Archive for September, 2011

Jingwei International Limited (JNGW) Dispose of Beijing New Media

SHENZHEN, China, Sept. 29, 2011 /PRNewswire-Asia-FirstCall/ — Jingwei International Limited (NASDAQ: JNGW) (“Jingwei” or “the Company”), a leading provider of data-mining, interactive marketing and software services in China, today announced that (“New Yulong IT” or the “Seller”), a subsidiary of the Company, has entered into an Agreement to dispose of its legacy media business in Beijing New Media Advertising Co. Ltd. (“Beijing New Media”) to Mr. George Du (the “Purchaser”), the CEO, President and Chairman of the Company, at $858,149. This acquisition is expected to be completed before October 31, 2011.

The Purchaser agreed to acquire 100% of Beijing New Media at a purchase price of $858,149, equal to the net book value of Beijing New Media.

Founded in 2008, Beijing New Media, a wholly owned subsidiary of New Yulong IT, was engaged in creating, planning and handling advertising, as well as providing branding strategy and sales promotions for its clients. Due to the Company’s shift in strategic direction, Beijing New Media’s business operation has been winding down in the last two years, and generated no revenues in 2011 year-to-date.

About Jingwei International Limited:

Jingwei International Limited (“Jingwei”) has established a leading position in China in data mining, interactive marketing and software services. To capitalize on China’s rapid growth on mobile, Internet and e-Commerce applications, Jingwei has focused on new data mining offerings that encompass interactive marketing, bundled mobility solutions and mobile value added services. The Company’s software services include business intelligence, billing, customer relationship management and decision support solutions for Chinese telecom operators and power companies.

Business Risks and Forward-Looking Statements

This report includes forward-looking statements. Generally, the words “believes,” “anticipates,” “may,” “will,” “should,” “expect,” “intend,” “estimate,” “continue,” and similar expressions or the negative thereof or comparable terminology are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including the matters set forth in this report or other reports or documents we file with the Securities and Exchange Commission from time to time, which could cause actual results or outcomes to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update these forward-looking statements.

Company Contact:

Jingwei International Limited

Yong Xu or Cao Wei
Tel: +86-755-8631-9430

Email: weicao@jingweicom.com

www.jingweicom.com

SOURCE Jingwei International Limited

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Senesco Technologies (SNT) Reports Fiscal Year 2011 Financial Results

Senesco Technologies, Inc. (“Senesco” or the “Company”) (NYSE Amex: SNT) today announced financial results for the 12 months ended June 30, 2011 (“Fiscal 2011”).

Fiscal Fourth Quarter and Recent Highlights

  • Senesco’s lead therapeutic candidate, SNS01-T, was granted FDA approval to carry out a Phase 1b/2a clinical trial for the treatment of multiple myeloma
  • The Company selected a leading CRO, Criterium, to manage its multiple myeloma study
  • Senesco received IRB approval and finalized a clinical trial agreement with Mayo Clinic
  • The Company’s study, SNS01-T-001, is open for enrollment
  • The Company delivered a presentation at the 13th Annual Rodman Renshaw Healthcare Conference
  • Senesco Technologies delivered a presentation at the 14th Annual Meeting of American Society of Gene and Cell Therapy

“We are very excited to be starting the multiple myeloma study with SNS01-T,” stated Leslie J. Browne, Ph.D, President and Chief Executive Officer of Senesco Technologies Inc. Dr. Browne continued “We are looking forward to regularly reporting the results over the coming months as our lead candidate progresses through the Phase 1b/2a study.”

Fiscal 2011 Financial Results

There was no revenue during the twelve month period ending June 30, 2011.

Research and development expenses for Fiscal 2011 were $3,720,394 compared with $2,637,407 for Fiscal 2010, a 41% increase. The increase was primarily due to the additional costs incurred in connection with the Company’s development of SNS01-T for multiple myeloma.

General and administrative expenses were $2,610,222 for Fiscal 2011 compared with $2,349,116 for Fiscal 2010, an 11% increase. The increase was primarily due to an increase in stock based compensation and other general and administrative expenses, which was partially offset by a decrease in payroll and professional fees.

The loss applicable to common shares for Fiscal 2011 was $9,907,276 or $0.14 per share compared with a net loss for Fiscal 2010 of $19,623,027 or $0.67 per share. This decrease in net loss was primarily the result of a decrease in other non-operating expenses which was partially offset by an increase in research and development costs related to the development of the Company’s multiple myeloma drug candidate, SNS01-T.

As of June 30, 2011, the Company had cash and cash equivalents in the amount of $3,609,954, compared to cash and cash equivalents of $8,026,296, as of June 30, 2010. Senesco has initiated a Phase 1b/2a clinical study with SNS01-T in multiple myeloma patients. Patients are currently being screened for inclusion in SNS01-T-001.The Company plans to fund research and development and commercialization activities by, utilizing their current cash balance and investments, achieving milestones set forth in current licensing agreements, through the execution of additional licensing agreements, and through the placement of equity and debt instruments. The Company believes that it has sufficient cash on hand to maintain operations through March 2012. However, the Company has the ability to raise additional capital through its ATM facility, utilize its unused line of credit and, if necessary, delay certain costs which will provide the Company with enough cash to fund its operations at least through June 30, 2012.

About Senesco Technologies, Inc.

Senesco Technologies is leveraging proprietary technology that regulates programmed cell death, or apoptosis. Accelerating apoptosis may have applications in treating cancer, while delaying apoptosis may have applications in treating certain inflammatory and ischemic diseases. The Company has initiated a clinical study in multiple myeloma with its lead therapeutic candidate SNS01-T. Senesco has already partnered with leading-edge companies engaged in agricultural biotechnology, and is entitled to earn research and development milestones and royalties if its gene-regulating platform technology is incorporated into its partners’ products.

Forward-Looking Statements

Certain statements included in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from such statements expressed or implied herein as a result of a variety of factors, including, but not limited to: the ability of the Company to consummate additional financings; the development of the Company’s gene technology; the approval of the Company’s patent applications; the successful implementation of the Company’s research and development programs and collaborations; the success of the Company’s license agreements; the acceptance by the market of the Company’s products; the timing and success of the Company’s preliminary studies, preclinical research and clinical trials; competition and the timing of projects and trends in future operating performance, the Company’s ability to comply with the continued listing standards of the NYSE Amex, as well as other factors expressed from time to time in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”). As a result, this press release should be read in conjunction with the Company’s periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY

(A DEVELOPMENT STAGE COMPANY)

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

June 30,2011 June 30,2010
ASSETS
CURRENT ASSETS:Cash and cash equivalents $ 3,609,954 $ 8,026,296
Prepaid research supplies and expenses 1,446,064 1,304,795
Total Current Assets 5,056,018 9,331,091
Equipment, furniture and fixtures, net 3,782 4,554
Intangibles, net 3,524,731 4,568,895
Deferred income tax assets, net
Security deposit 12,358 7,187
TOTAL ASSETS $ 8,596,889 $ 13,911,727
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 559,525 $ 557,420
Accrued expenses 509,806 576,857
Line of credit 2,199,108 2,194,844
Total Current Liabilities 3,268,439 3,329,121
Warrant liabilities ($0 and $490,438 to related parties, respectively) 711,259 2,493,794
Deferred rent 8,060
Grant payable 99,728 99,728
TOTAL LIABILITIES 4,079,426 5,930,703
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value, authorized 5,000,000 shares

Series A 10,297 shares issued and 3,690 and 8,035 shares outstanding, respectively

37 80
(liquidation preference of $3,782,250 and $8,235,875
at June 30, 2011 and June 30, 2010, respectively)
Series B 1,200 shares issued and outstanding 12 12
(liquidation preference of $1,230,000 and $1,210,000
at June 30, 2011 and June 30, 2010, respectively)
Common stock, $0.01 par value, authorized 250,000,000 shares,
issued and outstanding 77,769,677 and 50,092,204,
at June 30, 2011 and June 30, 2010, respectively 777,697 500,922
Capital in excess of par 64,488,152 58,321,169
Deficit accumulated during the development stage (60,748,435 ) (50,841,159 )
Total Stockholders’ Equity 4,517,463 7,981,024
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 8,596,889 $ 13,911,727
SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY

(A DEVELOPMENT STAGE COMPANY)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Cumulative

Amounts from

Inception

Year ended June 30,
2011 2010 2009
Revenue $ $ 140,000 $ 275,000 $ 1,590,000
Operating expenses:
General and administrative 2,610,222 2,349,116 2,205,739 28,890,533
Research and development 3,720,394 2,637,407 2,353,962 18,669,358
Total operating expenses 6,330,616 4,986,523 4,559,701 47,559,891
Loss from operations (6,330,616 ) (4,846,523 ) (4,284,701 ) (45,969,891 )
Other non-operating income (expense):
Grant income 244,479 244,479
Fair value – warrant liability 609,239 2,516,661 7,857,667
Sale of state income tax loss – net 586,442
Other noncash (expense) income, net (115,869 ) 205,390
Loss on extinguishment of debt (361,877 ) (361,877 )
Write off of patents abandoned (1,588,087 ) (1,588,087 )
Amortization of debt discount and financing costs (10,081,107 ) (478,000 ) (11,227,870 )
Interest expense – convertible notes (586,532 ) (1,007,244 ) (2,027,930 )
Interest (expense) income – net (88,122 ) (24,135 ) 43,076 411,056
Net loss (7,268,976 ) (13,383,513 ) (5,726,869 ) (51,870,621 )
Preferred dividends (2,638,300 ) (6,239,514 ) (8,877,814 )
Loss applicable to common shares $ (9,907,276 ) $ (19,623,027 ) $ (5,726,869 ) $ (60,748,435 )
Basic and diluted net loss per common share $ (0.14 ) $ (0.67 ) $ (0.30 )
Basic and diluted weighted-average numberof common shares outstanding 69,332,477 29,112,976 18,888,142
Thursday, September 29th, 2011 Uncategorized Comments Off on Senesco Technologies (SNT) Reports Fiscal Year 2011 Financial Results

Innodata (INOD) Authorizes $2 Million Stock Repurchase Program

INNODATA ISOGEN, INC. (NASDAQ: INOD) today announced that its Board of Directors has authorized the repurchase of up to $2 million of its common stock in open market or private transactions. The timing and nature of repurchases are subject to market and business conditions and applicable securities laws. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.

In June 2010 the Board authorized the repurchase of $2.1 million of common stock. The Company subsequently bought back approximately 758,000 shares in open market transactions at a volume-weighted average price of $2.77 per share, representing almost the entire June 2010 authorization.

“Our board’s decision to authorize this new share repurchase program underscores our confidence in our market opportunity and our growth strategy,” said Jack Abuhoff, Chairman and CEO of Innodata. “At June 30, 2011, we reported cash and cash equivalents and investments of $26.9 million, or $1.08 per diluted share, and no long-term debt. We believe that this plan represents a prudent use of capital and a way to create long-term value for our stockholders.”

About Innodata

Innodata (NASDAQ: INOD) is a leading provider of business process, technology and consulting services, as well as products and solutions, that help our valued clients create, manage, use and distribute digital information. Propelled by a culture of quality, service and innovation, we have developed a client base that includes many of the world’s most preeminent media, publishing and information services companies, as well as leading enterprises in information-intensive industries such as aerospace, defense, financial services, government, healthcare, high technology, insurance, intelligence, manufacturing and law.

Recent honors include EContent Magazine’s EContent 100, KMWorld Magazine’s 100 Companies That Matter in Knowledge Management, the International Association of Outsourcing Professionals’ (IAOP) Global Outsourcing Top 100, DB India’s Leading ITeS and BPO Companies and the Black Book of Outsourcing’s Top List of Leading Outsourcing Providers to the Printing and Publishing Business.

Headquartered in the New York metro area, Innodata has offices and operations in the United States, the United Kingdom, Israel, India, Sri Lanka, and the Philippines.

This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “project,” “head start,” “believe,” “expect,” “should,” “anticipate,” “indicate,” “point to,” “forecast,” “likely” and other similar expressions generally identify forward-looking statements, which speak only as of their dates.

These forward-looking statements are based largely on our current expectations, and are subject to a number of risks and uncertainties, including without limitation, that our Innodata Advanced Data Solutions segment has not reported any revenues to date and is subject to the risks and uncertainties of early-stage companies; the primarily at-will nature of the contracts between our Content Services segment and its customers and the ability of customers to reduce, delay or cancel projects; continuing Content Services revenue concentration in a limited number of customers; continuing Content Services reliance on project-based work; inability to replace projects that are completed, cancelled or reduced; depressed market conditions; changes in external market factors; the ability and willingness of our customers and prospective customers to execute business plans which give rise to requirements for digital content and professional services in knowledge processing; difficulty in integrating and deriving synergies from acquisitions, joint venture and strategic investments; potential undiscovered liabilities of companies that we acquire; changes in our business or growth strategy; the emergence of new or growing competitors; various other competitive and technological factors; and other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

Actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this release will occur.

Thursday, September 29th, 2011 Uncategorized Comments Off on Innodata (INOD) Authorizes $2 Million Stock Repurchase Program

China Vesting Issues Update on China Direct Industries, Inc. (CDII)

LOS ANGELES, CA — (Marketwire) — 09/29/11 — China Vesting, a leading investment newsletter dedicated to Chinese public companies listed in the United States, today announced that is has issued an update on China Direct Industries, Inc. (NASDAQ: CDII). The update is available here: http://chinavesting.com/top-china-stock-pick-articles/Major-Insider-Buys-at-China-Direct-2011-09-29.htm

China Direct Industries, Inc. insiders have bought a total of 219,000 shares in the open market between 9/21/2011-9/26/2011:

Name              Position        Date         Shares     Price   Total Cost
Andrew Wang       CFO / Exec. VP  9/26/2011      15,000    $0.86     $12,900
Adam Wasserman    Director        9/23/2011      14,000    $0.85     $11,900
Wang Yuejian      CEO             9/22/2011     150,000    $0.87    $130,500
Sheldon Steiner   Director        9/21/2011      20,000    $0.90     $17,940
Philip Shen       Director        9/22/2011      20,000    $0.86     $17,190
                                                219,000             $190,430

China Direct Industries, Inc., is a U.S. based company that sources, produces and distributes industrial commodities in China and the Americas and provides business and financial consulting services. Headquartered in Deerfield Beach, Florida with corporate offices in Shanghai, China Direct Industries’ unique infrastructure provides a platform to expand business opportunities globally while effectively and efficiently accessing the U.S. capital markets.

About China Vesting:

China Vesting researches 500 of the top U.S. Listed Chinese Public Companies and tracks the best 100 with state-of-the-art performance benchmarks. China Vesting is based in Dongguan China, an industrial city located in the Pearl River Delta. Dongguan borders the provincial capital of Guangzhou to the north, Huizhou to the northeast, Shenzhen to the south, and the Pearl River to the west. Our network consists of Chinese officials, investment bankers, venture capitalists, scholars, academics and most importantly entrepreneurs that track China Stocks.

CONTACT:
China Vesting Inc.
Chang Huan
+8615625023164
Email Contact
http://www.chinavesting.com

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Affirmative Insurance Holdings (AFFM) Reports Second Quarter 2011 Financial Results

ADDISON, Texas, Aug. 15, 2011 (GLOBE NEWSWIRE) — Affirmative Insurance Holdings, Inc. (Nasdaq:AFFM), a leading distributor and producer of non-standard personal automobile insurance policies, reported consolidated financial results for the three and six months ended June 30, 2011.

