Corporate News

Hydrogenics Corporation (NASDAQ: HYGS) today announced that Hydrogenics Europe N.V., its Belgium-based operating subsidiary, has secured a EUR 3.5 million operating facility from Dexia Bank S.A., a Belgium-based financial institution. The facility will be used to finance working capital requirements for Hydrogenics' OnSite Generation business in 2010.

Pursuant to the terms of the credit facility, the Borrower may borrow a maximum of 75% of the value of awarded sales contracts, approved by Dexia Bank, to a maximum of EUR 2.0 million, along with a maximum of EUR 1.5 million for general business purposes.

The credit facility bears interest at a rate of Euribor plus 1.45% per annum. It is secured by a EUR 1.0 million first secured charge covering all of the assets of the Borrower, which may be increased to EUR 1.5 million in certain circumstances, and contains a negative pledge precluding the Borrower from providing security over its assets. Additionally, the Borrower is required to maintain a solvency covenant, defined as equity plus current account divided by total liabilities, of not less than 25% and ensure that its inter-company account with Hydrogenics Corporation does not decrease to less than EUR 5.0 million at any time. As of November 30, 2009, the inter-company account was approximately EUR 5.1 million.

General Growth Properties, Inc. (OTC: GGWPQ.PK) today announced the filing of the plan of reorganization and related disclosure statement with the Bankruptcy Court in the Southern District of New York for the 92 regional shopping centers, office properties, community centers and related subsidiaries associated with approximately $9.7 billion of secured mortgage loans. This amount exceeds the previously announced agreements in principal to restructure $8.9 billion of mortgage loans, as GGP has reached additional consensual agreements in principal with certain secured mortgage lenders since the prior announcement on November 19, 2009.

Confirmation of the plan of reorganization is currently scheduled for December 15, 2009. The plan of reorganization provides that all undisputed claims against the emerging debtors for pre-petition goods and services will be paid in full. Effectiveness of the plan of reorganization and emergence from bankruptcy for the debtors associated with these secured mortgage loans are subject to various conditions and approvals, including completion of definitive documentation and approval of the Bankruptcy Court. In addition, certain of the agreements remain subject to the approval of the Class B note holders or mezzanine holders. If these conditions are satisfied and such approvals are obtained, the regional shopping centers, office properties, community centers and other subsidiaries associated with these secured mortgage loans will emerge from bankruptcy prior to the end of 2009.

CytRx Corporation (NASDAQ: CYTR) is permitted to re-enter the clinic with its orally administered molecular chaperone drug candidate arimoclomol as a therapeutic treatment for amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease), following the U.S. Food and Drug Administration's (FDA) acceptance of a revised clinical trial protocol.

"We are delighted with the FDA's decision to approve a protocol that provides a safe and efficient avenue to ascend arimoclomol dosing to the target dosage level of 400 mg three times daily, which we believe will prove most effective in treating ALS patients," said CytRx President and CEO Steven A. Kriegsman. "Arimoclomol's underlying molecular chaperone amplification method of action has shown promising clinical and preclinical study results in inhibiting the progression of ALS, a debilitating disease that currently lacks effective therapeutic treatment. We believe that this drug candidate has the potential to be a breakthrough drug with application in a number of other neurodegenerative diseases, such as Alzheimer's disease, Parkinson's disease and Huntington's disease, and as a treatment for stroke recovery and neuropathy. Recent independent findings also indicate that molecular chaperone technology represents a significant strategy in the future design of anti-aging pharmaceuticals.

The clinical trial protocol accepted by the FDA is a tiered, placebo-controlled, double-blind ascending dose study. The study is designed to test progressive groups each with between 20 and 30 ALS patients over a three-month treatment period. Fifteen patients will receive a combination of arimoclomol at various dose levels and riluzole at a fixed dose of 50 mg twice daily, with between five and 15 ALS patients receiving placebo and riluzole at the same fixed dose. The first group will receive arimoclomol 100 mg capsules three times daily. Every four weeks, another group of ALS patients will begin three-month testing with six patients receiving arimoclomol dosing three times daily at a 75 mg per dose increase from the prior group. The maximum dose in the protocol allows for testing arimoclomol at 400 mg three times daily. An independent safety monitoring board will review safety results prior to initiating each consecutive increase in dosage level.

The trial's endpoints include a preliminary evaluation of efficacy using two widely accepted surrogate markers, the revised ALS Functional Rating Scale (ALSFRS-R), which is used to determine patient's capacity and independence in 13 functional activities, and Vital Capacity (VC), an assessment of lung capacity. The trial is powered to monitor only extreme responses in these two categories.

Allegheny Technologies Incorporated (NYSE: ATI) announced that it has signed a five-year agreement with Spirit AeroSystems (NYSE: SPR) for the supply of nickel-based alloy and superalloy flat-rolled products for commercial airframe applications. The agreement covers products sold by ATI Allegheny Ludlum, an ATI operating company, to Spirit AeroSystems.

"We are pleased to be developing this new relationship with Spirit AeroSystems, which is the world's largest independent supplier of commercial airplane assemblies and components," said L. Patrick Hassey, Chairman, President and Chief Executive Officer of Allegheny Technologies. "This agreement is another step in our strategy to expand ATI's presence in the airframe segment of the Aerospace market."

Simcere Pharmaceutical Group (NYSE: SCR) today announced that 105 of its drugs have been included in China's National Drug Reimbursement List, which was issued by China's Ministry of Human Resources and Social Security on November 30, 2009.

Of the 105 drugs that have been included on the NDRL, the actively marketed drugs are Edaravone (Bicun and Yidasheng), Nedaplatin (Jiebaishu), Diclofenac (Yingtaiqing), Amoxicillin (Zailin), Biapenem (Anxin), Amoxicillin and Clavulanate (Anqi), Levamlodipine (Xinta), Alfacalcidol (Faneng), Smectite (Biqi), and Kechuanning. Simcere's newly acquired Rosuvastatin is one of the 105 drugs.

The updated NDRL consists of 2,151 drugs and is an important component of the healthcare reform plan in China. The Chinese government is aiming for healthcare coverage to reach at least 90 per cent of the population by the end of 2010.