BMGP, AMNP, DVME, PAYI, JAGR, SSHS, CBBO, ACLS, CBAI, EDVP, SNSS OTCPicks.com Daily Market Movers Digest Midday Report for Friday, November 6th
Our Stocks to Watch
today include Biomagnetics Diagnostics Corp. (OTC: BMGP), American Sierra Gold
Corp. (OTCBB: AMNP), Diverse Media Group Inc. (OTC: DVME), Pay88 Inc. (OTCBB:
PAYI), Jaguar Mining Enterprises Inc. (OTC: JAGR), Safeguard Security Holdings
Inc. (OTC: SSHS), Columbia Bancorp Corp. (Nasdaq: CBBO), Axcelis Technologies
Inc. (Nasdaq: ACLS), Cord Blood America Inc. (OTCBB: CBAI), Endeavor Power
Corp. (OTCBB: EDVP) and Sunesis Pharmaceuticals Inc. (Nasdaq: SNSS).
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Watch Alerts.
BIOMAGNETICS
DIAGNOSTICS CORPORATION (OTC: BMGP)
Detailed Quote: http://www.otcpicks.com/quotes/BMGP.php
Company Profile: http://www.otcpicks.com/biomagnetics-diagnostics/biomagnetics-diagnostics.htm
Biomagnetics
Diagnostics Corporation is an advanced medical device and biotechnology
company. The Company's revolutionary diagnostic systems, which are based on
advanced magnetics, test for any viral or bacterial disease using any body
fluid. The Company's technology allows laboratories to perform far more tests
in the same amount of time it takes to do a single test. The HTS-MTP platform
is designed to detect the actual virus and viral load in body fluids and not
just simply screen for the presence of viral antibodies.
BMGP News:
November 4 -
Biomagnetics Applies for Gates Foundation Grand Challenge Grant
Biomagnetics
Diagnostics Corp. (OTC: BMGP), a developer of revolutionary diagnostic systems
and technology for HIV, hepatitis, tuberculosis, and malaria detection,
announced it has submitted an application to the Bill & Melinda Gates
Foundation for a grant to further develop the Integrate Optical Biosensor
Sensor (IOBS) technology it is plans to bring to market. The topic for the
Grand Challenge Grant is Low Cost Diagnostics for Global Priory Health
Conditions, which includes both malaria and tuberculosis.
“The availability of
low cost diagnostics for malaria and tuberculosis are major concerns for not
only health care professions, but also for the Gates Foundation. The technology
we plan to introduce reduces the cost of traditional malaria testing by up to
two-thirds,” commented Clayton Hardman, CEO of Biomagnetics Diagnostics. “The
IOBS platform produces test results measured in only minutes, whereas
traditional methodologies often take many days. Additionally, the handheld IOBS
platform can be utilized in the field at point of care by relatively untrained
personnel. We believe the IOBS platform holds the promise to revolutionize
testing for not only malaria, but also for many other diseases including
tuberculosis and HIV/AIDS. We believe the Gates Foundation had a device such as
IOBS in mind when it devised the specifications for the Challenge Grant.”
According to the
World Health Organization, some 3.2 billion people, or about half the world's
population is at risk of malaria transmission in 107 countries and territories
worldwide. While there are between 350 million and 500 million new cases of
malaria each year, there are very few reliable and field deployable diagnostic
tools available. In the case of malaria, early detection substantially improves
treatability and survivability. Field deployable Integrated Optical Biosensor
Systems (IBOS), such those Biomagnetics Diagnostics is planning to soon
introduce hold the promise to significantly speed the diagnostic testing
process and to meaningfully lower costs and improve lives.
AMERICAN SIERRA GOLD
CORPORATION (OTCBB: AMNP)
Detailed Quote: http://www.otcpicks.com/quotes/AMNP.php
Company Profile: http://www.otcpicks.com/american-sierra-gold/american-sierra-gold.htm
American Sierra Gold
Corp. is a publicly traded independent gold exploration company headquartered
in Reno, Nevada.
Shareholders and prospective investors are encouraged to call investor
relations at 1-888-279-3921 or visit American Sierra Gold Corp's website at
www.americansierragold.com.
AMNP News:
November 5 - Cohen
Independent Research Group Issues a 'Buy' Rating With a Target Price of $3.21
for American Sierra Gold Corp.
