Vertex Energy, Inc. Begins Due Diligence Process in Connection With Heartland Group Operations in Anticipation of Potential Acquisition and Enters Into Consulting Agreement With Heartland Jul 30, 2014 07:07AM

Strategic Acquisition Will Further Enhance Regional Strategy

Deal Valued at Approximately $16.5 Million

HOUSTON--(BUSINESS WIRE)-- Vertex Energy, Inc. (NASDAQ: VTNR), an environmental services company that recycles industrial waste streams and off-specification commercial chemical products, announced today that it has begun due diligence of Heartland Group Holdings LLC under the terms of a letter of intent which contemplates Vertex acquiring substantially all of the assets of Heartland Group Holdings LLC for approximately $16.5 million, which includes an approximate $8 million dollar earnout achievable during the first 2 years.

Along with the Letter of Intent, Vertex also entered into a consulting agreement with Heartland to provide consulting services, which include advice and guidance related to Heartland Petroleum’s collection operations, Heartland’s Re-refinery, the installation of new equipment there, and the implementation of operational changes at the re-refinery. The objective is to eventually facilitate the integration of all of Heartland's operations into Vertex’s platform, allowing for a smooth transition upon the closing of the transaction. Vertex has agreed to cover expenses throughout implementation of these changes and to reimburse Heartland for any operating losses recognized after July 16, 2014, subject to a cap of $500,000 if Vertex decides not to move forward with the closing, and which losses are reimbursable to Vertex if Heartland breaches the terms of the LOI.

The acquisition remains subject to due diligence, the negotiation of definitive purchase agreements, satisfaction of closing conditions, and receipt of required consents and approvals. The parties plan to enter into definitive purchase agreements by the end of September 2014, and tentatively plan to close the acquisition, subject to the negotiated conditions of closing being met by the end of October 2014.

Benjamin P. Cowart, Chairman and CEO, of Vertex, stated, "We are fully committed to acquiring substantially all of the assets of Heartland, subject to satisfactory due diligence and the required closing conditions of the transaction. This consultancy agreement will help ensure that we have minimal challenges in both completing the closing and integrating Heartland’s operations into our business. This proposed acquisition will build on our acquisition of Omega Holdings’ re-refining assets and technical expertise. The Omega deal has transformed our financial statements, for the better, and we anticipate the Heartland acquisition will further build shareholder value.”

Mr. Cowart added, "The acquisition of Heartland Group epitomizes our regional strategy, which highlights implementing the right technology for the right market. Our commitment is to build a strong collection footprint and, with the right technology, produce the optimal product for each regional market. In the region Heartland operates in, refining to base oil is the correct strategy. Heartland has fifty years of collection legacy and the acquisition will provide us with a platform to expand and grow our regional strategy. The pending acquisition of Heartland will allow us to further enhance our flexibility in the marketplace, and will allow us to expand our national footprint, when operated together with our current facilities in the Gulf region and the West Coast, and provide diverse finished product offerings throughout the United States. ”

Robert N. Schlott, Chairman of Heartland, said, “We are excited to work with Vertex to help bring this acquisition to a successful closing. It has always been Heartland's mission to provide the very best recycling alternatives for used motor oil and in recent years, it has further been our goal to provide the highest quality re-refined Group II base oil available. Vertex brings an industry perspective and technological expertise that is a strong fit with Heartland's core used oil collection and re-refining businesses."

About Heartland Group Holdings, LLC

Heartland is a used oil collection and rerefining company primarily held by Warren Distribution with its primary operations in Columbus, OH. The Heartland Group consists of Heartland Petroleum which operates 21 trucks and five service locations covering used oil collections and related services in OH, KY, WV and PA. The company owns a state of the art used oil re-refinery located in Columbus, OH where it processes approximately 16 million gallons annually of used oil into Group II Base oil. Heartland currently employs 86 people within its operations.

About Vertex Energy, Inc.

Vertex Energy, Inc. (NASDAQ: VTNR) is a leading environmental services company that recycles industrial waste streams and off-specification commercial chemical products. Its primary focus is recycling used motor oil and other petroleum by-product streams. Vertex purchases these streams from an established network of local and regional collectors and generators. Vertex also manages the transport, storage and delivery of the aggregated feedstock and product streams to end users, and manages the re-refining of a portion of its aggregated petroleum streams in order to sell them as higher-value end products. Vertex sells its aggregated petroleum streams as feedstock to other re-refineries and fuel blenders or as replacement fuel for use in industrial burners. The re-refining of used motor oil that Vertex manages takes place at its facility, which uses a proprietary Thermal Chemical Extraction Process (“TCEP”) technology. Based in Houston, Texas, Vertex also has offices in Georgia and California. More information on Vertex can be found at www.vertexenergy.com.

Forward-Looking Information

This release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the completion of satisfactory due diligence by Vertex, the entry by Vertex and Heartland into definitive purchase agreements, the closing of the acquisition, Vertex’s ability to raise funding to complete the acquisition, and Vertex’s ability to integrate any acquired businesses, assets, employees and operations into its operations. These statements are based on management’s current expectations and accordingly are subject to uncertainty and changes in circumstances. Actual results and the timing of events may vary materially from those expressed or implied by such forward-looking statements due to various important factors, including, without limitation, risks and uncertainties related to Vertex’s business and other matters described above. More detailed information about those factors is set forth in Vertex’s filings with the Securities and Exchange Commission, including Vertex’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. Vertex is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Investor Relation Contacts

Porter, LeVay & Rose, Inc.

Marlon Nurse, DM, 212-564-4700

SVP – Investor Relations

or

Vertex Energy, Inc.

Matthew Lieb, 310-400-0421

Source: Vertex Energy, Inc.


UMC Reports Second Quarter 2014 Results Jul 30, 2014 07:06AM

TAIPEI, July 30, 2014 /PRNewswire/ --

Second Quarter 2014 Overview[1]:

  • Revenue: NT$35.87 billion (US$1.20 billion)
  • Gross margin: 22.9%; operating margin: 8.1%
  • Foundry capacity utilization rate: 90%
  • Net income attributable to the stockholders of the parent: NT$3.48 billion (US$117 million)
  • Earnings per share: NT$0.28; earnings per ADS: US$0.047

United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) ("UMC" or "The Company"), a leading global semiconductor foundry, today announced its consolidated operating results for the second quarter of 2014.