Three Months Ended June 30, Six Months Ended June 30,
(In millions, except per share data) 2011 2010 2011 2010
Gross written premium $49.6 $73.0 $127.4 $190.0
Revenue 65.4 120.1 137.7 239.7
Net loss (0.8) (12.1) (10.5) (15.6)
Net loss per diluted share (0.05) (0.79) (0.68) (1.01)

Gary Kusumi, Chief Executive Officer, stated, “Our second quarter results demonstrate continued progress as a result of actions taken with respect to pricing, underwriting, expense reduction and claims. Although we have not yet achieved overall profitability, two consecutive quarters of positive trends are encouraging. We introduced our new multi-variate (segmented) product in three of our largest states, Louisiana, Texas and Alabama, in the second quarter and expect to roll-out the product in Illinois, another major state for us, by year’s end. Although these trends are positive and establish a foundation for success in the future, we remain concerned about premium levels. Our plan anticipated a significant reduction in premium volume as we increased rates; however, continuing difficult macro-economic conditions may affect our customers’ financial ability to purchase insurance from us. To address this concern, we continue to closely monitor our prices to ensure we are competitive in the marketplace while maintaining our profit margin objective. We also are focused on actively marketing our segmented product aggressively to new customers. While the macro-economic environment likely will present short-term challenges, I remain confident that the actions we have taken and the changes we are making will lead to continued improved financial performance.”

Operating Performance

  • Gross premiums written for the second quarter of 2011 decreased $23.4 million, or 32.0%, compared with the second quarter of 2010. For the first half of 2011, gross premiums written decreased $62.7 million, or 33.0%, compared with 2010. These decreases were due to a number of actions taken during 2010 and into 2011 to increase prices and strengthen underwriting standards.
  • Total revenues for the second quarter of 2011 decreased $54.7 million, a 45.5% decrease from the second quarter of 2010. Total revenues for the first half of 2011 decreased $102.0 million, a 42.5% decrease from 2010. These decreases were due to the decreases in gross premiums written as well as the impact of the quota-share reinsurance treaties on the 2011 business.
  • Losses and loss adjustment expenses were 63.0% of net earned premium (the loss ratio), compared with a loss ratio of 83.9% in the comparable prior year quarter. For the first half of 2011, loss and loss adjustment expenses decreased to a loss ratio of 71.8% compared with 80.3% in 2010. The accident year decline in the loss ratio for the quarter was due to pricing and underwriting actions taken as well as claims handling initiatives. The quota-share reinsurance agreements entered into in the fourth quarter of 2010 and 2011 impacted the loss ratio by 4 percentage points for the first six months of 2011 in comparison to the same period in 2010. This is due to all of the ceding commission income being booked in selling, general and administrative expenses. Therefore, the loss adjustment expenses include both our portion as well as the reinsurer’s portion. Excluding this impact, the accident period loss ratio decreased by 2.6 percentage points due to the initiatives stated above for the period.
  • Selling, general and administrative (SG&A) expenses decreased $14.3 million in the second quarter of 2011, or 33.5%, to $28.3 million, compared with $42.5 million in the second quarter of 2010. For the first half of 2011, SG&A expenses decreased $23.1 million, or 27.2%, compared with the prior year period. The decreases were primarily due to the decline in premium production and ceding commissions from the quota-share reinsurance agreements.

About Affirmative

Affirmative Insurance Holdings, Inc. is a distributor and producer of non-standard personal automobile insurance policies and related products and services for individual consumers in targeted geographic markets. Non-standard personal automobile insurance policies provide coverage to drivers who find it difficult to obtain insurance from standard automobile insurance companies due to their lack of prior insurance, age, driving record, limited financial resources or other factors. Non-standard personal automobile insurance policies generally require higher premiums than standard automobile insurance policies.

The Affirmative Insurance Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3443

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by, among other things, the use of forward-looking terms such as “likely,” “typically,” “may,” “intends,” “expects,” “believes,” “anticipates,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “potential,” , or “attempts” or the negative of such terms or other variations on such terms or comparable terminology. By their nature, these statements are subject to risks, uncertainties and other factors, which could cause actual future results to differ materially from those results expressed or implied by such forward-looking statements.

Do not unduly rely on forward-looking statements. They give the Company’s expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and, except as required by law, the Company does not intend to update them to reflect changes that occur after that date. For a discussion of factors that may cause actual results to differ from expectations, refer to the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010. Any factor described in this press release or in any document referred to in this press release could, by itself or together with one or more other factors, adversely affect the Company’s business, earnings and/or financial condition.

AFFIRMATIVE INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2011 2010 2011 2010
(Unaudited)
Revenues
Net premiums earned $ 46,671 $ 96,415 $ 97,222 $ 189,137
Commission income and fees 17,298 22,265 37,328 45,860
Net investment income 1,290 1,116 2,813 2,575
Net realized gains (losses) (36) 3,525 116 7,180
Other income (loss) 221 (3,220) 249 (5,033)
Total revenues 65,444 120,101 137,728 239,719
Expenses
Net losses and loss adjustment expenses 29,409 80,887 69,814 151,912
Selling, general and administrative expenses 28,274 42,547 61,975 85,086
Depreciation and amortization 2,430 2,383 4,807 4,815
Total expenses 60,113 125,817 136,596 241,813
Operating income (loss) 5,331 (5,716) 1,132 (2,094)
Loss on interest rate swaps (89) (2) (610)
Interest expense 5,727 5,916 10,730 12,036
Loss before income tax expense (396) (11,721) (9,600) (14,740)
Income tax expense 418 390 862 835
Net loss $ (814) $ (12,111) $ (10,462) $ (15,575)
Basic loss per common share:
Net loss $ (0.05) $ (0.79) $ (0.68) $ (1.01)
Diluted loss per common share:
Net loss $ (0.05) $ (0.79) $ (0.68) $ (1.01)
Weighted average common shares outstanding:
Basic 15,408 15,415 15,408 15,415
Diluted 15,408 15,415 15,408 15,415
CONTACT: Michael J. McClure
         Executive Vice President and Chief Financial Officer
         (630) 560-7205
         Michael.mcclure@affirmativeinsurance.com

Affirmative Insurance Holdings, Inc. Logo

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VistaGen Therapeutics (VSTA) Expands Key Stem Cell Technology Patent Estate

SOUTH SAN FRANCISCO, CA — (Marketwire) — 09/28/11 — VistaGen Therapeutics, Inc. (OTCBB: VSTA), a biotechnology company applying stem cell technology for drug rescue and cell therapy, announces the issuance of two additional United States patents supporting its therapeutic and drug discovery programs.

U.S. Patent 7,763,466, titled “Mesoderm and Definitive Endoderm Cell Populations,” and U.S. Patent 7,955,849, titled “Method of Enriching a Mammalian Cell Population for Mesoderm Cells,” further enhance VistaGen’s intellectual property portfolio and provide additional protection for its proprietary research and development activities. Methods covered in these important new U.S. patents describe the use of activin and serum-free culture conditions for producing endoderm and mesoderm.

“Strong and enforceable intellectual property rights are critical components of our plan to optimize the commercial potential of our Human Clinical Trials in a Test Tube™ platform,” said Shawn K. Singh, VistaGen’s Chief Executive Officer. “These patents further solidify our growing IP portfolio. Generally speaking, they expand the application of our activin-driven pluripotent stem cell differentiation technology to include a broader range of tissues and organ systems, and significantly strengthen our market position.”

Mesoderm and endoderm are two of the three primary early precursors, “germ layers,” which develop into all of the non-neuronal cells of the body. Endoderm is the innermost of the three primary developmental germ layers, and develops into the gastrointestinal tract, including the major cells of the liver and pancreas, respiratory tracts of the lungs, other endocrine glands and organs, such as the thyroid and thymus glands, the major cells of the kidney and the auditory and urinary systems. Mesoderm is the germ layer lying adjacent to the endoderm. These multi-potential cells develop into cardiac and skeletal muscles, all the cells of blood and lymphatic systems, bone, cartilage, fat, the lining of blood vessels, and connective tissues.

Activins are members of the important transforming growth factor beta (TGF-beta) family of “morphogens,” i.e. developmental factors that direct and control the differentiation and eventual fate of early precursor cells. During development, the body uses differing concentrations of morphogens, similar to activin, to direct precursors to become the various mature cells discussed above. Methods utilizing differing concentrations of activin to direct and control the differentiation of various mature cell types are described in these issued U.S. patents and are widely-believed as having significant commercial value.

In addition to the patent estate that VistaGen owns and controls by license in the U.S., the Company has proprietary rights to a large and growing number of patents granted in territories outside the U.S. Having recently reported its original research demonstrating the use of pluripotent stem cells to generate insulin, these issued U.S. patents further highlight VistaGen’s leadership position in the field as the Company applies its Human Clinical Trials in a Test Tube™ platform for proprietary applications in drug rescue, cell therapy and regenerative medicine.

The patent families related to these two issued patents are subject to exclusive licenses to VistaGen on a worldwide basis through an agreement with Mount Sinai School of Medicine (MSSM) in New York. The patents stem from work conducted by scientists in the laboratory of Dr. Gordon Keller, formerly a Professor of Gene and Cell Medicine at MSSM and Director of its Black Family Stem Cell Institute. Dr. Keller is now Director of the University Health Network’s McEwen Centre for Regenerative Medicine in Toronto and Chairman of VistaGen’s Scientific Advisory Board.

About VistaGen Therapeutics

VistaGen Therapeutics is a biotechnology company applying human pluripotent stem cell technology for drug rescue and cell therapy. Drug rescue involves the combination of human pluripotent stem cell technology with modern medicinal chemistry to generate new chemical variants of once promising small molecule drug candidates that pharmaceutical companies have discontinued during preclinical or early clinical development due to heart or liver toxicity, despite positive efficacy data demonstrating their potential therapeutic and commercial benefits. VistaGen plans to use its pluripotent stem cell technology to generate early indications, or predictions, of how humans will ultimately respond to new drug candidates before they are ever tested in humans.

In parallel with its drug rescue activities and in collaboration with Dr. Gordon Keller in Toronto, VistaGen is preparing to initiate pilot preclinical cell therapy programs involving the proprietary stem cell differentiation and cell production capabilities of its Human Clinical Trials in a Test Tube™ platform.

Additionally, VistaGen will begin a Phase 1b clinical study of AV-101, a small molecule drug candidate for treatment of neuropathic pain, before the end of 2011. This study includes testing AV-101 in healthy volunteers using the intradermal capsaicin model of neuropathic pain. Neuropathic pain, a serious and chronic condition causing pain after an injury or disease of the peripheral or central nervous system, affects approximately 1.8 million people in the U.S. alone. VistaGen plans to initiate Phase 2 clinical studies of AV-101 in the fourth quarter of 2012. VistaGen is also exploring additional opportunities to leverage its current Phase 1 clinical program to enable additional Phase 2 clinical studies of AV-101 for epilepsy, Parkinson’s disease and depression. To date, VistaGen has been awarded over $8.5 million from the U.S. National Institutes of Health (NIH) for development of AV-101.

Visit us at http://www.VistaGen.com, follow us at http://www.twitter.com/VistaGen or view our Facebook page at http://www.facebook.com/VistaGen.

Cautionary Statement Regarding Forward Looking Statements

The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to regulatory approvals and the success of VistaGen’s ongoing clinical studies, including the safety and efficacy of its drug candidate, AV-101, the failure of future drug rescue and pilot preclinical cell therapy programs related to VistaGen’s stem cell technology-based Human Clinical Trial in a Test Tube™ platform, the strength and scope of its intellectual property portfolio, its ability to enter into drug rescue collaborations, risks and uncertainties relating to the availability of substantial additional capital to support its patent prosecution, research, development and commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to AV-101 and any drug rescue variants identified and developed by VistaGen. These and other risks and uncertainties are identified and described in more detail in VistaGen’s filings with the Securities and Exchange Commission (SEC). These filings are available on the SEC’s website at www.sec.gov. VistaGen undertakes no obligation to publicly update or revise any forward-looking statements.

For More Information:

H. Ralph Snodgrass, Ph.D.
President and Chief Scientific Officer
VistaGen Therapeutics, Inc.
650-244-9990 x222
investor.relations@vistagen.com

Mission Investor Relations
Atlanta, Georgia
http://www.MissionIR.com
404-941-8975
Investors@MissionIR.com

Wednesday, September 28th, 2011 Uncategorized Comments Off on VistaGen Therapeutics (VSTA) Expands Key Stem Cell Technology Patent Estate

Transition Therapeutics (TTHI) Announces Publication of ELND005 Phase 2 Clinical Study Data in Alzheimer’s Disease

TORONTO, Sept. 27, 2011 (GLOBE NEWSWIRE) — Transition Therapeutics Inc. (“Transition” or the “Company”) (TSX:TTH) (Nasdaq:TTHI) announced that Phase 2 clinical study data of ELND005 in mild to moderate Alzheimer’s disease has been published today in the peer-reviewed journal, Neurology. The Neurology article is entitled “A Phase 2 randomized trial of ELND005, scyllo-inositol, in mild-moderate Alzheimer’s disease”. In addition, the embargo on the ELND005 Phase 2 data previously presented at the International Conference on Alzheimer’s Disease (ICAD) in July 2011 has been lifted and the data can be viewed on our website www.transitiontherapeutics.com. Below Transition has summarized the combined data from the article and the presentations.

“Considering that this is a relatively small trial for Alzheimer’s disease, we are very pleased with the encouraging phase 2 data. The encouraging clinical signals observed in mild AD patients and evidence of biological activity provides us with important guidance for the selection of dose, patient population, and endpoints for a Phase 3 trial with ELND005,” said Dr. Tony Cruz, Chairman and Chief Executive Officer of Transition. “It is also encouraging that the positive effects observed in the mild patient population are consistent with the emerging consensus amongst the scientific community that amyloid targeted disease-modifying therapies may have a higher likelihood of success if intervention occurs early in the Alzheimer’s disease process.”

Efficacy

In the overall population (mild and moderate AD), the treatment effects on the primary endpoints NTB and ADCS-ADL were not significant. In the pre-specified analyses of the Mild AD group (MMSE 23-26), there were encouraging trends on cognition (NTB: p=0.007 in compliant patients who completed the study). The positive NTB trends were observed on both memory and function. In the Mild AD group, both the ADCS-ADL and CDR-SB effects of ELND005, though not significant, showed a consistent and favorable separation over the 18 months, where the active group showed at least 30% less decline than placebo. These trends were consistent throughout both the modified intent to treat and the compliant completer patient (or per protocol) populations. The ADAS-Cog treatment difference was not significant but directionally opposite to the other cognitive (NTB) and functional/global (ADCS and CDR-SB) endpoints in the study and was largely driven by a minimal decline in the placebo group over the 18 months.

The Moderate AD group (MMSE 16-22, inclusive) and ApoE4 carriers and non-carriers showed no consistent positive or negative trends.

Safety

The safety and tolerability profile of 250mg bid dose was deemed acceptable, and the independent safety committee concurred with this assessment. The two high dose groups were electively discontinued due to imbalance of infections and deaths due to various causes. The overall incidence of adverse events in the 250mg bid and placebo groups was 87.5% versus 91.6%; and the incidence of withdrawals due to adverse events was 10.2% versus 9.6%, respectively. The most common adverse events in the 250mg bid group that were >5% in incidence and double the placebo rate were: falls (12.5% vs. placebo 6%), depression (11.4% vs. placebo 4.8%), and confusional state (8% vs. placebo 3.6%).

Biomarkers

In the cerebrospinal fluid (“CSF”) subset at 78 weeks, ELND005 treatment resulted in a significant reduction of CSF Aβ42 (~27%), and a numerical reduction of tau which is potential evidence of target engagement. In the overall population, the increase in ventricular volume as measured by MRI was greater in the 250mg group compared to placebo, this difference though statistically significant was small (approximately 3cc). Whole brain volume treatment differences were not significant.