American Sierra Gold
Corp. (OTCBB: AMNP), an independent gold exploration company headquartered in
Reno, Nevada, announces that Cohen Independent Research Group, Inc., Wall
Street's leading independent fundamental research firm, has issued a research
report on American Sierra with a "buy" recommendation and a long-term
target price of $3.21.
For the full report,
visit Cohen Independent Research Group's website, www.cohenresearch.com or
visit American Sierra's website, www.americansierragold.com.
DIVERSE MEDIA GROUP
INCORPORATED (OTC: DVME)
Detailed Quote: http://www.otcpicks.com/quotes/DVME.php
Company Profile: http://otcpicks.com/Newsletter/DVME_eProfile_091709.html
Diverse Media Group,
Inc. is an entertainment company that aggregates expertise across all aspects
of the media industry. Diverse Media Group has at its core the established
27-year history of its wholly owned subsidiary, Diverse Talent Group. Diverse
Talent Group is now the 10th largest Hollywood
agency offering talent and literary representation in commercials, episodic
television, cable programming and motion pictures. The company has the ability
to create programming, foster distribution and represent talented individuals
to fuel a new digital age of content generation. The parent company also
includes the subsidiary Talent Quest America, Inc., which identifies new and
rising talent representing the future of the Hollywood
entertainment community.
DVME News:
September 28 -
Network Talks Underway to Develop 'Momo' into Weekly TV Series Title is Part of
Diverse Media Group, Inc. Option Agreement with Elio Pictures
“Momo” executive
producers Dimitri Logothetis and Nicholas Celozzi have announced that talks are
underway with networks in the U.S.
and Canada
to develop the project as a weekly series for television. “Momo” is one of six
titles for which Diverse Media Group, Inc. (OTC: DVME) has optioned to purchase
a 30% interest from Elio Pictures, Ltd.
Diverse Media Group
CEO Chris Nassif calls the development “a huge step forward in our company’s
transition to a complete entertainment and media services provider.”
Logothetis and
Celozzi have been working for seven years on the life story of infamous mob
boss Sam Giancana. After securing the exclusive story rights from Francine
Giancana to her father’s life story, they originally set the project up at
Warner Bros. and Turner as a mini-series. Logothetis calculates development
costs to date at $75,000. With the success of the 60's-based AMC series “Mad
Men,” they decided that “Momo” could also satisfy weekly audience interest in
that period of Americana.
Giancana was born in 1908 and killed in 1974.
Celozzi describes the
series as real-life “Sopranos” meets “The Gangster Chronicles.” Sam Giancana
was a very compelling personality. As a family man, Sam lost his wife to a
rheumatic heart disease, raised three daughters, supported an extended family
and was one of the most powerful men of the twentieth century. Through union
ties Giancana helped swing the Illinois
vote during the Kennedy/Nixon election. He was the first mobster to claim his
rights to the Fifth Amendment in front of live television cameras while
questioned by Bobby Kennedy during the McClellan committee hearings. Sam had a
long-standing friendship with Frank Sinatra, the leader of the so called “Rat
Pack,” who played in Chicago
nightclubs run by Giancana.
The other Elio
Pictures titles optioned by Diverse Media Group include “The Lost Angel” (2005)
with Judd Nelson and Celozzi, “Framed by Seduction” (2004) starring Robert
Patrick, “Nightmare Boulevard”
(2004) starring Claudia Christian and Corbin Bernsen, “7-10 Split” (2007)
featuring Tara Reid and Rachel Hunter, and “Senior Skip Day” (2008) with Lea
Thompson and Norm MacDonald.
The option is being
purchased with 25 million shares of Diverse Media Group restricted common
stock, valued at $50,000. The Company has until March 30, 2010, to exercise its
option for a cash price of an additional $400,000.
PAY88 INCORPORATED
(OTCBB: PAYI)
Detailed Quote: http://www.otcpicks.com/quotes/PAYI.php
Company Profile: http://www.otcpicks.com/pay88-inc/pay88-inc.htm
Pay88, Inc., through
its wholly-owned subsidiary, Chongqing Qianbao Technology, Ltd., is a rapidly
growing digital technology company and the leading reseller of internet game
time in China
with over $19.7 million USD in revenues in 2008, a 134.8% increase over
revenues in 2007. The company is primarily engaged in the sale of prepaid
online multi-player game cards in more than 20 cities in China, an
industry that generated $2.75 billion in 2008 and is expected to reach $3.8
billion by the end of 2009. In addition, The Company sells prepaid telephone
cards and over 800 software products, including cooking, language and education
software. Qianbao sells its game cards through its websites, www.iamseller.com,
and www.17logo.com, which has more than 1 million registered users. The Company
has successfully captured more than 80% of the online multi-player game time
market in Chongqing, a municipality of more than
31 million people, and the third fastest-growing regional economy in China. Pay88
leverages such consumer establishments as retail kiosks and Internet cafes to
increase its distribution of highly popular games for an increasing number of
gaming companies.