Revenue was NT$35.87 billion, with gross margin at 22.9% and operating margin at 8.1%. Net income attributable to the stockholders of the parent was NT$3.48 billion, with earnings per ordinary share of NT$0.28.

Mr. Po-Wen Yen, CEO of UMC, said "In the second quarter of 2014, UMC recorded NT$32.57 billion in revenue from the foundry segment, with operating margin from foundry operations of 10.2%. Wafer shipments reached 1.426 million 8-inch equivalent wafers. Our 28nm business represented 1% of revenue, while 40nm accounted for 21%."

CEO Yen added, "Second quarter foundry revenue grew 13.4% sequentially, fueled by strong communication segment demand that lifted capacity utilization to 90%. Market conditions also reflected a turnaround, with rising demand for portable computing devices helping to drive our 28nm shipments. We project continued 28nm revenue contribution growth in 3Q14 as a result of the sustained demand for mobile and tablet computing. We are optimistic in the long term that our 28nm production ramp will strengthen our overall product mix and generate abundant opportunities for UMC to win additional foundry market share. For other technologies, we have strengthened the IP portfolio for our 55nm LP platform to address low power and wireless applications by offering Kilopass' Gusto and Cypress's SONOS embedded flash memories. These enhanced IP solutions will further diversify our manufacturing offerings to fulfill a broader range of specialty technology products on our proven and versatile 55LP platform. Designers in wearable and Internet of Things (IoT) applications have already realized product tape-outs using our 55LP technologies and IP."

CEO Yen continued, "We expect the semiconductor demand strength to continue into the third quarter of 2014. For 28nm momentum, our activities have increased, including IP verifications, customer tape outs on standalone products and product reliability qualifications. These 28nm customer collaborations will provide further traction heading into the second half of 2014. UMC will continue to broaden our customer base and penetrate additional high growth areas to expand customer adoption. We remain confident for the long term, as our sound business strategies, solid engineering execution and strong commitment to customer service will help ensure UMC's future business growth and deliver enhanced profitability to raise shareholder value."

[1] Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending Jun 30, 2014, the three-month period ending Mar 31, 2014, and the equivalent three-month period that ended Jun 30, 2013. For all 2Q14 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the Jun 30, 2014 exchange rate of NT$ 29.86 per U.S. Dollar.

Summary of Operating Results

 

Operating Results

(Amount: NT$ million)

   2Q14

  1Q14

QoQ %change

2Q13

YoY %change

Net Operating Revenues

35,869

31,694

13.2

31,905

12.4

Gross Profit

8,207

5,901

39.1

6,177

32.9

Operating Expenses

(5,280)

(5,016)

5.3

(5,017)

5.2

Net Other Operating Income and Expenses

(10)

56

-

(11)

(9.1)

Operating Income

2,917

941

210.0

1,149

153.9

Net Non-Operating Income and Expenses

937

351

167.0

631

48.5

Net Income Attributable to the Stockholders of the Parent

3,482

1,180

195.1

1,812

92.2

EPS   (NT$ per share)

0.28

0.09

0.15

         (US$ per ADS[2])

0.047

0.015

0.025

[2] One ADS represents five Taiwan-listed ordinary shares.

Revenue increased 13.2% QoQ to NT$35.87 billion from NT$31.69 billion in 1Q14, and increased 12.4% YoY from NT$31.91 billion in 2Q13. Gross profit was NT$8.21 billion, or 22.9% of revenue, compared to NT$5.90 billion, or 18.6% of 1Q14 revenue. Operating income for the quarter was NT$2.92 billion, or 8.1% of revenue, compared to operating income of NT$0.94 billion, or 3.0% of 1Q14 revenue. Net income attributable to the stockholders of the parent in 2Q14 was NT$3.48 billion, compared to NT$1.18 billion in 1Q14.

Earnings per ordinary share for the quarter were NT$0.28. Earnings per ADS were US$0.047. The basic weighted average number of outstanding shares in 2Q14 was 12,489,095,718, compared with 12,479,924,736 shares in 1Q14 and 12,464,972,126 shares in 2Q13. The diluted weighted average number of outstanding shares was 12,607,860,758 in 2Q14, compared with 13,157,984,032 shares in 1Q14 and 13,236,433,274 shares in 2Q13. The fully diluted share count on June 30, 2014 was approximately 12,782,196,000. On June 30, 2014, UMC held 200 million treasury shares acquired from the 15th share buy-back programs.

Detailed Financials Section

Revenue increase was mainly driven by foundry wafer shipment growth. Depreciation increased 6.3% QoQ to NT$8.66 billion, mainly due to the deployment of new 28nm tools at Fab 12A. Other manufacturing costs rose 7.7% sequentially from the increase in wafer shipments. Gross margin increased to 22.9% sequentially, to NT$8.21 billion. Sales & Marketing expenses rose to NT$1.10 billion, including the increase in mask and IP expenses. Research and development expenses was NT$3.33 billion, 9.3% of operating revenues.

COGS & Expenses

(Amount: NT$ million)

2Q14

1Q14

QoQ %change

2Q13

YoY %change

Net Operating Revenues

35,869

31,694

13.2

31,905

12.4

COGS

(27,662)

(25,793)

7.2

(25,728)

7.5

  Depreciation

(8,662)

(8,145)

6.3

(8,546)

1.4

  Other Mfg. Costs

(19,000)

(17,648)

7.7

(17,182)

10.6

Gross Profit

8,207

5,901

39.1

6,177

32.9

Gross Margin (%)

22.9%

18.6%

19.4%

Operating Expenses

(5,280)

(5,016)

5.3

(5,017)

5.2

  G&A

(857)

(848)

1.1

(966)

(11.3)

  Sales & Marketing

(1,097)

(833)

31.7

(800)

37.1

  R&D

(3,326)

(3,335)

(0.3)

(3,251)

2.3

Net Other Operating

Income & Expenses

(10)

56

-

(11)

(9.1)

Operating Income

2,917

941

210.0

1,149

153.9

Net non-operating income in 2Q14 was NT$937 million. Net interest expenses was NT$149 million, primarily from the redemption of bonds during 2Q14. The investment disposal gains were NT$792 million, including a NT$416 million gain from the sale of Epistar shares.

