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Looks like it was filed 10 months late.
It's the second one we've seen in the last few days.
This may be why the private placement registration has not yet been declared effective. Sloppy housekeeping to say the least.
-Fritz
From the S-1:
EXPLANATORY NOTE
Halozyme Therapeutics Inc., a Nevada corporation, to which the registrant is a successor in accordance with Rule 414(d) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), previously filed a Registration Statement on Form S-3 (File No. 333-125731) on June 10, 2005 (the “Prior Registration Statement”). The Prior Registration Statement originally registered up to an aggregate dollar amount of $50,000,000 of securities, but the Prior Registration Statement will only be effective until December 1, 2008 pursuant to the rules of the Securities and Exchange Commission. This Registration Statement is intended to renew and replace the Prior Registration Statement and the Prior Registration Statement will be terminated upon the effectiveness of this Registration Statement. Pursuant to Rule 457(p) under the Securities Act, fees paid under the Prior Registration Statement associated with unsold securities offset the total dollar amount of the filing fee associated with this Registration Statement.
Some highlights:
The original letter of intent, initially estimated at $9 million, was received May 23, 2008. The increase in the value of the contract is reflective of engineering changes to satisfy additional lift requirements.
Delba International has secured financing for the construction of the Delba III semisubmersible drilling rig.
Deep Down is now focused on achieving a successful contract execution on the Letter of Intent for the Delba IV semisubmersible drilling rig, which was announced on June 6, 2008.
commented Drilmar Monteiro, Delba Drilling International Cooperatie U.A. "We anticipate continued use of this solution in our Brazilian operations, as we have a significant backlog of rigs all requiring an effective and durable buoyancy solution for deepwater operations."
Economic Slump May Limit Moves on Clean Energy
By ELISABETH ROSENTHAL
The New York Times
Nov. 24th, 2008
Just as the world seemed poised to combat global warming more aggressively, the economic slump and plunging prices of coal and oil are upending plans to wean businesses and consumers from fossil fuel.
From Italy to China, the threat to jobs, profits and government tax revenues posed by the financial crisis has cast doubt on commitments to cap emissions or phase out polluting factories.
Automakers, especially Detroit’s Big Three, face collapsing sales, threatening their plans to invest heavily in more fuel-efficient cars. And with gas prices now around $2 a gallon in the United States, struggling consumers may be less inclined than they once were to trade in their gas-guzzling models in any case.
President-elect Barack Obama and the European Union have vowed to stick to commitments to cap emissions of carbon dioxide and invest in new green technologies, arguing that government action could stimulate the economy and create new jobs in producing sustainable energy.
But as the United Nations prepares to gather the world’s environment ministers in Poznan, Poland, next week to try to agree on a new treaty to reduce emissions, both the political will and the economic underpinnings for a much more assertive strategy appear shakier than they did even a few weeks ago.
“Yes things have changed,” said Yvo de Boer, executive secretary of the United Nations Framework Convention on Climate Change, in a phone interview. He is organizing the meeting in Poland.
“European industry is saying we can’t deal with financial crisis and reduce emissions at the same time,” he said. “Heads of government have other things on their minds.”
The economic decline also could complicate the political calculus of limiting emissions in developing countries, especially China.
China overtook the United States as the largest producer of greenhouse gases in 2007. But the surge in heavy industry there that produced a sharp increase in its emissions already has given signs of turning into a bust.
Some experts argue that China’s emissions — and the pressing need to limit them — may recede until economic conditions improve.
No government has officially repudiated climate goals; in Bali last year, all the nations of the world promised to pursue an emissions control treaty. Mr. de Boer said he remained optimistic that major powers would ultimately stick to pledges to reduce emissions.
“I don’t think anyone will show the stupidity to focus on the short term and ignore the long-term issue because these decisions will be with us for 30 years,” he said.
Even so, there are signs of considerable backpedaling in at least near-term commitments to invest in green technology and alternative energy.
