CIT, ALNS, OREX, PVRE, BCRX, FPBN
Our Stocks to Watch tomorrow include CIT Group Inc. (NYSE: CIT), Alentus Corp. (OTC: ALNS), Orexigen Therapeutics Inc. (Nasdaq: OREX), Pavilion Energy Resources Inc. (OTC: PVRE), BioCryst Pharmaceuticals (Nasdaq: BCRX) and 1st Pacific Bancorp (Nasdaq: FPBN).
CIT GROUP INCORPORATED (NYSE: CIT)
"Up 70.73% on Friday"
CIT Group Inc. is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the S&P 500 and Fortune 500.
July 17 -
Beacon Equity Issues Investment Report for CIT Group Inc.
BeaconEquity.com announces an investment report featuring commercial lender CIT Group Inc. (NYSE: CIT). The report includes financial, comparative and investment analyses, and pertinent industry information you need to know to make an educated investment decision.
The investment report on CIT Group Inc. should be of particular interest to credit services companies: Orix Corp. (NYSE: IX), Citigroup Inc. (NYSE: C), Mizuho Financial Group Inc. (NYSE: MFG) and SunTrust Banks Inc. (NYSE: STI).
In the report, the analyst notes:
"The Company recently announced it has been advised that there is no appreciable likelihood of additional government support being provided over the near term. Previously, it confirmed that it remains in active discussions with its principal regulators on a series of measures to improve the Company's near-term liquidity position...
"Shares of CIT plummeted yesterday as consumers, analysts and investors awaited word on what the struggling commercial lender will do next to avert bankruptcy. The Company Thursday afternoon emerged from discussions with government agencies with word that the Obama administration declined to bailout the small-business financer on the grounds that it doesn't meet the standards for government aid. This would be the second bailout for the lender, which received a $2.33 billion bailout in December."
To read the entire report visit http://beaconequity.com/i/CIT.
ALENTUS CORPORATION (OTC: ALNS)
"Up in after-hours trading on Friday"
Alentus Corporation is based in Aliso Viejo, California, with Data Center and Network Operations Center facilities in Edmonton, Alberta, Canada, Columbus and Austin in the United States and in London, United Kingdom. The company provides Microsoft Windows asp.net hosting, RedHat Linux website hosting, sharepoint hosting, SQL and mySQL database hosting, Microsoft Exchange Hosting, Virtual Private Servers (VPS), and dedicated server solutions to thousands of small- to medium-sized companies and customized solutions to larger organizations including many Fortune 500 clients. Alentus is a Microsoft Gold Certified Partner, RedHat Ready Hosting Partner, and MySQL Enterprise Ready Partner.
July 8 -
Alentus Corporation Announces Insider Stock Purchase
Alentus Corporation (OTC: ALNS), a leading provider of web solutions including dedicated servers managed services, Windows and Linux web hosting, Sharepoint hosting and Microsoft Exchange email services, announced that Randy Reineck, currently Executive Vice President of Corporate Development, recently purchased 1,100,000 shares of Alentus restricted common stock. When added to the 1,100,000 shares purchased in the quarter ending March 2009, this results in the cumulative purchase of 2,200,000 shares for a total purchase price of $132,000 or 6 cents per share.
Alentus makes this announcement as part of its commitment to provide transparency and comply with current information rules of the PinkOTC. Those rules require Alentus to disclose significant employee stock purchase and sale transactions within four business days of their occurrence.
Mr. Reineck was also elected to the company’s board of directors on April 23, 2009.
Mr. Reineck has more than 25 years experience in the information technology arena in various size companies from startups to $1+ billion revenue. Mr. Reineck was a founder and President of MIS Technologies, a managed Internet services provider based in Irvine, California and prior to that was Vice President of Technology and Corporate Development for Zland.com, an industry pioneer in the Software as a Service (SaaS) business based in Aliso Viejo. Prior to that Mr. Reineck was Vice President of Worldwide Sales, Marketing, and Business Development for Zycad Corporation, a NASDAQ company and leader in the semiconductor design and manufacturing tools space based in silicon valley. Mr. Reineck was also a Senior Manager of Worldwide Business Planning at Prime Computer where he was a key employee involved in the identification and execution of strategic investments and acquisitions including the $700 million acquisition of Computervision. Mr. Reineck is a graduate of the Massachusetts Institute of Technology with a degree in electrical engineering and a minor from the Sloan School of Management with a focus in economics.
