Archive for November, 2012

Synthetic Biologics (SYN) at the Fifth Annual LD MICRO Conference in Los Angeles

ROCKVILLE, Md., Nov. 30, 2012 /PRNewswire/ — Synthetic Biologics, Inc. (NYSE MKT: SYN), a developer of synthetic biologics and innovative medicines for serious infections and diseases, announced today that Jeffrey Riley, CEO, will present at the Fifth Annual LD MICRO Conference on Thursday, December 6, 2012 at 9:00 a.m. (PT). The conference will be held December 5-6, 2012 at the Luxe Sunset Bel Air Hotel in Los Angeles, California. Synthetic Biologics’ management will be available during the conference for one-on-one meetings. Please contact LD MICRO to schedule a meeting.

A live webcast of Synthetic Biologics’ presentation can be accessed by logging onto the internet at http://wsw.com/webcast/ldmicro3/syn/. After the presentation, a replay will be archived and accessible for 30 days at the same website.

About Synthetic Biologics, Inc.

Synthetic Biologics is a biotechnology company focused on the development of product candidates for serious infections and diseases. Synthetic Biologics is developing a biologic for the prevention of C. diff infection, and a series of monoclonal antibodies (mAbs) for the treatment of serious infectious diseases, including Acinetobacter. The Company is also developing a synthetic DNA-based therapy for the treatment of pulmonary arterial hypertension (PAH). In addition, the Company is developing a drug candidate for the treatment of relapsing-remitting multiple sclerosis (MS) and cognitive dysfunction in MS, and designing a clinical development pathway for the treatment of amyotrophic lateral sclerosis (ALS). For more information, please visit Synthetic Biologics’ website at www.syntheticbiologics.com.

Friday, November 30th, 2012 Uncategorized Comments Off on Synthetic Biologics (SYN) at the Fifth Annual LD MICRO Conference in Los Angeles

TransAtlantic Petroleum (TAT) Announces Third Quarter 2012 Financial Results

HAMILTON, Bermuda, Nov. 30, 2012 (GLOBE NEWSWIRE) — TransAtlantic Petroleum Ltd. (TSX:TNP)(NYSE-MKT:TAT) (the “Company” or “TransAtlantic”) announces financial results for the quarter ended September 30, 2012.

Selected Highlights

  • Adjusted EBITDAX from continuing operations for the third quarter of 2012 totaled $22.9 million (Adjusted EBITDAX is a non-GAAP financial measure that is defined and reconciled to net income later in this press release);
  • Third quarter of 2012 results were impacted by $6.3 million of unrealized mark-to-market derivative losses, $0.1 million of foreign exchange losses, $6.5 million of net income from discontinued operations, and other expenses or deductions totaling $0.8 million.

Third Quarter 2012 Results

Total revenues increased to $33.0 million for the three months ended September 30, 2012 compared to $32.0 million realized in the same period in 2011 and $32.5 million for the three months ended June 30, 2012. Net income from continuing operations for the three months ended September 30, 2012 was $0.5 million, or $0.00 per share (basic and diluted), compared to a net loss of $4.8 million, or $0.01 per share (basic and diluted), for the three months ended September 30, 2011 and $8.6 million, or $0.02 per share (basic and diluted) for the three months ended June 30, 2012. Reported net income for the third quarter of 2012 included $6.3 million of unrealized mark-to-market derivative losses, $0.1 million of foreign exchange loss, $6.5 million of net income from discontinued operations, and other expenses or deductions totaling $0.8 million.

Adjusted EBITDAX from continuing operations for the three months ended September 30, 2012 was $22.9 million compared to $19.7 million for the three months ended September 30, 2011 and $22.5 million for the quarter ended June 30, 2012.

For the three months ended September 30, 2012, total net sales decreased to approximately 384 thousand barrels of oil equivalent (“Mboe”), compared to net sales of approximately 460 Mboe for the same period last year and approximately 413 Mboe in the second quarter of 2012. During the three months ended September 30, 2012, the Company sold an average of 4,168 boe per day. Total net sales were comprised of approximately 229 thousand net barrels (“bbls”) of oil at an average rate of approximately 2,492 net bbls per day and approximately 928 net million cubic feet (“MMcf”) of natural gas at an average rate of approximately 10.1 net MMcf of natural gas per day.

For the quarter ended September 30, 2012, the Company’s average realized price (unhedged) was $105.81 per bbl of oil and $8.14 per thousand cubic feet (“Mcf”) of natural gas, compared to an average realized price of $104.43 per bbl and $6.53 per Mcf in the quarter ended September 30, 2011 and $97.45 per bbl and $8.48 per Mcf in the quarter ended June 30, 2012.

TransAtlantic Petroleum Ltd.
Consolidated Statements of Operations
(unaudited)
For the Three Months Ended Sept. 30, For the Nine Months Ended Sept. 30,
U.S. dollars and shares in thousands, except per share amounts 2012 2011 2012 2011
Revenues:
Oil and natural gas sales $31,786 $31,621 $98,323 $91,052
Other 1,167 417 2,093 1,586
Total revenues 32,953 32,038 100,416 92,638
Costs and expenses:
Production 4,542 3,329 12,470 12,036
Exploration, abandonment and impairment 2,104 3,944 11,783 15,787
Seismic and other exploration 1,725 3,174 2,401 7,799
Contingent consideration and contingency changes 1,250
General and administrative 6,744 8,949 25,301 27,514
Depreciation, depletion and amortization 8,147 11,368 26,698 22,613
Accretion of asset retirement obligation 164 341 579 893
Total costs and expenses 23,426 31,105 79,232 87,892
Operating income 9,527 933 21,184 4,746
Other (expense) income:
Interest and other expense (1,086) (3,314) (6,363) (10,471)
Interest and other income 1,019 466 1,501 938
(Loss) gain on commodity derivative contracts (7,146) 6,460 (5,277) (2,697)
Foreign exchange (loss) gain (133) (9,129) 3,066 (9,206)
Total other expense (7,346) (5,517) (7,073) (21,436)
Income (loss) from continuing operations before income taxes 2,181 (4,584) 14,111 (16,690)
Current income tax (expense) benefit (1,440) 970 (3,882) (2,692)
Deferred income tax (expense) benefit (272) (1,190) (2,660) 773
Net income (loss) from continuing operations. 469 (4,804) 7,569 (18,609)
Net income (loss) from discontinued operations. 122 (428) (4,540) (28,897)
Gain on disposal of discontinued operations 6,437 33,651
Income tax provision (34) (1,180) (8,207) (1,698)
Net income (loss) from discontinued operations 6,525 (1,608) 20,904 (30,595)
Net income (loss) $6,994 $ (6,412) $28,473 $ (49,204)
Other comprehensive income (loss) 3,146 (38,271) 17,650 (48,673)
Comprehensive income (loss) $10,140 $ (44,683) $46,123 $ (97,877)
Basic and diluted net income (loss) per common share:
From continuing operations $0.00 $ (0.01) $0.02 $ (0.05)
From discontinued operations $0.02 $0.00 $0.06 $ (0.09)
Basic weighted average number of shares outstanding 367,960 365,472 366,981 352,682
Diluted weighted average number of shares outstanding 370,020 365,472 368,869 352,682
TransAtlantic Petroleum Ltd.
Summary Consolidated Statements of Cash Flows
(unaudited)
For the Nine Months Ended
U.S. dollars in thousands September 30, 2012 September 30, 2011
Net cash provided by operating activities from continuing operations $50,655 $32,691
Net cash used in investing activities from continuing operations (41,460) (52,718)
Net cash provided (used in) by financing activities from continuing operations (125,719) 18,607
Net cash provided by (used in) discontinued operations 126,963 (9,363)
Effect of exchange rate changes on cash and cash equivalents 614 (1,761)
Net increase (decrease) in cash and cash equivalents $11,053 $ (12,544)
TransAtlantic Petroleum Ltd.
Summary Consolidated Balance Sheets
As of
U.S. dollars in thousands September 30, 2012 December 31, 2011
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $26,169 $15,116
Accounts receivable 56,114 46,328
Prepaid and other current assets 6,689 8,338
Deferred income taxes 2,364 2,124
Assets held for sale 1,547 128,117
Total current assets 92,883 200,023
Property and equipment, net 260,476 235,429
Other 23,646 13,187
Total assets $377,005 $448,639
LIABILITIES & SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable 35,316 26,178
Short term debt 80,732
Accrued liabilities and other 38,816 27,023
Derivative liabilities 4,315 3,716
Liabilities held for sale 9,472 26,813
Total current liabilities 87,919 164,462
Total liabilities 156,600 277,366
Total shareholders’ equity 220,405 171,273
Total liabilities and shareholders’ equity $377,005 $448,639
Reconciliation of Net Income to Adjusted EBITDAX
For the Three Months Ended September 30, For the Nine Months Ended September 30,
U.S. dollars in thousands 2012 2011 2012 2011
Net income (loss) from continuing operations $469 $ (4,804) $7,569 $ (18,609)
Adjustments:
Interest and other, net 67 2,848 4,862 9,533
Income tax benefit 1,712 220 6,542 1,919
Exploration, abandonment, and impairment 2,104 3,944 11,783 15,787
Seismic and other exploration 1,746 2,698 1,900 5,675
Foreign exchange loss (gain) 133 9,129 (3,066) 9,206
Share-based compensation 403 389 1,506 1,346
Derivative loss (gain) 7,146 (6,460) 5,277 2,697
Accretion of asset retirement obligation 164 341 579 893
Depreciation, depletion, and amortization 8,147 11,368 26,698 22,613
Revaluation of contingent consideration 1,250
Bulgaria license penalty 2,000
Inventory book to physical adjustment 1,223
Net other items 842 1,426
Adjusted EBITDAX from continuing operations $22,933 $19,673 $68,299 $52,310

Adjusted EBITDAX is a non-GAAP financial measure that represents earnings from continuing operations before income taxes, interest, depreciation, depletion, amortization, impairment, abandonment, and exploration expenses, unrealized derivative losses and non-cash share-based compensation expense.

The Company believes Adjusted EBITDAX assists management and investors in comparing the Company’s performance and ability to fund capital expenditures and working capital requirements on a consistent basis without regard to depreciation, depletion and amortization, impairment of natural gas and oil properties and exploration expenses, which can vary significantly from period to period. In addition, management uses Adjusted EBITDAX as a financial measure to evaluate the Company’s operating performance. Adjusted EBITDAX is also widely used by investors and rating agencies.

Adjusted EBITDAX is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for net income, income from operations, or cash flow provided by operating activities prepared in accordance with GAAP. Information regarding income taxes, interest, depreciation, depletion, amortization, impairment, abandonment, and exploration expense is unavailable on a forward-looking basis. Net income, income from operations, or cash flow provided by operating activities may vary materially from Adjusted EBITDAX. Investors should carefully consider the specific items included in the computation of Adjusted EBITDAX. The Company has disclosed Adjusted EBITDAX to permit a comparative analysis of its operating performance and debt servicing ability relative to other companies.

About TransAtlantic

TransAtlantic Petroleum Ltd. is an international energy company engaged in the acquisition, development, exploration and production of oil and natural gas. The Company holds interests in developed and undeveloped oil and natural gas properties in Turkey, Bulgaria and Romania.

The TransAtlantic Petroleum Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12745

(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)

Forward-Looking Statements

This news release contains statements expectations, plans, goals, objectives, assumptions or information about future events, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, the ability of the Company to continue to develop and exploit attractive foreign initiatives.

Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include but are not limited to market prices for natural gas, natural gas liquids and oil products; estimates of reserves and economic assumptions; the ability to produce and transport natural gas, natural gas liquids and oil; the results of exploration and development drilling and related activities; economic conditions in the countries and provinces in which we carry on business, especially economic slowdowns; actions by governmental authorities, receipt of required approvals, increases in taxes, legislative and regulatory initiatives relating to fracture stimulation activities, changes in environmental and other regulations, and renegotiations of contracts; political uncertainty, including actions by insurgent groups or other conflict; the negotiation and closing of material contracts; shortages of drilling rigs, equipment or oilfield services.

The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Note on boe

Barrels of oil equivalent, or boe, is derived by the Company by converting natural gas to oil in the ratio of six thousand cubic feet (“Mcf”) of natural gas to one bbl of oil. A boe conversion ratio of 6 Mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Boe may be misleading, particularly if used in isolation.

CONTACT: Chad Potter, VP, Financial and Investor Relations
         (214) 220-4323
         http://www.transatlanticpetroleum.com
         16803 Dallas Parkway
         Suite 200
         Addison, Texas 75001

TransAtlantic Petroleum Ltd. Logo

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Planar (PLNR) Announces Sale of Electroluminescent Business to Beneq

Planar Systems, Inc. (NASDAQ: PLNR), a worldwide leader in specialty display solutions, announced the sale of its electroluminescent (EL) display business to Beneq Oy, a supplier of production and research equipment for advanced thin film coatings. Under the terms of the transaction, consideration consists of a $6.5 million base purchase price, of which $3.9 million was paid in cash at closing and $2.6 million was paid in the form of a promissory note. The transaction terms also provide for up to $3.5 million in possible additional cash consideration which can be earned in calendar years 2013, 2014, 2015 based upon the EL business achieving certain financial results.

“The sale of our EL business to Beneq represents an important milestone in the execution of our strategic plan,” said Gerry Perkel, president and CEO of Planar. “We were able to add cash to our balance sheet and are now able to focus more of our attention and resources on our digital signage and interactive display product lines. In addition, we believe EL customers and employees will benefit from having the EL business now under the direction of a recognized leader in the use of atomic layer deposition (ALD) technology, a critical component of EL display production.” The Company will be working with Beneq after the closing to ensure customers are fully supported in the transition.

REVISIONS TO THE BUSINESS OUTLOOK FOR THE FIRST QUARTER OF FISCAL 2013

As a result of the sale of the EL business, the Company is updating its forward looking estimates for the first quarter of fiscal 2013. The Company currently anticipates revenue in the range of $41 to $44 million and a Non-GAAP loss of $0.05 to a Non-GAAP profit of $0.01 in the first quarter of 2013, excluding the gain or loss recorded on the sale of the EL business.

