,500. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at a price of 18 cents per share until Jan. 13, 2008.
The offering price was established at the same time as the offering price of the units comprising Murgor's flow-through private placement, which closed on Dec. 30, 2005 (see Stockwatch on Jan. 3, 2006), and was based on the market price of Murgor's common shares in December, 2005.
Under applicable securities legislation and policies of the TSX Venture Exchange, the common shares and common share purchase warrants issued in connection with the private placement are subject to a hold period expiring on May 14, 2006. Murgor will use the proceeds from the issuance of the units for working capital and general corporate purposes.
As a result of the private placement, there are 75,117,964 common shares of Murgor issued and outstanding.
Gold analyses reported in this release were performed by standard 30-gram fire assay with AA finish and assays were performed by ALS Chemex Laboratories, in Val d'Or, Que. Andre C. Tessier, PGeo (Ont.), PEng (Que.), and president and chief executive officer of Murgor, was the qualified person in the field and is responsible for the preparation of this news release.
MUG-V Breakout
Mug.V Breakout
NRI-T NR Close Jan13/2006 .52 - 123M shares
Nuvo Research releases positive Pennsaid results
2006-01-16 07:34 ET - News Release
Ms. Lynn Riley reports
NUVO REPORTS DETAILED PHASE III PENNSAID(R) CLINICAL RESULTS - STATISTICAL SIGNIFICANCE ACHIEVED IN ALL PRIMARY EFFICACY ENDPOINTS
Nuvo Research Inc. is releasing detailed positive results of its phase III clinical trial (study 112) of Pennsaid, a topical non-steroidal anti-inflammatory (NSAID) used for the treatment of osteoarthritis. Pennsaid is currently approved for sale in Canada and several European countries. The trial was designed with the advice and recommendations provided by the United States Food and Drug Administration (FDA) to address specific deficiencies identified in the FDA non-approvable letter received by Nuvo in August, 2002. The trial results confirm the efficacy of Pennsaid that has been demonstrated in Nuvo's prior phase III trials.
"We are pleased with these robust results and believe they will satisfy the FDA's key efficacy concerns," said Dr. Henrich Guntermann, Nuvo's president and chief executive officer. "We are now working towards our next milestone -- the submission of an amended new drug application (NDA) to the FDA. If approved, Pennsaid will fill a major unmet need in the $6.5-billion osteoarthritis market."
Study 112 enrolled 775 patients in the United States and Canada with symptoms of primary osteoarthritis of the knee. Patients in this five-arm, double-blind, 12-week trial applied a topical solution and took an oral pill. The five-arms were: 1) Pennsaid plus oral placebo; 2) topical placebo (containing a small amount of DMSO for blinding purposes) plus oral placebo; 3) topical vehicle control (containing the same concentration of DMSO as in Pennsaid) plus oral placebo; 4) topical placebo plus oral diclofenac; and 5) Pennsaid plus oral diclofenac.
Pennsaid (arm 1) was superior to placebo (arm 2) with statistically significant improvement in all three primary clinical end points required by the FDA: pain relief (p equals 0.019), improvement in physical function (p equals 0.046) and improved patient overall health assessment (POHA) (p less than 0.0001).
Additional results from the trial show that Pennsaid (arm 1) was superior to vehicle control (arm 3) (pain, p equals 0.009; physical function, p equals 0.026; POHA, p equals 0.016). There was no difference between vehicle control (arm 3) and placebo (arm 2) indicating that DMSO alone is ineffective against the symptoms of knee osteoarthritis (p greater than 0.05). There was no difference between Pennsaid (arm 1) and oral diclofenac (arm 4) for all three end points (p greater than 0.05). Arm 5 was included in the trial at the FDA's request to review the side effect profile of Pennsaid if combined with an oral NSAID. This combination showed no increased incidence of the usual side effects, just the expected additive profiles of Pennsaid alone plus oral diclofenac alone.
