Archive for April, 2014
(WAVX) Appoints John Fitzgerald as North American CTO
Former Defense CTO for Dell Brings Deep Expertise in the Defense and Pharmaceutical Industries
LEE, MA–(Apr 14, 2014) – Wave Systems Corp. (NASDAQ: WAVX) today announced the addition of John Fitzgerald as Chief Technology Officer (CTO) for North America, a new position reporting to Tom Conte, Vice President of North American Sales, and Greg Kazmierczak, Wave’s Corporate CTO.
Mr. Fitzgerald was most recently Defense CTO and Federal Cloud Strategist for Dell, where he was instrumental in shaping Dell’s strategy around Cloud Computing in the Federal space.
“We are pleased to welcome John Fitzgerald to Tom Conte’s team as CTO for North America,” said Wave CEO Bill Solms. “John is the latest example of the highly talented folks who are joining the company today — individuals who share my belief in Wave’s future.”
In the newly created position, Fitzgerald will assist the North American Sales team with large, technically complex deals. He will be responsible for pursuing product certifications in conjunction with the CTO office, and help prepare the company’s strategic technology roadmaps.
Prior to his most recent role at Dell, he served as a Director of Dell’s Advanced Systems Group, responsible for the Army and Air Force Systems technical team supporting Dell’s enterprise product line.
From 2003 to 2011, he served as an IT executive at several pharmaceutical Contract Research Organizations, which help pharmaceutical and medical device developers bring their products from clinical development to market. Most recently, he was Vice President, Global Corporate Services as well as Vice President Global Information Technology of London-based Premier Research Group. Previously, he was Vice President, Operations, of Data Capture International, and Vice President, Information Technology at PharmData Inc.
“John fills a critical role as Wave works to expand its presence in the commercial and public business,” said Tom Conte, VP North American Sales. “His rich industry experience and track record of technology innovation helps Wave uniquely build customer security solutions tuned for compliance minded enterprise deployments.”
Before joining the private sector, Mr. Fitzgerald served in the Pentagon, working directly for the Chief Information Officer (CIO) for the United States Army and interning for the Joint Chiefs of Staff in the Nuclear Arms Control Division and the Central and Eastern Europe Division. He served in the U.S. Army from 1989 to 2007. He holds a B.S. degree in Chemistry from Davidson College.
About Wave Systems
Wave Systems Corp. (NASDAQ: WAVX) reduces the complexity, cost and uncertainty of data protection by starting inside the device. Unlike other vendors who try to secure information by adding layers of software for security, Wave leverages the security capabilities built directly into endpoint computing platforms themselves. Wave has been a foremost expert on this growing trend, leading the way with first-to-market solutions and helping shape standards through its work as a board member for the Trusted Computing Group.
Safe Harbor for Forward-Looking Statements
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.
All brands are the property of their respective owners.
Company:
Wave Systems Corp.
Michael Wheeler
413-243-1600
mwheeler@wave.com
Investor Relations:
David Collins, Eric Lentini
212-924-9800
wavx@catalyst-ir.com
(DEPO) Announces Settlements with Two Gralise® ANDA Filers
NEWARK, Calif., April 14, 2014 — Depomed, Inc. (Nasdaq: DEPO) today announced it has entered into settlement agreements with two of the three defendants involved in Depomed’s ongoing patent infringement litigation against filers of Abbreviated New Drug Applications (ANDAs) seeking approval to market generic versions of Depomed’s Gralise® (gabapentin) 300 mg and 600 mg tablets. The settlements permit the defendants to begin selling generic versions of Gralise on January 1, 2024, or earlier under certain circumstances. The patent litigation continues against Actavis, the other Gralise ANDA filer.
The settlements involve Incepta Pharmaceuticals Co. Ltd. and Zydus Pharmaceuticals (USA), Inc., as well as their affiliated co-defendants. The agreements are subject to review by the U.S. Department of Justice and the Federal Trade Commission, and entry of an order dismissing the litigation by the U.S. District Court for the District of New Jersey.
About Depomed
Depomed, Inc. is a specialty pharmaceutical company that commercializes products for pain and neurology related disorders. Gralise® (gabapentin) is a once-daily treatment approved for the management of postherpetic neuralgia. Zipsor® (diclofenac potassium) Liquid Filled Capsules is a non-steroidal anti-inflammatory drug indicated for relief of mild to moderate acute pain in adults. CAMBIA® (diclofenac potassium for oral solution) is a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks with or without aura in adults (18 years of age or older). Lazanda® (fentanyl) Nasal Spray (CII) is an intranasal fentanyl drug used to manage breakthrough pain in adults (18 years of age or older) who are already routinely taking other opioid pain medicines around-the-clock for cancer pain. Gralise and various partner product candidates are formulated with Depomed’s proven, proprietary Acuform® drug delivery technology. Additional information about Depomed may be found at www.depomed.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties including, but not limited to, those related to risks related to the settlement agreements with Gralise ANDA filers, including any legal or regulatory challenge to the settlement agreements by the U.S. Department of Justice and/or the Federal Trade Commission, and the outcome of any such challenge; and other risks detailed in the company’s Securities and Exchange Commission filings, including the company’s Annual Report on Form 10-K for the year ended December 31, 2013. The inclusion of forward-looking statements should not be regarded as a representation that any of the company’s plans or objectives will be achieved. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
INVESTOR CONTACT:
August J. Moretti
Depomed, Inc.
510-744-8000
amoretti@depomed.com
MEDIA CONTACT:
Carolyn Hawley
Canale Communications for Depomed
619-849-5375
carolyn@canalecomm.com
(UNXL) Appoints Jeff Hawthorne as President and Chief Executive Officer
THE WOODLANDS, TX–(Apr 14, 2014) – UniPixel, Inc. (NASDAQ: UNXL), a provider of Performance Engineered Films™ to the touch screen, flexible printed electronics and display markets, has appointed flat panel display industry veteran Jeff Hawthorne as chief executive officer, president and director.
Hawthorne, who has been acting as an operational consultant for the company, succeeds Bernard Marren and Carl Yankowski, who were serving as interim co-CEO and co-president. Marren will remain chairman of the board and Yankowski will continue to serve as a company director. Marren will also return to the position of chairman of the compensation committee, with Yankowski returning to chairman of the audit committee.
Hawthorne brings to UniPixel more than 33 years of senior management and advanced technology product development experience, including leading the introduction of innovative, commercially successful products in the flat panel display, manufacturing equipment industry.
“Jeff’s extensive experience in leading cross-functional, international organizations engaged in creating market-leading technology fits perfectly with our present stage of development and the challenges we face ahead,” said Marren. “His proven ability to introduce and commercialize flat panel display, high volume manufacturing equipment as head of Photon Dynamics will come to bear as we work towards finalizing a reliable, high-volume, roll-to-roll production process for our pro-cap, multi-touch sensor films.”
At Photon Dynamics, Hawthorne had risen through the ranks, from inspection system applications engineer to VP of development and president of its image processing division, then eventually president and CEO of the company before it was acquired by Orbotech for $290 million. The company was the leading supplier of test, repair and inspection equipment for the flat panel display industry, with 350 employees and operations in Japan, Korea, Taiwan and China. As president and CEO, he oversaw multiple new product introductions, which drove the company’s market share to 80%, and grew annual revenues from $70 million to $180 million.
After Photon Dynamics, he served as senior vice president and general manager of the MOCVD business unit at Veeco, where he was responsible for revenue of $300 million and 350 employees.
“In my role as operational consultant, over the last several weeks I have met extensively with the management and staff of UniPixel and its manufacturing partner, Kodak,” said Hawthorne. “I have learned a great deal about the company’s process development activities and the significant market potential of UniPixel’s touch sensors for Smartphones, tablets, notebooks and all-in-one product applications. I am impressed by the company’s culture of innovation and its drive to succeed. I believe there is a strong technical foundation for the touch sensor product that we can build from to overcome the challenges of volume production. I look forward to leading the company through this critical stage of its development.”
Earlier in his career, Hawthorne held various technical and management roles at companies in flat panel display engineering consulting and the development of custom thin film deposition equipment used for semiconductor, solar and wear coating applications.
Hawthorne currently serves as a director on the board of directors at Iteru Systems, a developer of a unique enterprise data management platform. He is also a member of the visiting committee for Dean of Engineering School at the University of Rochester, as well as a member of the selection panel at the University of Rochester Technology Development Fund.
Hawthorne holds a Master of Science in Optical Engineering from the University of Rochester, Institute of Optics and a Bachelor of Science, Cum Laude, in Engineering Physics from the University of Colorado, Boulder. He also attended the Stanford Executive Program at Stanford University’s Graduate School of Business. Hawthorne is also an inventor on seven patents in automated machine vision technology for inspection and test of flat panel displays.
About UniPixel
Headquartered in The Woodlands, Texas, UniPixel, Inc. (NASDAQ: UNXL) delivers Performance Engineered Films to the Display and Flexible Electronics markets. UniPixel’s high-volume roll-to-roll or continuous flow manufacturing process offers high-fidelity replication of advanced micro-optic structures and surface characteristics over large areas. A key focus for UniPixel is developing electronic conductive films for use in electronic sensors for consumer and industrial applications. The company’s roll-to-roll electronics manufacturing process prints fine line conductive elements on thin films. The company is marketing its films for touch panel sensor, cover glass replacement, protective cover film, antenna and custom circuitry applications under the UniPixel label, and potentially under private label or Original Equipment Manufacturers (OEM) brands. For further information, visit www.unipixel.com.
Forward-looking Statements
All statements in this news release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under Item 1A “Risk Factors” in the companies’ respective Annual Report on Form 10-K for the year ended December 31, 2013. We operate in a highly competitive and rapidly changing environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise any forward-looking statements. Readers are also urged to carefully review and consider the other various disclosures in the companies’ respective Annual Report on Form 10-K, quarterly reports on Form 10-Q and Current Reports on Form 8-K.
Trademarks in this release are the property of their respective owners.
Investor Relations Contact:
Ron Both
Liolios Group, Inc.
Tel 949-574-3860
Email Contact
(CHDX) Announces Receipt of Superior Proposal
BEIJING and BETHESDA, Md., April 14, 2014 — Chindex International, Inc. (NASDAQ: CHDX) (“Chindex” or the “Company”), an American healthcare company providing services in China through the operations of United Family Healthcare, a network of private primary care hospitals and affiliated ambulatory clinics, today announced the receipt of an offer from a financial bidder to acquire all of the outstanding shares of Chindex common stock for $23 per share in cash.
The Company further announced that the committee of independent and disinterested directors (the “Transaction Committee”) established by the Company’s Board of Directors (the “Board”) has determined that the bidder’s offer constitutes a Superior Proposal, as defined in the previously announced merger agreement (the “Merger Agreement”) between the Company and a buyer consortium (the “Buyer Consortium”) comprised of an affiliate of TPG, an affiliate of Shanghai Fosun Pharmaceutical (Group) Co., Ltd., and Ms. Roberta Lipson, the CEO of the Company, pursuant to which the Buyer Consortium agreed to acquire all of the outstanding shares of Chindex common stock for $19.50 per share in cash. In making its determination that the bidder’s offer constitutes a Superior Proposal, the Transaction Committee consulted with its independent financial advisor and outside legal counsel.
The definitive terms and conditions of a merger agreement detailing the offer have been fully negotiated, and the merger agreement is subject only to execution by the Company. The offer is not subject to a financing condition or any condition that any existing stockholders of the Company participate in the merger by rolling over equity and/or entering into a voting agreement.
Chindex provided notice to the Buyer Consortium on April 14, 2014 of the Transaction Committee’s determination that the offer from the bidder constitutes a Superior Proposal.
The Merger Agreement sets forth requirements, limitations and timing provisions with respect to the Transaction Committee’s process with respect to the Superior Proposal. Among other things, the Buyer Consortium has the right under the Merger Agreement to propose modifications to the terms of the Merger Agreement and related agreements prior to the expiration of a three business day notice period. The Transaction Committee has not changed its recommendation that the Company’s stockholders vote to approve the Company’s pending merger with an entity owned by the Buyer Consortium pursuant to the Merger Agreement.
Morgan Stanley & Co. LLC is serving as financial advisor and Hughes Hubbard & Reed LLP is serving as lead legal advisor to the Transaction Committee.
About Chindex
Chindex is an American health care company providing health care services in China through the operations of United Family Healthcare, a network of private primary care hospitals and affiliated ambulatory clinics. United Family Healthcare currently operates in Beijing, Shanghai, Tianjin and Guangzhou. The Company also provides medical capital equipment and products through Chindex Medical Ltd., a joint venture company with manufacturing and distribution businesses serving both domestic China and export markets. With more than thirty years of experience, the Company’s strategy is to continue its growth as a leading integrated health care provider in the Greater China region. Further Company information may be found at the Company’s website at www.chindex.com.
Additional Information
The Company intends to file with the Securities and Exchange Commission (the “SEC”) a preliminary and definitive proxy statement and intends to furnish or file other materials with the SEC in connection with the proposed transaction. The definitive proxy statement will be sent or given to the stockholders of the Company and will contain important information about the Company, the proposed transaction and related matters. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND THOSE OTHER MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY ARE AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION THAT STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING A DECISION ABOUT THE MERGER. The proxy statement and other relevant materials (when they become available), and any other documents filed by Chindex with the SEC, may be obtained, without charge, from the SEC’s website (www.sec.gov ) or, without charge, from Chindex by mail or online from the Chindex website at the Investor Relations section of www.chindex.com.
Participants in the Solicitation
Chindex and its executive officers and directors may be deemed to be participants in the solicitation of proxies from Chindex stockholders with respect to the proposed merger. Information regarding any interests that the executive officers and directors of Chindex may have in the transaction will be set forth in the preliminary and definitive proxy statements described above to be filed with the SEC.
Safe Harbor Statement
Statements made in this press release relating to plans, strategies, objectives, economic performance and trends and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, without limitation, statements relating to the completion of the proposed transaction. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, (1) the Company may be unable to obtain stockholder approval as required for the transaction; (2) conditions to the closing of the transaction may not be satisfied; (3) the transaction may involve unexpected costs, liabilities or delays; (4) the business of the Company may suffer as a result of uncertainty surrounding the transaction; (5) the outcome of any legal proceedings related to the transaction; (6) the Company may be adversely affected by other economic, business, and/or competitive factors; (7) the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement; (8) the ability to recognize benefits of the transaction; (9) risks that the transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the transaction; and (10) other risks to consummation of the transaction, including the risk that the transaction will not be consummated within the expected time period or at all. Additional factors that may affect the future results of the Company are set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, updates and additions to those “Risk Factors” in the Company’s interim reports on Form 10-Q, Forms 8-K and in other documents filed by us with the SEC from time to time. Forward-looking statements may be identified by terms such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential,” or “continue” or similar terms or the negative of these terms. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. The Company has no obligation to update these forward-looking statements.
For more information, please contact:
Chindex International Inc.
ICR, LLC
William Zima
In U.S.: +1 646-328-2510
In China: +86 (10) 6583-7511
Email: william.zima@icrinc.com
(WBMD) Provides First Quarter Update; Expects Results To Be Above High End Of Guidance
NEW YORK, April 14, 2014 — WebMD Health Corp. (NASDAQ: WBMD), the leading source of health information, today announced that it expects first quarter results to exceed its previously provided financial guidance. WebMD also updated its full year 2014 guidance. WebMD’s financial guidance was previously provided on February 20, 2014.
For the first quarter of 2014, WebMD expects:
- Revenue to be at the high end of the range previously provided;
- Earnings before interest, taxes, non-cash and other items (“Adjusted EBITDA”) and net income to be slightly above the high end of the range.
For the full year 2014, WebMD expects to be in the top half of the ranges previously provided for revenue, Adjusted EBITDA and net income.
“The update to our guidance that we are providing today reflects recent improvements in our sales activity compared to our experience in the early weeks of 2014,” said David Schlanger, Chief Executive Officer of WebMD. “We are having very positive dialogue with our customers about how WebMD can help address their evolving business needs and we are continuing our investments in new product and service offerings to better serve those needs and realize future growth opportunities.”
Traffic Update
During the first quarter, traffic to the WebMD Health Network reached an average of 174 million unique users per month generating 3.5 billion page views for the quarter, increases of 32% and 26%, respectively, from the prior year.
Repurchase Program
As of the close of business on April 11, 2014, the amount available under WebMD’s existing stock repurchase program was $18 million. Under the repurchase program, WebMD may repurchase shares from time to time in the open market, through block trades or in private transactions, depending on market conditions and other factors.
