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A Big Ol' "Why?":
So let us say, and why not, that you've been tellin' everyone that you're gonna ask Margarita, your girlfriend, to marry you. You told Pablo, Raphael, Miguel, all the cholos down the block that you got a ring and you're gonna ask her for her hand. Word gets back to Margarita, except not in the way you want it. She comes up to you and says that Rico, her stepbrother's cousin who happens to be a jeweler, says you don't have a ring, that you been makin' that shit up, that your cheap ass couldn't afford no diamond.
Now there's a couple of ways of solvin' this problem: one is to talk about what a punk ass Mexican that Rico is. How Rico ain't no jeweler, just some department store asshole who pretends he knows shit. And, baby, who are you gonna believe? That little bitch Rico or me?
Of course, Margarita ain't stupid, yo. She knows that you wouldn't have to talk shit about Rico if you did one thing: show her the ring. Prove it. That's all: put up or shut up.
So, like, has this question been asked by the media and of the media: if Joseph Wilson was just outright wrong, why didn't the Bush administration just prove that Iraq was trying to buy yellowcake uranium from Niger? Put up or shut up.
Right wingers everywhere are mischaracterizing Wilson's findings, saying, for instance, that they "bolstered" British allegations on the uranium: says the monkeyfuck insane Ann Coulter, "His conclusion is contradicted by the extensive findings of the British government." Or they say that Wilson just was a lazy hack who didn't find out anything.
Why did Karl Rove and Scooter Libby bother trying to "help" reporters not work on stories about Wilson's findings? Why try to discredit Wilson if you can prove he's wrong? Why not just show the British findings? Damn, if that answer ain't about as obvious as a herpes sore on a hooker's lip, you deserve all the diseases you get.
You don't produce that ring, Margarita's gonna leave you right there on the sidewalk where you belong, you lyin' bastard. And you'll deserve it. Especially if Rico comes along and kicks your ass but good.
The Rude Pundit
FACTBOX-China's steel industry policy details
Wed Jul 20, 2005 01:11 AM ET
SHANGHAI, July 20 (Reuters) - China disclosed its first steel industry development blueprint on Wednesday, detailing plans through 2020 to bar foreigners from controlling its steel mills and pushing the overcrowded sector to consolidate.
The plan's aim is to make the steel industry meet the needs of key domestic industries, including machinery, automobiles, appliances and shipbuilding, by 2010, according to the cabinet-approved policy.
Beijing also intends to push China's steel industry toward international standards. China is already the world largest steel maker and consumer, accounting for one-quarter of global output and consumption, but it still imports high-end steel products.
(For a related story, Reuters terminal users can doubleclick on [ID:nHKG252948]):
Following are details of the policies:
- - - -
FOREIGN INVESTMENT:
** Foreign companies investing in China's steel industry will "in principle" not be allowed to control domestic mills.
** Only foreign mills that had produced more than 10 million tonnes of steel -- or 1 million tonnes of high-alloy steel --- in the previous year would be allowed to set up China ventures or buy stakes in domestic plants.
** Foreign corporations from outside the steel industry must bring to the table proven capital resources and reputation. They are only allowed to invest in existing mills and may not build new plants.
- - - -
EXPORTS AND RAW MATERIALS
** Beijing will discourage exports of low-end, energy-intensive products, such as steel alloy, pig iron, coke and steel scrap. Export rebates on such products will be gradually reduced or wiped out.
** Beijing will encourage major steel producers to go abroad to set up joint ventures, buy mining resources and establish supply bases for iron ore, steel scrap, coal and other raw materials.
** The government will intervene should Chinese firms compete with each other for overseas raw material resources.
- - - -
DOMESTIC INDUSTRY CONCENTRATION
** The country's 10 largest mills will account for 50 percent of steel output by 2010 and 70 percent of nationwide production by 2010.
** Beijing aims to create two industry giants with an annual capacity of more than 30 million tonnes by 2010 through mergers and acquisitions.
** The government will not "in principle" grant approval for new steel plants. The number of existing steel makers, now estimated at over 800, will be greatly reduced.
- - - -
GEOGRAPHICAL RESTRICTIONS
** Steel complexes should be concentrated in China's more developed coastal regions, where steel demand is strong and ports are accessible.
** Existing steel plants in northeastern China, a region rich in iron ore and coal resources, should merge to create globally competitive conglomerates.
** Expansion will be curtailed in northern China, which is short of water, and northwestern China, which lacks iron ore.
- - - -
TECHNOLOGY
** The state will promote production of high-end, low-cost and less polluting steel products.
** By 2010, steel mills must consume no more than 0.73 tonnes of coal and eight tonnes of water per tonne of steel, and by 2020, 0.7 tonnes of coal and six tonnes of water per tonne of steel, among other technological requirements.
- - - - ($1=8.276 Yuan)
He could use a transplant.
Glad someone has a sense of humor around here.