It is anticipated that the final data from Nuvo's phase III long-term, open-label safety trial (study 112E) will be available in February, 2006. The results of this study will address the safety deficiencies identified in the FDA's non-approvable letter and will form part of the NDA submission in mid-2006.
We seek Safe Harbor.
I always have already logged into $Chief before going to Chat. Maybe that is the login that they are looking for. After logging in I just minimize that window and leave it on the bottom of my window on one monitor, so I can flip back and forth.
Hope this helps...
SYH-V Weekly
Looking good as well,,
CLD-V Weekly
Looking good..
PBP-T .41 94M shares NR at .33
Procyon to receive $980,000 contribution for PPL-100
2006-01-13 08:13 ET - News Release
Ms. Julie Thibodeau reports
PROCYON TO RECEIVE $1 MILLION IN CONTRIBUTION FROM NRC-IRAP FOR ITS HIV/AIDS STUDY
Procyon Biopharma Inc. has entered into a contribution agreement with National Research Council Canada Industrial Research Assistance Program (NRC-IRAP) under which the company will receive a contribution of $980,000 for the clinical development of its lead protease inhibitor, PPL-100, for the treatment of drug-resistant HIV.
As previously announced in Stockwatch on Dec. 8, 2005, Procyon received regulatory approval from the therapeutic products directorate of Health Canada to initiate the first-in-man phase I clinical trial for its HIV protease inhibitor PPL-100.
"As planned, we are moving ahead in the clinical development of PPL-100, our promising drug candidate for the treatment of drug resistant HIV," said Hans J. Mader, president and chief executive officer of Procyon Biopharma. "We are delighted by the award that NRC has bestowed upon us for this exciting project," he added.
The repayable contribution agreement between NRC-IRAP and Procyon Biopharma comes into effect Jan. 2, 2006, and provides for a maximum contribution of $980,000 for the early clinical development of PPL-100, a novel protease inhibitor for the treatment of drug resistant HIV. Starting in January, 2009, the contribution is repayable based on revenues generated by Procyon.
About PPL-100
PPL-100 is a phosphorylated Pro-drug of Procyon's PL-100 protease inhibitor. PL-100 is the active anti-viral agent that is potent, specific and non-cytotoxic with a high genetic barrier and favourable cross-resistance profile in drug and multidrug resistant strains of HIV-1. PL-100 is active against several HIV-1 strains specifically selected for key mutations that render these strains resistant to currently marketed protease inhibitors.
About the NRC-IRAP program
The National Research Council Canada Industrial Research Assistance Program (NRC-IRAP) provides a range of both technical- and business-oriented advisory services along with potential financial support to growth-oriented Canadian small- and medium-sized enterprises. The program is delivered by an extensive integrated network of 260 professionals in 100 communities across the country. Working directly with these clients, NRC-IRAP supports innovative research and development and commercialization of new products and services.
Recognized globally for research and innovation, NRC is a leader in the development of an innovative, knowledge-based economy for Canada through science and technology.
We seek Safe Harbor.
WXI-T 1.50 35M shares NR at 1.21
Wex Pharmaceuticals to hold meeting at Hyatt Regency
2006-01-13 09:38 ET - News Release
Mr. Don Evans reports
WEX PHARMACEUTICALS INC.: NOTICE OF CHANGE OF VENUE FOR SPECIAL MEETING
Wex Pharmaceuticals Inc. has changed the venue for the special meeting of Wex shareholders to be held on Jan. 26, 2006, at 10 a.m. The meeting will now be held at the Hyatt Regency Hotel, 655 Burrard St., Vancouver, B.C., Canada.