As of the close of business on April 11, 2014, WebMD had approximately 38.8 million shares of its Common Stock outstanding (including approximately 1.0 million shares of unvested restricted stock).
Final Results to Be Released on April 30, 2014
The information in this release is preliminary. WebMD is completing its normal closing process and, as previously announced, will release its first quarter results on April 30, 2014, at approximately 4:00 p.m. (Eastern time) and will hold a conference call with investors and analysts to discuss its first quarter results and provide additional commentary at 4:45 p.m. (Eastern time) on that day. The call can be accessed at www.wbmd.com (in the Investor Relations section). A replay of the audio webcast will be available at the same web address.
About WebMD
WebMD Health Corp. (NASDAQ: WBMD) is the leading provider of health information services, serving consumers, physicians, healthcare professionals, employers, and health plans through our public and private online portals, mobile platforms and health-focused publications.
The WebMD Health Network includes WebMD Health, Medscape, MedicineNet, eMedicineHealth, RxList, theheart.org, Medscape Education and other owned WebMD sites.
All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including those regarding: our preliminary results for the three months ended March 31, 2014 (which reflect what we currently expect to report and are subject to adjustment); guidance on our future financial results and other projections or measures of our future performance; market opportunities and our ability to capitalize on them; and the benefits expected from new or expected contracts with customers, new or updated products or services and from other potential sources of additional revenue. These statements speak only as of the date of this press release, are based on our current plans and expectations, and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: market acceptance of our products and services; our relationships with customers and other factors affecting their use of our products and services, including regulatory matters affecting their products; our ability to attract and retain qualified personnel; and changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet and information technology industries. Further information about these matters can be found in our Securities and Exchange Commission filings and this press release is intended to be read in conjunction with those filings. Except as required by applicable law or regulation, we do not undertake any obligation to update our forward-looking statements to reflect future events or circumstances.
(XGTI) Ships $1.75 Million of xMax Products and Services
Shipments Made to Support xG’s First International Opportunity and to Fulfill Backlog from Existing Customers
SARASOTA, Fla., April 11, 2014 — xG Technology, Inc. (“xG” or the “Company”) (Nasdaq: XGTI, XGTIW), a developer of wireless communications and spectrum sharing technologies, has announced that year-to-date in 2014, it has shipped $1.75 million of xMax cognitive networking equipment and engineering services to multiple customers. These shipments included the following: equipment specified in a signed test plan with Autonomous University of Nuevo Leon (“The University”) on behalf of a major industrial client; and to fulfill existing backlogged orders from xG customers.
In addition to being xG’s first international shipment, the product testing agreement with The University also represents a new vertical market application for the Company’s xMax mobile broadband network solution. This evaluation by The University represents the first of three potential phases of xMax evaluation and deployment for its industrial client. Please refer to accompanying news release “xG Technology Announces Product Testing Agreement with Autonomous University of Nuevo Leon, Mexico” for additional information.
“The University agreement shows that xG’s xMax system has broad appeal to international, as well as US, customers looking for innovative and cost-effective fixed and mobile connectivity for voice, video and data applications,” said John Coleman, CEO of xG Technology. “In addition to this, we are pleased to have made follow-on shipments, as well as initial deliveries, to customers in our backlog. Our fulfilment of existing order commitments demonstrates the success of the executional steps we have completed, including continued product development, the recruitment of talented senior staff and managers, production and network installation. Our customers’ continued confidence in, and need for, the unique capabilities that xG’s xMax networking solutions bring to their businesses is driving this incremental conversion of backlog into shipments and revenue, which is our key objective for 2014.”
xMax is a comprehensive fixed and mobile broadband solution that is designed for rapid deployment and low operating costs. It offers a carrier-grade user experience and can serve as a network backbone or last-mile solution for a number of markets and applications. xMax leverages software defined radio (SDR) and cognitive networking technology that enable efficient sharing of both licensed and unlicensed spectrum.
About xG Technology
xG Technology has created a broad portfolio of intellectual property that makes wireless networks more intelligent, accessible, affordable and reliable. The company has created xMax, a patented all-IP cognitive radio technology that enables spectrum sharing. xMax can solve the crisis facing the wireless industry caused by data-hungry devices and applications that are straining network capacity. It eliminates the need to acquire scarce and expensive licensed spectrum, thus lowering the total cost of ownership for wireless broadband access. xG’s goal is to help wireless broadband network operators make more efficient use of their spectrum allocations and to create new opportunities for innovation in unlicensed spectrum. The xMax cognitive radio system incorporates advanced optimizing technologies that include spectrum sharing, interference mitigation multiple-input multiple-output (MIMO) and software defined radio (SDR). xG offers solutions for numerous industries worldwide, including urban and rural wireless broadband, utilities, defense, emergency response and public safety.
Based in Sarasota, Florida, xG has 60 U.S. and over 130 international patents and pending patent applications, and its technology is available for licensing in both domestic and foreign markets. xG is a publicly traded company listed on the NASDAQ Capital Market where xG common stock is traded under the symbol XGTI and xG warrants are traded under the symbol XGTIW. For more information, please visit www.xgtechnology.com.
Free Writing Prospectus Disclosure
On April 3, 2014, the issuer, xG Technology, Inc., filed a Registration Statement on Form S-1/A Amendment No. 1 (Registration No. 333-194810) with the Securities and Exchange Commission (the “SEC”) with respect to the offering to which this press release relates. A copy of the preliminary prospectus for the offering is included in that registration statement. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, copies of the preliminary prospectus and, when available, the final prospectus relating to the offering may be obtained from Roth Capital Partners, LLC, Prospectus Department, 888 San Clement Drive, Newport Beach, CA 92660, telephone: 800-678-9147, e-mail: prospectus@roth.com; or Feltl and Company, Inc., Prospectus Department, 800 LaSalle Avenue, Suite 2100, Minneapolis, MN, 55402, telephone: 612-492-8800, e-mail: prospectus@feltl.com.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target”, “intend” and “expect” and similar expressions, as they relate to xG Technology, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
For More Information:
Media and Analyst Relations
David Worthington
Fusion PR
www.fusionpr.com
(212) 651-4200
Investor Relations
James Woodyatt
xG Technology
www.xGtechnology.com
(954) 572-0395
Jody Burfening/Carolyn Capaccio
LHA
ccapaccio@lhai.com
(212) 838-3777
Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration No. 333-194810
April 3, 2014
(IPXL) Resubmits NDA for RYTARY™ Extended-Release Capsules
HAYWARD, Calif., April 11, 2014 — Impax Pharmaceuticals, a division of Impax Laboratories, Inc. (NASDAQ: IPXL), announced today the resubmission of Impax’s New Drug Application (NDA) for RYTARY (IPX066) to the U.S. Food and Drug Administration (FDA). IPX066 is a patented extended- release capsule formulation of carbidopa and levodopa, an investigational drug for the symptomatic treatment of Parkinson’s disease (PD).
After discussions with the FDA, the Company has resubmitted the NDA for RYTARY providing updated safety and stability information. The FDA will require an inspection of manufacturing facilities involved in the production of RYTARY in connection with the resubmission. The FDA has designated the NDA filing for RYTARY as a Class 2 resubmission for review purposes and has 14 calendar days to officially accept the NDA resubmission.
“We are excited to resubmit the updated NDA for RYTARY and remain enthusiastic about the potential commercial opportunity for the product,” said Michael Nestor, president of Impax Pharmaceuticals.
About RYTARY (IPX066)
RYTARY is an investigational extended-release capsule formulation of carbidopa and levodopa for the treatment of idiopathic Parkinson’s disease. It is not approved or licensed anywhere in the world. Results from the phase III studies of IPX066, APEX-PD (early PD), ADVANCE-PD (advanced PD) and ASCEND-PD (advanced PD) have previously been announced.
About Parkinson’s Disease
Parkinson’s disease is a chronic neurodegenerative movement disorder affecting over three million people in the US, Europe, and Japan.
About Impax Laboratories, Inc.
Impax Laboratories, Inc. (Impax) is a technology based specialty pharmaceutical company applying its formulation expertise and drug delivery technology to the development of controlled-release and specialty generics in addition to the development of central nervous system disorder branded products. Impax markets its generic products through its Global Pharmaceuticals division and markets its branded products through the Impax Pharmaceuticals division. Additionally, where strategically appropriate, Impax develops marketing partnerships to fully leverage its technology platform and pursues partnership opportunities that offer alternative dosage form technologies, such as injectables, nasal sprays, inhalers, patches, creams and ointments. For more information, please visit the Company’s Web site at: www.impaxlabs.com.
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995:
To the extent any statements made in this news release contain information that is not historical; these statements are forward-looking in nature and express the beliefs and expectations of management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: fluctuations in revenues and operating income; the Company’s ability to promptly correct the issues raised in the warning letter and Form 483 observations received from the FDA; the Company’s ability to successfully develop and commercialize pharmaceutical products in a timely manner; reductions or loss of business with any significant customer; the impact of consolidation of the Company’s customer base; the impact of competition; the substantial portion of our total revenues derived from sales of a limited number of products; the Company’s ability to sustain profitability and positive cash flows; any delays or unanticipated expenses in connection with the operation of the Company’s manufacturing facilities; the effect of foreign economic, political, legal, and other risks on the Company’s operations abroad; the uncertainty of patent litigation and other legal proceedings; the increased government scrutiny on the Company’s agreements with brand pharmaceutical companies; product development risks and the difficulty of predicting FDA filings and approvals; consumer acceptance and demand for new pharmaceutical products; the impact of market perceptions of the Company and the safety and quality of the Company’s products; the Company’s determinations to discontinue the manufacture and distribution of certain products; the Company’s ability to achieve returns on its investments in research and development activities; the Company’s inexperience in conducting clinical trials and submitting new drug applications; the Company’s ability to successfully conduct clinical trials; the Company’s reliance on third parties to conduct clinical trials and testing; the Company’s lack of a license partner for commercialization of IPX066 outside of the United States; impact of illegal distribution and sale by third parties of counterfeits or stolen products; the availability of raw materials and impact of interruptions in the Company’s supply chain; the Company’s policies regarding returns, allowances and chargebacks; the use of controlled substances in the Company’s products; the effect of current economic conditions on our industry, business, results of operations and financial condition; disruptions or failures in the Company’s information technology systems and network infrastructure; the Company’s reliance on alliance and collaboration agreements; the Company’s reliance on licenses to proprietary technologies; the Company’s dependence on certain employees; the Company’s ability to comply with legal and regulatory requirements governing the healthcare industry; the regulatory environment; the Company’s ability to protect its intellectual property; exposure to product liability claims; risks relating to goodwill and intangibles; changes in tax regulations; the Company’s ability to manage growth, including through potential acquisitions; the restrictions imposed by the Company’s credit facility; uncertainties involved in the preparation of the Company’s financial statements; the Company’s ability to maintain an effective system of internal control over financial reporting; the effect of terrorist attacks on the Company’s business; the location of the Company’s manufacturing and research and development facilities near earthquake fault lines; expansion of social media platforms and other risks described in the Company’s periodic reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as to the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, regardless of whether new information becomes available, future developments occur or otherwise.
Company Contact:
Mark Donohue
Investor Relations and Corporate Communications
(215) 558-4526
www.impaxlabs.com
(ICLD) Contracts for Small Cell Network Deployment
SHREWSBURY, N.J., April 11, 2014 — InterCloud Systems, Inc. (Nasdaq:ICLD), a single-source provider of end-to end IT and next generation network solutions to the service provider and corporate enterprise markets through cloud platforms and professional services, announced today that it was awarded two new major design contracts for small cell deployment.
The first contract is with a national DAS/small cell vendor to provide comprehensive professional small cell deployment and managed services to support their client’s network in a major U.S. Theme Park. The second contract is with an OEM to provide communications design services for a major northeast metropolitan city’s transit system.
These new contracts are valued at over $600,000 and expand on InterCloud’s already comprehensive DAS design portfolio which includes many high profile venues.
About InterCloud Systems, Inc.:
InterCloud Systems, Inc. is a global single-source provider of value-added IT services for both corporate enterprises and service providers. The company offers cloud and managed services, professional consulting services and voice, data and optical solutions to assist its customers in meeting their changing technology demands. Its engineering, design, installation and maintenance services support the build-out and operation of some of the most advanced enterprise, fiber optic, Ethernet and wireless networks. Additional information regarding InterCloud may be found on the Company’s website at www.intercloudsys.com.
Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
CONTACT: Investor Relations RedChip Companies, Inc. Mike Bowdoin, Vice President 800-733-2447, ext.110 Mike@redchip.com
(SIRI) 5.25% Senior Notes Due 2022 Upgraded To Investment Grade
NEW YORK, April 11, 2014 — SiriusXM today announced that the ratings on the 5.25% Senior Notes due 2022 issued by its subsidiary, Sirius XM Radio Inc., have been upgraded to investment grade by both Standard & Poor’s Ratings Services and Moody’s Investors Service.
“The upgrade of the ratings on the Notes to investment grade has the effect of eliminating many of the financial covenants contained in these Notes,” said David Frear, Chief Financial Officer, SiriusXM. “Most importantly, the limitation on restricted payments contained in the indenture governing the Notes is no longer applicable and these Notes no longer constrain our share buyback activity,” added Frear.
Sirius XM Radio Inc. and the guarantors of the Notes have granted a first priority lien on substantially all of their assets to the holders of the Notes. The liens securing the Notes are equal and ratable to the liens granted on such assets to secure Sirius XM Radio Inc.’s existing $1.25 billion senior secured revolving credit facility. The liens securing the Notes may be released upon the occurrence of certain events, including but not limited to the repayment in full of the Notes or any direct or indirect parent of Sirius XM Radio Inc. attaining an investment grade rating from two out of three rating agencies, subject to certain conditions.
As a result of the granting of liens to secure the Notes, the ratings of the Notes have been upgraded by S&P from BB to BBB- and by Moody’s from B1 to Baa3. Pursuant to Section 4.15 of the indenture governing the Notes (which has been filed as Exhibit 4.1 to Sirius XM Radio Inc.’s Current Report on Form 8-K filed on August 14, 2012), certain covenants in the Notes are no longer applicable.
About SiriusXM
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the world’s largest radio broadcaster measured by revenue and has 25.6 million subscribers. SiriusXM creates and broadcasts commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment; and the most comprehensive Latin music, sports and talk programming in radio. SiriusXM is available in vehicles from every major car company in the U.S. and from retailers nationwide as well as at shop.siriusxm.com. SiriusXM programming is available through the SiriusXM Internet Radio App for smartphones and other connected devices as well as online at siriusxm.com. SiriusXM also provides premium traffic, weather, data and information services for subscribers in cars, trucks, RVs, boats and aircraft through SiriusXM Traffic™, SiriusXM Travel Link, NavTraffic®, NavWeather™, SiriusXM Aviation, SiriusXM Marine™, Sirius Marine Weather, XMWX Aviation™, and XMWX Marine™. SiriusXM holds a minority interest in SiriusXM Canada which has more than 2 million subscribers.
On social media, join the SiriusXM community on Facebook, Twitter, Instagram, and YouTube.
This communication 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 financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results may differ materially from the results anticipated in these forward-looking statements.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: our competitive position versus other radio and audio entertainment providers; our ability to attract and retain subscribers, which is uncertain; our dependence upon the auto industry; general economic conditions; failure of our satellites, which, in most cases, are not insured; the interruption or failure of our information and communications systems; the security of the personal information about our customers; royalties we pay for music rights, which increase over time; the unfavorable outcome of pending or future litigation; our failure to realize benefits of acquisitions; rapid technological and industry change; failure of third parties to perform; changes in consumer protection laws and their enforcement; failure to comply with FCC requirements and other government regulations; and our indebtedness. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our Annual Report on Form 10-K for the year ended December 31, 2013, which is filed with the Securities and Exchange Commission (the “SEC”) and available at the SEC’s Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.
E-SIRI
Contact Information for Investors and Financial Media:
Investors:
Hooper Stevens
212 901 6718
hooper.stevens@siriusxm.com
Media:
Patrick Reilly
212 901 6646
patrick.reilly@siriusxm.com
(UBIC) Introduces Global, Big-Data Case Management Service
Massive Data Processing Power Provides Cost-Efficient Alternative for Corporate Clients Involved in Multiple Cases & Investigation Matters
TOKYO, April 11, 2014 — UBIC, Inc. (Nasdaq:UBIC) (TSE:2158), a leading provider of international litigation support and big-data analysis services, announced today the introduction of its Big Data Case Management System (litigation version), which can process up to 200 terabytes (TB) of data per application. This new service will be commercially available May 1 of this year.
