Archive for December, 2011
NAPCO Security Technologies (NSSC) Ships First Quantities of Its New Starlink 2, Two-Way GSM Alarm System Communicator
NAPCO Security Technologies, Inc., (NASDAQ: NSSC), one of the world’s leading suppliers of high performance electronic security equipment for over 30 years, has shipped Starlink 2, its innovative, two-way GSM alarm system communicator that replaces hardwire dial up phone lines by transmitting GPRS burglar/fire/medical emergency signals to alarm central stations. Starlink 2 marks the launch of NAPCO’s second potentially significant recurring revenue product line. It is priced at $99.95 to installers and provides a $5.00 to $8.00 recurring monthly service fee to NAPCO.
NAPCO believes the potential addressable market includes a hundred thousand plus new alarm systems produced each year, five million plus current alarm systems it has out in the field that can be upgraded to the new Starlink 2 system, and tens of millions of competing alarm systems that could also be upgraded to Starlink 2.
NAPCO expects many factors to drive demand to upgrade. Approximately one-third of all households do not have dial-up phone lines and would need Starlink 2 to communicate to the central station. Homes with VoIP lines which block alarm signals also need Starlink 2. In addition, Starlink 2 provides added security to vulnerable homes that have dial-up phone lines, maintaining communications even if burglars cut outside cables in an effort to bypass existing alarm systems.
Starlink 2 also offers dealers easy installation which is fully 2 way uploadable and downloadable, so security dealers can program or reprogram the installed NAPCO alarm systems without visiting the premise. The Starlink 2 also provides the central station with information on the location of the burglar on a premise as well as the location of a fire. Additionally, alarm central stations do not have to install any special equipment to receive the StarLink 2 signals.
Richard Soloway, Chairman and CEO of NAPCO Security Technologies commented, “NAPCO is committed to selling products like Starlink 2 that will improve security while adding predictable revenue, expanding our margins and driving top line growth. As we increase our revenue by gaining new customers, selling deeper into existing channels and launching new products like Starlink 2 today, we multiply gains to the bottom line due to fixed costs and leverage that exist in our business. We are excited about the market potential for upgrading existing security systems as well as for new installations. Current alarm systems that depend on dial up phone lines unfortunately have exposure to tampering and VoIP line caused interference. Starlink 2 addresses both of these issues as well as adding an impressive array of new features for the security professional.”
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc. is one of the world’s leading manufacturers of technologically advanced electronic security equipment including intrusion and fire alarm systems, access control and door locking systems. The Company consists of NAPCO plus three wholly-owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. The products are installed by security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for technical excellence, reliability and innovation, poising the Company for growth in the rapidly expanding electronic security market, a multi-billion dollar market.
For additional information on NAPCO, please visit the Company’s web site at www.napcosecurity.com.
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company’s filings with the Securities and Exchange Commission.
Eric Garcia, VP of SBS (SBSA) Sales in New York Named ‘Businessman of the Year’ by NYC Hispanic Chamber of Commerce
MIAMI, Dec. 28, 2011 /PRNewswire/ — Spanish Broadcasting System, Inc. (SBS) (Nasdaq: SBSA) VP of SBS New York Sales, Eric Garcia, has been named the “Sales Businessman of the Year” by the New York Hispanic Chamber of Commerce. Garcia’s achievements were recognized alongside those of other outstanding business leaders at the New York Hispanic Chamber of Commerce’s 6th Annual Hispanic Business Awards Banquet & Scholarship Ceremony. The gala took place on Friday, December 2nd, 2011 at Maestro’s Caterer’s in the Bronx.
(Logo: http://photos.prnewswire.com/prnh/20111005/CL81506LOGO )
Nearly 200 distinguished guests of the business community, along with local elected officials and other special guests were in attendance for the event. The prestigious New York Hispanic Businessman of the Year Award is presented to a New York Executive who is recognized for making outstanding contributions to his company and the community.
“Eric Garcia is a leader in the Hispanic community, a mentor to all entrepreneurs and a hugely successful business leader,” said Nick Lugo, President and CEO of NYCHCC. “SBS New York has a proven track record of success as one of the leading Hispanic businesses in the market and it is because of this success that we have named Eric Garcia as Businessman of the Year.”
“It’s an honor to accept this distinguished award from the New York Hispanic Chamber of Commerce,” said Garcia. “At SBS we have created a team of people dedicated to providing the best possible service to our clients. Together, we are proving that competition and opportunity can benefit consumers and businesses of all sizes. The New York Hispanic Chamber of Commerce is a first-class organization for professionals, business owners and corporate entrepreneurs and we look forward to supporting its continued advocacy in promoting and facilitating the success of Hispanic businesses.”
Mr. Garcia oversees all advertising sales and operations for WSKQ 97.9FM- La Mega 97.9FM and WPAT 93.1FM, 93.1FM Amor. He’s also responsible for growing and overseeing the revenue in all of the company’s divisions for the New York market.
This announcement marks the first year in which Garcia has received this prestigious recognition for his accomplishments on behalf of the NYCHCC as one of the top Hispanic business leaders in New York City. Under Garcia’s leadership, SBS New York was recognized by Advertising Age in the Hispanic Fact Pack 2011 with two of its stations ranked in the Top 10 Spanish-Formatted Radio Stations in the U.S. for an outstanding number of Hispanic average listeners. WSKQ-FM “La Mega 97.9FM” in New York ranked # 1 and WPAT-FM “93.1FM Amor” ranked # 3.
www.spanishbroadcasting.com
www.lamusica.com
About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. is the largest publicly traded Hispanic-controlled media and entertainment company in the United States. SBS owns and/or operates 21 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, airing the Tropical, Mexican Regional, Spanish Adult Contemporary and Hurban format genres. SBS has 3 of the top 6 Spanish-language stations in the nation including the #1 Spanish station in America, WSKQ-FM in New York City (WPAT is ranked #3 and KLAX is ranked #6). The Company also owns and operates MegaTV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events throughout the country and operates LaMusica.com, a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company’s corporate Web site can be accessed at www.spanishbroadcasting.com.
American DG Energy (ADGE) to Supply Low Cost Clean Energy to New Jersey High-Rise
WALTHAM, Mass., Dec. 28, 2011 /PRNewswire/ — American DG Energy Inc. (NYSE Amex: ADGE), a leading On‑Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, has reached an agreement to supply clean energy to Governor Paterson Towers, a 225 unit, 30 story, residential high-rise, located in Paterson, New Jersey. Under the terms of the agreement, Governor Paterson will soon receive a significant portion of its energy from a 75 kW combined heat and power (also called CHP or cogeneration) system, which will be owned and operated by American DG Energy. Governor Paterson will receive a discount on the energy produced by the CHP system and reduce its greenhouse gas emissions. The value of the agreement to the Company is $1.9 million over the fifteen-year term.
Working with our partner, Peter Westerhoff, to develop this project, American DG Energy will produce clean energy in the form of electricity, space heat and domestic hot water at Governor Paterson Towers and sell it to the residential property at a price lower than the local energy utility rates. Having opted for the Company’s On-Site Utility energy solution, Governor Paterson will pay only for the energy used by the property and will avoid all capital, installation and operating costs. The energy will be produced with small-scale, combined heat and power equipment, located at the property site but owned and operated by American DG Energy. The Company will also handle all service, maintenance and repair; therefore, Governor Paterson will not need to provide manpower to support the equipment.
