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Q3 Update

|Includes: GTXI, HYGS, IMUC, MNKD, TA, Tonix Pharmaceuticals Holding Corp. (TNXP), WSR

We (the royal we) are waiting for the MannKind conference call to begin, and the wait music is killer! We like it because it is repetitive. Let's catch up on our stocks while we wait:

TravelCenters of America (NYSEMKT:TA)

Our first pick of the year TravelCenters had a breakout quarter of sorts, its investment into developing new centers is starting to bear fruit. From the call:

Thomas M. O'Brien - Chief Executive Officer, President, Managing Director and Director

TA's third quarter 2013 financial results contain a great number of positive indicators, principal among those indicators is a $4 million growth in EBITDAR for the quarter to $88 million. A key factor affecting TA's EBITDAR for the quarter was an increase in contributions from the locations purchased, since our current acquisition initiative began in earnest in 2011...It takes some time, we estimate about 3 years, after acquisition and completion of renovations for a new location to become fully integrated into the TA Petro network, and to produce stabilized financial results. As of the beginning of the 2013 third quarter, properties purchased since the beginning of 2011 were substantially complete for a weighted average period of only about 7 months...We expect to continue to acquire new travel center sites and to integrate them into our nationwide network. We still see a fair amount of opportunity in our pipeline of acquisitions. We closed 6 acquisitions in 2013 before the end of the third quarter, and 4 travel center acquisitions were pending as of the end of that quarter.

TA is not going to be returning cash to shareholders any time soon, but the growth story is firmly intact.

Whitestone REIT (NYSEMKT:WSR):

Speaking of returning cash to shareholders, Whitestone was our pick that returned more cash to shareholders than it made! But sadly, those rock and roll days may be over as WSR just released its Q3 results an its Funds From Operations Core (which eliminates one time charges and credits) came in at 29 cents per share, which covers its quarterly dividend of 28.5 cents. We'll have a listen to the call tomorrow and report back.

Edit: I was joking that it was "sad" that their Funds From Operations Core covered their dividend, it is obviously happy! : )

Immunocellular Therapeutics (NYSEMKT:IMUC):

Immunocellular reports on Wednesday. The CEO has implied that he would, but has not fully commited to, promptly announce when they are made aware of study results. We are hoping Mr. Gengos will be asked point blank, and maybe we will ask him ourselves, if he will commit to doing so (if he does not announce on Wednesday that the trial is in fact already completed). The uncertainty over this does not seem to have any benefit to the company and may be holding the stock back.

Hydrogenics (NASDAQ:HYGS)

Hydrogenics part-parent Commscope (NYSEARCA:COM) went public in October and we got to see that they are widening their marketing of Hydrogenics' fuel cell backup power for broadband networks. Hydrogenics reports Thursday and we are looking forward to an update.

Tonix Pharmaceuticals (NASDAQ:TNXP)

Tonix looks like one of the best buys in the market, check out the comments if you have not, shares can be had for sub-$4.25 and when they are gone sellers may be scarce.


GTXI gives us an update next Tuesday, we'll have a listen and report back.


Alrighty, call started. I like Hakan Edstrom saying not only is the filing going according to plan, but he would certainly update shareholders right away if anything material changed, he said this throughout the call. That's nice, the market likes clarity.

Looks like two new previously undisclosed studies: one of hundreds of primary care physicians and 100+ endocrinologists showing 86% said they would prescribe Afrezza. The other is the juvenile diabetes research foundation with UCSD and the Samson clinic are using Afrezza along with an artificial pancreas, and it seems to be going well, results should be available in a few months.

Al describes getting through the long process and now sees "light at the end of the tunnel."

Al expects patients to be excited promoters of Afrezza, that certainly jives with anecdotal online accounts of Afrezza use.

Question for Hakan: would you launch w/o partner? The answer is that in absence of a global partner they would entertain regional partners, some of whom are being aggressive now, but they want a global partner.

Should have all 3 finishing lines manufacturing within 6 months of approval.

In discussion with payors it seems Afrezza should at least get a premium (for safety, efficacy, and convenience) that insulin pens enjoy over needles, about 20%. This is new and bullish, the CFO has consistently modeled a single digit premium.

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Disclosure: I am long TNXP, MNKD, IMUC, HYGS, WSR, GTXI.