About ELND005 Phase 2 Studies in Mild to Moderate Alzheimer’s Disease

The Phase 2 study was a randomized, double-blind, placebo-controlled, dose-ranging, safety and efficacy study in approximately 353 patients with mild to moderate Alzheimer’s disease (baseline scores of 16-26 in the Mini-Mental State Examination – MMSE). Neuropsychological Test Battery (NTB) and Alzheimer’s Disease Cooperative Study – Activities of Daily Living inventory (ADCS-ADL) were the co-primary efficacy endpoints of the study. Secondary efficacy endpoints included Clinical Dementia Rating – Sum of Boxes (CDR-SB) and Alzheimer’s Disease Assessment Scale (ADAS-Cog). The study was planned to evaluate three doses of ELND005 (250mg bid, 1000mg bid and 2000mg bid) and placebo using both cognitive and functional endpoints over a 78 week treatment period. During the study, over 90% of patients also received concurrent Alzheimer’s medications including acetylcholinesterase inhibitors and/or memantine. In December 2009, Elan and Transition modified the study by withdrawing patients receiving the 1000mg bid and 2000mg bid doses. Following the modification, the modified intent to treat population consisted of 84 patients in the 250mg group and 82 patients in the placebo group (mild patients: n=36, 250 mg bid; n=35 placebo). The compliant completer population consisted of 49 patients in the 250mg group and 47 patients in the placebo group (mild patients: n=24, 250 mg bid; n=22 placebo).

The study was performed in approximately 65 sites in North America.

About ELND005 (AZD-103)

ELND005 is an orally-administered drug candidate that has received fast track designation from the U.S. Food and Drug Administration (FDA) as a potential disease-modifying treatment of mild to moderate Alzheimer’s disease. Fast track designation can facilitate development and may expedite regulatory review of drugs that the FDA recognizes as potentially addressing an unmet medical need for serious or life-threatening conditions.

In December 2010, Elan Pharma International Limited, a subsidiary of Elan Corporation, plc (NYSE:ELN), and Transition amended their collaboration agreement and Transition elected to exercise its opt-out right under the Agreement. Under the terms of the amendment, Transition received $9 million in January 2011 and is eligible for additional milestone and royalty payments if the ELND005 program advances. In addition, Transition relinquished its 30% ownership of the asset and no longer is obligated to fund the development or commercialization of ELND005. Elan has full operational responsibility for ELND005.

About Transition

Transition is a biopharmaceutical company, developing novel therapeutics for disease indications with large markets. Transition’s lead product is ELND005 (AZD-103) for the treatment of Alzheimer’s disease and Transition also has an emerging pipeline of innovative preclinical and clinical drug candidates. The other drugs in the pipeline that the Company is developing are for anti-inflammatory and metabolic indications. Transition’s shares are listed on the NASDAQ under the symbol “TTHI” and the Toronto Stock Exchange under the symbol “TTH”. For additional information about the Company, please visit www.transitiontherapeutics.com.

Notice to Readers: Information contained in our press releases should be considered accurate only as of the date of the release and may be superseded by more recent information we have disclosed in later press releases, filings with the OSC, SEC or otherwise. Except for historical information, this press release may contain forward-looking statements, relating to expectations, plans or prospects for Transition, including conducting clinical trials. These statements are based upon the current expectations and beliefs of Transition’s management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include factors beyond Transition’s control and the risk factors and other cautionary statements discussed in Transition’s quarterly and annual filings with the Canadian commissions.

For further information on Transition, visit www.transitiontherapeutics.com.

CONTACT: Dr. Tony Cruz
         Chairman & Chief Executive Officer
         Transition Therapeutics Inc.
         Phone: (416) 260-7770, x.223
         tcruz@transitiontherapeutics.com

         Elie Farah
         President & Chief Financial Officer
         Transition Therapeutics Inc.
         Phone: (416) 260-7770, x.203
         efarah@transitiontherapeutics.com
Tuesday, September 27th, 2011 Uncategorized Comments Off on Transition Therapeutics (TTHI) Announces Publication of ELND005 Phase 2 Clinical Study Data in Alzheimer’s Disease

Mines Management (MGN) Achieves Permitting Milestone for the Montanore Silver-Copper Project

Mines Management, Inc. (NYSE-Amex:MGN) (TSX:MGT) (the “Company”) is pleased to announce that a Supplemental Draft Environmental Impact Statement (the “SDEIS”) has been completed by the U.S. Forest Service for the Montanore Project.

“Completion of the SDEIS is a major step forward in the final phase of the permitting process,” stated Glenn M. Dobbs, the Company’s President and CEO. “It signals a move toward completion of the process we began in 2005, since which time we have developed extensive documentation demonstrating the benign nature of this underground mining project, and the protections to the environment provided in the plan of operations.

“Using proven processes to mine and process the material, we have designed a mine which would exceed current standards and regulations to protect wildlife, maintain purity and viability of water in the region, and mitigate any other potential or perceived risks to the environment. We are gratified with the work that has been done by the agencies and the EIS contractor who have completed a thorough analysis of the Montanore Project. We are especially appreciative of the overwhelming support the community has provided throughout this process.

“Having been previously fully permitted in 1993, the project has undergone additional exhaustive studies, and it is clear the community in the area of the project would like to see the mine built. If developed, the Montanore Project would provide an estimated 350 direct long term jobs in a community with approximately 20% unemployment, resulting in significant economic growth and an increase in the tax base. With the completion of the SDEIS, we are optimistic that the permitting process is nearing a conclusion, after which the project can move forward.”

The remaining steps of the permitting process include:

  • Public review of the SDEIS, and comments
  • Biological Consultation with the U.S. Dept. of Fish and Wildlife, concluding with a Biological Opinion (“BO”)
  • Final Environmental Impact Study (“FEIS”), followed by a Record of Decision (“ROD”) from the U.S. Forest Service

Development of the Montanore Project would offer many benefits. In addition to the long term, high paying jobs provided in the local community, the metals that would be produced from the project are strategic to the nation at large in supporting domestic production of many products, including:

  • Silver is increasingly valuable with respect to:
    • solar energy production,
    • replacing the use of toxic materials, such as lead,
    • its anti-bacterial properties to purify water and reduce the spread of disease.
  • Copper is a strategic mineral to the United States, and critical to:
    • expanding green energy, including solar and wind power generation & distribution,
    • electrical distribution in new construction
    • low cost material for electronics, critical to maintaining America’s global competitiveness.

Additional information regarding silver can be viewed at the Company’s website at the following location: http://www.minesmanagement.com/silver-news.php.

Economically, the country benefits as the production of more raw material results in lower material prices, and lower costs for manufacturers and consumers, increasing the country’s competitiveness and contributing to job growth.

If and when the Montanore Project is fully permitted, the Company intends to complete rehabilitation and construction of its 14,000 ft. evaluation adit, followed by an underground drilling program. Data obtained from the drilling program will be used to support detailed engineering and development of a feasibility study.

About Mines Management

Mines Management, Inc. is engaged in the business of acquiring and exploring, and if exploration is successful, developing mineral properties containing precious and base metals. The Company’s primary focus is on the advancement of the Montanore silver-copper project located in northwestern Montana.

Statements Regarding Forward-Looking Information: Some statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially, including comments regarding the number of jobs and other benefits provided by the Montanore Project, the timing and conclusion of the permitting process, plans for the Montanore Project following the completion of permitting, including rehabilitation and construction of the adit, the underground drilling program and the use of data from the drilling program. Actual results may differ materially from those presented. Factors that could cause results to differ materially include fluctuations in silver and copper prices. Mines Management, Inc. assumes no obligation to update this information. There can be no assurance that future developments affecting Mines Management, Inc. will be those anticipated by management. Please refer to the discussion of risk factors in the Company’s Form 10-K for the year ended December 31, 2010, as amended, and the Company’s website at: www.minesmanagement.com.

Tuesday, September 27th, 2011 Uncategorized Comments Off on Mines Management (MGN) Achieves Permitting Milestone for the Montanore Silver-Copper Project

Avino Silver (ASM) Drills 1.35m of 451 g/t AG at Guadalupe

VANCOUVER, BRITISH COLUMBIA– (Marketwire – Sept. 27, 2011) – Avino Silver Gold Mines (TSX VENTURE:ASM)(OTCBB:ASGMF)(NYSE Amex:ASM)(BERLIN:GV6)(FRANKFURT:GV6) (the “Company” or “Avino”) is pleased to announce results of further drilling at the Guadalupe zone on the Company’s property north-east of Durango, Mexico.

Hole # Dip Azi-
muth
Hole
Length
(m
) Intersection
(Down Hole
Length (m)
) Gold
(g/t
) Silver
(g/t
) Lead
(PPM
) Zinc
(PPM
)
GPE-11-13 54 333 113 76.95 – 77.2 (0.25 ) 0.007 216 96800 167000
80.10 – 80.60 (0.50 ) 0.42 102 1140 8431
GPE-11-14 76 334 132 119.85 – 122.15 (2.30 ) 0.24 199 N/A N/A
includes: 121.20 – 122.15 (0.95 ) 0.31 363 81530 106363
GPE-11-15 60 19 113 98.75 – 100.10 (1.35 ) 0.12 451 64244 115433
GPE-11-16 70 25 149 100.60 – 102.00 (1.40 ) 0.84 3 26 158
GPE-11-17 40 18 88 70.65 – 71.95 (1.30 ) 1.34 79 3555 1410
GPE-11-19 69 350 119 104.75 – 106.40 (1.65 ) 0.1 21 2427 9148
GPE-11-23 62 321 183 170.55 – 171.75 (1.20 ) 0.24 296 17800 24300
GPE-11-18,20,21,22 No significant gold or silver values

As shown in the longitudinal section on Avino’s website (http://www.avino.com), we have drilled 23 holes at Guadalupe to date. Holes are concentrated in two areas at either end of an approximate 800m strike length. Avino’s next phase of drilling at Guadalupe will aim to fill in the gaps.

We have moved our drill rig back to the San Gonzalo vein to test the vein at depth. Avino drilled 40 holes at San Gonzalo in 2007 and a further 7 holes in 2008. Drilling stopped due to global financial market conditions not for geological reasons. Therefore, we are optimistic that we can extend San Gonzalo’s mineralization at depth. Once drilling on San Gonzalo is complete we will mobilize the drill back to the Guadalupe vein. Management feels that the Guadalupe area could become a significant source of future mill feed.

Holes are drilled using Avino’s own Longyear 44 core rig at thin wall NQ diameter. Core is sawed at Avino’s core storage facility at the secure mine site. Samples of vein material, usually from a few centimeters to 1.5m, are placed in plastic bags. The sealed sample bags are collected by personnel from Inspectorate Labs in Durango at the mine site facilities.

Gold analyses are by 30-gram fire assay with an atomic absorption finish. Silver, zinc and lead are analyzed as part of a multi-element inductively coupled argon plasma (“ICP”) package using a four-acid digestion with over-limit results for silver being reanalyzed with assay procedures using fire assay and gravimetric. The Company employs a rigorous quality control program that includes standardized material, blanks and core duplicates.

The project is under the supervision of Chris Sampson, P.Eng, BSc, ARSM Avino Consultant, who is a qualified person within the context of National Instrument 43-101 and has prepared and approved the technical data in this news release.

Founded in 1968, Avino’s mission is to create shareholder value through profitable organic growth at the historic Avino property near Durango, Mexico. We are committed to managing all business activities in an environmentally responsible and cost-effective manner, while contributing to the well-being of the community in which we operate.

Our primary goal is to build a multi-million ounce-per-year silver producer. Our specific objectives are to achieve full time commercial production as soon as possible, expand resources, reserves and the mines output as well as to identify, explore and develop new targets on the property.

Avino remains in a good financial position; is debt free and well-funded to continue its development plans.

ON BEHALF OF THE BOARD

David Wolfin, President

This press release includes certain “Forward-Looking Statements” within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Avino Silver Gold Mines Ltd. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Tuesday, September 27th, 2011 Uncategorized Comments Off on Avino Silver (ASM) Drills 1.35m of 451 g/t AG at Guadalupe

Cytokinetics (CYTK) Announces First Publication on Smooth Muscle Myosin Inhibitors in The Journal of Pharmacology and Experimental Therapeutics

SOUTH SAN FRANCISCO, CA — (Marketwire) — 09/27/11 — Cytokinetics, Incorporated (NASDAQ: CYTK) announced the publication of preclinical research relating to its program directed to the inhibition of smooth muscle myosin as a novel therapeutic approach for the potential treatment of hypertension in the October 2011 issue of The Journal of Pharmacology and Experimental Therapeutics. This publication reveals, for the first time in a peer-reviewed journal, the role of inhibitors of smooth muscle myosin in preclinical models of hypertension.

“We are excited to have Cytokinetics’ novel scientific research relating to inhibitors of smooth muscle myosin published in this prestigious journal,” stated Fady I. Malik, MD, PhD, FACC, Cytokinetics’ Vice President of Biology and Therapeutics. “This publication summarizes pioneering work performed by our research team to leverage our expertise in the biology of muscle function and establishes this novel mechanism as a potential approach to treating patients with hypertension.”

The publication titled “Inhibition of Smooth Muscle Myosin as a Novel Therapeutic Target for Hypertension” discusses the potential application for therapies that directly inhibit smooth muscle myosin based on work in preclinical models of hypertension. In this publication, the authors compared the efficacy in conscious dogs with renal-induced hypertension of CK-2018488, a small molecule direct inhibitor of smooth muscle myosin, to that of a calcium channel blocker, amlodipine. Dogs were instrumented chronically for the measurement of arterial pressure, cardiac output and regional blood flow and hypertension induced. In the hypertensive state, mean arterial pressure increased from 101±3.8 to 142±1.9 mmHg. At the doses selected, CK-2018448 and amlodipine similarly increased cardiac output (30±11% vs. 33±6.4%) and similarly reduced mean arterial pressure (-22±3.6% vs. -16±3.4%) and total peripheral resistance (-36±5.9% vs. -37±5.8%). However, CK-2018448 had the greatest vasodilator effect in the renal bed, where renal blood flow increased by 46±9.0%, versus 11±3.4% for amlodipine (p < 0.01). CK-2018488 produced significantly less vasodilation in the limb, where iliac blood flow did not change; in contrast, it rose by 48±12% with amlodipine (p < 0.01). The authors noted that the minimal effects of CK-2018488 on limb blood flow could limit the development of peripheral edema, an adverse side effect of calcium channel blockers. Additionally, in a rodent model of hypertension, oral administration of this smooth muscle myosin inhibitor resulted in a sustained antihypertensive effect. Thus, the authors concluded that the preferential effect of smooth muscle myosin inhibition on renal blood flow may make this drug mechanism particularly appealing, since many patients with hypertension have renal insufficiency, and patients with heart failure could benefit from afterload reduction coupled with enhanced renal blood flow.

Background on Cytokinetics’ Smooth Muscle Contractility Program

Cytokinetics’ smooth muscle contractility research program is directed to smooth muscle myosin, the motor protein responsible for the contraction of the smooth muscle cells that surround airways in the lungs and the blood vessels that control blood pressure. By inhibiting the function of the myosin motor central to the contraction of smooth muscle, potent small molecules arising from this program may directly contribute to the relaxation of contracted smooth muscle. Cytokinetics’ smooth muscle myosin inhibitors have demonstrated encouraging pharmacological activity in preclinical models that may relate to uses for the potential treatment of diseases such as asthma, chronic obstructive pulmonary disease (COPD) and systemic hypertension. Cytokinetics continues to conduct research and non-clinical development of its smooth muscle myosin inhibitors.

About Cytokinetics

Cytokinetics is a clinical-stage biopharmaceutical company focused on the discovery and development of novel small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions. Cytokinetics’ lead drug candidate from its cardiac muscle contractility program, omecamtiv mecarbil (formerly CK-1827452), is in clinical development for the potential treatment of heart failure. Amgen Inc. holds an exclusive license worldwide (excluding Japan) to develop and commercialize omecamtiv mecarbil and related compounds, subject to Cytokinetics’ specified development and commercialization participation rights. Cytokinetics is independently developing CK-2017357, a skeletal muscle activator, as a potential treatment for diseases and conditions associated with aging, muscle wasting or neuromuscular dysfunction. CK-2017357 is currently the subject of a Phase II clinical trials program and has been granted orphan-drug designation by the U.S. Food and Drug Administration for the potential treatment of amyotrophic lateral sclerosis, a debilitating disease of neuromuscular impairment in which CK-2017357 demonstrated potentially clinically relevant pharmacodynamic effects in a Phase IIa trial. Cytokinetics is also conducting research and non-clinical development of compounds that inhibit smooth muscle contractility and which may be useful as potential treatments for diseases and conditions associated with excessive smooth muscle contraction, such as bronchoconstriction associated with asthma and chronic obstructive pulmonary disorder (COPD). In addition, prior Cytokinetics’ research generated three anti-cancer drug candidates that have progressed into clinical development: ispinesib, SB-743921 and GSK-923295. All of these drug candidates and potential drug candidates have arisen from Cytokinetics’ research activities and are directed towards the cytoskeleton. The cytoskeleton is a complex biological infrastructure that plays a fundamental role within every human cell. Additional information about Cytokinetics can be obtained at www.cytokinetics.com.

