Kindred Healthcare (KND) Tender for Gentiva (GTIV) Expires Jul 28, 2014 05:46PM

Kindred Healthcare (NYSE: KND) today announced the expiration of its amended tender offer to purchase 14.9% of the outstanding shares of Gentiva Health Services, Inc. (“Gentiva”) (NASDAQ: GTIV) for $16.00 per share in cash. At the expiration of the offer, certain conditions of the offer had not been satisfied and Kindred had not waived those conditions. Accordingly, no shares of common stock of Gentiva were purchased by Kindred pursuant to the offer, and all tendered shares will be returned promptly.

Kindred is prepared to enter into appropriate confidentiality and standstill agreements with Gentiva in order to facilitate discussions regarding the proposed combination of Kindred and Gentiva.

Citigroup is acting as financial advisor to Kindred. Cleary Gottlieb Steen & Hamilton LLP is acting as legal advisor and Gibson, Dunn & Crutcher LLP is serving as special counsel to Kindred.


Owens & Minor, Inc. (OMI) Names James L. Bierman as President & CEO Jul 28, 2014 05:14PM

Owens & Minor, Inc. (NYSE: OMI), a leading healthcare logistics company, today announced that its Board of Directors has named President & Chief Operating Officer James L. Bierman, 61, to serve as President & Chief Executive Officer and appointed him as a director of the company, effective September 1, 2014. Craig R. Smith, 63, currently Chairman & Chief Executive Officer, will continue to serve the company in the role of Executive Chairman.

Today’s announcement reflects the Board’s ongoing succession planning process and is designed to ensure a seamless transition to proven leadership as the company continues to advance its strategy of Connecting the World of Medical Products to the Point of CareTM by broadening its service offering to provider and manufacturer customers.

Anne Marie Whittemore, Lead Independent Director, said, “Jim Bierman is a talented executive with the experience and skill set to lead Owens & Minor. He has a deep understanding of the company and its business, having spearheaded our response to the changing healthcare landscape and directed the investments necessary to drive long-term growth and value creation. We look forward to his leadership in continuing these efforts as our next CEO.”

Whittemore continued, “On behalf of the Board, I want to thank Craig Smith for the extraordinary contributions he has made to the success of Owens & Minor. Under his leadership as CEO, Owens & Minor has grown into a leading $9 billion international healthcare logistics services organization serving both manufacturers and healthcare providers. We are thankful that he will continue to serve the company in the role of Executive Chairman, and we are confident that the company and our management team will benefit from his invaluable experience.”

Bierman said, “I am honored to have the opportunity to lead Owens & Minor at such an exciting time in its history. Over the past three years, we have become a vital supply chain services provider to the healthcare industry by making strategic investments across product and service categories and diversifying into new geographies, including China and Europe. We are well positioned to build on our proven core capabilities, history of innovation and strong balance sheet to serve the needs of both healthcare provider and manufacturer customers worldwide. I look forward to working with our first-rate executive team and the thousands of talented Owens & Minor teammates as we continue to execute our strategic plan and create sustainable value for customers and shareholders.”

Smith said, “I’m extremely proud of the world-class business that Owens & Minor represents today, and humbled to have led our 6,700 dedicated teammates around the world. Together we have created a leading healthcare logistics company with strong momentum, allowing us to serve provider and manufacturing customers globally with more complete and cost-effective solutions. Jim is a proven executive who, as a key architect of our strategy, has led positive change across the company’s sales, operations and logistics. I look forward to working with him and the Board as we make this important transition.”


Gevo (GEVO) Says SBS Ops at Luverne on Track Jul 28, 2014 04:50PM

Gevo, Inc. (Nasdaq: GEVO) today reported an update on the progress of the implementation of the Side-by-Side operational mode (SBS) of its plant in Luverne, MN. In the beginning of June, Gevo commenced the co-production of isobutanol and ethanol, with one fermenter dedicated to isobutanol production and three fermenters dedicated to ethanol production. This follows the company's announcement in May that it had begun production of ethanol. The benefits of simultaneously producing isobutanol and ethanol using the SBS are:

1) it facilitates the process optimization of commercial-scale isobutanol production;

2) it maximizes the utilization of the plant to generate cash by utilizing all the fermentation assets; and

3) it demonstrates the simultaneous production of isobutanol and ethanol, for the benefit of potential licensee partners who are interested in augmenting the fermentation capacities of their ethanol plants to co-produce isobutanol.