Italy’s environment minister, Stefania Prestagiacomo, said last month that “profound changes” were needed in the European Union climate package because of the global economic crisis. Coal-based economies like Poland’s have expressed similar worries.
Theolia, one of France’s largest alternative energy companies, has canceled plans for a subsidiary devoted to emerging markets, and pulled back on its goals of how much energy it could produce by 2009.
In the United States, T. Boone Pickens, the Oklahoma oil tycoon who leased hundreds of thousands of acres in West Texas for a giant wind farm, has now delayed the project. He told reporters at a recent news conference that fossil fuel prices would have to rise again before it was economically viable.
Barbara Helfferich, the European Commission spokeswoman on the environment, said, “Investing in reducing emission is more difficult to do in times of economic downturn than when you have money to spend.”
Mr. Obama, Mr. de Boer and Stavros Dimas, the European Union environment commissioner, all argue that by promoting new green jobs, even with heavy government subsidies, they could create an engine of economic growth that would help countries pull themselves out of the recession.
Mr. Obama, without releasing specifics of his proposed economic stimulus package, called on the country to build “wind farms and solar panels, fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead.”
The European Commission says it is planning to stay its course toward lower emissions — a 20-percent reduction by 2020 — and in so doing hopes to have a “first mover advantage” in terms of job creation, renewable sources and energy innovation once the global economy rebounds.
“I know it sounds counterintuitive, but our argument is that because there is an economic turndown, it is just the time to tackle the transition from a high-carbon to a low-carbon economy,” Ms. Helfferich said.
Recessions can be good or bad for achieving environmental goals, and it remains uncertain how this one will play out.
In the short term, economic declines tend to reduce emissions, because industrial production slows down. Retrenchment will certainly curb fast-growing emissions from China, for example, where double-digit economic growth has been based partly on production from the most polluting industries, such as steel, cement and aluminum. But such reductions are inevitably temporary, rebounding when the economy picks up.
Against this, the current economic slump could have serious long-term environmental consequences, because it may reduce investment in greener production technologies without fundamentally changing the longer-term emissions picture. With so many renewable energy projects and programs in their nascent stages, their success is easily undercut by lack of credit or financing.
Centrica, a British company that has been building wind farms to meet its target of having 15 percent of that country’s energy come from renewable sources by 2020, has put three planned offshore wind farms on hold, in part because of rising credit costs. Without projects like these it is unclear if Britain’s ambitious emissions reductions target can be met.
At the same time, the price of buying permits to emit carbon dioxide in Europe — a system the European Union uses to discourage companies from polluting — have fallen by half compared with the price a year ago, largely because of slower growth.
Wind costs more than $2.5 billion per gigawatt to build, compared with $600 million for gas. Carbon permits and subsidies can narrow that gap, but the current low prices mean that it is cheaper to burn coal, even after paying penalties for the carbon dioxide emissions.
The United Nations says that 40 percent of the world’s power generating capacity has to be replaced in the next 5 to 10 years. Six months ago, high oil prices, easy credit and political pressure led many governments to promote biofuels, wind farms and nuclear projects and phase out fossil fuel plants. But the logic of spending more on such plants has at least partly evaporated.
“If because of the current economic scenario, you choose cheap and dirty, we’ll be in big trouble,” Mr. de Boer said.
Paradoxically, it may not look that way, at least at first. One big short-term effect of the economic situation is likely to be a reduction of emissions from the developing world. In the decade after the Eastern bloc countries gained independence in 1989, pollution dropped precipitously, as Soviet-era heavy industry shut down.
Emissions dropped sharply between 1990 and 2000, only to start rebounding in the boom years after 2000. By 2006, for example, emissions dropped by 1 percent in industrialized countries (mostly those in Western Europe) that report their emissions to the United Nations. At the same time, they increased by 3 percent in the so called “economies in transition,” including the former Soviet bloc states of Eastern Europe.
In the current global recession China could follow a similar trajectory.