This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the “Act”). Cytokinetics disclaims any intent or obligation to update these forward-looking statements, and claims the protection of the Act’s Safe Harbor for forward-looking statements. Examples of such statements include, but are not limited to, statements relating to Cytokinetics’ research and development activities, including the significance and utility of pre-clinical research results, and the potential for smooth muscle myosin inhibition as a therapeutic approach for treatment of hypertension; and the properties and potential benefits of Cytokinetics’ compounds. Such statements are based on management’s current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to, potential difficulties or delays in the development, testing, regulatory approvals for trial commencement, progression or product sale or manufacturing, or production of Cytokinetics’ compounds that could slow or prevent clinical development or product approval, including risks that current and past results of clinical trials or preclinical studies may not be indicative of future clinical trials results, patient enrollment for or conduct of clinical trials may be difficult or delayed, Cytokinetics’ compounds may have adverse side effects or inadequate therapeutic efficacy, the U.S. Food and Drug Administration or foreign regulatory agencies may delay or limit Cytokinetics’ or its partners’ ability to conduct clinical trials, and Cytokinetics may be unable to obtain or maintain patent or trade secret protection for its intellectual property; Amgen’s decisions with respect to the design, initiation, conduct, timing and continuation of development activities for omecamtiv mecarbil; Cytokinetics may incur unanticipated research and development and other costs or be unable to obtain additional financing necessary to conduct research and development of its compounds on acceptable terms, if at all; Cytokinetics may be unable to enter into future collaboration agreements for its compounds and programs on acceptable terms, if at all; standards of care may change, rendering Cytokinetics’ compounds obsolete; competitive products or alternative therapies may be developed by others for the treatment of indications Cytokinetics’ compounds may target; and risks and uncertainties relating to the timing and receipt of payments from its partners, including milestones and royalties on future potential product sales under Cytokinetics’ collaboration agreements with such partners. For further information regarding these and other risks related to Cytokinetics’ business, investors should consult Cytokinetics’ filings with the Securities and Exchange Commission.

Contact:
Christopher S. Keenan
Director, Investor & Media Relations
(650) 624-3000

Tuesday, September 27th, 2011 Uncategorized Comments Off on Cytokinetics (CYTK) Announces First Publication on Smooth Muscle Myosin Inhibitors in The Journal of Pharmacology and Experimental Therapeutics

Oilsands Quest (BQI) to Sell Wallace Creek Assets

CALGARY, Sept. 27, 2011 /PRNewswire/ – Oilsands Quest Inc. (NYSE Amex: BQI) (“Oilsands Quest,” “OQI” or “the Company”) has entered into a non-binding Letter of Intent with a third party to sell its Wallace Creek assets for total consideration of $60 million, which includes $40 million cash at closing and a $20 million contingent payment that is subject to certain future events. The sale of the Wallace Creek property would provide the Company with the financial resources to focus on moving its largest and most advanced asset, Axe Lake, toward commercial development.

“This prospective transaction is good news for Oilsands Quest shareholders. It will provide us much of the capital we need to complete the Axe Lake pilot and prove the commercial recoverability of our highest priority core asset,” said Oilsands Quest Chief Executive Officer Garth Wong. “While Wallace Creek has shown considerable potential, it is not yet as well delineated as Axe Lake and is therefore considerably further away from commercial development.”

Oilsands Quest has held Wallace Creek in its portfolio since January 2008, when the Company purchased the 45,545-acre permit. The area is prospective for Steam Assisted Gravity Drainage (SAGD) oil sands recovery, subject to further seismic and drilling investment to delineate the bitumen reservoir more fully. The exploration program conducted over the past three years has added substantially to the geological understanding and potential of the Wallace Creek reservoir, as reflected in the transaction price.

Completion of the transaction is subject to a number of terms and conditions, including negotiation of a definitive agreement, board approvals, due diligence, financing and approval by OQI shareholders. Oilsands Quest anticipates that a definitive sale agreement will be concluded by the end of October 2011, and that the transaction will close by the end of December 2011. A further announcement will be made upon the execution of a definitive sale agreement.

Evaluating financial alternatives

The proceeds from the sale of the Wallace Creek asset, if concluded, will reduce the amount of capital that Oilsands Quest requires to advance its development priorities. To raise the remaining required capital and to strengthen near-term liquidity, the Company is evaluating financing alternatives including a private placement of equity or a new, smaller rights offering. OQI will also continue to explore strategic partnerships or further asset sales.

Speaking about the recently cancelled $60 million rights offering, Mr. Wong said, “Our decision to cancel the rights offering considered that the negotiation of a material transaction had reached an advanced stage – a transaction that would significantly change our use of proceeds described in the rights offering prospectus. As well, it had become apparent that we would not achieve a full $60 million subscription through the rights offering, perhaps at least partially due to the weak markets of recent weeks. We are striving to return the company to a solid financial footing so that we can move ahead on unlocking the value of the barrels of bitumen we have in the ground. We appreciate the patience of our shareholders through this challenging period.”

About Oilsands Quest

Oilsands Quest Inc. (www.oilsandsquest.com) is exploring and developing oil sands permits and licences, located in Saskatchewan and Alberta, and developing Saskatchewan’s first commercial oil sands discovery. It is leading the establishment of the province of Saskatchewan’s emerging oil sands industry.

Forward-looking statements

This news release includes certain statements that may be deemed to be “forward-looking statements.” All statements, other than statements of historical facts, included in this news release that address activities, events or developments that our management expects, believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements include discussion of such matters as:

the Company’s ability to sell the Wallace Creek assets pursuant to the Letter of Intent and the terms of such sale;
the Company’s ability to maintain sufficient cash to accomplish its business objectives and plans to raise additional capital;
the amount and nature of development and exploration expenditures;
the timing of exploration and development activities; and
business strategies and development of our business plan and drilling programs.
Forward-looking statements are statements other than relating to historical fact and are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “prospective” and other similar words or statements that certain events or conditions “may” “will” or “could” occur. Forward-looking statements such as references to Oilsands Quest’s drilling program, geophysical programs, reservoir field testing and analysis program, preliminary engineering and economic assessment program for a first commercial project, and the timing of such programs are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include but are not limited to the ability to raise additional capital, risks associated with the Company’s ability to implement its business plan, risks inherent in the oil sands industry, regulatory and economic risks, land tenure risks, lack of infrastructure in the region in which the company’s resources are located and risks associated with the Company’s ability to implement its business plan and those factors listed under the caption “Risk Factors” in the Company’s Form 10-Q filed with the Securities and Exchange Commission on September 14, 2011. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

Tuesday, September 27th, 2011 Uncategorized Comments Off on Oilsands Quest (BQI) to Sell Wallace Creek Assets

VistaGen Therapeutics (VSTA) Reports Advances in Its Pancreatic Cell and Regenerative Medicine Programs

SOUTH SAN FRANCISCO, CA — (Marketwire) — 09/26/11 — VistaGen Therapeutics, Inc. (OTCBB: VSTA), a biotechnology company applying stem cell technology for drug rescue and cell therapy, announces the publication of its original research demonstrating the use of pluripotent stem cells to generate insulin in mice.

The research, titled Pdx1 and Ngn3 Overexpression Enhances Pancreatic Differentiation of Mouse ES Cell-Derived Endoderm Population, stems from a collaboration between VistaGen and the laboratories of Dr. Gordon Keller at the University Health Network’s McEwen Centre for Regenerative Medicine in Toronto and Dr. Atsushi Kubo at Nara Medical University in Japan. It was published in the peer-reviewed journal, PLoS ONE 6(9): e24058, doi: 10.1371/journal.pone.0024058 on September 13, 2011.

“In addition to presenting a powerful in vitro model system designed to screen for potential genes or drug candidates capable of inducing the production of insulin-secreting pancreatic beta-islet cells, these research results represent another important step towards our goal of developing superior biological systems for drug development,” said Dr. Ralph Snodgrass, President and Chief Scientific Officer of VistaGen. “We are grateful for the scientific contributions of our international collaborators to the research reported in this publication, as well as the continuing technical progress we are making through our ongoing and active partnership with Dr. Gordon Keller and his laboratory in Toronto.”

VistaGen has an established track record of advancing its internal commercially-focused research and development programs through collaborations that successfully combine the complementary capabilities of its industry leading scientists and those of academic leaders in the field of stem cell research. The published results are the culmination of a close and productive international collaboration initiated and led by VistaGen scientists in the United States.

These studies are part of VistaGen’s versatile Human Clinical Trials in a Test Tube™ platform which has proprietary applications in drug screening, cell therapy, and regenerative medicine in the areas of metabolic disease and diabetes. The stem cell-derived pancreatic cells developed by the international research team demonstrated the ability to produce and correctly process insulin and secrete C-peptide, characteristics of mature beta-islet cells. These studies confirm the utility of regulating two key developmental genetic signals for producing pluripotent stem cell-derived beta-islet cells that produce high levels of insulin. In addition, the specific precursor cell was identified that responds to these signals, suggesting a potential purification or enrichment strategy for beta-islet cell production, facilitating a strategy for the production of large numbers of beta-islet cells for multiple applications. Finally, these studies point to additional areas for future development as well as provide a strong foundation that supports VistaGen’s efforts to produce fully functional human beta-islet cells for drug discovery and clinical applications.

About VistaGen Therapeutics

VistaGen is a biotechnology company applying human pluripotent stem cell technology for drug rescue and cell therapy. Drug rescue involves the combination of human pluripotent stem cell technology with modern medicinal chemistry to generate new chemical variants of once promising small molecule drug candidates that pharmaceutical companies have discontinued during preclinical or early clinical development due to heart or liver toxicity, despite positive efficacy data demonstrating their potential therapeutic and commercial benefits. VistaGen plans to use its pluripotent stem cell technology to generate early indications, or predictions, of how humans will ultimately respond to new drug candidates before they are ever tested in humans.

In parallel with its drug rescue activities and in collaboration with Dr. Gordon Keller in Toronto, VistaGen is preparing to initiate pilot preclinical cell therapy programs involving the proprietary stem cell differentiation and cell production capabilities of its Human Clinical Trials in a Test Tube™ platform.

Additionally, VistaGen will begin a Phase 1b clinical study of AV-101, a small molecule drug candidate for treatment of neuropathic pain, before the end of 2011. This study includes testing AV-101 in healthy volunteers using the intradermal capsaicin model of neuropathic pain. Neuropathic pain, a serious and chronic condition causing pain after an injury or disease of the peripheral or central nervous system, affects approximately 1.8 million people in the U.S. alone. VistaGen plans to initiate Phase 2 clinical studies of AV-101 in the fourth quarter of 2012. VistaGen is also exploring additional opportunities to leverage its current Phase 1 clinical program to enable additional Phase 2 clinical studies of AV-101 for epilepsy, Parkinson’s disease and depression. To date, VistaGen has been awarded over $8.5 million from the U.S. National Institutes of Health (NIH) for development of AV-101.

Visit us at http://www.VistaGen.com, follow us at http://www.twitter.com/VistaGen or view our Facebook page at http://www.facebook.com/VistaGen.

Cautionary Statement Regarding Forward Looking Statements

The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to regulatory approvals and the success of VistaGen’s ongoing clinical studies, including the safety and efficacy of its drug candidate, AV-101, the failure of future drug rescue and pilot preclinical cell therapy programs related to VistaGen’s stem cell technology-based Human Clinical Trial in a Test Tube™ platform, its ability to enter into drug rescue collaborations, risks and uncertainties relating to the availability of substantial additional capital to support VistaGen’s research, development and commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to AV-101 and any drug rescue variants identified and developed by VistaGen. These and other risks and uncertainties are identified and described in more detail in VistaGen’s filings with the Securities and Exchange Commission (SEC). These filings are available on the SEC’s website at www.sec.gov. VistaGen undertakes no obligation to publicly update or revise any forward-looking statements.

For More Information:

H. Ralph Snodgrass, Ph.D.
President and Chief Scientific Officer
VistaGen Therapeutics, Inc.
650-244-9990 x222
Investor.Relations@VistaGen.com

Mission Investor Relations
Atlanta, Georgia
http://www.MissionIR.com
404-941-8975
Investors@MissionIR.com

Tuesday, September 27th, 2011 Uncategorized Comments Off on VistaGen Therapeutics (VSTA) Reports Advances in Its Pancreatic Cell and Regenerative Medicine Programs

Cytori (CYTX) & Apollo Hospitals Group of India Formalize Celution(R) Agreement

SAN DIEGO, CA — (Marketwire) — 09/23/11 — Cytori Therapeutics (NASDAQ: CYTX) has entered into a Celution® System agreement with Apollo Hospitals, one of Asia’s largest private healthcare groups, to offer the technology initially at select cosmetic surgery centers in India.

“At Apollo Hospitals, we pride ourselves on introducing the latest technological medical advancements,” said Dr. Prathap C. Reddy, founder and Chairman of Apollo Hospitals Group. “The alliance with Cytori has the potential to revolutionize the delivery of personalized cell therapy in India. The Cytori Celution® System represents best-in-class regenerative medicine technology that enables surgeons’ access to the power of the patient’s own regenerative cells as real-time therapy for cosmetic surgery as well as a variety of other ischemic conditions.”

Apollo Hospitals is a core customer around which Cytori can build a successful commercial business in India. This agreement follows a clinical evaluation of Celution®-based soft tissue procedures performed by Apollo. More information about Apollo Hospitals Group can be found at http://www.apollohospitals.com/.

About Cytori
Cytori is a leader in cell therapy, providing patients and physicians around the world with medical technologies that harness the potential of adult regenerative cells from adipose tissue. The Celution® System family of medical devices and instruments is being sold into the European and Asian cosmetic and reconstructive surgery markets but is not yet available in the United States. Our StemSource® product line is sold globally for cell banking and research applications. Our PureGraft™ products are available in North America and Europe for fat grafting procedures. www.cytori.com

Cautionary Statement Regarding Forward-Looking Statements

This communication includes forward-looking statements regarding events, trends and business prospects, such as building a successful commercial business in India, which may affect our future operating results and financial position. Such statements are subject to risks and uncertainties that could cause our actual results and financial position to differ materially. Some of these risks include clinical and regulatory uncertainties, including risks in the collection and results of clinical data, final clinical outcomes, dependence on third party performance, and other risks and uncertainties described under the “Risk Factors” in Cytori’s Securities and Exchange Commission Filings. We assume no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made.

Contact:
Tom Baker
+1.858.875.5258
tbaker@cytori.com

Friday, September 23rd, 2011 Uncategorized Comments Off on Cytori (CYTX) & Apollo Hospitals Group of India Formalize Celution(R) Agreement

Canadian Solar (CSIQ) Supplies 5.1 MW of Solar Modules to EOSOL’s Solar Power Plant in South West of France

PARIS, Sept. 23, 2011 /PRNewswire-Asia-FirstCall/ — Canadian Solar Inc. (NASDAQ: CSIQ), one of the worlds largest solar companies, announced today that the company has supplied solar modules to EOSOL Energies Nouvelles new ground-mounted solar plant. Canadian Solar provided a total of 21,560 solar modules for an installed capacity of 5.1 MW. EOSOL ENs new power plant called Le Petit Chataignier has been built in La Genetouze in the South West of France on an area of 89,300 . The new solar power plant was inaugurated on September 22, 2011.

EOSOL EN previously selected Canadian Solar’s high-quality, high-performance solar modules for three other installations in France with an overall installed capacity of more than 16 MW.

