subject: Stock Update On Prot, Cur And Teva From Pennytobuck.com [print this page] Proteonomix, IncProteonomix, Inc. (OTCBB:PROT) entered into an 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 company, XGen Medical LLC (XGen), a Nevis Island limited liability company, will be owned 51% by Proteonomix and 49% by the Investor Group.
Additionally, as part of the agreement PROT will license to XGen, both a use and treatment license in the U.A.E., 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 PROT and the Investor Group. Each new facility would require the Investor Group to contribute a minimum investment of $5 million. The agreement calls for PROT, through its wholly owned subsidiary, StromaCel, Inc. to receive $ 7,500 per treated patient.
XGen will maintain exclusive distribution rights of Proteoderm in the U.A.E. provided the Joint Venture purchases a minimum order of 5,000 units the first year, and increases purchases at a rate of 20% per annum until reaching 10,000 units per year.
Proteonomix Regenerative Translational Medicine Institute, Inc. (PRTMI) intends to focus on the translation of promising research in stem cell biology and cellular therapy to clinical applications of regenerative medicine. Proteonomix intends to create and dedicate a subsidiary to each of its technologies. Please also visit http://www.proteonomix.com/, http://www.proteoderm.com/, http://www.otcmarkets.com/ and http://www.sec.gov/.
Neuralstem, Inc. (Amex:CUR) reported its financial results for the three months and six months periods ended June 30, 2010 and provided a business and clinical update.
CUR also announced that, after reviewing the safety data from the first cohort of 3 patients, the independent Safety Monitoring Board overseeing the ALS trial gave the approval to move to the second cohort of 3 patients, which took place over the third quarter. The first cohort of 3 patients received only 5 injections each, unilaterally. The second cohort of patients received 10 injections each, bilaterally, in the lower spinal cord. Subject to review of the first two cohorts and approval by the Safety Monitoring Board, the next part of the trial will move into earlier-stage ALS patients in October.
CUR reported a second quarter 2010 net loss of $4.9 million or $0.12 per share, compared with a net loss of $3.2 million, or $0.09 per share a year ago. The change from 2009 to 2010 was primarily due to increased research spending related to the clinical trials which began in January 2010, and to the costs of completing preclinical trial studies for new indications. Net loss attributable to common stockholders for the first six months of 2010 was $11,718,301, or $0.29 per share, compared with $2,283,769, or $0.07 per share for the comparable period in 2009. The increase was primarily attributable to increases in R&D and legal fees, and non-cash stock-based compensation expense, offset by a non-cash gain related to our warrant accounting for the first quarter 2009.
For the six months ended June 30, 2010, cash used in operating activities totaled $4,878,730, an increase of $2,350,454 compared to the same period in the prior year, primarily attributable to increased research spending related to the beginning of clinical trials, the costs of completing preclinical trial studies for new indications, and increased legal fees.
Neuralstem's patented technology enables the ability to produce neural stem cells of the human brain and spinal cord in commercial quantities, and the ability to control the differentiation of these cells constitutively into mature, physiologically relevant human neurons and glia. Neuralstem is in a Phase I safety clinical trial for Amyotrophic Lateral Sclerosis (ALS), often referred to as Lou Gehrig's disease. The company is also targeting major central nervous system diseases in addition to ALS, including traumatic spinal cord injury, ischemic spastic paraplegia, and Huntingtons disease. For more information, please go to www.neuralstem.com
Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) announced that it has completed the acquisition of ratiopharm, Germany's second largest generics producer. Following the acquisition, TEVA will be the number one generic company in Europe, holding the leading market position in ten countries, as well as ranking in the top three in seven additional countries. In addition, the transaction will significantly increase TEVAs sales in Canada.
The ratiopharm acquisition was structured as a 'locked box' transaction. Accordingly, TEVA paid 3.625 billion for the ratiopharm shares, which reflects the agreed enterprise value (on a cash free/debt free basis), plus accrued interest from January 1, 2010 to the closing date, which totaled 186 million. TEVA benefited from all increases in equity and assets of ratiopharm from that date. The U.S dollar consideration paid by TEVA was approximately $4.95 billion.
As previously announced, TEVA expects synergies of at least $400 million, which should be fully realized within three years.
TEVA is the world's largest generic drug maker, with a global product portfolio of more than 1,250 molecules and a direct presence in approximately 60 countries. TEVA's branded businesses focus on neurological, respiratory and women's health therapeutic areas as well as biologics. TEVA's leading innovative product, Copaxone, is the number one prescribed treatment for multiple sclerosis. TEVA employs more than 35,000 people around the world and reached $13.9 billion in net sales in 2009. For more information visit http://www.tevapharm.com
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