I thought it was a real hair raiser.
July 13, 2005
Man Sues After Being Implanted with Gay Stem Cells
Gaystem_thumbA Kansas resident who underwent stem cell therapy for advanced male pattern baldness has since been diagnosed as gay. The man is now suing his doctors, alleging that they knew he did not want to be the recipient of gay stem cells.
Of the embryonic stem cells approved by President Bush, how many are gay?
By Hermione Slatkin
TOPEKA, KS—When Marybeth Witty stumbled upon her husband Dale watching a pornographic video on the internet, she knew something was wrong. Instead of looking at images of nude high school cheerleaders and young shaved lesbians as he often had in the past, the 37-year old auto parts salesman was taking in hot guy-on-guy action. "As soon as I saw what he was looking at I knew something was different," said Marybeth, a part-time manicurist who enjoys scrapbooking. "This was not the same Dale."
Finally: a cure for baldness
GaystemsWhat precisely happened to her husband of eight years? Scientists say that the answer most likely lies in a controversial form of stem cell therapy that Mr. Witty underwent last year in an effort to finally cure the male pattern baldness that had tormented him for more than a decade. The changes in his behavior, says Marybeth, began soon after he—and his new head of hair—returned home. [Click thumbnail to view scientific diagram.]
...Experts estimate that as many as 10% of all stem cells could be gay...
In a complex procedure that could soon become commonplace at hair clinics across the country, specialists took stem cells from the follicles of a donor, multiplied them in cultures, then implanted them into the scalp of Mr. Witty. Over the following months, the hair doctors coaxed Mr. Witty's new follicle stem cells to begin transmitting signals to his own shrunken, reluctant follicle cells. The result: a thick, healthy head of hair.
Diagnosis: gay
But while Mr. Witty got the lustrous locks of which he'd long dreamt, he may have also gotten something else from the lengthy and often painful procedure: gayness. After his wife found a personal ad that he had posted on gaychristians.com, seeking "pen pals and more," she convinced him to seek medical attention. The diagnosis: Mr. Witty is now gay.
Man says: "I won't take this lying down."
Gay_dna_2Within days of receiving the doctor's verdict, Mr. Witty had retained a lawyer and filed a lawsuit against specialists at Fetal Stem Cells, Inc., the center where he underwent the experimental hair treatment. According to court documents given to the Swift Report, Mr. Witty seeks to have the gay stem cells removed and replaced with straight cells at no cost, and is also demanding $99,000 for alleged pain and suffering.
While no one from FSC was willing to go on record about the pending lawsuit, a source close to the center say that this is not the first time that doctors there have been accused of implanting gay stem cells into straight recipients. "The problem is that you can't ask the stem cells if they are gay or straight," said the source. "You won't know until you've implanted them and they've had a chance to bloom." Experts estimate that as many as 10% of all stem cells could be gay.
Back on the straight and marrow
At home in Topeka, the Witty's say that they're anxious to resume the life they led before Mr. Witty was implanted with the gay stem cells. While they hope that a reversal of the procedure will cure him of his new taste for men, they say that they've got a back up plan prepared—just in case. Next month, Mr. Witty will travel to Orlando, Fla., to the headquarters of Exodus International, a world-renowned organization that helps individuals like Mr. Witty overcome their gayness.
Later this month, Mr. Witty will take his tale on the road, speaking to the 30th annual Exodus Freedom Conference in Asheville, NC, about the dangers of gay stem cells. "I didn't ask to be this way." said Witty, sporting a Caesar haircut. "I hope that the conference will allow me to hook up with other regular joes like me, who had this thrust upon them."
Hermione Slatkin can be reached at hermioneslatkin@yahoo.com
He just seems smart because of whom you might be comparing him to.
ISIS nice move today
Press Release Source: Isis Pharmaceuticals, Inc.
Isis Pharmaceuticals' TIGER Biosensor System Receives R&D 100 Award
Monday July 11, 7:00 am ET
CARLSBAD, Calif., July 11 /PRNewswire-FirstCall/ -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIS - News) announced today that its Ibis division has received an R&D 100 Award for its TIGER biosensor system, a revolutionary system for the identification of infectious diseases. The R&D 100 Awards competition, sponsored by R&D Magazine, recognizes the 100 most technology significant products introduced into the marketplace over the past year. Entries are evaluated on their ability to save lives, change people's lives for the better, improve the standard of living for large numbers of people, and promote good health.
[0]
"Receiving the prestigious R&D 100 Award is a testament to the broad applicability and utility of our TIGER biosensor system. We are honored to be selected as one of the top 100 technology innovations," said Michael Treble, Isis' Vice President and President of Ibis. "The TIGER biosensor system is a rapid, cost-effective solution for identifying infectious organisms, including organisms that are newly-emerging, genetically altered or unculturable. We plan to deliver TIGER biosensor systems and related products to government partners this year and subsequently sell TIGER systems to the healthcare and pharmaceutical industries for a wide variety of applications. The fully automated high-throughput TIGER system has the potential to save lives and decrease healthcare costs."