This new project in La Genetouze, in the department of Charente-Maritime, adds another 5.1 MW to this and has been installed in a record time of five months. Other collaboration partners of EOSOL EN within this project were TSK, 3E, a technical construction auditor, BIOTOPE for ecological engineering and biodiversity management, ERDF as electric line constructor and the bank Credit Agricole.

M. Bruno BERNAL, President of EOSOL Group, said: Canadian Solar has proven to be an excellent partner with its high quality modules and its efficient customer service for our previous projects in France. Thats why we logically selected them to become our partner for this important and strategic project in La Genetouze and we plan to extend our successful cooperation.

Dr. Shawn QU, Chairman and Chief Executive Officer of Canadian Solar, said: This project is a testament to the high quality work by EOSOL EN and its partners, including Canadian Solar. We are proud that our modules were selected again to be part of this landmark project and look forward to continuing to work with EOSOL EN to promote the expansion of solar energy in France.

About EOSOL Energies Nouvelles:

EOSOL Energies Nouvelles is a major player in the development, investment and production of energy from natural resources. Specializing in solar, wind energy, biomass and solar thermal energy, EOSOL EN benefits from the confidence of the Caisse des Depots et Consignations for the co-financing of their projects and has worked with the best partners in the industry (Eiffage Energie, Siemens, Ingeteam, Forclum Aquitaine…) to strengthen its expertise. EOSOL Energies Nouvelles is a young company from Aquitaine which, with more than € 20M in assets, presents itself as the leading regional producer of electricity from ground-mounted solar energy. For more information, please visit www.eosol-en.com.

About Canadian Solar:

Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world’s largest solar companies. As a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, please visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements:

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “believes,” “expects,” “anticipates,” “intends,” “estimates,” the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding the previously disclosed SEC investigation, as well as general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on May 17, 2011. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

SOURCE Canadian Solar Inc.

Friday, September 23rd, 2011 Uncategorized Comments Off on Canadian Solar (CSIQ) Supplies 5.1 MW of Solar Modules to EOSOL’s Solar Power Plant in South West of France

MannKind (MNKD) Announces Proposed Offering of Senior Secured Discount Notes Due 2017

MannKind Corporation (Nasdaq: MNKD) today announced that it proposes to offer, subject to market conditions, senior secured discount notes due 2017 (the “Notes”) expected to yield gross proceeds of approximately $370.0 million.

If the offering is consummated, the net proceeds from the offering of the notes would be used for development and operating capital, including completion of the Phase 3 clinical trials of MannKind’s lead product candidate, AFREZZA, preparing for commercialization of AFREZZA, continuing the build-out of MannKind’s Danbury, Connecticut manufacturing facility, ongoing research and development efforts, and general corporate purposes.

The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The Notes may be resold by the initial purchasers pursuant to Rule 144A and Regulation S under the Securities Act.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to MannKind’s proposed offering of the Notes, the anticipated terms of the Notes, the anticipated manner of the offering of the Notes and the anticipated use of proceeds from the offering of the Notes, that involve risks and uncertainties. Words such as “anticipates,” “intends,” “plans,” “proposes,” “expects,” “will,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to whether MannKind will offer the Notes or consummate the offering of the Notes on the expected terms, or at all, market and other general economic conditions, whether MannKind will be able to satisfy the conditions required to close any sale of the Notes, the fact that MannKind’s management will have broad discretion in the use of the proceeds from any sale of the Notes, the progress, timing and results of clinical trials, difficulties or delays in seeking or obtaining regulatory approval, the manufacture of AFREZZA, competition from other pharmaceutical or biotechnology companies, MannKind’s ability to enter into any collaborations or strategic partnerships, intellectual property matters and stock price volatility. The foregoing list sets forth some, but not all, of the factors that could affect MannKind’s ability to achieve results described in any forward-looking statements. For additional information about risks and uncertainties MannKind faces and a discussion of MannKind’s financial statements and footnotes, see documents MannKind files with the Securities and Exchange Commission, including MannKind’s most recent annual report on Form 10-K and quarterly report on Form 10-Q and other filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation and expressly disclaims any duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

Friday, September 23rd, 2011 Uncategorized Comments Off on MannKind (MNKD) Announces Proposed Offering of Senior Secured Discount Notes Due 2017

American Superconductor (AMSC) Reports Full-Year Fiscal 2010 and First Quarter Fiscal 2011 Financial Results

American Superconductor Corporation (NASDAQ: AMSC), a global power technologies company, today reported financial results for fiscal year 2010 ended March 31, 2011, and the first quarter of fiscal year 2011 ended June 30, 2011. The company’s fiscal 2010 results include previously announced restatements of results for the second and third quarters of fiscal 2010. The company has filed its Annual Report on Form 10-K for the year ended March 31, 2011 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 with the Securities and Exchange Commission and, as a result, the company expects to regain compliance with NASDAQ Listing Rules.

Fiscal 2010 revenues were $286.6 million, which compares with $316.0 million for fiscal 2009. The company reported a net loss of $186.3 million, or $3.95 per diluted share, for fiscal 2010. Fiscal 2010 revenues include the impact of applying a cash basis of accounting to recognize revenue for shipments to certain customers in China as of September 1, 2010 and for shipments to Sinovel Wind Group Co., Ltd. (Sinovel) as of October 1, 2010. The company’s fiscal 2010 net loss includes $158.5 million in aggregate one-time asset write-downs, impairments and accrued charges recorded primarily in the fourth quarter of fiscal 2010 associated with the company’s accounting judgment that its relationship with Sinovel will not continue. This compares with net income of $16.2 million, or $0.36 per diluted share, for fiscal year 2009. The company’s non-GAAP net loss for fiscal 2010 was $12.8 million, or $0.27 per diluted share. This compares with non-GAAP net income of $31.7 million, or $0.70 per diluted share, for fiscal 2009. Please refer to the financial table included below for a reconciliation of GAAP to non-GAAP results.

Revenues for the first quarter of fiscal 2011 were $9.1 million. This compares with $97.2 million for the first quarter of fiscal 2010. The decline is due primarily to a lack of revenue from Sinovel. The company reported a net loss for the quarter of $37.7 million, $0.74 per diluted share. This compares with net income of $9.2 million, or $0.20 per diluted share, for the first quarter of fiscal 2010. The company’s non-GAAP net loss for the first quarter of fiscal 2011 was $30.8 million, or $0.61 per diluted share. This compares with non-GAAP net income of $13.0 million, or $0.28 per diluted share, for the first quarter of fiscal 2010. Please refer to the financial table included below for a reconciliation of GAAP to non-GAAP results.

Net of the advance payment of approximately $20.6 million for the company’s proposed acquisition of The Switch Engineering Oy, the company’s balance of cash, cash equivalents, marketable securities and restricted cash on June 30, 2011 was $166.2 million. This compares with $245.5 million on March 31, 2011 and $120.7 million on June 30, 2010.

“Our financial results for fiscal 2010 and the first quarter of fiscal 2011 are a reflection of our past,” said AMSC President and Chief Executive Officer Daniel McGahn. “Our efforts to build a better AMSC are now well underway. We have reduced our cost structure by more than $30 million annually and realigned our business into market-facing Wind and Grid segments. We also have won nearly $100 million in new contracts since the start of our fiscal year, which we believe will help expand our customer base, diversify our revenue streams and return the company to growth (see separate press release issued today).”

Looking Forward

For the quarter ending September 30, 2011, AMSC currently expects that its revenues will exceed $18 million. Including charges for its litigation against Sinovel and its previously announced restructuring, among other charges, AMSC expects that its net loss for the second quarter of fiscal 2011 will be less than $38 million, or $0.75 per diluted share. AMSC expects that its non-GAAP net loss for the second fiscal quarter will be less than $27 million, or $0.53 per diluted share.

Despite the company’s expenses related to severance, litigation against Sinovel and supply-chain liabilities, AMSC expects to end the second quarter of fiscal year 2011 with more than $100 million in cash, cash equivalents, marketable securities and restricted cash. Cash usage is expected to further slow in the second half of the year as savings from the company’s restructuring actions begin to be realized and as the use of cash for Sinovel-related litigation and supply chain liabilities decreases.

“We have taken decisive action to immediately lower our expenses, significantly reduce our cash burn in the second half of the fiscal year and put AMSC back on the path to profitability,” McGahn said. “We have a holistic set of Wind and Grid solutions that lower the cost of energy and make our power supplies cleaner, smarter and more reliable, positioning us well within addressable markets that approach $10 billion annually. We believe we have the right people, products and partners to capitalize on these opportunities and ultimately deliver sustainable profits.”

Conference Call Reminder

In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 9:00 a.m. Eastern Time to discuss the company’s results and its business outlook. Those who wish to listen to the live conference call webcast should visit the “Investors” section of the company’s website at www.amsc.com/investors. The live call also can be accessed by dialing 719-457-2703 and using conference ID 8645945. A telephonic playback of the call will be available from 12:00 p.m. ET on September 23 through 12:00 p.m. ET on September 28. Please call 719-457-0820 and refer to conference ID 8645945 to access the playback.

About American Superconductor (NASDAQ: AMSC)

AMSC offers an array of proprietary technologies and solutions spanning the electric power infrastructure – from generation to delivery to end use. The company is a leader in renewable energy, providing proven, megawatt-scale wind turbine designs and electrical control systems. The company also offers a host of Smart Grid technologies for power grid operators that enhance the reliability, efficiency and capacity of the grid, and seamlessly integrate renewable energy sources into the power infrastructure. These include superconductor power cable systems, grid-level surge protectors and power electronics-based voltage stabilization systems. AMSC’s technologies are protected by a broad and deep intellectual property portfolio consisting of hundreds of patents and licenses worldwide. More information is available at www.amsc.com.

American Superconductor and design, Revolutionizing the Way the World Uses Electricity, AMSC, Powered by AMSC, Amperium, D-VAR, dSVC, FaultBlocker, PowerModule, PowerPipelines, PQ-IVR, PQ-SVC, SeaTitan, SuperGEAR and Windtec and design are trademarks or registered trademarks of American Superconductor Corporation or its subsidiaries. All other brand names, product names or trademarks belong to their respective holders.

Any statements in this release about future expectations, plans and prospects for the company, including without limitation our expectations regarding the future financial performance of the company and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. Such factors include: a significant portion of our revenues has been derived from Sinovel Wind Group Co. Ltd., (“Sinovel”), which has stopped accepting scheduled deliveries and refused to pay amounts outstanding; the disruption in our relationship with Sinovel has materially and adversely affected our business and results of operations and if, as we expect, Sinovel continues to refuse to accept shipments from us, our business and results of operations will be further materially and adversely affected; we will require significant additional funding and may be unable to raise capital when needed, which could force us to delay, reduce or eliminate planned activities, including the planned acquisition of The Switch Engineering Oy (“The Switch”); we have a history of operating losses, and we may incur additional losses in the future; our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; if we fail to complete the planned acquisition of The Switch, our operating results and financial condition could be harmed and the price of our common stock could decline; completion of the planned acquisition of The Switch could present certain risks to our business; adverse changes in domestic and global economic conditions could adversely affect our operating results; changes in exchange rates could adversely affect our results from operations; we have identified material weaknesses in our internal control over financial reporting and if we fail to remediate these weaknesses and maintain proper and effective internal controls over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; if we fail to implement our business strategy successfully, our financial performance could be harmed; we may not realize all of the sales expected from our backlog of orders and contracts; many of our revenue opportunities are dependent upon subcontractors and other business collaborators; our products face intense competition, which could limit our ability to acquire or retain customers; our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; we may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; we depend on sales to customers in China, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of China; changes in China’s political, social, regulatory and economic environment may affect our financial performance; many of our customer relationships outside of the United States are, either directly or indirectly, with governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; we rely upon third party suppliers for the components and subassemblies of many of our Wind and Grid products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; we are becoming increasingly reliant on contracts that require the issuance of performance bonds; problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; our success in addressing the wind energy market is dependent on the manufacturers that license our designs; growth of the wind energy market depends largely on the availability and size of government subsidies and economic incentives; there are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; we have not manufactured our Amperium wire in commercial quantities, and a failure to manufacture our Amperium wire in commercial quantities at acceptable cost and quality levels would substantially limit our future revenue and profit potential; the commercial uses of superconductor products are limited today, and a widespread commercial market for our products may not develop; we have limited experience in marketing and selling our superconductor products and system-level solutions, and our failure to effectively market and sell our products and solutions could lower our revenue and cash flow; our contracts with the U.S. government are subject to audit, modification or termination by the U.S. government and include certain other provisions in favor of the government; the continued funding of such contracts remains subject to annual congressional appropriation which, if not approved, could reduce our revenue and lower or eliminate our profit; we may be unable to adequately prevent disclosure of trade secrets and other proprietary information; we have filed a demand for arbitration and other lawsuits against Sinovel regarding amounts we contend are due and owing and are in dispute; we cannot be certain as to the outcome of the proceedings against Sinovel; we have been named as a party to purported stockholder class actions and shareholder derivative complaints, and we may be named in additional litigation, all of which will require significant management time and attention, result in significant legal expenses and may result in an unfavorable outcome, which could have a material adverse effect on our business, operating results and financial condition; our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; our patents may not provide meaningful protection for our technology, which could result in us losing some or all of our market position; third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; and our common stock has experienced, and may continue to experience, significant market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention. Reference is made to many of these factors and others in the “Risk Factors” section of the company’s most recent quarterly or annual report filed with the Securities and Exchange Commission. In addition, any forward-looking statements included in this release represent the company’s expectations as of the date of this release. While the company anticipates that subsequent events and developments may cause the company’s views to change, the company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the company’s views as of any date subsequent to the date of this release.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three months ended
March 31,
Year ended
March 31,
2011 2010 2011 2010
Revenues:
Power Systems $ 56,938 $ 84,763 $ 276,440 $ 304,276
Superconductors 2,813 2,861 10,163 11,679
Total revenues 59,751 87,624 286,603 315,955
Cost of revenues 159,016 54,479 308,183 200,977
Gross profit (99,265 ) 33,145 (21,580 ) 114,978
Operating expenses:
Research and development 8,908 7,228 32,517 23,593
Selling, general and administrative 25,662 13,968 72,382 50,446
Goodwill and long-lived asset impairment 49,955 49,955
Amortization of acquisition related intangibles 394 449 1,549 1,827
Restructuring 451
Total operating expenses 84,919 21,645 156,403 76,317
Operating (loss) income (184,184 ) 11,500 (177,983 ) 38,661
Interest income, net 281 160 830 788
Other income (expense), net 2,079 (39 ) 6,822 (2,693 )
(Loss) income before income tax expense (181,824 ) 11,621 (170,331 ) 36,756
Income tax expense 3,311 6,684 15,953 20,508
Net (loss) income $ (185,135 ) $ 4,937 $ (186,284 ) $ 16,248
Net (loss) income per common share
Basic $ (3.67 ) $ 0.11 $ (3.95 ) $ 0.37
Diluted $ (3.67 ) $ 0.11 $ (3.95 ) $ 0.36
Weighted average number of common shares outstanding
Basic 50,423 45,133 47,103 44,445
Diluted 50,423 45,955 47,103 45,290
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three months ended
June 30,
2011 2010
Revenues:
Wind $ 4,262 $ 83,006
Grid 4,796 14,203
Total revenues 9,058 97,209
Cost of revenues 16,955 58,224
Gross profit (7,897 ) 38,985
Operating expenses:
Research and development 8,136 7,335
Selling, general and administrative 21,990 15,183
Amortization of acquisition related intangibles 304 386
Total operating expenses 30,430 22,904
Operating (loss) income (38,327 ) 16,081
Interest income, net 241 175
Other income, net 566 171
(Loss) income before income tax expense (37,520 ) 16,427
Income tax expense 159 7,257
Net (loss) income $ (37,679 ) $ 9,170
Net (loss) income per common share
Basic $ (0.74 ) $ 0.20
Diluted $ (0.74 ) $ 0.20
Weighted average number of common shares outstanding
Basic 50,709 45,242
Diluted 50,709 45,983
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, March 31, March 31,
2011 2011 2010
ASSETS
Current assets:
Cash and cash equivalents $ 130,885 $ 123,783 $ 87,594
Marketable securities 25,894 116,126 54,469
Accounts receivable, net 11,652 17,233 57,290
Inventory 31,068 25,828 35,858
Prepaid expenses and other current assets 39,073 30,785 20,294
Advance payment for planned acquisition 20,551
Restricted cash 6,516 5,566 5,713
Deferred tax assets 484 484 1,776
Total current assets 266,123 319,805 262,994
Property, plant and equipment, net 98,615 96,494 64,315
Goodwill 36,696
Intangibles, net 6,650 7,054 7,770
Marketable securities 7,342
Restricted cash 2,857
Deferred tax assets 5,840 5,840 3,043
Other assets 13,577 12,016 18,024
Total assets $ 393,662 $ 441,209 $ 400,184
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 66,395 $ 90,273 $ 84,319
Adverse purchase commitments 40,292 38,763
Line of credit 4,641
Deferred revenue 13,676 10,304 19,970
Deferred tax liabilities 5,840 5,840 471
Total current liabilities 130,844 145,180 104,760
Deferred revenue 2,063 2,181 13,302
Deferred tax liabilities 484 484 777
Other 530 509 380
Total liabilities 133,921 148,354 119,219
Stockholders’ equity:
Common stock 509 507 448
Additional paid-in capital 889,394 885,704 698,417
Treasury stock (271 )
Accumulated other comprehensive income (loss) 4,961 3,817 (7,011 )
Accumulated deficit (634,852 ) (597,173 ) (410,889 )
Total stockholders’ equity 259,741 292,855 280,965
Total liabilities and stockholders’ equity $ 393,662 $ 441,209 $ 400,184
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three months ended June 30, Year ended March 31,
2011 2010 2011 2010
Cash flows from operating activities:
Net (loss) income $ (37,679 ) $ 9,170 $ (186,284 ) $ 16,248
Adjustments to reconcile net (loss) income to net cash used in operations:
Depreciation and amortization 3,242 2,654 11,300 9,789
Stock-based compensation expense 3,466 3,578 13,443 13,632
Impairment of goodwill and long-lived assets 49,955
Provision for excess and obsolete inventory 413 63,882
Losses on purchase commitments 1,071 38,763
Allowance for doubtful accounts 957 25 (523 )
Write-off of prepaid value added taxes 5,905
Deferred income taxes 2,027 3,660 (2,717 )
Other non-cash items 827 320 2,345 1,155
Changes in operating asset and liability accounts:
Accounts receivable 670 (35,848 ) 63,175 (16,993 )
Inventory (5,324 ) (5,654 ) (51,942 ) (656 )
Prepaid expenses and other current assets (7,812 ) (1,616 ) (15,428 ) (10,051 )
Accounts payable and accrued expenses (19,732 ) (2,140 ) (222 ) 23,775
Deferred revenue 3,084 8,073 (21,398 ) 7,021
Net cash (used in) provided by operating activities (57,774 ) (18,479 ) (22,821 ) 40,680
Cash flows from investing activities:
Net cash provided by (used in) investing activities 59,753 (41 ) (104,833 ) (39,996 )
Cash flows from financing activities:
Net cash provided by financing activities 4,376 561 163,058 19,003
Effect of exchange rate changes on cash and cash equivalents 747 (4,791 ) 785 (2,767 )
Net increase (decrease) in cash and cash equivalents 7,102 (22,750 ) 36,189 16,920
Cash and cash equivalents at beginning of period 123,783 87,594 87,594 70,674
Cash and cash equivalents at end of period $ 130,885 $ 64,844 $ 123,783 $ 87,594
Reconciliation of GAAP Net (Loss) Income to Non-GAAP Net (Loss) Income
(In thousands, except per share data)
Three months ended March 31, Year ended March 31,
2011 2010 2011 2010
Net (loss) income $ (185,135 ) $ 4,937 $ (186,284 ) $ 16,248
Goodwill and long-lived asset impairment 49,955 49,955 451
Provision for excess and obsolete inventory 61,216 63,882
Losses on purchase commitments 38,763 38,763
Write-off of prepaid value added taxes 5,355 5,905
Stock-based compensation 3,338 3,054 13,412 13,494
Amortization of acquisition-related intangibles 394 449 1,549 1,827
Tax effects (90 ) (367 )
Non-GAAP net income (loss) $ (26,114 ) $ 8,350 $ (12,818 ) $ 31,653
Non-GAAP (loss) earnings per share $ (0.52 ) $ 0.18 $ (0.27 ) $ 0.70
Weighted average shares outstanding * 50,423 45,955 47,103 45,290
* Diluted shares are used for periods where net income is generated.
Reconciliation of GAAP Net (Loss) Income to Non-GAAP Net (Loss) Income
(In thousands, except per share data)
Three months ended
June 30,
2011 2010
Net (loss) income $ (37,679 ) $ 9,170
Stock-based compensation 3,466 3,499
Severance costs 2,066
Losses on purchase commitments 1,071
Amortization of acquisition-related intangibles 304 386
Tax effects (83 )
Non-GAAP net (loss) income $ (30,772 ) $ 12,972
Non-GAAP (loss) earnings per share $ (0.61 ) $ 0.28
Weighted average shares outstanding * 50,709 45,983
* Diluted shares are used for periods where net income is generated.
Reconciliation of Forecast GAAP Net Loss to Non-GAAP Net
Loss for the Quarter Ended September 30, 2011
(In millions, except per share data)
Net loss $ (38.0 )
Amortization of acquisition-related intangibles 0.3
Stock-based compensation 2.5
Sinovel litigation expenses 5.2
Restructuring charges 3.0
Tax effects
Non-GAAP net loss $ (27.0 )
Non-GAAP net loss per share $ (0.53 )
Shares outstanding 50.9