PAYI News:
October 28 - Pay88,
Inc. Goes Mobile
With Sohu.com Inc.
Pay88, Inc. (OTCBB:
PAYI) announced that it has entered into a distribution agreement with Sohu.com
Inc. (Nasdaq: SOHU). Through its subsidiary, Qianbao Technology, Pay88 will act
as a distributor of SOHU digital products, with a particular focus on mobile
phone games.
With more than 100
million users and 700 million site visits per day, Sohu.com Inc., is one of the
leading internet media companies in China with revenues of over $429 million
USD in 2008, 2.3 times that of .scal 2007. Sohu provides millions of Chinese
consumers with information, communication and entertainment services through
its matrix of websites and offers two types of consumer services — online games
(including the massively popular multi-player online role-playing games
"Tian Long Ba Bu" and "Blade Online"), and wireless
connectivity.
Pay88 is one of the
few companies in China
capable of facilitating online banking and is also the leading reseller of
internet game time in China's
booming $2.75 billion online video game market, selling online multiplayer game
time and prepaid cards in more than 20 cities in China. The venture with Sohu takes
the company mobile for the first time and company officials say the timing and
the opportunity couldn't be better.
According to analysts
at Niko Partners, China
will be home to 119 million online gamers by 2012, propelling the market to
$8.9 billion by 2013. And Forbes reports the online gaming community is growing
by an average of 4 million new players each month. An alliance with Sohu
positions Pay88 to dramatically expand their reach into this massive market.
Guo Fan, Chairman and
President of Pay88, said, "Pay88's large customer base and payment
platform makes this agreement with SOHU an exciting opportunity for both
companies." He added, "As a result of this new relationship, Qianbao
Technology will now be able to offer mobile games to the domestic market in China."
Company officials say
forging this agreement with Sohu represents a powerful step forward in
expanding their footprint throughout China. Over the coming year, the
company will continue to develop and improve its internet gaming platform,
expand its distribution websites, and increase its overall product line, as
well as expand into many additional cities in China.
JAGUAR MINING
ENTERPRISES INCORPORATED (OTC: JAGR)
Detailed Quote: www.otcpicks.com/quotes/JAGR.php
Company Profile: http://www.otcpicks.com/jaguar-mining/jaguar-mining.htm
Jaguar Mining
Enterprises, Inc. is an independent mining company engaged in the acquisition,
development, and exploitation of iron ore primarily mined in Mexico. The Company
specializes in the exploitation of iron ore mines with proven reserves. The
Company's strategy is to locate, acquire and develop mine locations that
contain sufficient quantities of iron ore and require minimal start-up costs.
JAGR News:
October 27 - Jaguar
Mining Enterprises Files Its Initial Disclosure Statement on Pink Sheets
Jaguar Mining
Enterprises, Inc. (OTC: JAGR), an independent mining company engaged in the
acquisition, development, and exploitation of iron ore primarily mined in
Mexico, announced that the company has filed its Initial Information and
Disclosure Statement through OTC Disclosure and News Service. A current
summation of the company and its business objectives is now available on Pink
Sheets (www.pinksheets.com) under the company's symbol, JAGR.
Jaguar Mining also
announced that it has begun discussions with a Shanghai,
China
based firm to act as its direct sales and marketing representative to Chinese
steel manufacturers. Jaguar hopes to finalize terms of an agreement which will
provide the company with its first strategic partnership in China, the
world's largest iron ore importer. The company plans to release complete
details once a definitive agreement has been completed.
SAFEGUARD SECURITY
HOLDINGS INCORPORATED (OTC: SSHS)
"Up 325.81% in
morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/SSHS.php
Through its operating
subsidiaries and divisions, Safeguard Security Holdings is a single source
security solutions provider, integrating technical and physical security
assets. The company is organized along three distinct lines of business:
Technical Systems, Security Personnel and Security Outsourcing Solutions. Its
operations are directed from its offices in Dallas, Texas.