The 2005 R&D 100 Award winners will be honored at the 43rd annual formal Awards Banquet on October 20, 2005 in the Grand Ballroom of Chicago's Navy Pier.
ABOUT TIGER AND THE IBIS DIVISION
The Ibis division has developed the TIGER (Triangulation Identification for Genetic Evaluation of Risks) biosensor system, a revolutionary system to identify infectious organisms. Ibis plans to commercialize the TIGER biosensor system to government customers for use in biowarfare defense, epidemiological surveillance and forensics; and to non-government customers for use in pharmaceutical process control, hospital-associated infection control, and infectious disease diagnostics. Additional information about Isis' Ibis division can be found at www.ibistiger.com or accessed from Isis' homepage at www.isispharm.com.
The Ibis division has been funded by U.S. government agencies including the Defense Advanced Research Projects Agency (DARPA), the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), the Centers for Disease Control and Prevention (CDC), the Federal Bureau of Investigation (FBI), and the Department of Homeland Security (DHS).
ABOUT ISIS PHARMACEUTICALS, INC.
Isis Pharmaceuticals, Inc. is exploiting its expertise in RNA to discover and develop novel drugs for its product pipeline and for its partners. The Company has successfully commercialized the world's first antisense drug and has 11 antisense drugs in development to treat metabolic, cardiovascular and inflammatory diseases, and cancer. In its Ibis division, Isis is developing and commercializing the TIGER biosensor system, a revolutionary system to identify infectious organisms. As an innovator in RNA-based drug discovery and development, Isis is the owner or exclusive licensee of more than 1,500 issued patents worldwide. Additional information about Isis is available at www.isispharm.com.
This press release includes forward-looking statements regarding the development and commercialization of Isis Pharmaceuticals' TIGER biosensor system and related products, as well as the Company's plans and goals for the program. Any statement describing our goals, expectations, intentions or beliefs is a forward-looking statement and should be considered an at-risk statement, including those statements that are described as Isis' goals. Such statements are subject to certain risks and uncertainties, particularly those inherent in developing and commercializing systems to identify infectious organisms that are effective and commercially attractive, and in the endeavor of building a business around such products. Our forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Although our forward-looking statements reflect the good faith judgment of our management, these statements are based only on facts and factors currently known by us. As a result, you are cautioned not to rely on these forward- looking statements. These and other risks concerning Isis' programs are described in additional detail in Isis' annual report on Form 10-K for the year ended December 31, 2004, and its quarterly report on Form 10-Q for the quarter ended March 31, 2005, which are on file with the SEC. Copies of these and other documents are available from the Company.
I thought Bobby Kennedy had a pretty good solution. He thought that if we spent between 5-10% of the amount we spend on our Defense budget on the State Department we would have the best diplomats in the world. Not only that but we would know more about the world and how to avert wars, increase trade etc. Knowledge is power in essence.
This is a copy of a speech that Steve Jobs delivered to the graduates of
Stanford University.
-----------------------
"I am honored to be with you today at your commencement from one of the
finest universities in the world. I never graduated from college. Truth be
told, this is the closest I've ever gotten to a college graduation. Today
I want to tell you three stories from my life. That's it. No big deal.
Just three stories.
The first story is about connecting the dots.
I dropped out of Reed College after the first 6 months, but then stayed
around as a drop-in for another 18 months or so before I really quit. So
why did I drop out?
It started before I was born. My biological mother was a young, unwed
college graduate student, and she decided to put me up for adoption. She
felt very strongly that I should be adopted by college graduates, so
everything was all set for me to be adopted at birth by a lawyer and his
wife. Except that when I popped out they decided at the last minute that
they really wanted a girl. So my parents, who were on a waiting list, got
a call in the middle of the night asking: "We have an unexpected baby boy;
do you want him?" They said: "Of course." My biological mother later found
out that my mother had never graduated from college and that my father had
never graduated from high school. She refused to sign the final adoption
papers. She only relented a few months later when my parents promised that
I would someday go to college.
And 17 years later I did go to college. But I naively chose a college that
was almost as expensive as Stanford, and all of my working-class parents'
savings were being spent on my college tuition. After six months, I
couldn't see the value in it. I had no idea what I wanted to do with my
life and no idea how college was going to help me figure it out. And here
I was spending all of the money my parents had saved their entire life. So
I decided to drop out and trust that it would all work out OK. It was
pretty scary at the time, but looking back it was one of the best
decisions I ever made. The minute I dropped out I could stop taking the
required classes that didn't interest me, and begin dropping in on the
ones that looked interesting.