Note: Non-GAAP net income (loss) is defined by the company as net income (loss) before amortization of acquisition-related intangibles, restructuring and impairments, stock-based compensation, severance and other unusual charges, and any tax effects related to these items. The company believes non-GAAP net income (loss) assists management and investors in comparing the company’s performance across reporting periods on a consistent basis by excluding these non-cash or non-recurring charges that it does not believe are indicative of its core operating performance. The company also regards non-GAAP net income (loss) as a useful measure of operating performance and cash flow to complement operating income, net income (loss) and other GAAP financial performance measures. In addition, the company uses non-GAAP net (loss) income as a factor in evaluating management’s performance when determining incentive compensation and to evaluate the effectiveness of its business strategies.

Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures included in this release, however, should be considered in addition to, and not as a substitute for or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. A reconciliation of non-GAAP to GAAP net income is set forth in the table above.

Friday, September 23rd, 2011 Uncategorized Comments Off on American Superconductor (AMSC) Reports Full-Year Fiscal 2010 and First Quarter Fiscal 2011 Financial Results

Tunstall Healthcare Group Limited to acquire American Medical Alert Corp. (AMAC)

American Medical Alert Corp (Nasdaq: AMAC), a leading provider of remote health monitoring and 24/7 communication services that enhances care, accelerates response times, improves operational effectiveness and delivers sustainable patient services, has announced today that it has entered into a definitive agreement to be acquired by Tunstall Healthcare Group Limited, a leading telehealth and telecare provider. Tunstall will acquire all of the outstanding common shares of AMAC for $8.55 per share in cash without interest, representing a premium of approximately 50% over AMAC’s closing share price on September 22, 2011, plus one Contingent Payment Right (CPR) per share providing a contingent cash payment for the holder of such common share in the event of a sale of AMAC’s interests in the Lifecomm joint venture or prior sale of Tunstall under certain conditions. The transaction is expected to close at the end of the fourth quarter of 2011.

Based in New York, AMAC has two business divisions. The first is Health and Safety Monitoring Systems (HSMS) which includes a rich portfolio of remote patient monitoring devices and services including personal emergency response systems (PERS), mobile PERS, medication management and telehealth. The second division is Telephony Based Communication Services (TBCS), AMAC’s contact center services group, which provides concierge level communication services to all types of healthcare entities, including physician groups, hospitals, homecare and the pharmaceutical industry.

AMAC’s board of directors unanimously approved the transaction, which is subject to customary closing conditions, including approval of AMAC’s shareholders, but is not subject to any financing conditions and has the full support of Tunstall’s majority shareholder. In conjunction with the acquisition, directors and officers of AMAC, holding approximately 26% of the outstanding common shares of AMAC, have agreed to vote in favor of the transaction.

“We believe the decision by the board to merge with Tunstall is good for shareholders, employees and our customers,” said Jack Rhian, President and Chief Executive Officer of AMAC. “Tunstall’s longstanding culture of engineering excellence, technological innovation and commitment to providing seniors with the tools to live independently is perfectly aligned with AMAC’s mission. By joining with Tunstall, AMAC will have unprecedented access to its world class engineering and product portfolio as well as its global operating resources. This transaction will allow AMAC to rapidly accelerate the scope of our portfolio in both remote patient monitoring and call center solutions thereby benefiting our entire customer base.”

Gil Baldwin, Chief Executive Officer of Tunstall commented “AMAC will make a great addition to the Tunstall Group. We share the same vision and complement each other in a number of areas. AMAC will support our ambitious growth plans in the United States. As one of the largest providers of PERS in the US with 75,000 subscribers nationwide and a strong reach within hospital systems, home healthcare, government agencies and senior living facilities, I believe there will be far reaching benefits for all of our customers, partners and employees of the Group.”

A special meeting of AMAC’s shareholders will be held after the preparation and filing of a proxy statement with the Securities and Exchange Commission and subsequent mailing to shareholders. Upon completion of the acquisition, AMAC will become a private company wholly owned by an affiliate of Tunstall.

Jefferies served as financial adviser and Latham & Watkins LLP served as legal adviser to Tunstall. Houlihan Lokey acted as exclusive financial adviser and Moses & Singer LLP acted as legal adviser to AMAC in this transaction.

About Tunstall

Tunstall is a leading provider of telecare/telehealth solutions. Operating in more than 30 countries and employing over 1,200 people, Tunstall supports 2.5 million people around the world. Tunstall’s philosophy is simple – to protect, support and care for people – by providing healthcare technology and services that enable anyone requiring support and reassurance, such as older people or those with long term needs, to lead an independent life with dignity and reassurance.

Tunstall provides complete and fully-integrated telecare and telehealth solutions for home, assisted living and specialist care environments, hospital communication systems, associated support services, response centre software systems and monitoring services.

More information is available at www.tunstall.co.uk.

About AMAC

AMAC is a healthcare communications company dedicated to the provision of support services to the healthcare community. AMAC’s product and service portfolio includes Personal Emergency Response Systems (PERS) and emergency response monitoring, electronic medication reminder devices, disease management monitoring appliances and healthcare communication solutions services. AMAC operates nine US-based communication centers under local trade names: HLINK OnCall, North Shore TAS, Live Message America, ACT Teleservice, MD OnCall, Capitol Medical Bureau, American MediConnect, Alpha Message Center and Phone Screen to support the delivery of high quality, healthcare communications. For more information, visit www.amac.com.

Cautionary Notice Regarding Forward-Looking Statements

Certain of the statements in this press release may constitute “forward-looking statements” for purposes of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AMAC to be materially different from the future results, performance or achievements express of implied by such forward-looking statements. The words “believes,” “anticipates,” “plans,” “expects,” “intends,” “estimates,” “seeks,” “may” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon information presently available and are inherently subjective, uncertain and subject to change, due to any number of risks and uncertainties. Certain factors that could cause actual events not to occur as expressed in the forward-looking statement include among others: the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the outcome of any legal proceedings that may be instituted against AMAC or Tunstall related to the merger agreement; the inability to complete the merger (the “Merger”) due to the failure to obtain shareholder approval for the Merger or the failure to satisfy other conditions to completion of the Merger, including the receipt of required regulatory approvals related to the Merger; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the Merger; the effects of the local and national economic, credit and capital market conditions on the economy in general, and other risks and uncertainties described herein, as well as those other risks and factors discussed in AMAC’s Annual Report on Form 10-K for the year ended December 31, 2010, under the caption “Risk Factors” and otherwise in AMAC’s reports and filings that it makes with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements, since those statements speak only as to the date that they are made. Neither Tunstall nor AMAC has any obligation and does not undertake to publicly update, revise or correct any of the forward-looking statements after the date of this news release or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise, except as otherwise may be required by law.

Additional Information

In connection with the proposed Merger, AMAC will file a proxy statement and other documents with the Securities and Exchange Commission (“SEC”). AMAC shareholders are advised to read the proxy statements when it becomes available because it will contain important information regarding AMAC and the Merger. Investors may obtain a free copy of the proxy statement (when it becomes available) and other relevant documents filed by AMAC with the SEC at the SEC’s website at http://www.sec.gov. In addition, investors may obtain free copies of the documents filed with the SEC by directing a written request to: American Medical Alert Corp., 36-36 33rd Street, Suite 103, Long Island City, NY 11106, Attention: Corporate Secretary or from AMAC’s website: http://amac.com.

AMAC and its directors and executive officers may be deemed, under SEC rules, to be participants in the solicitation of proxies from the AMAC shareholders in connection with the Merger. Information concerning the names, affiliations and interests of AMAC’s directors and executive officer, is set forth in AMAC Annual Report on Form 10-K for the year ended December 31, 2010, as amended, filed with the SEC, and will be described in the proxy statement relating to the Merger (when it becomes available). Information concerning the interests of the Company’s participants in the solicitation, which may be, in some cases, different than those of the Company’s shareholders generally, will also be described in the proxy statement relating to the Merger (when it becomes available).

Friday, September 23rd, 2011 Uncategorized Comments Off on Tunstall Healthcare Group Limited to acquire American Medical Alert Corp. (AMAC)

Versar, Inc. (VSR) Announces FY 2011 Financial Results

Versar, Inc. (NYSE Amex: VSR) today announced financial results for the fiscal year ended July 1, 2011. Gross revenue for fiscal year 2011 was $137.6 million, an increase of 37% from gross revenue of $100.8 million reported in fiscal year 2010. The $137.6 million gross revenue is the highest ever reported in the 42 year history of Versar.

The revenue growth can be primarily attributed to a full year of benefit from the Company’s two previously reported acquisitions that were completed during the third quarter of FY 2010 and the Tooele Chemical Demilitarization project that fully ramped up during the second quarter of fiscal year 2011. From a business segment standpoint, the ADVENT acquisition and improved overall performance resulted in 91% revenue growth in Versar’s Compliance and Environmental business segment. The National Security business segment reported year over year revenue growth of 158% driven by the Tooele project and the PPS acquisition. The Company’s Professional Services business segment revenue grew 10% organically and the Program Management business segment revenue was down less than 2% as a result of declining Title II engineering work in Iraq, largely offset by new awards in Iraq and Afghanistan.

Versar recorded net income of $3.4 million or $0.37 per share on a fully diluted weighted average shares outstanding basis for fiscal year 2011, as compared to a net loss of $2.3 million, or ($0.25) per share, for fiscal year 2010. Fiscal year 2011 gross profit of $14.3 million was up 138% compared to last year’s gross profit of $6.0 million. Utilization rates improved throughout the entire Company and every business segment reported positive gross profit.

Fiscal year 2011 Selling, General and Administrative costs (SG&A) were down 7% as compared to last year as cost reduction efforts and efficiency improvements were realized even as revenue grew by 37%.

Versar booked new orders in excess of $141 million and completed fiscal year 2011 with a funded backlog of $78 million, flat compared to the end of fiscal year 2010. New orders, including the Tinker Air Force Base award, were strong in the first two months of FY 2012 and Versar finished August with a funded backlog of $92 million.

For the fourth quarter ending July 1, 2011 the Company reported revenue of $34.9 million, 28% higher than the $27.3 million reported during the same quarter last year. Versar recorded net income for the fourth quarter of fiscal year 2011 of $1.4 million or $0.14 per fully diluted share compared to a loss of $0.7 million or ($0.08) per share during the same quarter in 2010.