Featuring a data processing capacity four times greater than UBIC’s existing Lit i View® system, UBIC’s Big Data Case Management System provides clients with the capability to manage multiple, separate and disparate databases associated with past cases. This is a method to reduce redundant work, such as review and translation of electronic documents already processed in past cases, including the use of past information concerning custodians (persons identified as possessors of potential evidence materials) in a new case.
The new system can integrate and display a variety of information from unrelated databases, even those handled by different service providers, sorted into lists as necessary. A related illustration of UBIC’s Big Data Case Management System structure and capabilities can be found by clicking here.
In all, the new system can help companies dramatically reduce eDiscovery costs. Target clients are those companies that manage data volumes greater than one terabyte and spend $300,000 annually to maintain that data. The Big Data Case Management System can integrate a company’s litigation data across multiple, independent databases including data handled by different discovery vendors.
The new system has been installed at UBIC’s cloud data centers in six cities around the world – Tokyo, Seoul, Taipei, London, Silicon Valley and New York – making it possible to process a vast volume of data within the legal limits of the relevant countries. The volume of data UBIC manages is expected to exceed a petabyte this year.
Why UBIC Developed the Big Data Case Management System
Global companies understand the need to prepare for the risk of becoming the target of investigation in civil suits, product liability suits and antitrust cases, at home and abroad. A proactive defense in the form of comprehensive risk management and more intensive information governance is regarded as an important element in this preparation.
In particular, the discovery procedure in the United States, the world’s largest legal market, poses a significant challenge for companies involved in lawsuits there. The discovery procedure requires each party in a litigation case to disclose evidence to each other prior to trial. The parties involved must submit potential evidenciary materials, which are drawn from electronic data and written documents, in a prescribed format by a preset deadline. The electronic data stored in just one personal computer is equivalent in volume to several truckloads of paper. Extracting relevant materials from such a massive volume of data, which is a costly and time-consuming process if done by human reviewers, is exactly the work to which big data analysis techniques are well suited.
UBIC released its Lit i View® eDiscovery support tool in March 2010 and introduced its Predictive Coding capability, which is based on text mining and artificial intelligence technologies, in 2012. At present, UBIC has handled more than 360 discovery cases involving major Japanese companies, an achievement that has established the company as a pioneer in the field of comprehensive discovery support in Asia.
Often, after a legal matter has been closed, relevant data collected in case will be archived and forgotten as no longer useful material. Should a similar case arise, very often discovery work must start over from the beginning, making it necessary to process the same data once again.
The legal cost of a typical business lawsuit is estimated to be around $5 million to $7 million of which around 70 percent is presumably attributable to the discovery cost.
Making the discovery work more efficient is a key to slashing the costs involved. To do so, UBIC strived to develop this innovative new service that makes it possible to place relevant data collected in past cases under integrated management as “information assets.” Client companies may use such assets to cut back on time and cost in future cases so that they can better focus on executing a successful litigation strategy.
Dramatic Increase in Data Processing Power
To achieve the abovementioned goal, it was essential to fully upgrade the cloud infrastructure necessary for massive data processing. Previously, the maximum processing capacity available for the Lit i View® application was 50TB, already the largest processing capacity available in the eDiscovery industry. However, given the volumes of data that could be recycled in successive cases, UBIC has undertaken to boost it processing power and capacity by a factor of four to 200TB. This increase is the result of a review and modification of all system layers, including the operating system and storage layers, in order to enable dispersed data management.
Such massive capacity makes it possible to bring under integrated management various data sets concerning a client’s past cases, even those stored by different discovery services providers. This facilitates recycling of relevant data and knowledge accumulated through past cases for new cases.
The new system provides a number of unique functions and features, among them the Case Management Function and the Custodian Management Function.
Case Management Function – this allows separate litigation case data, even those handled by different discovery support vendors, to be placed under integrated management. Users can easily find relevant information by searching a consolidated database that contains several data sets. Data concerning all cases can be sorted by file type, date of preservation and relevance into lists as necessary, and the contents of relevant files can be checked.
As users can check the results of document reviews from past cases, they can avoid reviewing or translating relevant documents already processed in past cases, thereby achieving efficiency improvements and cost reductions. It is also possible to check information concerning the law firms that handled specific cases as well as the data history, including the status of data transfer.
Custodian Management Function – this function manages information concerning custodians (persons identified as possessors of potential evidence materials). The function makes it easy to locate persons identified as custodians in the past and reutilize and recycle their associated data in a new case.
Information concerning past cases, types of data preserved, preservation methods and the dates of the most recent updates can be sorted and displayed by custodian name. By tapping past data concerning custodians in a new case, this function reduces the time and cost required for discovery work.
UBIC’s new service is expected to be particularly useful in intellectual property-related litigation cases, which tend to arise repeatedly in relation to similar technologies and products. It will also be highly effective in dealing with “spinoff lawsuits” e.g., a lawsuit filed by the U.S. Justice Department may spill over into Europe, triggering a series of related civil suits there.
The service can be applied to any field in which big data has a role to play. In addition to the litigation version of the service, UBIC is exploring other possible applications, including an audit version.
To help companies cope with litigation successfully with less investment in time and cost, UBIC will continue to develop its big data capability and provide solutions that make more effective use of “information assets” or relevant data identified through big data analysis. UBIC can provide proactive support to companies that face the risk of litigation from the perspective of “damage control” i.e., helping companies minimize damages they may suffer, assess the damage incurred and continue business operations at the same time.
About UBIC
UBIC, Inc. (Nasdaq:UBIC) (TSE:2158) is a leading provider of e-discovery and digital forensic services for Asia and the world. UBIC has extensive experience working with electronically stored information composed in Chinese, Japanese and Korean (CJK) languages and utilizes that expertise for clients involved in cross-border litigation, corporate investigations, intellectual property disputes and much more. At the forefront of e-discovery innovation, UBIC’s proprietary Lit i View® platform is moving the industry from “fact discovery” to “future discovery” by allowing clients to analyze e-mail messages and digital communications found in big data to reveal patterns in human thought and behavior.
For more information about UBIC, contact us info@ubicna.com or visit http://www.ubicna.com
Safe Harbor Statement
This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the amount of data that UBIC expects to manage this year and the potential uses for UBIC’s new service in intellectual property-related litigation, contain forward-looking statements. UBIC may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about UBIC’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: UBIC’s goals and strategies; UBIC’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, UBIC’s services; UBIC’s expectations regarding keeping and strengthening its relationships with customers; UBIC’s plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where UBIC provides solutions and services. Further information regarding these and other risks is included in UBIC’s reports filed with, or furnished to the Securities and Exchange Commission. UBIC does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and UBIC undertakes no duty to update such information, except as required under applicable law.
CONTACT: Sasha Hefler sasha_hefler@ubica.com
Featuring a data processing capacity four times greater than UBIC’s existing Lit i View® system, UBIC’s Big Data Case Management System provides clients with the capability to manage multiple, separate and disparate databases associated with past cases. This is a method to reduce redundant work, such as review and translation of electronic documents already processed in past cases, including the use of past information concerning custodians (persons identified as possessors of potential evidence materials) in a new case.
The new system can integrate and display a variety of information from unrelated databases, even those handled by different service providers, sorted into lists as necessary. A related illustration of UBIC’s Big Data Case Management System structure and capabilities can be found by clicking here.
In all, the new system can help companies dramatically reduce eDiscovery costs. Target clients are those companies that manage data volumes greater than one terabyte and spend $300,000 annually to maintain that data. The Big Data Case Management System can integrate a company’s litigation data across multiple, independent databases including data handled by different discovery vendors.
The new system has been installed at UBIC’s cloud data centers in six cities around the world – Tokyo, Seoul, Taipei, London, Silicon Valley and New York – making it possible to process a vast volume of data within the legal limits of the relevant countries. The volume of data UBIC manages is expected to exceed a petabyte this year.
Why UBIC Developed the Big Data Case Management System
Global companies understand the need to prepare for the risk of becoming the target of investigation in civil suits, product liability suits and antitrust cases, at home and abroad. A proactive defense in the form of comprehensive risk management and more intensive information governance is regarded as an important element in this preparation.
In particular, the discovery procedure in the United States, the world’s largest legal market, poses a significant challenge for companies involved in lawsuits there. The discovery procedure requires each party in a litigation case to disclose evidence to each other prior to trial. The parties involved must submit potential evidenciary materials, which are drawn from electronic data and written documents, in a prescribed format by a preset deadline. The electronic data stored in just one personal computer is equivalent in volume to several truckloads of paper. Extracting relevant materials from such a massive volume of data, which is a costly and time-consuming process if done by human reviewers, is exactly the work to which big data analysis techniques are well suited.
UBIC released its Lit i View® eDiscovery support tool in March 2010 and introduced its Predictive Coding capability, which is based on text mining and artificial intelligence technologies, in 2012. At present, UBIC has handled more than 360 discovery cases involving major Japanese companies, an achievement that has established the company as a pioneer in the field of comprehensive discovery support in Asia.
Often, after a legal matter has been closed, relevant data collected in case will be archived and forgotten as no longer useful material. Should a similar case arise, very often discovery work must start over from the beginning, making it necessary to process the same data once again.
The legal cost of a typical business lawsuit is estimated to be around $5 million to $7 million of which around 70 percent is presumably attributable to the discovery cost.
Making the discovery work more efficient is a key to slashing the costs involved. To do so, UBIC strived to develop this innovative new service that makes it possible to place relevant data collected in past cases under integrated management as “information assets.” Client companies may use such assets to cut back on time and cost in future cases so that they can better focus on executing a successful litigation strategy.
Dramatic Increase in Data Processing Power
To achieve the abovementioned goal, it was essential to fully upgrade the cloud infrastructure necessary for massive data processing. Previously, the maximum processing capacity available for the Lit i View® application was 50TB, already the largest processing capacity available in the eDiscovery industry. However, given the volumes of data that could be recycled in successive cases, UBIC has undertaken to boost it processing power and capacity by a factor of four to 200TB. This increase is the result of a review and modification of all system layers, including the operating system and storage layers, in order to enable dispersed data management.
Such massive capacity makes it possible to bring under integrated management various data sets concerning a client’s past cases, even those stored by different discovery services providers. This facilitates recycling of relevant data and knowledge accumulated through past cases for new cases.
The new system provides a number of unique functions and features, among them the Case Management Function and the Custodian Management Function.
Case Management Function – this allows separate litigation case data, even those handled by different discovery support vendors, to be placed under integrated management. Users can easily find relevant information by searching a consolidated database that contains several data sets. Data concerning all cases can be sorted by file type, date of preservation and relevance into lists as necessary, and the contents of relevant files can be checked.
As users can check the results of document reviews from past cases, they can avoid reviewing or translating relevant documents already processed in past cases, thereby achieving efficiency improvements and cost reductions. It is also possible to check information concerning the law firms that handled specific cases as well as the data history, including the status of data transfer.
Custodian Management Function – this function manages information concerning custodians (persons identified as possessors of potential evidence materials). The function makes it easy to locate persons identified as custodians in the past and reutilize and recycle their associated data in a new case.
Information concerning past cases, types of data preserved, preservation methods and the dates of the most recent updates can be sorted and displayed by custodian name. By tapping past data concerning custodians in a new case, this function reduces the time and cost required for discovery work.
UBIC’s new service is expected to be particularly useful in intellectual property-related litigation cases, which tend to arise repeatedly in relation to similar technologies and products. It will also be highly effective in dealing with “spinoff lawsuits” e.g., a lawsuit filed by the U.S. Justice Department may spill over into Europe, triggering a series of related civil suits there.
The service can be applied to any field in which big data has a role to play. In addition to the litigation version of the service, UBIC is exploring other possible applications, including an audit version.
To help companies cope with litigation successfully with less investment in time and cost, UBIC will continue to develop its big data capability and provide solutions that make more effective use of “information assets” or relevant data identified through big data analysis. UBIC can provide proactive support to companies that face the risk of litigation from the perspective of “damage control” i.e., helping companies minimize damages they may suffer, assess the damage incurred and continue business operations at the same time.
About UBIC
UBIC, Inc. (Nasdaq:UBIC) (TSE:2158) is a leading provider of e-discovery and digital forensic services for Asia and the world. UBIC has extensive experience working with electronically stored information composed in Chinese, Japanese and Korean (CJK) languages and utilizes that expertise for clients involved in cross-border litigation, corporate investigations, intellectual property disputes and much more. At the forefront of e-discovery innovation, UBIC’s proprietary Lit i View® platform is moving the industry from “fact discovery” to “future discovery” by allowing clients to analyze e-mail messages and digital communications found in big data to reveal patterns in human thought and behavior.
For more information about UBIC, contact us info@ubicna.com or visit http://www.ubicna.com
Safe Harbor Statement
This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the amount of data that UBIC expects to manage this year and the potential uses for UBIC’s new service in intellectual property-related litigation, contain forward-looking statements. UBIC may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about UBIC’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: UBIC’s goals and strategies; UBIC’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, UBIC’s services; UBIC’s expectations regarding keeping and strengthening its relationships with customers; UBIC’s plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where UBIC provides solutions and services. Further information regarding these and other risks is included in UBIC’s reports filed with, or furnished to the Securities and Exchange Commission. UBIC does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and UBIC undertakes no duty to update such information, except as required under applicable law.
CONTACT: Sasha Hefler sasha_hefler@ubica.com
(USAK) Accelerates Termination Date of Stockholders Rights Plan
VAN BUREN, Ark., April 10, 2014 — USA Truck, Inc. (NASDAQ: USAK), a leading North American transportation and logistics solutions provider, today announced that its Board of Directors has unanimously voted to terminate the Company’s Stockholders’ Rights Plan (the “Plan”) effective April 11, 2014.
Chairman of the Board Robert A. Peiser commented, “We adopted the Stockholders’ Rights Plan in November 2012 as we began implementing a comprehensive turnaround program, designed to bring increased value to USA Truck’s stockholders and increased opportunities for our employees. The Plan was designed to give the Company time to execute our turnaround without unnecessary distractions, including unsolicited and inadequate takeover offers.
“Over the past 18 months, under the leadership of President and CEO John Simone, we expanded our senior management team and began capitalizing on USA Truck’s blue-chip customer base, dedicated employees and substantial assets. With the turnaround well underway, and with our stock price having appreciated well above the price existing at the time of the Plan’s adoption, the Plan has served its intended purpose. The Board’s decision to terminate the Plan demonstrates our confidence in the Company’s management team, ongoing strategy and employees.”
The termination will be effected by amending the Plan, commonly known as a “poison pill,” to accelerate its expiration date to the close of business on April 11, 2014. Stockholders are not required to take any action as a result of the termination. USA Truck will be taking routine actions to terminate, deregister and delist the related preferred share purchase rights under applicable law, including the Securities Exchange Act of 1934. USA Truck has not arranged for listing and/or registration of the preferred share purchase rights on another national securities exchange or for quotation of the preferred share purchase rights in a quotation medium. These actions are administrative in nature and will have no effect on USA Truck’s common stock, which continues to be listed on NASDAQ.
Safe Harbor Statement
This press release may contain 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. Forward-looking statements are usually identified by words such as ‘anticipates’, ‘believes’, ‘estimates’, ‘plans’, ‘projects’, ‘expects’, ‘hopes’, ‘intends’, ‘will’, ‘could’, ‘may’ or similar expressions. Forward-looking statements speak only as of the date the statement was made. Such forward-looking are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are inherently uncertain, are based upon the current beliefs, assumptions and expectations of our management and current market conditions, all of which are subject to significant risks and uncertainties, some of which cannot be predicted or quantified, particularly those identified in the Risk Factor section of our most recent annual report Form 10-K as those risk factors may be updated from time to time, and other factors identified from time to time in our other disclosures in press releases, stockholder reports, and other filings with the Securities and Exchange Commission. As a result of these and other factors, actual results may differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The Company makes no commitment and disclaims any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.
All forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by this cautionary statement.
References to the “Company,” “we,” “us,” “our” and words of similar import refer to USA Truck, Inc. and its subsidiary.
About USA Truck
USA Truck is a transportation and logistics provider headquartered in Van Buren, Arkansas, with terminals, offices and staging facilities located throughout the United States. We transport commodities throughout the continental U.S. and into and out of portions of Canada. We also transport general commodities into and out of Mexico by allowing through-trailer service from our terminal in Laredo, Texas. Our Strategic Capacity Solutions and Intermodal service offerings provide customized transportation solutions using the latest technological tools available and multiple modes of transportation.