The number of cement plants in China rose to 7,000 from 3,000 from the year 2002 to 2007, as China built new cities at a record pace. That catapulted China to top of the list of global emitters, more than a decade earlier than scientists had anticipated just a few years before.
Yet straight-line projections about China’s emissions are now again in question, said Trevor Houser, a visiting fellow at the Washington-based Peterson Institute for International Economics.
“Demand for goods like steel, cement and aluminum is contracting severely, so the energy used to produce them is also severely down,” he said.
Last month, he said, China’s energy use fell by 4 percent compared with the same month in 2007. A year ago, use was growing at an annual rate of 15 percent.
That may ultimately be a good thing for the Chinese economy as well as the environment, because heavy industry produces heavy emissions, but very few jobs.
Indeed, the slowdown may provide an opportunity for China, too, to reinvent itself with investment in a greener economy. “Slower energy demand provides an opportunity to move away from coal,” he said.
Still, such benefits may be more apparent to environmentalists than to factory owners and finance ministers trying to meet budgets and make profits. The European Union estimates that it will cost Italian industry 13 billion euros, about $16.7 billion, to reduce emissions. Italy puts the cost up to 27 billion euros, which is says it cannot afford.
“Transitions are expensive, but this one will help avoid the ups and downs we’ve recently seen,” Ms. Helfferich said. “This is a short-term bitter apple to create new sectors that are conducive to fighting climate change and jobs as well.”
http://www.nytimes.com/2008/11/25/world/25climate.html?_r=1&hp
Strong Rebound Coming in Next 3 Months: Dr. Doom
CNBC.com
| 21 Nov 2008 | 03:31 AM ET
The sheer amount of money governments are pumping into the financial system will eventually lead to a very strong rally in beaten-down assets, investor Marc Faber said on CNBC Friday.
But Faber also warned that if the markets remain depressed as liquidity increases the result could be a depression worse than in 1929. (Watch the video of Faber's appearance.)
By and large asset markets are "terribly oversold" now, while investors are going overboard into the U.S. dollar and U.S. Treasurys, Faber, editor of the Gloom, Boom & Doom Report, told "Squawk Box Europe."
"What you could see in the next three months is a very strong rebound in asset markets, in equities, followed by a selloff in bonds and eventually a selloff in the dollar," he said.
Governments and central banks around the world are providing liquidity and that will eventually have an impact, Faber said.
And once the buying starts the rally is likely to be "stronger than people expect" given that financial institutions are sitting on so much cash, he added.
'Colossal Deflation'
"I think the intervention by the government in the past and at the present time has created more volatility, not less, and so right now we have deflation, we have colossal deflation in asset prices," he said, noting that equities alone have lost $30 trillion globally.
# Watch Faber's Past Appearances on CNBC
But "I assure you if you throw enough money at the system, eventually you can reflate, especially in the United States," Faber added.
Statistically a rebound should happen, but if it doesn't "the air is out" and the world faces an economy "worse than the depression of '29 to '32," he said.
© 2008 CNBC.com
URL: http://www.cnbc.com/id/27834889/
Obama Will Get Stimulus Bill First Day, Democrats Say
By Daniel Whitten
Nov. 23 (Bloomberg) -- Congress will send President-elect Barack Obama an economic stimulus package the day he takes office Jan. 20, two Democratic lawmakers said today.
Senator Charles Schumer of New York said on ABC’s “This Week” program that the package will be between five and $700 billion. House Majority Leader Steny Hoyer, of Maryland, said on “Fox News Sunday” that he believed the Inauguration Day goal would be met, but he declined to put a price tag on the bill.
“I think Congress will work with the president elect starting now and will have a major stimulus package on his desk by Inauguration Day,” Schumer said. “I think it has to be deep. My view it has to be between $500 and $700 billion.”
Obama said yesterday he aims to save or create 2.5 million jobs in his two-year plan to stimulate an economy facing a “crisis of historic proportions.”
The U.S. economic slowdown has been exacerbated by the worst credit crisis in seven decades. More firings will weigh on the economy and consumer spending will pressure Obama and Congress to agree on legislation that will stimulate growth, economists say.