Non-Operating Income and Expenses

(Amount: NT$ million)

2Q14

1Q14

2Q13

Non-Operating Income and Expenses

937

351

631

Net Interest Income and Expenses

(149)

(23)

(83)

Net Investment Gain and Loss

188

(110)

(33)

Gain and Loss on Disposal of Investment

792

367

671

Exchange Gain and Loss  

(4)

22

(11)

Other Gain and Loss

110

95

87

Cash flow from operations generated NT$7.68 billion. CAPEX spending was NT$7.89 billion, including NT$7.75 billion from the foundry segment, resulting in free cash outflow of NT$204 million during 2Q14. Cash outflow from financing activities was NT$4.42 billion mainly due to the net redemption effect of NT$10.25 billion in bonds and issuance of NT$5.00 billion in new domestic bonds. Total cash outflow was NT$4.30 billion in 2Q14. Over the next 12 months, the company expects to repay NT$4.15 billion in bank loans.

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month Period 

Ended Jun. 30, 2014

For the 3-Month Period

 Ended Mar. 31, 2014

Cash Flow from Operating Activities

7,681

6,232

  Net Income before tax

3,854

1,292

  Depreciation & Amortization

9,949

9,850

Share of profit or loss of associates and joint ventures

(132)

35

Gain on disposal of investments

(792)

(367)

  Changes in Working Capital

(5,002)

(4,746)

  Other

(196)

168

Cash Flow from Investing Activities

(7,032)

(6,100)

  Capital Expenditures

(7,885)

(6,277)

Proceeds from disposal of available-for-sale financial assets

1,102

529

Acquisition of intangible assets

(428)

(175)

  Other

179

(177)

Cash Flow from Financing Activities

(4,423)

2,395

  Bank Loans

755

2,325

Bonds Issued

5,000

-

Redemption of Bonds

(10,249)

(57)

  Other

71

127

Effect of Exchange Rate Changes

 on Cash and Cash Equivalents

(523)

573

Net Increase(Decrease) in Cash and Cash Equivalents

(4,297)

3,100

Cash and Cash Equivalents of Disposal Group included in Non-Current Assets Held for Sale

-

(16)

Total Increase(Decrease) in Cash and Cash Equivalents

(4,297)

3,084

Cash and cash equivalents decreased to NT$49.63 billion, reflecting CAPEX and bond redemption in 2Q14. Days of inventory decreased by three days to 47 days in 2Q14.

Current Assets

(Amount: NT$ billion)

2Q14

1Q14

 2Q13

Cash and Cash Equivalents

49.63

53.92

50.65

Notes & Accounts Receivable

21.62

18.89

19.38

  Days Sales Outstanding

52

51

53

Inventories, net

13.84

14.42

14.33

  Days of Inventory

47

50

51

Total Current Assets

98.37

96.75

92.90

Current liabilities increased to NT$49.68 billion mainly due to the increase in payables on equipment acquisition and other current liabilities including increased accrual for dividend distribution of 2013. Debt to equity ratio increased to 41%.

Liabilities

(Amount: NT$ billion)

2Q14

1Q14

2Q13

Total Current Liabilities

49.68

49.24

57.62

  Notes & Accounts Payable

6.85

7.15

7.17

  Short-Term Credit / Bonds

15.75

24.42

23.51

  Payables on Equipment

7.19

4.82

7.59

  Other

19.89

12.85

19.35

Long-Term Credit / Bonds

31.92

27.66

28.54

Total Liabilities

88.69

83.85

93.19

Debt to Equity

41%

39%

44%

Analysis of Revenue[3] for Foundry Segment

Revenue from Asia Pacific and Japan increased from 48% to 52% of sales, mainly due to stronger demand from Asia Pacific and Japan based communication and computer customers.

Revenue Breakdown by Region

Region

2Q14

1Q14

4Q13

3Q13

2Q13

North America

43%

45%

47%

43%

47%

Asia Pacific

46%

45%

41%

44%

42%

Europe

5%

7%

8%

7%

8%

Japan

6%

3%

4%

6%

3%

28nm node represented 1% of revenue. 40nm revenue continued to grow and contributed 21% of foundry sales. 40nm and below technologies accounted for 22% of sales in 2Q14.

Revenue Breakdown by Geometry

Geometry

2Q14

1Q14

4Q13

3Q13

2Q13

28nm and below

1%

0%

0%

0%

0%

40nm

21%

20%

24%

20%

20%

40nm

31%

31%

29%

34%

31%

65nm

6%

7%

7%

6%

6%

90nm

13%

14%

14%

16%

15%

0.13um

13%

12%

12%

11%

13%

0.18um

12%

12%

11%

10%

11%

0.5um and above

3%

4%

3%

3%

4%

The percentage of revenue from IDM customers increased to 10%.

Revenue Breakdown by Customer Type

Customer Type

2Q14

1Q14

4Q13

3Q13

2Q13

Fabless

90%

92%

89%

86%

90%

IDM

10%

8%

11%

14%

10%

Communication segment accounted for 49%, reflecting strong demand in mobile applications.

Revenue Breakdown by Application (1)

Application

2Q14

1Q14

4Q13

3Q13

2Q13

Computer

18%

18%

15%

16%

18%

Communication

49%

46%

49%

52%

51%

Consumer

29%

31%

31%

28%

28%

Others

4%

5%

5%

4%

3%

(1) Computer consists of ICs such as CPU, GPU, HDD controllers, DVD/CD-RW control ICs, PC chipset, audio codec, keyboard controller, monitor scaler, USB, I/O chipset. Communication consists of handset components, broadband, WLAN, bluetooth, Ethernet, LAN, DSP, etc. Consumer consists of ICs used for DVD players, DTV, STB, MP3/MP4, flash controller, game consoles, DSC, smart cards, toys, etc.

[3] Revenue in this section represents wafer sales

Blended ASP Trend for Foundry Segment

Blended average selling price (ASP) remained flat in 2Q14.

(To view ASP trend, visit http://www.umc.com/english/investors/2Q14_ASP_trend.asp )

Shipment and Utilization Rate[4] for Foundry Segment

Wafer shipments increased 13.4% QoQ to 1,426K in 2Q14, compared to 1,258K 8-inch equivalent wafers shipped in 1Q14. Overall utilization rate for the quarter was 90%.