The business to be transacted at the meeting remains unchanged and is as set forth in the corporation's notice of meeting and management proxy circular, each dated Dec. 20, 2005, previously delivered to shareholders (see Stockwatch, Dec. 9, 2005). Management continues to recommend that shareholders vote for the removal of Donna Shum, Frank (Hay Kong) Shum and Kenneth Li (collectively, the dissenting directors) as directors. It recommends the replacement of those three with Benjamin Chen, Pierre Cantin and Arlyn Miller. The dissenting directors include two former members of management of the corporation. Mr. Chen, Mr. Cantin and Mr. Miller, the three replacement director nominees set out in the management proxy circular, are independent of management and will bring additional independence to the board and additional expertise and skills which will better assist the corporation in moving forward.
Institutional Shareholder Services Canada Corp., an independent third party which provides services to institutional investors, has issued its position with respect to the items to be placed before the meeting. Their release states: "The removal of the three directors and election of the three new directors are expected to result in a better functioning board. The circular has provided bios of the three new director nominees. We believe they have the relevant skills and background to add value to the board. In view of the company's poor performance and loss of shareholder value in the past few years, we support this proposal to enable the board to function more efficiently and allow the management to implement its new strategies going forward."
The management proxy circular is available on the company's website or can be obtained directly from the company. For specific questions in regard to the meeting, please call Georgeson Shareholder toll-free at 1-866-335-3037. For Chinese-speaking shareholders, please call 1-604-676-7900.
We seek Safe Harbor.
Out Gim.T and in CLD.v. Like Chief's new chat line.
URE-T
Ur-Energy appoints new president, chairman, CEO
2006-01-12 15:09 ET - News Release
Dr. James Franklin reports
UR-ENERGY APPOINTS NEW PRESIDENT AND ACTING CEO
Ur-Energy Inc. is accepting the resignations of Robin Dow as chairman, chief executive officer and as a director, and Paul Pitman as president. The board has appointed W. William Boberg as president and interim chief executive officer. In addition, Jeffrey Klenda of Denver, currently a director of Ur-Energy, has been appointed chairman of the board. Mr. Klenda is a founding shareholder of the company as well as a director since its inception. The corporation remains Ontario-based with its head office in Orleans, Ont. Among the projects that the corporation is currently focusing on is bringing its Lost Soldier and Lost Creek properties in Wyoming into production, and these activities are best managed from its Denver office. The board expresses its gratitude to Mr. Dow for his valued contribution to the corporation as a founder and for his efforts in taking the corporation through its initial public offering. The corporation is pleased to report that Mr. Pitman will be continuing with the corporation as a director, and as vice-president, Canadian exploration, in charge of the corporation's Canadian projects, particularly focusing on the Thelon and Hornby Bay programs over the next year. As part of the arrangements with Mr. Dow and Mr. Pitman, the corporation has agreed to make the contractor shares held be each individual, 400,000 common shares each, immediately available to these individuals. However, these shares continue to be subject to certain contractual restrictions.
Mr. Boberg has been vice-president of United States operations for the corporation since September, 2004, and he has been responsible for the corporation's project acquisition and operations in the U.S. since that time. Under his management, Ur-Energy has acquired a major land position, covering nine projects, with uranium resources and a drill hole database in Wyoming, as well as developing a large technical staff of very experienced uranium geologists and engineers. Mr. Boberg's focus has been on the development of the corporation as a producer of uranium, including the permitting process on its two major resource projects, Lost Soldier and Lost Creek, with the goal of achieving production from the Lost Soldier project in 2008 and the Lost Creek project in 2010. As president and interim chief executive officer, Mr. Boberg will continue to advance the efforts of both the U.S. and Canadian operations.