House Speaker Nancy Pelosi said any stimulus package must be several hundred billion dollars. “The sooner we do one, the smaller it can be,” she said on the CBS “Face the Nation” program.
Senator Richard Shelby, the Alabama Republican who is the ranking member of the Senate Banking Committee, said he wants to see the details of a stimulus package before deciding whether to back it. “I want to support things that are meaningful for the economy,” Shelby told ABC.
Tax Cuts
Obama’s stimulus plan involves an infusion of cash for middle-class tax cuts, rebuilding roads, bridges and schools, building broadband Internet access and investing in clean energy.
Obama strategist David Axelrod suggested that Obama might consider delaying a repeal of Bush administration tax cuts for the wealthy by allowing them to expire as scheduled at the end of 2010. “Those considerations will be made,” he said.
The president-elect is “committed to getting middle-class tax relief in the pipeline quickly, and there’s no doubt that we’re going to have to make some hard decisions in order to pay for the things we need,” Axelrod told Fox today. “The main thing right now is to get this economic recovery package on the road, to get money in the pockets of the middle class.”
Senator Carl Levin, a Michigan Democrat, opposed allowing the tax cuts “for the upper brackets” to expire, saying on CNN’s “Late Edition” program that Congress should move more quickly to end them. “We just can’t afford to continue them,” he said.
Capital Gains Tax
House Republican Leader John Boehner of Ohio pushed for cutting the capital-gains tax to stimulate the economy.
“If we’re really serious about creating jobs, what we ought to do is we ought to eliminate the capital-gains tax,” Boehner said on Fox. “Why not lower capital gains taxes for -- and corporate income taxes for corporations in America to help keep jobs here?”
Senator Joe Lieberman, an independent from Connecticut argued for action before President George w. Bush leaves office Jan. 20.
“I’m concerned that we’re between presidents now, and in the meantime, the economy continues to cycle down, and, to a lot of people, out of control,” Lieberman said on CNN’s “Late Edition” program.
Policy makers have “to get banks to start lending money again,” Lieberman said. “They’re not lending money, and, until they do, this economy is going to go nowhere.”
To contact the reporter on this story: tseeley@bloomberg.net; Daniel Whitten in Washington at dwhitten2@bloomberg.net.
Last Updated: November 23, 2008 13:03 EST
http://www.bloomberg.com/apps/news?pid=20601087&sid=aB6h8oowkQto&refer=home
I predict a 1000 point rally tomorrow on the strength of Obama's fireside chat on Saturday. Good chance DPDW can catch the wave.
AIMHO, of course.
Good luck!
-Fritz
Thanks for that digging, JDS.
Good luck!
-Fritz
If the PP shareholders have shorted against their unregistered shares, they must conversely be wary of the fact that they cannot use unregistered shares to cover a short position. Thus, if we have a sudden rally on Monday (of which I believe there is a reasonably good chance given Mr. Obama's fireside chat this morning) then the "selling shareholders" would be forced to go to the open market to cover. Could get interesting in a hurry.
Hang in there, folks!
Good luck!
-Fritz
My friend, you just bought yourself a piece of Deep Down at substantially less than book value. I believe you will be happy with your purchase.
Good luck!
-Fritz
Trueheart:
A couple of comments.
First, the "selling shareholders" are investors and not "lenders" as described in your post. They bought stock in DPDW at $.70 pps. It was their stake in DPDW that put us in a position to now feel good about owning Flotec.
Second, recent rulings in Federal Courts have established the right of private placement (PIPE) shareholders to borrow their own shares in order to short that company's stock even while those PIPE shares are pending a declaration of effectiveness, i.e., are not yet considered registered.
Thus, Management of DDI may have already been aware of that but used the short issue anyway as a bargaining chip, all the while knowing that they were not really conceding anything. We just don't know. In any event, IMHO, the shorting issue is not really an issue because it would likely have happened regardless of the terms of the pipe, simply because the law permits it.