ABOUT PLANAR

Planar Systems Inc. (NASDAQ: PLNR) is a global leader in digital display technology providing premier solutions for the world’s most demanding environments. Retailers, educational institutions, government agencies, businesses, utilities and energy firms, and home theater enthusiasts all depend on Planar to provide superior performance when image experience is of the highest importance. Planar solutions are used by the world’s leading organizations in applications ranging from digital signage to simulation and from interactive kiosks to large-scale data visualization. Founded in 1983, Planar is headquartered in Oregon, USA, with offices, manufacturing partners, and customers worldwide. For more information, visit www.planar.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 relating to Planar’s business operations and prospects, including statements relating to the Company’s expected levels of revenue, Non-GAAP income, and any gain or loss on the sale of the EL business in the first quarter of fiscal 2013, and the other statements made under the heading “Business Outlook,”. These statements are made pursuant to the safe harbor provisions of the federal securities laws. These and other forward-looking statements, which may be identified by the inclusion of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “goal” and variations of such words and other similar expressions, are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Many factors, including the following, could cause actual results to differ materially from the forward-looking statements: poor or further weakened domestic and international business and economic conditions; changes or continued reductions in the demand for products in the various display markets served by the Company; any delay in the timing of customer orders or the Company’s ability to ship product upon receipt of a customer order; the extent and timing of any additional expenditures by the Company to address business growth opportunities; any inability to reduce costs or to do so quickly enough, in either case, in response to reductions in revenue; adverse impacts on the Company or its operations relating to or arising from any inability to fund desired expenditures, including due to difficulties in obtaining necessary financing; changes in the flat-panel monitor industry; changes in customer demand or ordering patterns; changes in the competitive environment including pricing pressures or the ability to keep pace with technological changes; technological advances; shortages of manufacturing capacity from the Company’s third-party manufacturing partners or other interruptions in the supply of components the Company incorporates in its finished goods including as a result of natural disasters like the recent earthquakes and tsunami in Japan; future production variables resulting in excess inventory and other risk factors listed from time to time in the Company’s periodic filings with the Securities and Exchange Commission (SEC). The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Friday, November 30th, 2012 Uncategorized Comments Off on Planar (PLNR) Announces Sale of Electroluminescent Business to Beneq

DragonWave (DRWI) Acquires Nokia Siemens Microwave Transport Business in China

OTTAWA, CANADA — (Marketwire) — 11/30/12 — DragonWave Inc. (TSX:DWI)(NASDAQ:DRWI) a leading global supplier of packet microwave radio systems for mobile and access networks, today announced that the company has completed the transaction to acquire certain Chinese operations of Nokia Siemens Networks’ microwave transport business in China as all Chinese regulatory requirements have been met.

Approximately 100 employees of Nokia Siemens Networks based in Shanghai have transferred to DragonWave. “We want to welcome our new colleagues in China to the DragonWave team” said Peter Allen, DragonWave President and CEO. As previously communicated, the overall closing of the transaction took place on June 1, 2012.

About DragonWave

DragonWave® is a leading provider of high-capacity packet microwave solutions that drive next-generation IP networks. DragonWave’s carrier-grade point-to-point packet microwave systems transmit broadband voice, video and data, enabling service providers, government agencies, enterprises and other organizations to meet their increasing bandwidth requirements rapidly and affordably. The principal application of DragonWave’s products is wireless network backhaul. Additional solutions include leased line replacement, last mile fiber extension and enterprise networks. DragonWave’s corporate headquarters is located in Ottawa, Ontario, with sales locations in Europe, Asia, the Middle East and North America. For more information, visit http://www.dragonwaveinc.com.

Forward-Looking Information

Certain statements in this release constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information includes, without limitation, statements as to growth opportunities and the potential benefits associated with DragonWave’s acquisition of the microwave transport business including its associated operational support system (OSS) and related support functions (collectively, the “Business”) for either Nokia Siemens Networks or DragonWave (referred to below as the “parties”) and expectations regarding the business relationship between the parties. Forward-looking information is based on certain assumptions, including: the parties’ beliefs regarding the industry and markets in which they operate and expectations regarding potential synergies and prospects for the Business. This forward-looking information is identified by the use of terms and phrases such as “believe”, “expect”, “anticipate”, “foresee”, “target”, “estimate”, “designed”, “plans”, “will” or similar expressions. This acquisition is subject to risks and uncertainties including: that the expected synergies will not materialize, that unexpected costs will be incurred to integrate the Business, or that end-customer demand will not meet expectations. In particular, material risks and uncertainties for DragonWave following closing of the acquisition will include, without limitation:

--  reliance on Nokia Siemens Networks for a large percentage of
    DragonWave's revenues;
--  increased cash requirements to fund acquired operations, and associated
    requirements to comply with debt financing covenants with DragonWave's
    lenders, which should be understood in light of DragonWave's history of
    losses;
--  increased exposure to global currency fluctuations;
--  increased regulatory compliance obligations, including financial
    reporting obligations; and
--  risks associated with acquisitions generally as detailed on pages 19 to
    21 of DragonWave's Annual Information Form dated May 11, 2012 (the
    "AIF").

Other risks relating to DragonWave’s business and industry can be found in the public documents filed by DragonWave with U.S. and Canadian securities regulatory authorities, including the AIF. These and other risks could cause DragonWave’s actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. DragonWave assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by law.

Contacts:
Nadine Kittle
Marketing Communications
DragonWave Inc.
nkittle@dragonwaveinc.com
613-599-9991 ext 2262

John Lawlor
VP Investor Relations
DragonWave Inc.
jlawlor@dragonwaveinc.com
613-895-7000

Becky Obbema
Interprose Public Relations
(for DragonWave)
Becky.Obbema@interprosepr.com
(408) 778-2024

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Five Below (FIVE) Raises $100,000 in 4 Days to Support Hurricane Sandy Relief

In the aftermath of what was arguably one of the biggest storms ever to hit the East Coast, specialty value retailer Five Below (NASDAQ: FIVE) and its customers rallied to raise $100,000 to assist in Hurricane Sandy relief efforts. In just four days, Five Below collected 50,000 $1 donations from customers across 18 states. The teen-focused chain, which had 20 stores directly impacted by the Superstorm, matched this donation dollar for dollar, bringing the grand total of funds raised to $100,000. Five Below will present its donation to the American Red Cross to support the ongoing response in assisting those affected by Superstorm Sandy.

“Five Below has dozens of stores located throughout Maryland, New Jersey, Long Island, and other East Coast locales hit by Hurricane Sandy,” said Tom Vellios, CEO and co-founder. “Our employees and associates all came out of the storm safely, and we were spared any major damage, but we know that not everyone was so fortunate. Cleanup and recovery will be long and arduous, and it will take the good will and hard work of many. We are proud to join with our customers in assisting these efforts.”

About Five Below

Five Below is a rapidly growing specialty value retailer offering a broad range of trend-right, high-quality merchandise targeted at the teen and pre-teen customer. Five Below offers a dynamic, edited assortment of exciting products, all priced at $5 and below, including select brands and licensed merchandise across a number of category worlds. Five Below is headquartered in Philadelphia. For more information, visit www.FiveBelow.com.

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Response (RGDX) to Present at Canaccord Genuity Med/Tech and Diagnostics Forum

LOS ANGELES, Nov. 29, 2012 /PRNewswire/ — Response Genetics, Inc. (Nasdaq: RGDX), a company focused on the development and sale of molecular diagnostic tests for cancer, announced today that Thomas A. Bologna, Chairman and CEO, will present at the Canaccord Genuity Medical Technology and Diagnostics Forum in New York, NY.

Mr. Bologna’s presentation is scheduled to begin at 2:30 p.m. EST on Tuesday, December 4, 2012. Interested investors can access a live webcast of the presentation by going to the Investor Relations tab on the Response Genetics website: www.responsegenetics.com.

About Response Genetics, Inc.
Response Genetics, Inc. (the “Company”) is a CLIA-certified clinical laboratory focused on the development and sale of molecular diagnostic testing services for cancer. The Company’s technologies enable extraction and analysis of genetic information derived from tumor cells stored as formalin-fixed and paraffin-embedded specimens. The Company’s principal customers include oncologists and pathologists. In addition to diagnostic testing services, the Company generates revenue from the sale of its proprietary analytical pharmacogenomic testing services of clinical trial specimens to the pharmaceutical industry. The Company’s headquarters is located in Los Angeles, California. For more information, please visit www.responsegenetics.com.

Forward-Looking Statement Notice

Except for the historical information contained herein, this press release and the statements of representatives of the Company related thereto contain or may contain, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.

Such forward-looking statements involve significant risks and uncertainties.  Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions, such as the ability of the Company, to provide clinical testing services to the medical community, to continue to expand its sales force, to continue to build its digital pathology initiative, to attract and retain qualified management, to strengthen marketing capabilities, to expand the suite of ResponseDX® products, to continue to provide clinical trial support to pharmaceutical clients, to enter into new collaborations with pharmaceutical clients, to enter into areas of companion diagnostics, to continue to execute on its business strategy and operations, to continue to analyze cancer samples and the potential for using the results of this research to develop diagnostic tests for cancer, the usefulness of genetic information to tailor treatment to patients, and other statements identified by words such as “project,” “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan” or similar expressions.

These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities Exchange Commission.  Actual results, including, without limitation, actual sales results, if any, or the application of funds, may differ from those set forth in the forward-looking statements.  These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control).  The Company undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise, except as required by law.

Investor Relations Contact:

Company Contact:

Peter Rahmer

Thomas A. Bologna

Trout Group

Chairman & Chief Executive Officer

646-378-2956

323-224-3900

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Galena (GALE) To Show NeuVax Poster Presentations at San Antonio Breast Cancer Symposium

Galena Biopharma Announces NeuVax(TM) Poster Presentations at the 35th Annual CTRC-AACR San Antonio Breast Cancer Symposium

LAKE OSWEGO, Ore., Nov. 29, 2012 (GLOBE NEWSWIRE) — Galena Biopharma (Nasdaq:GALE), a biotechnology company focused on developing innovative, targeted oncology treatments addressing major unmet medical needs to advance cancer care, today announced two presentations at the 35th Annual CTRC-AACR San Antonio Breast Cancer Symposium. The event will be held December 4-8, 2012 at the Henry B. Gonzalez Convention Center in San Antonio, Texas.

Poster # P5-18-07 entitled, “Completed SN33 Trial: 60 month follow-up of Early Stage Node Positive HER2 Negative patients with NeuVax™ (E75) and sargramostim,” will be presented on Friday, December 7, 2012 from 5:00 p.m. to 7:00 p.m. CST during Poster Session 5.

Poster # P5-16-02 entitled, “Final Results of the Phase I/II Trials of the E75 Adjuvant Breast Cancer Vaccine,” will also be presented on Friday, December 7, 2012 from 5:00 p.m. to 7:00 p.m. CST during Poster Session 5.

About NeuVax (nelipepimut-S or E75)

NeuVax™ (nelipepimut-S) is the immmunodominant nonapeptide derived from the extracellular domain of the HER2 protein, a well-established target for therapeutic intervention in breast carcinoma. The nelipepimut sequence stimulates specific CD8+ cytotoxic T lymphocytes (CTL) following binding to HLA-A2/A3 molecules on antigen presenting cells (APC). These activated specific CTLs recognize, neutralize and destroy through cell lysis HER2 expressing cancer cells, including occult cancer cells and micrometastatic foci. The nelipepimut immune response can also generate CTLs to other immunogenic peptides through inter- and intra-antigenic epitope spreading. Based on a successful Phase 2 trial, which achieved its primary endpoint of disease free survival (DFS), the Food and Drug Administration (FDA) granted NeuVax a Special Protocol Assessment (SPA) for its Phase 3 PRESENT (Prevention of Recurrence in Early-Stage, Node-Positive Breast Cancer with Low to Intermediate HER2 Expression with NeuVax Treatment) study. The Phase 3 trial is ongoing and additional information on the study can be found at www.neuvax.com.

According to the National Cancer Institute, over 230,000 women in the U.S. are diagnosed with breast cancer annually. Of these women, about 75% test positive for HER2 (IHC 1+, 2+ or 3+). NeuVax targets approximately 50-60% of HER2-positive patients (IHC 1+/2+ or FISH <2.2) who achieve remission with current standard of care, but have no available HER2-targeted adjuvant treatment options to maintain their disease-free status.

About Galena Biopharma

Galena Biopharma, Inc. (Nasdaq:GALE) is a Portland, Oregon-based biopharmaceutical company that develops innovative, targeted oncology treatments that address major unmet medical needs to advance cancer care. For more information please visit us at www.galenabiopharma.com.

The Galena Biopharma, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10647

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the possible benefits of Galena’s new product candidates. These forward-looking statements are subject to a number of risks and uncertainties, including those identified under “Risk Factors” in Galena’s most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q and in other filings Galena periodically makes with the SEC. Actual results may differ materially from those contemplated by these forward-looking statements. Galena does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this presentation.

CONTACT: Madeline Hatton
         Toll free: +1 (855) 855-GALE (4253), ext. 109
         info@galenabiopharma.com

         or

         Remy Bernarda
         IR Sense, LLC
         +1 (503) 400-6995
         remy@irsense.com

Galena Biopharma, Inc.

Thursday, November 29th, 2012 Uncategorized Comments Off on Galena (GALE) To Show NeuVax Poster Presentations at San Antonio Breast Cancer Symposium

China BAK (CBAK) Regains Compliance with NASDAQ Independent Director Requirements

SHENZHEN, China, Nov. 29, 2012 /PRNewswire/ — China BAK Battery, Inc. (“China BAK” or the “Company”) (NASDAQ: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that the Company has received a letter from the NASDAQ Listing Qualifications department, dated November 26, 2012, notifying the Company that it has regained compliance with the independent director and audit committee requirements for continued listing set forth in NASDAQ Listing Rules 5605(b)(1) and 5605(c)(2), respectively, as Ms. Martha Agee has been appointed as a member of the Company’s Board of Directors, a member of each of the Audit, Compensation and Nominating and Corporate Governance Committees.

