Wednesday, November 5th
GCHK, PHFB, PGOG, MVSR, WNEAE
ROIA/ROIAK, KERX, ZVUE, BBDA, EPIX, GENR
Our Stocks to Watch today include GreenChek Technology Inc. (OTCBB: GCHK), Phantom Fiber Corp. (OTCBB: PHFB), Perf Go Green Holdings Inc. (OTCBB: PGOG), Medivisor Inc. (OTC: MVSR), Wind Energy America Inc. (OTCBB: WNEAE), Radio One (Nasdaq: ROIAK and ROIA), Keryx Biopharmaceuticals Inc. (Nasdaq: KERX), ZVUE Corp. (Nasdaq: ZVUE), Bebida Beverage Co. (OTC: BBDA), EPIX Pharmaceuticals Inc. (Nasdaq: EPIX) and Genaera Corp. (Nasdaq: GENR).
GREENCHEK TECHNOLOGY INCORPORATED (OTCBB: GCHK)
GreenChek Technology, Inc. manufactures and distributes hydrogen injection technology devices that primarily focus on mobile transportation applications and industrial generative power applications. It also provides mobile greenhouse gas emissions reduction technology. The company's Onboard Hydrogen Generation and Injection technology is used for emissions reduction technology and fuel economy enhancement in trucks, locomotives, and automobile engines. It has operations in the United States, Canada, Asia, and Europe. The company, formerly known as Ridgestone Resources, Inc., was founded in 2006 and is headquartered in San Francisco, California.
November 4 -
GreenChek Announces Plans for European Implementation on the Heels of Major LOI Announcement
GreenChek Technology Inc. (OTCBB: GCHK), a leading globally focused provider of hydrogen based technology for mobile transportation and stationary power generation applications, is pleased to announce that we are aggressively preparing for implementations now that we have closed the recent LOI signed to form a Strategic Alliance with a world-class and world-renowned distributor Technical Environmental Solutions Europe Ltd. (TESEL).
GreenChek manufactures an emission reducing device simply known as the ERD 1.0, which can be retrofitted to any vehicle or combustible engine regardless of fuel source. This device reduces vehicle emissions as well as increases fuel economy.
“We are pleased with the ongoing discussions with TESEL, but more importantly we are excited about being able to quickly move towards our strategic implementation sales targets in Europe,” said GreenChek’s President and Chief Executive Officer Lincoln Parke. “As such, we are completing our discussions regarding our initial European installs.”
PHANTOM FIBER CORPORATION (OTCBB: PHFB)
Phantom Fiber Corporation is a leading developer of wireless platform software that enables its customers to deliver high-performance applications across global communications networks to mobile users. The company's wireless platform extends the rich multimedia content and user experience of existing Internet web sites securely and instantly to over 1,500 mobile devices including cellular phones and PDAs. This platform is already deployed to most segments of the global gaming industry and can be used by enterprises seeking to implement high performance mobile applications in such markets as: remote video surveillance; banking and brokerage applications; as well as the logistics and distribution markets. Visit www.phantomfiber.com for more information about Phantom Fiber.
October 30 -
Mahjong Time Signs a Multi-Year Contract With Phantom Fiber Corporation to Create a Mobile Extension to Their Leading Online Mahjong Gaming Platform
Mahjong Time, the leading software provider for the online mahjong gaming community, announced a multi-year contract with Phantom Fiber Corporation (OTCBB: PHFB), a leading wireless transaction enablement company specializing in the gaming and entertainment sector. Under the terms of the deal, Phantom Fiber will receive an integration fee and will then share in the ongoing revenue generated from the mobile subscribers.
The integration will allow Mahjong Time to continue delivering the functionality, graphics and speed that users have come to expect from their industry leading software platform and internet offering to over 1,000 handset types. In addition to this, the mobile extension will also offer features that have established Mahjongtime.com as the number one online Mahjong community; these features include multiple game types, multiple languages, practice play, and tournament play. The mobile product will operate on hundreds of device types including Java phones, Apple iPhone, Blackberry, Palm, Microsoft Pocket/PC and Smartphone based handheld devices from anywhere in the world.