Hope this helps allay your concerns.
Good luck!
-Fritz
Thanks, Rod!
-Fritz
I think that was a good idea!
Good luck!
-Fritz
Randy, I agree that there is a lot going on behind the scenes but I've given up trying to figure it out.
There are a lot of shares changing hands. Perhaps we'll get a filing soon to clarify. I'm holding on to a long position until it all sorts itself out. Still lots of potential here.
-Fritz
From my post on Tuesday:
GNVC management has a way of making a resounding victory look like a miserable mess, so, some variables depend upon how they PR it.
So here you have it. TNFerade extends live of PC patients and GNVC
PR geniuses manage to emphasize the negative.
Geeesh!
-Fritz
EST Announces Order for 4 Instruments
Electronic Sensor Technology (EST) (OTCBB:ESNR), a leading provider of innovative homeland security and environmental solutions, announced it has received an order for 4 instruments from its distributor in China. The instruments will be used for industrial and security applications.
Founded in 1995, Electronic Sensor Technology has developed and patented a chemical vapor analysis process with applications for the homeland security and environment markets.
Thanks, I just did a cursory reading. But even when they go they leave a toxic legacy. Be careful with them (and all pinkies for that matter).
-Fritz
Both companies have clean balance sheets. Virtually no debt and no toxic financing. HALO has about $72 million dollars in the bank. DPDW has about $2 million.( I just looked ADVR and immediately saw "Cornell Capital" and convertible debentures. Yikes!! No thanks!)
-Fritz
Thanks, look at HALO when you get a chance. Very significant pipeline with the added benefit of strong potential for partnership news any time.
My other big play is DPDW in the deep water oil services industry.
Both stocks, like everything else right now, are on sale at deep discounts!
Good luck!
-Fritz
As of October 31, 2008, the Registrant had 88,422,963 shares of common stock, $.001 par value, outstanding.
(Mason, I've no PM capability but you're marked. do you follow GNVC or other biotechs?)
Good luck!
-Fritz
News of the interim look is expected any day. I'm expecting a favorable report when it does come out. GNVC management has a way of making a resounding victory look like a miserable mess, so, some variables depend upon how they PR it.
Should be interesting.
Good luck!
-Fritz
Chart: Just before the "ASCO fiasco" this stock hit a high of $4.70. GNVC has had nothing but success in all aspects of its pipeline before and since that time. With good news in the phase III interim peek, I figure we'll head back to $3.00 at least.
JMHO.
Good luck!
-Fritz
MM's shaking the tree with these little bitty buys.
Actually kind of refreshing in an odd sort of way. Harkens back to the olden days before the market collapse with its forced and panic selling.
MM's walking it down with 300 shares presents no worries in comparison to the last 6-8 weeks.
Good luck!
-Fritz
PBR, RIG, GLF DO, NOV all green today.
Good luck!
-Fritz
It was a joke.
Graph tops out at 60.
Right, Elsie?
-Fritz
Halofan, I haven't seen a written transcript of this most recent call, but the audio is available on HALO's website for another couple of weeks.
Good luck!
-Fritz
The two reports mentioned in Mr. Uhl's email.
One from Oppenheimer and the other from Jeffries.
Regards,
-Fritz
If anyone would like to receive these two reports feel free to email me at gophred(-at-)operamail.com.
Good luck!
-Fritz
Yep. I think this company is worth a wee bit more than that!
Good luck!
-Fritz
In round numbers:
Net assets $60,000,000/175,000,000 shares = book value of`$.35 per share.
Good luck!
-Fritz
zNose® Detects Melamine in Milk Powder in Record Time
-----------------------------------------------------
zNose® Detects Melamine in Milk Powder in Record Time
Electronic Sensor Technology (EST) (OTCBB:ESNR), a leading provider of innovative homeland security and environmental solutions, announced it has developed a procedure for detecting melamine in milk powder using the fast zNose®.