Wafer Shipments

2Q14

1Q14

4Q13

3Q13

2Q13

Wafer Shipments(8" K equivalents)

1,426

1,258

1,236

1,329

1,307

Quarterly Capacity Utilization Rate

2Q14

1Q14

4Q13

3Q13

2Q13

Utilization Rate

90%

81%

79%

87%

85%

Total Capacity(8" K equivalents)

1,597

1,563

1,560

1,548

1,537

[4] Utilization Rate = Quarterly Wafer Out / Quarterly Capacity

Capacity[5] for Foundry Segment

Capacity during the second quarter was 1,597K 8-inch equivalent wafers. The incremental increase in 34K 8-inch equivalent wafers during 2Q14 was primarily due to capacity expansion at Fab 12A, Fab 12i and Fab 8N. UMC's estimated capacity in 3Q14 will be 1,586K 8-inch equivalent wafers, due to the change in capacity profile at Fab 8D and capacity upgrades at Fab 12i.

Annual Capacity in

thousands of wafers

Quarterly Capacity in

thousands of wafers

FAB

Geometry(um)

2013

2012

2011

2010

FAB

3Q14E

2Q14

1Q14

4Q13

Fab6A

6"

3.5 – 0.45

448

481

538

588

Fab6A

113

113

111

113

Fab8A

8"

0.5 – 0.25

813

815

813

816

Fab8A

204

204

201

204

Fab8C

8"

0.35 – 0.11

347

360

359

366

Fab8C

87

87

86

87

Fab8D

8"

0.13 – 0.09

382

371

364

314

Fab8D

86

93

94

96

Fab8E

8"

0.5 – 0.18

418

449

469

410

Fab8E

105

105

103

105

Fab8F

8"

0.18 – 0.11

388

389

388

388

Fab8F

98

98

96

98

Fab8S

8"

0.18 – 0.11

335

348

307

304

Fab8S

84

84

83

84

Fab8N

8"

0.5 – 0.13

469

-

-

-

Fab8N

140

140

126

128

Fab12A

12"

0.18 – 0.028

651

579

501

374

Fab12A

174

174

171

164

Fab12i

12"

0.13 – 0.040

550

537

530

454

Fab12i

145

147

145

145

Total(1) 

6,107

5,514

5,322

4,791

Total

1,586

1,597

1,563

1,560

YoY Growth Rate

11%

4%

11%

4%

2010~2012 figures account for UMC parent company only.

(1)One 6-inch wafer is converted into 0.5625(62/82) 8-inch equivalent wafer; one 12-inch wafer is converted into 2.25(122/82) 8-inch equivalent wafers. Capacity total figures are expressed in 8-inch equivalent wafers.

[5] Estimated capacity numbers are based on calculated maximum output rather than designed capacity. The actual capacity numbers may differ depending upon equipment delivery schedules, pace of migration to more advanced process technologies, and other factors affecting production ramp-up.

CAPEX for Foundry Segment

The foundry capital expenditure for 2014 will be US$1.3 billion. Spending during the first half of 2014 in the foundry segment was US$462 million.

Capital Expenditure by Year - in US$ billion

Year

2013

2012

2011

2010

2009

CAPEX

$ 1.1

$ 1.7

$ 1.6

$ 1.8

$ 0.55

2009~2012 figures account for UMC parent company only.

2014 CAPEX Plan

8"

12"

Total

13%

87%

US$ 1.3 billion

Third Quarter of 2014 Outlook & Guidance

Quarter-over-Quarter Guidance:

  • Foundry Segment Wafer Shipments: To increase by low single-digit percentage range
  • Foundry Segment ASP in US$: To remain flat
  • Foundry Segment Profitability: Gross profit margin will be in the mid-20 percentage range
  • Foundry Segment Capacity Utilization: Low-90% range
  • 2014 CAPEX for Foundry Segment: US$1.3bn
  • Guidance to New Business Segment: Revenue to be approximately NT$1.2bn and net loss attributable to UMC parent company to be approximately NT$760mn

Recent Developments / Announcements

Please visit UMC's website for further details regarding the above announcements

Conference Call / Webcast Announcement

Wednesday, July 30, 2014

Time:

5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM (London)

Dial-in numbers and Access Codes:

USA Toll Free:

1-800 871-3110, 1-888 700-7397

Taiwan Number:

02-2192-8016

Other Areas:

+886-2-2192-8016

Access Code:

UMC

A live webcast and replay of the 2Q14 results announcement will be available at www.umc.com under the "Investors / Events" section.

About UMC

UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry that provides advanced technology and manufacturing for applications spanning every major sector of the IC industry. UMC's robust foundry solutions allow chip designers to leverage the company's leading-edge processes, which include 28nm poly-SiON and gate-last High-K/Metal Gate technology, mixed signal/RFCMOS, and a wide range of specialty technologies. Production is supported through 10 wafer manufacturing facilities that include two advanced 300mm fabs; Fab 12A in Taiwan and Singapore-based Fab 12i. Fab 12A consists of Phases 1-4 which are in production for customer products down to 28nm. Construction has been completed for Phases 5&6, with future plans for Phases 7&8. The company employs over 15,000 people worldwide and has offices in Taiwan, mainland China, Europe, Japan, Korea, Singapore, and the United States. UMC can be found on the web at http://www.umc.com

Note from UMC Concerning Forward-Looking Statements

Some of the statements in the foregoing announcement are forward looking within the meaning of the U.S.  Federal Securities laws, including statements about future outsourcing, wafer capacity, technologies, business relationships and market conditions.  Investors are cautioned that actual events and results could differ materially from these statements as a result of a variety of factors, including conditions in the overall semiconductor market and economy; acceptance and demand for products from UMC; and technological and development risks. Further information regarding these and other risks is included in UMC's filings with the U.S. Securities and Exchange Commission, including its registration statements and reports on Forms F-1, F-3, F-6 and 20-F and 6-K, in each case as amended. UMC does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law

Safe Harbor Statements

This release contains forward-looking statements.  These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995.  You can identify these forward-looking statements by use of words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning.  You can also identify them by the fact that they do not relate strictly to historical or current facts.