CHP systems offer considerable environmental benefits when compared with purchased electricity and on-site-generated heat from a boiler. By capturing and utilizing heat that would otherwise be wasted from the production of electricity, CHP systems require less fuel than equivalent separate heat and power systems to produce the same amount of energy. Because less fuel is combusted, greenhouse gas emissions, such as carbon dioxide, as well as air pollutants like nitrogen oxides and sulfur dioxide, are reduced.
The CHP system planned for Governor Paterson Towers will be comprised of a CM-75 Ultra by Tecogen, which is equipped with a proprietary ultra-clean emissions technology and has recently been granted the new air emissions certification from the New Jersey Department of Environmental Protection (NJDEP). This certification eliminates the process of applying for pre-construction operation certification and air permits prior to installation which will save time and money on implementation of this project. In addition, the CHP system is expected to reduce the residential property’s emissions by 252 tons of carbon dioxide annually, the equivalent of removing the carbon emissions of 42 cars each year.*
* Figures were calculated using the EPA CHP Partnership emissions calculator.
On-Site Utility
American DG Energy sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation and operating expenses are paid by American DG Energy. All system installation, operation and support are handled by the Company as well.
About American DG Energy
American DG Energy supplies low-cost energy to its customers through distributed power generating systems. The Company is committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities – without any capital or start-up costs to the energy user – through its On-Site Utility energy solutions. American DG Energy is headquartered in Waltham, Massachusetts. More information can be found at www.americandg.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company’s website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Delcath’s (DCTH) Ireland Operations Achieves ISO 13485 Certification
NEW YORK, Dec. 28, 2011 /PRNewswire/ –Delcath Systems, Inc. (NASDAQ: DCTH) today announced that the Company’s Galway, Ireland location has achieved ISO 13485:2003 Certification—an internationally recognized quality standard designed to ensure that medical device manufacturers have the necessary comprehensive quality management systems in place to safely design, develop, manufacture and distribute medical devices in the European Union (EU). ISO 13485 Certification is a regulatory requirement of the EU’s Medical Device Directive, and represents an important step toward commercialization of the Delcath Hepatic CHEMOSAT® Delivery System following its European CE Mark approval in April 2011.
“ISO 13485 Certification of our Galway facility confirms that our manufacturing and quality systems meet the high standards required of medical device companies selling into Europe,” said Eamonn P. Hobbs, CEO & President of Delcath Systems. “This achievement represents one more important milestone toward commercialization of CHEMOSAT in the EU, and we are looking forward to a successful initial launch of the product early next year.”
About Delcath Systems
Delcath Systems, Inc. is a development stage specialty pharmaceutical and medical device company focused on oncology. Delcath’s proprietary system for chemosaturation is designed to administer high dose chemotherapy and other chemotherapeutic agents to diseased organs or regions of the body, while controlling the systemic exposure of those agents. The Company’s initial focus is on the treatment of primary and metastatic liver cancers. In 2010, Delcath concluded a Phase III metastatic melanoma study, and the Company recently completed a multi-arm Phase II trial to treat other liver cancers. The Company obtained authorization to affix a CE Mark for the Hepatic CHEMOSAT Delivery System in April 2011. The Company has not yet received FDA approval for commercial sale of its system in the United States. For more information, please visit the Company’s website at http://www.delcath.com/.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to: the future initial launch and distribution of the CHEMOSAT system Europe, CE Marking for the Generation Two system and the timing of our commercial launch in Europe, the time required to build inventory and establish commercial operations in Europe, adoption, use and resulting sales, if any, for the Hepatic CHEMOSAT delivery system in the EEA, our ability to successfully commercialize the chemosaturation system and the potential of the chemosaturation system as a treatment for patients with terminal metastatic disease in the liver, acceptability of the Phase III clinical trial data by the FDA, our ability to address the issues raised in the Refusal to File letter received from the FDA and the timing of our re-submission of our NDA, re-submission and acceptance of the Company’s NDA by the FDA, approval of the Company’s NDA for the treatment of metastatic melanoma to the liver, adoption, use and resulting sales, if any, in the United States, approval of the current or future chemosaturation system for other indications, actions by the FDA or other foreign regulatory agencies, our ability to obtain reimbursement for the CHEMOSAT system, our ability to successfully enter into distribution and strategic partnership agreements in foreign markets and the corresponding revenue associated with such foreign markets, uncertainties relating to the results of research and development projects and future clinical trials, and uncertainties regarding our ability to obtain financial and other resources for any research, development and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.
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Janine McCargo |
EVC Group |
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B.O.S (BOSC) Received a $2.5 Million Order for Components to be Supplied to the Automotive Industry
RISHON LEZION, Israel, Dec. 28, 2011 (GLOBE NEWSWIRE) — B.O.S Better Online Solutions Ltd. (the “Company,” “BOS”) (Nasdaq:BOSC), a leading Israeli provider of RFID and Supply Chain solutions to global enterprises, announced today that its Supply Chain division received a $2.5 million order from a leading manufacturer of customized LCD displays for the automotive Industry. The supply and revenues will spread over a 3 year period, mostly in the years 2013-2014
Avidan Zelicovsky, BOS President, stated: “The car industry has been one of the focus points of our growth strategy. We are very pleased with this order for a tier-one auto maker. We consider this an important first step and expect that it would lead to an increased penetration of this market.”
About BOS
B.O.S. Better Online Solutions Ltd. (Nasdaq:BOSC) is a leading provider of RFID and Supply Chain solutions to global enterprises. BOS’ RFID and mobile division offers both turnkey integration services as well as stand-alone products, including best-of-breed RFID and AIDC hardware and communications equipment, BOS middleware and industry-specific software applications. The Company’s supply chain division provides electronic components consolidation services to the aerospace, defense, medical, automotive and telecommunications industries as well as to enterprise customers worldwide.
For more information, please visit: www.boscom.com
CONTACT: B.O.S. Better Online Solutions Ltd. Mr. Eyal Cohen, CFO +972-54-2525925 eyalc@boscom.com
Cardium (CXM) and SourceOne Global Partners Enter Into Cross-Strategic Equity Investment
SAN DIEGO, Calif., Dec. 21, 2011 /PRNewswire/ — Cardium Therapeutics (NYSE Amex: CXM) today announced that it has entered into a cross-strategic investment agreement with SourceOne Global Partners, a leading supplier of exclusive science-based ingredients and proprietary formulas to the nutritional supplement and related functional food & beverage industries. The Cardium and SourceOne agreement provides for the joint development and commercialization of customized nutritional supplements, as well as pharmaceuticals and medical foods based on SourceOne’s branded ingredients that include specialized formulations of EPA/DHA Omega-3 oils, Citrus Polymethoxylated Flavonoids (PMFs, which have been used for promoting cholesterol balance and health), Ubiquinol-QH (a specialized CoQ10 formulation), TocoSource® Palm Tocotrienols, and VESIsorb® (which is designed to enhance bioavailability of a variety of nutraceutical ingredients and dietary supplements).*
(Logo: http://photos.prnewswire.com/prnh/20051018/CARDIUMLOGO)
“We are pleased to announce this cross-equity investment agreement with SourceOne Global Partners, a global nutritional business with an industry-wide reputation in the health markets,” stated Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium. “We look forward to working collaboratively with SourceOne’s seasoned team to expand our MedPodium healthy lifestyle brand platform, and to identify, develop and commercialize customized nutritional supplements, as well as pharmaceuticals and medical foods through appropriate commercialization pathways.”