Mr. Boberg received his bachelor's degree in geology from the University of Montana and his master's degree in geology from the University of Colorado. He is a registered Wyoming professional geologist and has over 40 years in mining and petroleum geology, mostly in minerals exploration and management in the U.S. and Africa. He has worked for Helca Mining Co., Gulf Mineral Resources Co., the Continental Oil Co. minerals department, World Nuclear, Kennecott Exploration Inc., Western Mining Corp., Canyon Resources Corp. and Patrician Gold. Serving for five years in the U.S. Army Corps of Engineers, reaching the rank of captain, he had extensive leadership training and leadership roles including company commander, battalion adjutant (S-1) and senior adviser to a South Vietnamese engineer battalion. He has been Wyoming district geologist for Conoco Minerals, chief geologist for World Nuclear, uranium program manager for Kennecott Exploration, vice-president of geology and exploration for Western Mining Corp. (Liberia), deputy managing director for Canyon Resources (Africa), and a director of Patrician Gold. He has also been the president of the consulting companies Boberg GeoTech International and Africa Mineral Resource Specialists. He has extensive experience in the exploration for and development of uranium deposits, and has authored a number of papers on uranium geology and uranium exploration in Wyoming.
James Franklin, PGeo, director and chief geologist, is the qualified person for this release.
We seek Safe Harbor.
URE.t
Alda changes subsidiary name; enters licence agreement
2006-01-12 09:49 ET - News Release
Dr. Terrance Owen reports
ALDA PHARMACEUTICALS TO PURSUE THERAPEUTIC APPLICATIONS THROUGH SUBSIDIARY
Alda Pharmaceuticals Corp. has changed the name of its existing, wholly owned subsidiary from Alda Institute For Preventive Health Care, Inc. to Sirona Therapeutics Corp. and has entered into a technology licence and option agreement with Sirona for the purposes of developing and commercializing therapeutic applications of Alda's patent-pending T36 infection control technology in such areas as antiseptics, topical anti-fungal treatments, anti-microbial personal lubricants and anti-viral soaps.
Pursuant to the terms of the agreement, Sirona has been granted a limited licence to undertake further research and development and has assumed all financial obligations related to clinical trials, patent applications and prosecutions.
Sirona will pay Alda milestone payments, in cash or shares, upon completion of defined milestones such as completion of clinical trials, regulatory filings and regulatory approval. At any time Sirona may exercise an option to negotiate a commercial licence with Alda for a particular therapeutic application in consideration of a licensing fee and 2-per-cent royalty.
Additional therapeutic applications of infection control technologies that Alda subsequently develops or acquires are intended to be developed through Sirona on similar terms as those set out in the current agreement.
Dr. Terrance G. Owen, president and chief executive officer, stated: "We believe that the therapeutic applications of Alda's T36 technology, and other infection control therapies that we have been assessing, have great potential. By pursuing potential human therapeutic applications through our subsidiary, Sirona Therapeutics Corp., Alda and Sirona can focus on their respective core businesses. We believe that the structure allows Alda and Sirona to adapt more efficiently to the unique requirements of this new venture and provides more flexibility in obtaining the necessary financing to advance the technologies, all with a view to potential commercialization and value to Alda and its shareholders."
APH.V .08 NR 15M Shares
Alda changes subsidiary name; enters licence agreement
2006-01-12 09:49 ET - News Release
Dr. Terrance Owen reports
ALDA PHARMACEUTICALS TO PURSUE THERAPEUTIC APPLICATIONS THROUGH SUBSIDIARY
Alda Pharmaceuticals Corp. has changed the name of its existing, wholly owned subsidiary from Alda Institute For Preventive Health Care, Inc. to Sirona Therapeutics Corp. and has entered into a technology licence and option agreement with Sirona for the purposes of developing and commercializing therapeutic applications of Alda's patent-pending T36 infection control technology in such areas as antiseptics, topical anti-fungal treatments, anti-microbial personal lubricants and anti-viral soaps.
Pursuant to the terms of the agreement, Sirona has been granted a limited licence to undertake further research and development and has assumed all financial obligations related to clinical trials, patent applications and prosecutions.
Sirona will pay Alda milestone payments, in cash or shares, upon completion of defined milestones such as completion of clinical trials, regulatory filings and regulatory approval. At any time Sirona may exercise an option to negotiate a commercial licence with Alda for a particular therapeutic application in consideration of a licensing fee and 2-per-cent royalty.