"We are quickly being recognized as the dominant mahjong provider in the online arena and we have a strong brand in the Asian market, but I think we all realize that the Asian market is a very mobile and technical savvy geographic area," said William Sutjiadi, CEO of Mahjong Time. "We knew it was a matter of time before we would have to provide a mobile solution. Choosing Phantom Fiber was easy. Their ability to provide the only mobile solution that works globally, their unprecedented support for handsets, and most of all their experience in mobile multi-user environments will ensure the success of this project."
Jeff Halloran, Chairman & CEO of Phantom Fiber, stated, "This agreement has a number of benefits for Phantom Fiber. We recognize the magnitude of the Asian market and their passion for Mahjong. Extending the premier Mahjong platform to a mobile environment will extend Phantom Fiber's reach into those markets. Our multi-user experience from the gaming space and our ability to support multiple languages also blends nicely with our technology. We have been talking with Mahjong Time for some time and have watched them grow in popularity and have some great successes. We are glad the time is right to work with Mahjong Time and share in those successes."
The solution will provide the game content in a number of formats. The player can play against the computer or fully interact with the online community. By using the same login credentials as the internet, a player can search for friends who may be playing online via the internet and join the same games and contests as any other internet player, only from their mobile device.
ABOUT MAHJONG TIME
Founded in 2004, Mahjong Time is a San Diego-based company that is the premier provider of mahjong software and complete turnkey solutions. The Mahjong Time in-browser platform is available in seven languages and provides multiple mahjong rules sets that appeal to the needs of discerning players worldwide. Offered features include advanced subscription and tournament play, and Web 2.0 capabilities that allow players greater connectivity including the ability to establish multiple "friend" networks and to create private game rooms.
Mahjong Time is the exclusive online tournament partner of the annual World Series of Mahjong. The company is also involved in a strategic partnership with Cryptologic, the leading public developer and supplier of Internet gaming software. For more information, visit www.mahjongtime.com.
PERF GO GREEN HOLDINGS INCORPORATED (OTCBB: PGOG)
Perf Go Green Holdings, Inc. is engaged in the creation and global marketing of 100% eco-friendly, non-toxic, food-contact-compliant, biodegradable plastic products. All Perf Go Green products are made from recycled plastics and completely break down in landfill within two years, leaving no toxic or visible residue, as compared to other plastics that take hundreds of years. Perf Go Green’s corporate name reflects its “Go Green” mission to develop, market and distribute biodegradable plastic products as a practical and viable solution to eliminating plastic waste from the world environment.
October 28 - Perf Go Green Adds Leading Supermarket Chain Hy-Vee, Inc. to Distribution Network
Perf Go Green Holdings, Inc. (OTCBB: PGOG) (“Perf Go Green”), a marketer and distributor of biodegradable plastics, announced a distribution agreement with Hy-Vee, Inc. One of the top 30 supermarket chains in the U.S., Hy-Vee operates more than 224 retail stores in the Midwest.
“Our agreement with Hy-Vee is another sign of the overwhelmingly enthusiastic reception retailers are giving our biodegradable plastic bags,” said Perf Go Green Chairman and CEO Tony Tracy. “We're especially excited about this new partnership because Hy-Vee is well-known for its commitment to sustainability and its leadership in bringing health and wellness to mainstream consumers. Perf Go Green's earth-friendly products offer a meaningful way for consumers, companies and their employees to reduce their environmental footprint.”
Perf Go Green will begin shipping its 13-gallon kitchen trash bags and its 30-gallon lawn and leaf bags to Hy-Vee in November 2008.
Founded in 1930, Hy-Vee, Inc. is an employee-owned corporation operating more than 224 retail stores in seven Midwestern states. For 2007 the company recorded total sales of $5.6 billion, ranking it among the top 30 supermarket chains and the top 50 private companies in the U.S.
Founded in November 2007, Perf Go Green premiered at the March 2008 International Home and Housewares Show in Chicago, where its products received an honor for their design quality and innovation. Perf Go Green is proud to be part of the nation's “go green” movement, which is poised to become a $500 billion market by 2009, according to Landor Associates.
Perf Go Green products incorporate recycled plastics that are combined with an Oxo-Biodegradable proprietary application method to produce the film for its bags. Based on environmental claims statements made by the manufacturer of the Oxo-Biodegradable applied to our bags, when discarded in soil and exposed to the presence of microorganisms, moisture and oxygen, we believe Perf Go Green products biodegrade within two years, decomposing into simple materials found in nature much faster than regular plastics, which can take hundreds of years to break down. Through this process and the use of recycled plastics, Perf Go Green effectively removes plastic waste from the environment. In addition, Perf Go Green trash bags utilize a unique patented dispensing system that stores the bags on the bottom of trashcans and dispenses them one at a time, similar to a tissue box.