Jesse Lopez, founder and Chief Executive Officer of SourceOne Global Partners, commented, “We look forward to working with Cardium in the development of strategic and proprietary nutraceutical products, as well as pharmaceutical and medical food product candidates designed to support cardiovascular health. We believe Cardium’s extensive clinical research and development experience, combined with their business acumen, will be instrumental in expanding our leadership role in the nutritional marketplace.”
Under the agreement, Cardium has made a $0.75 million equity investment in the form of unregistered, restricted Cardium shares to acquire rights to a 15% ownership interest in SourceOne Global Partners. Cardium’s ownership interest was acquired through the issuance into escrow of 1.5 million shares of Cardium common stock based on a $0.50 per share value representing a 70% premium above the closing price of Cardium stock on December 19, 2011. The shares would be held in escrow and subject to release in four allotments at 6, 9, 12 and 18 months following the closing date. Cardium also has certain rights to maintain its proportionate ownership interest in SourceOne, and to acquire SourceOne in the event SourceOne were to receive an offer from a third-party acquiror.
In parallel with the cross-equity investment and acquisition of an ownership interest in SourceOne, Cardium also received a license for a portfolio of nutraceutical, pharmaceutical and medical food product opportunities for a licensing fee of $0.75 million, which SourceOne applied to the purchase of 1.5 million restricted shares of Cardium common stock at $0.50 per share, which shares are to be held in escrow for six months and subject to release at future dates thereafter based on Cardium’s advancement of certain jointly-developed products. Under terms of the licensing arrangement, Cardium received a fully-paid-up license to commercialize formulations of various SourceOne ingredients to be marketed as nutraceuticals, pharmaceuticals and/or medical foods. In addition, Cardium can designate up to ten products to be jointly developed by the partners, with cash and other resources to be contributed by both Cardium and SourceOne under a profit-share arrangement.
Medical foods, which are defined in Section 5(b) of the Orphan Drug Act, are formulated and administered under the supervision of a physician and are intended for the specific dietary management of a disease or condition. There are a number of medical foods in pill and capsule form that are marketed and sold in the U.S. for disorders including depression, Alzheimer’s disease, osteopenia, osteoporosis, osteoarthritis, central nervous system disorders and diabetic neuropathy.
About Cardium
Cardium is focused on the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses with the potential to address significant unmet medical needs that have definable pathways to commercialization, partnering and other economic monetizations. Cardium’s current medical opportunities portfolio, which is focused on health sciences and regenerative medicine, includes the Tissue Repair Company, Cardium Biologics, and the Company’s in-house MedPodium Health Sciences healthy lifestyle product platform.
Cardium’s lead commercial product Excellagen™ topical gel for advanced wound care management, has recently received FDA clearance for marketing and sale in the United States. Cardium’s lead clinical development product candidate Generx® is a DNA-based angiogenic biologic intended for the treatment of patients with myocardial ischemia due to coronary artery disease. In addition, consistent with its capital-efficient business model, Cardium continues to actively evaluate new technologies and business opportunities. In July 2009, Cardium completed the sale of its InnerCool Therapies medical device business to Royal Philips Electronics, the first asset monetization from the Company’s biomedical investment portfolio. News from Cardium is located at www.cardiumthx.com.
About SourceOne Global Partners
SourceOne Global Partners, headquartered in Chicago, IL, is a leading provider of health and wellness solutions, created through scientific research and innovative product development. SourceOne’s focus is on clinically-proven formulations, combined with technologically-advanced and proprietary delivery systems with applications in nutritional supplements, functional food and beverage, and personal care markets. The formulations are bundled in easily identifiable platforms that address condition-specific, consumer health concerns.
SourceOne develops formulations designed to incorporate the best science nature has to offer through health solutions like the award-winning Cholesstrinol™ Family of Heart Healthy Formulas; Omega Choice® Concentrated Omega-3 EPA/DHA fish oil; CoQsource® and CoQsource® QH Ubiquinol Bio-Enhanced Coenzyme Q10; AlivEL 100™ Eurycoma longifolia; and SterolSource® Phytosterols.* The Company’s product line, which continues to expand, also includes TocoSource® Palm Tocotrienols; GammaSource® Mixed Tocopherols; PMF-source™ Citrus Flavonoids (PMF); and others. The SourceOne network of research and technology partners encompasses collaborations with Vesifact AG (Baar, Switzerland), FINA (Cincinnati, OH), and Ingredients By Nature (Montclair, CA). Additional information about SourceOne Global Partners can be found at http://www.source-1-global.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations. For example, there can be no assurance that that company will be successful in jointly developing customized nutritional supplements, pharmaceuticals or medical foods; that clinical studies will be regarded as sufficient substantiation for corresponding product claims or that the products will be accepted as being sufficiently safe, improved or cost-effective compared to other products; that the products can be successfully developed and commercially successful or will effectively enhance our businesses; that results or trends observed in clinical studies or other observations will be reproduced in subsequent studies or in broader use; that our products or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive; that the Food and Drug Administration, the Federal Trade Commission or other regulatory agencies will not introduce additional or more restrictive regulations covering naturally-derived products; that our in-house or external product commercialization efforts will be successful or will effectively enhance our businesses or their market value; that our co-development and strategic licensing arrangements will successfully and in a timely manner lead to the development, formulation, manufacture and licensing of products; or that these or any other third parties on whom we depend will perform as anticipated.
Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, risks and uncertainties that are inherent in the development of biologics and in the development and commercialization of new products, the conduct of human clinical trials and other product development efforts, including the timing, costs and outcomes of such trials, our ability to obtain necessary funding, regulatory approvals and qualifications and to maintain our listing on a national stock exchange, our dependence upon proprietary technology, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition and regulation, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.
* Note: These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure or prevent any disease.
Copyright 2011 Cardium Therapeutics, Inc. All rights reserved.
For Terms of Use Privacy Policy, please visit www.cardiumthx.com.
Cardium Therapeutics®, Generx®, Cardionovo™, Tissue Repair™, Gene Activated Matrix™, GAM™, Excellagen™, Excellarate™, Osteorate™, MedPodium™, Appexium™, Linee™, Alena™, Cerex™, D-Sorb™, Neo-Energy™, Neo-Carb Bloc™, Nutra-Apps™ are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company.
(Other trademarks belong to their respective owners)
SOURCE Cardium Therapeutics
BioTime (BTX) Signs Agreement with USCN Life Science to Source Antibody-Based Products
BioTime, Inc. (NYSE Amex: BTX) today announced agreements with USCN Life Science, Inc. (USCN) of Wuhan, China, granting BioTime an option to license USCN’s antibody-producing cell lines and certain related technology that may be used by BioTime and its subsidiary OncoCyte Corporation for the large-scale manufacture of the antibody components of PanC-DxTM. PanC-DxTM is a novel diagnostic technology discovered at BioTime and OncoCyte that is intended to detect the presence of various human cancers, including cancers of the breast, lung, bladder, uterus, stomach, and colon, during routine check-ups. Initial studies performed by OncoCyte indicate that PanC-DxTM may be useful for detecting a much wider range of cancer types than can be detected by blood tests currently available to clinicians. The option agreement for sourcing the antibody-producing cell lines will facilitate attainment of the goal of launching PanC-DxTM for use in cancer screening in Europe in 2013, followed by entry into the United States and other markets.