SSHS News:
November 6 -
Safeguard Business Unit Announces New Contract with Texas' Largest Private Utility
Safeguard Security
Holdings, Inc. (OTC: SSHS), a provider of corporate and industrial security
systems and personnel, announces that its subsidiary, SYSTEMSgroup Protective
Services, has entered into a five-year agreement, which began Q1 2009, to
provide security services for one of Texas’ largest utility companies. The
utility is a market-leading competitive retailer that provides electricity and
related services to more than two million Texas customers.
Safeguard’s CEO, R.
Michael Lagow, stated, “The SYSTEMSgroup Protective Services division has
provided services to this utility giant since January 2005, and we are
delighted to be awarded a contract of this magnitude spanning five additional
years of service. This brings over $32+ million in revenue to our
Company." Lagow added, “Our Company continues to build its book of
business with quality clients that recognize best value services for its
clients. It’s what we do best!”
COLUMBIA BANCORP (NASDAQ: CBBO)
"Up 47.41% in
morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/CBBO.php
Columbia Bancorp is
the bank holding company for Columbia River Bank, which operates 21 branches
located in The Dalles (2), Hood
River, Bend
(3), Madras, Redmond
(2), Pendleton, Hermiston, McMinnville, Canby, and Newberg,
Oregon, and in Goldendale, White Salmon,
Sunnyside, Yakima, Pasco,
Richland, and Vancouver, Washington.
To supplement its community banking services, Columbia River Bank also provides
brokerage services through CRB Financial Services Team.
CBBO News:
August 10 - Columbia Bancorp
Announces Filing of Form 10-Q Quarterly Report and Second Quarter 2009
Financial Results
Columbia Bancorp
(Nasdaq: CBBO), the bank holding company for Columbia River Bank, announced a
loss for the second quarter of 2009 of $23.3 million, or $2.31 per diluted
share including $14.4 million in provision for loan losses, $7.2 million in
non-recurring, non-cash income tax expense primarily related to the
establishment of a valuation allowance against deferred tax assets and $1.4
million in FDIC premiums and state assessments. "While the economic conditions
continue to present challenges across the financial industry, we remain focused
on our strategic initiative to increase liquidity through the realignment of
the balance sheet," stated Terry L. Cochran, President and CEO. Columbia reduced its gross
loan balances by $36.8 million to $799.6 million and increased deposits by
$55.5 million to $992.7 million during the second quarter 2009. This
realignment continued to improve Columbia River Bank's funding position,
increasing liquid assets as a percentage of total assets from 10.3% as of March
31, 2009 to 17.5% as of June 30, 2009, as well as decreasing the loan to
deposit ratio from 88.3% to 85.5% on a linked quarter basis. "I am very
pleased with the efforts of our branch and administration teams in continuing
to provide excellent customer service. We particularly appreciate the
confidence of our customers, as evidenced by the opening more than 1,400 new
accounts during the quarter," Cochran added.
Columbia continues to be impacted by the U.S.
economic condition and its negative impact on two of Columbia's primary market areas, where real
estate values have dropped substantially. Second quarter loan loss provisions
resulted primarily from continued declines in collateral values underlying
residential home construction and lot development loans in those markets.
Geographically, these loans remain concentrated in Columbia's
Central Oregon and Portland-Vancouver
metropolitan markets. Net charge-offs totaled $14.9 million for the second
quarter of 2009, including charge-offs of $10.3 million related to residential
construction loans and $2.1 million related to 1-4 family residential term
loans. "We are proactively ensuring that our lenders and special asset
teams continue to have the necessary resources to focus on working with
borrowers to mitigate any potential losses, and exiting out of existing
non-performing assets," stated Cochran.
As of June 30, 2009,
non-performing assets totaled $122.6 million, compared to $106.4 million as of
March 31, 2009. The $16.2 million net increase in non-performing assets is
primarily in the non-accrual loan category. Non-accrual loans continue to be
centered in the residential sectors of the portfolio, which accounts for 66% of
the non-accrual totals. Other real estate owned ("OREO") totaled
$11.3 million as of June 30, 2009. During the second quarter, two OREO
properties totaling approximately $746,000 were sold at a net gain of $20,000;
$1.2 million of foreclosed properties were added to OREO; and an impairment
charge of $499,000 was recognized on three properties due to declining values.