MEDIVISOR INCORPORATED (OTC: MVSR)
Medivisor, Inc. provides medical information to healthcare professionals, primarily physicians, through its Web sites, using inter-active, informational, and video and graphic presentations. It also focuses on offering Web site services to various industries seeking direct access to physicians, including providers of continuing medical education courses; sponsors of medical conferences and seminars; and pharmaceutical companies, using an online marketing format known as e-detailing. The company was founded in 2002 and is headquartered in Huntington Station, New York.
October 15 - Medivisor, Inc. Signs Additional Agreement for Distribution of 'Maximum Energy Shot'; Terms Include $500,000 Minimum Orders for Renewable Contract
Medivisor, Inc. (OTC: MVSR), developer of next-generation focus driven marketing tools, announced today that it has entered into an agreement with Stack-It Distributors, Inc. for the distribution of its newly announced energy drink, Maximum Energy Shot. Medivisor has retained Stack-It Distributors, Inc. to distribute its energy drink, and Stack-It Distributors Inc. is to provide minimum orders of $500,000 for an annually renewable contract. The agreement with Stack-It Distributors is substantially similar to Medivisor's previously announced agreement with Market Quest USA.
"Industry dynamics are changing at a rapid pace and the opportunity to enter into the fastest growing segment of the beverage industry, energy drinks, along side of Medivisor, Inc. is a great opportunity," stated Stack-It President Robert Kaible. "We share common vision and values and expect the brand, Maximum Energy Shot, to be a sales success."
Stack-It Distributors, Inc. is a full-service distribution company committed to being the beverage distributor of choice in the Northeast, sustaining profitable growth for the brands it represents. Headquartered on Long Island, NY, Stack-It prides itself on providing remarkable service to its customers and providing a great culture for its teammates.
WIND ENERGY AMERICA INCORPORATED (OTCBB: WNEAE)
Wind Energy America Inc. develops and operates wind energy projects in the Great Plains and the Midwest, regions known for their high quality wind energy resources. The Company owns interests in three wind farms: Shaokatan Hills LLC, Lakota Ridge LLC and CHI Energy. At present, WNEA owns a developer's stake and a minimal interest producing negligible cash flow in these wind farms. Over the next two years the developer’s stake will begin producing significant cash flow from these projects. The three wind farms together contain 79 modern wind turbines and have a total rated capacity of 53.5 megawatts (MW). They are collectively generating approximately 160 million kilowatt hours (kWh) of electricity annually. In addition to these properties, the Company owns a 3 percent equity interest in Averill Wind LLC, a 10 MW wind farm being developed near Fargo, N.D., another region favorable for wind power energy.
September 23 - Wind Energy America, Inc. Signs Services Agreement with Outland Renewable Energy, LLC
Wind Energy America Inc. (OTCBB: WNEAE) ("WNEA") announced that Outland Renewable Energy LLC (Outland) has signed a services agreement for four newly acquired Gamesa wind turbines in Minnesota and Iowa. These wind turbines represent 5.7 megawatts of new wind capacity for WNEA.
It is expected that Outland will work alongside Gamesa, who has a similar arrangement with WNEA for its wind turbines in Iowa. “We are pleased to be contracting with Outland for these services,” said Bob Knutson, managing director for WNEA. “Outland is known for the quality of the services they provide and for maintaining an extremely safe work environment. We expect this to be the beginning of a close working relationship involving WNEA projects across the upper Midwest.”
Outland’s Chief Operating Officer, Steve Scott, said, “We’re excited to support WNEA in the commissioning and on-going operations and maintenance of these turbines. We know the technology quite well and they’re right here in our own back yard. It’s a good fit for both companies.”
ABOUT OUTLAND RENEWABLE ENERGY LLC
Outland Renewable Energy is a leader in the development, construction and maintenance of wind facilities in the United States. With more than 100 full time employees in the US, the Company maintains their development office in Chaska, Minnesota and manages all operations from Canby, Minnesota.