For more information, please contact:
Cliff Beckham, EVP & CFO
USA Truck
(479) 471-2672
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(BAXS) Receives 510(k) Clearance for the Avance MIS Pedicle Screw System
RALEIGH, N.C., April 10, 2014 — Baxano Surgical, Inc. (Nasdaq:BAXS), a medical device company focused on designing, developing and marketing minimally invasive products to treat degenerative conditions of the lumbar spine, today announced that it has received U.S. Food and Drug Administration 510(k) clearance (k133743) of its Avance™ MIS Pedicle Screw System, which may be used as an adjunct to fusion in numerous degenerative and complex spinal pathologies. The innovative design of Avance provides a quick and easy-to-use, percutaneous pedicle screw system that addresses single, complex and multi-level spinal pathologies with minimal tissue disruption and trauma. The Avance system will be in limited market release in the second and third quarter of 2014 and is planned for full launch in the fourth quarter of 2014.
“This FDA clearance represents a significant addition to Baxano Surgical’s MIS product portfolio and offers surgeon and hospital customers an additional solution for their lumbar fusion procedures,” stated Ken Reali, President and CEO of Baxano Surgical. “Avance will significantly enhance our ability to meet customer needs and gain a stronger foothold in the MIS fusion market.”
“The Avance system provides a truly percutaneous approach designed to minimize tissue trauma and eliminate additional rod insertion incision,” stated spine surgeon Sameer Mathur, M.D. “The scientific engineering used to design Avance lowers the construct’s overall profile, increases intraoperative flexibility and enhances lock down security,” stated Nael Shanti, M.D. Drs. Mathur and Shanti are surgeon designers of the Avance system.
About the Avance MIS Pedicle Screw System
The Avance MIS Pedicle Screw System is intended for posterior, non-cervical pedicle fixation of the spine to provide immobilization and stabilization of spinal segments in skeletally-mature patients as an adjunct to fusion for the following indications: degenerative disc disease, spondylolisthesis, trauma, spinal stenosis, curvatures, tumor, pseudoarthrosis and failed previous fusion. The Avance system accommodates single level degenerative procedures as well as multi-level, complex pathologies from T1 to S1.
About Baxano Surgical, Inc.
Baxano Surgical, Inc. is a medical device company focused on designing, developing, and marketing minimally invasive products to treat degenerative conditions of the spine affecting the lumbar region. Baxano Surgical currently markets the AxiaLIF family of products for single and two level lower lumbar fusion, the VEO lateral access and interbody fusion system, the iO-Flex system, a proprietary set of flexible instruments used by surgeons during spinal decompression procedures and the iO-Tome instrument, which rapidly and precisely removes bone, specifically the facet joints, which is commonly performed in spinal fusion procedures. Baxano Surgical was founded in May 2000 and is headquartered in Raleigh, North Carolina. For more information, visit www.baxanosurgical.com.
Avance, AxiaLIF, VEO, iO-Tome, iO-Flex and MicroBlade Shaver are all trademarks of Baxano Surgical.
Forward Looking Statements
This press release includes statements that are based on our current beliefs and assumptions. These statements constitute “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to differ materially from expectations. Factors that could cause our results to differ materially from those described include, but are not limited to, the pace of adoption of our product technology by spine surgeons, the outcome of coverage and reimbursement decisions by the government and third party payors, the success of our continuing product development efforts, the effect on our business of existing and new regulatory requirements, our ability to raise additional capital, our ability to comply with our settlement agreement and Corporate Integrity Agreement with certain entities of the U.S. government, stockholder class action lawsuits, and other economic and competitive factors. For a discussion of the most significant risks and uncertainties associated with Baxano Surgical’s business, please review the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent reports. You are cautioned not to place undue reliance on these forward looking statements, which are based on Baxano Surgical’s expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise.
CONTACT: Westwicke Partners Mark Klausner, 443-213-0501 baxanosurgical@westwicke.com
(WTT) Announces Stock Repurchase and Director Resignations
Wireless Telecom Group, Inc. (NYSE MKT:WTT) announced today that the Company has repurchased 4,815,110 shares of its common stock, representing approximately 20% of its total shares outstanding (prior to the repurchase), from its largest shareholder, Investcorp Technology Ventures L.P. and its affiliates (“Investcorp”), for an aggregate purchase price of approximately $9.6 million, or $2.00 per share. The repurchased shares will be returned to the Company’s treasury.
Separately, Horton Capital Partners Fund, L.P. and related entities have acquired 1,657,556 shares representing approximately 8.6% of the total shares outstanding (after the repurchase of shares returned to the treasury), of common stock of the Company held by Investcorp. As a result of the Company’s repurchase and such additional transactions, Investcorp no longer holds any securities of the Company.
“We are excited to have completed the transaction and look forward to the growth opportunities ahead. We believe the stock repurchase represents an attractive use of our capital and reflects our commitment to the enhancement of long-term shareholder value,” stated Paul Genova, Chief Executive Officer of Wireless Telecom Group, Inc.
The Company funded the transaction from available cash.
Wireless Telecom Group, Inc. has received and accepted the resignations of Glenn Luk and Anand Radhakrishnan as directors of the Company, effective April 9, 2014. Mr. Luk, an advisor to Investcorp Technology Partners, served as a director of the Company since May 2010. Mr. Radhakrishnan, a principal at Investcorp Technology Partners, served as a director of the Company since September 2011. The Board of Directors wishes to thank Messrs. Luk and Radhakrishnan for their services.
Alan Bazaar has been elected to serve as the Chairman of the Board of the Company until the 2014 Annual Meeting of Stockholders. Mr. Bazaar, a Partner and Chief Executive Officer of Hollow Brook Wealth Management LLC, has served on the Board of Directors of the Company since June 2013. Mr. Bazaar also serves as the Chairman of the Company’s Nominating and Corporate Governance Committee, which will lead the Board’s search for new directors.
Forward-Looking Statements
Except for historical information, the matters discussed in this news release may be considered “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. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Specifically, no assurances can be made with respect to: the Company’s future growth opportunities, enhancement of long-term shareholder value and the Board’s search for new directors. Further information regarding risks and uncertainties that could affect the Company’s results are identified in the Company’s reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2013.
About Wireless Telecom Group, Inc.
Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. Its complementary suite of high performance components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments (DAS), RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, noise modules, precision noise generators. The Company serves both commercial and government markets including, WiFi, WiMAX, satellite, cable, radar, avionics and medical technologies and industries. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support. Wireless Telecom Group’s website address is http://www.wtcom.com.
(CLDN) Breakthrough Therapy Designation From FDA for MYDICAR®
MYDICAR is First Gene Therapy Reported to Receive Breakthrough Designation From FDA’s Center for Biologics Evaluation and Research (CBER)
SAN DIEGO, April 10, 2014 — Celladon Corporation (Nasdaq:CLDN), a clinical-stage biotechnology company developing novel therapies for patients with heart failure and other diseases characterized by SERCA enzyme deficiencies, today announced that its lead product candidate, MYDICAR®, has been granted breakthrough therapy designation by the U.S. Food and Drug Administration (FDA) for reducing hospitalizations for heart failure in NYHA class III or IV chronic heart failure patients who are NAb negative. This designation is intended to expedite the development and review of drugs for serious or life-threatening conditions and where preliminary clinical evidence suggests it provides a substantial improvement over existing therapies. Celladon is developing MYDICAR as a novel, first-in-class therapy for patients with chronic heart failure due to systolic dysfunction. MYDICAR uses genetic enzyme replacement therapy to correct the deficiency in the enzyme SERCA2a, which is an enzyme that becomes deficient in heart failure patients and results in inadequate pumping of the heart. Celladon has developed a companion diagnostic to identify the patients who are AAV1 NAb negative and therefore eligible for MYDICAR treatment.
“We are looking forward to working with the senior staff at the FDA to determine the most expeditious path to bring MYDICAR to patients with advanced heart failure. This breakthrough therapy designation validates MYDICAR’s unique characteristics and clinical data to date and underscores the urgent need for new treatments for heart failure,” said Krisztina Zsebo, Ph.D., president and CEO of Celladon. “MYDICAR has the potential to provide transformative disease-modifying effects with long-term benefits in heart failure patients with a single administration. Our goal is to bring MYDICAR to market as quickly as possible in the United States, where we estimate approximately 350,000 heart failure patients with currently limited remaining treatment options could be eligible for therapy.”
Celladon is currently evaluating MYDICAR in the Phase 2b CUPID 2 trial to determine its efficacy in reducing the frequency of and/or delaying heart failure-related hospitalizations. This randomized, double-blind, placebo-controlled, multinational trial is evaluating a single intracoronary infusion of MYDICAR versus placebo added to a maximal, optimized heart failure regimen in patients with NYHA class III or IV symptoms of chronic heart failure due to systolic dysfunction. Patient enrollment has been completed and 250 patients have been randomized in this trial. The Company expects to report results in April 2015.
About Breakthrough Therapy Designation
The breakthrough therapy designation was enacted as part of the FDA Safety and Innovation Act of 2012 (FDASIA). The breakthrough therapy program is intended to streamline drug development and review of innovative new medicines that address certain unmet medical needs for serious or life-threatening diseases or conditions. The criteria for breakthrough therapy designation require preliminary clinical evidence indicating that the drug may demonstrate a substantial improvement over existing therapies on at least one clinically significant endpoint. A breakthrough therapy designation conveys all of the fast track program features, as well as a commitment that FDA will work closely with the drug sponsor on an efficient drug development program. The statute calls for reducing exposure of patients to a potentially less-effective active control drug. However, FDA intends to expedite the development and review of a breakthrough therapy by intensively involving senior managers and experienced review staff in a proactive, collaborative, cross-disciplinary review.
About Heart Failure
Heart failure is the inability of the heart to pump blood efficiently due to weakening and enlargement of the ventricles. Nearly 6 million individuals are currently diagnosed with heart failure in the United States according to the American Heart Association (AHA). Despite optimal guideline-directed therapies employing a wide range of pharmacologic, device and surgical options, many heart failure patients deteriorate over time. The long-term prognosis associated with heart failure is worse than that associated with the majority of cancers, with a mortality rate of approximately 50 percent at five years following initial diagnosis. In the United Sates, over one million primary heart failure-related hospitalizations and over 280,000 heart failure-related deaths occur annually. The one- and six-month readmission rates after heart failure-related hospitalization are close to 25 and 50 percent, respectively, and there is growing pressure on hospitals to reduce readmissions for heart failure. According to a recently published review article in Journal Clinical Cardiology, the estimated direct cost of heart failure in the United States in 2012 was greater than $60 billion, over half of which was related to repeated hospitalizations.
In patients with heart failure, SERCA2a, an enzyme critical to the contraction of the cardiac muscle cell, becomes deficient. Numerous human studies have established a clear association between depleted SERCA2a enzyme in cardiac cells and the progression of end-stage heart failure.
About MYDICAR
MYDICAR uses gene therapy to selectively target and restore SERCA2a enzyme levels by transferring the SERCA2a gene directly into cardiac muscle cells, which improves the heart’s ability to pump blood. MYDICAR utilizes a non-pathogenic recombinant adeno-associated virus (AAV) and is delivered directly to the heart in a routine outpatient procedure, similar to an angiogram, in a cardiac catheterization laboratory.
Results of the 39-patient Phase 2a CUPID 1 clinical trial of a single intracoronary infusion of high-dose MYDICAR in patients with advanced heart failure due to a systolic dysfunction showed the therapy was safe and well tolerated in the study. In CUPID 1, MYDICAR reduced heart failure-related hospitalizations and improved patients’ symptoms, quality of life and key markers of cardiac function predictive of survival, such as elevated levels of natriuretic peptides and left ventricular end systolic volume. Long-term follow-up results from CUPID 1 showed that in the additional two-year follow-up period, the durability of reduced cardiovascular and terminal events previously observed in the MYDICAR high-dose cohort at 12 months was maintained. The risk of recurrent cardiovascular events in the presence of terminal events over three years of follow up was reduced by 82 percent in the high-dose group compared with the placebo group (p=0.048). No safety concerns were noted during the three-year follow-up period for patients who received MYDICAR.
About Celladon Corporation
Celladon, a clinical-stage biotechnology company, is a leader in the field of calcium dysregulation. The Company is targeting SERCA enzymes to develop novel therapies for diseases with significant unmet medical needs, such as heart failure. Its therapeutic portfolio for diseases characterized by SERCA enzyme deficiency includes both gene therapies and small molecule compounds. MYDICAR®, its most advanced product candidate, uses gene therapy to target SERCA2a, an enzyme that is deficient in heart failure patients. Its small molecule platform of SERCA2b modulators includes a number of potential first-in-class compounds that address novel targets in diabetes and neurodegenerative diseases. For more information, visit www.celladon.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding the extent of the role MYDICAR may have in improving the clinical course of heart failure patients, Celladon’s goal to bring MYDICAR to market as quickly as possible, the estimated number of patients who could be eligible for MYDICAR therapy if approved, the anticipated timing for reporting results from CUPID 2, estimates regarding the size of the heart failure market, as well as the extent to which the breakthrough therapy designation may streamline and expedite development of MYDICAR. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Celladon’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with the process of conducting product development activities and clinical trials and obtaining regulatory approval to commercialize product candidates, Celladon’s reliance on third parties, the need to raise additional funding when needed in order to conduct Celladon’s business, and the degree of market acceptance of MYDICAR by physicians, patients, third-party payors and others in the medical community. These and other risks and uncertainties are described more fully in Celladon’s filings with the Securities and Exchange Commission, including without limitation its Annual Report on Form 10-K. All forward-looking statements contained in this press release speak only as of the date on which they were made. Celladon undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
CONTACT: Media and Investor Contact: Fredrik Wiklund Vice President, Corporate Development and Investor Relations 858-432-7215 fwiklund@celladon.net
(RTK) $150M Investment from Blackstone’s GSO Capital Partners
GSO Investment to fund near-term growth opportunities in wood fibre processing business Settlement with Concerned Rentech Shareholders includes board representation and a newly formed board-level Finance Committee that will approve capital expenditures and review Rentech’s cost structure and executive compensation
Rentech, Inc. (NASDAQ: RTK) today announced that GSO Capital Partners LP (GSO), the credit investment arm of Blackstone, will invest $150 million in Rentech in the form of $100 million of convertible preferred stock and a $50 million term loan. The transactions closed on April 9, 2014. In connection with this investment, Blackstone/GSO appointed two members to Rentech’s Board of Directors: Douglas Ostrover, a senior managing director of Blackstone and co-founder of GSO Capital Partners, and Patrick Moore, the former chairman and chief executive officer of Smurfit-Stone Container Corporation, a paper-based packaging company with significant wood fibre operations. Rentech also announced a settlement with Concerned Rentech Shareholders (CRS), whereby CRS will approve an additional member to join Rentech’s Board of Directors and the board’s newly formed Finance Committee. A slide presentation regarding today’s announcements appears on Rentech’s website, www.rentechinc.com.
Blackstone/GSO Investment
Proceeds from Blackstone/GSO’s investment will fund identified growth opportunities in Rentech’s wood fibre processing business. These opportunities are part of Rentech’s long-standing strategic plan for the wood fibre processing business. This plan was discussed most recently during the Company’s fourth quarter earnings conference call on March 11, 2014. Successfully executing these growth opportunities is designed to give Rentech’s wood fibre processing business the scale necessary for a possible initial public offering as a master limited partnership. Rentech used proceeds from the convertible preferred stock to repay the $50 million balance on its revolving margin loan. That facility has now been terminated, and the units of Rentech Nitrogen Partners, L.P. (Rentech Nitrogen) that served as collateral have been released.
“This investment by Blackstone’s GSO underscores the strength of our wood fibre business strategy. The investment is a vote of confidence in both our fibre and fertilizer businesses by a leading global investor,” said D. Hunt Ramsbottom, president and chief executive officer of Rentech. “In addition to funding our immediate growth plans, Blackstone/GSO’s investment gives Rentech a long-term partner with a proven track record in successfully evaluating and investing in new opportunities. Blackstone/GSO can also provide additional capital and access to investment opportunities as we continue to explore opportunities in our fibre and nitrogen businesses. We look forward to working with the Blackstone/GSO team.”
“Rentech owns and operates world-class assets in wood fibre processing and nitrogen fertilizer production,” said Douglas Ostrover, senior managing director of Blackstone and co-founder of GSO. “We have been in conversations with Rentech for nearly two years and have thoroughly evaluated Rentech’s businesses, assets, and management team. We see great potential to create value for Rentech’s shareholders. We look forward to working as a partner with the Company to execute the plans they have, and to explore additional opportunities in the future.”
