Neptune Tech (NEPT) Granted New U.S. Continuation Patet for Alzheimer's Treatment Apr 24, 2014 12:12PM

Neptune Technologies & Bioressources Inc (Nasdaq: NEPT) announced that the U.S. Patent & Trademark Office (the "USPTO") has granted Neptune a new continuation patent (U.S. Patent No. 8,680,080) relating to the treatment of Alzheimer's.

The patent, which is the Corporation's first specifically targeting neurological conditions, is granted for the US market and is valid until 2022. The claims focus on treating Alzheimer's disease by administering an effective amount of a phospholipid composition, wherein the phospholipid composition comprises DHA and EPA.

"Today's announcement provides additional strength to our patent estate and highlights our commitment to continue to protect and build this valuable asset for both our nutraceutical and pharmaceutical businesses," highlighted Mr. Henri Harland, President and CEO of Neptune. "Neurological disorders, such as Alzheimer's, are growing and new methods to prevent and treat such conditions using alternative treatments are continuously being sought out. In addition to Neptune, this new patent substantially benefits our subsidiary, NeuroBioPharm, as it continues to develop omega-3 phospholipid products for neurological pharmaceutical applications."

Enzo Biochem, Inc. (ENZ), Affymetrix (AFFX) Settle Litigation Apr 24, 2014 09:46AM

Enzo Biochem, Inc. (NYSE: ENZ), along with its subsidiary Enzo Life Sciences, Inc. entered into a Settlement with Affymetrix, Inc. (Nasdaq: AFFX) with respect to actions between the Company and Affymetrix before the U.S. District Court, Southern District of New York, Cases No 03-CV-8907 and 04-CV-1555.

As a result of the Agreement in settlement of the aforementioned cases, Affymetrix will pay $5,100,000. Enzo's release of Affymetrix, Inc. does not include the litigation currently pending against Affymetrix, Inc. in the District of Delaware and any of the claims there asserted.

Ku6 Media Co., Ltd. (KUTV) CEO Resigns; Plans 40% Headcount Reduction Apr 24, 2014 09:40AM

The filing by Ku6 Media Co., Ltd. (Nasdaq: KUTV) of its Annual Report on Form 20-F for its fiscal year ended December 31, 2013 (the “Annual Report on 20-F”) will be delayed pursuant to a late filing notification on Form 12b-25 filed contemporaneously with this current report on Form 6-K. In light of the necessity of consideration of the accounting and reporting for various interrelated issues, principally the liquidity difficulties, the potential change of business model, future business plans and strategies, the restructuring plans, and the associated need to determine the amount of impairment charges the Company expects to record in its income statement for certain long-term assets, additional time is required to prepare the financial statements for its Annual Report on Form 20-F.

The Company previously announced on December 19, 2013 that it expected to continue to incur net cash outflows associated with operating activities for the fourth quarter of 2013, and was exploring financing options to alleviate near-term pressure on the Company’s liquidity and enhance financial flexibility. Based upon certain conditions existing as of December 31, 2013, as well as certain events that have occurred subsequent to December 31, 2013 as further discussed below, management has concluded that substantial doubt exists regarding the Company’s ability to continue as a going concern. Management is in the process of working to mitigate the matters underpinning the substantial doubt, including, as of the date of this filing, taking the steps discussed below. The events, facts, and plans have been communicated by management to the Company’s external auditor. If an audit opinion were to be issued as of the date of this filing, management believes that such opinion would likely be modified to make reference to the substantial doubt as to the Company’s ability to continue as a going concern.

This substantial doubt regarding the Company’s ability to continue as a going concern has arisen primarily due to: (i) liquidity challenges posed by the Company’s limited cash and cash equivalents and its working capital deficit as further described below; (ii) the expiration and non-renewal, on March 31, 2014, of the advertising agency agreement with Shengyue Advertising Co., Ltd. (“Shengyue Agreement”), an advertising agency formerly controlled by Shanda Interactive Entertainment Limited, a major shareholder of the Company, on which the Company has depended for over 90% of its revenues in recent periods; and (iii) material uncertainties regarding the Company’s ability to generate revenue and operating cash flow prospectively due to potential fundamental changes to the Company’s business model that are expected and as further described below.