RADIO ONE INCORPORATED (NASD: ROIA or ROIAK)
"Up 41.67% in morning trading"
Radio One, Inc. operates as a radio broadcasting company, primarily targeting the African-American and urban listeners, in the United States. The company also engages in the acquisition and investment in other media properties. As of March 6, 2008, it owned and operated 54 radio stations located in 17 urban markets in the United States. In addition, the company also has approximately 36% ownership interest in TV One, LLC, which operates a cable television network featuring lifestyle, entertainment, and news-related programming targeted primarily towards African-American viewers. Further, Radio One, Inc. owns interests in Magazine One, Inc., doing business as Giant Magazine, which operates an urban-themed lifestyle and entertainment magazine business; and Reach Media, Inc. that operates the Tom Joyner Morning Show and related businesses. Additionally, the company has a joint venture, the Broadcaster Traffic Consortium, LLC, to build a nationwide network to distribute traffic data through radio technology. The company was founded in 1980 and is based in Lanham, Maryland.
October 28 -
Interactive One Moves to Oracle® VM and Oracle Unbreakable Linux Support
Oracle Software and Support Provide Efficiency, Scalability, Flexibility and Cost Savings
Interactive One, the digital division of Radio One (Nasdaq: ROIAK and ROIA), has implemented Oracle® VM server virtualization software, Oracle Database 11g and Oracle Enterprise Manager to power the infrastructure for its fast growing social networking and media properties.
Additionally, Interactive One switched from Red Hat Linux support to Oracle Unbreakable Linux support. Oracle Unbreakable Linux and numerous systems with Oracle VM and Oracle Database 11g enables Interactive One to cut application delivery times in half, provision and roll out new servers quickly and manage them efficiently, all at a low cost.
Single Point of Contact Helps Reduce Cost, Improves Performance
* Spanning 10 Web sites, including the popular BlackPlanet.com, the largest online community for African Americans, Interactive One provides a rich, integrated online experience for more than 25 million users delivering six hundred fifty million full page views per month. The company expects to reach 60 Web sites over the next year as it brings content from its 52 radio stations online.
* With Oracle VM, Interactive One has consolidated as many as six physical servers into a single server running multiple virtual machines benefiting from more efficient resource utilization and savings on space, power and maintenance. The new environment also provides high availability and failover capabilities necessary for business critical applications.
* Oracle Enterprise Manager is utilized to help build automation solutions for application and database monitoring and management.
* Oracle Database 11g, along with the Oracle Partitioning option and advanced features such as connection pooling, helps to improve the performance of Interactive One's databases and enable them to scale to support many more web servers than ever before.
* By providing a single support vendor for Interactive One's entire software stack, Oracle Unbreakable Linux has simplified the support process and delivered significant cost savings.
* Based on the success of its initial roll out, Interactive One is in the process of deploying Oracle Real Application Clusters. The company also employs Oracle Business Intelligence Suite Enterprise Edition, which delivers a full range of analysis and reporting capabilities that provide users' company-wide with fact-based insight related to their business and services.
"Combining the best of open source and commercial software has enabled Interactive One's Technical Operations department to provide a compelling, seamless experience for our users," said Nicholas Tang, Vice President of Technical Operations, Interactive One. "Our ability to rapidly build, deploy, scale and allocate resources, fail over easily and add new services simply has been the foundation on which we've built a lean and efficient IT operation. It allows us to focus on delivering the best user experience and continue to lower the cost of operations. We owe this in part to the consistent, proven software solutions from Oracle."
"We have been very pleased with our move from Red Hat to Oracle Unbreakable Linux support. Oracle Enterprise Linux software is fully compatible with RHEL and together with Oracle VM provides an efficient and integrated solution that can be easily cloned. In our experience, support is not Red Hat's forte. We have a strong, collaborative relationship with Oracle and cost savings is one of the important benefits," added Tang.