In addition to this option agreement, BioTime and USCN signed a distribution agreement granting BioTime and its subsidiaries the right to market over four thousand diverse ELISA and CLIA kits for detecting a wide array of other proteins for the stem cell research market. Beginning in 2012, BioTime plans to sell these research products through its subsidiary LifeMap Sciences, Inc.
Background
OncoCyte scientists have identified a pattern of proteins produced by tumors that can be detected in the blood of cancer patients, but not in the blood of healthy people. In laboratory tests, the percentage of times that the test correctly identified people as having cancer versus being cancer-free was higher than that of commonly used cancer diagnostics such as the prostate-specific antigen test for prostate cancer. The use of new cancer diagnostics is experiencing rapid growth; according to data from Business Insights, Ltd. revenues will reach US $8.14 billion by 2014, thus outpacing the growth of the general diagnostics market.
OncoCyte intends to initially develop and market PanC-DxTM in Europe before seeking regulatory approvals required to market the product in the United States and other countries. OncoCyte will be pursuing full medical device quality system certification, which should be achieved by the fourth quarter of 2013.
An important factor in the rapid development of antibody-based diagnostics is a scalable source of the antibodies that specifically recognize a target protein. USCN Life Sciences offers thousands of diverse antibody-based assay kits for enzyme-linked immunosorbent assay (ELISA) and chemiluminescent immuno-assay (CLIA). These kits utilize antibodies that recognize a wide array of proteins and are useful in the measurement of the levels of these proteins for research purposes. These antibodies are produced from cell lines called hybridomas. A hybridoma cell line is an expandable culture of cells engineered to secrete a distinct antibody known as a monoclonal antibody that is directed to a specific protein. The specific combination of antibodies in PanC-DxTM useful in diagnosing tumors in patients is proprietary technology developed by OncoCyte. As a result of the agreement with USCN, OncoCyte will have the choice of creating its own antibody-producing cell lines to manufacture the components of PanC-DxTM, or of saving time and development costs by using existing USCN hybridomas under a royalty-bearing license.
“The option to use USCN’s hybridomas for the manufacture of the antibody components of PanC-DxTM will allow OncoCyte to keep the development of its lead human pan-cancer diagnostic product on the fast track,” said Michael D. West, Ph.D., CEO of BioTime. “We are also impressed with the quality of the antibody-based products manufactured by USCN Life Sciences, and look forward to collaborating with USCN to distribute over 4,000 diverse ELISA and CLIA kits to the stem cell research community through the LifeMap database currently under development by LifeMap Sciences Ltd. of Tel Aviv, Israel.”
About BioTime, Inc.
BioTime, headquartered in Alameda, California, is a biotechnology company focused on regenerative medicine and blood plasma volume expanders. Its broad platform of stem cell technologies is developed through subsidiaries focused on specific fields of applications. BioTime develops and markets research products in the field of stem cells and regenerative medicine, including a wide array of proprietary ACTCellerate™ cell lines, culture media, and differentiation kits. BioTime’s wholly owned subsidiary ES Cell International Pte. Ltd. has produced clinical-grade human embryonic stem cell lines that were derived following principles of Good Manufacturing Practice and currently offers them for use in research. BioTime’s therapeutic product development strategy is pursued through subsidiaries that focus on specific organ systems and related diseases for which there is a high unmet medical need. BioTime’s majority owned subsidiary Cell Cure Neurosciences, Ltd. is developing therapeutic products derived from stem cells for the treatment of retinal and neural degenerative diseases. Cell Cure’s minority shareholder Teva Pharmaceutical Industries has an option to clinically develop and commercialize Cell Cure’s OpRegen™ retinal cell product for use in the treatment of age-related macular degeneration. BioTime’s subsidiary OrthoCyte Corporation is developing therapeutic applications of stem cells to treat orthopedic diseases and injuries. Another subsidiary, OncoCyte Corporation, focuses on the diagnostic and therapeutic applications of stem cell technology in cancer, including using vascular progenitor cells engineered to destroy malignant tumors. ReCyte Therapeutics, Inc. is developing applications of BioTime’s proprietary induced pluripotent stem cell technology to reverse the developmental aging of human cells to treat cardiovascular and blood cell diseases. BioTime’s newest subsidiary, LifeMap Sciences, Inc., is developing an online database of the complex cell lineages arising from stem cells to guide basic research and to market BioTime’s research products. In addition to its stem cell products, BioTime develops blood plasma volume expanders, blood replacement solutions for hypothermic (low-temperature) surgery, and technology for use in surgery, emergency trauma treatment and other applications. BioTime’s lead product, Hextend®, is a blood plasma volume expander manufactured and distributed in the U.S. by Hospira, Inc. and in South Korea by CJ CheilJedang Corp. under exclusive licensing agreements. Additional information about BioTime, ReCyte Therapeutics, Cell Cure, OrthoCyte, OncoCyte, BioTime Asia, LifeMap Sciences, and ESI can be found on the web at www.biotimeinc.com.
About USCN Life Science, Inc.
USCN Life Science Inc. is a biotechnology company based in Wuhan, China, concentrating on producing detection reagents and related biological reagents used primarily for academic research. USCN applies innovative techniques to efficiently extract and isolate natural proteins from both animal and plant sources. USCN also obtains recombinant proteins by gene construction, expression and protein purification. Researchers in USCN’s Antibody Center are able to modify small molecules to improve immunogenicity. They have accumulated rich experience and mastered the methods of immunizing, collecting, fusing, selecting, isolating, and purifying polyclonal antibodies, as well as preparing, identifying, and storing those antibodies. USCN’s automated production technology ensures the stability of product quality and reduces intra-assay coefficient variations. Through its Technology & Quality Department, USCN enforces technical parameters and quality standards, and provides after-sale service and technical consultation for the company’s customers.
Forward-Looking Statements
Statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development, and potential opportunities for BioTime and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates”) should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the business of BioTime and its subsidiaries, particularly those mentioned in the cautionary statements found in BioTime’s Securities and Exchange Commission filings. BioTime disclaims any intent or obligation to update these forward-looking statements.
FieldPoint Petroleum (FPP) and Partner Cimarex Complete Well in Lea County, New Mexico
AUSTIN, Texas, Dec. 21, 2011 /PRNewswire/ — FieldPoint Petroleum Corporation (NYSE/AMEX:FPP) announced today that the Company and its drilling partner Cimarex Energy Co., www.cimarex.com, have completed the East Lusk Federal 15 well #1 in the Bone Spring Formation.
FieldPoint’s President and CEO, Ray Reaves stated, “On December 17, 2011 the first oil production began to hit the tanks. Since then the well has produced and continues to produce oil. On December 20, 2011 the well produced 446 barrels of oil during a 24 hour period, and was venting all gas. Without certainty, the Company has reason to believe that the oil production could increase. We continue venting gas as we wait on the gas line hook-up.”
As previously disclosed, the agreement with Cimarex Energy calls for the drilling of a second well on this property, dependant upon the results of this first well. Based on these early results, the Company anticipates that the second well will be drilled.