Tony Otten, CEO of Versar said, “Our results for fiscal year 2011 clearly confirm that our strategy is on target and that, as a team, we are effectively implementing our growth strategy. Our record revenue was a combination of 15% organic growth complimented by a successful acquisition strategy. Going forward we will follow a focused approach, targeting well-funded Federal contracting opportunities and acquiring like-minded firms. We will continue to invest in business development initiatives and our technology. I am confident that in FY 2012 we will build upon the positive results achieved in FY 2011 to establish Versar as a growing, profitable and vibrant company.”

Conference Call:

The Company will host a conference call today, September 20, 2011 at 2:00 p.m. Eastern Time to discuss its operational performance and financial results. The conference call may be accessed in the U.S. and Canada by dialing toll-free (807) 407-8033. International callers may access the call by dialing (201) 689-8033.

Participants should call in a few minutes before 2:00 p.m. Eastern time. For those unable to attend the conference call, replays will be available on Versar’s website, www.versar.com.

VERSAR, INC., headquartered in Springfield, VA, is a publicly traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, munitions response, and telecommunication and technology integration market areas.

VERSAR operates a number of web sites, including the corporate web sites, www.versar.com, www.homelanddefense.com, www.geomet.com; www.viap.com; www.dtaps.com; www.adventenv.com, and www.ppsgb.com.

This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended July 1, 2011, as updated from time to time in the Company’s periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.

VERSAR, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share amounts)
Years Ended
July 1, June 25, June 26,
2011 2010 2009
GROSS REVENUE $ 137,599 $ 100,763 $ 112,196
Purchased services and materials, at cost 71,417 55,378 60,583
Direct costs of services and overhead 51,849 39,374 37,133
GROSS PROFIT 14,333 6,011 14,480
Selling, general and administrative expenses 8,025 8,651 8,876
Other expense 423 1,012
OPERATING INCOME (LOSS) 5,885 (3,652) 5,604
OTHER EXPENSE/(INCOME)
Loss on marketable securities 328
Interest income (182) (143)
Interest expense 175 104 36
INCOME (LOSS) BEFORE INCOME TAXES 5,892 (3,613) 5,240
Income tax expense (benefit) 2,445 (1,319) 2,071
NET INCOME (LOSS) $ 3,447 $ (2,294) $ 3,169
NET INCOME (LOSS) PER SHARE – BASIC $ 0.37 $ (0.25) $ 0.35
NET INCOME (LOSS) PER SHARE – DILUTED $ 0.37 $ (0.25) $ 0.35
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – BASIC 9,261 9,141 9,123
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – DILUTED 9,283 9,141 9,150
Tuesday, September 20th, 2011 Uncategorized Comments Off on Versar, Inc. (VSR) Announces FY 2011 Financial Results

Energy Conversion Devices (ENER) Subsidiary Powers One of the Largest Residential Solar Installations in the World

AUBURN HILLS, Mich., Sept. 20, 2011 (GLOBE NEWSWIRE) — United Solar, a wholly owned subsidiary of Energy Conversion Devices, Inc. (ECD) (Nasdaq:ENER) and leading global manufacturer of UNI-SOLAR® light-weight, flexible thin-film solar modules, announced today that its UNI-SOLAR brand photovoltaics have been used for one of the largest known residential solar installations in the world.

The solar installation is located in Chatsworth, California at the residence of Mr. Carl Harberger, an esteemed Sustainable Building Designer. United Solar provided 259 UNI-SOLAR brand flexible, lightweight photovoltaic modules for the 24 kilowatt (kW) solar installation. California-based solar installation company, ADR Solar Solutions, Inc., completed the project in July 2011. The solar panels will power the majority of Mr. Harberger’s home systems that are typically powered by natural gas, including lighting, electronics and heating and air conditioning systems.

“ADR Solar Solutions, Inc. have designed and installed commercial and residential solar systems for the last seventeen years. We are thrilled to have added to our achievements the UNI-SOLAR installation in Chatsworth, Ca, making it one of the world’s largest residential installations,” said Ms. Nancy Palmer, ADR’s Manager of Sales and Marketing. “UNI-SOLAR was the only application considered for this installation and is not only working as anticipated, but is a beautiful addition to the design of this state of the art home. ADR Solar Solutions, Inc. will use UNI-SOLAR on many upcoming projects with confidence and look forward to a rock solid relationship.”

Mr. Harberger chose UNI-SOLAR panels because of the many unique features of the product. UNI-SOLAR’s flexible and non-penetrating solar panels provided a perfect fit on the curved rooftop surface. Mr. Harberger took advantage of the rebates offered by the Los Angeles Department of Water & Power as well as U.S. federal tax credits.

“United Solar is proud to be chosen for this opportunity, providing enough solar energy to power Mr. Harberger’s nearly 6,000 square foot home. This is a perfect example of how UNI-SOLAR lightweight solar laminates can be integrated directly into a residence for a cost-saving and renewable energy solution,” said Steve Szamocki, Senior Vice President of Sales-Americas of United Solar.

United Solar has more than 25 years experience in the industry of solar power generation, and is the largest manufacturer of lightweight, flexible solar panels in the world.

About Energy Conversion Devices / United Solar

Energy Conversion Devices (ECD) (Nasdaq:ENER) is a global leader in building-integrated and rooftop photovoltaics. Through its United Solar Ovonic subsidiary, the company manufactures, sells and installs thin-film solar laminates that convert sunlight to clean, renewable energy using proprietary technology. ECD’s UNI-SOLAR brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world efficiency. The company also designs, manufactures and installs rooftop photovoltaic systems, which enable customers to transform unused rooftop space into a value-generating asset. ECD’s Ovonic Materials Division includes the Ovonic Battery Company, the inventor and worldwide licensor of nickel-metal-hydride battery technology and the developer of proprietary advanced lithium-ion cathode materials, along with other emerging energy storage technologies. ECD’s Ovonyx joint venture is the inventor and worldwide licensor of phase change memory (PCM) technology. For more information, please visit ECD on the web at energyconversiondevices.com, on Facebook, and follow ECD on Twitter @ECD_ENER.

About ADR Solar Solutions, Inc.

ADR Solar Solutions, Inc. (www.adrsolarsolutions.com) is a leading installer of residential and commercial solar electric systems in Southern and Northern California. The company has been installing custom solar electric systems in California and the greater Los Angeles area for over 15 years. ADR Solar Solutions, Inc. is licensed, bonded and insured, specializing in solar electrical systems in Los Angeles California since 1994. The company delivers unmatched experience to commercial and residential customers. ADR Solar Solutions, Inc is AAA rated by the Better Business Bureau and is dedicated to give top quality and reliable systems to all of our customers.

CONTACT: Michael E. Schostak
         Director of Business Development & Communications
         Energy Conversion Devices, Inc.
         +1 (248) 299-6063
         investor.relations@energyconversiondevices.com

         Nancy Palmer
         Sales and Marketing Manager
         ADR Solar Solutions, Inc.
         +1 (877) 237-6477
         info@adrsolarsolutions.com
Tuesday, September 20th, 2011 Uncategorized Comments Off on Energy Conversion Devices (ENER) Subsidiary Powers One of the Largest Residential Solar Installations in the World

MedQuist (MEDH) Chosen by Los Angeles County Department of Health Services to Provide Clinical Documentation Services

FRANKLIN, Tenn., Sept. 20, 2011 (GLOBE NEWSWIRE) — MedQuist Holdings Inc. (Nasdaq:MEDH), a leading provider of integrated clinical documentation solutions for the U.S. healthcare system, announced that Los Angeles County Department of Health Services has chosen the company to provide clinical speech technology and documentation services across its health system and SpeechQ front-end speech recognition technology for its radiology practices.

By standardizing on MedQuist services and technology to capture the detailed story for its patient population, Los Angeles County Department of Health Services will have actionable, meaningful clinical documentation, experience cost reductions and realize clinical documentation improvement, which will help them with their move from ICD-9 to ICD-10. Front-end speech recognition capabilities for radiology will provide technology enhancements with accuracy gains in speech understanding, in addition to cost savings afforded by a standardized solution for radiology transcription technology and services.

“The MedQuist solution greatly enhances the efficiency of our clinical operations by harnessing the latest in technology,” said LAC+USC Medical Center Diagnostic Services Administrator Daniel Amaya. “We look forward to our continued partnership and to meeting our performance and cost objectives.”

Los Angeles County Department of Health Services facilities included in this relationship are:

  • Harbor UCLA Medical Center
  • High Desert Health System
  • LAC+USC Health Care Network
  • Martin Luther King, Jr. Multi-Service Ambulatory Care Center
  • Olive View-UCLA Medical Center
  • Rancho Los Amigos National Rehabilitation Center

Clinical documentation services are performed utilizing the company’s DocQment Enterprise Platform (EP) through digital voice capture, automated speech recognition and transcription and editing tools. DocQment EP™ facilitates workflow efficiencies and high-quality clinical information captured from the physician narrative. DocQlytics, an intuitive reporting dashboard streamlines and accelerates performance reporting on clinical documentation and provides continuous process improvement analytics. SpeechQ for Radiology offers real-time interactive speech for dictation, review and electronic signature of reports, interfaces with radiology information systems (RIS) or picture archiving and communication systems (PACS) systems.

“The Los Angeles County Department of Health Services provides valuable healthcare services to the communities in which it operates, and our partnership will help them achieve even greater success for their patients,” said Vern Davenport, Chairman and CEO of MedQuist Holdings. “Deep value will be derived from the rich content delivered through the clinical documentation process we deliver. By capturing such detailed clinical information in the care cycle, greater collaboration in the healthcare continuum will be achieved among stakeholders and deeper insight into each patient’s complete story will enhance delivery of care.”

About Los Angeles County Department of Health Services

The Department of Health Services (DHS) provides acute and rehabilitative patient care, trains physicians and other health care clinicians, and conducts patient care-related research. DHS operates four hospitals, including some of the nation’s premiere academic medical centers through its affiliations with the University of Southern California and the University of California, Los Angeles. In addition, DHS operates two multiservice ambulatory care centers, six comprehensive health centers, and multiple primary care health centers throughout Los Angeles County, many in partnership with private, community-based providers.

About MedQuist

MedQuist is a leading provider of clinical narrative capture services, delivering Speech Understanding technology from M*Modal and clinical documentation workflow. MedQuist’s enterprise solutions – including mobile voice capture devices, speech recognition, Web-based workflow platforms and global network of medical editors – help healthcare facilities facilitate adoption of electronic health records (EHR), improve patient care, increase physician satisfaction and lower operational costs. For more information, please visit www.medquist.com.

The MedQuist Holdings Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10083

“Safe Harbor” Statement under the U.S. Private Securities Litigation Reform Act of 1995: Statements in this press release regarding MedQuist’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. Actual outcomes and results may differ materially from what is expressed or forecasted in forward-looking statements. As a result, forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Thomas Mitchell
         Director of Marketing
         615-798-6630
         tmitchell@medquist.com

MedQuist Holdings Inc. Logo

Tuesday, September 20th, 2011 Uncategorized Comments Off on MedQuist (MEDH) Chosen by Los Angeles County Department of Health Services to Provide Clinical Documentation Services

Atrinsic (ATRN) Kazaa Mobile Music App Now Available for Apple iPhone and iPad

Atrinsic, Inc. (NASDAQ:ATRN), a marketer of direct-to-consumer subscription products, including Kazaa (www.kazaa.com) – a digital music subscription service, announced today that its streaming music application is now available for download through Apple’s App Store. The Kazaa app can be downloaded for free – users can enjoy a free seven day trial. All subscribers get access to Kazaa’s constantly updated catalogue of millions and millions of songs.

The easy-to-use and intuitive app includes these key features:

  • Search and listen on demand: Find all the music you want. Unlimited listening to any artist, album or song at any time in any order. Rewind, fast-forward, pause, skip and shuffle. Even view the cover art for all albums and tracks.
  • Unlimited downloads. Download any album, song or playlist so you can listen to music even when you are offline – out of cell or WiFi range and have no connection.
  • Create, sync and access your playlists. Everywhere. Your playlists, your favorite tracks, your favorite artists are synced instantly – seamless integration of Kazaa across web and mobile.
  • Kazaa Radio. Only Kazaa offers a vast variety of artist based radio stations, as well as radio stations specifically created for and recommended to each of our subscribers. Sit back and discover music you will love.
  • Higher audio quality options. Subscribers have the option to receive either standard or high quality audio streams and/or downloads.

“Our goal is to allow our subscribers to access whatever music they want, whenever and wherever they want it in the easiest way possible with the highest quality service. The launch of our app today makes it even simpler for our users with Apple devices to do this. This marks another important step forward in Kazaa’s product development.

We look forward to continuing to improve Kazaa’s web and mobile services in every way. Kazaa mobile will be available on more and more devices in the future. The Kazaa music library, which already contains millions of songs from all four of the major labels, will continue to grow; we expect to add millions of more tracks from thousands of independent record labels. Our customer experience and our value proposition will continue to improve and be refined,” said Stuart Goldfarb, President and CEO of Atrinsic, Inc. “The music industry – and the way that music listeners consume music – is going through tumultuous and fundamental change. Kazaa is well positioned to embrace this opportunity.”

About Atrinsic and Kazaa

Atrinsic, Inc. is a marketer of direct-to-consumer subscription products, including Kazaa, and an Internet search-marketing agency. Kazaa is a subscription-based digital music service that gives users unlimited access to millions of CD-quality tracks. Unlike other music services that charge you every time a song is downloaded, Kazaa allows users to listen to and explore as much music as they want for one monthly fee, without having to pay for every track or album. Royalties are paid to the rights’ holders for licenses to the music utilized by this digital service. Atrinsic and Brilliant Digital Entertainment, Inc. jointly offer the Kazaa digital music service pursuant to a Marketing Services Agreement and a Master Services Agreement between the two companies.

Tuesday, September 20th, 2011 Uncategorized Comments Off on Atrinsic (ATRN) Kazaa Mobile Music App Now Available for Apple iPhone and iPad

Orexigen (OREX) and FDA Identify a Clear and Feasible Path to Approval for Contrave®

SAN DIEGO, Sept. 20, 2011 /PRNewswire/ — Orexigen® Therapeutics, Inc. (Nasdaq: OREX) announced today that following a recent meeting with senior officials in FDA’s Office of New Drugs (OND), the Company received written correspondence detailing OND’s design requirements for a cardiovascular outcomes trial (CVOT) for Contrave® that would address the Complete Response Letter (CRL) received in January 2011. Orexigen believes that these design requirements are reasonable and feasible and provide the certainty required to reinitiate development of Contrave. Importantly, FDA stated that “if the interim analysis meets the specified criteria to exclude an unacceptable increased cardiovascular (CV) risk, the drug could be approved.” Furthermore, FDA stated that “While we still plan to convene a public advisory committee meeting to discuss topics related to obesity drug development early next year, that meeting will not impact on the advice provided in this letter and the agency will honor the advice provided.”

“We have been working with clinical experts, advocacy groups, and our partner, Takeda, throughout this process and are pleased with the feedback provided by FDA that identified a very clear and feasible path forward for this important therapy,” said Michael Narachi, President and CEO of Orexigen.

The most important aspects of the CVOT design outlined by FDA include that the trial be powered based on an intent-to-treat analysis, along with criteria for interpreting the results at interim and final analyses that are similar to those that are applied to diabetes drugs. Specifically, FDA advised that the trial enroll a population of overweight and obese patients with an estimated background rate of 1.0-1.5% annual risk of major CV events. In this population, the upper bound of the 95% confidence interval should exclude a hazard ratio of 2.0 and 1.4 at the interim and final analyses, respectively. Both FDA and Orexigen estimate that such a study would require approximately 87 total events by the interim analysis to enable resubmission of the NDA for approval. Orexigen estimates that the entire study would require less than 10,000 patients and less than two years from study start to the interim analysis. The Company plans to meet with the review division to finalize a protocol with the objective of initiating the CVOT in the first half of 2012, with potential approval in 2014.