OREXIGEN THERAPEUTICS INCORPORATED (NASDAQ: OREX)
"Up 4.40% on Friday"
Orexigen Therapeutics, Inc. is a biopharmaceutical company focused on the development of pharmaceutical product candidates for the treatment of obesity. Orexigen's lead combination product candidates targeted for obesity are Contrave®, which is in Phase III clinical trials, and Empatic™ which is in the later stages of Phase II development. Both product candidates take advantage of the Company's understanding of how the brain appears to regulate appetite and energy expenditure, as well as the mechanisms that come into play to limit weight loss over time. Each product candidate is designed to act on a specific group of neurons in the central nervous system with the goal of achieving appetite suppression and sustained weight loss.
July 17 -
Orexigen® Therapeutics Schedules July 20, 2009 Teleconference and Webcast Discussion of Contrave® Phase 3 Results
Orexigen® Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, plans to announce the results of the three remaining Phase 3 clinical trials in the Contrave program on Monday, July 20, 2009 before the markets open. The announcement will be followed by a live webcast and conference call at 8:00 a.m. Eastern time.
Orexigen management will host the call and webcast to discuss the results of these clinical trials and answer questions. The live call may be accessed by phone by calling 1-800-561-2813 (domestic) or 617-614-3529 (international), participant code 14007929.
PAVILION ENERGY RESOURCES INCORPORATED (OTC: PVRE)
"Up 35.87% on Friday"
Pavilion Energy Resources, Inc., an energy resource company, engages in the acquisition, exploration, and drilling of oil and natural gas reserves in the mid-continent and gulf coast regions of the continental United States. The company was formerly known as Energetics Holdings, Inc. Pavilion Energy Resources is based in Beverly Hills, California.
July 15 -
Pavilion Energy Resources, Inc. Auditors Appointed
Pavilion Energy Resources, Inc. (OTC: PVRE) (the "Company") announces that the Company has appointed Auditors Tavaran, Askelson & Company located in Laguna Niguel to serve as Auditors. The Company expects to file completed historical quarterly and annual reports in due course.
PVRE is an independent oil and gas company which is positioning itself to generate earnings from energy production. PVRE is advancing development plans for its 75% owned speculative oil and gas projects. The Company also plans to make the jump from a junior explorer to an onshore oil producer.
Speculative oil and gas projects
PVRE has secured interests in four new large-scale, speculative energy projects, which could collectively help make America "Energy Independent." Two of the speculative resources are "Clean-Energy," (Low-CO2) super-giant Natural Gas fields:
1) Arctic Commons Abyssal Claim.
2) Blake Ridge Claim and OCS lease Application.
3) Bering Sea Abyssal Commons Claim.
4) Santa Barbara Channel OCS and State Waters lease applications.
Onshore Oil-Gas Opportunites
Management sees a tremendous amount of opportunity in the energy sector based on recent & prevailing economic conditions. Oil field assets can be secured at bargain prices today. In response, the company will seek to acquire oil and gas reserves at a discount to their long-term price-value.
The Company's goal is to achieve short-term profitability from acquiring and producing onshore, quality light and heavy oil properties that are either cashflow positive or near cashflow positive.
BIOCRYST PHARMACEUTICALS INCORPORATED (NASDAQ: BCRX)
"Up 40.90% on Friday"
BioCryst is a biopharmaceutical company that has developed a diverse pipeline of novel therapeutics targeting major illnesses by employing crystallography and structure-based drug design. BioCryst is currently advancing investigational new drugs discovered in-house in late-stage clinical trials for influenza and lymphoma. In addition, the Company has a pre-clinical portfolio of novel compounds, directed against infectious, cardiovascular and autoimmune disease targets, to create long-term sustainable value. The Company's strategic alliances with the U.S. Department of Health and Human Services, Shionogi & Co., Ltd., Green Cross Corporation and Mundipharma International Holdings Ltd. validate its scientific foundation and the utility of its product candidates.