* About Interactive One
* Oracle VM
* Oracle Unbreakable Linux
* Oracle Database 11g
* Oracle Enterprise Manager
* Oracle Business Intelligence Suite Enterprise Edition
KERYX BIOPHARMACEUTICALS INCORPORATED (NASDAQ: KERX)
"Up 53.43% in morning trading"
Keryx Biopharmaceuticals is focused on the acquisition, development and commercialization of medically important, novel pharmaceutical products for the treatment of life-threatening diseases, including renal disease and cancer. Keryx is developing Zerenex(TM) (ferric citrate), an oral, iron-based compound that has the capacity to bind to phosphate and form non-absorbable complexes. Zerenex is currently in Phase 2 clinical development for the treatment of hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease. The Company is also developing KRX-0401 (perifosine), a novel, potentially first-in-class, oral anti-cancer agent that modulates Akt, a protein in the body associated with tumor survival and growth. KRX-0401 also modulates a number of other key signal transduction pathways, including the JNK and MAPK pathways, which are pathways associated with programmed cell death, cell growth, cell differentiation and cell survival. KRX-0401 is currently in Phase 2 clinical development for multiple tumor types. The Company also has an in-licensing and acquisition program designed to identify and acquire additional drug candidates. Keryx is headquartered in New York City.
October 23 -
Keryx Biopharmaceuticals Notified that Nasdaq Has Extended Minimum Bid Price Rule Compliance Period
Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX) announced that it has received notice from The Nasdaq Stock Market ("Nasdaq") stating that Nasdaq Marketplace Rule 4310(c)(4), which requires companies to maintain a minimum bid price of $1.00 per share, has been temporarily suspended. Based on this action, Nasdaq informed the Company that it now has until January 23, 2009, to achieve compliance with Rule 4310(c)(4).
ZVUE CORPORATION (NASDAQ: ZVUE)
"Up 22.07% in morning trading"
ZVUE Corporation is a global digital entertainment company. Its Pospsauce Network (comprised of eBaumsWorld.com, Putfile.com, Holylemon.com, UnOriginal.co.uk, YourDailyMedia.com, Dorks.com, FunMansion.com and ZVUE.com) is consistently among the top-five companies providing user-generated video online. ZVUE™ personal media players are mass-market priced and currently available for purchase online and in Wal-Mart stores throughout the U.S.
October 29 -
ZVUE Schedules Conference Call
ZVUE Corporation (Nasdaq: ZVUE) a global digital entertainment company, announced it plans to host a conference call on Thursday, November 13, 2008 at 4:30 p.m. ET to discuss recent developments and the Company’s strategic initiatives going forward.
The conference call will be hosted by Ulysses S. Curry Jr., Chairman and Interim CEO. Investors are invited to participate on the live call by dialing 888-241-0558, international callers should dial 647-427-3417. A replay of the call will be available for 24 hours following the call. Domestic callers can dial 800-695-2124 and entering pass code 69458375. International dialers should call 402-220-1754 and use the same pass code.
BEBIDA BEVERAGE COMPANY (OTC: BBDA)
"Up 40.00% in morning trading"
The company, formerly known as Fortis Enterprises, was founded in 2000 and is based in Casselberry, Florida. On Sept. 4, 2008, Renovo Holdings announced that the company had changed its name to Bebida Beverage Company and would be locating the base of the company's North American presence in Las Vegas, NV. Rodrigo Makarios leads the management team and operations from facilities located in Sao Jose dos Pinhais, Brazil. Bebida Beverage Company under the leadership of President Makarios will concentrate operations on the bottled water and enhanced beverage markets of North and South America. Bebida's management will focus the company's business efforts within the United States and key target markets within Latin America.
November 4 -
Bebida Beverage Company Outstanding Share Count Update
Bebida Beverage Company (OTC: BBDA) announced that the updated common stock outstanding for the company is 1,069,087,549 shares. In comparison to the preceding month of October, the number of common shares outstanding has decreased by 50,000,000 shares.
The company continues to work on expanding distribution of the company’s flagship product Piranha Spring Water. The company is presently in development of a creative and unique marketing opportunity that is anticipated to spur increased consumer demand for the product. The desire is to further entice consumers to seek out Piranha Spring Water and request the product by name at their favorite retail stores.
The number of shares of common stock authorized by the company is 1.4 billion shares. The company desires to administratively review and pursue corporate actions, which can provide positive yields for increased shareholder value.
EPIX PHARMACEUTICALS INCORPORATED (NASDAQ: EPIX)
"Up 19.37% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/EPIX.php
EPIX Pharmaceuticals is a biopharmaceutical company focused on discovering and developing novel therapeutics through the use of its proprietary and highly efficient in silico drug discovery platform. The company has a pipeline of internally-discovered drug candidates currently in clinical development to treat diseases of the central nervous system and lung conditions. EPIX also has collaborations with leading organizations, including GlaxoSmithKline, Amgen and Cystic Fibrosis Foundation Therapeutics.