Based on preliminary information currently available, the Company expects to report cash and cash equivalents of approximately US$1.7 million as of December 31, 2013. Further, based on this preliminary information, the Company expects to report current assets in the range of US$9.4 million to US$10.5 million and current liabilities in the range of US$10.8 million to US$12.9 million as of December 31, 2013, implying a working capital deficit in the range of US$0.3 million to US$3.5 million that is difficult to satisfactorily alleviate. Based upon preliminary information currently available, as of March 31, 2014, the Company’s cash and cash equivalents available were approximately US$4.4 million, and the working capital deficit was in the range of US$4.0 million to US$6.5 million. The Company’s average operating cash outflows per its GAAP financial statements have been US$2.2 million per quarter over the most recent seven quarters reported through the third quarter of 2013. Although the Company does not have external debt to service with its available resources, its operating payables and expectations of continued cash outflows suggest that liquid resources may be exhausted within the very near term unless additional sources of funding are obtained. The amounts disclosed above as of December 31, 2013 are preliminary and subject to the finalization of the 2013 financial statements, as well as the associated external audit.

Management has been working on resolving the liquidity issue through the identification of additional near-term funding sources. The Company previously announced that on April 3, 2014, the controlling shareholder of the Company, Shanda Media Group Limited (“Shanda Media”), sold 1,938,360,784 ordinary shares of the Company (amounting to approximately 41% of the Company’s issued and outstanding share capital) to Xudong Xu (the “Transaction”). The Company received a RMB20.0 million cash contribution from Shanda Media in April, as one of the closing conditions under the Share Purchase Agreement (the “Agreement”) relating to the Transaction. Mr. Xu has also undertaken in the Agreement to procure additional equity or debt financing for the Company in the amount of no less than US$10.0 million by October 30, 2014. In addition, management adopted a plan to reduce operating cash outflows through headcount reductions. The Company expects to complete the implementation of this plan during the second quarter of 2014. See “Headcount Reductions.”

The Shengyue Agreement expired on March 31, 2014 and was not renewed as the new management is in the process of transiting the Company’s business model and strategic focus after the Transaction, which exacerbated the uncertainty regarding the Company’s liquidity described above, particularly in future periods in 2014. However, the Company and Shengyue Advertising Co., Ltd. agreed that all remaining receivables to which the Company is entitled under the Shengyue Agreement would be paid in full. In addition, the Company had been negotiating potential replacement agency agreements with certain third parties prior to the expiration of the Shengyue Agreement, and continued to explore additional potential revenue sources with the help from Mr. Xu after March 31, 2014. After the Transaction, the Company commenced negotiations with Mr. Xu for a potential new business plan involving the collaboration with Mr. Xu’s Sky Profit Limited. Sky Profit Limited operates iSpeak, a social platform that allows users to engage in real-time online group activities through voice, text and video. This business plan, if adopted, would, among other things, position the Company to achieve synergies of the Company’s existing business with those of the Sky Profit Limited. Currently, the Company expects the collaboration to be in the form of a potential new cooperation framework agreement for game promotion. However, there is considerable uncertainty as to the commercial terms of the cooperation and whether any definitive agreement could be signed. The Company’s business strategies are also expected to significantly change as a result of any potential new cooperation framework agreement. There is also no assurance that any such potential new cooperation framework agreement or any other business plans would generate the revenues and operating cash flows necessary to alleviate the liquidity issue.

Management is diligently working towards resolving the issues identified above. However, there is no certainty as to if and when any or all of these issues will be resolved favorably. The Company does not expect to separately release the results for its fourth quarter of 2013, and plans to provide further detail regarding its future business model, plans, and intent, as well as the aforementioned matters affecting the 2013 financial statements, in its forthcoming Annual Report on Form 20-F.

Management and Board Changes

On April 21, 2014, Fang Du resigned as chief executive officer of the Company for personal reasons, and Xudong Xu was appointed by the board of directors to be the Company’s new chief executive officer. In addition, on the same day, Jingfeng Chen was appointed a director of the board and the chairman of the audit committee, and Haifa Zhu was appointed a member of compensation and leadership development committee. On April 24, 2014, Jian Lu resigned as chief technology officer of the Company for personal reasons effective April 30, 2014.