It wasn't all romantic. I didn't have a dorm room, so I slept on the floor
in friends' rooms, I returned coke bottles for the 5¢ deposits to buy food
with, and I would walk the 7 miles across town every Sunday night to get
one good meal a week at the Hare Krishna temple. I loved it. And much of
what I stumbled into by following my curiosity and intuition turned out to
be priceless later on. Let me give you one example:
Reed College at that time offered perhaps the best calligraphy instruction
in the country. Throughout the campus every poster, every label on every
drawer, was beautifully hand calligraphed. Because I had dropped out and
didn't have to take the normal classes, I decided to take a calligraphy
class to learn how to do this. I learned about serif and san serif
typefaces, about varying the amount of space between different letter
combinations, about what makes great typography great. It was beautiful,
historical, artistically subtle in a way that science can't capture, and I
found it fascinating.
None of this had even a hope of any practical application in my life. But
ten years later, when we were designing the first Macintosh computer, it
all came back to me. And we designed it all into the Mac. It was the first
computer with beautiful typography. If I had never dropped in on that
single course in college, the Mac would have never had multiple typefaces
or proportionally spaced fonts. And since Windows just copied the Mac, its
likely that no personal computer would have them. If I had never dropped
out, I would have never dropped in on this calligraphy class, and personal
computers might not have the wonderful typography that they do. Of course
it was impossible to connect the dots looking forward when I was in
college. But it was very, very clear looking backwards ten years later.
Again, you can't connect the dots looking forward; you can only connect
them looking backwards. So you have to trust that the dots will somehow
connect in your future. You have to trust in something - your gut,
destiny, life, karma, whatever. This approach has never let me down, and
it has made all the difference in my life.
My second story is about love and loss.
I was lucky - I found what I loved to do early in life. Woz and I started
Apple in my parents garage when I was 20. We worked hard, and in 10 years
Apple had grown from just the two of us in a garage into a $2 billion
company with over 4000 employees. We had just released our finest creation
- the Macintosh - a year earlier, and I had just turned 30. And then I got
fired. How can you get fired from a company you started? Well, as Apple
grew we hired someone who I thought was very talented to run the company
with me, and for the first year or so things went well. But then our
visions of the future began to diverge and eventually we had a falling
out. When we did, our Board of Directors sided with him. So at 30 I was
out. And very publicly out. What had been the focus of my entire adult
life was gone, and it was devastating.
I really didn't know what to do for a few months. I felt that I had let
the previous generation of entrepreneurs down - that I had dropped the
baton as it was being passed to me. I met with David Packard and Bob Noyce
and tried to apologize for screwing up so badly. I was a very public
failure, and I even thought about running away from the valley. But
something slowly began to dawn on me - I still loved what I did. The turn
of events at Apple had not changed that one bit. I had been rejected, but
I was still in love. And so I decided to start over.
I didn't see it then, but it turned out that getting fired from Apple was
the best thing that could have ever happened to me. The heaviness of being
successful was replaced by the lightness of being a beginner again, less
sure about everything. It freed me to enter one of the most creative
periods of my life.
During the next five years, I started a company named NeXT, another
company named Pixar, and fell in love with an amazing woman who would
become my wife. Pixar went on to create the worlds first computer animated
feature film, Toy Story, and is now the most successful animation studio
in the world. In a remarkable turn of events, Apple bought NeXT, I retuned
to Apple, and the technology we developed at NeXT is at the heart of
Apple's current renaissance. And Laurene and I have a wonderful family
together.
I'm pretty sure none of this would have happened if I hadn't been fired
from Apple. It was awful tasting medicine, but I guess the patient needed
it. Sometimes life hits you in the head with a brick. Don't lose faith.
I'm convinced that the only thing that kept me going was that I loved what
I did. You've got to find what you love. And that is as true for your work
as it is for your lovers. Your work is going to fill a large part of your
life, and the only way to be truly satisfied is to do what you believe is
great work. And the only way to do great work is to love what you do. If
you haven't found it yet, keep looking. Don't settle. As with all matters
of the heart, you'll know when you find it. And, like any great
relationship, it just gets better and better as the years roll on. So keep
looking until you find it. Don't settle.
My third story is about death.
When I was 17, I read a quote that went something like: "If you live each
day as if it was your last, someday you'll most certainly be right." It
made an impression on me, and since then, for the past 33 years, I have
looked in the mirror every morning and asked myself: "If today were the
last day of my life, would I want to do what I am about to do today?" And
whenever the answer has been "No" for too many days in a row, I know I
need to change something.
Remembering that I'll be dead soon is the most important tool I've ever
encountered to help me make the big choices in life. Because almost
everything - all external expectations, all pride, all fear of
embarrassment or failure - these things just fall away in the face of
death, leaving only what is truly important. Remembering that you are
going to die is the best way I know to avoid the trap of thinking you have
something to lose. You are already naked. There is no reason not to follow
your heart.
