subject: Stock Update Mipi,prot, Cypb From Pennytobuck.com [print this page] Proteonomix to Retain 51% Ownership of JV; Agreement Calls for Initial $5 Million Cash Investment Into Newly Formed XGen Medical
PROTEONOMIX, INC. (OTCBB:PROT), reported that it has executed a joint venture agreement with a group of investors that will create a new stem cell treatment and research facility in the United Arab Emirates (U.A.E.). The Investor Group has committed to invest $5 million on or before September 10, 2010.
The Joint Venture involves a company called, XGen Medical LLC ("XGen"), a Nevis Island limited liability company, will be owned 51% by Proteonomix and 49% by the Investor Group. Due to confidentiality and competitive reasons, the Investor Group has requested to remain anonymous for the present.
As part of the agreement PROT will license to XGen, both a use and treatment license in the UAE, as well as a license to manufacture the cellular material. The agreement also anticipates the formation of treatment facilities in other locations to be jointly agreed upon between the Company and the Investor Group. Each new facility would require the Investor Group to contribute a minimum investment of $5 million.
The agreement calls for Proteonomix, Inc., through its wholly owned subsidiary, StromaCel, Inc., to receive $ 7,500 per treated patient.
For full article http://pennytobuck.com/?p=3906
Cypress Bioscience, Inc. (NASDAQ:CYPB) reported that its Board of Directors has sent a letter to Ramius LLC in response to Ramius' letter dated August 11, 2010.
The text of the letter to Jeffrey C. Smith, Partner Managing Director of Ramius, from Jay D. Kranzler, MD, PhD, Chairman and Chief Executive Officer of Cypress Bioscience, is below:
Dear Mr. Smith:
The Board of Directors has carefully reviewed your letter dated August 11, 2010.
With the assistance of financial and legal advisors, the Board concluded that your latest proposal is identical to the original proposal outlined in your letter dated July 19, 2010, and repeated in your letter dated August 5, 2010. Specifically, your proposal continues to be non-binding, is subject to due diligence and indicates a purchase price of $4.00 per share in cash with a potential for a 50% retained interest in BL-1020.
While we understand that you have clarified your "willingness to consider" a 50% retained interest in BL-1020, we do not believe you have made any substantive change to your original proposal of July 19, 2010. Given there is no substantive change to your proposal, our position, as communicated in our letter to you dated August 5, 2010, remains the same. We unanimously concluded that your proposed $4.00 per share price grossly undervalues Cypress' current business and future prospects and is not in the best interests of the other Cypress stockholders.
For full article http://finance.yahoo.com/news/Cypress-Bioscience-Sends-iw-1720960964.html?x=0&.v=1
Molecular Insight Pharmaceuticals, Inc. (NASDAQ:MIPI), reported announced that they have received a seventh extension of its waiver agreement with its Bond holders, allowing debt restructuring discussions to progress.
Earlier this year, Molecular Insight executed the waiver agreement and subsequent amendments with holders of their outstanding Senior Secured Bonds and the Bond Indenture trustee and announced ongoing discussions with the Bond holders concerning a restructuring of its outstanding debt. Under terms of the seventh extension announced today, the Bond holders and Bond Indenture trustee agreed to extend the waiver of a default arising from the inclusion of a going concern explanatory paragraph in the independent auditor's report on the Company's financial statements for the year ended December 31, 2009 and other technical defaults under the Bond Indenture. The term of the waiver is extended until 11:59 PM Eastern Standard Time on August 31, 2010. During this waiver extension period, the Company will continue to discuss with its Bond holders various proposals which generally contemplate, among other things, a deleveraging of the Company through a debt for equity exchange. There are no assurances, however, that such discussions will be successful.
For full article http://finance.yahoo.com/news/Molecular-Insight-Receives-iw-523146172.html?x=0&.v=1
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