Jingfeng Chen. Mr. Chen has served as the general manager and a director of Shanghai DaZhong Public Utilities (Group) Co., Ltd. (600635.SH) since June 2002. He has also been a director of DaZhong Transportation (Group) Co., Ltd. (600611.SH) since May 2003, and the chairman of the board of directors of DaZhong Capital since April 2010. In addition, Mr. Chen has served as a supervisor of Industrial Securities Co., Ltd. (601377.SH) since September 2011, an independent director of Shanghai Hand Enterprise Solutions Co., Ltd. (300170.SZ) since March 2010, and a director of China Media Capital since May 2010. Mr. Chen graduated with a bachelor’s degree in history and a master’s degree in world history from Fudan University, and obtained an executive master of business administration degree from China Europe International Business School.

Headcount Reduction

In order to reduce operating cash outflows, the Company adopted a plan to reduce its headcount by approximately 40% in various departments of the Company. The Company filed the plan with the relevant local Bureaus of Human Resources and Social Security on April 22, 2014. The Company anticipates that it will complete the implementation of the plan during the second quarter of 2014.

Actavis Announces Celebrex Patent Challenge Settlement (ACT) (PFE) Apr 24, 2014 09:21AM

Actavis plc (NYSE: ACT) today announced that it has entered into an agreement with Pfizer, Inc. (NYSE: PFE) to settle all outstanding patent litigation related to Actavis' generic version of Celebrex® (celecoxib) 50 mg, 100 mg, 200 mg and 400 mg capsules. Celebrex® is indicated for the relief of the signs and symptoms of osteoarthritis, rheumatoid arthritis, and ankylosing spondylitis, and for the management of acute pain in adults.

Under the terms of the agreement, Pfizer will grant Actavis a license to market its generic Celebrex® beginning in December 2014, or earlier under certain circumstances. Other details of the settlement were not disclosed.

Launch of Actavis' product is contingent upon Actavis receiving final approval from the U.S. Food and Drug Administration (FDA) on its Abbreviated New Drug Application (ANDA) for generic Celebrex®. Based on available information, Actavis believes it may be a "first applicant" to file an ANDA for the generic version of Celebrex® and, should its ANDA be approved, may be entitled to 180 days of generic market exclusivity or shared exclusivity, subject to the FDA's determination that the product qualifies for an award of exclusivity under the provisions of the Hatch-Waxman Act.

For the 12 months ending December 31, 2013, Celebrex® had total U.S. sales of approximately $2.2 billion, according to IMS Health data.

Knightsbridge Tankers (VLCCF) Higher on Deal to Combine with Frontline 2012 Ltd. Apr 24, 2014 09:16AM

Shares of Knightsbridge Tankers Limited (Nasdaq: VLCCF) are higher in early trading Thursday after the company and Frontline 2012 Ltd. announced that they have agreed to combine Frontline 2012's remaining fleet of 25 fuel efficient vessels with Knightsbridge. The newbuildings have expected deliveries between September 2014 and September 2016, with five vessels delivering in 2014, 14 vessels in 2015 and six vessels in 2016. Knightsbridge recently acquired five Capesize newbuildings from Frontline 2012 and one vessel from Hemen Holding Ltd. ("Hemen"). The combination of Knightsbridge and Frontline 2012 Capesize fleet will create the leading US listed Capesize company with a unique fleet of 39 modern vessels.

Under the agreement in principle, the exchange ratio for the acquisition and share issuance will be based on NAV using March 31, 2014 broker values. The Knightsbridge/Frontline 2012 exchange ratio will be 44%/56%. Accordingly, Knightsbridge has agreed to issue 62.0 million shares to Frontline 2012. The closing will be executed in two stages, with 31.0 million shares expected to be issued around September 15, 2014 and 31.0 million shares around March 15, 2015. Following the issuance of the shares, Knightsbridge will have 111 million shares outstanding. Including the Knightsbridge shares already owned by Frontline 2012 and Hemen, Frontline 2012 will own 70%, other existing Knightsbridge shareholders 27% and Hemen 3% of Knightsbridge.