Columbia's net interest income totaled $6.6 million for the second
quarter of 2009, compared to $6.8 million for the first quarter of 2009.
Despite total average earning assets decreasing slightly during the quarter, as
a percentage of total average assets, average earning assets increased from
91.75% for the first quarter of 2009 to 93.27% for the second quarter of 2009. Columbia's net interest
margin decreased slightly to 2.74% for the second quarter of 2009 as compared
to 2.79% on a linked quarter basis. During this same time period, the shift in
earning asset mix from overall higher yielding loans to lower yielding cash and
liquid investments, in direct response to Columbia's strategic initiative to
maintain and improve liquidity, directly impacted the net interest margin.
Additionally, Columbia
reversed $1.4 million of interest income from loans placed on non-accrual
status. Interest income would have been $2.7 million higher had non-accrual
loans performed according to terms. Offsetting the lower loan yield was a
declining cost of funds resulting from pay downs of higher cost brokered
certificates of deposit and lower cost of funds for retail deposits. During the
second quarter, Columbia
reduced brokered certificates of deposit by $25.3 million that carried a
weighted average rate of 4.26%.
AXCELIS TECHNOLOGIES
INCORPORATED (NASDAQ: ACLS)
"Up 29.89% in
morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/ACLS.php
Axcelis Technologies,
Inc., headquartered in Beverly,
Massachusetts, provides
innovative, high-productivity solutions for the semiconductor industry. Axcelis
is dedicated to developing enabling process applications through the design,
manufacture and complete life cycle support of ion implantation and cleaning
systems.
ACLS News:
November 5 - Axcelis
Announces Improved Financial Results for Third Quarter 2009
Axcelis Technologies,
Inc. (Nasdaq: ACLS) announced improved financial results for the third quarter
ended September 30, 2009.
The Company reported
third quarter revenue of $35.0 million, compared to $33.6 million for the
second quarter of 2009. Net loss for the third quarter was $15.9 million, or $0.15
per share. This compares to a net loss for the second quarter of 2009 of $22.4
million, or $0.22 per share of which $4.1 million ($.04 per share) was
attributable to restructuring charges. In the corresponding quarter for the
previous year, the Company reported revenue of $46.5 million, and a net loss of
$24.7 million, or $0.24 per share.
Balance Sheet
Cash and cash
equivalents, including restricted cash, were $48.5 million at September 30,
2009. Cash burn ($8.5 million in the third quarter of which $2.4 million was
attributable to restructuring costs) continues to decline and we expect to
approach cash flow break even in the fourth quarter of 2009. The Company ended
the quarter with working capital of $177.5 million. Working capital management
remains a focus to enhance cash flow. During 2009 the Company has reduced
inventories by $17.2 million through the sale of product on hand.
Commenting on the
Company's performance, Mary Puma, chairman and CEO, stated, "We're pleased
to report improving financial results this quarter in terms of reducing our
losses and slowing our cash burn. Actions taken to reduce operating expenses
and increase efficiencies throughout the organization are having, and will
continue to have, a positive effect on cash flow and profitability. In fact, we
expect to approach cash breakeven in the fourth quarter, as increased fab
utilization drives aftermarket business and new systems orders." She
added, 'We've also made solid progress with our product portfolio through enhancements
to productivity and advanced process capabilities. Consequently, we are well
positioned to meet customers' technology demands and benefit from enhanced
earnings leverage moving into 2010."
CORD BLOOD AMERICA
INCORPORATED (OTCBB: CBAI)
"Up 13.73% in
morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/CBAI.php
Cord Blood America is
the parent company of CorCell, which facilitates umbilical cord blood stem cell
preservation for expectant parents and their children. Its mission is to be the
most respected stem cell preservation company in the industry. Collected
through a safe and non-invasive process, cord blood stem cells offer a powerful
and potentially life-saving resource for treating a growing number of ailments,
including cancer, leukemia, blood, and immune disorders.
CBAI News:
November 6 - Cord
Blood America Updates
Advantages of Las Vegas
Laboratory in Analyst Interview; Explains Recent S1 Filing
Cord Blood America,
Inc. (OTCBB: CBAI), the umbilical cord blood stem cell preservation company
focused on bringing the life saving potential of stem cells, a biological
insurance policy for families nationwide and internationally, recently
addressed shareholder questions about its new laboratory in Las Vegas, and its
recently refiled S1 with the SEC, in an interview of Matthew Schissler, founder
and CEO, by analyst Francis Gaskins.