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual performance, financial condition or results of operations of UMC to be materially different from what is stated or may be implied in such forward-looking statements.  Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors including, but not limited to: (i) our dependence upon the frequent introduction of new services and technologies based on the latest developments in our industry; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international global business activities; (iv) our dependence upon key personnel; (v) general economic and political conditions; (vi) possible disruptions in commercial activities caused by natural and human-induced events and disasters, including terrorist activity, armed conflict and highly contagious diseases; (vii) reduced end-user purchases relative to expectations and orders; and (viii) fluctuations in foreign currency exchange rates.  Further information regarding these and other risks is included in UMC's  filings with the U.S. Securities and Exchange Commission, including its registration statements and reports on Form F-1, F-3, F-6 and 20-F and 6-K, in each case as amended. UMC does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

The financial statements included in this release are prepared and published in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. Investors are cautioned that there may be significant differences between TIFRSs and IFRSs. In addition, TIFRSs and IFRSs differ in certain significant respects from ROC GAAP and US GAAP.

This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.

- FINANCIAL TABLES TO FOLLOW -

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES  

 Consolidated Condensed Balance Sheet

As of  June 30, 2014

 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

June 30, 2014

US$

NT$

%

Assets

Current assets

 Cash and cash equivalents

1,662

49,634

16.3%

 Financial assets at fair value through profit or loss, current

29

880

0.3%

Available-for-sale financial assets, current

91

2,729

0.9%

 Notes & Accounts receivable, net

724

21,616

7.1%

 Inventories, net

464

13,844

4.6%

 Other current assets

324

9,671

3.2%

 Total current assets

3,294

98,374

32.4%

Non-current assets

 Funds and investments

1,184

35,364

11.6%

 Property, plant and equipment

5,258

157,002

51.7%

 

 Other non-current assets

438

13,058

4.3%

 

    Total non-current assets

6,880

205,424

67.6%

 

Total assets

10,174

303,798

100.0%

Liabilities

Current liabilities

 Short-term loans

266

7,954

2.6%

 Financial liabilities at fair value through profit or loss, current

0

4

0.0%

Payables

1,100

32,852

10.8%

 Dividends payable

4

125

0.0%

Current portion of long-term liabilities

261

7,798

2.6%

 Other current liabilities

33

946

0.4%

 Total current liabilities

1,664

49,679

16.4%

Non-current liabilities

 Bonds payable

836

24,976

8.2%

 Long-term loans

233

6,947

2.3%

 Other non-current liabilities

237

7,083

2.3%

 Total non-current liabilities

1,306

39,006

12.8%

 Total liabilities

2,970

88,685

29.2%

Equity

Equity attributable to the parent company

Capital

4,255

127,063

41.8%

Additional paid-in capital

1,320

39,402

13.0%

Retained earnings, unrealized gain or loss on available-for-sale     financial assets and exchange differences on translation of    foreign operations

1,569

46,872

15.4%

Treasury stock

(79)

(2,365)

(0.8%)

Total equity attributable to the parent company

7,065

210,972

69.4%

Non-controlling interests

139

4,141

1.4%

  Total equity

7,204

215,113

70.8%

Total liabilities and equity

10,174

303,798

100.0%

NoteNew Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2014 exchange rate of NT $29.86 per U.S. Dollar.

All figures are prepared in accordance with TIFRSs.

 

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statements of Comprehensive Income

Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

Except Per Share and Per ADS Data

Year over Year Comparison

Quarter over Quarter Comparison

Three-Month Period Ended

Three-Month Period Ended

June 30, 2014

June 30, 2013

%

June 30, 2014

March 31, 2014

%

US$

NT$

US$

NT$

Chg.

US$

NT$

US$

NT$

Chg.

Net operating revenues

1,201

35,869

1,068

31,905

12.4%

1,201

35,869

1,061

31,694

13.2%

Operating costs

(926)

(27,662)

(861)

(25,728)

7.5%

(926)

(27,662)

(863)

(25,793)

7.2%

Gross profit

275

8,207

207

6,177

32.9%

275

8,207

198

5,901

39.1%

22.9%

22.9%

19.4%

19.4%

22.9%

22.9%

18.6%

18.6%

Operating expenses

  - Sales and marketing expenses

(37)

(1,097)

(27)

(800)

37.1%

(37)

(1,097)

(28)

(833)

31.7%

  - General and administrative expenses

(29)

(857)

(33)

(966)

(11.3%)

(29)

(857)

(28)

(848)

1.1%

  - Research and development expenses

(111)

(3,326)

(109)

(3,251)

2.3%

(111)

(3,326)

(112)

(3,335)

(0.3%)

      Subtotal

(177)

(5,280)

(169)

(5,017)

5.2%

(177)

(5,280)

(168)

(5,016)

5.3%

Net other operating income and expenses

(0)

(10)

(0)

(11)

(9.1%)

(0)

(10)

2

56

-

Operating income

98

2,917

38

1,149

100.0%

98

2,917

32

941

100.0%

8.1%

8.1%

3.6%

3.6%

8.1%

8.1%

3.0%

3.0%

Net non-operating income and expenses

31

937

22

631

48.5%

31

937

11

351

100.0%

Income from continuing operations before    income tax

129

3,854

60

1,780

100.0%

129

3,854

43

1,292

100.0%

10.7%

10.7%

5.6%

5.6%

10.7%

10.7%

4.1%

4.1%

Income tax expense

(18)

(528)

(2)

(42)

100.0%

(18)

(528)

(6)

(181)

100.0%

Net income

111

3,326

58

1,738

91.4%

111

3,326

37

1,111

100.0%

9.3%

9.3%

5.4%

5.4%

9.3%

9.3%

3.5%

3.5%

Other comprehensive income

4

103

12

350

(70.6%)

4

103

139

4,130

(97.5%)

Total comprehensive income

115

3,429

70

2,088

64.2%

115

3,429

176

5,241

(34.6%)

    Net income attributable to:

Stockholders of the parent

117

3,482

61

1,812

92.2%

117

3,482

40

1,180

100.0%

Non-controlling interests

(6)

(156)

(3)

(74)

100.0%

(6)

(156)

(3)

(69)

100.0%

    Comprehensive income attributable to:

Stockholders of the parent

122

3,636

72

2,160

68.3%

122

3,636

176

5,261

(30.9%)

Non-controlling interests

(7)

(207)

(2)

(72)

100.0%

(7)

(207)

(0)

(20)

100.0%

Earnings per share-basic

0.009

0.28

0.005

0.15

0.009

0.28

0.003

0.09

Earnings per ADS (2)

0.047

1.40

0.025

0.75

0.047

1.40

0.015

0.45

Weighted average number of shares

outstanding (in millions)

12,489

12,465

12,489

12,480

Notes:

(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2014 exchange rate of NT $29.86 per U.S. Dollar.