About a year ago I was diagnosed with cancer. I had a scan at 7:30 in the
morning, and it clearly showed a tumor on my pancreas. I didn't even know
what a pancreas was. The doctors told me this was almost certainly a type
of cancer that is incurable, and that I should expect to live no longer
than three to six months. My doctor advised me to go home and get my
affairs in order, which is doctor's code for prepare to die. It means to
try to tell your kids everything you thought you'd have the next 10 years
to tell them in just a few months. It means to make sure everything is
buttoned up so that it will be as easy as possible for your family. It
means to say your goodbyes.
I lived with that diagnosis all day. Later that evening I had a biopsy,
where they stuck an endoscope down my throat, through my stomach and into
my intestines, put a needle into my pancreas and got a few cells from the
tumor. I was sedated, but my wife, who was there, told me that when they
viewed the cells under a microscope the doctors started crying because it
turned out to be a very rare form of pancreatic cancer that is curable
with surgery. I had the surgery and I'm fine now.
This was the closest I've been to facing death, and I hope its the closest
I get for a few more decades. Having lived through it, I can now say this
to you with a bit more certainty than when death was a useful but purely
intellectual concept:
No one wants to die. Even people who want to go to heaven don't want to
die to get there. And yet death is the destination we all share. No one
has ever escaped it. And that is as it should be, because Death is very
likely the single best invention of Life. It is Life's change agent. It
clears out the old to make way for the new. Right now the new is you, but
someday not too long from now, you will gradually become the old and be
cleared away. Sorry to be so dramatic, but it is quite true.
Your time is limited, so don't waste it living someone else's life. Don't
be trapped by dogma - which is living with the results of other people's
thinking. Don't let the noise of other's opinions drown out your own inner
voice. And most important, have the courage to follow your heart and
intuition. They somehow already know what you truly want to become.
Everything else is secondary.
When I was young, there was an amazing publication called The Whole Earth
Catalog, which was one of the bibles of my generation. It was created by a
fellow named Stewart Brand not far from here in Menlo Park, and he brought
it to life with his poetic touch. This was in the late 1960's, before
personal computers and desktop publishing, so it was all made with
typewriters, scissors, and polaroid cameras. It was sort of like Google in
paperback form, 35 years before Google came along: it was idealistic, and
overflowing with neat tools and great notions.
Stewart and his team put out several issues of The Whole Earth Catalog,
and then when it had run its course, they put out a final issue. It was
the mid-1970s, and I was your age. On the back cover of their final issue
was a photograph of an early morning country road, the kind you might find
yourself hitchhiking on if you were so adventurous. Beneath it were the
words: "Stay Hungry. Stay Foolish." It was their farewell message as they
signed off. Stay Hungry. Stay Foolish. And I have always wished that for
myself. And now, as you graduate to begin anew, I wish that for you.
Stay Hungry. Stay Foolish.
Thank you all very much." - Steve Jobs - June 2005
Even though I like his perspective I think he has a compulsive writing disorder. There is a new support group for the disorder called anon anon anon.
He's usually pretty good at letting the board know when he is going to be gone.
Is Zeev OK?
OK you asked for it! lol
http://www.msnbc.msn.com/id/8132227/
----------------------------------
Maybe the hokey pokey IS what it's all about.
Path Outlined For Tysabri To Return
06.09.05, 12:12 PM ET
Tear Sheet / Chart / News
Earlier this year, Biogen Idec (nasdaq: BIIB - news - people ) and Elan (nyse: ELN - news - people ) pulled their multiple sclerosis drug, Tysabri, after the drug was linked to a disorder called progressive multifocal leukoencephalopathy (PML). Three of the 3,000 patients who took Tysabri in clinical trials developed PML, which is caused by the JC virus, which is often dormant in many patients. Today, the New England Journal of Medicine published case reports on all three of those patients. Alongside the reports, which provide a great deal of detail on how PML developed, the journal also published an editorial by Joseph Berger and Igor Koralnik, two of the world's top experts in PML who have worked as consultants for Biogen Idec and Elan. The two write that the linkage between the drug and PML, though unexpected seems clear. But they also provide a bit of light to investors, writing that it may be possible to detect the proliferation of JC virus before much of the damage is done and then stop Tysabri treatment. It remains an open question whether the Food and Drug Administration will require a new clinical trial to prove that is the case. Biogen Idec says it hopes to finish its safety review by the end of the summer. Shares of Biogen Idec and Elan were both up 4% ahead of the announcement.--Matthew Herper
Isis Posts Good Cholesterol Study Data
Thursday June 9, 9:52 am ET
Isis Pharmaceuticals Dosing Trial Shows Lowering of Total, 'Bad' Cholesterol
CARLSBAD, Calif. (AP) -- Isis Pharmaceuticals Inc. said Thursday that one of its cholesterol-lowering treatments cut total levels of the fat-like substance by up to 40 percent in an early stage clinical trial.
ADVERTISEMENT
Isis shares rose 18 cents, or 5.1 percent, to $3.70 in morning trading on the Nasdaq.