On October 11, 2012, the NASDAQ Stock Market staff notified the Company that it did not comply with the independent director and audit committee requirements for continued listing on the NASDAQ Global Market because its majority of the Board of Directors be not comprised of independent directors and the Company’s Audit Committee be not comprised of at least three members.

About China BAK Battery, Inc.

China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, smartphones, notebook computers, e-bikes, electric vehicles, power tools, uninterruptible power supplies, and portable consumer electronics such as portable media players, portable gaming devices, personal digital assistants, or PDAs, camcorders, digital cameras, and Bluetooth headsets. China BAK Battery, Inc.’s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet. For more information regarding China BAK Battery, Inc., please visit http://www.bak.com.cn.

Safe Harbor Statement

This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All “forward-looking statements” relating to the business of China BAK Battery, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: the ability of the Company to meet its contract obligations; the uncertain market for the Company’s high-power lithium and other battery cells; business, macroeconomic, technological, regulatory, or other factors affecting the profitability of battery cells designed for electric vehicles; and risks related to China BAK’s business and risks related to operating in China. Please refer to China BAK’s Annual Report on Form 10-K for the fiscal year ended September 30, 2011, as well as other SEC reports that have been filed since the date of such annual report, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK’s actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

Thursday, November 29th, 2012 Uncategorized Comments Off on China BAK (CBAK) Regains Compliance with NASDAQ Independent Director Requirements

DARA (DARA) Announces Submission of KRN5500 to FDA for Orphan Designation

DARA’s KRN5500 is a Promising Drug for CCIPN – Meeting an Unmet Medical Need

DARA BioSciences, Inc. (NASDAQ: DARA), a specialty pharmaceutical company focused on oncology and oncology supportive care products, announced today it has submitted an Orphan Drug Application to the U.S. Food and Drug Administration (FDA) for KRN5500, a compound in development to treat a painful form of chronic chemotherapy-induced peripheral neuropathy (CCIPN). The FDA provides orphan drug status to products that treat rare conditions for which there may be few adequate therapies. No approved treatments currently exist for CCIPN. Orphan designation qualifies the drug developer for tax credits, the waiver of the prescription drug user fee and seven-year market exclusivity. DARA engaged consultants with extensive FDA experience to guide the preparation of the Orphan Drug Application.

In October 2011, the FDA designated KRN5500 a “Fast Track” drug. The Fast Track process expedites the development and review of drugs that treat serious diseases and fill an unmet medical need. Fast track designation may support accelerated approval of such drugs, and orphan designation would provide seven year exclusivity on KRN5500 for the orphan indication.

KRN5500 is an intravenously administered, non-opioid analgesic with rapid onset of action and prolonged pain mitigation, as demonstrated in both pre-clinical and clinical studies. KRN5500 is being developed to treat the painful form of CCIPN. Painful CCIPN is characterized by the persistence of chemotherapy-associated pain for at least twelve weeks after chemotherapy has stopped.

Peripheral neuropathy is caused by nerve damage, a potential complication of treatment with platins, taxanes and other cancer drugs. The disorder comprises numbness and tingling of the arms and legs, including hands and feet. A subset of these patients develops a chronic, painful form of the condition. The pain can be extreme and continuous, and can be elicited by stimuli such as touch and cold, which do not normally elicit a pain response. Painful CCIPN interferes with activities of daily living and significantly reduces the quality of life of cancer patients. Since CCIPN has no current approved therapies, KRN5500 addresses a significant unmet medical need, especially since people with cancer are living longer due to improved treatments and therapies.

DARA CEO, David J. Drutz, MD, stated, “Painful CCIPN can be truly debilitating. Taking just a single step can cause tremendous pain. Currently, clinicians treat CCIPN with a number of prescription medications, botanicals and dietary supplements. However, none has been proven effective in placebo-controlled clinical trials. In fact, several large trials testing many of these products have failed to demonstrate any efficacy when compared to placebo. Conversely, KRN5500 demonstrated statistical and clinical superiority over placebo in a small Phase 2a clinical trial conducted in patients that had both advanced cancer and the painful form of CCIPN. It is important to note that each of the trial participants was also prescribed other pain medications, none of which alone or in combination had resulted in a reduction of pain due to CCIPN.”

Given the promising results from its Phase 2a trial, DARA is currently seeking potential development partners, with the intention of initiating a Phase 2b trial for KRN5500 in 2013 once collaboration has been established.

In addition to seeking orphan designation, DARA has simplified the formulation of KRN5500 to make it easier to administer at the bedside. Instead of requiring a two-step mixing process, the new formulation is a solution that can be added directly to an IV bag. DARA has filed new patents for this formulation and has established a drug supply chain to support future clinical trials.”

“KRN5500 fits well within DARA’s portfolio of cancer support products,” Dr. Drutz continued. “Cancer supportive care is an underserved area with unmet medical needs, as CCIPN illustrates. DARA’s mission is to bring therapies to oncology patients beyond those specifically directed to the treatment of their cancer.”

About DARA BioSciences, Inc.

DARA is a specialty pharmaceutical company focused on the development and commercialization of oncology treatment and supportive care products. DARA has comprehensive commercial coverage across the national oncology market through a series of agreements with a number of specialty pharmacy providers, leading group purchasing organizations (GPOs), retail partners, reimbursement experts, and an industry-leading third-party logistics provider. As part of an integrated national network with annual sales of over $1 billion in cancer therapeutics, DARA has significant commercial scale and capabilities. Its distribution network consists of more than 45,000 retail pharmacies, mail order pharmacies, and long-term care facilities. This provides DARA with established reimbursement and logistics expertise, as well as partnering opportunities with more than 300 sales and marketing personnel uniquely focused on oncology and oncology support products. This comprehensive network of partners is rare if not unique among companies in the oncology supportive care area and provides DARA a strong foundation for product introductions into this underserved market.

DARA increased its focus in oncology through its January 2012 acquisition of Oncogenerix, Inc., which holds the exclusive U.S. marketing rights to Soltamox®, a novel oral liquid formulation of tamoxifen citrate, which is widely used in the treatment and prevention of breast cancer. Soltamox is the only FDA-approved oral liquid version of tamoxifen citrate and fulfills a vital clinical need for patients who cannot tolerate existing solid tablet formulations of this drug. DARA launched Soltamox in October 2012 to coincide with National Breast Cancer Awareness Month. DARA has exclusive U.S. rights to Soltamox through a license from Rosemont Pharmaceuticals, Ltd. Additionally, in June 2012, DARA launched its first product, Bionect®, a topical treatment for skin irritation and burns associated with radiation therapy. DARA has rights to market Bionect in the US oncology/radiology markets under license from Innocutis. In September 2012, DARA entered into an exclusive agreement with the Helsinn Group of Switzerland for U.S. commercial rights to Gelclair®, an FDA-cleared product for the treatment of oral mucositis. DARA plans to launch Gelclair in the first quarter of 2013.

Prior to acquiring Oncogenerix, DARA was focused on the development of a cancer-support therapeutic compound, KRN5500, for the treatment of neuropathic pain in patients with cancer. This product is an excellent fit with DARA’s strategic oncology focus, has successfully completed a Phase 2a clinical trial, and has been designated a Fast Track Drug by the FDA. DARA is working with the National Cancer Institute (NCI) to design an additional clinical trial under joint DARA-NCI auspices while continuing further Phase 2 development. DARA has submitted an Orphan Drug Application to the FDA for KRN5500.

In addition to its oncology products, DARA’s pipeline includes DB959, a novel, non-TZD dual delta/gamma PPAR agonist for the treatment of type 2 diabetes and dyslipidemia. DARA has completed Phase 1 testing of DB959 and is presently pursuing opportunities to out-license this product.

For more information please visit our web site at www.darabio.com.

Safe Harbor Statement

All statements in this news release that are not historical are forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are subject to factors that could cause actual results to differ materially for DARA from those projected. Those factors include risks and uncertainties relating to DARA’s ability to timely commercialize and generate revenues or profits from Bionect®, Soltamox®, Gelclair® or other products given that DARA only recently hired its initial sales force and DARA’s lack of history as a revenue-generating company, FDA and other regulatory risks relating to DARA’s ability to market Bionect, Soltamox, Gelclair or other products in the U.S. or elsewhere, DARA’s ability to develop and bring new products to market as anticipated, DARA’s current cash position and its need to raise additional capital in order to be able to continue to fund its operations, the current regulatory environment in which DARA develops and sells its products, the market acceptance of those products, dependence on partners, successful performance under collaborative and other commercial agreements, competition, the strength of DARA’s intellectual property and the intellectual property of others, the potential delisting of DARA’s common stock from the NASDAQ Capital Market, risks and uncertainties relating to DARA’s ability to successfully integrate Oncogenerix and other risk factors identified in the documents DARA has filed, or will file, with the Securities and Exchange Commission (“SEC”). Copies of DARA’s filings with the SEC may be obtained from the SEC Internet site at http://www.sec.gov. DARA expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in DARA’s expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based. DARA BioSciences and the DARA logo are trademarks of DARA BioSciences, Inc.

Thursday, November 29th, 2012 Uncategorized Comments Off on DARA (DARA) Announces Submission of KRN5500 to FDA for Orphan Designation

Pacific Sunwear (PSUN) Announces Q3 Operating Results; Q4 Guidance

ANAHEIM, Calif., Nov. 29, 2012 (GLOBE NEWSWIRE) — Pacific Sunwear of California, Inc. (Nasdaq:PSUN) (the “Company”), announced today that net sales for the third quarter of fiscal 2012 ended October 27, 2012, were $228.4 million versus net sales of $226.8 million for the third quarter of fiscal 2011 ended October 29, 2011. Total Company same-store sales increased 1% during the period.

On a GAAP basis, the Company reported income from continuing operations of $0.9 million, or $0.01 per diluted share, for the third quarter of fiscal 2012, compared to a loss from continuing operations of $14.0 million, or $(0.21) per diluted share, for the third quarter of fiscal 2011. Income from continuing operations for the Company’s third quarter of fiscal 2012 included a non-cash gain of $5.6 million, or $0.08 per diluted share, related to a derivative liability that resulted from the issuance of the Convertible Series B Preferred Stock (the “Series B Preferred”) in connection with the term loan financing the Company completed in December 2011.

On a non-GAAP basis, excluding store closure related charges of $1.7 million and the non-cash gain on derivative liability of $5.6 million, and using a normalized annual income tax rate of approximately 37%, the Company would have incurred a loss from continuing operations for the third quarter of fiscal 2012 of $1.8 million, or $(0.03) per share, as compared to a loss from continuing operations of $7.1 million, or $(0.11) per share, for the same period a year ago.

“We continue to see evidence of our turnaround strategies taking hold with our third straight quarter of positive comparable store sales growth and a 260 basis point improvement in merchandise margins, on an adjusted basis,” said Gary H. Schoenfeld, President and Chief Executive Officer. “After a slow start to the first few weeks of back-to-school, we performed well during the peak of the selling season which translated to our first positive sales comp in the third quarter since 2007 and a more than $10 million improvement in our pre-tax operating results.”

Financial Outlook for Fourth Fiscal Quarter of 2012

The Company’s guidance range for the fourth quarter of fiscal 2012 accounts for a 53rd fiscal week and contemplates a non-GAAP loss per share from continuing operations of between negative $0.09 and negative $0.17, compared to negative $0.20 in the fourth quarter of fiscal 2011.

“With high single-digit comps on Black Friday, we finished the month of November at a 1% sales comp, similar to the third quarter,” Mr. Schoenfeld said.

The forecasted fourth quarter non-GAAP loss from continuing operations per share guidance range is based on the following assumptions:

  • Same-store sales of negative 1% to plus 3%;
  • Revenue from $225 million to $235 million;
  • Gross margin rate, including buying, distribution and occupancy, of 22% to 25%;
  • SG&A expenses in the range of $63 million to $65 million;
  • A normalized annual income tax rate of approximately 37%; and
  • Ending the period with approximately 645 stores.

The Company’s fourth fiscal quarter of 2012 guidance range excludes the quarterly impact of the change in the fair value of the derivative liability due to the inherently variable nature of this financial instrument.

Discontinued Operations

In accordance with applicable accounting literature and consistent with the Company’s financial statement presentation in its fiscal 2011 annual report, the Company has reclassified the results of operations of its closed stores as discontinued operations for all periods presented, as applicable.

Derivative Liability

In fiscal 2011, as a result of the issuance of the Series B Preferred in connection with the Company’s $60 million senior secured term loan financing with an affiliate of Golden Gate Capital, the Company recorded a derivative liability equal to approximately $15.0 million, which represents the fair value of the Series B Preferred upon issuance. In accordance with applicable U.S. GAAP, the Company has marked this derivative liability to fair value through earnings and will continue to do so on a quarterly basis until the shares of Series B Preferred are either converted into shares of the Company’s common stock or until the conversion rights expire (December 2021). The Company’s fourth fiscal quarter of 2012 earnings guidance excludes the quarterly impact of the change in the fair value of the derivative liability due to the inherently variable nature of this financial instrument.

About Pacific Sunwear of California, Inc.

Pacific Sunwear of California, Inc. and its subsidiaries (collectively, “PacSun” or the “Company”) is a leading specialty retailer rooted in the action sports, fashion and music influences of the California lifestyle. The Company sells a combination of branded and proprietary casual apparel, accessories and footwear designed to appeal to teens and young adults. As of November 29, 2012, the Company operates 722 stores in all 50 states and Puerto Rico. PacSun’s website address is www.pacsun.com.