     All figures are prepared in accordance with TIFRSs.

(2) 1 ADS equals 5 common shares.

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statements of Comprehensive Income

Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

Except Per Share and Per ADS Data

For the Three-Month Period Ended

For the Six-Month Period Ended

June 30, 2014

June 30, 2014

US$

NT$

%

US$

 NT$ 

%

Net operating revenues

1,201

35,869

100.0%

2,263

67,563

100.0%

Operating costs

(926)

(27,662)

(77.1%)

(1,791)

(53,455)

(79.1%)

Gross profit

275

8,207

22.9%

472

14,108

20.9%

Operating expenses

  - Sales and marketing expenses

(37)

(1,097)

(3.0%)

(65)

(1,931)

(2.9%)

  - General and administrative expenses

(29)

(857)

(2.4%)

(57)

(1,705)

(2.5%)

  - Research and development expenses

(111)

(3,326)

(9.3%)

(223)

(6,660)

(9.8%)

      Subtotal

(177)

(5,280)

(14.7%)

(345)

(10,296)

(15.2%)

Net other operating income and expenses

(0)

(10)

(0.1%)

2

45

0.0%

Operating income

98

2,917

8.1%

129

3,857

5.7%

Net non-operating income and expenses

31

937

2.6%

43

1,289

1.9%

Income from continuing operations before    income tax

129

3,854

10.7%

172

5,146

7.6%

Income tax expense

(18)

(528)

(1.4%)

(23)

(709)

(1.0%)

Net income 

111

3,326

9.3%

149

4,437

6.6%

Other comprehensive income

4

103

0.3%

141

4,233

6.2%

Total comprehensive income

115

3,429

9.6%

290

8,670

12.8%

    Net income attributable to:

Stockholders of the parent

117

3,482

9.7%

156

4,662

6.9%

Non-controlling interests

(6)

(156)

(0.4%)

(7)

(225)

(0.3%)

    Comprehensive income attributable to:

Stockholders of the parent

122

3,636

10.1%

298

8,897

13.2%

Non-controlling interests

(7)

(207)

(0.5%)

(8)

(227)

(0.4%)

Earnings per share-basic

0.009

0.28

0.012

0.37

Earnings per ADS (2)

0.047

1.40

0.062

1.85

Weighted average number of shares      outstanding (in millions)

12,489

12,485

Notes:

(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2014 exchange rate of NT $29.86 per U.S. Dollar.

     All figures are prepared in accordance with TIFRSs.

(2) 1 ADS equals 5 common shares.

  

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statement of Cash Flows

For The Six-Month Period Ended June 30, 2014

 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

USD

NTD

Cash flows from operating activities :

    Net income before tax

172

5,146

    Depreciation & Amortization

663

19,799

    Impairment loss on financial assets

5

163

    Gain on disposal of investments

(39)

(1,159)

    Changes in notes & accounts receivable

(165)

(4,916)

    Changes in other current assets

(155)

(4,642)

    Changes in assets, liabilities and others

(15)

(478)

Net cash provided by operating activities

466

13,913

Cash flows from investing activities :

    Acquisition of available-for-sales financial assets

(4)

(115)

    Proceeds from disposal of available-for-sale financial assets

55

1,631

    Acquisition of financial assets measured at cost

(16)

(464)

    Proceed from sale of financial assets measured at cost

16

478

    Acquisition ofinvestments accounted for under the equity method

(4)

(121)

    Acquisition of property, plant and equipment

(474)

(14,162)

    Proceeds from disposal of property, plant and equipment 

8

252

    Acquisition of intangible assets

(20)

(603)

    Others

(1)

(28)

Net cash used in investing activities

(440)

(13,132)

Cash flows from financing activities :

    Increase in short-term loans

112

3,335

    Proceeds from bonds issued

167

5,000

    Redemption of bonds

(345)

(10,306)

    Proceeds from long-term loans

33

1,000

    Repayments of long-term loans

(42)

(1,256)

    Others

7

199

Net cash used in financing activities

(68)

(2,028)

Effect of exchange rate changes on cash and cash equivalents

2

50

Net decrease in cash and cash equivalents

(40)

(1,197)

Cash and cash equivalents at beginning of period

1,702

50,831

Cash and cash equivalents at end of period

1,662

49,634

Note: New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2014 exchange rate of NT $29.86 per U.S. Dollar.

         All figures are prepared in accordance with TIFRSs.

 Contacts:

Bowen Huang / David WongUMC, Investor Relations+886-2-2658-9168, ext. 16957bowen_huang@umc.com david_wong@umc.com

SOURCE United Microelectronics Corporation


Bluegrass Vascular Technologies Raises $4.5M Series A Financing Led By Targeted Technology Funds Jul 30, 2014 07:04AM

SAN ANTONIO, July 30, 2014 /PRNewswire/ -- Bluegrass Vascular Technologies, a private medical technology company focused on innovating lifesaving devices and methods for vascular access, today announced it has closed $4.5 million in Series A financing, which was led by Targeted Technology Fund II.  Proceeds from the deal will allow Bluegrass Vascular to obtain CE Mark for the Surfacer™ Inside-Out Access Catheter System, enhance manufacturing capabilities, and proceed with US regulatory submissions. The Surfacer System is a proprietary system that allows physicians to gain venous access using a novel "inside-out" approach.

"The Surfacer System addresses a significant unmet clinical need in the vascular access market by allowing physicians to gain access through a previously occluded vein," stated Alan Dean, Senior Managing Director of Targeted Technology Fund II, and Bluegrass Vascular Director.  "With a growing market awareness of central venous occlusion and interest in maintaining access, we believe Bluegrass Vascular is well positioned to have a strong presence in the dialysis and chemotherapy markets and is a valued addition to our investment portfolio."