Based on this new feedback from FDA outlining a clear and feasible path forward for Contrave, the Company’s three near-term priorities for the program are to: (1) finalize the trial protocol with FDA; (2) re-engage with parties that expressed interest in partnering the ex-North American markets for Contrave; and (3) implement the CVOT as soon as it is able.

“In my experience, Contrave demonstrated great potential for the treatment of obesity in a broad range of patients,” said Ken Fujioka, MD, director of the Nutrition and Metabolic Research Center and The Center for Weight Management at the Scripps Clinic, and investigator for the Contrave Obesity Research Program. “On behalf of those working hard to address this significant unmet need, I am pleased to see that a pragmatic approach to bringing this therapy to market appears to be taking shape.”

Orexigen management will host a conference call and webcast to discuss this update today at 4:30 p.m. Eastern time. The live call may be accessed by phone by calling (866) 730-5763 (domestic) or (857) 350-1587 (international), participant code 66064656. The webcast can be accessed live on the investor relations section of the Orexigen web site at www.orexigen.com and will be archived for 14 days following the call.

About Contrave

Contrave, an investigational combination therapy of naltrexone HCl and bupropion HCl, was studied for its ability to help people with obesity initiate and sustain weight loss of at least 5 percent of their starting body weight in one year. Contrave was submitted for U.S. regulatory approval in March 2010. The original submission was based on multiple clinical trials that evaluated Contrave in more than 4500 patients. Orexigen received a Complete Response letter from FDA on January 31, 2011.

About Orexigen Therapeutics

Orexigen Therapeutics, Inc. is a biopharmaceutical company focused on the treatment of obesity. Contrave has completed Phase 3 clinical trials, and the Company’s other product candidate, Empatic™, has completed Phase 2 clinical trials. Each of the components of the Company’s product candidates has already received regulatory approval and has been commercialized previously. Further information about the Company can be found at www.orexigen.com.

Forward-Looking Statements Related to Orexigen

Orexigen cautions you that statements included in this press release and the conference call are not a description of historical facts are forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “indicates,” “will,” “intends,” “potential,” “suggests,” “assuming,” “designed” and similar expressions are intended to identify forward-looking statements. These statements are based on the Company’s current beliefs and expectations. These forward-looking statements include statements regarding: the study design for, and the timing and feasibility of, the CVOT; the potential for resubmission and approval of an NDA based on interim results of the CVOT; the prospects for ultimate approval of an NDA for Contrave; and the potential to complete a partnership or similar transaction for ex-North American rights to Contrave and maintain the Company’s existing North American collaboration with Takeda Pharmaceuticals. The inclusion of forward-looking statements should not be regarded as a representation by Orexigen that any of its plans will be achieved. Actual results may differ from those set forth in this release and the conference call due to the risk and uncertainties inherent in Orexigen’s business, including, without limitation: Orexigen’s ability to maintain and raise sufficient capital to fund the CVOT and maintain its other operations; the uncertainty of the FDA approval process, including requirements for additional clinical and non-clinical studies or other commitments prior to the submission and approval of an NDA for Contrave; Orexigen’s ability to demonstrate that the risk of major adverse CV events in overweight and obese subjects treated with Contrave does not adversely affect the product candidate’s benefit-risk profile; the potential for FDA’s planned 2012 public advisory committee meeting on obesity drug development to result in additional NDA approval requirements for Contrave as well as post-approval commitments; Orexigen’s dependence on Takeda Pharmaceuticals for aspects of the development and commercialization of Contrave; reliance on third parties to supply Contrave and assist with the development of Contrave and the regulatory submissions related thereto; the potential for adverse safety findings relating to Contrave; intense competition in the obesity marketplace and the potential for new products to emerge that provide different or better therapeutic alternatives for obesity and weight loss compared to Contrave; and other risks described in the Company’s filings with the Securities and Exchange Commission (SEC). You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Orexigen undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. Further information regarding these and other risks is included under the heading “Risk Factors” in Orexigen’s Quarterly Report on Form 10-Q, which was filed with the SEC on August 8, 2011 and is available from the SEC’s website (www.sec.gov) and on our website (www.orexigen.com) under the heading “Investor Relations”. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.

SOURCE Orexigen Therapeutics, Inc.

Tuesday, September 20th, 2011 Uncategorized Comments Off on Orexigen (OREX) and FDA Identify a Clear and Feasible Path to Approval for Contrave®

Rodman & Renshaw, LLC acts as Exclusive Placement Agent to Imperial Petroleum, Inc. (IPMN)

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) announced that it has acted as exclusive placement agent to its client Imperial Petroleum, Inc. (OTCQX: IPMN) who today announced that it has entered into definitive agreements with accredited and institutional investors to raise an aggregate of $3.1 million before fees and expenses in a private placement of equity securities. Under the terms of the agreements, the Company will issue 4,143,335 shares of its common stock at $0.75 per share and warrants to purchase up to 2,071,668 shares of its common stock with a $1.00 per share exercise price, subject to adjustment therein, and a term of 5 years. The offering is expected to close on or about September 21, 2011, subject to customary closing conditions.

In connection with the transaction, the Company has agreed to file a registration statement within 75 days of the closing with the Securities and Exchange Commission to register the resale of the shares of common stock issued at closing and the shares of common stock issuable upon exercise of the warrants.

“The proceeds of this equity raise will enable us to rapidly expand our biodiesel operations at the Middletown, Indiana facility by about 30%,” said Jeffrey T. Wilson, President of Imperial. “As previously announced we are currently operating the plant at capacity and current projections of the fiscal year 2012 predict production and sales of about 34 million gallons. We expect the rapid expansion of the plant to 40-45 million gallons per year (MMGPY) to increase cash flow and revenues, enabling us to continue on our growth trajectory.”

“Also,” Wilson stated, “we are pleased to have garnered institutional support for this financing, and look forward to reporting our results with this capital raise in future quarters.”

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ:RODM) acted as the exclusive placement agent for the transaction.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.

About Imperial Petroleum

Imperial Petroleum, Inc. is a diversified energy company headquartered in Evansville, Indiana. The Company is engaged in three principal areas of energy production: (i.) biodiesel and biofuels production; (ii.) traditional oil and gas exploration and production and (iii.) non-traditional oil production of heavy oil from mineable tar sands. For more information, visit the Imperial Petroleum corporate web site at: www.imperialpetroleuminc.com.

This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.

About Rodman & Renshaw

Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC.

Rodman & Renshaw is a full-service investment bank dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. Rodman also provides research and sales and trading services to institutional investors. Rodman is the leader in the PIPE (private investment in public equity) and RD (registered direct offering) transaction markets. According to Sagient Research Systems, Rodman has been ranked the #1 Placement Agent in terms of the aggregate number of PIPE and RD financing transactions completed every year since 2005.

For more information visit Rodman & Renshaw on the Internet at www.rodm.com

MEMBER FINRA, SIPC

Friday, September 16th, 2011 Uncategorized Comments Off on Rodman & Renshaw, LLC acts as Exclusive Placement Agent to Imperial Petroleum, Inc. (IPMN)

Deer Consumer Products, Inc. (DEER) Anticipates Strong 3rd Quarter Product Sales

NEW YORK, Sept. 16, 2011 /PRNewswire/ — Deer Consumer Products, Inc. (Nasdaq: DEER) (website: http://www.deerinc.com/), a leading provider of “DEER” branded household consumer products to Chinese consumers and a vertically integrated manufacturer of small household and kitchen appliances for global customers, today announced that Deer is scheduled to pay on October 14, 2011, its regular quarterly cash dividend of $0.05 per share to shareholders of record as of September 30, 2011.

In 2011, Deer has consistently made quarterly cash dividend payments of $0.05 per share to its shareholders. Deer anticipates reporting strong 3rd quarter product sales as it continues to conduct its normal course of business.

EXTORTION ATTEMPTS AND FALSE ALLEGATIONS BY ILLEGAL STOCK SHORT SELLERS

Deer is fully aware of the latest desperate illegal short seller attacks on its stock, including repeated publication of the same misstatements by fictitious figure “Alfred Little” and so-called bloggers called “GeoInvesting”. Deer management emphatically and categorically denies the allegations and imputations in these stories which are based on fabricated information credited to sources with false identities and include inaccurate statements regarding China land use rights and Deer’s business. The authors of these publications, “Alfred Little” and “GeoInvesting,” have failed to reveal their true identities and conflicts of interest to avoid responsibility for their spreading of false statements, continued defamation of Deer and engaging in market manipulation.

In connection with these publications, the entities behind them have approached Deer with questionable offers to cease their “attacks”. For example, “Alfred Little” offered to issue retractions of various articles in exchange for Deer dropping its ongoing subpoena and discovery efforts in the Superior Court of the State of New York and “GeoInvesting” offered to provide paid “consulting services” to Deer several months ago. Deer refuses to compromise its vigorous efforts against these entities that the Company believes are operating for the benefit of short sellers.

HARBIN ELECTRIC, A PUBLIC COMPANY GOING PRIVATE AT $24 PER SHARE

Deer also notes that short sellers have attempted to link Deer to a highly profitable, heavily shorted and unrelated company, Harbin Electric, Inc., which is in the process of completing a going private transaction at $24 per share in cash, advised by Goldman Sachs, Morgan Stanley and Lazard Freres & Co., as well as law firms including Skadden, Arps, Slate, Meagher & Flom LLP, Davis Polk & Wardwell, Gibson, Dunn & Crutcher LLP and Loeb & Loeb LLP. Harbin has been on the NASDAQ’s Reg. SHO list for the last 70 days, indicating naked short sellers have failed to deliver shares on settlement dates in blatant violation of U.S. securities laws.

Like the common stock of Harbin Electric, Deer believes its stock has also been manipulated in collusion among “naked” short sellers. Deer believes that these illegal short sellers include California and offshore-based hedge funds and individuals that distribute false and fabricated information concerning Deer via various websites and blogs. Deer will continue to vigorously pursue all legal actions to protect its shareholders’ value.

SHORT SELLER RECOMMENDATIONS ARE NOT REGISTERED WITH THE SEC

The Company notes that the short seller publications by “Alfred Little”, “GeoInvesting” and others, involve the direct recommendation of securities traded in the United States. Neither “Alfred Little” nor “GeoInvesting” is an entity registered or approved by the SEC, FINRA or any other regulatory authority. They are unknown individuals without any regulatory validation of their qualifications while providing recommendations without any means to check their records or identify any conflicts of interest. Deer strenuously objects to dealing with “ghosts,” whose true identities are unknown and who refuse to identify themselves in what Deer believes are attempts to avoid liability for spreading false statements, defaming the company and engaging in market manipulation.

DEER ENCOURAGES SHORT SELLERS TO REVEAL TRUE IDENTITIES AND APPEAR IN COURT

Deer encourages “Alfred Little” and “GeoInvesting” to disclose what Deer believes are illegal payments received from short seller hedge funds in exchange for the publication of the false short seller reports and for these entities to appear in court to defend their actions as defendants in Deer’s litigation against them.

Deer has repeatedly filed relevant land acquisition related documents with the SEC, and stands by the accuracy of its public filings. Deer has also made repeated public filings stating that its construction progress in Wuhu is proceeding well in accordance with the Company’s China domestic expansion strategies.

DEER’S ACQUISITION OF LAND USE RIGHTS COMPLY WITH ALL RELEVANT REGULATIONS AND DISCLOSURE REQUIREMENTS

There is no private ownership of land in China and the right to use land is highly regulated by the PRC government. Prices for the rights to use land are quoted for either “quota-approved land” or land that has not been pre-approved for sale. The amount of quota-approved land, which is land that has been registered for sale, is limited on a national basis and its sale must be approved and publicly recorded with China’s Ministry of Land and Resources. Records of use rights sold for quota-approved land specify the size and price paid for the land and are the only accurate measure of price for land use rights available for sale in China. The relevant PRC government agencies will only issue official land use rights certificates for quota-approved land. In the Wuhu area of China where Deer has acquired land use rights, the quota-approved land available for sale has for months been completely exhausted.

In China, local municipal employees are charged with promoting local land development and attracting new businesses into the area. Unless land is quota-approved and registered with China’s Ministry of Land and Resources, any statement regarding the pricing of land in the area is not reliable and accurate. Land that is not quota-approved is routinely underpriced to attract potential business. These facts about land use rights are well known in China, but Deer believes that the short seller allegations have exploited the general lack of knowledge in the U.S. about China’s land system and mischaracterized these basic facts to help the publisher’s hedge fund clients to benefit from short positions in Deer and to subsequently cover them at the expense of Deer’s public shareholders.

Deer has followed all requirements under PRC land regulations to obtain approval and the land use rights certificates to its land in the Wuhu area. Deer has filed documents related to its acquisition of land use rights and made such disclosure in various filings filed with the SEC, including the accurate costs for the land use rights.

ABOUT DEER CONSUMER PRODUCTS, INC.

Deer Consumer Products, Inc. is a NASDAQ Global Select Market listed U.S. company with its primary operations in China. Deer has a 16-year operating business as well as a strong balance sheet. Operated by Deer’s founders and supported by more than 100 patents, trademarks, copyrights and approximately 2,000 staff, Deer is a leading provider of “DEER” branded consumer products to Chinese consumers and a leading vertically integrated manufacturer of small home and kitchen appliances for global customers. DEER’s product lines include series of small household and kitchen appliances as well as personal care products designed to make modern lifestyles easier and healthier.

SAFE HARBOR STATEMENT

All statements in this press release that are not historical are forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company’s expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Deer’s current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Deer’s filings with the Securities and Exchange Commission.

Contact Information:
Corporate Contact:
Ms. Helen Wang, President
Deer Consumer Products, Inc.
Tel: 011-86-755-86028300
Email: investors@deerinc.com

SOURCE Deer Consumer Products, Inc.

Friday, September 16th, 2011 Uncategorized Comments Off on Deer Consumer Products, Inc. (DEER) Anticipates Strong 3rd Quarter Product Sales

Vertro, Inc. (VTRO) to Present at Americas Growth Capital’s 8th Annual East Coast Emerging Growth Conference

NEW YORK, NY — (Marketwire) — 09/16/11 — Vertro, Inc. (NASDAQ: VTRO) will be presenting on Monday, September 19, 2011 at Americas Growth Capital’s 8th Annual East Coast Emerging Growth Conference. The conference will be held at the Westin Copley Place Hotel in Boston, Massachusetts.

Vertro’s President and CEO, Peter Corrao, will be presenting a company overview to conference delegates at approximately 8:30 a.m. (ET).

About Vertro, Inc.

Vertro, Inc., together with its wholly-owned subsidiaries, is an Internet company that owns and operates the ALOT product portfolio. ALOT offers two primary products to consumers: ALOT Home, a homepage product, and ALOT Appbar, a piece of software that integrates into users’ web browsers. ALOT Home and the ALOT Appbar are used by consumers to display apps (also sometimes referred to as widgets or buttons). These apps provide consumers with a quick and easy way to access their favorite content online. There are hundreds of apps available for consumers to choose from, ranging from a weather app that provides an at-a-glance snapshot of the weather for the coming four days, to a radio app that enables consumers to listen to thousands of radio stations from around the world. All ALOT products and apps are free to download and use.

Forward-looking Statements

This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as “anticipate,” “plan,” “will,” “intend,” “believe” or “expect'” or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including (1) our ability to successfully execute upon our corporate strategies, (2) our ability to distribute and monetize our international products at rates sufficient to meet our expectations, (3) our ability to develop and successfully market new products and services, including our new homepage, (4) the potential acceptance of new products in the market, and (5) the impact of changes to our monetization partners implementation guidelines. Additional key risks are described in Vertro’s reports filed with the U.S. Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2010, and Form 10-Q for quarters ended March 31 and June 30, 2011.

Source: VTRO-G

Friday, September 16th, 2011 Uncategorized Comments Off on Vertro, Inc. (VTRO) to Present at Americas Growth Capital’s 8th Annual East Coast Emerging Growth Conference