The Company will be hosting a conference call today at 4:30 p.m. Eastern time to review the results of its third fiscal quarter. A telephonic replay of the conference call will be available, beginning approximately two hours following the call, for one week and can be accessed in the United States and Canada at (855) 859-2056 or internationally at (404) 537-3406; passcode: 70398157. For those unable to listen to the live Web broadcast or utilize the call-in replay, an archived version will be available on the Company’s investor relations website through midnight, March 19, 2013.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the accompanying table titled “Reconciliation of Selected GAAP Measures to Non-GAAP Measures” and the section following such table titled “About Non-GAAP Financial Measures.”

Pacific Sunwear Safe Harbor

This press release contains “forward-looking statements” including, without limitation, the statements made by Mr. Schoenfeld in the fourth paragraph and the statements made by the Company and Mr. Schoenfeld under the heading “Financial Outlook for Fourth Fiscal Quarter of 2012.” In each case, these statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company intends that these forward-looking statements be subject to the safe harbors created thereby. These statements are not historical facts and involve estimates, assumptions and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Uncertainties that could adversely affect the Company’s business and results include, among others, the following factors: increased sourcing and product costs; adverse changes in U.S and world economic conditions generally; adverse changes in consumer spending; changes in consumer demands and preferences; adverse changes in same-store sales; higher than anticipated markdowns and/or higher than estimated selling, general and administrative costs; currency fluctuations; competition from other retailers and uncertainties generally associated with apparel retailing; merchandising/fashion risk; lower than expected sales from private label merchandise; reliance on key personnel; economic impact of natural disasters, terrorist attacks or war/threat of war; shortages of supplies and/or contractors as a result of natural disasters or terrorist acts, which could cause unexpected delays in store relocations, renovations or expansions; reliance on foreign sources of production; and other risks outlined in the Company’s filings with the Securities and Exchange Commission (“SEC”), including but not limited to the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2012, and subsequent periodic reports filed with the SEC. Historical results achieved are not necessarily indicative of future prospects of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur after such statements are made. Nonetheless, the Company reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

PACIFIC SUNWEAR OF CALIFORNIA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Third Quarter Ended Three Quarters Ended
October 27, 2012 October 29, 2011 October 27, 2012 October 29, 2011
Net sales $      228,434 $      226,786 $   612,563 $       599,582
Gross margin 60,827 55,379 159,612 135,908
SG&A expenses 62,082 68,414 184,855 193,211
Operating loss (1,255) (13,035) (25,243) (57,303)
Other (income) expense, net (2,314) 1,178 6,336 2,292
Income (loss) before income taxes 1,059 (14,213) (31,579) (59,595)
Income tax expense (benefit) 111 (200) 634 526
Income (loss) from continuing operations 948 (14,013) (32,213) (60,121)
Loss from discontinued operations, net of tax (3,589) (8,209)
Net income (loss) $     948 $   (17,602) $   (32,213) $   (68,330)
Income (loss) from continuing operations per share:
Basic $     0.01 $     (0.21) $      (0.48) $     (0.91)
Diluted $  0.01 $  (0.21) $   (0.48) $  (0.91)
Loss from discontinued operations per share:
Basic $   — $    (0.05) $    — $    (0.12)
Diluted $   — $    (0.05) $    — $  (0.12)
Net income (loss) per share:
Basic $  0.01 $ (0.26) $   (0.48) $   (1.03)
Diluted $  0.01 $ (0.26) $   (0.48) $ (1.03)
Weighted-average shares outstanding:
Basic 67,914 66,855 67,746 66,468
Diluted 71,360 66,855 67,746 66,468
PACIFIC SUNWEAR OF CALIFORNIA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
October 27, 2012 January 28, 2012 October 29, 2011
ASSETS
Current assets:
Cash and cash equivalents $ 23,809 $ 50,306 $ 8,280
Restricted cash 305 8,593
Inventories 137,347 88,740 152,249
Prepaid expenses 17,208 15,506 18,405
Other current assets 3,473 6,272 6,620
Total current assets 182,142 169,417 185,554
Property and equipment, net 131,217 149,716 158,157
Other long-term assets 34,625 35,998 31,725
Total assets $ 347,984 $ 355,131 $ 375,436
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 67,336 $ 38,914 $ 89,572
Other current liabilities 65,097 68,369 39,133
Total current liabilities 132,433 107,283 128,705
Deferred lease incentives 15,427 17,681 22,483
Deferred rent 16,316 16,602 18,623
Long-term debt 74,645 73,910 28,692
Other long-term liabilities 25,832 26,558 26,554
Total liabilities 264,653 242,034 225,057
Total shareholders’ equity 83,331 113,097 150,379
Total liabilities and shareholders’ equity $ 347,984 $ 355,131 $ 375,436
PACIFIC SUNWEAR OF CALIFORNIA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Three Quarters Ended
October 27, 2012 October 29, 2011
Cash flows from operating activities:
Net loss $    (32,213) $   (68,330)
Depreciation and amortization 25,915 32,758
Asset impairment 4,073 12,829
Non-cash stock-based compensation 2,114 2,524
Loss on disposal of property and equipment 225 161
Amortization of debt discount 1,163
Gain on derivative liability (3,672)
Changes in operating assets and liabilities:
Inventories (48,607) (56,548)
Accounts payable and other current liabilities 30,186 45,183
Other assets and liabilities (805) (13,839)
Net cash used in operating activities (21,621) (45,262)
Cash flows from investing activities:
Capital expenditures (12,037) (10,165)
Restricted cash 8,288
Proceeds from insurance settlements 653 300
Net cash used in investing activities (3,096) (9,865)
Cash flows from financing activities:
Payments under credit facility borrowings (1,254)
Principal payments under mortgage borrowings (401) (375)
Principal payments under capital lease obligations (511) (241)
Proceeds from exercise of stock options 386 313
Net cash used by financing activities (1,780) (303)
Net decrease in cash and cash equivalents (26,497) (55,430)
Cash and cash equivalents, beginning of period 50,306 63,710
Cash and cash equivalents, end of period $   23,809 $    8,280
PACIFIC SUNWEAR OF CALIFORNIA, INC.
SELECTED STORE OPERATING DATA
October 27, 2012 October 29, 2011
Stores open at beginning of year 733 852
Stores opened during the period 3
Stores closed during the period (14) (32)
Stores open at end of period 722 820
October 27, 2012 October 29, 2011
# of Stores Square Footage (000s) # of Stores Square Footage (000s)
PacSun Core stores 601 2,330 699 2,705
PacSun Outlet stores 121 490 121 489
Total stores 722 2,820 820 3,194
PACIFIC SUNWEAR OF CALIFORNIA, INC.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited, in thousands, except per share data)
Third Quarter Ended Three Quarters Ended
October 27, 2012 October 29, 2011 October 27, 2012 October 29, 2011
GAAP gross margin $   60,827 $   55,379 $ 159,612 $ 135,908
Store closure charges (gains):
– Markdown allowances 1,775 1,775
Non-GAAP gross margin $ 62,602 $ 55,379 $  161,387 $   135,908
GAAP SG&A expenses $   62,082 $ 68,414 $ 184,855 $ 193,211
Store closure charges (gains):
– Asset impairments 16 2,428 178 2,428
– Lease terminations (61) 216 130 287
Non-GAAP SG&A expenses $ 62,127 $   65,770 $ 184,547 $   190,496
GAAP income (loss) from continuing operations $     948 $ (14,013) $ (32,213) $ (60,121)
Store closure charges (gains), net of tax:
– Asset impairment 10 1,529 112 1,529
– Lease terminations (38) 136 82 181
– Markdown allowances 1,117 1,117
Derivative liability (5,558) (3,672)
Valuation allowance 1,709 5,222 13,329 22,180
Non-GAAP loss from continuing operations $     (1,812) $ (7,126) $ (21,245) $ (36,231)
GAAP income (loss) from continuing operations per share $   0.01 $ (0.21) $ (0.48) $ (0.91)
Store closure charges (gains), net of tax:
– Asset impairment 0.02 0.02
– Lease terminations
– Markdown allowances 0.02 0.02
Derivative liability (0.08) (0.05)
Valuation allowance 0.02 0.08 0.20 0.33
Non-GAAP loss from continuing operations per share $ (0.03) $ (0.11) $ (0.31) $ (0.56)
Shares used in calculation 67,914 66,855 67,746 66,468

ABOUT NON-GAAP FINANCIAL MEASURES

The accompanying press release dated November 29, 2012, contains non-GAAP financial measures. These non-GAAP financial measures include non-GAAP gross margin, non-GAAP SG&A expenses, non-GAAP loss from continuing operations and non-GAAP loss from continuing operations per share for the third quarter and first three quarters of fiscal 2012 and 2011, respectively, and non-GAAP loss from continuing operations per share guidance for the fourth quarter of fiscal 2012. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.  The Company computes non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. The Company may consider whether other significant items that arise in the future should be excluded from the non-GAAP financial measures. The Company has excluded the following items from all of its non-GAAP financial measures:

  • Store closure charges (gains)
  • Derivative liability
  • Valuation allowance

The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s operating results primarily because they exclude amounts that are not considered part of ongoing operating results when planning and forecasting and when assessing the performance of the organization, individual operating segments or its senior management. In addition, the Company believes that non-GAAP financial information is used by analysts and others in the investment community to analyze the Company’s historical results and in providing estimates of future performance and that failure to report these non-GAAP measures, could result in confusion among analysts and others and create a misplaced perception that the Company’s results have underperformed or exceeded expectations.

CONTACT: Michael W. Kaplan
         Chief Financial Officer
         (714) 414-4003
Thursday, November 29th, 2012 Uncategorized Comments Off on Pacific Sunwear (PSUN) Announces Q3 Operating Results; Q4 Guidance

G. Willi-Food (WILC) Reports Q3 2012 Net Income up 179% from Q3 2011

G. Willi-Food International Ltd. (NASDAQ: WILC) (the “Company” or “Willi-Food“), a global company specializing in the development, marketing and international distribution of kosher foods, today announced its unaudited financial results for the third quarter and the nine-months ended September 30, 2012.

Third Quarter Fiscal 2012 Highlights

  • Sales increased 8.0% from third quarter of 2011 to NIS 70.1 million (US$ 17.9 million)
  • Gross profit increased 5.4% from third quarter of 2011 to NIS 16.3 million (US$ 4.2 million), or 23.2% of sales
  • Operating income increased 34.7% from third quarter of 2011 to NIS 5.7 million (US$ 1.5 million), or 8.1% of sales
  • Net income increased 179.1% from third quarter of 2011 to NIS 6.3 million (US$ 1.6 million), or 9.0% of sales
  • Cash and securities balance of NIS 216.1 million (US$ 55.2 million) as of September 30, 2012

Willi-Food’s operating divisions include Willi-Food, a distributor of a broad variety of kosher foods, and its wholly-owned Gold Frost, a designer, developer and distributor of branded kosher dairy food products.

Third Quarter Fiscal 2012 Summary

Sales for the third quarter of 2012 increased by 8.0% to NIS 70.1 million (US$ 17.9 million) from NIS 64.9 million (US$ 16.6 million) recorded in the third quarter of 2011. The increase in sales in the third quarter of 2012 was mostly driven by the introduction of new products in the third quarter and the increased awareness of the Company’s new products following increased sales activities initiated during the past year.

Gross profit for the third quarter of 2012 increased by 5.4% to NIS 16.3 million (US$ 4.2 million) compared to NIS 15.4 million (US$ 3.9 million) recorded in the third quarter of 2011. Third quarter gross margin was 23.2% compared to gross margin of 23.8% for the same period in 2011. The decrease in gross margins was primarily due to the continued pressure from our customers to reduce prices as a result of the ongoing national protest against the cost of food products.

Willi-Food’s operating income for the third quarter of 2012 increased by 34.7% to NIS 5.7 million (US$ 1.5 million) compared to NIS 4.2 million (US$ 1.1 million) recorded in the third quarter of 2011. Selling expenses decreased by 7.3% from the comparable quarter of 2011, primarily due to a decrease in vehicles and transport expenses. Selling expenses as a percentage of sales decreased in the third quarter of 2012 to 9.7% compared to 11.3% in the third quarter of 2011. General and administrative expenses increased by 1.3% from the comparable quarter of 2011, primarily due to an increase in management profit-related bonuses. General and administrative expenses as a percentage of sales decreased in the third quarter of 2012 to 5.5% from 5.9% in the third quarter of 2011.

Willi-Food’s income before taxes for the third quarter of 2012 increased by 125.4% to NIS 8.1 million (US$ 2.1 million) compared to NIS 3.6 million (US$ 0.9 million) recorded in the third quarter of 2011. Willi-Food’s profit from continuing operations for the third quarter of 2012 increased by 157.5% to NIS 6.3 million (US$ 1.6 million) from NIS 2.4 million (US$ 0.6 million) recorded in the third quarter of 2011.

Willi-Food’s net income in the third quarter of 2012 increased by 179.1% to NIS 6.3 million (US$ 1.6 million) from NIS 2.3 million (US$ 0.6 million) recorded in the third quarter of 2011. Willi-Food’s net income attributed to the owners of the Company in the third quarter of 2012 increased by 168.2% to NIS 6.3 million (US$ 1.6 million), or NIS 0.49 (US$ 0.13) per share, compared to NIS 2.3 million (US$ 0.6 million), or NIS 0.17 (US$ 0.04) per share, recorded in the third quarter of 2011.

Willi-Food generated NIS 12.6 million (US$ 3.2 million), or NIS 0.97 (US$ 0.25) per share from continuing operating activities in the third quarter of 2012.

Willi-Food ended the third quarter of 2012 with NIS 216.1 million (US$ 55.2 million) in cash and securities and with no short-term debt. Willi-Food’s shareholders’ equity at the end of September 2012 was NIS 324.9 million (US$ 83.0 million).

Nine-Month Results

Willi-Food’s sales for the nine-month period ending September 30, 2012 increased by 2.3% to NIS 210.1 million (US$ 53.7 million) compared to sales of NIS 205.4 million (US$ 52.5 million) in the first nine-month of 2011. Gross profit for the period decreased by 10.9% to NIS 48.5 million (US$ 12.4 million) compared to gross profit of NIS 54.4 million (US$ 13.9 million) for the nine-month period in 2011. First nine-month gross margins in 2012 were 23.1% compared to gross margins of 26.5% in the same period of 2011.