Mr. Reaves concluded with, “Our shareholders are aware that this is our first participation in a horizontal drilling project. At this point, I would have to say that we are very glad that we did, and that we partnered with Cimarex. As in the past, we will attempt to keep our shareholders up to date as progress is made with this very important drilling program.”
FieldPoint will own a 43.75% working interest, Cimarex will own a 37.5% working interest, and other partners will own the remaining 18.75% working interest in the two wells.
About FieldPoint Petroleum Corporation
FieldPoint Petroleum Corporation is engaged in oil and gas exploration, production and acquisition, primarily in New Mexico, Oklahoma, Texas and Wyoming. For more information, please visit www.fppcorp.com.
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company’s periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
SOURCE FieldPoint Petroleum Corporation
Delcath (DCTH) Appoints Gregory Gores, M.D. to Medical Advisory Board
NEW YORK, Dec. 21, 2011 /PRNewswire/ — Delcath Systems, Inc. (NASDAQ: DCTH) appointed Gregory Gores, M.D. to the Company’s Medical Advisory Board.
“As a widely respected hepatologist and 2011 President of the International Liver Cancer Association (ILCA), Dr. Gores will contribute a wealth of clinical knowledge on hepatotoxicity and drug induced liver pathology to our Medical Advisory Board,” said Eamonn P. Hobbs, CEO & President of Delcath Systems. “His insight will help provide valuable support to the commercialization of the Delcath Hepatic CHEMOSAT® Delivery System in Europe and the rest of the world, as well as to our regulatory process in the United States.”
Dr. Gores is the Reuben R. Eisenberg Endowed Professor in Gastroenterology and Hepatology, professor of Medicine, and chair of the Division of Gastroenterology and Hepatology at the Mayo Clinic in Rochester, Minnesota. His research is focused on the fundamental mechanisms underpinning cell death in the liver, employing models relevant to human disease. He has published more than 400 original articles, chapters, reviews, and editorials. Dr. Gores serves on the editorial boards for the American Journal of Physiology, American Journal of Gastroenterology, and Nature Reviews in Clinical Gastroenterology and Hepatology and is a past Associate Editor for Hepatology.
Dr. Gores has served as a standing member for two NIH Study Sections and recently chaired the Hepatobiliary Pathobiology Study Section. He has served on the Grants Review Committee for the American Liver Foundation. Dr. Gores is a past president of the American Association for the Study of Liver Diseases and has participated in many activities and committees of this organization. He has been elected into the honorific societies of the American Society for Clinical Investigation and the American Association of Physicians. He is a Mayo Distinguished Investigator.
“The efficacy results of Delcath’s Phase 3 trial are impressive,” said Dr. Gores. “I am excited to be joining Delcath’s Medical Advisory Board. The Hepatic CHEMOSAT Delivery System provides a minimally invasive, repeatable means for delivering high-dose chemotherapy to the liver and has the potential to complement existing systemic therapies that often fail to adequately treat primary or metastatic liver tumors. This is an innovative technology, and I look forward to contributing to its clinical and commercial development.”
About Delcath Systems
Delcath Systems, Inc. is a development stage specialty pharmaceutical and medical device company focused on oncology. Delcath’s proprietary system for chemosaturation is designed to administer high dose chemotherapy and other chemotherapeutic agents to diseased organs or regions of the body, while controlling the systemic exposure of those agents. The Company’s initial focus is on the treatment of primary and metastatic liver cancers. In 2010, Delcath concluded a Phase III metastatic melanoma study, and the Company recently completed a multi-arm Phase II trial to treat other liver cancers. The Company obtained authorization to affix a CE Mark for the Hepatic CHEMOSAT Delivery System in April 2011. The Company has not yet received FDA approval for commercial sale of its system in the United States. For more information, please visit the Company’s website at http://www.delcath.com/.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to: the future initial launch and distribution of the CHEMOSAT system Europe, CE Marking for the Generation Two system and the timing of our commercial launch in Europe, the time required to build inventory and establish commercial operations in Europe, adoption, use and resulting sales, if any, for the Hepatic CHEMOSAT delivery system in the EEA, our ability to successfully commercialize the chemosaturation system and the potential of the chemosaturation system as a treatment for patients with terminal metastatic disease in the liver, acceptability of the Phase III clinical trial data by the FDA, our ability to address the issues raised in the Refusal to File letter received from the FDA and the timing of our re-submission of our NDA, re-submission and acceptance of the Company’s NDA by the FDA, approval of the Company’s NDA for the treatment of metastatic melanoma to the liver, adoption, use and resulting sales, if any, in the United States, approval of the current or future chemosaturation system for other indications, actions by the FDA or other foreign regulatory agencies, our ability to obtain reimbursement for the CHEMOSAT system, our ability to successfully enter into distribution and strategic partnership agreements in foreign markets and the corresponding revenue associated with such foreign markets, uncertainties relating to the results of research and development projects and future clinical trials, and uncertainties regarding our ability to obtain financial and other resources for any research, development and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.
Contact Information: |
|
Investor Contact: |
Media Contact: |
Doug Sherk/Gregory Gin |
Janine McCargo |
EVC Group |
EVC Group |
415-568-4887/646-445-4801 |
646-688-0425 |
SOURCE Delcath Systems, Inc.
Republic First Bancorp, Inc. (FRBK) Announces Loan Sale to Dramatically Improve Asset Quality
PHILADELPHIA, Dec. 21, 2011 /PRNewswire/ — Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, announced that it has completed the sale of $59.0 million of commercial real estate loans and foreclosed properties to a single investor. This transaction will dramatically reduce non-performing asset balances and significantly improve credit quality metrics while still leaving the Company with strong capital ratios.
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The loans and foreclosed properties had a book balance of $45.1 million and included $28.4 million of non-accrual loans and other real estate owned. Net proceeds amounted to $30.6 million and the Company expects to incur a loss of approximately $14.5 million in the quarter ending December 31, 2011 as a result of the sale. Excluding the completion of the loan transaction, the Company was projecting an estimated profit of approximately $1.1 million for the quarter ending December 31, 2011.
“Strengthening the balance sheet has been a top priority over the last two years,” said Harry D. Madonna, the Company’s Chairman and Chief Executive Officer. “During that time period we have transformed Republic into a new bank with a new brand, new management team, renovated store locations and a retail model focused on fanatical customer service,” said Madonna. “We have strengthened our capital position and brought stabilization to the balance sheet in an incredibly challenging economic environment. We believe this transaction represents the final step in completing the transformation and we anxiously look forward to building out our model to serve the customers in our market.”
This loan sale significantly improves the Company’s asset quality ratios which are now superior to the average ratios of comparable financial institutions in its peer group. Some of the key ratios impacted as a result of the loan sale are as follows:
|
Actual Ratio 09/30/11 |
|
Projected Ratio 12/31/11 |
|
|
|
|
Non-Performing Loans / Total Loans |
5.05% |
|
1.95% |
Non-Performing Assets / Total Assets |
4.83% |
|
1.80% |
Loan Loss Reserve / Total Loans |
1.95% |
|
2.15% |
Loan Loss Reserve / Non-Performing Loans |
38.68% |
|
110.00% |
Non-Performing Assets / Capital and Reserves |
45.68% |
|
20.00% |
Capital levels remain strong after recording the impact of the loan sale. The Company, along with its banking subsidiary, continue to meet the criteria necessary to be considered well capitalized as defined under the regulatory guidelines established by federal banking agencies. In addition, sufficient capital still exists for the Company to pursue its growth and expansion plans.
|
Actual Ratio 09/30/11 |
|
Projected Ratio 12/31/11 |
|
|
|
|
Leverage Ratio |
10.66% |
|
8.80% |
Tier 1 Risk Based Capital Ratio |
12.72% |
|
11.60% |
Total Risk Based Capital Ratio |
13.97% |
|
12.90% |
|
|
|
|
Book Value per Common Share |
$3.40 |
|
$2.90 |
About Republic Bank
Republic Bank, a subsidiary of Republic First Bancorp, Inc., is a full-service, state-chartered commercial bank, whose deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its thirteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees and Haddonfield, New Jersey. For more information about Republic Bank, visit myrepublicbank.com.