In the Phase I dosing trial, researchers gauged responses to drug candidate ISIS 301012 at injected doses ranging from 50 milligrams to 400 milligrams in 36 patients with high cholesterol. The study looked at levels of low density lipoprotein, or LDL or "bad" cholesterol; ApoB-1000, a protein components of LDL; and total cholesterol.
Researchers found that the treatment reduced LDL by an average of 17 percent for the 50 milligram dose and 48 percent for the 400 milligram dose. Levels of ApoB-1000 fell an average of 30 percent in patients given the 50 milligram dose and 52 percent for the 400 milligram dose. Total cholesterol levels fell an average of 16 percent in patients taking 50 milligrams compared with a 40 percent reduction in patients given 400 milligrams.
The reductions occurred after one month of dosing and lasted more than 100 days. The company said that it will begin mid-stage clinical trials of the treatment in the second half of the year. Isis also said that it is awaiting results from a Phase I study on an oral formulation of the treatment.
Isis plans to develop the drug first to treat familial hypercholesterolemia, a genetic disorder the causes individuals to have extremely high cholesterol levels that are not lowered by standard treatments such as statins.
ELN moving
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History Repeats at Altair
By Seth Jayson (TMF Bent)
May 31, 2005
Enter Altair
Let me begin by admitting that, in some ways, I hesitate to write this article. It focuses on a very small company, Altair Nanotechnologies (Nasdaq: ALTI), which carries a market cap of only $165 million. But the flashy nano-name along with Altair's prodigious PR department have combined to make the loss-generating Nevada concern one of the most volatile issues around, able to swing 100% or more in a single day. When that happens -- and individual investors lose their shirts on the inevitable letdown -- well, stuff needs to be said.
To be clear, we've said "stuff" before. My opinion of the company has long been that its primary product is hype, and that investors should stay away. Insiders own very few shares, meaning they're asking those of us in the capital markets to fund their dreams alone. That's not a vote of confidence.
Our Rule Breakers nano team has had a very similar opinion -- and these guys not only know more about the sector than I do, but they're also a lot less crusty than I am. If they don't like Altair, that really tells me something.
The recent past
Altair is clearly trying to shed its reputation as a "colorful," as CEO Alan Gotcher put it, company. I'm not sure it's doing such a great job of that. Altair made news most recently when it put out a press release that looked, to me and many others, like a mere rehash of battery claims it has been making for years. The stock jumped more than 100% over the next couple of days. Altair benefited from this jackpot when it secured a private placement deal, putting cash on the balance sheet, but watering down current shareholders' take of any eventual profits and sending the pretty obvious message that prices around $4 a stub were about as good as it could get. Investors have seen the shares drop substantially since then.
This week, the drama came when the firm released a Securities and Exchange Commission filing containing a letter from Altair's ex-President Rudi Moerck. Among the letter's many interesting claims are allegations of excessive hype, misleading information regarding a key partner, staged photographs, and other unseemly behavior. Altair claims this is just the work of a disgruntled man, but I don't think truth and disgruntlement are always mutually exclusive.
Enter the suits
After our previous two articles, the folks at Altair decided it would be good to talk with us. Let me be up front. I've usually got a dim opinion of managers who waste time trying to sweet-talk me. Frankly, they ought to have better things to do, like make money for shareholders. And frankly, if they'd just put up some real results, I'd gladly give them the credit they would deserve.
So, while I appreciate CEO Alan Gotcher's time in presenting James Early and me with the standard "Altair is poised for growth" PowerPoint show and answering some tough questions, my opinion has not changed. In fact, I might be even more pessimistic now.
Fun with numbers
By the numbers, Altair's business is a continual money loser. The hope of management, and anyone who invests in Altair today, is that the numbers in the future will be a lot better, maybe even positive. I have big doubts about that, but even if it's true, it's very difficult to get any idea of what those numbers might look like, especially if you listen to management.
In the realm of its nano-battery material, concrete figures are difficult to come by. The press releases toss out figures in the billions as "total markets," without venturing to speculate how much, if any, of that market could become Altair's, and at what kind of margin. While telling us about Altair's phosphate-control product for recreational waters, Gotcher could get no more specific than telling us there are 7 million pools in the United States with owners who might want to use this.
In discussing RenaZorb, Altair's joint project with Spectrum Pharmaceuticals (Nasdaq: SPPI), which it says would be a competitor to Genzyme's (Nasdaq: GENZ) Renagel, Gotcher bandies about the sum of $100 million as a revenue target for the deal. That alone is an irresponsible guess, in my opinion, given the boatload of unknown variables, including Genzyme's leading position, the undisclosed nature of Altair's fee structure with Spectrum, and the important fact that we're talking about a pre-clinical project here.