It is expected that Frontline 2012 will distribute its shares in Knightsbridge to its shareholders over time.

The transaction is subject to execution of definitive documentation, normal closing conditions and regulatory approvals. The transaction will also be subject to consent from Knightsbridge's shareholders to increase the Company's authorized share capital to enable and approve the issuance of the new shares to Frontline 2012.

The net remaining estimated Capex of the 25 Capesize newbuildings is $894 million. Assuming average debt of around $33 million per vessel the newbuilding program in Knightsbridge is expected to be fully financed. The Knightsbridge's Board of Directors will seek to optimize Knightsbridge's capital structure following the transaction to achieve cash breakeven rates below $15,000 per day.

The Knightsbridge Board of Directors will seek to grow the Company's dividend per share as the dry bulk market recovers and newbuildings commence operation.

Commenting on the transaction, Ola Lorentzon, Chief Executive Officer of Knightsbridge, stated: "The Frontline 2012 transaction will be a transformative step for the Company and will make us the leading US listed Capesize owner. With a fleet of 39 modern vessels, of which 34 are "Eco design" fuel efficient vessels, which could achieve higher time charter equivalent earnings than existing vessels in any market situation and a targeted breakeven rate below $15,000 per day, we are setting the groundwork to be in a unique position to benefit from an expected dry bulk market recovery. As the market recovers we expect this transaction to be highly accretive to our cash flow per share and give us the ability to pay high dividend to our shareholders."

The Chairman of Frontline 2012, John Fredriksen, said: "We are very pleased to be able to enter into this transaction with Knightsbridge for the remaining Capesize fleet of 25 newbuidings, which is in line with our strategic plan of creating pure plays in different shipping segments through consolidation, divestments and spin offs."