Forward Looking Statements
The Company may from time to time make written or oral “forward-looking statements”, including statements contained in this release and in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For example, risks and uncertainties can arise with changes in: general economic conditions, including their impact on capital expenditures; new service and product offerings by competitors and price pressures; and similar items. You should carefully review the risk factors described in the Form 10-K for the year ended December 31, 2010 and other documents the Company files from time to time with the Securities and Exchange Commission. The words “may”, “believes,” “expect,” “estimate,” “project,” “anticipate,” “should,” “intend,” “probability,” “risk,” “target,” “objective,” and similar expressions or variations on such expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.
SOURCE Republic First Bancorp, Inc.
Tri-Tech Holding (TRIT) Wins $8.3 Million Contract for a Seawater Desalination Unit in Middle East
BEIJING, Dec. 6, 2011 /PRNewswire-Asia-FirstCall/ — Tri-Tech Holding Inc. (Nasdaq: TRIT), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that its subsidiary, Tri-Tech Infrastructure LLC (Tri-Tech U.S.), was awarded a contract to provide a seawater desalination unit for the Utility Plant of Qatar Petrochemical Co. Ltd. (QAPCO) at Mesaieed Industrial City in Doha, Qatar. The contract is valued at $8.3 million.
(Logo: http://photos.prnewswire.com/prnh/20100603/CNTH016LOGO)
Under the terms of the contract, Tri-Tech U.S. will provide a Multiple Effect Thermocompression (MED-TC) desalination unit. The design capacity will be 240 cubic meters per hour (or 5,760 cubic meters per day). The work scope of Tri-Tech U.S. covers design, engineering, fabrication, commissioning, performance testing and on-site training for QAPCO’s technical personnel. Tri-Tech U.S. expects to deliver the desalination unit by November 2012.
Mr. Jim Schwartz, General Manager of Tri-Tech U.S. said, “The desalination unit will use our unique MED-TC design, will be fully automated to require minimal operator attention and will operate efficiently at low temperatures to reduce scaling.”
Mr. Warren Zhao, CEO of Tri-Tech Holding, Inc. commented, “We are pleased with our first thermal seawater desalination contract in the Middle East region, which signals another significant step in our market expansion plan. This is also our third new contract outside China in 2011 following several municipal wastewater projects in India and an ultrafiltration water treatment contract in Canada. We are delighted to work with QAPCO, a leading petrochemical company producing and supplying ethylene and polyethylene from the Middle East to the global market. With our unique technologies and products in industrial wastewater treatment and seawater desalination, we will continue to refine our competitive edge in the industrial sector and seek more such opportunities.”
Mr. Phil Fan, co-president of Tri-Tech Holding, Inc., added, “Qatar is abundant with oil and natural gas. The economy depends heavily on export of oil natural gas, and related products. Presently, the country is greatly developing petrochemicals to boost its economy. Qatar has no natural waterways and scarcity in fresh water, so almost all potable water and industrial processing water is desalted seawater.
“Qatar plans to invest $75 billion in natural gas and petrochemical industries by 2012 and expects to upgrade its refining capacity to 18 million tons by 2016. Given the country’s needs for fresh water for its people and industry demands for wastewater, water treatment and desalination, especially for use in the petrochemical sector, we will continue to enhance our marketing and sales effort in the Middle East.”
About Qatar Petrochemical Company Ltd.
Established in 1974, QAPCO is one of the leading producers of ethylene and low-density polyethylene (LDPE) in the Middle East Region. As a joint multinational venture, QAPCO owned by the state-owned Industrial Qatar and Total Petrochemicals of France. QAPCO utilizes the associated and non-associated ethane feed from petroleum/natural gas production in line with the industrialization plan of the State of Qatar. QAPCO mainly produces ethylene, LDPE and sulfur. With plants situated on the seacoast with jetty facilities, QAPCO exports its entire range of products worldwide and is well established in the global market due to its quality and reliability. QAPCO has quickened its ambitious pace to become a petrochemical supplier with a diversified product portfolio and intends to serve the customers at their doorsteps through its growing global network of self-operating offices, warehouses and agents. It has a full commercial and marketing organization in Qatar and now has a presence in over 145 countries through an integrated global marketing and sales network that is spread across 28 self-operated offices, 6 regional warehouses and a well-established agent and distributor network.
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for municipalities and private sectors in China and international markets. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the Chinese government in managing its water resources. The company is also moving into the industrial pollution control market. Tri-Tech owns 27 software copyrights and six technological patents, and employs 300 people. Please visit http://www.tri-tech.cn for more information.
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the successful completion of the project referenced herein and other statements concerning plans, objectives, goals, strategies, future events such as project payments, results of marketing efforts or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Investor Relations Contact:
Mr. Craig T. Stewart
North Coast Advisors Inc.
Rochester, N.Y.
+1 (585) 388-3340
cstewart@ncainc.com
SOURCE Tri-Tech Holding Inc.
QuickLogic (QUIK) Solves HD Display Bridging Issues in Mobile Device Designs With New Family of CSSPs
SUNNYVALE, CA — (Marketwire) — 12/06/11 — QuickLogic Corporation (NASDAQ: QUIK)
- Features LVDS, RGB and MIPI DSI interface bridging capabilities in a variety of configurations
- Supports up to WUXGA (1920×1200) resolution
- DPO HD dramatically improves battery life up to 50%; VEE HD enhances bright sunlight viewability
QuickLogic Corporation, the lowest power programmable solutions leader, has introduced a new line of display interface and enhancement solutions for the mobile market, the ArcticLink III VX series. This family of devices helps designer’s bridge incompatible display interfaces between processors and displays, while improving display viewability and increasing system battery life. Leveraging the latest generation of QuickLogic’s OEM-proven VEE (Visual Enhancement Engine) and DPO (Display Power Optimization) technologies, the ArcticLink III VX platform series handles virtually all displays used in tablet and smartphone designs.
Serving as a complement to QuickLogic’s existing ArcticLink II VX family, the ArcticLink III VX series features numerous technical enhancements that further address tablet and smartphone display challenges. The VEE and DPO 2.0 technologies, based on the iridix® core from Apical Limited, have undergone an upgrade to HD+ (1920×1200, or WUXGA) resolution, enabling them to provide support that surpasses today’s high-definition standards. Compared to the current generation, ArcticLink III VX has reduced the device area by 44%, and power consumption has been reduced by as much as 80%.