The Targeted Technology Fund is a venture capital firm focused on early stage healthcare companies that offer disruptive technologies with compelling market needs. A leader in funding medical technology innovation in the Southwest, Targeted Technology Fund II stated that Bluegrass Vascular will relocate their headquarters to San Antonio as part of the deal.

Approximately 6.5 million patients, worldwide, require central venous access (CVA) for medical treatment and it is estimated that more than 40% of those patients will develop a venous thrombosis, which may compromise their medical care.  After all central veins become compromised, patients must resort to invasive surgical techniques to gain or maintain CVA. The Surfacer System maintains access in an occluded vein, halting the progression to invasive surgery and downstream health risks associated with poor circulation, using a less risky inside-out approach.

"This financing enables us to pursue CE Mark applications and take us one step closer to providing a better solution for patients with venous obstruction," commented Jim Clifton, CEO of Bluegrass Vascular.  "The Targeted Technology Funds have a strong track record of bringing ground-breaking medical technology to market. We are pleased they share our vision for the Surfacer System and we look forward to commercializing the product in Europe and United States."

About Bluegrass Vascular Technologies: Founded in 2011, Bluegrass Vascular Technologies is a medical technology company dedicated to developing and commercializing life-saving devices and methods that address shortcomings in vascular access procedures.  The company's initial product offering, the Surfacer™ Inside-Out Access Catheter System, is a proprietary system that allows physicians to perform a novel "inside-out" approach to gaining venous access. For more information, please visit www.bluegrassvascular.com.

SOURCE Bluegrass Vascular Technologies


Things to Do in NYC August 2014: NYCTourist.com Announces the Top Concerts, Events, Movies in the Park, and Attractions in New York City This August Jul 30, 2014 07:03AM

NEW YORK, NY -- (Marketwired) -- 07/30/14 -- It's hot everywhere in August, but besides the rise in temperature, there are tons of hot events in New York City this upcoming month. Watch world class artists such as Billy Joel, Tom Petty and Blake Shelton hit the stage, or, take in a movie under the stars in the park. Here's a quick list of some of the more interesting and popular events in NYC this August.

Concerts

Summer Movies in the Park

Bryant Park hosts free movies every Monday evening The popular HBO Bryant Park Summer Film Festival runs into August with films every Monday night 8/4 - 8/18. Lawn opens at 5 pm and no chairs, tables, plastics, dogs or knuckleheads allowed. Here is the schedule:

  • August 4 - The Karate Kid
  • August 11 - Lover Come Back
  • August 18 - The Shining (Jack is back...)

Movies Under the Stars is going on at Pier I, Riverside Park South, every Wednesday starting at 8:30 with Summer on the Hudson. Check the schedule for films ("The Outsiders on 8/13) and kids are welcome.

RiverFlicks is a movie festival at Pier 63 showing year old movies. Every Wednesday there are films for adults and every Friday are films for kids.

The Intrepid Sea, Air and Space Museum hosts movies all summer long with August movies starting on 8/7 with Spaceballs, Captain Phillips on 8/14 and Top Gun on 8/20.

Best Summer Tours and Activities in NYC

Summer is a great time for sightseeing in NYC and there are so many great ways to see it all. There's no better time of year for one of the many boat tours and sightseeing cruises, bus tours, food walking tours, the thrill of a Jet Ski tour with views of the Manhattan skyline, or history tours through the neighborhoods of New York City.

Escape the heat and enjoy some iconic sights on an S-Cruise tour. S-Cruise tours are given on a Smartboat 23, a lightweight powerboat, and are perfect for a midsummer tour to the Statue of Liberty, or perhaps a romantic sunset cruise. Enjoy custom cruises, with prices starting at $220. Enjoy a 90-minute cruise on the Hudson River, and around the Statue of Liberty, or opt for the Breakfast Cruise and stop for breakfast with views of New York's iconic skyscrapers (breakfast included). For more information visit http://s-cruise-nyc.com/.

Summer Savings in NYC - New York City can be expensive but NYCTourist.com has tons of great savings for travelers to take advantage of. Check out all the current NYC hotel deals to save big on hotels in Times Square, Chelsea, Midtown Manhattan and more! Many hotels offer special package deals that make family vacations, romantic getaways and summer trips even more special, and affordable! NYCTourist.com also has a fantastic list of Broadway show deals to some of the best shows playing like Rock of Ages, Mamma Mia, The Lion King, Chicago The Musical and Newsies.

Attractive Attraction Savings...

Want to save on popular attractions? Turn to the New York Pass for huge savings on all of the best things to do in town, from museums to tours. The New York Pass can save travelers hundreds of dollars on a 1, 3, 5 or 7 day stay! Want to see NYC from above? Your best bet is the Top of the Rock high above Rockefeller Center in Manhattan.

Broadway Shows

Rock of Ages Known as Broadway's Best Party, this show brings back all that was '80s from the heavy metal to the big hair. Classical Rock hits will be playing as beer vendors walk up and down the aisles and complimentary lighters are given out for the ultimate ballads throughout the performance.

Newsies Set in the one and only New York City, Newsies has a storyline that keeps the whole audience rooting for the heroine. Set during the 1899 Newsboy Strike, the show has some real life history about the hardships of the time and the newspaper moguls. This upbeat musical is fun for the whole family, with singing and dancing galore.

The Lion King on Broadway The classic tale in the African safari will have the whole family entertained. The story that we all know and love is one of the most popular shows on Broadway, combining spectacular costumes, elaborate sets and a hit soundtrack. This musical won six Tony awards and is an exciting experience so get tickets beforehand to avoid lines and get a better deal too!

Mamma Mia! Follow the famous story of a daughter, Sophie Sheridan, searching through the past of her mother's love life to find her father. This energetic performance is lighthearted and fun especially when set to pop group ABBA's soundtrack.

Chicago the Musical This famous dramatic comedy is full of power, excitement, corruption and adultery. Roxie Hart fights for her rise to fame after she murders her husband. This show brings the roaring '20s to life with upbeat jazz music and bold fashion.

About NYCTourist.com:

NYCTourist.com is one of NYC's most popular travel & tourism sites helping people research & plan travel to New York City since 1997.