More Corporate News

View Older Stories

Apr 24, 2014 09:12AM Parametric Sound (HEAR) Prices 4M Offering $10 Each
Apr 24, 2014 09:06AM Eagle Rock Energy Partners, L.P. (EROC) Declines After Halting Distribution
Apr 24, 2014 08:47AM Advaxis (ASXS) to Present at 2014 ASCO
Apr 24, 2014 08:42AM iBio, Inc. (IBIO) Lchenase Fusion Protein Tech Receives Chinese Patent
Apr 24, 2014 08:22AM DDR Corp (DDR) Adds Third Tesla (TSLA) Supercharger to Portfolio
Apr 24, 2014 08:14AM Youku Tudou (YOKU) Enters Partnerships with Leading Smart TV, STB Manufacturers in China
Apr 24, 2014 08:13AM 21Vianet (VNET), Foxconn Enter Data Center Partnership
Apr 24, 2014 08:06AM Epizyme, Inc. (EPZM) Gets Nod from USPTO for '807 App
Apr 24, 2014 08:01AM Quintiles (Q), Biogen (BIIB) Enter Five-Year Strategic Agreement
Apr 24, 2014 07:56AM Zogenix, Inc. (ZGNX) Will Sell SUMAVEL DosePro in $105M Deal with Endo (ENDP)
Apr 24, 2014 07:38AM Mack-Cali Realty Corp. (CLI) Announces $96.6M Sale of New Jersey Property
Apr 24, 2014 06:18AM Alexion Pharmaceuticals, Inc. (ALXN) Initiates Soliris Safety, Efficacy Trial
Apr 23, 2014 03:23PM Crescent Point Energy (CPG) to Acquire CanEra Energy for $1.1B
Apr 23, 2014 01:39PM Biogen Idec (BIIB) Being Probed by Government Regarding Promotions
Apr 23, 2014 01:25PM Novartis Indicated It Will Honor its Obligations Under the Array-Novartis Agreement (ARRY)
Apr 23, 2014 12:57PM Tesla (TSLA) Chooses Hanergy Solar's Thin-film Products
Apr 23, 2014 12:35PM MEGA Brands Receives Shareholder Approval for Mattel (MAT) Deal
Apr 23, 2014 12:32PM Immunomedics, Inc. (IMMU) Updates on Ongoing Pipeline, Developments
Apr 23, 2014 11:46AM Prothena Corp (PRTA) to Present Update on NEOD001 Phase 1 Interim Data at XIV ISA
Apr 23, 2014 11:31AM Lamar Advertising Co (LAMR) Receives Private Letter Ruling form IRS; Income Qualifies for REIT
Apr 23, 2014 09:42AM Peregrine Pharma (PPHM) Opens IST for Bavituximab
Apr 23, 2014 09:20AM OncoGenex Pharmaceuticals, Inc. (OGXI) Higher on FDA Fast Track Status
Apr 23, 2014 09:17AM Goldcorp's (GG) Final Tender Offer for Osisko Expires
Apr 23, 2014 09:09AM Caesars (CZR) Seeks NY State Gaming License in Orange County
Apr 23, 2014 08:57AM Galectin Therapeutics (GALT) Doses First Patients in GR-MD-02 Phase 1, Cohort 2
Apr 23, 2014 08:54AM Plug Power (PLUG) Files 15M Common Stock Shelf
Apr 23, 2014 08:35AM RGS Energy (RGSE) to Design, Install and Operate 2.6 MW Solar System in Massachusetts
Apr 23, 2014 08:34AM Catyalyst Pharma (CPRX) Initiates Expanded Access Program for Firdapse
Apr 23, 2014 08:32AM SunPower (SPWR), Google (GOOG) Enter $250M Solar Lease Financing Arrangement
Apr 23, 2014 08:09AM Synthetic Biologics (SYN) Gains After Announcing Findings for SYN-005
Apr 23, 2014 07:37AM Zogenix, Inc. (ZGNX) Issues Statement on Mas. Gov. Patrick's Actions Over Zohydro ER
Apr 23, 2014 07:12AM Spectrum Pharmaceuticals, Inc. (SPPI) Reports Melphalan Met Primary Endpoints in Phase 2
Apr 23, 2014 06:40AM BP plc (BP) to Sell North Slope of Alaska Oilfield Assets
Apr 23, 2014 06:34AM Alexion Pharmaceuticals, Inc. (ALXN) Receives Orphan Drug Designation from EC for Soliris
Apr 23, 2014 06:33AM Unilife Corp. (UNIS) Issues Response to Short-Seller Article
Apr 23, 2014 06:24AM Plug Power (PLUG) Sees Q1 Revs At or Moderately Higher than Previous Guidance
Apr 22, 2014 03:03PM JetBlue Airways (JBLU) Issues Statement on Outcome of Unionization Election
Apr 22, 2014 02:31PM Quidel Corp (QDEL) Cleared by FDA to Market Lyra Direct Strep Assay
Apr 22, 2014 11:58AM Twitter, Inc. (TWTR) Announces Native Ads for MoPub Publishers
Apr 22, 2014 11:05AM General Motors (GM) Restructures Global Vehicle Engineering Organizations; Assigns Leadership
Apr 22, 2014 08:48AM AbbVie, Inc. (ABBV) Reports Submission of GT1/HCV Treatment NDA to FDA
Apr 22, 2014 08:44AM Cognizant Technology Solutions (CTSH) Acquires itaas; No Terms
Apr 22, 2014 08:36AM GSK, Theravance (THRX) Receive Approval for Breo Ellipta as COPD Treatment in Australia
Apr 22, 2014 08:33AM Evoke Pharma, Inc. (EVOK) Initiates EVK-001 Phase 3
Apr 22, 2014 08:31AM Intuitive Surgical, Inc. (ISRG) Receives FDA 510(k) Clearance of da Vinci Sp Surgical System
Apr 22, 2014 08:17AM BJ's Restaurants (BJRI) Enters Agreement with PW Partners/Luxor Group
Apr 22, 2014 08:14AM Medifast, Inc. (MED) Sells 11 Medifast Weight Control Centers
Apr 22, 2014 08:09AM Epizyme, Inc. (EPZM) Receives $4M Milestone in GSK Collaboration
Apr 22, 2014 08:01AM Pfizer, Inc. (PFE) Reports Statistically Significant Data from Two OPT Program Phase 3s
Apr 22, 2014 07:49AM Cytokinetics, Inc. (CYTK) to Present BENEFIT-ALS Results at 66th AAN
View Older Stories