Operating income for the first nine months of 2012 decreased by 24.8% to NIS 16.0 million (US$ 4.1 million) from NIS 21.2 million (US$ 5.4 million) reported in the comparable period of last year.  Income before taxes for the first nine months of 2012 increased by 0.9% to NIS 20.1 million (US$ 5.1 million) compared to NIS 19.9 million (US$ 5.1 million) recorded in the first nine months of 2011. Net income for the first nine months of 2012 decreased by 3.2% to NIS 15.2 million (US$ 3.9 million) from NIS 15.7 million (US$ 4.0 million) in the first nine months of 2011. Net income attributable to the owners of the Company for the first nine months of 2012 decreased by 0.9% to NIS 15.2 million (US$ 3.9 million), or NIS 1.17 (US$ 0.30) per share compared to net income attributable to the owners of the Company for the first nine months of 2011 of NIS 15.4 million (US$ 3.9 million), or NIS 1.13 (US$ 0.29) per share.

Business Outlook

Mr. Zwi Williger, Chairman of Willi-Food commented, “We are pleased with our overall performance and our third quarter 2012 results, especially in the current challenging environment of increased competition resulting from customer demand to reduce prices despite the global inflation in the purchase prices of food commodities . We grew sales and gross profits while controlling SG&A expense growth. Third quarter operating income increased by nearly 35% and net income increased by nearly 180%, despite pressure imposed on the Company by the supermarket chains to reduce prices and despite the well-known pressures in commodity costs inflicted worldwide. Throughout 2011 and 2012 we have introduced great-tasting, higher margin food products developed together with our suppliers. We implemented our plan to increase the awareness to our newly added products, by initiating promotion and hard sale activities that we believe created broad awareness to our new and old products and broaden our customer base. This plan has helped us achieve our goals to strengthen our position in the market, due to our broad range of quality food products.”

Mr. Williger concluded, “Looking forward, we are confident that we can deliver sales and profit growth in the fourth quarter of 2012 and in 2013 compared to the comparable periods.  The fourth quarter of 2012 is off to a good start, and we believe that the positive momentum will continue in recently introduced products, and that several new product line introductions can further boost sales. We are understandably cautious regarding ongoing global commodity price inflation and the impact of the ongoing national protest against the cost of food products, but we believe we are well-positioned to limit any impacts. We will sustain our flexible purchasing strategy and are highly focused on reducing production costs and SG&A expenses. We continue to look for opportunities to create additional value for our shareholders.”

Conference Call

The Company will host a conference call to discuss results on Wednesday, November 28, 2012 at 10:00 AM Eastern time. Interested parties may participate in the conference call by dialing 1-877-941-2068 (US), or 1-480-629-9712 (International), approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which will be available on the day of the call through the following link:

http://public.viavid.com/index.php?id=102717

A replay of the conference call will be available for 14 days from 1:00 PM EST on November 28, 2012 through 11:59 PM EST on December 12, 2012 by dialing 1-877-870-5176 (US), or 1-858-384-5517 (International), access code 4577670.  In addition, a recording of the call will be available via the following link for one year:

http://public.viavid.com/reports/eventparticipantreporttab.php?id=o5akppie

NOTE A: Convenience Translation to Dollars

The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on September 30, 2012, U.S. $1.00 equals NIS 3.912. The translation was made solely for the convenience of the reader.

NOTE B: IFRS

The Company’s consolidated financial results for the three-month and nine-month ended September 30, 2012 are presented in accordance with International Financial Reporting Standards (“IFRS”).

NOTE C: Discontinued Operations

Discontinued operations are measured and presented in accordance with the provisions of IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”. The results of discontinued operations are presented in the income statement in a separate item below income from continuing operations.

About G. Willi-Food International Ltd.

G. Willi-Food International Ltd. (http://www.willi-food.com) is an Israeli-based company specializing in high-quality, great-tasting kosher food products. Willi-Food is engaged directly and through its subsidiaries in the design, import, marketing and distribution of over 600 food products worldwide. As one of Israel’s leading food importers, Willi-Food markets and sells its food products to over 1,500 customers in Israel and around the world including large retail and private supermarket chains, wholesalers and institutional consumers. The company’s operating divisions include Willi-Food in Israel and Gold Frost, a wholly owned subsidiary who designs, develops and distributes branded kosher, dairy-food products.

This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products and expected sales, operating results, and earnings. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. These risks and other factors include but are not limited to: monetary risks including changes in marketable securities or changes in currency exchange rates- especially the NIS/U.S. Dollar exchange rate, payment default by any of our major clients, the loss of one of more of our key personnel, changes in laws and regulations, including those relating to the food distribution industry, and inability to meet and maintain regulatory qualifications and approvals for our products, termination of arrangements with our suppliers, in particular Arla Foods, loss of one or more of our principal clients, increase or decrease in global purchase prices of food products, increasing levels of competition in Israel and other markets in which we do business, changes in economic conditions in Israel, including in particular economic conditions in the Company’s core markets, our inability to accurately predict consumption of our products, our inability to successfully integrate our recent acquisitions, insurance coverage not sufficient enough to cover losses of product liability claims and risks associated with product liability claims. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2011, filed with the Securities and Exchange Commission on April 30, 2012 and its amendment, filed with the Securities and Exchange Commission on August 30, 2012. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information contained in this press release.

{FINANCIAL TABLES TO FOLLOW}

G. WILLI-FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

                                 September December   September    December
                                    30,      31,         30,          31,
                                   2012     2011        2012         2011
                                        NIS               US dollars (*)
                                                (in thousands)
     ASSETS
     Current assets
     Cash and cash equivalents      65,558   34,661  16,758         8,860
     Financial assets carried at
     fair value through profit
     or loss                       150,546  163,430  38,483        41,777
     Trade receivables              63,767   57,628  16,300        14,731
     Other receivables and
     prepaid expenses                6,175   15,720   1,578         4,018
     Inventories                    28,265   32,613   7,225         8,337
     Total current assets          314,311  304,052  80,344        77,723

     Non-current assets
     Property, plant and
     equipment                      62,056   61,401  15,863        15,696
     Less -Accumulated
     depreciation                   20,756   18,856   5,306         4,820
                                    41,300   42,545  10,557        10,876

     Prepaid expenses                  117      117      31            31
     Goodwill                           36       36       9             9
     Deferred taxes                  1,130      933     289           238
     Total non-current assets       42,583   43,631  10,886        11,154
                                   356,894  347,683  91,230        88,877
     EQUITY AND LIABILITIES
     Current liabilities
     Trade payables                 24,527   25,683   6,270         6,565
     Employees Benefits              1,602    1,613     410           412
     Accruals                          833    1,164     213           298
     Current tax liabilities            95    3,837      24           981
     Other payables and accrued
     expenses                        4,535    4,551   1,159         1,163
     Total current liabilities      31,592   36,848   8,076         9,419

     Non-current liabilities
     Retirement benefit
     obligation                        447      518     114           132
     Total non-current
     liabilities                       447      518     114           132

     Shareholders' equity
     Share capital NIS 0.10 par
     value                           1,444    1,444     369           369
     (authorized - 50,000,000
     shares, issued
     and outstanding -
     12,974,245 shares at
     September 30, 2012;
     13,020,360 shares at
     December 31, 2011)
     Additional paid in capital    129,875  129,809  33,199        33,182
     Capital fund                      247      247      63            63
     Foreign currency
     translation reserve               541      587     138           152
     Retained earnings             203,591  188,371  52,043        48,152
     Treasury shares              (10,843) (10,141) (2,772)       (2,592)
                                   324,855  310,317  83,040        79,326

                                   356,894  347,683  91,230        88,877

(*)    Convenience translation into U.S. dollars

G. WILLI-FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                       Nine-months           Three months              Nine-months
                                 ended September 30,               ended September 30,
                        2012         2011        2012       2011       2012       2011
                                         NIS                         US dollars (*)
                              In thousands (except per share and share data)

    Sales              210,111      205,433     70,127     64,905     53,709     52,514
    Cost of sales      161,640      51,0291     53,876     49,486     41,319     38,607

    Gross profit        48,471       54,404     16,251     15,419     12,390     13,907

    Selling
    expenses            20,684       20,331      6,801      7,338      5,287      5,197
    General and
    administrative
    expenses            11,991       13,053      3,882      3,834      3,065      3,337
    Other income         (160)        (186)      (113)         29       (41)       (48)

    Total operating
    expenses            32,515       33,198     10,570     11,201      8,311      8,486

    Operating
    income              15,956       21,206      5,681      4,218      4,079      5,421

    Financial
    income               4,432        (940)      2,698      (580)      1,133      (240)
    Financial
    expense                293          350        238         26         75         90
    Total financial
    income
    (expenses)           4,139      (1,290)      2,460      (606)      1,058      (330)

    Income before
    taxes on income     20,095       19,916      8,141      3,612      5,137      5,091
    Taxes on income      4,875        4,931      1,848      1,168      1,246      1,260

    Income from
    continuing
    operations          15,220       14,985      6,293      2,444      3,891      3,831
    Income from
    discontinued
    operations               -          743          -      (189)          -        190

    Net income          15,220       15,728      6,293      2,255      3,891      4,021

    Owners of the
    Company             15,220       15,363      6,293      2,346      3,891      3,928
    Non-controlling
    interest                 -          365          -       (91)          -         93
    Net income          15,220       15,728      6,293      2,255      3,891      4,021

    Earnings per
    share data:
    Earnings per
    share:
    Basic from
    continuing
    operations            1.17         1.10       0.49       0.18       0.30       0.28
    Basic from
    discontinued
    operations               -         0.03          -     (0.01)          -       0.01
    Basic                 1.17         1.13       0.49       0.17       0.30       0.29
    Diluted from
    continuing
    operations            1.17         1.10       0.49       0.18       0.30       0.28
    Diluted from
    discontinued
    operations               -         0.03          -     (0.01)          -       0.01
    Diluted               1.17         1.13       0.49       0.17       0.30       0.29

    Shares used in
    computing basic
    and diluted
    earnings per
    ordinary share: 12,978,723   13,573,679 12,974,245 13,573,679 12,978,723 13,573,679

(*)    Convenience translation into U.S. dollars

G. WILLI-FOOD INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                       Nine-months       Three months         Nine-months
                            ended September 30,           ended September 30,

                    2012      2011       2012     2011     2012      2011
                                    NIS                     US dollars (*)
                                         (in thousands)
    CASH FLOWS -
    OPERATING
    ACTIVITIES
    Profit from
    continuing
    operations     15,220    14,985     6,293    2,444    3,891      3,831
    Adjustments to
    reconcile net
    income to net
    cash provided
    by operating
    activities:    (8,889)    2,469     6,303    5,054   (2,272)       631
    Net cash from
    continuing
    operating
    activities      6,331    17,454    12,596    7,498    1,619      4,462
    Net cash from
    discontinued
    operating
    activities          -     2,345         -    2,093        -        599
    CASH FLOWS -
    INVESTING
    ACTIVITIES
    Long term
    deposit, net        -       (47)        -        3        -        (12)
    Acquisition of
    property plant
    and equipment  (1,247)     (456)   (1,048)    (101)    (319)      (117)
    Proceeds from
    sale of
    property plant
    and Equipment     698       216       656        2      178         55
    Proceeds from
    disposal of
    subsidiary     13,500         -         -        -    3,451          -
    Proceeds from
    (used in)
    purchase of
    marketable
    securities,
    net            12,317  (106,949)  (19,450) (48,347)   3,149    (27,339)
    Net cash from
    (used in)
    continuing
    investing
    activities     25,268  (107,236)  (19,842) (48,443)   6,459    (27,413)
    Net cash used
    in
    discontinued
    investing
    activities          -    (1,787)        -     (518)       -       (457)

    CASH FLOWS -
    FINANCING
    ACTIVITIES
    Investment
    used in
    treasury
    stocks           (702)        -         -        -     (180)         -
    Net cash used
    in continuing
    financing
    activities       (702)        -         -        -     (180)         -
    Net cash from
    (used in)
    discontinued
    financing
    activities          -       459         -   (1,445)       -        118
    Increase
    (decrease) in
    cash and cash
    equivalents    30,897   (88,765)   (7,246) (40,815)   7,898    (22,691)
    Cash and cash
    equivalents at
    the beginning
    of the
    financial
    period         34,661   113,631    72,804   65,681    8,860     29,047

    Cash and cash
    equivalents of
    the end of the
    financial
    period         65,558    24,866    65,558   24,866   16,758      6,356

(*)    Convenience Translation into U.S. Dollars.

G. WILLI-FOOD INTERNATIONAL LTD.

APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                           Nine-months       Three months   Nine-months
                                                               Ended
                              Ended September 30,          September 30,
                           2012       2011   2012     2011    2012     2011
                                                             US dollars
                                      NIS                       (*)
                                           (in thousands)

    Adjustments to
    reconcile net
    income to net
    cash from
    operating
    activities

    Depreciation and
    amortization          1,894      2,376    (77)      789     484      607
    Deferred income
    taxes                 (197)    (1,259)      55    (140)    (49)    (322)
    Capital Gain
    (Loss) on
    disposal of
    property plant
    and equipment         (100)      (187)    (40)       27    (26)     (48)
    Unrealized Gain
    (loss) on
    marketable
    securities              567      5,482   (161)    2,188     145    1,401
    Stock based
    compensation
    reserve                  66          -      19        -      17        -
    Employees
    benefit, net           (71)        (5)      18      (5)    (18)      (1)

    Changes in assets
    and liabilities:
    Decrease
    (Increase) in
    trade receivables
    and other
    receivables        (10,140)      1,326   1,058    4,242 (2,592)      339
    Decrease
    (Increase) in
    inventories           4,348    (5,957)   4,716  (1,651)   1,111  (1,523)
    Increase
    (Decrease) in
    payables and
    other current
    liabilities         (5,256)        693     715    (396) (1,344)      178
                        (8,889)      2,469   6,303    5,054 (2,272)      631

(*)    Convenience Translation into U.S. Dollars.