"The implementation of the SBS is tracking to our plan and validating the underlying premises for switching to this mode of production. Operating all the assets of the plant has aided us greatly in solving issues that were impeding the ramp-up of isobutanol using one fermenter in isolation, specifically the consistent management of infections and the handling of recycle streams and solids," said Dr. Patrick Gruber, Gevo's CEO.

The following are some of the key results achieved thus far:

Isobutanol

  • Successfully produced isobutanol at initial run rates of tens of thousands of gallons per month in a commercial-scale one million liter fermenter (in line with previous guidance);
  • Isobutanol yields have reached >90% of target based on starch content, up from approximately 70% prior to running SBS;
  • Reduced isobutanol batch cash costs by >25% since beginning SBS, with a clear path towards targeted economic rates;
  • Produced and sold IDGs® (animal feed from isobutanol production);
  • Achieved 100% recycle streams (up from 90%), while consistently producing sterile mash, controlling infections and growing isobutanol producing yeast;
  • GIFT® continues to work as designed (controlling the concentration of isobutanol to desired levels in the fermentation broth, by removing and collecting the isobutanol for further downstream processing); and
  • No yeast cross-contamination from the ethanol system.

Ethanol

  • Produced ethanol at a run rate of approximately 1.5 million gallons per month (above previous guidance of 1.25 million gallons per month);
  • Generating revenue of more than $3 million per month at Luverne; and
  • No yeast cross-contamination from the isobutanol system.

"By operating in the SBS we have been able to mitigate the recycle, infection, solids handling and plant operability issues. It is satisfying to see that our yeast and GIFT technology work well at commercial scale. Our yields and costs have improved very quickly. And while we have more work to do, I am pleased with our overall progress and look forward to continuing to increase the production levels of isobutanol at the plant. By running the SBS we have dramatically reduced our cash burn at the plant and we are targeting breakeven at Luverne by year end," continued Dr. Gruber.

"In addition, we are very pleased with the United States District Court's recent decision to stay the patent litigation involving U.S. Patent Nos. 7,851,188 and 7,993,889 that was scheduled to begin on July 21, 2014. This decision should significantly decrease Gevo's legal costs for the foreseeable future. Taken in combination with the improved cash flow profile of the Luverne operations in the SBS, this should dramatically decrease our overall corporate burn going forward."


pSivida's (PSDV) ILUVIEN Granted Marketing Approval in Norway Jul 28, 2014 04:25PM

pSivida Corp. (Nasdaq: PSDV) announced that ILUVIEN has been has granted marketing authorization in Norway for the treatment of vision impairment associated with chronic diabetic macular edema (DME) considered insufficiently responsive to available therapies and has been approved for reimbursement in Portugal for the same indication.

The Norway marketing authorization is the first following the successful completion last month of the Mutual Recognition Procedure for Norway and nine other EU countries. Marketing authorization is pending in the remaining nine countries (the Czech Republic, Denmark, Finland, Ireland, Luxembourg, the Netherlands, Belgium, Poland and Sweden).

ILUVIEN has been approved for reimbursement in Portugal by INFARMED, the marketing authorization body of the Portuguese Ministry of Health. Alimera has reported it plans to move forward with commercialization in Portugal in late 2014.

ILUVIEN is commercially available in the U.K. and Germany and has marketing authorization in Austria, Portugal, France, Spain and Italy. ILUVIEN is currently under review by the U.S. Food and Drug Administration with a Prescription Drug User Fee Act (PDUFA) goal date of September 26, 2014.

“We are very pleased at the steady progress ILUVIEN is making in Europe and look forward to the PDUFA date,” said Dr. Paul Ashton, President and CEO of pSivida. "Should ILUVIEN be approved by the FDA, we are entitled to a $25 million milestone payment from Alimera in addition to net profit payments on Alimera’s sales of ILUVIEN.”


NQ Mobile (NQ) to Pay Additional Interest on 4% Convertible Senior Notes Due 2018 Jul 28, 2014 04:24PM

NQ Mobile (NYSE: NQ) has given notice to the holders of its 4% Convertible Senior Notes Due 2018 (the “Notes”) of its election to pay additional interest under the Notes as the sole remedy for the Company’s inability to timely notify the trustee of the filing of its annual report on Form 20-F for the year ended December 31, 2013 (the “20-F”). This additional interest will begin to accrue from July 29, 2014, and will continue to accrue until the earlier of the day when the 20-F is filed or January 24, 2015. The indenture governing the Notes caps the aggregate amount of additional interest to be accrued under the Notes due to the 20-F not having been filed at 0.5%. If the Company is unable to complete the filing of the 20-F by January 24, 2015, the Notes will accelerate and become immediately due and payable on January 25, 2015.


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