The entire interview
is available at www.stoxrox.com/cbai-11-5-09.mp3.
In the interview Mr.
Schissler said:
* The S1 registration
statement withdraws an earlier filing, saves the Company money, and will not be
used until necessary.
* The new Las Vegas lab reduces
costs because lab services will no longer be outsourced.
* This subsequently
will increase gross profits for the Company and its shareholders.
* The new lab
increases the Company's revenue streams, with significant new opportunities to
store other biological products and other lines of stem cells including stem
cells from other companies.
* Finally, the new
lab gives Cord Blood America the opportunity to work with other stem cell
companies in research and development.
ENDEAVOR POWER
CORPORATION (OTCBB: EDVP)
"Up 45.82% in
morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/EDVP.php
Endeavor Power Corp.
is an independent, energy company engaged in the acquisition, exploitation and
development of oil and natural gas properties in the United States. Endeavor's objective
is to seek out and develop opportunities in the oil and natural gas sectors
that represent a low risk opportunity. Endeavor also aims to define larger
projects that can be developed with Joint Venture partners.
EDVP News:
October 14 - Endeavor
Announces Corporate Update
Endeavor Power Corp.
(OTCBB: EDVP) (the "Company") announced that its Board of Directors
approved a 1 for 10 reverse stock split. The reverse stock split will reduce
the number of issued and outstanding shares of the Company. The reverse stock split
is subject to approval by the Company's stockholders and certain other
conditions. There can be no assurances at this time that the reverse stock
split will be consummated. A special stockholders meeting to consider this
matter is tentatively scheduled for some time during the 4th quarter, with the
exact timing dependent on the SEC's review of the necessary filings.
The Company will file
an Information Statement with the SEC that describes the reverse stock split in
greater detail, with such Information Statement addressing other corporate
actions as well such as reelection of the Company's officers and directors and
approval of an Employee Stock Option Plan. Upon SEC approval, the Company will
mail a copy of the Information Statement to all stockholders of record
announcing the special meeting.
Brandon Toth,
Endeavor's President and chief executive officer, stated, "It is the
opinion of the Company's Board of Directors that a reverse stock split is in
the best interests of the stockholders as it will allow the Company to more
aggressively pursue potential oil and gas acquisitions, or even to consider
possible merger candidates."
The announcement of
the proposed reverse stock split described above is not a solicitation of a
proxy. The Company will hold a special meeting of stockholders to vote on the
transaction. Prior to the meeting, the Company will mail to the Company's
stockholders an Information Statement that will contain important information
regarding the meeting and the transaction, including, among other things, the
recommendation of the Company's Board of Directors regarding the transaction.
Stockholders of the Company are advised to read the materials. Copies of the
Information Statement materials, and any amendments or supplements thereto, will
be available without charge at the SEC's website.
SUNESIS
PHARMACEUTICALS INCORPORATED (NASDAQ: SNSS)
"Up 6.74% in
morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/SNSS.php
Sunesis is a
biopharmaceutical company focused on the development and commercialization of
new oncology therapeutics for the treatment of solid and hematologic cancers.
Sunesis has built a highly experienced cancer drug development organization
committed to advancing its lead product candidate, voreloxin, in multiple
indications to improve the lives of people with cancer.
SNSS News:
November 5 - Sunesis'
Voreloxin Receives FDA Orphan Drug Designation for Acute Myeloid Leukemia
Sunesis
Pharmaceuticals, Inc. (Nasdaq: SNSS) announced that the U.S. Food and Drug
Administration has granted voreloxin orphan drug designation for the treatment
of acute myeloid leukemia (AML). Sunesis is currently conducting two Phase 2
clinical trials of voreloxin in AML: a single-agent study, known as REVEAL-1,
of voreloxin in newly diagnosed elderly AML patients unlikely to benefit from
standard induction chemotherapy and a study evaluating voreloxin in combination
with cytarabine in relapsed/refractory AML.
"This
designation recognizes the acute need for more options in treating this
poor-prognosis disease," stated Steven B. Ketchum, Ph.D., Senior Vice
President of Research and Development at Sunesis. "We believe voreloxin
has the potential to impact the standard of care for AML and we continue to be
encouraged by our progress. We are finalizing a registration strategy for
voreloxin in AML and anticipate launching a pivotal trial in 2010."