July 17 -
BioCryst Pharmaceuticals Reports Positive Results of Shionogi & Co. Sponsored Phase 3 Studies of i.v. Peramivir for Influenza
BioCryst Pharmaceuticals (Nasdaq: BCRX) announced positive results from two Phase 3 studies of intravenous (i.v.) peramivir in patients with seasonal influenza. The studies were sponsored by BioCryst's partner Shionogi & Co., Ltd. of Osaka, Japan and conducted during the 2008-2009 influenza season. Shionogi and Green Cross Corporation, the license holder of peramivir in Korea, co-conducted the portion of the studies in Korea.
In patients with uncomplicated seasonal influenza, Shionogi conducted a three-armed, multi-center, randomized, double-blind, multi-national Phase 3 study of i.v. peramivir that compared the efficacy and safety of a single dose of peramivir (either 300 mg or 600 mg) and treatment with oral oseltamivir phosphate 75 mg (Tamiflu(®)) twice a day for five days. A total of 1,099 patients were enrolled at 146 centers (Japan:100; Korea:25; Taiwan:21). Both the 300 mg and 600 mg single dose peramivir groups demonstrated non-inferiority for the primary endpoint, time to alleviation of symptoms (TTAS), compared to the oseltamivir group. The medians for TTAS for the peramivir 300 mg, peramivir 600 mg and oseltamivir groups were 78.0 hours, 81.0 hours and 81.8 hours, respectively.
Additionally, Shionogi conducted a double-blind, multi-center Phase 3 study of i.v. peramivir with dosing over multiple days. The study enrolled 42 influenza patients at high-risk of serious complications due to one or more qualifying conditions: diagnosis with poorly controlled diabetes mellitus, a chronic respiratory disease requiring pharmacotherapy, or current treatment with any immunosuppressive drug. Peramivir was administered at 300 mg or 600 mg per day, and the duration was adjusted (up to five days) on a case-by-case basis, depending on the patient's temperature and clinical condition. In this study, the median time to alleviation of symptoms in all 37 evaluable patients treated with either 300 mg or 600 mg peramivir daily was 68.6 hours.
i.v. peramivir 300 mg and 600 mg in both single and multiple doses were generally safe and well-tolerated in these trials. Further analyses of the study data, including secondary efficacy endpoints and detailed safety is underway. Additional data will be submitted for presentation at an upcoming medical meeting.
"The clinical outcomes of these Phase 3 studies are important, especially during the declared influenza pandemic, as they indicate the promise of peramivir as a treatment for influenza," commented Dr. William P. Sheridan, Chief Medical Officer of BioCryst. "The need for additional anti-viral treatment options for influenza remains high. BioCryst is currently finalizing its plans for peramivir Phase 3 studies intended to support U.S. regulatory approval, while continuing to support the pre-emergency use authorization review of peramivir by the U.S. Food & Drug Administration."
"This data represents a significant milestone for BioCryst -- the first Phase 3 studies successfully conducted with a drug candidate discovered by BioCryst," said Jon P. Stonehouse, President and Chief Executive Officer of BioCryst. "We congratulate Shionogi on the success of these rapidly completed studies, which have the potential to lead to the first regulatory approval for peramivir."
Shionogi has stated that the Company is making its best effort to file its New Drug Application and to receive a manufacturing approval as soon as possible in Japan.
Peramivir is an anti-viral agent that inhibits the interactions of influenza neuraminidase, an enzyme which is critical to the spread of influenza within a host. Peramivir has demonstrated clinical activity and safety in prior human studies. In laboratory tests, peramivir has shown activity against various viral strains, including the novel influenza A (H1N1) virus. In the U.S., BioCryst is preparing plans for additional Phase 3 studies of i.v. peramivir to support product registration. Additionally, i.v. peramivir is currently undergoing a pre-emergency use authorization (EUA) review.
ABOUT THE SHIONOGI & CO. LTD. PARTNERSHIP
In February 2007, BioCryst & Shionogi & Co., Ltd. entered into an exclusive license agreement under which Shionogi obtained rights to develop and commercialize peramivir in Japan for the treatment of seasonal and potentially life-threatening influenza. In 2008, Shionogi's rights were extended to include Taiwan. Under the terms of the agreement, BioCryst may receive future clinical and commercial event milestone payments up to $116 million, as well as double digit royalty payments on product sales of peramivir. BioCryst retains its rights to commercialize peramivir in countries outside of Japan, Taiwan and South Korea.