Summary of Key Terms
$100 Million Convertible Preferred Stock:
- Conversion price of $2.22, which represents a 23% premium over the closing price of Rentech’s common stock on April 9, 2014;
- Convertible into approximately 45 million shares of Rentech common stock, representing approximately 16.5% of common shares on an as-if-converted basis;
- 4.5% preferred dividend per annum;
- Optionally redeemable in 7 years;
- The Company may force conversion after a date which is two years from issuance if the price of Rentech’s common stock remains above $4.44 for 30 consecutive trading days;
- Approximately 5.5 million common units of Rentech Nitrogen, owned by Rentech, backstop the redemption value. The number of Rentech Nitrogen common units is fixed, with no covenants related to Rentech Nitrogen’s unit price. The units will be released if the price of Rentech’s common stock is above $4.44 for 90 consecutive trading days, if cash is substituted for the units, or if the preferred shares are converted. Rentech will continue to receive cash distributions paid on the units;
- Issued at 98% of redemption value;
- Two Blackstone/GSO representatives appointed to Rentech’s Board of Directors (proportional with ownership); and
- No hedging transactions by Blackstone/GSO are permitted unless Rentech’s common stock price is at least $4.44; No short selling is permitted at any time.
$50 Million Senior Term Loan:
- Interest rate of LIBOR plus 700 basis points per annum, with a LIBOR floor of 1.00%;
- The sole collateral for the loan will be approximately 2.8 million common units of Rentech Nitrogen, owned by Rentech. The number of Rentech Nitrogen common units provided as collateral is fixed, with no covenants related to Rentech Nitrogen’s unit price; cash may be substituted at Rentech’s option. Rentech will continue to receive cash distributions paid on the units;
- Prepayable without penalty after the first year or at any time, from proceeds of an IPO of the wood fibre processing business or certain asset sales;
- Matures five years after closing;
- Issued at 98% of principal; and
- Expandable upon agreement of the parties, with an accordion feature to increase the term loan by $75 million.
Board of Directors
Rentech also announced changes to its Board of Directors today:
- Douglas Ostrover, senior managing director of Blackstone and co-founder of GSO Capital Partners, has joined the board. Mr. Ostrover brings shareholder representation and significant finance experience. He has personally overseen GSO’s deployment of $65 billion of capital. Mr. Ostrover will be the chairman of the board’s Finance Committee.
- Blackstone/GSO appointed Patrick J. Moore, former chairman and chief executive officer of Smurfit-Stone Container Corporation, to the board. Mr. Moore brings 24 years of expertise in the packaging and wood fibre industries as well as significant experience in finance.
- Chairman Emeritus Dennis L. Yakobson has retired from the board, following thirty-one years of service, including the founding of Rentech.
- Michael Ray has resigned from the Rentech board. Mr. Ray will continue to serve as a member of the board of Rentech Nitrogen Partners, L.P.
“We are thrilled to be adding new expertise and fresh perspectives from two leading figures in their fields,” said Halbert S. Washburn, Chairman of Rentech’s Board of Directors. “On behalf of the full board, I would like to thank Dennis Yakobson and Mike Ray for their years of service and many contributions to Rentech.”
Settlement with Concerned Rentech Shareholders
Rentech entered into a settlement agreement with CRS. As part of the agreement and in addition to certain standstill restrictions accepted by CRS:
- An additional director candidate approved by CRS will be nominated by the Company for election to its Board of Directors at the 2014 annual meeting of shareholders, or appointed to the Board of Directors shortly thereafter. In order to facilitate the election of the additional director candidate, Rentech will place a proposal on the ballot for the 2014 annual meeting of shareholders to expand the Board of Directors by one director;
- The formation of a Finance Committee consisting of five members including Messrs. Ostrover and Moore and the additional director candidate approved by CRS. The Finance Committee will be responsible for approving significant capital expenditures, reviewing and taking action to reduce Rentech’s cost structure, and reviewing the Company’s executive compensation practices;
- CRS will withdraw its slate of nominees for the 2014 annual meeting of shareholders;
- CRS will vote all of its shares in favor of the board’s slate of director nominees at the 2014 annual meeting of shareholders; and
- CRS will withdraw its preliminary proxy solicitation to call a special meeting of shareholders.
“We are pleased with the addition of three new independent directors, all of whom will bring an enhanced focus on creating shareholder value while mitigating risk. These new directors, who will make up the majority of the newly established Finance Committee, have our full support as they conduct a thorough review of the Company’s cost structure, executive compensation practices, and capital allocation strategy. Further, we believe Blackstone’s operational depth and experience in building profitable businesses with strong execution capabilities will significantly enhance the chances for a successful launch and subsequent IPO of the Company’s wood fibre opportunity. We look forward to working with the two new directors from Blackstone and a newly elected director to create value for all shareholders.”
The agreement will be filed with the Securities and Exchange Commission as an Exhibit to a Current Report on Form 8-K.
About Douglas Ostrover
Mr. Ostrover is senior managing director of Blackstone and a founder of GSO Capital Partners. Prior to co-founding GSO Capital in 2005, Mr. Ostrover held various positions at Credit Suisse First Boston (CSFB). He served as managing director and chairman of the Leveraged Finance Group, and global co-head of the Leveraged Finance Group. Prior to joining CSFB, Mr. Ostrover was managing director in charge of high yield and distressed sales, trading and research at Donaldson, Lufkin & Jenrette. Mr. Ostrover is currently on the Board of Directors of the Michael J. Fox Foundation. Mr. Ostrover received a Bachelor of Arts in economics from the University of Pennsylvania and an MBA from the Stern School of Business of New York University.
About Patrick J. Moore
Mr. Moore serves as president and chief executive officer of PJM Advisors, LLC, an investment and advisory firm. From 2002 until 2011, Mr. Moore was chairman and chief executive officer of Smurfit-Stone Container Corporation (formerly Jefferson Smurfit Corporation), a producer of containerboard and corrugated packaging and one of the world’s largest paper recyclers. His 24-year tenure at Smurfit also included service as chief financial officer, vice president and general manager of the company’s Industrial Packaging division, and treasurer. Earlier in his career, Mr. Moore held positions in corporate lending, international banking and corporate administration at Continental Bank in Chicago. Mr. Moore serves on the Board of Directors for Archer Daniels Midland Company, a global food processing and commodities trading company, and Exelis Inc., a global aerospace, defense, information and services company. Mr. Moore also serves on the North American Review Board of American Air Liquide Holdings, Inc. and on the boards of the Metropolitan YMCA of St. Louis, Boys Hope/Girls Hope, St. Louis Zoological Society and the Big Shoulders Fund. Mr. Moore received a Bachelor of Science in business administration from DePaul University.
Advisors
Latham & Watkins LLP and Holland & Hart LLP acted as legal counsel to Rentech, and Credit Suisse Securities (USA) LLC acted as financial advisor.
Vinson & Elkins LLP, Moelis & Company, Alvarez & Marsal Private Equity Services, and Nexus PMG, acted as advisors to Blackstone.
About Rentech, Inc.
Rentech, Inc. (www.rentechinc.com) owns and operates wood fibre processing and nitrogen fertilizer manufacturing businesses. The wood fibre processing business provides wood chipping services, operations, marketing and trading services, and vessel loading through a wholly-owned subsidiary, Fulghum Fibres, Inc. Rentech is also developing wood pellet production facilities. Rentech also manufactures and sells nitrogen fertilizer through its publicly-traded subsidiary, Rentech Nitrogen Partners, L.P. (RNF).
About GSO Capital Partners LP
Blackstone is one of the world’s leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. The firm does this through the commitment of its extraordinary people and flexible capital. GSO Capital Partners LP is the global credit platform of Blackstone. GSO, together with its affiliates, has approximately $65 billion of assets currently under management and is one of the largest credit-focused alternative asset managers in the world and a major participant in the leveraged finance marketplace. GSO seeks to generate superior risk-adjusted returns in its credit business by investing in a broad array of strategies including mezzanine, distressed investing, leveraged loans and other special situation strategies. Blackstone’s alternative asset management businesses include investment vehicles focused on private equity, hedge fund solutions, secondary funds, and multi asset class exposures falling outside of other funds’ mandates. Blackstone also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About Concerned Rentech Shareholders
Concerned Rentech Shareholders, a group led by Engaged Capital, LLC and Lone Star Value Management, LLC, are together one of the largest stockholders of Rentech, Inc. with aggregate ownership of approximately 4.7% of the outstanding shares of RTK.
Engaged Capital, LLC is a limited liability company owned by its principals and formed to create long-term shareholder value by bringing an owner’s perspective to the managements and boards of under-valued public companies. Engaged Capital manages both a long-only and long/short North American equity fund. Engaged Capital’s efforts and resources are dedicated to a single investment style, “Constructive Activism” with a focus on delivering superior, long-term, risk-adjusted returns for investors. Engaged Capital is based in Newport Beach, California. Further information is available at www.engagedcapital.com
Lone Star Value Management, LLC is an investment firm that invests in undervalued securities and engages with its portfolio companies in a constructive way to help maximize value for all shareholders. Lone Star Value was founded by Jeff Eberwein who was formerly a Portfolio Manager at Soros Fund Management and Viking Global Investors. Lone Star Value is based in Old Greenwich, CT. Further information is available at http://lonestarvm.com
Forward Looking Statements
This news release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 about matters such as: the Company’s wood fibre processing business opportunities; its plans to take its wood fibre processing business public as a master limited partnership; and potential sources of additional capital. These statements are based on management’s current expectations and actual results may differ materially as a result of various risks and uncertainties. Factors that could cause actual results to differ from those reflected in the forward-looking statements are set forth in Rentech’s press releases and periodic reports filed with the Securities and Exchange Commission, which are available via Rentech’s website at www.rentechinc.com. The forward-looking statements in this news release are made as of the date of this release and Rentech does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.
References to an initial public offering of Rentech’s wood fibre business in this news release are being made solely to advise Rentech’s investors regarding the company’s current business plan. This release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be made only by means of a prospectus.
Additional Information and Where You Can Find It
Rentech, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with its annual meeting of shareholders to be held in 2014 (the “2014 Annual Meeting”). Rentech plans to file a proxy statement and white proxy card with the SEC in connection with the solicitation of proxies for the 2014 Annual Meeting (the “2014 Proxy Statement”). Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the 2014 Proxy Statement and other materials to be filed with the SEC in connection with the 2014 Meeting. This information can also be found in Rentech’s definitive proxy statement for its annual meeting of shareholders held in 2013, filed with the SEC on April 30, 2013 (the “2013 Proxy Statement”). To the extent holdings of Rentech’s common stock have changed since the amounts printed in the 2013 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.
SHAREHOLDERS ARE URGED TO READ THE 2014 PROXY STATEMENT AND WHITE PROXY CARD (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), 2013 PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT RENTECH HAS FILED OR WILL FILE WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Shareholders will be able to obtain, free of charge, copies of the 2014 Proxy Statement (when available), 2013 Proxy Statement and any other documents filed or to be filed by Rentech with the SEC in connection with the 2013 Meeting at the SEC’s website (http://www.sec.gov).
(VSTA) Joins the Cardiac Safety Research Consortium
Collaboration Focused on Improving Cardiac Safety of Medical Products Based Upon Principles of FDA’s Critical Path Initiative
SOUTH SAN FRANCISCO, CA–(Apr 10, 2014) – VistaGen Therapeutics, Inc. (OTCQB: VSTA), a biotechnology company applying pluripotent stem cell technology for drug rescue and regenerative medicine, today announced that it has become a member of the Cardiac Safety Research Consortium (CSRC), launched in 2006 through an FDA Critical Path Initiative Memorandum of Understanding with Duke University to support innovative research into the evaluation of cardiac safety of medical products.
Using mature, functional heart cells differentiated from human pluripotent stem cells, VistaGen has developed CardioSafe 3D™, a novel in vitro bioassay system capable of predicting the cardiac effects, both toxic and non-toxic, of small molecule drug candidates with greater speed and precision than surrogate safety models most often used in drug development, including animal models and cellular assays using primary, immortalized or transformed cells. CardioSafe 3D is the core component of VistaGen’s stem cell technology platform, Human Clinical Trials in a Test Tube™.
“We look forward to partnering with the pharmaceutical, biotechnology, academic, and regulatory members of the Cardiac Safety Research Consortium, and contributing our expertise to support rapid advancement of our understanding of cardiac safety. Cardiac safety, especially identifying proarrhythmic safety concerns of new drug candidates prior to human studies, drives our internal efforts every day, and we welcome the opportunity to participate in this innovative process with the consortium,” said Ralph Snodgrass, Ph.D., VistaGen’s President and Chief Scientific Officer.
“VistaGen shares our commitment to improving cardiac safety of new medical products, and its membership will strengthen CSRC,” said Mitchell W. Krucoff, MD, FACC, Professor of Medicine at Duke University and CSRC Co-Chairperson. “We look forward to a productive, long-term relationship with VistaGen.”
About Cardiac Safety Research Consortium (CRSC)
The Cardiac Safety Research Consortium is a public-private partnership launched in 2006 through an FDA Critical Path Initiative Memorandum of Understanding with Duke University to support research into the evaluation of cardiac safety of medical products. CSRC supports research by engaging stakeholders from industry, academia, and government to share data and expertise in a collaborative environment based upon the principles of the FDA’s Critical Path Initiative as well as other public health priorities with regard to cardiac safety.
About VistaGen Therapeutics
VistaGen is a stem cell company headquartered in South San Francisco, California and focused on drug rescue and regenerative medicine. We believe better cells make better medicine™ and that the key to making better cells is precisely controlling the differentiation of human pluripotent stem cells, which are the foundation cells of the human body. For almost 15 years, our stem cell research and development teams and collaborators have focused on controlling the differentiation of human pluripotent stem cells. Our drug rescue activities combine our human pluripotent stem cell technology with medicinal chemistry to generate novel, safer chemical variants (Drug Rescue Variants™) of once-promising small molecule drug candidates. These are drug candidates discovered, developed and ultimately discontinued by pharmaceutical or biotechnology companies, the U.S. National Institutes of Health (NIH) or university laboratories, after substantial investment due to unexpected safety concerns relating to the heart or liver.
VistaGen’s small molecule prodrug candidate, AV-101, has successfully completed Phase 1 development for treatment of neuropathic pain. Neuropathic pain, a serious and chronic condition causing pain after an injury or disease of the peripheral or central nervous system, affects millions of people worldwide.
Visit VistaGen at http://www.VistaGen.com, follow VistaGen at http://www.twitter.com/VistaGen or view VistaGen’s Facebook page at http://www.facebook.com/VistaGen.
Cautionary Statement Regarding Forward-Looking Statements
The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to the success of VistaGen’s stem cell technology-based drug rescue activities or further clinical development and commercialization of AV-101, its ability to enter into strategic partnering arrangements, and risks and uncertainties relating to the availability of substantial additional capital to support its research, drug rescue and drug development activities. These and other risks and uncertainties are identified and described in more detail in VistaGen’s filings with the Securities and Exchange Commission (SEC). These filings are available on the SEC’s website at www.sec.gov. VistaGen undertakes no obligation to publicly update or revise any forward-looking statements.
For more information:
Shawn K. Singh, J.D.
Chief Executive Officer
VistaGen Therapeutics, Inc.
www.VistaGen.com
650-577-3613
Investor.Relations@VistaGen.com
Mission Investor Relations
IR Communications
Atlanta, Georgia
www.MissionIR.com
404-941-8975
Investors@MissionIR.com
(AMPE) Ampion™ SPRING Study Results At Upcoming Western Orthopedic Assoc. Conference
GREENWOOD VILLAGE, Colo., April 9, 2014 — Ampio Pharmaceuticals, Inc. (NYSE MKT: AMPE) today announced that the results of the 20 weeks extension of the Ampion™ SPRING study will be presented by Dr. Nathan Wei, MD of the Arthritis Treatment Center Frederick, MD at the Western Orthopedic Association Conference in July 2014. http://www.woa-assn.org/.
This 20-week extension of a multicenter, randomized, vehicle-controlled, double-blind study (NCT01839331) evaluated the safety and efficacy of a single intra-articular injection of Ampion™ treatment of inflammation-associated pain in symptomatic OA of the knee (OAK). A summary of the results follows:
- Ninety-seven patients who received a 4-mL intra-articular injection of Ampion™ or vehicle control were followed for an additional 8 weeks beyond the initial 12-week endpoint of the SPRING study. Efficacy measures included changes from baseline in Western Ontario and McMaster Universities Osteoarthritis (WOMAC) pain and function subscores. Patients were considered “responders” if they achieved ≥40% improvement in WOMAC pain and function.