Dr. Teong Lim, Chairman and CEO, reports that a method for detecting and measuring melamine without the need to derivatize or modify the sample has been created. Current cost per sample range around $120 in the US to $145 in China. The FDA method (Bulletin No. 4423) requires 85 minutes of preparation before the 20 minute GC-MS run. Even the fast-screen method (LC/MS) takes 14.5 minutes after sample preparation. EST’s method does not require this preparation time and can do a sample run in less than 3 minutes. This significant savings in time will reduce sample testing costs by using the zNose® as a prescreening tool. Only samples that indicate melamine are subjected to the costly testing methods.
The presence of melamine in milk powder has been linked to over 53,000 infant illnesses and 4 infant deaths as well as pet food problems and egg contamination. The use of melamine to cheat the nutrition tests has been a practice in many areas and there is no way to contain the contamination without the use of detection tests. Reducing the time and costs of the test with the use of the zNose® could help save infants from illness and more.
For more information visit EST’s website: http://www.estcal.com Founded in 1995, Electronic Sensor Technology has developed and patented a chemical vapor analysis process with applications for the homeland security and environment markets.
http://ih.advfn.com/p.php?pid=nmona&cb=1226542996&article=29268427&symbol=NB^ESNR
Oil and Gas are down for the moment but hot air is evidently still free and abundant.
-Fritz
Trueheart, SLB is most certainly a pump and dump scam!
Stay away!
<grin>
-Fritz
Here is Mr. Uhl's response:
==============================================
Fred,
Nice to hear from you and thank you for your kind words.
I have attached the latest reports from Jefferies and also Oppenheimer.
Eun Yang is the analyst who covers us at Jefferies and she actually just
lowered her price target from $13 to $9, something she has been doing
for many of her companies due to current market conditions and company
valuations. I do not believe that any of the analysts who cover us has a
price target as high as $19.
Regards,
Robert H. Uhl
Senior Director Investor Relations
Halozyme Therapeutics
11388 Sorrento Valley Road
San Diego, California 92121
ruhl@halozyme.com
858.704.8264
So, price action is the sole criteria for labelling a stock a P&D scam? I guess you'd call Goldman Sachs, Schlumberger, and Apple "Pump and Dump" also?
-Fritz
TNFerade™ Receives FDA Fast Track Designation for Treatment of Pancreatic Cancer
GenVec, Inc. (Nasdaq:GNVC) announced today that TNFerade™ has been granted Fast Track product designation by the U.S. Food and Drug Administration (FDA) for its proposed use in the treatment of locally advanced pancreatic cancer. The designation is based on GenVec having “provided evidence of the potential to improve survival in patients with pancreatic cancer.” Drugs designated for Fast Track are intended for the treatment of a life-threatening condition and have demonstrated the potential to address unmet medical needs. Fast track designation does not apply to a product alone but to a combination of a product and specific indication. This designation provides for expedited regulatory review. Should events warrant, GenVec will be eligible to submit a U.S. biologics license application (BLA) for TNFerade on a rolling basis. Under certain conditions, this permits the FDA to review sections of the BLA prior to receiving the complete submission.
“This Fast Track designation is an important step in the increasing focus on the clinical potential of TNFerade as a treatment for locally advanced pancreatic cancer,” stated Mark Thornton, M.D., Ph.D., Senior Vice President of Product Development at GenVec. “As further data emerge regarding TNFerade, we look forward to working closely with the FDA to potentially expedite the review process for TNFerade.” About TNFerade™ TNFerade is an adenovector, or DNA carrier, which contains the gene for tumor necrosis factor-alpha (TNFα), an immune system protein with potent and well-documented anti-cancer effects, for direct injection into tumors. After administration, TNFerade stimulates the production of TNFα in the tumor. GenVec is developing TNFerade for use in combination with radiation and/or chemotherapy for the treatment of various cancers.
What didn't move?
Stock is up 20% today.
Not bad if you ask me.
More to come of course!
Good luck!
-Fritz
I can't put my hands on it but I'll see if Bob Uhl can enlighten us.
Good luck!
-Fritz