Gotcher's math only got more confusing when he tried to explain the potential size of this market. Currently, he said, the market for Renagel is $350 million a year. In trying to give us his idea of the upcoming market, he began offering potential patient tallies that quickly ran into the millions. And that's at $4,800 per patient, per year, he added. The trouble is, dividing the current annual revenues for Renagel by his stated per-patient cost ($350 million/$4,800) to find the current tally of Renagel users yields a result nowhere near the millions. When I asked Gotcher to help me with the calculation, he said it's somewhere around 700,000. (It's actually 73,000, folks.)
I'm not an expert in this field, and the real figures of the potential market -- closer to 304,000 patients using some kind of phosphate-control therapy in the U.S., according to Genzyme's 10-K -- are of secondary importance here. What worries me is this: The CEO doesn't have the numbers straight. I find that very odd, given that he called us to make this pitch. If he's presenting us with confusing data here, what else are we supposed to believe, and when?
China Syndrome
The biggest problem I have with Altair -- the reliance on vague PR-- was not alleviated by our call. Dr. Gotcher and his team go to the well a bit too often to ladle out servings of "China and India." For instance, Gotcher describes Altair's new titanium-dioxide pigment-making technology as cost-effective and environmentally friendly. It's not targeted at the U.S. or Europe. Nope, the company is looking at new plants in China and India. If this is such a revolution, shouldn't U.S.-based companies like DuPont (NYSE: DD) or Lyondell Chemicals (NYSE: LYO) be all over it? The answer seems to be that Altair doesn't have the only nano-answer. DuPont -- the world leader in TiO2 production -- has already got its own nanoscale solutions, and it recently announced plans to build its own plants in China.
And how about that nano-battery technology? As far as I can tell, in the past, the promised partners who failed to materialize were unnamed Japanese. Today, the Altair team tells you the battery makers of the future are in China, and that management is working hard with several big or major companies to use its materials. There are two problems with this contention. First, the promise of multiple relationships with Chinese battery manufacturers is incompatible with Altair's description of its current partner relationship as "mutually exclusive." Next, Altair's current Chinese battery partner looks like a very small player, with even smaller prospects.
The big battery deal
Let's start with the obvious: The technology is real. But since electronics giant Toshiba has announced it will be coming to market with a range of nano-lithium rechargeables, Altair investors can draw two conclusions. Either Altair is not the only player in this market, as some investors might think, or Toshiba is working with Altair on the sly. I bet we can safely discount the second hypothesis for now.
In fact, there are other sources for nano battery material, as Altair admits. The question then becomes, "Does Altair's technology possess anything at all that makes it preferable to other battery makers out there?" The evidence suggests to me that the answer is "No." Exhibit A is Advanced Battery Technologies (OTC BB: ABAT), Altair's much-discussed Chinese battery partner.
The company you keep
I'm a firm believer that you can judge companies by the history of managers and board directors, along with the partner businesses with which they do business. In companies that promise to pay you Tuesday for that hamburger today, this kind of detective work is absolutely vital.
To follow up on Altair's Chinese battery prospects is to tumble down the rabbit hole with Alice, Neo, and a whole bottle of Morpheus' blues and reds. I'm going to take you with me down the hole, because you can learn a lot about Altair and its prospects by looking at the partners on which its fortune depends.
Advanced Battery -- I'm going to call it AB -- is a penny-stock firm with a three-tiered ownership structure. The real meat is a 70% stake in a Chinese battery maker, filtered through a Virgin Islands company called Cashtech. AB is the type of player that spices up its press releases with gems such as this: "The Company operates in the highest growth sector of the battery industry." AB puts its hopes for the future in -- get this -- electric cars. Its major contract, which looks like the one that had our Rule Breakers nano-team scratching its head, is with a Taiwanese outfit that's trying to market a car. The selling point is that it can be taken inside buildings, into the elevator, to be parked on the roof.
According to Gotcher, the AB team called shortly after the Feb. 10 Altair press release stimulated a 100% increase in Altair's market cap. AB asked for some number of kilos of the material for testing purposes, it appears, according to Gotcher's description of events. After news of this agreement was released, AB saw its stock shoot up almost 300%. I suspect that this kind of market action was very gratifying for the folks at AB and Altair, because AB needs capital.
I'm not kidding. The company says, on page 9 of its latest 10-Q, "We lack sufficient capital to fully carry out our business plan." (Let's give it an A for honesty, at least.)
In that same filing, it discloses that it has a $2.4 million deficit of working capital. But, it says, "Despite its negative working capital, ZQ Power-Tech [the Chinese manufacturing subsidiary] has sufficient liquidity to fund its near-term operations. The principal capital resource available is $12,202,008 in property, plant and equipment, construction in process, and real property rights...."
Call me picky, but I don't think the factory you're trying to run should count as a "liquid" source of capital.
