Proteonomix, Inc. (OTCPK:PROT)
PROT, a biotechnology company focused on developing therapeutics based upon human cells and their derivatives, announced further developments with its Joint Venture Company, XGEN Medical LLC ("XGen") towards implementing operations in the United Arab Emirates (U.A.E.).
PROT is the majority shareholder in XGen with the balance held by an anonymous investor group. PROT personnel were on the ground in the U.A.E. over the past weeks to work together with the Investor Group through the start up phase. To date, XGen has established an office in the Monarch Office Tower on the prestigious Sheikh Zayed Road, and a residence for visiting PROT personnel on Jumeira 2.
During initial meetings, it was mutually decided to open a local subsidiary corporation in the Dubai free zone. This wholly owned subsidiary will be the vehicle to conduct business in the GCC countries. XGen has filed the corporate papers and has established banking relations with a local bank both for receipt of the initial investment of $5 million and towards further financing expanded services in the region. The Ramadan holiday has slowed progress slightly on these corporate formalities, but full operation of the subsidiary and bank accounts are expected to complete within 30 days.
It was further announced that XGen has expanded its talks within the region beyond a license for manufacture of and treatment with PROT cellular material. Discussions are now further encompassing both the construction of XGen's own manufacturing and treatment facility within the U.A.E. and on funding phased trials for one or more of PROT's proprietary cellular materials for treatment of disease.
PROT CEO, Michael Cohen commented that "The business environment in the U.A.E. is very receptive to Proteonomix and our medical technologies. There is an intense focus on high quality public medical care as well as cutting edge technology. When combined with the rebounding financial condition within the region, we are very pleased to have this opportunity to conduct business in a growing location for medical advancement."
PROT, a biotechnology company, engages in the development of stem cell therapies primarily for the treatment of diabetes and cardiac therapy, as well as offers cosmeceutical products. The stem cell therapy involves the introduction of healthy new stem cells to repair and replace damaged or lost cells. It offers product for the treatment of anti-aging and damaged skin. PROT develops cosmetic products using its technologies, Secreted Matrix and Matrix NC-138 that is a stem cell derived proteins technology. PROT is also involved in the operation of retail Web site, Proteoderm.com to sell its anti-aging line of skin care products; develops therapeutic modalities for the treatment of cardiovascular disease; and engages in the reproductive tissue banking, including sperm, ova, ovarian tissue, and testicular tissue. In addition, PROT develops intellectual properties for patent applications, including a medium and scaffolding for enhancing the growth of stem cells, a growth platform for stem cells, a cord blood banking cryopreservation bag, and a device to eliminate malformed stem cells via filtration. Further, PROT is developing pre-clinical-stage therapeutic agents and treatments for cancer, diabetes, heart, lung, and kidney diseases, as well as for stem cell bone marrow and organ transplants. PROT was formerly known as National Stem Cell Holding, Inc. and changed its name to Proteonomix, Inc. in August 2008. PROT was founded in 2005 and is based in Mountainside, New Jersey.
To learn more about PROT visit: http://www.proteonomix.com
Labopharm Inc. (NASDAQ:DDSS)
DDSS recently reported its financial results for the second quarter and first six months ended June 30, 2010. All figures are in Canadian dollars unless otherwise stated.
"The year to date is highlighted with a number of significant milestones, culminating with the U.S. launch of OLEPTRO earlier this week," said James R. Howard-Tripp, President and Chief Executive Officer, DDSS.
DDSS, a specialty pharmaceutical company, develops drugs by incorporating its proprietary controlled-release technologies. DDSS offers once-daily formulation of the analgesic tramadol under the RYZOLT brand name for the treatment of severe chronic pain in adults. DDSS sells RYZOLT primarily in the United States, Canada, Europe, and Australia. DDSS was formerly known as Centre de recherche appliquee pharmaceutique CRAP inc. and changed its name to Labopharm Inc. in September 1994. DDSS was founded in 1990 and is based in Laval, Canada.
To learn more about DDSS visit: http://www.labopharm.com
L & L Energy, Inc., (Nasdaq:LLEN)
LLEN, a U.S.-based company, operating coal mining and distribution businesses in China, recently announced that the Board of Directors appointed a special task force to study and evaluate the appointment of additional firms to enhance the quality of the Company's accounting operations.
The task force will be headed by LLENnew CAO, Paul Cheng. He will report its findings and recommendations within three months to Ian Robinson, CPA and an ex-partner at Ernst & Young; who chairs LLEN's audit committee.
LLEN, through its subsidiaries, engages in coal mining; clean coal washing; and coal consolidation, coking, and wholesaling businesses in the People's Republic of China. LLEN's coal products include raw coal, washed coal, and metallurgical coke. It was formerly known as L & L International Holdings, Inc. and changed its name to L & L Energy, Inc. on January 4, 2010. LLEN was founded in 1995 and is headquartered in Seattle, Washington.
To learn more about LLEN visit: http://www.lnlinternational.com
L.B. Foster Company (Nasdaq:FSTR)
FSTR and Portec Rail Products, Inc. ("Portec", Nasdaq:PRPX) recently announced that they have executed a second amendment to the Agreement and Plan of Merger dated February 16, 2010, which was initially amended on May 13, 2010. Pursuant to the Second Amendment, FSTR and Portec agreed to extend the "drop dead" date of the Merger Agreement from August 31, 2010 until December 30, 2010. In exchange for Portec agreeing to the extension, FSTR has agreed to both increase the tender offer share price from $11.71 per share to $11.80 per share and, subject to certain conditions, pay Portec $2 million should the transaction not close by December 30, 2010.
FSTR engages in the manufacture, fabrication, and distribution of products and services for the rail, construction, energy, and utility markets in the United States. FSTR operates in three segments: Rail Products, Construction Products, and Tubular Products. FSTR sells its products through outside sales, inside sales, and customer service representatives. FSTR was founded in 1902 and is headquartered in Pittsburgh, Pennsylvania.
To learn more about FSTR visit: http://www.lbfoster.com
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