The ArcticLink III VX series features 13 distinct products, each featuring QuickLogic’s VEE HD+ and DPO HD+ technologies. To support mismatched interface systems, certain products feature integrated bridging between the popular RGB, MIPI DSI, and LVDS standards. According to Randy Lawson, Principal Analyst and Manager at HIS iSuppli, “More than 60M smartphones will ship this year with a mismatched processor and display interface.” To support matched interface systems, the ArcticLink III VX series also offers a number of MIPI ‘pass-through’ interface architectures. Finally, to support easy integration of embedded pico projectors, other products within the series feature a single-input, dual-output architecture, supporting both matched and mismatched interfaces.
Display and Power Optimization
Unlike existing stand-alone bridging solutions, the ArcticLink III VX series can enhance display viewability in adverse lighting conditions and extend battery life by as much as 50%. QuickLogic’s VEE HD+ technology substantially enhances viewability by dynamically optimizing the display content’s dynamic range, contrast, and color saturation based on a human visual model to provide a natural viewing experience to the user, regardless of the viewing environment. QuickLogic’s DPO HD+ technology works in conjunction with the VEE HD+ technology to extend battery life by modulating display brightness based on ambient lighting and content without negatively affecting the user experience.
“Mobile device developers are often forced to make compromises in their display choices,” says Brian Faith, Vice President of Worldwide Sales and Marketing at QuickLogic. “The ArcticLink III VX series offers system designers multiple solutions to address their specific needs through the combination of the bridging, pass-through, and dual output architectures with resolution support up to 1920 x 1200, coupled with our VEE HD+ and DPO HD+ technologies.”
Availability
QuickLogic will begin sampling the ArcticLink III VX to lead customers in Q1 2012, with mass production slated for Q3 2012. Contact QuickLogic sales at sales@quicklogic.com for more information.
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About QuickLogic
QuickLogic Corporation (NASDAQ: QUIK) is the inventor and pioneer of innovative, customizable semiconductor solutions for mobile and portable electronics OEMs and ODMs. These silicon plus software solutions are called Customer Specific Standard Products (CSSPs). CSSPs enable our customers to bring their products to market more quickly and remain in the market longer, with the low power, cost and size demanded by the mobile and portable electronics market. For more information about QuickLogic and CSSPs, visit www.quicklogic.com.
QuickLogic and ArcticLink are registered trademarks and the QuickLogic logo is a trademark of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.
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Andrea Vedanayagam
Veda Communications
(408) 656-4494
Saratoga Resources (SARA) Enters into Joint Venture Negotiations with McMoRan
Saratoga Resources, Inc. (NYSE AMEX: SARA) today announced that it is in advanced discussions with McMoRan Oil and Gas LLC (McMoRan) regarding a potential joint venture on Saratoga’s Long John Silver Prospect at Vermilion 16 field.
While specific terms of the proposed joint venture are still being discussed and subject to confidentiality obligations, Saratoga anticipates contributing its deep rights (approximately 20,000 feet and below) to approximately 4,000 acres and access to Saratoga’s production and pipeline facilities in Vermilion 16 with McMoRan expected to contribute approximately 6,000 acres to the joint venture. The joint venture objective is expected to target ultradeep shelf Lower Tertiary (Wilcox) and Cretaceous objectives at depths of 23,000-30,000 feet subsea. All of the subject acreage is in Louisiana state waters in Vermilion Parish with water depths ranging from 5-10 feet.
The Long John Silver Prospect is situated in one of the main Lower Wilcox depositional fairways that fed McMoRan’s Davey Jones discovery on the Gulf of Mexico Shelf and the Walker Ridge Wilcox discoveries in Gulf of Mexico Deepwater.
Saratoga will retain its existing rights to all shallower objectives in the subject acreage, including all proved, probable and possible reserves, consisting of 8.7 million barrels of oil equivalent (MMBOE) of proved reserves and 18.6 MMBOE of total reserves at January 1, 2011. Additionally, Saratoga will retain the right to process its production from such shallower objectives at Saratoga’s production and pipeline facilities. Saratoga owns and operates a central production facility in Vermilion Block 16 with production capacity of 100 million cubic feet per day and a two mile pipeline to shore. Saratoga intends to continue its current development plans with respect to its shallower reserves in Vermilion 16, including drilling of development wells commencing in the first quarter of 2012.
Saratoga President, Mr. Andy Clifford, said “We are excited at the prospect of partnering with McMoRan in our ultradeep shelf play. McMoRan’s management team, under the visionary leadership of James Moffett, has established its position as a pioneer and the preeminent player in the ultradeep shelf play. We have gained valuable insights into the ultradeep Wilcox play through our involvement in the University of Texas Deep Shelf Consortium and through my years at BHP Billiton, a participant in the original Blackbeard well and a participant in the Cascade and Chinook Wilcox discoveries in Walker Ridge. We believe our Long John Silver Prospect has similar characteristics to recent high profile Wilcox successes, including McMoRan’s highly acclaimed Davey Jones well. Our 3D mapped deep shelf plays in Vermilion 16 and Grand Bay add exciting potential to our ongoing developmental drilling program.”
Capital One Southcoast Energy Conference Presentation
Saratoga is presenting at the Capital One Southcoast 2011 Energy Conference in New Orleans on Tuesday, December 6th at 10:40am CST. To view a web cast of our presentation at the conference, click on the link at our website at www.saratogaresources.com.
About Saratoga Resources
Saratoga is an independent exploration and production Company with offices in Houston, Texas and Covington, Louisiana. Principal holdings cover 33,625 gross (31,125 net) acres, mostly held-by-production, located in the transitional coastline and protected in-bay environment on parish and state leases of south Louisiana. For more information, go to our website at www.saratogaresources.com and sign up for regular updates by clicking on the Updates button.
Forward-looking Statements
This press release includes certain estimates and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding the actual finalization of a joint venture agreement, the terms of any such joint venture, Saratoga’s ability to fulfill its obligations with respect to such joint venture and the ultimate results of any drilling efforts of such joint venture. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “assumes”, “seeks”, “estimates”, “should”, and variations of these words and similar expressions, are intended to identify these forward-looking statements. While we believe these statements are accurate, forward-looking statements are inherently uncertain and we cannot assure you that these expectations will occur and our actual results may be significantly different. These statements by the Company and its management are based on estimates, projections, beliefs and assumptions of management and are not guarantees of future performance. Important factors that could cause actual results to differ from those in the forward-looking statements include the factors described in the “Risk Factors” section of the Company’s filings with the Securities and Exchange Commission. The Company disclaims any obligation to update or revise any forward-looking statement based on the occurrence of future events, the receipt of new information, or otherwise.
Peregrine’s (PPHM) Bavituximab Shows 50% Improvement in Overall Tumor Response Rate
TUSTIN, CA — (Marketwire) — 12/06/11 — Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM) today announced preliminary results from a randomized Phase II trial showing a 50% improvement in overall tumor response rates (ORR) in non-small cell lung cancer (NSCLC) patients. Patients treated with bavituximab plus carboplatin and paclitaxel currently demonstrate an ORR of 39%, versus 26% in patients treated with carboplatin and paclitaxel alone. This preliminary analysis using RECIST guidelines included all 86 front-line, Stage IV NSCLC patients randomized in this Phase II trial.
Peregrine plans to report on secondary endpoints, including median progression-free survival (PFS) and overall survival (OS) once reached during 2012. Bavituximab’s therapeutic potential is being evaluated in three randomized Phase II trials in front-line NSCLC, second-line NSCLC, and front-line pancreatic cancer, as well as in four investigator-sponsored trials (ISTs) in additional oncology indications with clinical data from each study expected in 2012.