Orphan drug
designation is granted by the FDA Office of Orphan Drug Products to novel drugs
or biologics that treat a rare disease or condition affecting fewer than
200,000 patients in the U.S.
The designation provides eligibility for a seven-year period of market
exclusivity in the United
States after product approval and an
exemption from user fees.
ABOUT VORELOXIN
Voreloxin is a
first-in-class anticancer quinolone derivative, or AQD, a class of compounds
that has not been used previously for the treatment of cancer. Voreloxin both
intercalates DNA and inhibits topoisomerase II, resulting in replication-dependent,
site-selective DNA damage, G2 arrest and apoptosis. Voreloxin is currently
being evaluated in a Phase 2 clinical trial (known as the REVEAL-1 trial) in
previously untreated elderly AML patients and in a Phase 1b/2 clinical trial
combining voreloxin with cytarabine for the treatment of patients with
relapsed/refractory AML, as well as in an ongoing Phase 2 single-agent trial in
platinum-resistant ovarian cancer.
ABOUT ACUTE MYELOID
LEUKEMIA
AML is a rapidly
progressing cancer of the blood characterized by the uncontrolled proliferation
of immature blast cells in the bone marrow. The Leukemia and Lymphoma Society
estimates that nearly 13,000 new cases of AML will be diagnosed and
approximately 9,000 deaths from AML will occur in the U.S. in 2009.
AML is generally a disease of older adults, and the median age of a patient
diagnosed with AML is about 67 years. A majority of elderly patients are not
considered candidates for standard induction therapy or decline therapy,
resulting in an acute need for new treatment options.
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individual should never invest in the securities of any company profiled based
solely on information contained in our reports. Individuals should assume that
all information contained in the report about profiled companies is not trustworthy
unless verified by their own independent research.
Any individual who
chooses to invest in any securities should do so with caution. Investing in
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or all of the money that is invested. Always research your own investments and
consult with a registered investment advisor or licensed stock broker before
investing.
Information contained
in our report will contain "forward looking statements" as defined
under Section 27A of the Securities Act of 1933 and Section 21B of the
Securities Exchange Act of 1934. Subscribers are cautioned not to place undue
reliance upon these forward looking statements. These forward looking
statements are subject to a number of known and unknown risks and uncertainties
outside of our control that could cause actual operations or results to differ
materially from those anticipated. Factors that could affect performance
include, but are not limited to, those factors that are discussed in each profiled
company's most recent reports or registration statements filed with the SEC.
You should consider these factors in evaluating the forward looking statements
included in the report and not place undue reliance upon such statements. We
are committed to providing factual information on the companies that are
profiled. However, we do not provide any assurance as to the accuracy or
completeness of the information provided, including information regarding a
profiled company's plans or ability to effect any planned or proposed actions.
We have no first-hand knowledge of any profiled company's operations and
therefore cannot comment on their capabilities, intent, resources, nor
experience and we make no attempt to do so. Statistical information, dollar
amounts, and market size data was provided by the subject company and related
public information sources which we believe to be reliable but we cannot
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and read investment information available at the websites of the SEC at http://www.sec.gov and FINRA at http://www.finra.org.
Disclosure:
OTCPicks.com has been compensated ten thousand dollars by the company for a
current BMGP advertising and promotional services. OTCPicks has been
compensated ten million free trading shares from a non-controlling third Party
(Microcap Management) for DVME advertising and promotional services. OTCPicks
has been compensated seven thousand five hundred dollars from a non-controlling
third party (BlueWave Advisors) for AMNP advertising and promotional services.
OTCPicks.com has been compensated seven thousand five hundred dollars by a
third party for BMGP advertising and promotional services. OTCPicks.com has
been compensated six thousand five hundred dollars by a third part (Ladasa
Inc.) for a two-week PAYI advertising and promotional program. OTCPicks.com has
been compensated two hundred thousand free trading shares by a third party
(Microcap Management) for JAGR advertising and promotional services. This
compensation constitutes a conflict of interest as to our ability to remain
objective in our communication regarding the profiled company. OTCPicks.com is
a website partially owned by BlueWave Advisors, LLC, a financial public
relations firm. BlueWave Advisors, LLC, its principal and/or its affiliates
will hold positions in the company profiled and may buy or sell securities at
any time without notice.