Media Contact:

Jamie Carr
Editor - NYCTourist.com
NYCEditor@bizx.info
800 450 7805

Source: NYCTourist


RXi Pharmaceuticals Expands Clinical Program with Initiation of Third Phase 2a Study with RXI-109 for Treatment of Hypertrophic Scars Jul 30, 2014 07:02AM

MARLBOROUGH, Mass., July 30, 2014 /PRNewswire/ -- RXi Pharmaceuticals Corporation (NASDAQ: RXII), a biotechnology company focused on discovering, developing and commercializing innovative therapies addressing major unmet medical needs using RNA-targeted technologies, today announced that their third Phase 2a study (RXI-109-1402) with RXI-109, for the reduction of recurrence of hypertrophic scars following elective scar revision surgery, has been initiated.

Logo - http://photos.prnewswire.com/prnh/20130917/NE80755LOGO

In this study (RXI-109-1402), patients with either one long hypertrophic scar, or two scars comparable in length, anatomical location and characteristics, are eligible to receive scar revision surgery.  For a single scar, a portion of the revised scar segment will be treated with RXI-109 and a comparably sized length on the opposite end of the excised scar segment will be left untreated. If two scars are revised, a portion of one revised scar segment will be treated with RXI-109 and one scar will be left untreated after revision surgery.

"The Company continues to deliver against its projected corporate milestones with the initiation of this third study," said Dr. Geert Cauwenbergh, President and CEO of RXi Pharmaceuticals. He added that, "This study is another step forward to bringing our self-delivering (sd-rxRNA®) RNAi technology closer to market. We are very excited by everything we have been able to achieve with our compounds, thus far, and we look forward to providing further updates in the near future."

This third Phase 2a study will follow patients for nine months. Investigator and independent reviewer assessments will be used to evaluate the effectiveness of RXI-109 in preventing scar formation. Reviewers will evaluate and compare the appearance of the revised areas after treatment with RXI-109 or when left untreated.  This design allows for intra-subject comparison thereby increasing the power of the study.

About RXI-109 Clinical Trials

RXi Pharmaceuticals' first clinical program involves RXI‑109, an sd-rxRNA compound, developed for the reduction of dermal scarring. RXI‑109 is designed to reduce the expression of connective tissue growth factor (CTGF), a critical regulator of biological pathways involved in fibrosis, including scar formation in the skin. The first clinical trials with RXI‑109 (RXI-109-1201 and RXI-109-1202) showed excellent safety and tolerability with ascending single and multiple doses, as well as dose dependent effects on the CTGF protein and on the mRNA that controls production of this protein.

In November 2013, the Company started its first Phase 2a study (RXI-109-1301) in patients who had pre-existing hypertrophic scars present on their lower abdomen for at least one year. In that study, the patients undergo scar revision surgery, after which they are treated with RXI-109 on one end of the scar and placebo on the opposite end of the scar.  In April of this year, the Company began its second Phase 2a study (RXI-109-1401) for RXI-109 treatment to prevent recurrence of keloids in patients undergoing keloidectomy (removal of keloid). Patients in that study, who have two keloids of similar size and location, are selected for keloidectomy. After this procedure, the lesions are closed and one is treated with RXI-109, and the other is treated with placebo. As is the case for the study in hypertrophic scars, patients will be followed for several months (clinically and with photographs) after the end of treatment.

About Hypertrophic Scars and Keloids

Hypertrophic scars are abnormal scars that are raised above the normal skin surface and can be reddened or darker than the existing skin tone.  These scars result in part from an increased level of collagen and are less "elastic" than the surrounding skin.  Hypertrophic scars remain confined to the original surgical incision line or site of injury.  The incidence of hypertrophic scarring (raised, thickened scars) following surgery is reported to be at least 40% in the general population and up to 70% in certain Asian populations.

Keloids are also raised and reddened or darkened scars resulting from increased collagen production, but keloids often spread beyond the original site of skin injury and may continue to grow in size.  Keloids can result from skin "trauma" as common as an ear piercing or vaccination and may grow to cover large areas.  Keloids are sometimes removed by surgical revision, but recurrence rates are as high as 50-80%.  Keloids are most prevalent in darker skinned individuals, up to 16% in people of African ancestry, and 50% of all keloid patients have a family history of keloids.

About RXi Pharmaceuticals Corporation

RXi Pharmaceuticals Corporation (NASDAQ: RXII) is a biotechnology company focused on discovering, developing and commercializing innovative therapies based on its proprietary, self-delivering RNAi (sd-rxRNA®) platform. Therapeutics that use RNA interference, or "RNAi," have great promise because of their ability to down-regulate the expression of specific genes that may be over-expressed in disease conditions. Building on the pioneering work of scientific founder and Nobel Laureate Dr. Craig Mello, a member of the RXi Scientific Advisory Board, RXi's first RNAi product candidate, RXI‑109, a self-delivering RNAi compound (sd-rxRNA®), entered into human clinical trials in June 2012 and is currently being evaluated in Phase 2 clinical trials to reduce dermal scarring (fibrosis).  RXI-109 is designed to reduce the expression of connective tissue growth factor (CTGF), a critical regulator of biological pathways involved in fibrosis, including scar formation in the skin.  RXi's sd‑rxRNA oligonucleotides are designed for therapeutic use and have drug-like properties, such as high potency, target specificity, serum stability, reduced immune response activation, and efficient cellular uptake. These hybrid oligonucleotide molecules combine the beneficial properties of conventional RNAi and antisense technologies.  This allows sd‑rxRNAs to achieve efficient cellular uptake and potent, long-lasting intracellular activity. For more information, please visit www.rxipharma.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future expectations, planned and future development of RXi Pharmaceuticals Corporation's products and technologies. Forward-looking statements about expectations and development plans of RXi's products involve significant risks and uncertainties:  the risk that we may not be able to successfully develop our candidates, or that development of RNAi-based therapeutics may be delayed or not proceed as planned, or that we may not develop any RNAi-based products; risks that the development process for our product candidates may be delayed, risks related to the development and commercialization of products by our competitors, the risk related to our ability to control the timing and terms of collaborations with third parties, and the possibility that other companies or organizations may assert patent rights preventing us from developing our products. Actual results may differ from those contemplated by these forward-looking statements. RXi does not undertake to update forward-looking statements to reflect a change in its views, events or circumstances that occur after the date of this release.

ContactRXi Pharmaceuticals CorporationTamara McGrillen508-929-3646tmcgrillen@rxipharma.com

SOURCE RXi Pharmaceuticals Corporation


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