This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.

Company Contact:
G. Willi Food International Ltd.
Raviv Segal, CFO
(+972) 8-932-1000
raviv@willi-food.co.il

Wednesday, November 28th, 2012 Uncategorized Comments Off on G. Willi-Food (WILC) Reports Q3 2012 Net Income up 179% from Q3 2011

Parametric (PAMT) Teams With Ingram Micro to Expand Distribution of HyperSound Tech

Parametric Sound Teams With Ingram Micro to Expand Distribution of HyperSound(TM) Technology in U.S.

SAN DIEGO, CA — (Marketwire) — 11/28/12 — Parametric Sound Corporation (NASDAQ: PAMT), a leading innovator of audio products and solutions, today announced that it has entered into a strategic distribution agreement with Ingram Micro, Inc., the world’s largest technology distributor. Under the terms of the agreement, Ingram Micro will distribute Parametric’s HyperSound audio products in the U.S. The relationship will be managed by Ingram Micro’s ProAV / Digital Signage Business Unit, offering the company specialized partner support and business enablement resources, as well as access to a dedicated team of seasoned marketing, sales, business development and technology professionals.

“This agreement strengthens our sales and distribution infrastructure and we expect it to increase the pace of our expansion into the digital signage market,” said Ken Potashner, executive chairman of Parametric Sound. “We look forward to leveraging Ingram Micro’s broad range of sales resources and market expertise.”

“The demand for directed audio solutions within the digital signage market is significant,” said Kevin Prewett, senior director of Ingram Micro’s ProAV / Digital Signage Business Unit in the U.S. “The addition of HyperSound audio products extends our ProAV and digital signage solutions portfolio and brings forward another solution targeted for select vertical markets where technology is being used to deliver a better experience to the consumer.”

About Parametric Sound Corporation
Parametric Sound Corporation is a pioneering innovator of directed audio solutions. With a substantial body of intellectual property, Parametric Sound is the foremost authority in the application of acoustic technology to beam sound to target a specific listening area without the ambient noise of traditional speakers. The company is targeting its technology for new uses in consumer markets including computers, video gaming, televisions, home audio, health care and mobile devices. For more information, visit www.parametricsound.com.

About Ingram Micro
Ingram Micro is the world’s largest wholesale technology distributor and a global leader in IT supply-chain, mobile device lifecycle services and logistics solutions. As a vital link in the technology value chain, Ingram Micro creates sales and profitability opportunities for vendors and resellers through unique marketing programs, outsourced logistics and mobile solutions, technical support, financial services and product aggregation and distribution. The company is the only global broad-based IT distributor, serving 145 countries on six continents with the world’s most comprehensive portfolio of IT products and services. Visit www.ingrammicro.com.

Trademark Information: HSS® is registered trademark of, and HyperSound is a tradename of, Parametric Sound Corporation (PAMT).

Cautionary note on forward-looking statements
This press release includes forward-looking information and statements. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events that are based on management’s belief, as well as assumptions made by, and information currently available to, management. While the Company believes that expectations are based upon reasonable assumptions, there can be no assurances that goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include the acceptance of existing and future products, the impact of competitive products and pricing, general business and economic conditions, and other factors detailed in the Company’s Annual Report on Form 10-K and other periodic reports filed with the SEC. The Company specifically disclaims any obligation to update or revise any forward-looking statement whether as a result of new information, future developments or otherwise.

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CONTACT:
Tracy Neumann (for Parametric Sound)
888-HSS-2150 Ext 509
Email Contact
or
INVESTOR RELATIONS CONTACT:
Dave Mossberg (for Parametric Sound)
Three Part Advisors, LLC
817 310-0051

Marie Rourke
WhiteFox Marketing (for Ingram Micro, Inc.)
714-292-2199

Wednesday, November 28th, 2012 Uncategorized Comments Off on Parametric (PAMT) Teams With Ingram Micro to Expand Distribution of HyperSound Tech

Newman Ferrara LLP Announces Investigation of KIT digital (KITD)

Newman Ferrara LLP is conducting an investigation on behalf of shareholders of KIT digital, Inc. (“KIT”) (Nasdaq) (“KITD”) into potential violations of federal securities laws and breaches of fiduciary duty by KIT and certain of its officers and directors.

On November 21, 2012, KIT announced that on November 15, 2012, the Audit Committee of KIT’s Board of Directors concluded that, because of errors and irregularities in KIT’s financial statements, KIT needed to restate its financial statements for each of the first three quarters and full years in 2009, 2010 and 2011 and for the first two quarters of 2012. KIT stated that the accounting errors and irregularities relate primarily to the improper recognition of revenue from perpetual license agreements entered into in 2010 and 2011. KIT reported that it could not timely file its financial results for the fourth quarter of 2012 and cancelled its 2012 annual stockholder meeting. KIT cautioned that it “cannot currently quantify the potential impact of the restatement.”

On this news, shares of KIT stock plummeted 64% in value to a November 23, 2012 closing price of $0.74 per share. KIT stock dropped another 16% on the following trading day to a November 26 closing price of $0.62 per share.

On November 23, 2012, KIT’s former Chief Executive Officer, Kaleil Tuzman, sent KIT’s Board a letter criticizing KIT’s management for its “deficient management and poor business execution” and offering to purchase KIT for $3.75 per share in cash.

Shareholders of KIT stock are encouraged to contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or rshimon@nfllp.com to discuss this investigation and their rights as KIT shareholders.

Whistleblowers: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action.

Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.

Wednesday, November 28th, 2012 Uncategorized Comments Off on Newman Ferrara LLP Announces Investigation of KIT digital (KITD)

Trovagene (TROV) to Introduce First Urine-Based Molecular Test for Transrenal Cancer

Trovagene to Introduce First Urine-Based Molecular Diagnostic Test for Transrenal Cancer Mutation Monitoring

SAN DIEGO, Nov. 28, 2012 /PRNewswire/ — Trovagene, Inc. (NASDAQ: TROV) today announced successful development of its first molecular diagnostic test capable of detecting KRAS mutations from a urine specimen. Transfer of the transrenal KRAS test to the company’s CLIA lab is expected to be completed in December 2012 with commercial availability expected in January 2013.

(Logo: http://photos.prnewswire.com/prnh/20120620/LA28014LOGO)

“Our scientific team has developed the first commercially viable process for quantitative detection of KRAS mutations in transrenal DNA isolated from a simple urine specimen,” said Charlie Rodi, Ph.D., chief technology officer of Trovagene. “This represents a breakthrough in cancer monitoring, and will provide oncologists and surgeons with the ability to frequently check mutation status before, during, and after therapy.”

Cell-free nucleic acids originate from both normal and diseased cells, circulate through the bloodstream, cross the kidney barrier, and can be detected in urine as transrenal DNA.  As interest in this technology grows among leading academic cancer centers, Trovagene continues to engage with new collaborators to develop a series of transrenal molecular diagnostic tests to detect and monitor cancer mutations.  Trovagene’s initial oncogene mutation tests will include KRAS, BRAF and PIK3CA. Potential uses of this non-invasive technology include monitoring for recurrence of disease, determining response to therapy and disease detection.

Solid tumors represent more than 90% of all cancers, and approximately 24% of these are KRAS mutation positive. Based on current cancer incidence rates in the US, each year an estimated 360,000 newly diagnosed patients are expected to have KRAS mutation-positive cancers.

“Over the next six months, we plan to introduce a variety of assays that may offer significant clinical benefits for physicians and patients, as well as potential savings for the healthcare system,” stated Antonius Schuh, Ph.D., chief executive officer of Trovagene. “The ability to test, detect and confirm cancer mutation status non-invasively represents an enabling technology that can be used across a variety of clinical applications.”

Clinicians interested in utilizing the transrenal KRAS test should contact Trovagene Client Services at 888-391-7992.

About Trovagene, Inc.
Headquartered in San Diego, California, Trovagene is developing its patented technology for the detection of transrenal DNA and RNA, short nucleic acid fragments, originating from normal and diseased cell death that cross the kidney barrier and can be detected in urine. Trovagene has a strong patent position as it relates to transrenal molecular testing. It has U.S. and European patent applications and issued patents that cover testing for HPV and other infectious diseases, cancer, transplantation, prenatal and genetic testing. In addition, it owns worldwide rights to nucleophosmin-1 (NPM1), an informative biomarker for acute myelogenous leukemia (AML) and mutations in the SF3B1 gene, which have been shown to be associated with chemotherapy response in chronic lymphocytic leukemia (CLL) patients.

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend,” among others. These forward-looking statements are based on Trovagene’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any medical diagnostic tests under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that future clinical trials discussed in this press release will be completed or successful or that any product will receive regulatory approval for any indication or prove to be commercially successful. Trovagene does not undertake an obligation to update or revise any forward-looking statement.  Investors should read the risk factors set forth in Trovagene’s Form 10-K for the year ended December 31, 2011 and other periodic reports filed with the Securities and Exchange Commission.

Contact

Trovagene, Inc.
Investor Relations
Amy Caterina
Investor Relations
Trovagene, Inc.
858-952-7593
acaterina@trovagene.com

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Gynecologic Oncology Publishes New Clinical Study on Vermillion (VRML)

Gynecologic Oncology Publishes New Clinical Study Showing Positive Performance of OVA1, Vermillion’s Ovarian Cancer Test

OVA1 Performance in Early-Stage Ovarian Cancer and Premenopausal Women Further Validates its Clinical Utility for Pre-Surgical Assessment of Ovarian Tumors

AUSTIN, Texas, Nov. 28, 2012 /PRNewswire/ — Gynecologic Oncology, the prestigious medical journal of the Society for Gynecologic Oncology, has published the second prospective clinical study of OVA1® which demonstrated the positive performance of the multi-biomarker test in the triage of early-stage ovarian cancer.

Vermillion, Inc. (NASDAQ: VRML), the molecular diagnostics company which developed and currently markets the test, had reported positive top-line results of the study in July. Referred to as “OVA500,” the study confirms and extends the findings of the first OVA1 pivotal study published last year in Obstetrics & Gynecology by Dr. Fred Ueland of the University of Kentucky.

The OVA500 results were published online by Gynecologic Oncology on November 22 in the article, “Ovarian Malignancy Risk Stratification of the Adnexal Mass Using a Multivariate Index Assay.” The article was authored by Dr. Robert E. Bristow, the director of Gynecologic Oncology Services at UC Irvine Healthcare and former director of gynecologic oncology at Johns Hopkins.

The multi-center study investigated OVA1 performance in the pre-surgical detection of malignancy among 494 women prospectively enrolled from non-gynecologic oncology practices. Sensitivity across all types of ovarian cancers was 96% when OVA1 was added to routine clinical assessment, and this result was nearly identical to the first pivotal study. Importantly, within the test group OVA1 identified 83% of cancers missed by clinical assessment and 71% of cancers missed by CA125.

“The publication of the OVA500 study advances our strategic plan to increase physician adoption and payer coverage, leading to incorporation of OVA1 into the standard of care for ovarian cancer,” said Bruce A. Huebner, Vermillion’s interim CEO. “The publication of a second independent prospective, multi-center study such as this is considered critically important by many doctors, payers and professional societies. Test data generated from nearly 500 patients enrolled at 27 centers, including 17 new sites, demonstrated the robust performance of OVA1 across diverse geographic settings.”

“Both our initial clinical study and OVA500 showed that all combined modalities used in routine clinical assessment failed to predict cancers at a rate of more than 24%. But when adding OVA1, the rate of cancers missed was little more than 4% in each study,” continued Huebner. “Now more than ever, we believe the evidence warrants that OVA1 be incorporated into a standardized pre-surgical assessment of adnexal masses.”

Dr. Bristow commented: “New tools for the sensitive detection and referral of ovarian cancer are badly needed, given the more than 15,000 women who die every year from this disease in the U.S. The OVA500 study confirmed in a new patient cohort that about 96% of malignancies were detected by adding OVA1 to clinical assessment, and these included 91% of early-stage disease and 94% of premenopausal cancers. At the same time, the majority of subjects with benign disease were classified as low risk, with 98% of negative tests resulting in a benign pathology finding. Thanks to diagnostic advances like OVA1, there is real hope that the majority of women with ovarian cancer will undergo surgery by a qualified gynecologic oncologist, which is one of the most powerful determinants of survival.”

The OVA500 study abstract and publication is available here.

OVA500 Study Summary:

Results (N=494) 1

Clinical
Impression (CI)

CA125-II

OVA1

OVA1 & CI

Sensitivity %

73.9

73.9

92.4

95.7

Specificity %

92.5

94.5

53.5

50.7

PPV %

69.4

75.6

31.3

30.8

NPV %

93.9

94.1

96.8

98.1

% Cancers Missed

26.1

26.1

7.6

4.3

First OVA1 Study Summary:

Results (N=516) 2

Clinical
Impression (CI)

CA125-II

OVA1

OVA1 & CI

Sensitivity %

75.1

68.9

92.5

95.6

Specificity %

79.1

83.7

42.8

34.6

PPV %

62.0

65.2

42.3

39.8

NPV %

87.5

85.8

92.7

94.6

% Cancers Missed

24.9

31.1

7.5

4.4

References:
1. Bristow, et al., Gynecologic Oncology, November 2012

2. Ueland FR, DeSimone CP, Seamon LG, et al. ObstetGynecol. 2011;117(6):1289-1297.

About Gynecologic Oncology
Gynecologic Oncology is the official publication of Society for Gynecologic Oncology, and has been recognized as having the highest impact factor rating of all journals worldwide that publish research on gynecological cancer.

About Vermillion
Vermillion, Inc. (NASDAQ: VRML) is dedicated to the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients. Vermillion, along with its prestigious scientific collaborators, has diagnostic programs in oncology, vascular medicine and women’s health. Additional information about Vermillion can be found at www.vermillion.com.