“These first randomized clinical data indicate bavituximab is an active anti-tumor agent and heightens our enthusiasm for the bavituximab program, including the upcoming results from seven ongoing trials in different oncology indications,” said Kerstin B. Menander, M.D. Ph.D., head of medical oncology at Peregrine Pharmaceuticals. “Bavituximab targets a specific marker on tumor blood vessels but not on healthy vessels, offering a very basic mechanism of action and resulting in broad potential in the treatment of cancer patients. These results go a long way toward supporting our phosphatidylserine (PS)-targeting platform in a randomized trial setting, indicating bavituximab’s anti-tumor activity in combination with chemotherapy.”
“Across our bavituximab trials, the clinical data have been remarkably consistent with promising tumor response and patient survival,” said Steven W. King, president and chief executive officer of Peregrine. “With seven trials advancing, we are driving our bavituximab oncology program to multiple near-term clinical data reports, importantly the unblinding of our randomized Phase II trial in second-line NSCLC patients in the first half of next year. We are excited to be developing new therapeutic options for treating patients with the deadliest forms of cancer.”
As in prior studies, the safety profile of bavituximab administered with chemotherapy was similar to chemotherapy alone. In a prior single-arm Phase II study in 49 patients, bavituximab in combination with carboplatin and paclitaxel demonstrated encouraging ORR data of 43%, median PFS of 6.1 months, and median overall survival (OS) of 12.4 months.
About Peregrine’s Randomized Phase II Front-Line NSCLC Trial
This randomized trial is designed to compare the ORR of carboplatin and paclitaxel with or without bavituximab in 86 patients with front-line, Stage IV metastatic NSCLC. This preliminary analysis was performed on the intent-to-treat population and best ORR was determined at investigator sites using RECIST (Response Evaluation Criteria in Solid Tumors) criteria. Secondary objectives of the study include median PFS, duration of response, median OS, and safety parameters. More information about this trial can be found at http://www.clinicaltrials.gov/ct2/show/NCT01160601?term=bavituximab&rank=4.
About Bavituximab
Bavituximab is a first-in-class phosphatidylserine (PS)-targeting monoclonal antibody that represents a new approach to treating cancer. PS is a highly immunosuppressive molecule usually located inside the membrane of healthy cells, but “flips” and becomes exposed on the outside of cells that line tumor blood vessels, creating a specific target for anti-cancer treatments. PS-targeting antibodies target and bind to PS and block this immunosuppressive signal, thereby enabling the immune system to recognize and fight the tumor.
About Peregrine Pharmaceuticals
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative monoclonal antibodies in clinical trials for the treatment of cancer and serious viral infections. The company is pursuing multiple clinical programs in cancer and hepatitis C virus infection with its lead product candidate bavituximab and novel brain cancer agent Cotara®. Peregrine also has in-house cGMP manufacturing capabilities through its wholly-owned subsidiary Avid Bioservices, Inc. (www.avidbio.com), which provides development and biomanufacturing services for both Peregrine and outside customers. Additional information about Peregrine can be found at www.peregrineinc.com.
Safe Harbor Statement: Statements in this press release which are not purely historical, including statements regarding Peregrine Pharmaceuticals’ intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk that the company will not be in a position to report complete tumor response data for the Phase II trial in the first quarter of 2012, the risk that results from the randomized Phase II trial will not be consistent with results experienced in the earlier single-arm Phase II trial, the risk that results from the randomized Phase II trial may not support registration filings with the U.S. Food and Drug Administration, and the risk that Peregrine may not have or raise adequate financial resources to complete the planned clinical programs. Factors that could cause actual results to differ materially or otherwise adversely impact the company’s ability to obtain regulatory approval for its product candidates include, but are not limited to, uncertainties associated with completing preclinical and clinical trials for our technologies; the early stage of product development; the significant costs to develop our products as all of our products are currently in development, preclinical studies or clinical trials; obtaining additional financing to support our operations and the development of our products; obtaining regulatory approval for our technologies; anticipated timing of regulatory filings and the potential success in gaining regulatory approval and complying with governmental regulations applicable to our business. Our business could be affected by a number of other factors, including the risk factors listed from time to time in the company’s SEC reports including, but not limited to, the annual report on Form 10-K for the year ended April 30, 2011 and the quarterly report on Form 10-Q for the quarter ended July 31, 2011. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Peregrine Pharmaceuticals, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.
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Contact:
Amy Figueroa or Jay Carlson
Peregrine Pharmaceuticals
(800) 987-8256
info@peregrineinc.com
RiT Technologies (RITT) Builds Out Presence in Africa
RiT Technologies (NASDAQ: RITT), the leading provider of intelligent infrastructure management (IIM) solutions, today announced that it has appointed Mr. Peter Leonard, a Johannesburg-based IT industry professional, to become its Country Sales Manager of South Africa. Mr. Leonard will be mandated with further developing RiT’s business in South Africa, a region whose rapid uptake of IT technologies makes it a land of opportunity for RiT’s industry-leading solutions.
RiT’s momentum in Africa has been building throughout the past year, beginning with sales to Botswana Telecommunications Corporation (BTC) and Vodafone Ghana, and followed by the signing of distribution/marketing agreements with Kenya’s Adwest Communications, Mart Network Solutions/Giganet Networking Solutions and Adcare. The establishment of a permanent local presence demonstrates RiT’s belief in the sales potential of this rapidly-growing region, and its commitment to become one of its significant players.
“Africa today is a land in transformation, and a key enabler of change is the ongoing overhaul of its communications and IT networks,” commented Eran Ayzik, RiT’s President and CEO. “Thousands of businesses are investing in new data centers and IT hubs, and their IT staffs are looking to build in intelligent infrastructure platforms. With a strong reputation, industry-leading solutions and an active local presence, RiT will be able to win more business, taking full advantage of the opportunity to make Africa into one of its strongest regions.”
About RiT Technologies
RiT is a leading provider of intelligent solutions for infrastructure management, asset management, environment and security, and network utilization. RiT Enterprise solutions address datacenters, communication rooms and workspace environments, ensuring maximum utilization, reliability, decreased downtime, physical security, automated deployment, asset tracking, and troubleshooting. RiT Carrier solutions provide carriers with the full array of network mapping, testing and bandwidth qualification capabilities needed for access network installation and service provisioning. RiT’s field-tested solutions are delivering value in thousands of installations for top-tier enterprises and operators throughout the world.
For more information, please visit our website: http://www.rittech.com
Safe Harbor Statement
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate”, “forecast”, “target”, “could” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For example, when we discuss a field trial which could lead to a multi-million dollar Carrier deal, we are using a forward looking statement. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described under the heading “Risk Factors” in our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, which may be revised or supplemented in subsequent reports filed with the SEC. These factors include, but are not limited to, the following: our ability to raise additional financing, if required; the continued development of market trends in directions that benefit our sales; our ability to maintain and grow our revenues; our dependence upon independent distributors, representatives and strategic partners; our ability to develop new products and enhance our existing products; the availability of third-party components used in our products; the economic condition of our customers; the impact of government regulation; and the economic and political situation in Israel. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
COMPANY CONTACT:
Moti Antebi
CFO
+972-77-2707210
moti@rit.co.il
SOURCE RiT Technologies Ltd
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