November 4 - EPIX Pharmaceuticals Announces Third Quarter Financial Results
Company Reduces Net Loss Expectation for 2008 Conference Call to be Held Today at 10:00 a.m. EST
EPIX Pharmaceuticals, Inc. (Nasdaq: EPIX), a biopharmaceutical company focused on discovering and developing novel therapeutics through the use of its proprietary and highly efficient in silico drug discovery platform, reported consolidated financial results for the third quarter ended September 30, 2008.
“During the past three months, we have continued to work toward achieving our long-term strategy, which is focused on the discovery and development of novel therapeutics utilizing our in silico drug technology platform. As a result, we successfully began our Phase 2b study for PRX-08066 in patients with chronic obstructive pulmonary disease and moderate-to-severe pulmonary hypertension and continued to enroll patients in our Phase 2b program for PRX-03140 focused on patients with Alzheimer’s disease,” said Elkan Gamzu, Ph.D., interim chief executive officer of EPIX. “In addition, we have also continued to achieve milestones associated with our collaboration with Cystic Fibrosis Foundation Therapeutics (CFFT) and have also made notable progress throughout 2008 in our preclinical programs partnered with GlaxoSmithKline (GSK). Complementing this activity, we remain hopeful that we will achieve U.S. Food and Drug Administration (FDA) approval for Vasovist® (gadofosveset trisodium) at the end of the year. As we disclosed earlier this year, the FDA has set December 31, 2008 as our Prescription Drug User Fee Act (PDUFA) goal date in response to our New Drug Application (NDA) resubmission.”
A) Net loss for the third quarter ended September 30, 2008 was $10.2 million, or $0.25 per share, compared with $12.9 million, or $0.39 per share, for the quarter ended September 30, 2007.
B) Total revenues for the third quarter ended September 30, 2008 were $5.1 million, compared with $5.3 million for the third quarter of 2007. Revenues during the 2008 and 2007 third quarter periods primarily relate to reimbursed costs and milestones earned associated with the company’s GSK and CFFT collaborations.
C) Research and development expenses totaled $11.0 million for the quarter ended September 30, 2008, compared with $14.9 million in the third quarter of 2007. The decrease in research and development expense for the three months ended September 30, 2008 was primarily due to decreased clinical trial costs associated with the company’s therapeutic clinical development programs, including the discontinuation of PRX-00023, previously being developed for depression.
D) General and administrative expense remained flat at $3.6 million for both the 2008 and 2007 third quarter periods.
As of September 30, 2008, EPIX had cash, cash equivalents and short-term investments of $34.5 million compared with $61.1 million on December 31, 2007. EPIX currently has $100.0 million of convertible debt outstanding. Approximately 41.7 million shares of common stock were outstanding at September 30, 2008.
On October 23, 2008, EPIX announced that it had reduced its cost structure by decreasing its workforce by approximately 23% and narrowing the current focus of its research and development efforts. The company is now devoting its resources to its lead clinical programs, PRX-03140 being developed for the treatment of Alzheimer’s disease and PRX-08066 being developed for the treatment of patients with chronic obstructive pulmonary disease and moderate-to-severe pulmonary hypertension, as well as its partnered preclinical programs with GSK and CFFT. EPIX estimates that this reduction in force will result in a decrease to its annual salary and benefits costs of approximately $3.0 million. In addition, the company expects to realize savings in future research and development spending associated with the narrowing of its research and development focus.
Full Year 2008 Financial Guidance
EPIX is updating its fiscal year 2008 guidance and currently expects to realize a net loss in the range of $37 to $42 million compared with the previously stated 2008 net loss guidance of $45 to $50 million. EPIX is reiterating its previously stated fiscal year 2008 revenue guidance of $25 to $30 million. Revenue in 2008 is expected to relate primarily to reimbursed research and development costs and milestone achievements under the company’s existing strategic collaborations. Management currently estimates that cash, cash equivalents and marketable securities on hand as of September 30, 2008, together with anticipated revenue to be earned in 2008, will be sufficient to fund operations through the first quarter of 2009.