Forward-Looking Statements
Certain matters discussed in this press release contain forward-looking statements that involve significant risks and uncertainties, including statements regarding Vermillion’s plans, objectives, expectations and intentions. These forward-looking statements are based on Vermillion’s current expectations. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for such forward-looking statements. In order to comply with the terms of the safe harbor, Vermillion notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Factors that could cause actual results to materially differ include but are not limited to: (1) uncertainty as to Vermillion’s ability to protect and promote its proprietary technology; (2) Vermillion’s lack of a lengthy track record successfully developing and commercializing diagnostic products; (3) uncertainty as to whether Vermillion will be able to obtain any required regulatory approval of its future diagnostic products; (4) uncertainty of the size of market for its existing diagnostic tests or future diagnostic products, including the risk that its products will not be competitive with products offered by other companies, or that users will not be entitled to receive adequate reimbursement for its products from third party payors such as private insurance companies and government insurance plans; (5) uncertainty that Vermillion has sufficient cash resources to fully commercialize its tests and continue as a going concern; (6) uncertainty of finding a suitable successor chief executive officer; (7) uncertainty whether the trading in Vermillion’s stock will become significantly less liquid; and (8) other factors that might be described from time to time in Vermillion’s filings with the Securities and Exchange Commission (SEC). All information in this press release is as of the date of this report, and Vermillion expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Vermillion’s expectations or any change in events, conditions or circumstances on which any such statement is based, unless required by law.

This release should be read in conjunction with the consolidated financial statements and notes thereto included in the company’s most recent reports on Form 10-K and Form 10-Q. Copies are available through EDGAR at www.sec.gov.

Investor Relations Contact:
Liolios Group, Inc.
Ron Both
Tel 949-574-3860
vrml@liolios.com

Wednesday, November 28th, 2012 Uncategorized Comments Off on Gynecologic Oncology Publishes New Clinical Study on Vermillion (VRML)

Star Scientific (STSI) Publication in European Journal of Pharmacology for Alzheimer’s

Research Published in European Journal of Pharmacology Shows that Star Scientific’s Anatabine Suppresses Brain Inflammation in Animal Model of Alzheimer’s Disease and in Blood

GLEN ALLEN, Va., Nov. 27, 2012 /PRNewswire/ — Star Scientific, Inc. (NASDAQ: STSI) today announces that new anatabine research has been accepted by and published online in the European Journal of Pharmacology. In a series of studies, researchers at the Roskamp Institute demonstrated that anatabine can suppress brain inflammation in animal models of Alzheimer’s disease, inflammation in the blood in mice, and inflammation induced in human blood once removed from the body.  This peer-reviewed data supporting the view that anatabine has widespread anti-inflammatory properties was published in a paper, titled, “Anti-inflammatory Activity of Anatabine Via Inhibition of STAT3 Phosphorylation”. The anatabine used in these studies is made under Star Scientific’s patented process and is the main ingredient in its Anatabloc® dietary supplement.

(logo: http://photos.prnewswire.com/prnh/20120301/NE62741LOGO)

In one study, the highly inflammatory molecule LPS, which is released from bacteria during human infections, was injected into mice.  Subsequently, there were expected large increases in inflammatory molecules in the blood, spleen, and kidney; however, when co-treated with anatabine there were statistically significant large decreases in these inflammatory molecules in the blood, spleen, and kidney. The spleen, in particular, showed marked suppression of inflammatory molecule release during co-treatment with anatabine.

In addition, the Roskamp Institute team showed that in a mouse model of Alzheimer’s disease, supplementation with anatabine resulted in a significant suppression of inflammatory markers, especially a marker called TNF-Alpha, which is known to be raised in Alzheimer’s disease. This finding complements a previous study by the Roskamp Institute showing reduction of the amyloid protein in this mouse model of Alzheimer’s after treatment with anatabine. The reduction of the accumulation of amyloid and inflammation in the brain are known to be intimately linked, one increasing the other. Therefore, anatabine’s reduction of both amyloid levels and inflammation encourage the hypothesis that anatabine may be a useful treatment for Alzheimer’s disease.

Finally, the research team showed that a key mediator of inflammation known as STAT3, which is activated during inflammation, was suppressed in the presence of anatabine in spleen, kidney, and brain of mice, and cultured human neurons and human white cells. The entire manuscript can be viewed at: http://dx.doi.org/10.1016/j.ejphar.2012.11.017

Dr. Michael Mullan, the CEO and President of the Roskamp Institute stated, “Anatabine continues to demonstrate widespread anti-inflammatory properties in a broad array of pre-clinical models. Given the commonality of inflammatory systems in rodents and humans, there’s much reason to expect that anatabine will demonstrate similar properties in humans.  In fact, the team went on to demonstrate that in human blood inflamed with LPS, the presence of anatabine dramatically dampened the inflammatory response, a result also included in the paper.”

Paul L. Perito, Star Scientific’s Chairman, President and COO, stated, “Our research partner, the Roskamp Institute, has once again secured publication of its cutting edge science in the prestigious European Journal of Pharmacology.  This publication underscores the worthy productivity of Dr. Michael Mullan (MD/PhD) and his talented cadre of research scientists, who have better illuminated another contour of anatabine’s anti-inflammatory properties.  It is one thing to know that our anatabine compound has biological effects; it is far better to have mechanistic data that supports appropriate use and offers a mechanism for those effects.”

As previously reported, a human clinical trial analyzing the effects of supplementation with Star Scientific’s anatabine compound on individuals with mild to moderate Alzheimer’s disease is currently in progress at the Roskamp Institute.

Certain statements contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “projects” and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials, the challenges inherent in new product development initiatives, including the continued development and market acceptance of our nutraceutical and low-TSNA tobacco products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, including with respect to our nutraceutical and low-TSNA tobacco products, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our annual report on Form 10-K for the fiscal year ended December 31, 2011. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.

About Star Scientific
Star Scientific, Inc. is a technology-oriented company with a mission to promote maintenance of a healthy metabolism, as well as to reduce the harm associated with the use of tobacco at every level. Over the last several years, through its wholly owned subsidiary, Rock Creek Pharmaceuticals, Star Scientific has been engaged in the manufacturing, sale, and marketing of two nutraceutical dietary supplements, and the development of other nutraceuticals and pharmaceuticals. The company also has continued to pursue the development, implementation, and licensing of the technology behind its proprietary StarCured® tobacco curing process, which substantially prevents the formation of carcinogenic toxins present in tobacco and tobacco smoke, primarily the tobacco-specific nitrosamines, or TSNAs and related low-TSNA dissolvable tobacco products. Rock Creek Pharmaceuticals has scientific and research offices in Gloucester, MA, and a regulatory office in Washington, DC. Star Scientific has a Corporate and Sales Office in Glen Allen, VA; Executive, Scientific & Regulatory Affairs offices in Bethesda, MD, and Washington, DC; and a manufacturing facility in Chase City, VA.

Contact:
Talhia T. Tuck
Vice President, Communications and Investor Relations
Star Scientific, Inc.
(202)887-5100
ttuck@starscientific.com

SOURCE Star Scientific, Inc.

Tuesday, November 27th, 2012 Uncategorized Comments Off on Star Scientific (STSI) Publication in European Journal of Pharmacology for Alzheimer’s

Broadwind Energy (BWEN) Wins $14 Million in Tower Orders

A U.S. wind turbine manufacturer has selected Broadwind Energy, Inc. (NASDAQ: BWEN) to supply approximately $14 million of wind towers for delivery in 2013. This order includes an option to purchase up to $27 million of additional towers which would have to be exercised in early 2013. The towers will all be delivered in 2013 and will be produced in the Company’s facilities in Manitowoc, WI and Abilene, TX.

Peter C. Duprey, president and CEO of Broadwind Energy, Inc., stated, “We are very pleased that Broadwind’s improved competitive position has led to new wind tower business, particularly given the regulatory uncertainty around the extension of the production tax credit. Assuming the option is exercised, orders for 2013 deliveries will exceed the low end of the production range guidance we previously provided. With wind tower supply and demand coming into better balance and the ongoing trade case, we have seen continued market share gains, and are increasingly optimistic about the outlook for the tower business in 2013.”

About Broadwind Energy

Broadwind Energy (NASDAQ: BWEN) applies decades of deep industrial expertise to innovate integrated solutions for customers in the energy and infrastructure markets. From gears and gearing systems for wind, oil and gas and mining applications to wind towers, to comprehensive remanufacturing of gearboxes and blades, to operations and maintenance services, and industrial weldments, we have solutions for the energy needs of the future. With facilities throughout the U.S., Broadwind Energy’s talented team of 800 employees is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com.

Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995—that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. The Company’s forward looking statements may include or relate to the Company’s plans to grow its business and its expectations regarding its operations, revenue growth, profitability and the business of its customers; the Company’s expectations regarding its plan to restructure its operations by consolidating its operations; the Company’s tower order intake, backlog, and tower production execution and the effect of such production on the Company’s inventory and working capital levels as well as the aggregate sufficiency of the Company’s working capital; the Company’s expectations regarding the state of the wind energy market, and the regulatory frameworks affecting the wind energy industry, as well as the Company’s expectations relating to the economic downturn and the potential impact on its business and the business of its customers. For further discussion of risks and uncertainties, individuals should refer to the Company’s SEC filings. The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Tuesday, November 27th, 2012 Uncategorized Comments Off on Broadwind Energy (BWEN) Wins $14 Million in Tower Orders

OCZ (OCZ) Launches Vector SSD Series and Proprietary Barefoot 3 Controller

SAN JOSE, CA — (Marketwire) — 11/27/12 — OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced the availability of its new SATA III-based Vector SSD Series featuring the company’s next-generation Indilinx Barefoot 3 controller. OCZ’s worldwide technology hardware and firmware teams developed the new controller silicon and firmware completely in-house to enable full design control over the Vector SSD Series roadmap, while delivering exceptional I/O performance, enhanced reliability and endurance, and a host of differentiated features to empower high performance laptops, desktops, and workstations with superior storage capabilities.

OCZ Vector SSDs provide exceptional input/output operations per second (IOPS) performance and the cutting-edge Barefoot 3 controller consistently delivers superior sustained performance over time regardless of whether the data streams are in compressed or uncompressed formats. As a result, this groundbreaking SSD series provides faster file transfers and boot-ups, and a quicker, more responsive storage experience.

“The development of the Indilinx Barefoot 3 controller architecture is a crowning achievement in our company’s history, being our first controller silicon and firmware completely designed in-house from start to finish using all of the OCZ technology development teams,” said Ralph Schmitt, CEO for OCZ Technology. “These are the first SSD products delivered under the new OCZ and leverages cutting-edge controller technology to deliver a groundbreaking level of sustained performance and reliability for customers seeking a superior SSD for their high performance computing applications.”

The Vector SSD Series is available in 128GB, 256GB and 512GB capacities, and delivers read bandwidth of up to 550 MB/s, write bandwidth of up to 530 MB/s, random read performance of up to 100,000 IOPS. The Vector’s ultra-slim, 7mm sleek alloy housing supports a wide spectrum of computers including the latest thin form factor notebooks, and each Vector SSD is also bundled with a 3.5-inch desktop adapter bracket and Acronis® True Image™ cloning software to enable quick and easy data transfer from legacy hard disk drive (HDD) storage to high performance Vector SSD storage.

Endurance was a major priority in the design of the Vector Series, and the highly intelligent Barefoot 3 controller includes an advanced suite of flash management tools that can analyze and dynamically adapt to increasing NAND vulnerabilities as flash cells wear or process geometries get smaller. In this way, the Barefoot 3 controller overcomes the shortcomings associated with MLC NAND flash memory and is specified to deliver 20GB host writes per day for 5 years. This 5-year warranty ensures that Vector SSDs can be reliably used in a wide range of high performance computing environments over an extended lifetime.

About OCZ Technology Group, Inc.
Founded in 2002, San Jose, CA-based OCZ Technology Group, Inc. (OCZ) is a global leader in the design, manufacturing, and distribution of high-performance solid-state storage solutions and premium computer components. Offering a complete spectrum of solid-state drives (SSDs), OCZ provides SSDs in a variety of form factors and interfaces (i.e. PCIe, SAS and SATA) to address a wide range of client and enterprise applications. Having developed firmware and controller platforms, to virtualization and endurance extending technologies, the company delivers vertically integrated solutions enabling transformational approaches to how digital data is captured, stored, accessed, analyzed and leveraged by customers. For more information, please visit: www.ocztechnology.com.

Forward Looking Statements
Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of OCZ Technology Group, Inc. to be different from those expressed or implied in the forward-looking statements. In this context, words such as “will,” “would,” “expect,” “anticipate,” “should” or other similar words and phrases often identify forward-looking statements made on behalf of OCZ. It is important to note that actual results of OCZ may differ materially from those described or implied in such forward-looking statements based on a number of factors and uncertainties, including, but not limited to, market acceptance of OCZ’s products and OCZ’s ability to continually develop enhanced products; adverse changes both in the general macro-economic environment as well as in the industries OCZ serves, including computer manufacturing, traditional and online retailers, information storage, internet search and content providers and computer system integrators; OCZ’s ability to efficiently manage material and inventory, including integrated circuit chip costs and freight costs; and OCZ’s ability to generate cash from operations, secure external funding for its operations and manage its liquidity needs. Other general economic, business and financing conditions and factors are described in more detail in “Item 1A — Risk Factors” in Part I in OCZ’s Annual Report on Form 10-K filed with the SEC on May 14, 2012, and statements made in other subsequent filings. The filing is available both at www.sec.gov as well as via OCZ’s website at www.ocztechnology.com. OCZ does not undertake to update its forward-looking statements.

All trademarks or brand names referred to herein are the property of their respective owners.