In the United States, AB is working with a small company called ZAP (OTC BB: ZAPZ), another microscopic-sized billboard company with a slew of related-party transactions (consulting fees to cousins, renting property from the CEO, etc.) and a knack for losing money year after year. ZAP's notable accomplishment of late was giving observers a great laugh this week, when it -- with $4.6 million on the balance sheets -- attempted to generate a buzz by emailing Reuters a copy of what it describes as a $1 billion Smart Car purchase order it sent to DaimlerChrysler (NYSE: DCX)-- though it admits it has no official relationship with the manufacturer or the exclusive, official U.S. distributor, smartUSA.
The board
Don't even get me started on the proxy statement. Some of the board members have impressive-looking credentials, but the past and current affiliations of others (game companies, casinos, '90s startup tech firms, pink-sheet Canadian gold miners and energy penny stocks) give me grave suspicions. Frankly, when I read stuff like this, my instincts are to either run, or short like crazy.
The Foolish bottom line
Folks, I would love to believe that Altair's technologies were going to be successful. I love the promise that nanotechnology holds to change the world. But liking a technology and investing money in it are two entirely separate things. Unfortunately, Altair has proved for years that its primary products are stock and press releases. And as desperately as it would like to turn the page, it doesn't look like much has changed. There will be plenty of time to invest in Altair if or when it actually writes some sustainable, revenue-producing deals. Until then, watch your wallet.
For related Foolishness:
* I still say Altair is all air.
* Altair's nano-battery announcement: truth-challenged?
* What's the sound of music for Altair?
* Buying the pennies can be exciting.
If you're looking for a nano-play with real potential, take a free trial of Motley Fool Rule Breakers and see what our dedicated nano-team has to say.
Seth Jayson thinks good management should ignore the press and make a load of money for shareholders. At the time of publication, he had positions in no firm mentioned. View his stock holdings and Fool profile here. Fool rules are here.
*LJPC*...I believe its gonna move BIG!...em
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The big question is "which way"? They are definitely in a crisis situation.
I'm surprised that the internet hasn't had more of an impact on the RE business. This was discussed once here before. It would seem that once the MLS system was sidetracked, commissions would come down and RE would be sold more economically. Brokers still have a necessary service but the commissions they receive today are absurd considering what they do. Has there ever been a consumer lawsuit agains the MLS?
Interesting article alleging fudging in reportage of the economic numbers in China.
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I'm shocked I tell you, shocked that a government would fudge economic numbers!
NEM one set of traders out the door.
DECK holding up fairly well here. I figured it would at least go back and test 21.25. Let's see what happens when the market opens. Maybe the news wasn't as bad as the shorts figured.
DECK back open now. Took my loss immediately. Not a good way to start the day.
Ahoy Matey, Have you been wetting any lines?
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I may do a trip down the John Day for bass next week. The river is starting to settle down and should be in good shape. It's a nice float trip in a drift boat and the fish are a blast on a 5-6 wt rod throwin' poppers. Gotta get my schedule cleared first.
Note: Lotsa folks in the know saying the low chinook run this year on the Columbia is due to lack of spill at the dams 3 years ago.
I wasn't that smart. Hope I get another chance. I might even settle for 38. These are traders not core. I also need to replenish my DECK traders.
NEM just went negative. Gold up $7. Go figure.
Gold up several dollars and XAU went negative.
Beautiful call Zeev.
"I am not that sure (about the rally in miners), they rallied as expected a week ago, but NEM which was suggested around $35, should probably be sold short term in the $38.5/39 area. I think that if the French turn down the EU constitution, the Euro may take a beating (if it is not already discounted) and gold have a short term swoon down maybe as low as $405/410, with NEM retesting (and I think, holding $34.5) the recent low. If the French ratify, the opposite may happen, the Euro having a short term bounce and Gold bouncing maybe as high a $425 (getting NEM to that bottom of the gap just under $39). After that, I think the economic realities of a stagnant Europe and a relatively strong US economy will continue to lend strength to the dollar getting gold to breach recent lows and challenging $400 (the same $405/10 as in the first scenario). For now, NEM , IMTO should just be a trade in the $35/$38.5 zone."
NEM Rather disappointing day for miners considering the big rise in PoG. Divergence of the wrong type.
Thanks. Heat advisory in the NW today. Everybody drink lots of liquids.
ALTI moving nicely on no news.
Anybody know any good investments in biodiesel?
We bought a Jetta and use biodiesel. It gets about 45mpg. Our town has a nice little biodiesel co-op. Take that Bush!
What if I don't want a RFID chip in my pocket.
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I wonder how they stop an unauthorized use of the card? Imagine, you walk into a casino and before you get past the door you have already lost $5k. Not fun.
...any disruption at refineries will push the price of crude higher
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If the bottleneck is at the refinery, wouldn't that create a glut of crude?
Or he's full of bull (and the cows aren't)
Not posted to me but: If the bull moose is doing his job, there always is a young bull.
Maine, Do you have any thoughts on why the volume on GERN would subside today? One would think with all the buzz lately the volume would be increasing.
After thought: Prolly just traders waiting an outcome on the political stuff.