“Shortly after the third quarter ended, the management team and board of directors at EPIX made the difficult decision to reduce our workforce by 23% and narrow our research and development scope so that we could focus our current resources on our best near-term opportunities for success,” continued Dr. Gamzu. “Going forward, our focus will be on further developing our clinical programs, PRX-03140 and PRX-08066, our partnered preclinical programs that are part of our collaborations with GSK and Cystic Fibrosis Foundation Therapeutics, and our monetization strategy for Vasovist.”
EPIX Recent Corporate Events
VASOVIST is an injectable intravascular contrast agent discovered internally at EPIX and is designed to provide improved imaging of the vascular system using magnetic resonance angiography (MRA).
In September, EPIX announced that Bayer Schering provided notice of its termination of its collaboration agreement with the company and, as a result, the company would regain full worldwide commercial rights for Vasovist effective March 1, 2009. The company is currently seeking a marketing and commercialization partner in conjunction with its monetization strategy for Vasovist.
In July, Vasovist was approved for marketing in South Korea. The imaging agent is now approved for marketing in 34 countries.
PRX-03140 is a novel, highly selective, small-molecule agonist of a specific G-protein coupled receptor (GPCR) known as 5-HT4 for the treatment of Alzheimer's disease.
In October, EPIX presented “Strategy for Trial Design for Treatments with Potential Symptomatic and Disease Modifying Effects: Program Development Issues II” at the Alzheimer’s Association Research Roundtable: Optimal Trial Design for Disease Modifying Therapies in Alzheimer’s Disease meeting in Washington, D.C.
The company began its Phase 2b proof-of-concept program in May 2008. The company is currently enrolling patients for both the monotherapy and combination trials. GSK is participating in the costs of this program.
PRX-08066 is a novel serotonin type 2B receptor (5-HT2B) antagonist that may represent a new mechanism of action for treating pulmonary hypertension (PH).
In August, EPIX initiated its Phase 2b right-heart catheter study of PRX-08066 in patients with chronic obstructive pulmonary disease (COPD) and moderate-to-severe PH.
The single-arm, open-label, Phase 2b study is designed to evaluate the mean pulmonary artery blood pressure change from baseline as measured directly by right-heart catheterization and will also measure the change from baseline in the standard six-minute walk distance test after three months of treatment. Patients will be treated with 500 mg of PRX-08066 on day one of the trial followed by twice-daily dosing of 300 mg of PRX-08066 for three months.
Cystic Fibrosis Foundation Therapeutics (CFFT) Collaboration
EPIX scientists are using the internally developed Cystic Fibrosis Transmembrane conductance Regulator (CFTR) model to identify sites within the delta F508 mutation of the CFTR – the most common mutation in cystic fibrosis patients. It is believed that these sites may be promising targets for treatment. CFFT is working with EPIX to discover drug candidates that may work on those sites and possibly restore function to the mutated CFTR protein.
In September, EPIX announced a breakthrough in identifying two structural classes of dual-acting compounds that act as both potentiators and correctors that target the delta F508 mutation of the CFTR. As a result of this development, EPIX received a $500,000 milestone payment from CFFT.
In October, EPIX presented “Building the CF Therapeutic Pipeline” at the 22nd Annual North American Cystic Fibrosis Conference. The presentation focused on the dual-acting compounds recently discovered at EPIX.
GENAERA CORPORATION (NASDAQ: GENR)
"Up 8.20% in morning trading"
Genaera Corporation is developing trodusquemine (MSI-1436), for type 2 diabetes and obesity currently in phase 1 clinical testing and has a fully out-licensed partnership with MedImmune, Inc. that is in phase 2 clinical testing in asthma. For further information, visit www.genaera.com.
October 30 -
Genaera to Present at Therapeutic Area Partnerships 2008
Nominated as One of the Top 10 Most Interesting Metabolic Projects Available for Partnering
Genaera Corporation (Nasdaq: GENR) will present at the Windhover's Therapeutic Area Partnerships Conference being held November 3-5 at the Lowes Hotel in Philadelphia, Pennsylvania. Dr. Henry Wolfe, Executive Vice President and Chief Scientific Officer, will provide an overview on MSI-1436 for the treatment of type 2 diabetes and obesity on Tuesday, November 4, 2008 at 4:20 p.m. (ET).