- In a subgroup of patients with moderate-to-severe OAK (Kellgren-Lawrence grades 3-4; n=64), there were statistically significant improvements in WOMAC pain (mean change from baseline -0.99 vs -0.65) (p=0.005) and function scores (-0.85 vs -0.58) (p=0.04) over 20 weeks for patients who received Ampion™ compared with vehicle control, respectively.
- At 20 weeks, the percentage of patients in the moderate-to-severe subgroup who reported a reduction in pain was significantly higher for patients who received Ampion™ (50%) compared to those who received vehicle control (25%) (p=0.04).
- Similar rates and severity of adverse events were observed in the Ampion™ and vehicle control groups.
- A single injection of Ampion™ was associated with sustained improvements in knee pain over 20 weeks. (p=0.005)
Vaughan Clift, Ampio’s Chief Regulatory Officer, stated:” Ampion™ provided a therapeutic option for patients with moderate-to-severe OAK. We are delighted at the acceptance of the presentation of results of this study in the prestigious Western Orthopedic Association Conference forum.”
About Ampio Pharmaceuticals
Ampio Pharmaceuticals, Inc. is a development stage biopharmaceutical company primarily focused on the development of therapies to treat prevalent inflammatory conditions for which there are limited treatment options. We are developing compounds that decrease inflammation by (i) inhibiting specific pro-inflammatory compounds by affecting specific pathways at the protein expression and at the transcription level; (ii) activating specific phosphatase or depletion of the available phosphate needed for the inflammation process; and (iii) decreasing vascular permeability.
Forward Looking Statements
Ampio’s statements in this press release that are not historical fact and that relate to future plans or events are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by use of words such as “believe,” “expect,” “plan,” “anticipate,” and similar expressions. These forward-looking statements include risks associated with clinical trials, expected results, regulatory approvals, and changes in business conditions and similar events. The risks and uncertainties involved include those detailed from time to time in Ampio’s filings with the Securities and Exchange Commission, including without limitation, under Ampio’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Ampio undertakes no obligation to revise or update these forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
April Ramirez
Operations Coordinator
Ampio Pharmaceuticals, Inc.
Direct: (720) 437-6500
Email: aramirez@ampiopharma.com
(KPTI) Enters into Preferred Provider Agreement with Clinipace Worldwide
Clinipace Worldwide, a global digital clinical research organization (dCRO), announced today that Karyopharm Therapeutics Inc. (Nasdaq:KPTI), a clinical-stage pharmaceutical company focused on the discovery and development of novel first-in-class drugs directed against nuclear transport targets for the treatment of cancer and other major diseases, has entered into a preferred provider agreement with Clinipace to manage several clinical programs, including oncology, wound healing, and other diseases.
As part of a long-term strategic partnership, Clinipace expects to manage numerous study starts on behalf of Karyopharm in 2014.
“It is our mission to foster scientific creativity with pioneering technologies and developmental approaches within an innovative culture,” noted Sharon Shacham, Ph.D., MBA, Karyopharm’s Founder, President and Chief Scientific Officer. “By partnering with a like-minded technology-driven company like Clinipace, we believe we can help accelerate our first-in-class small molecule modulators into effective targeted therapeutics for life threatening conditions.”
“As tailored therapies such as those Karyopharm have under development become more prominent, drug developers must find increasingly innovative ways to help bring their products to market in the most effective and efficient manner,” said Jeff Williams, CEO and co-founder, Clinipace Worldwide. “Working with a technology-enabled digital CRO (dCRO) provides our clients with a significant level of information sharing that helps increase collaboration, improves data quality, and reduces their overall development costs.”
About Karyopharm
Karyopharm Therapeutics Inc. (Nasdaq:KPTI) is a clinical-stage pharmaceutical company focused on the discovery and development of novel first-in-class drugs directed against nuclear transport targets for the treatment of cancer and other major diseases. Karyopharm’s Selective Inhibitors of Nuclear Export (SINE) compounds function by binding with and inhibiting the nuclear export protein XPO1 (or CRM1). The inhibition of XPO1 by Karyopharm’s lead drug candidate, Selinexor (KPT-330), a first-in-class, oral SINE compound, leads to the accumulation of tumor suppressor proteins in the cell nucleus, which subsequently reinitiates and amplifies their tumor suppressor function. This is believed to lead to the selective induction of apoptosis in cancer cells, while largely sparing normal cells. SINE compounds have shown biological activity in models of cancer, autoimmune disease, certain viruses, and wound-healing. Karyopharm was founded by Dr. Sharon Shacham and is located in Natick, Massachusetts.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding the therapeutic potential of and potential clinical development plans for Karyopharm’s drug candidates, including the timing of initiation of certain trials and of the reporting of data from such trials. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from the company’s current expectations. For example, there can be no guarantee that any of Karyopharm’s SINE compounds, including Selinexor (KPT-330), or any other drug candidate, including PAK4 inhibitors, that Karyopharm is developing will successfully complete necessary preclinical and clinical development phases or that development of any of Karyopharm’s drug candidates will continue. Further, there can be no guarantee that any positive developments in Karyopharm’s drug candidate portfolio will result in stock price appreciation. Management’s expectations and, therefore, any forward-looking statements in this press release could also be affected by risks and uncertainties relating to a number of other factors, including the following: Karyopharm’s results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; the content and timing of decisions made by the U.S. Food and Drug Administration and other regulatory authorities, investigational review boards at clinical trial sites and publication review bodies; Karyopharm’s ability to obtain and maintain requisite regulatory approvals and to enroll patients in its clinical trials; unplanned cash requirements and expenditures; development of drug candidates by Karyopharm’s competitors for diseases in which Karyopharm is currently developing its drug candidates; and Karyopharm’s ability to obtain, maintain and enforce patent and other intellectual property protection for any drug candidates it is developing. These and other risks are described under the caption “Risk Factors” in Karyopharm’s Annual Report on Form 10-K for the year ended December 31, 2013, which is on file with the Securities and Exchange Commission (SEC), and in other filings that Karyopharm may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and Karyopharm expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
About Clinipace Worldwide
As a global full-service digital contract research organization (dCRO), we have pioneered an innovative technology-amplified CRO service model to serve the unique needs of venture-backed, mid-tier, and strategic pharmaceutical, biotechnology, and medical device firms. Powered by TEMPO™, our proprietary eClinical platform, our team of experts brings extensive therapeutic knowledge and insight into assisting life science firms in developing and executing regulatory strategies, clinical development, and post-approval research to ensure a successful drug and medical device development program. We have managed over 1,300 global clinical research, strategic product development, regulatory, and GxP/CMC/QA projects in therapeutic areas such as cardiovascular & metabolic diseases, central nervous system, dermatology, gastroenterology, immunology, infectious diseases, nephrology, oncology, respiratory, rheumatology, and vaccines (and other cell and tissue based therapies). Clinipace Worldwide is headquartered in Research Triangle Park, North Carolina with offices in Irvine (CA), Boulder (CO), Overland Park (KS), Zurich (CH), Munich (DE), London (UK), Tel-Aviv (IL), Sao Paulo (BR), Buenos Aires (AR), Trivandrum Kerala (IN) and New Delhi (IN). For more information, visit our website at www.clinipace.com.
(WIX) Two Years In Wix’s HTML5 Platform a Massive Success, 46M+ Users
Company Accelerates Development to Deliver the Power of HTML5 With Over 7,500 Platform Deployments, New Features, Apps and More in Just Two Years
TEL AVIV, Israel, April 9, 2014 — Two years since launching its HTML5 website editor, Wix.com (Nasdaq:WIX) announced today that due to a massive and continuous development cycle of over 7,500 deployments to production to date, it has exponentially grown its platform’s capabilities. The two-year milestone is also marked with a new suite of HTML5 design, animation and interactive features that has just been released, allowing Wix users to add a dynamic new dimension to their websites.
Pivoting from its original Flash-based website creation toolset, which in April 2012 already had over 20 million users, Wix rapidly expanded its product suite in industry-leading directions that would not have been possible prior to the transition to HTML5. The leap in Wix’s technological offering has been the driving force behind the company’s ability to more than double its user base, attracting over 46 million users worldwide.
“Once we were certain an HTML5 platform would have the capability to deliver and exceed what we created on Flash, we set out to develop it. The core value of Wix has always been to simplify the web creation process for everyone, but the transition to HTML5 enabled us to do so much more: create an all-inclusive platform that lets anyone run their entire business online,” said Avishai Abrahami, Wix Co-founder and CEO. “While it was a challenging and technologically complex move, we succeeded in creating a robust web development environment without taking anything away from the beautiful and professional end result that our users have come to expect from Wix.”
A software company at its core, over the last two years Wix has released a steady flow of new features and capabilities to its HTML5 platform, with the goal remaining to constantly improve its products and services. Highlights include:
- The leading HTML5 WYSIWYG editor on the market
- Powerful design features including 3D galleries, animations, an image editor, page transitions and text and shape effects
- Unique “Beyond Responsive” mobile optimization solution
- A curated App Market offering seamless integration of over 190 Wix developed and 3rd party apps
- 1-click integration of branded email via Google Apps
- 490+ fully customizable HTML5 templates across all business verticals
- Enhanced eCommerce capabilities through a native solution or 3rd party service integration
- A Site History feature enabling users to view or restore a prior version of a website at any point
The company’s rapid and ambitious development roadmap is supported by an R&D methodology where developers, who represent 50% of the total employee base, have complete ownership and ongoing responsibility for monitoring and improving the new features they create. This work methodology further enables Wix to stay on top of a constantly changing technological landscape and quickly commoditize the continuous innovation in web design and interaction into new features offered to users.
About Wix.com Ltd.
Wix.com is a leading cloud-based web development platform with over 46 million registered users worldwide. Wix was founded on the belief that the Internet should be accessible to everyone to develop, create and contribute. Through free and premium subscriptions, Wix empowers millions of businesses, organizations, professionals and individuals to take their businesses, brands and workflow online. The Wix Editor and highly curated App Market enable users to build and manage a fully integrated and dynamic online presence. Wix’s headquarters are in Tel Aviv with offices in San Francisco, New York, Vilnius and Dnepropetrovsk.
CONTACT: Eric Mason, Wix.com 650.533.0836 | ericmason@wix.com
(TLOG) Announces Publication of Structural Characterization of Birinapant
MALVERN, Pa., April 9, 2014 — TetraLogic Pharmaceuticals Corporation (Nasdaq:TLOG) today announced that data published in a forthcoming issue of the Journal of Medicinal Chemistry of the American Chemical Society describes the discovery and unique chemical features of its lead Smac-mimetic birinapant, which is currently being tested in Phase 1 and Phase 2 clinical trials for hematological malignancies and solid tumors.
The publication entitled “Birinapant – A Smac-mimetic with Improved Tolerability for the Treatment of Solid Tumors and Hematological Malignancies” by Condon et al., will appear in the May edition of Journal of Medicinal Chemistry.
It is available on-line at:
http://pubs.acs.org/doi/abs/10.1021/jm500176w
The paper reports details of 10 compounds from TetraLogic’s library of IAP-inhibitor compounds, and describes the differential properties of monovalent IAP-inhibitors versus bivalent Smac-mimetics. It further outlines the differences between the first-generation and second-generation bivalent molecules such as birinapant.
“We are delighted that this work is now published, as it describes, at the structural level, the characteristics of bivalent Smac-mimetics, and birinapant in particular and is the result of a long-standing and very fruitful collaboration between TetraLogic scientists and an outstanding group of collaborators.” said C. Glenn Begley, Chief Scientific Officer of TetraLogic. “These data underpin our belief in birinapant’s unique safety and efficacy profile.”
About TetraLogic
TetraLogic is a clinical-stage biopharmaceutical company focused on discovering and developing novel small molecule therapeutics in oncology and infectious diseases. Birinapant is currently being tested in Phase 1 and Phase 2 clinical trials for hematological malignancies and solid tumors. TetraLogic recently announced an agreement to acquire SHAPE, a small molecule that is entering Phase 2 trials for early-stage CTCL.
Forward Looking Statements
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. These statements relate to future events or TetraLogic’s pre-clinical and clinical development of birinapant, SHAPE and other clinical programs, future expectations, plans and prospects. Although TetraLogic believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. TetraLogic has attempted to identify forward-looking statements by terminology including ”believes,” ”estimates,” ”anticipates,” ”expects,” ”plans,” ”projects,” ”intends,” ”potential,” ”may,” ”could,” ”might,” ”will,” ”should,” ”approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19,2014. Any forward-looking statements contained in this release speak only as of its date. We undertake no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
CONTACT: Company Contact: Pete A. Meyers Chief Financial Officer and Treasurer TetraLogic Pharmaceuticals Corporation (610) 889-9900, x103 pete.meyers@tlog.com Investor Relations Contact: Ami Bavishi Burns McClellan, Inc. (212) 213-0006 abavishi@burnsmc.com
(HIIQ) Reports 107 Percent First Quarter Sales Growth
Results Show Strong Year-Over-Year Growth, First Quarter 2014 to First Quarter 2013
TAMPA, Fla., April 9, 2014 — Health Insurance Innovations (Nasdaq:HIIQ), a leading developer and virtual administrator of affordable, cloud-based individual health insurance plans and ancillary products, today announced record sales results for the first quarter ended March 31, 2014.
The total of 57,644 submitted applications received in the first quarter of 2014, represents an increase of 107 percent over first quarter 2013, with 56 percent sequential growth from fourth quarter 2013 to first quarter 2014. Submitted applications represent the number of customer applications for all types of policies sold by HII and are a non-financial measure used by management to monitor and manage the success of Company new policy sales.
“We created our products to meet a gap in the marketplace – to help licensed insurance brokers provide consumers with options that are affordable while giving them flexibility to choose their own doctors,” said Mike Kosloske, CEO of HII. “Our sequential growth of 56 percent in Q1 over Q4 2013 confirms that consumer demand for these more agile health plans continues in this post-Obamacare market.”
With the ACA enrollment period closed until Nov. 15, the marketplace for Short-Term Medical plans is expanding as both insurance broker and consumer interest increases.
“We’ve proved our scalability by doubling the demand on our virtually administrated private exchange without adding any additional processing staff,” notes Kosloske. “HII’s products and technology were specifically designed to efficiently adapt to current and future demand.”
About Health Insurance Innovations, Inc.
Headquartered in Tampa, Florida, Health Insurance Innovations, Inc. creates customizable and affordable, high-quality health insurance products and supplemental services through partnerships with best-in-class carriers. We are an industry leader in the sale of short-term and limited medical insurance plans, which provide an economical alternative to Individual Major Medical plans. HII pioneered and engineered its next-generation, cloud-based technology platform to provide broker distributors and consumers with real-time health insurance solutions, allowing them to tailor plans to fit consumers’ budgets and needs in one click.
Additional information about HII can be found at www.hiiquote.com. The reference to our website is not intended to incorporate our website into this press release.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans and projections regarding new markets, products, services, growth strategies, anticipated trends in our business and anticipated changes and developments in the United States health insurance system and laws. Forward-looking statements are based on the Company’s current assumptions, expectations and belief are generally identifiable by use of words “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or similar expressions and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, among other things, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors, our ability to retain our members, the demand for our products, the amount of commissions paid to us or changes in health insurance plan pricing practices, competition, changes and developments in the United States health insurance system and laws, and HII’s ability to adapt to them, the ability to maintain and enhance our name recognition, difficulties arising from acquisitions or other strategic transactions, and our ability to build the necessary infrastructure and processes to maintain effective controls over financial reporting. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are discussed in HII’s Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent Quarterly Reports on Form 10-Q, all as filed with the Securities and Exchange Commission as well as other documents that may be filed by HII from time to time with the Securities and Exchange Commission.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. You should not rely on any forward-looking statement as representing our views in the future. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
CONTACT: Health Insurance Innovations, Inc.: James Dietz Chief Financial Officer (877) 376 5831 ext. 282 jdietz@hiiquote.com Investor Contact: Susan Noonan S.A. Noonan Communications, LLC (212) 966 3650 susan@sanoonan.com Media Contact: Emily Hendricks Zeno Group (646) 263 4921
(BNFT) Selected By Southeastern Freight Lines For HR InTouch Marketplace
Leading provider of regional transportation services adopts Benefitfocus Technology for benefits enrollment and employee communication in the cloud
CHARLESTON, S.C., April 8, 2014 — Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits software solutions, today announced that Southeastern Freight Lines (Southeastern) has selected Benefitfocus HR INTOUCH MARKETPLACE® to support benefit enrollment and employee communication as well as to facilitate compliance with the Affordable Care Act (ACA). Headquartered in Lexington, SC, Southeastern is one of the largest less-than-truckload (LTL) carriers in the nation with more than 7,400 employees, of which nearly half are drivers. Available from any web-enabled device, the cloud-based HR INTOUCH MARKETPLACE portal will allow Southeastern to begin offering their workforce convenient, 24/7 access to their benefits information this summer.
