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Power3 Medical Products, Inc. (OTC:PWRM)
Power3 Medical Products, Inc. (OTC.BB:PWRM), a leading proteomics company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases, today announced that company management believes it is making great progress in its focus on the development, sales, and marketing of its proprietary innovate diagnostic tests for breast cancer, pancreatic cancer, ovarian cancer, colon cancer, and certain neurodegenerative diseases, such as Alzheimer’s and Parkinson’s, to name a few.
In addition, Power3 is a party to several litigation matters, most of which relate to various toxic debt instruments that were entered into by Power3 several years ago when it operated under the tenure of Chairman and CEO, Steven B. Rash. Because current management believes these toxic debt instruments are responsible for Power3’s depressed stock price and have distracted the company from its mission, Power3 plans to settle as many of these nagging lawsuits as possible prior to the completion of its merger with Rozetta-Cell Life Sciences, Inc. As for those lawsuits that cannot be speedily resolved, Power3 will continue to rigorously defend its position. For example, one such lawsuit involves Neogenomics, Inc., which was recently granted a motion for summary judgment with respect to an amount due under a convertible debenture. Power3 intends to appeal this decision.
“We are very excited to be finally ridding ourselves of litigation that has plagued us for several years now,” stated Ira L. Goldknopf, President and Chief Scientific Officer of Power3 Medical Products, Inc. “We have big plans for the future beginning with our upcoming acquisition of Rozetta-Cell and are about to enter a long and substantial growth phase marked by advances in our science and intellectual property. Given the imminent nature of many of these transactions and breakthroughs, we have decided, in consultation with the financiers of Rozetta-Cell, that the best course of action for Power3 is to settle many of these lawsuits so that we can focus our attention exclusively on the acquisition of Rozetta-Cell and the development of our combined businesses after the merger.”
Rozetta-Cell Life Sciences, Inc. is a medical biotechnology company that focuses on the delivery and imaging of stem cells during therapy. Power3 plans to effect the acquisition of Rozetta-Cell by merging Rozetta-Cell with and into Power3, with Power3 remaining as the surviving company. The acquisition of Rozetta-Cell is expected to be completed in February 2011.
Enzo Biochem (NYSE:ENZ) is a leading life sciences and biotechnology company focused on harnessing genetic processes to develop research tools, diagnostics and therapeutics and provides reference laboratory services to the medical community. Founded in 1976, Enzo Biochem has concentrated on the development of enabling technologies in the areas of gene regulation and gene modification. Many of Enzo Biochem’s technologies are applicable to the biomedical and pharmaceutical research markets, and the Company is further using these technologies as a platform for entry into the clinical diagnostics market. Today, Enzo technologies and products are recognized as the key tools in non-radioactive gene labeling used by researchers worldwide. Additionally, Enzo’s work in gene analysis has led to development of a number of significant therapeutic candidates for the treatment of viral and immunological based disorders, several of which are in various phases of human clinical trials. In the course of Enzo Biochem’s extensive research and development activities, they have built a significant patent position consisting of numerous pioneer patents and applications that encompass core technologies.
Cardiome Pharma Corp. (Nasdaq:CRME) announced that it has been advised by its partner, Merck (known as MSD outside the United States and Canada), that the current review of vernakalant (oral) is complete, and that Merck has informed Cardiome of its next steps in clinical development for vernakalant (oral) beginning in 2011. "We are delighted that Merck has confirmed its plans for development of vernakalant (oral), and we look forward to working with them as they advance the vernakalant (oral) program to maximize its full potential," said Doug Janzen, Chief Executive Officer and President of Cardiome.
Cardiome Pharma Corp., a life sciences company, focuses on developing drugs to treat or prevent cardiovascular diseases. The companys product pipeline primarily includes Vernakalant (iv), which is in Phase III (ACT 5) clinical trials for the treatment of atrial fibrillation; Vernakalant (oral) that completed Phase IIa clinical trials and Phase IIb clinical trials for the treatment of atrial fibrillation; and GED-aPC, which completed Phase I clinical trials for the treatment of multiple disease states.
L & L Energy, Inc. (Nasdaq:LLEN) released a letter from CEO Dickson Lee to shareholders detailing the progress of its operations and market outlook for the coming year. The Company has filed the letter with the SEC on Form 8-K.
L & L Energy, Inc., through its subsidiaries, engages in coal mining; clean coal washing; and coal consolidation, coking, and wholesaling businesses in the People’s Republic of China. The company’s coal products include raw coal, washed coal, and metallurgical coke. It holds 80% equity interest in the DaPuAn and SuTsong mines, which are located in the Yunnan Province, as well as owns interests in the DaPuAn coal washing facilities.
N/A (Nasdaq:GBDC) announced its financial results for the fourth quarter and fiscal year ended September 30, 2010. At September 30, 2010, the Company had investments in 94 portfolio companies, with a total fair value of $344.9 million. The portfolio consisted of $227.1 million of senior secured loans, $90.4 million of unitranche loans, $11.4 million of second lien loans, $13.4 million of subordinated debt and $2.6 million of common equity investments. For the three months ended September 30, 2010, the Company originated $83.7 million in new investment commitments. Of the $83.7 million in new investment commitments, 59% were senior secured loans, 27% were unitranche loans, 11% were subordinated loans and 3% were equity securities. Sales and repayments on investments for the same period totaled $13.5 million. The Company expects to continue to invest in a mix of mezzanine and senior secured loans to obtain a high level of current income and to preserve capital.
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