1ST PACIFIC BANCORP (NASDAQ: FPBN)
"Up 27.27% on Friday"
1st Pacific Bank of California is a San Diego community business bank. The bank offers a full complement of business products and services to meet the financial needs of professional firms, small to mid-sized businesses, their owners and the employees who work there.
July 16 -
First Business Bank and 1st Pacific Bank of California Agree to Merger
Combined Banks to Have Approximately $500 Million in Assets, 11 Local Offices and a Business Banking Focus
First Business Bank (OTCBB: FBBN) and 1st Pacific Bancorp (Nasdaq: FPBN) announced that they have signed a definitive merger agreement under which 1st Pacific Bank of California, 1st Pacific Bancorp’s banking subsidiary, will merge with First Business Bank.
Under the terms of the agreement, each outstanding share of 1st Pacific Bancorp will receive $1.40 per share in cash and a percentage of the recoveries of certain charged-off loans and a lawsuit. The initial cash payment to 1st Pacific Bancorp shareholders represents a transaction value of approximately $7.0 million. Shareholders of First Business Bank will become the shareholders of 1st Pacific Bancorp.
The banking subsidiary will operate a total of 11 branch offices and will retain the name 1st Pacific Bank of California. First Business Bank’s three full-service offices in Del Mar Heights, Carlsbad and Ramona will be rebranded. Corporate headquarters functions will be consolidated at 1st Pacific Bank’s corporate headquarters in University Towne Center. 1st Pacific Bank’s eight offices in La Jolla, Solana Beach, University Towne Center, Mission Valley, Tri-Cities, Inland North County, El Cajon and Downtown San Diego will also continue to operate.
Nathan L. Rogge, President and Chief Executive Officer of First Business Bank, will continue in that capacity for the combined company. In addition, the six directors of First Business Bank will become the directors of 1st Pacific Bancorp and the merged bank. When the transaction is completed, two members of 1st Pacific Bank’s Board of Directors are also expected to continue on as part of the board.
The transaction is subject to shareholder and regulatory approvals and is expected to close in the fourth quarter of this year.
“This transaction meets the needs of both companies,” said Rogge. “We have wanted to expand into additional markets in the region, and the bank’s increased asset size and combined resources will allow us to operate more efficiently and profitably while delivering more products and services to a larger customer base.”
Ronald Carlson, 1st Pacific’s Chairman, President and Chief Executive Officer, added, “First Business Bank is one of the highest capitalized banks in the San Diego market and the financial strength of the combined company will be of great value to our customers.”
As of June 30, First Business Bank had a total risk-based capital ratio of 23.75% and a leverage ratio of 16.85%. A 10% total risk-based capital ratio is required for a bank to be considered “well-capitalized.” Rogge noted that First Business Bank’s principal shareholder, Ernest Auerbach, has committed to infuse substantial additional capital into the bank to facilitate the transaction and to enhance the regulatory capital ratios of the combined bank.
Rogge said the combined company will continue to emphasize a strategy of providing commercial banking services to small and medium-sized businesses and professionals that can best be served by a local bank offering a portfolio of loan and deposit products tailored to meet their specialized needs.
“Both companies have experienced managements and talented staffs with deep local market knowledge in the San Diego business banking community,” said Rogge. “With a strong capital base, safe and sound banking practices, and dedicated local ownership and management, we expect the combination to be a formidable competitor in this region for many years to come.”
First Business Bank was advised by Keefe, Bruyette & Woods, Inc. and Horgan, Rosen, Beckham & Coren, L.L.P. 1st Pacific Bancorp was advised by Sandler O’Neill + Partners, L.P. and Luce, Forward, Hamilton & Scripps LLP.
ABOUT FIRST BUSINESS BANK
First Business Bank is exclusively focused on serving the special needs of professionals and small and medium-sized enterprises. Established in 2001, First Business Bank is dedicated to providing business professionals with simple, fast and effective solutions. Experienced bankers deliver highly tailored financial solutions while providing customers with educational and networking opportunities.