HR INTOUCH MARKETPLACE provides an intuitive user interface with decision support features and educational videos that guide employees through the enrollment workflow, facilitating Southeastern’s transition from a paper-based passive enrollment process to an active open enrollment online. The BENEFITFOCUS® Plan Shopping App personalizes the benefits selection process by allowing employees to compare coverage details and estimate out-of-pocket costs so they can identify which plan best suits their healthcare and financial needs.
“We are updating our employee benefits program, and we believe Benefitfocus will help us implement any changes successfully,” said Alvin Shaver, Director of Compensation & Benefits at Southeastern Freight Lines. “Not only is HR InTouch Marketplace a solution that can simplify the complexity associated with ACA compliance, it’s the solution we need to enhance employee communication and benefits education during this time of transition. The user-friendly software that Benefitfocus provides is a great place for our company to start, and we are confident that it will be essential to supporting our growth.”
Built on a rules-based engine, HR INTOUCH MARKETPLACE allows Southeastern to configure the enrollment workflow so employees are presented with all the plan options for which they are eligible. Acknowledgement forms and declination surveys can be incorporated within the enrollment workflow to confirm employee review of ACA-mandated communications such as the notification for public exchanges and the Summary of Benefits & Coverage. The portal provides Southeastern with the ability to report on this information in the event of an audit as well as the ability to drill down to review summaries of plan participation and employee enrollment status.
“Southeastern has achieved a reputation of delivering the highest quality of service in their industry as a result of their employees’ commitment to service and their passion for excellence,” stated Shawn Jenkins, Benefitfocus President & CEO. “At Benefitfocus, we are dedicated to achieving that high level of quality when it comes to designing technology that delivers an engaging and streamlined enrollment experience. We are excited to provide the software and service to make the transition to online enrollment seamless and simple for Southeastern and its employees.”
Benefitfocus will introduce new developments to its cloud-based software solutions during its annual conference, One Place. 2014. The event will take place in Charleston, SC, from May 6-9. Visit www.benefitfocus.com/one-place-2014 to register or learn more about the topics that will be covered during the event.
About Southeastern Freight Lines
Southeastern Freight Lines, a privately-owned regional less-than-truckload transportation services provider founded in 1950, specializes in next-day service in the Southeast and Southwest and operates 81 service centers in 12 states and Puerto Rico. Southeastern has a network of service partners to ensure transportation services in the remaining 38 states, Canada, the U.S. Virgin Islands and Mexico. Southeastern Freight Lines provides more than 99.35% on-time service in next day lanes. A dedication to service quality and a continuous quality improvement process that began in 1985 has been recognized by more than 380 quality awards received from customers and associations. Southeastern Freight Lines subsidiary, Southeastern Logistics Solutions, provides expedited service and multi-modal transportation services across the nation through strategic capacity partnerships. For more information, please visit www.sefl.com and www.facebook.com/SoutheasternFreight.
About Benefitfocus
Benefitfocus, Inc. (NASDAQ: BNFT) is a leading provider of cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. Benefitfocus has served more than 20 million consumers on its platform, that consists of an integrated portfolio of products and services enabling clients to more efficiently shop, enroll, manage and exchange benefits information. With a user-friendly interface and consumer-centric design, the Benefitfocus Platform provides one place for consumers to access all their benefits. Benefitfocus solutions support the administration of all types of benefits including core medical, dental and other voluntary benefits plans as well as wellness programs. For more information, visit www.benefitfocus.com.
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: the lack of a long-term public market for Benefitfocus’ stock and potential volatility; factors that could impact our anticipated growth including management of growth; the need to innovate and provide useful products and services; changes in government regulations; reliance on key personnel; competition, privacy, security and other risks associated with our business; and the other risk factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec.cfm or upon request from our investor relations department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Benefitfocus, Inc.
843.284.1052 ext. 6846
pr@benefitfocus.com
(TSYS) Introduces Defender9-1-1™ Public Safety Answering Point Call Handling Suite
Improved Architecture Provides Scalable, NENA i3 compliant NG9-1-1 Technology
ANNAPOLIS, Md., April 8, 2014 — TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in highly reliable and secure mobile communication technology, today announced the availability of its Defender9-1-1™ Public Safety Answering Point (PSAP) call handling solution. Defender9-1-1, the next generation of TCS’ X-Solution™ product line, features advanced capabilities, improved performance, scalability and availability. Its enterprise-grade components are compliant with National Emergency Number Association (NENA) i3 standards, and present modular and cost-effective configurations for public safety agencies of all sizes.
News Facts:
- Compliance with Next Generation 9-1-1 (NG9-1-1) NENA i3 standards enables PSAPs to receive text messages, photos and streaming video to enhance responses to emergency calls.
- Defender9-1-1’s feature-rich suite is Internet Protocol (IP) and Geographic Information System (GIS)-centric, providing accurate caller information and location for the dispatch of emergency services.
- In-memory distributed cache architecture can span multiple servers, resulting in greater stability, faster performance, improved scalability and high availability.
- Defender9-1-1’s modern, tile-based, graphical user interface (GUI) enables flexible personalization and customization of the user workspace tailored to individual PSAP preferences.
- The dashboard’s browser-based management enables system administrators to monitor and control the system from anywhere within their network.
To learn more about Defender9-1-1, visit www.telecomsys.com/defender911 or meet with TCS representatives at Booth 706 at the Texas NENA conference, April 8-9, in Galveston, Texas.
Since deploying the first U.S. wireless E9-1-1 solution in 1998, TCS has been leading public safety solutions for wireless Enhanced 9-1-1 (E9-1-1), NG9-1-1 and E1-1-2. TCS supports half of all U.S. wireless E9-1-1 calls, serving more than 140 million wireless and IP-enabled devices. TCS is the only non-carrier TL 9000-certified company that supports E9-1-1 services. Its highly reliable E9-1-1 and NG9-1-1 solutions ensure that a subscriber’s emergency call routes to the appropriate PSAP and automatically pinpoint the caller’s location information. TCS also leads the nation in emergency services IP network (ESInet) deployments.
TCS Safety & Security Group Vice President Thomas Ginter said: “Defender9-1-1 is simply the most advanced, standards-compliant, 9-1-1 Call Handling solution now available. Legacy systems are becoming more costly and problematic for PSAPs to maintain as surrounding communication technologies change. The Defender9-1-1 call-handling product suite is an agile, scalable and future-proof solution that eases the PSAP’s evolution to NG9-1-1 communications and enhances user experience with improved ergonomics, increased flexibility and more intuitive interaction. Through our commitment to public safety, TCS is supporting the evolution of emergency communications through Defender9-1-1.”
About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market-leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new mobile cloud computing services, providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS’ cybersecurity expertise, professional services and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world. To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.
Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS’ current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Risks include without limitation those detailed from time to time in the Company’s SEC reports, including the Annual Report on Form 10-K for the year ended December 31, 2013.
Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.
Media Relations: | Investor Relations: |
TeleCommunication Systems, Inc. | Liolios Group, Inc. |
Meredith Allen | Scott Liolios |
410-295-1865 | 949-574-3860 |
MAllen@telecomsys.com | info@liolios.com |
(RDNT) Specialists Successfully Deploys eRAD Solution
Full Implementation Completed in Five Weeks
GREENVILLE, S.C., April 8, 2014 — Carolina Breast Imaging Specialists (CBIS), a breast imaging center based in Greenville, NC, implemented eRAD technology to support its focus on early cancer detection and specialized care in breast health.
eRAD, a subsidiary of RadNet, Inc. (Nasdaq:RDNT), a leading provider of standards-based, web-centric radiology image and data management solutions, deployed its PACS and other applications and services at CBIS, which launched imaging services last fall.
“An important factor for us was that we wanted a company nimble enough to deploy in a relatively short amount of time,” said Bruce Schroeder, M.D., founder and Medical Director of CBIS. “Technically, we like that eRAD is mobile compatible. I definitely wanted a solution that lets me and my referrers look at an image on an iPad or iPhone, and eRAD gave us that right upfront.”
eRAD gives CBIS the flexibility to scale, while structuring the solution so that operational costs could get top priority, not upfront capital outlay. “That flexibility is why we went with eRAD. Our very specific needs were addressed, and that’s been borne out since the implementation as well,” said Schroeder.
“A key to our success was the ability to get CBIS up and running in a matter of weeks,” said Seth Koeppel, SVP of Sales for eRAD. “Even with three or four systems to integrate, we could quickly deliver the programming interfaces they needed so that those systems could communicate easily. Our APIs give their referring physicians secure access to the PACS and plenty of options on data management and integration as the practice grows.”
“Our support rep is a star—very smart, very capable,” said Schroeder. “When we needed one-off solutions, they got it done quickly. I feel very comfortable with the eRAD team.”
About Carolina Breast Imaging Specialists
Carolina Breast Imaging Specialists (CBIS) provides patients with state-of-the-art care in a comfortable environment by a team of professionals exclusively dedicated to breast imaging and the early detection of breast cancer. The term “Breast Imaging Specialist” is a distinction earned through years of experience and extensive training in the field of breast imaging. The entire clinical staff at CBIS has dedicated their careers exclusively to providing the highest quality care in breast imaging. Led by fellowship-trained breast imaging specialist, Dr. Bruce F. Schroeder, the difference at Carolina Breast Imaging Specialists is simple: every medical and business decision we make is based on what allows us to provide the best possible experience and medical care to breast imaging patients. For more information, visit cbispecialists.com
Contact:
Bruce Schroeder, MD
252.565.8951
About RadNet, Inc.
RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 250 owned and/or operated outpatient imaging centers. RadNet’s core markets include California, Maryland, Delaware, New Jersey, New York and Rhode Island. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 6,300 employees. For more information, visit http://www.radnet.com.
About eRAD, Inc.
eRAD offers a complete suite of workflow solutions for the imaging industry. Its Meaningful Use-ready RIS, web-based PACS, and multi-site workflow solutions are used by teleradiology businesses, specialty reading groups, multi-site reading groups, hospitals and outpatient imaging centers. With over 260 customers in the US and several other countries, eRAD’s solutions are available as cloud-based hosted solutions, or as in-house enterprise solutions. For more information, visit erad.com
CONTACT: Seth Koeppel, SVP Sales Cell: 617-821-4175 | skoeppel@erad.com
(CPRX) Announces Closing of Previously Announced Public Offering
CORAL GABLES, Fla., April 8, 2014 — Catalyst Pharmaceutical Partners, Inc. (Nasdaq:CPRX) today reported that it has closed its previously announced public offering of shares of its common stock. The Company sold 13,023,750 shares of its common stock in the offering, including 1,698,750 shares that were issued upon the exercise by the underwriters of their overallotment option. The offering price was $2.21 per share, and the net proceeds from the sale of the shares is expected to be $26.8 million. Piper Jaffray & Co. acted as the sole book-running manager for the offering, Roth Capital Partners acted as co-lead manager, and H.C. Wainwright & Co., LLC acted as co-manager with respect to the offering.
Patrick J. McEnany, Catalyst’s Chairman and CEO, stated: “We are pleased to have completed this financing, which allows us to continue our development activities of both Firdapse™ and CPP-115, and to begin our pre-commercialization activities for Firdapse™. We are also excited that a significant number of high quality fundamental life science investors participated in our offering.”
The shares were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-193699) filed pursuant to the Securities Act of 1933, as amended, which was previously filed with, and declared effective by, the Securities and Exchange Commission. A prospectus supplement related to the filing has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Catalyst Pharmaceutical Partners
Catalyst Pharmaceutical Partners, Inc. is a specialty pharmaceutical company focused on the development and commercialization of novel prescription drugs targeting rare (orphan) neuromuscular and neurological diseases, including Lambert-Eaton Myasthenic Syndrome (LEMS), infantile spasms, and Tourette Syndrome. Catalyst’s lead candidate, Firdapse™ for the treatment of LEMS, is currently undergoing testing in a global, multi-center, pivotal Phase 3 trial and has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration (FDA). In 2012, Catalyst licensed Firdapse™ from BioMarin and Catalyst assumed management of the Phase 3 pivotal trial, initiated by BioMarin. Firdapse™ is the first and only European approved drug for symptomatic treatment in adults with LEMS.
Catalyst is also developing a potentially safer and more potent vigabatrin analog (designated CPP-115) to treat infantile spasms, and epilepsy, as well as other neurological conditions associated with reduced GABAergic signaling, like post-traumatic stress disorder and Tourette Syndrome. CPP-115 has been granted U.S. orphan drug designation for the treatment of infantile spasms by the FDA and has been granted E.U. orphan medicinal product designation for the treatment of West Syndrome by the European Commission. For more information, please visit www.catalystpharma.com.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Catalyst’s actual results in future periods to differ materially from forecasted results. A number of factors, including the anticipated timing of the receipt of top-line results from the double-blind, placebo-controlled portion of the Phase 3 trial of Firdapse™, whether historic metrics of patients enrolled in the trial who complete the run-in phase of the trial and are randomized into the double-blind, placebo-controlled portion of the trial will continue to apply, such that at least 36 patients will be randomized into the double-blind, placebo-controlled portion of the trial from the patients already enrolled in the trial, whether the Phase 3 trial will be successful, whether the receipt of breakthrough therapy designation for Firdapse™ will expedite the development and review of Firdapse™ by the FDA or the likelihood that the product will be found to be safe and effective, whether an NDA for Firdapse™ will ever be accepted for filing by the FDA, the timing of any such NDA filing or acceptance, whether Catalyst will be the first company to receive an approval for 3,4-DAP, giving it 7-year marketing exclusivity for its product, whether any of Catalyst’s product candidates will ever be approved for commercialization or successfully commercialized, and those other factors described in Catalyst’s Annual Report on Form 10-K for the fiscal year 2013 and its other filings with the U.S. Securities and Exchange Commission (SEC), could adversely affect Catalyst. Copies of Catalyst’s filings with the SEC are available from the SEC, may be found on Catalyst’s website or may be obtained upon request from Catalyst. Catalyst does not undertake any obligation to update the information contained herein, which speaks only as of this date.
CONTACT: Media/Investor Contacts David Connolly or Aurora Krause LaVoie Health Science (617) 374-8800 dconnolly@lavoiegroup.com akrause@lavoiegroup.com Company Contact Patrick J. McEnany Catalyst Pharmaceutical Partners, Inc. Chief Executive Officer (305) 529-2522 pmcenany@catalystpharma.com
(KPTI) to Present at 13th Annual Needham Healthcare Conference
NATICK, Mass., April 8, 2014 — Karyopharm Therapeutics Inc. (Nasdaq:KPTI), a clinical-stage pharmaceutical company focused on the discovery and development of novel first-in-class drugs directed against nuclear transport targets for the treatment of cancer and other major diseases, announced today that Michael Kauffman, Chief Executive Officer, is scheduled to present a company overview at the 13th Annual Needham Healthcare Conference. The conference is being held at The Westin Grand Central Hotel in New York City. The presentation is scheduled for Wednesday, April 9, 2014 at 8:00 am EDT.
The presentation will be webcast at the time of the presentation and can be accessed at http://wsw.com/webcast/needham65/KPTI. A replay of the webcast will be archived on the Investors page of the Company’s website at www.karyopharm.com for 30 days following the presentation.
About Karyopharm
Karyopharm Therapeutics Inc. (Nasdaq:KPTI) is a clinical-stage pharmaceutical company focused on the discovery and development of novel first-in-class drugs directed against nuclear transport targets for the treatment of cancer and other major diseases. Karyopharm’s Selective Inhibitors of Nuclear Export (SINE) compounds function by binding with and inhibiting the nuclear export protein XPO1 (or CRM1). The inhibition of XPO1 by Karyopharm’s lead drug candidate, Selinexor (KPT-330), a first-in-class, oral SINE compound, leads to the accumulation of tumor suppressor proteins in the cell nucleus, which subsequently reinitiates and amplifies their tumor suppressor function. This is believed to lead to the selective induction of apoptosis in cancer cells, while largely sparing normal cells. SINE compounds have shown biological activity in models of cancer, autoimmune disease, certain viruses, and wound-healing. Karyopharm was founded by Dr. Sharon Shacham and is located in Natick, Massachusetts.