OCZ Press Contact:
Scott Harlin
Director of Marketing Communications – Enterprise
(408) 440-3484
Email Contact

OCZ Investor Relations Contact:
Bonnie Mott
Senior Manager of Investor Relations
(408) 440-3428

Tuesday, November 27th, 2012 Uncategorized Comments Off on OCZ (OCZ) Launches Vector SSD Series and Proprietary Barefoot 3 Controller

Kingtone (KONE) Regains Compliance with NASDAQ Minimum Bid Price

Kingtone Wirelessinfo Solution Holding Ltd Regains Compliance with NASDAQ Minimum Bid Price Requirement

XI’AN, China, Nov. 27, 2012 /PRNewswire-FirstCall/ — Kingtone Wirelessinfo Solution Holding Ltd (NASDAQ: KONE) (“Kingtone”, or the “Company”), a China-based developer and provider of mobile enterprise solutions, today announced  that the Company has received a letter dated November 26, 2012 from The NASDAQ Stock Market LLC (“NASDAQ”) notifying the Company that it has regained compliance with the minimum bid price of $1.00 per share requirement for continued listing set forth in NASDAQ Listing Rule 5550(a)(2), as its American Depository Share (“ADS”) with its underlying ordinary share has achieved a closing bid price of $1.00 or greater for the 10 consecutive business days from November 6, 2012 to November 23, 2012.

The Company had previously announced that on December 19, 2011, NASDAQ notified the Company that the Company’s security failed to maintain a minimum closing bid price of $1.00 per share (“Minimum Bid Price Requirement”) over the previous 30 consecutive business days as required by NASDAQ Listing Rule 5550(a)(2). The Company was provided 180 calendar days to regain compliance. In a letter dated June 20, 2012, NASDAQ notified the Company that it was eligible for an additional 180-day period, or until December 17, 2012, to regain compliance with the Minimum Bid Price Requirement. To maintain the continued listing of the ADSs on NASDAQ, the Company approved a combination, or reverse split of the ordinary shares issued by the Company at a ratio of 1 for 10, effective November 6, 2012.

About Kingtone Wirelessinfo Solution Holding Ltd

Kingtone Wirelessinfo Solution Holding Ltd (KONE) is a China-based developer and provider of mobile enterprise solutions. The Company’s products, known as mobile enterprise solutions, extend a company’s or enterprise’s information technology systems to include mobile participants. The Company develops and implements mobile enterprise solutions for customers in a broad variety of sectors and industries, to improve efficiencies by enabling information management in wireless environments. At the core of its many diverse packaged solutions is proprietary middleware that enables wireless interactivity across many protocols, devices and platforms.

For more information, please visit Kingtone’s website at http: www.kingtoneinfo.com. The Company routinely posts important information on its website.

Safe Harbor Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may include, but are not limited to, statements containing words such as “may,” “could,” “would,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “expects,” “intends”, “future” and “guidance” or similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to change at any time. These forward-looking statements are based upon management’s current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond the Company’s control that may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company’s actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including those described under the heading “Risk Factors” in the Company’s public filings with the Securities and Exchange Commission, including the Company’s annual report on 20-F, as amended. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

Yao Ti:
Tel:  +86-29-8826-6383
Email: tiyao@kingtoneinfo.com

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ACADIA (ACAD) Primary and Key Secondary Endpoints in Pivotal Phase III Parkinson’s Trial

ACADIA Announces Pimavanserin Meets Primary and Key Secondary Endpoints in Pivotal Phase III Parkinson’s Disease Psychosis Trial

ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) today announced successful top-line results from its pivotal Phase III trial evaluating the efficacy, tolerability and safety of pimavanserin in patients with Parkinson’s disease psychosis (PDP). Pimavanserin is ACADIA’s proprietary, non-dopaminergic product candidate that selectively blocks serotonin 5-HT2A receptors. Pimavanserin met the primary endpoint in the Phase III trial by demonstrating highly significant antipsychotic efficacy as measured using the 9-item SAPS-PD scale (p=0.001). Pimavanserin also met the key secondary endpoint for motoric tolerability as measured using Parts II and III of the Unified Parkinson’s Disease Rating Scale, or UPDRS. These results were further supported by a highly significant improvement in the secondary efficacy measure, the Clinical Global Impression Improvement, or CGI-I, scale (p=0.001). In addition, clinical benefits were observed in all exploratory efficacy measures with significant improvements in nighttime sleep, daytime wakefulness and caregiver burden. Consistent with previous studies, pimavanserin was safe and well tolerated in this Phase III trial.

“These data represent an unprecedented advance for Parkinson’s patients who suffer from the psychosis frequently associated with this disease,” said Jeffrey Cummings, M.D., Sc.D., Director of the Cleveland Clinic Lou Ruvo Center for Brain Health. “Among Parkinson’s patients, psychosis is the leading cause of institutionalization and dramatically increases the risk of mortality. Neurologists have limited options to treat this serious disorder, and off-label use of current antipsychotics is linked to increased risk of death and serious adverse events, as well as loss of motor control. The results of this study suggest that a selective, non-dopaminergic-based therapy has the potential to transform the treatment landscape for patients with this debilitating disorder.”

Primary Endpoint

The primary endpoint of the trial was antipsychotic efficacy as measured using the SAPS-PD, a 9-item scale adapted from the hallucinations and delusions domains of the Scale for the Assessment of Positive Symptoms, by comparing the mean change from baseline to day 43 for pimavanserin versus placebo. SAPS-PD assessments were performed by blinded, independent centralized raters. The pimavanserin arm demonstrated a robust 5.79 point improvement in psychosis at day 43 compared to a 2.73 point improvement for placebo, representing a highly significant and clinically meaningful treatment difference of 3.06 points on SAPS-PD (p=0.001).

Baseline Mean Mean Change at Day 43
PBO PIM PBO PIM P-value
(n=90) (n=95)
SAPS-PD 14.73 15.88 -2.73 -5.79 0.001

Note: mixed model repeated measures (MMRM) method was applied in the primary analysis of the intent-to-treat (ITT) population. The significance test was based on least-square mean change from baseline for each arm using a 2-sided beta = 0.05.

Key Secondary Endpoint

The key secondary endpoint of the trial evaluated motoric tolerability and functional outcome using Parts II and III of the UPDRS. The objective of this secondary endpoint was to demonstrate that pimavanserin could achieve its antipsychotic effects without worsening motor function as compared to placebo in PDP patients. A pre-specified, non-inferiority analysis was used to compare the mean change from baseline to day 43 for pimavanserin versus placebo using a two-sided 95 percent confidence interval (CI) for the treatment difference. Motoric improvements were seen in both the pimavanserin and placebo arms and the CI associated with the treatment difference did not exceed a pre-specified margin of 5 points for clinically relevant change, confirming that pimavanserin met this key secondary endpoint and did not worsen motor function in PDP patients.

Secondary and Exploratory Efficacy Measures

The secondary efficacy measure in the trial was an assessment of clinical global improvement by the investigator using the CGI-I scale. Pimavanserin demonstrated a highly significant improvement on this measure (p=0.001), further supporting its antipsychotic efficacy.

In addition, other clinical benefits of pimavanserin were observed in exploratory efficacy measures of sleep and caregiver burden. Sleep was assessed using the SCOPA-sleep scale, which was designed to enable the investigator to evaluate nighttime sleep and daytime wakefulness in Parkinson’s patients. Pimavanserin demonstrated significant improvements on both nighttime sleep (p=0.045) and daytime wakefulness (p=0.012) on SCOPA.

Caregiver burden was assessed using the Caregiver Burden Scale. This scale was completed by the caregiver to provide a quantitative assessment of burden associated with the patient’s functional/behavioral impairments, the circumstances of at-home care, as well as the caregiver’s health, social life and interpersonal relations. Pimavanserin demonstrated a highly significant improvement on the Caregiver Burden Scale (p=0.002).

Safety and Tolerability Profile

Consistent with previous studies, pimavanserin was safe and well tolerated in this trial. Based on a preliminary analysis of safety data, the most common adverse events were urinary tract infection (11.7% PBO vs. 13.5% PIM) and falls (8.5% PBO vs. 10.6% PIM). Adverse events were generally characterized as mild to moderate in nature. The only serious adverse events that occurred in more than one patient were urinary tract infection (1-PBO vs. 3-PIM) and psychotic disorder (0-PBO vs. 2-PIM). Ninety percent of the patients who completed the clinical phase of this trial elected to roll over into the ongoing open-label safety extension study. Patients were only eligible to participate in the extension study if the treating investigator also deemed them to be likely to benefit from continued treatment with pimavanserin.

“We are excited with the results of this study which demonstrate that pimavanserin has the potential to offer PDP patients a new treatment option that, for the first time, can achieve the desired clinical profile by providing an effective, safe and well tolerated antipsychotic therapy,” said Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA. “We remain committed to advancing pimavanserin to registration as a first-in-class treatment for this large unmet medical need. These results also suggest that pimavanserin may have the ideal clinical profile to address a broader range of neuropsychiatric disorders that are underserved by currently marketed antipsychotics.”

“These significant and consistent top-line results are a strong validation of the optimized study design used in this trial,” said Roger G. Mills, M.D., ACADIA’s Executive Vice President of Development. “Encouragingly, benefits of pimavanserin were seen by patients, caregivers and investigators, as well as the independent raters. Following the successful outcome of this pivotal Phase III trial, we will continue our ongoing preparations for a confirmatory pivotal Phase III trial, the -021 Study, using the same trial design.”

About the Trial Design

The pivotal Phase III trial, referred to as the -020 Study, was a multi-center, double-blind, placebo-controlled study designed to evaluate the efficacy, tolerability and safety of pimavanserin as a treatment for patients with PDP. A total of 199 patients were enrolled in the study and randomized on a one-to-one basis to receive either 40 mg of pimavanserin or placebo once-daily for six weeks, following a two-week screening period including brief psycho-social therapy. Patients also received stable doses of their existing anti-Parkinson’s therapy throughout the study. The primary endpoint of the -020 Study was antipsychotic efficacy as measured using the “SAPS–PD” scale, which consists of nine items from the hallucinations and delusions domains of the Scale for the Assessment of Positive Symptoms, or SAPS. These nine items have been shown to be particularly relevant to the expression of psychotic symptoms in patients with Parkinson’s disease and to have high inter-rater reliability for assessment of severity. Motoric tolerability was a key secondary endpoint in the study and was measured using Parts II and III of the Unified Parkinson’s Disease Rating Scale, or UPDRS.

Conference Call and Webcast Information

ACADIA will host a conference call and webcast with slides today, November 27, 2012 at 8:00 a.m. Eastern Time to present the top-line results from its pivotal Phase III trial with pimavanserin in patients with PDP. The conference call can be accessed by dialing 866-783-2140 for participants in the U.S. and Canada and 857-350-1599 for international callers (reference passcode 26249437). The conference call will be webcast live on ACADIA’s website, www.acadia-pharm.com, under the investors section and will be archived there until December 11, 2012. A telephone replay also may be accessed through December 11, 2012 by dialing 888-286-8010 for participants in the U.S. and Canada and 617-801-6888 for international callers (reference passcode 47904115).

About Pimavanserin

Pimavanserin is ACADIA’s proprietary small molecule that acts selectively as an antagonist/inverse agonist on serotonin 5-HT2A receptors and is in Phase III development as a potential first-in-class treatment for Parkinson’s disease psychosis. Pimavanserin can be taken orally as a tablet once-a-day. ACADIA discovered pimavanserin and holds worldwide rights to this new chemical entity.

About Parkinson’s Disease Psychosis

According to the National Parkinson’s Foundation, about one million people in the United States and from four to six million people worldwide suffer from Parkinson’s disease. Parkinson’s disease psychosis, or PDP, is a debilitating disorder that develops in up to 60 percent of patients with Parkinson’s disease. Currently, there is no FDA-approved therapy to treat PDP in the United States. PDP, commonly consisting of visual hallucinations and delusions, substantially contributes to the burden of Parkinson’s disease and deeply affects the quality of life of patients. PDP is associated with increased caregiver stress and burden, nursing home placement, and increased morbidity and mortality. There is a large unmet medical need for new therapies that will effectively treat PDP without compromising motor control in patients with Parkinson’s disease.

About ACADIA Pharmaceuticals

ACADIA is a biopharmaceutical company focused on innovative treatments that address unmet medical needs in neurological and related central nervous system disorders. ACADIA has a pipeline of product candidates led by pimavanserin, which is in Phase III development as a potential first-in-class treatment for Parkinson’s disease psychosis. ACADIA also has clinical-stage programs for chronic pain and glaucoma in collaboration with Allergan, Inc. and two advanced preclinical programs directed at Parkinson’s disease and other neurological disorders. All product candidates are small molecules that emanate from discoveries made at ACADIA. ACADIA maintains a website at www.acadia-pharm.com to which ACADIA regularly posts copies of its press releases as well as additional information and through which interested parties can subscribe to receive email alerts.

Forward-Looking Statements

Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements include but are not limited to statements related to the progress and timing of ACADIA’s drug discovery and development programs, either alone or with a partner, including the commencement or progress of clinical trials and the results of clinical trials, and the clinical benefits to be derived from ACADIA’s product candidates, in each case including pimavanserin. In particular, forward-looking statements include statements regarding the potential implications of the results of the -020 study; the potential for selective, non-dopaminergic-based therapy, such as pimavanserin, to transform the treatment landscape for patients with PDP; the potential of pimavanserin as a first-in-class, effective, safe and well tolerated antipsychotic therapy and treatment for PDP; and the possibility that pimavanserin may have a clinical profile suitable to address a broader range of neuropsychiatric disorders that are underserved by currently marketed antipsychotics. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks and uncertainties inherent in drug discovery, development, regulatory review and commercialization, and in collaborations with others, and the fact that past results of clinical trials may not be indicative of future trial results. For a discussion of these and other factors, please refer to ACADIA’s annual report on Form 10-K for the year ended December 31, 2011 as well as ACADIA’s subsequent 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 hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are qualified in their entirety by this cautionary statement and ACADIA undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof, except as required by law.

Tuesday, November 27th, 2012 Uncategorized Comments Off on ACADIA (ACAD) Primary and Key Secondary Endpoints in Pivotal Phase III Parkinson’s Trial