Additional therapeutic applications of infection control technologies that Alda subsequently develops or acquires are intended to be developed through Sirona on similar terms as those set out in the current agreement.
Dr. Terrance G. Owen, president and chief executive officer, stated: "We believe that the therapeutic applications of Alda's T36 technology, and other infection control therapies that we have been assessing, have great potential. By pursuing potential human therapeutic applications through our subsidiary, Sirona Therapeutics Corp., Alda and Sirona can focus on their respective core businesses. We believe that the structure allows Alda and Sirona to adapt more efficiently to the unique requirements of this new venture and provides more flexibility in obtaining the necessary financing to advance the technologies, all with a view to potential commercialization and value to Alda and its shareholders."
In Gim.T for a few. Seems to be gaining volume. Out OCL.V
In GIM.T for a few. Volume moving up
Preserve the $$$ - Name of the game. It's down .10 now.
I finally got out of OCL.v same reason, just as it headed down.
TMC-T NR 44.8M shares 1.84
Tm Bioscience's Tag-It gets CE Mark
2006-01-11 07:26 ET - News Release
Mr. Greg Hines reports
TM BIOSCIENCE CYSTIC FIBROSIS TEST NOW HAS CE MARK - TAG-IT(TM) CF KIT CLEARED FOR MARKETING IN THE EUROPEAN UNION
Tm Bioscience Corp.'s Tag-It cystic fibrosis (CF) kit now has the CE Mark (Conformite Europeene), allowing the genetic test to be marketed for diagnostic purposes in the European Union and other countries that recognize the CE Mark.
"Having the CE Mark on our Tag-It CF test expands our reach into the European market for CF testing and further asserts our leadership position in the clinical genetic testing market," said Greg Hines, president and chief executive officer of Tm Bioscience.
"A proven, highly accurate and affordable cystic fibrosis molecular test is needed for the European market for carrier screening and as a tool for diagnosis of newborns," said Dr. Jeremy Bridge-Cook, vice-president, marketing and business development. "The Tag-It CF assay has a demonstrated track record of meeting this need in the North American market and we look forward to providing European customers these same capabilities."
The Tag-It cystic fibrosis kit is used to simultaneously detect and identify mutations and variants in the cystic fibrosis transmembrane conductance regulator (CFTR) gene in human blood or blood spot specimens in order to determine CF carrier status in adults, as an aid in newborn screening, and in confirmatory diagnostic testing in newborns and children. Performance testing has established that the Tag-It CF kit operates with 100-per-cent accuracy and greater than 99.9-per-cent reproducibility and precision.
The Tag-It cystic fibrosis (CF) kit is also the first multiplexed human disease genotyping test to be cleared by the United States Food and Drug Administration (FDA) as an in vitro device (IVD) for diagnostic use in the United States.
We seek Safe Harbor.
LOR-T NR 172M shares .325
Lorus Therapeutics doesn't say why stock is so high
2006-01-11 09:18 ET - News Release
Ms. Grace Tse reports
LORUS RESPONDS TO MARKET ACTIVITY
Lorus Therapeutics Inc., at the request of the Toronto Stock Exchange, is not in receipt of any material information that would account for the current market activity of Lorus's shares.
We seek Safe Harbor.
DJE-V Break out today. Looking good.
NRI - I think it is just resting for a couple days before heading up again. I would just hold and see. Most drop right after I buy and then recover a few days later...
I don't have any NRI but OCL.v and ANG.v did this to me...
Did you get in on it (OCL.V)? I'm in for a bit. Was stuck bagholding last time it popped. Hopefully I'll be out tomorrow. Have you seen the chart on SSB.T and LOR.V (47.69% up). Wowzer, are there 2 moons in the sky???
Hope its contagious for 2006 & that we're in the right place at the right time.