CONTACT: Paul Brannelly Paul@karyopharm.com 508-975-4820 or Jennifer McNealey jmcnealey@annesassociates.com 917-392-3400
(OBAF) Acqusition By F.N.B. Corp., Further Strengthens Maryland Presence
Attractive Transaction; Provides Additional Growth Capital Joint Press Release
HERMITAGE, Pa. and GERMANTOWN, Md., April 8, 2014 — F.N.B. Corporation (NYSE: FNB) and OBA Financial Services, Inc. (NASDAQ: OBAF) jointly announce the signing of a definitive merger agreement pursuant to which F.N.B. Corporation will acquire OBA Financial Services, Inc., the Germantown, Maryland-based holding company and parent of OBA Bank, in an all stock transaction valued at approximately $23.56 per share, or $94 million in the aggregate, using the 20 day average closing stock price of F.N.B. Corporation as of Monday April 7, 2014.
The capital accretive transaction will further enhance F.N.B. Corporation’s presence in Maryland and expand the Company’s footprint into the attractive Interstate 270 corridor. The acquisition is expected to add approximately 30 basis points to FNB’s tangible common equity to tangible assets ratio at closing and provide FNB with an additional $390 million in total assets, $290 million in total deposits, $300 million in loans and 6 banking locations. Inclusive of OBA Financial Services, Inc., F.N.B. Corporation will have $1.2 billion in deposits and 31 branch locations in Maryland.
“This transaction presents an opportunity to add scale to our Maryland region and efficiently provide capital that can be leveraged to support our future growth,” said Vincent J. Delie, Jr., President and Chief Executive Officer of F.N.B. Corporation. “Since entering the Maryland market in 2013, we have built a solid presence and attracted strong regional leadership and an exceptional team of bankers. With this acquisition, we will continue to leverage our investments in the market and gain access to additional high-growth areas that will further strengthen our organic growth potential. We are pleased with our success in the Maryland market and partnering with OBA Financial will add to our momentum.”
Charles E. Weller, President and Chief Executive Officer of OBA Financial Services, Inc., commented, “During our proud 162 year history, OBA has been committed to serving our clients and local communities. Through a consistent level of superior quality service, our dedicated staff has grown a loyal small business and retail customer base. We are very excited about joining the FNB team. We strongly believe that F.N.B. Corporation demonstrates a commitment to its clients, employees and local communities and has an outstanding record of shareholder value creation.”
Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, shareholders of OBA Financial Services, Inc. will be entitled to receive 1.781 shares of F.N.B. Corporation common stock for each common share of OBA Financial Services, Inc. The exchange ratio is fixed and the transaction is expected to qualify as a tax-free exchange for shareholders of OBA Financial Services, Inc.
F.N.B. Corporation and OBA Financial Services, Inc. expect to complete the transaction in the third quarter of 2014, after satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of OBA Financial Services, Inc. As is customary for F.N.B. Corporation, the operations of OBA Financial Services, Inc. are expected to be fully integrated as of the transaction close date.
RBC Capital Markets, LLC acted as financial advisor to F.N.B. Corporation, and Sterne Agee & Leach Inc. acted as financial advisor to OBA Financial Services, Inc. and rendered a fairness opinion to the Board of Directors of OBA Financial Services, Inc. in conjunction with this transaction. Reed Smith LLP served as legal counsel to F.N.B. Corporation and Luse Gorman Pomerenk & Schick, P.C. served as legal counsel to OBA Financial Services, Inc.
An investor presentation will be available through the “Shareholder and Investor Relations” section of F.N.B.’s Web site at www.fnbcorporation.com or on the SEC’s website at www.sec.gov.
ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT
F.N.B. Corporation will file a registration statement on Form S-4 with the SEC. The registration statement will include a proxy statement/prospectus and other relevant documents with the SEC in connection with the merger.
SHAREHOLDERS OF OBA FINANCIAL SERVICES, INC. ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
The proxy statement/prospectus and other relevant materials (when they become available), and any other documents F.N.B. Corporation and OBA Financial Services, Inc. have filed with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents F.N.B. Corporation has filed with the SEC by contacting James Orie, Chief Legal Officer, F.N.B. Corporation, One F.N.B. Boulevard, Hermitage, PA 16148, telephone: (724) 983-3317 and free copies of the documents OBA Financial Services, Inc. has filed with the SEC by contacting Charles E. Weller, President and Chief Executive Officer, OBA Financial Services, Inc., 20300 Seneca Meadows Parkway, Germantown, MD 20876, telephone: (301) 916-0742.
F.N.B. Corporation and OBA Financial Services, Inc. and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from OBA Financial Services, Inc. shareholders in connection with the proposed merger. Information concerning such participants’ ownership of OBA Financial Services, Inc. common shares will be set forth in the proxy statement/prospectus relating to the merger when it becomes available. This communication does not constitute an offer of any securities for sale.
About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Hermitage, Pennsylvania, is a regional diversified financial services company operating in six states and three major metropolitan areas including Pittsburgh, PA, where it holds the number three retail deposit market share, Baltimore, MD and Cleveland, OH. Following the completed BCSB Bancorp, Inc. acquisition, the Company has total assets of $14.2 billion and more than 280 banking offices throughout Pennsylvania, Ohio, West Virginia and Maryland. F.N.B. provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. F.N.B.’s wealth management services include asset management, private banking and insurance. The Company also operates Regency Finance Company, which has more than 70 consumer finance offices in Pennsylvania, Ohio, Kentucky and Tennessee.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol “FNB” and is included in Standard & Poor’s SmallCap 600 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation web site at www.fnbcorporation.com.
About OBA Financial Services, Inc.
OBA Financial Services, Inc. serves as the holding company for its wholly owned subsidiary, OBA Bank, which has 6 banking offices in Montgomery, Anne Arundel, and Howard Counties. The common stock of OBA Financial Services, Inc. is traded under the trading symbol “OBAF” on the NASDAQ National Market System.
Forward-looking Statements
This joint press release of F.N.B. Corporation and OBA Financial Services, Inc. contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act, relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of F.N.B. Corporation and OBA Financial Services, Inc. Forward-looking statements are typically identified by words such as “believe”, “plan”, “expect”, “anticipate”, “intend”, “outlook”, “estimate”, “forecast”, “will”, “should”, “project”, “goal”, and other similar words and expressions. These forward-looking statements involve certain risks and uncertainties. In addition to factors previously disclosed in F.N.B. Corporation and OBA Financial Services, Inc. reports filed with the SEC and those identified elsewhere in this press release, the following factors among others, could cause actual results to differ materially from forward-looking statements or historical performance: ability to obtain regulatory approvals and meet other closing conditions to the Merger, including approval by OBA Financial Services, Inc. shareholders, on the expected terms and schedule; delay in closing the Merger; difficulties and delays in integrating the F.N.B. Corporation and OBA Financial Services, Inc. businesses or fully realizing cost savings and other benefits; business disruption following the Merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of F.N.B. Corporation products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. F.N.B. Corporation and OBA Financial Services, Inc. undertake no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
(OBAF) F.N.B. Corporation Acquisition Further Strengthens Maryland Presence
Attractive Transaction; Provides Additional Growth Capital Joint Press Release
HERMITAGE, Pa. and GERMANTOWN, Md., April 8, 2014 /PRNewswire/ — F.N.B. Corporation (NYSE: FNB) and OBA Financial Services, Inc. (NASDAQ: OBAF) jointly announce the signing of a definitive merger agreement pursuant to which F.N.B. Corporation will acquire OBA Financial Services, Inc., the Germantown, Maryland-based holding company and parent of OBA Bank, in an all stock transaction valued at approximately $23.56 per share, or $94 million in the aggregate, using the 20 day average closing stock price of F.N.B. Corporation as of Monday April 7, 2014.
The capital accretive transaction will further enhance F.N.B. Corporation’s presence in Maryland and expand the Company’s footprint into the attractive Interstate 270 corridor. The acquisition is expected to add approximately 30 basis points to FNB’s tangible common equity to tangible assets ratio at closing and provide FNB with an additional $390 million in total assets, $290 million in total deposits, $300 million in loans and 6 banking locations. Inclusive of OBA Financial Services, Inc., F.N.B. Corporation will have $1.2 billion in deposits and 31 branch locations in Maryland.
“This transaction presents an opportunity to add scale to our Maryland region and efficiently provide capital that can be leveraged to support our future growth,” said Vincent J. Delie, Jr., President and Chief Executive Officer of F.N.B. Corporation. “Since entering the Maryland market in 2013, we have built a solid presence and attracted strong regional leadership and an exceptional team of bankers. With this acquisition, we will continue to leverage our investments in the market and gain access to additional high-growth areas that will further strengthen our organic growth potential. We are pleased with our success in the Maryland market and partnering with OBA Financial will add to our momentum.”
Charles E. Weller, President and Chief Executive Officer of OBA Financial Services, Inc., commented, “During our proud 162 year history, OBA has been committed to serving our clients and local communities. Through a consistent level of superior quality service, our dedicated staff has grown a loyal small business and retail customer base. We are very excited about joining the FNB team. We strongly believe that F.N.B. Corporation demonstrates a commitment to its clients, employees and local communities and has an outstanding record of shareholder value creation.”
Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, shareholders of OBA Financial Services, Inc. will be entitled to receive 1.781 shares of F.N.B. Corporation common stock for each common share of OBA Financial Services, Inc. The exchange ratio is fixed and the transaction is expected to qualify as a tax-free exchange for shareholders of OBA Financial Services, Inc.
F.N.B. Corporation and OBA Financial Services, Inc. expect to complete the transaction in the third quarter of 2014, after satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of OBA Financial Services, Inc. As is customary for F.N.B. Corporation, the operations of OBA Financial Services, Inc. are expected to be fully integrated as of the transaction close date.
RBC Capital Markets, LLC acted as financial advisor to F.N.B. Corporation, and Sterne Agee & Leach Inc. acted as financial advisor to OBA Financial Services, Inc. and rendered a fairness opinion to the Board of Directors of OBA Financial Services, Inc. in conjunction with this transaction. Reed Smith LLP served as legal counsel to F.N.B. Corporation and Luse Gorman Pomerenk & Schick, P.C. served as legal counsel to OBA Financial Services, Inc.
An investor presentation will be available through the “Shareholder and Investor Relations” section of F.N.B.’s Web site at www.fnbcorporation.com or on the SEC’s website at www.sec.gov.
ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT
F.N.B. Corporation will file a registration statement on Form S-4 with the SEC. The registration statement will include a proxy statement/prospectus and other relevant documents with the SEC in connection with the merger.
SHAREHOLDERS OF OBA FINANCIAL SERVICES, INC. ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
The proxy statement/prospectus and other relevant materials (when they become available), and any other documents F.N.B. Corporation and OBA Financial Services, Inc. have filed with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents F.N.B. Corporation has filed with the SEC by contacting James Orie, Chief Legal Officer, F.N.B. Corporation, One F.N.B. Boulevard, Hermitage, PA 16148, telephone: (724) 983-3317 and free copies of the documents OBA Financial Services, Inc. has filed with the SEC by contacting Charles E. Weller, President and Chief Executive Officer, OBA Financial Services, Inc., 20300 Seneca Meadows Parkway, Germantown, MD 20876, telephone: (301) 916-0742.
F.N.B. Corporation and OBA Financial Services, Inc. and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from OBA Financial Services, Inc. shareholders in connection with the proposed merger. Information concerning such participants’ ownership of OBA Financial Services, Inc. common shares will be set forth in the proxy statement/prospectus relating to the merger when it becomes available. This communication does not constitute an offer of any securities for sale.
About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Hermitage, Pennsylvania, is a regional diversified financial services company operating in six states and three major metropolitan areas including Pittsburgh, PA, where it holds the number three retail deposit market share, Baltimore, MD and Cleveland, OH. Following the completed BCSB Bancorp, Inc. acquisition, the Company has total assets of $14.2 billion and more than 280 banking offices throughout Pennsylvania, Ohio, West Virginia and Maryland. F.N.B. provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. F.N.B.’s wealth management services include asset management, private banking and insurance. The Company also operates Regency Finance Company, which has more than 70 consumer finance offices in Pennsylvania, Ohio, Kentucky and Tennessee.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol “FNB” and is included in Standard & Poor’s SmallCap 600 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation web site at www.fnbcorporation.com.
About OBA Financial Services, Inc.
OBA Financial Services, Inc. serves as the holding company for its wholly owned subsidiary, OBA Bank, which has 6 banking offices in Montgomery, Anne Arundel, and Howard Counties. The common stock of OBA Financial Services, Inc. is traded under the trading symbol “OBAF” on the NASDAQ National Market System.
Forward-looking Statements
This joint press release of F.N.B. Corporation and OBA Financial Services, Inc. contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act, relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of F.N.B. Corporation and OBA Financial Services, Inc. Forward-looking statements are typically identified by words such as “believe”, “plan”, “expect”, “anticipate”, “intend”, “outlook”, “estimate”, “forecast”, “will”, “should”, “project”, “goal”, and other similar words and expressions. These forward-looking statements involve certain risks and uncertainties. In addition to factors previously disclosed in F.N.B. Corporation and OBA Financial Services, Inc. reports filed with the SEC and those identified elsewhere in this press release, the following factors among others, could cause actual results to differ materially from forward-looking statements or historical performance: ability to obtain regulatory approvals and meet other closing conditions to the Merger, including approval by OBA Financial Services, Inc. shareholders, on the expected terms and schedule; delay in closing the Merger; difficulties and delays in integrating the F.N.B. Corporation and OBA Financial Services, Inc. businesses or fully realizing cost savings and other benefits; business disruption following the Merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of F.N.B. Corporation products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. F.N.B. Corporation and OBA Financial Services, Inc. undertake no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
(JTPY) Appoints Michael J. McGovern Chief Operating Officer
JetPay® Corporation (“JetPay” or the “Company”) (NASDAQ: “JTPY”) is pleased to announce the hiring of Michael J. McGovern as Executive Vice President and Chief Operating Officer of JetPay. Mr. McGovern will be responsible for all operations and platform innovations of the Company’s three divisions.
Mr. McGovern is a veteran of the United States Army. He went to college on the G.I. Bill, attending Fordham University in liberal arts and Pace University to study accounting.
Mr. McGovern began his career in a corporate setting as a tax accountant then as director of operations at Management Assistance Inc., a computer manufacturing and leasing company. After nine years there, he began his banking career at the Federal Reserve Bank in Philadelphia, where he worked alongside Bipin C. Shah, currently Chairman of JetPay Corporation. Mr. McGovern served at the Federal Reserve for four years, where he had responsibility for data processing and technical services.
With his experience at the Federal Reserve, Mr. McGovern joined American Express where he eventually was responsible for application project management. While at American Express, Mr. Shah recruited Mr. McGovern to join him at Philadelphia National Bank (later renamed CoreStates Bank). Mr. McGovern, in a long and distinguished career with CoreStates rose from Vice President of cash management services, to Senior Vice President of data Processing Systems, and, ultimately, to Executive Vice President of Domestic and International Operations – a position in which he remained for 12 years.
Mr. McGovern then directed the overall operations of CoreStates as it rose from a regional bank to a superregional bank. During this time, McGovern had direct responsibility for the development of a centralized customer service organization; development of multiple worldwide trade products, such as lines of credit and third party payments, across Europe and Asia; and, for a period of time, ran the MAC ATM network and point-of-sale operations under Mr. Shah. At the peak of his career at CoreStates, Mr. McGovern managed a staff of 3,000 employees and a budget of $200 million for his divisions.
After his tenure at CoreStates, Mr. McGovern founded MDR Services, a management consulting firm which focuses primarily on banking-related operations and systems. Mr. McGovern is currently President of MDR.
Bipin C. Shah, Chairman of JetPay Corporation, comments on McGovern’s appointment: “Mike is one of those rare individuals who is a talented operations chief and also has a very people-oriented management style. I believe this will serve JetPay very well in our payments business, where we have to understand our customer’s needs and address them in an orderly and flexible manner. Mike will set appropriate priorities and move us forward rapidly to continue to fulfill our customer’s expectations.”
McGovern adds: “I am looking forward to the opportunities a young and growing company such as JetPay presents. JetPay is moving rapidly onto a national stage, and I look forward to contributing to its expansion.”
About JetPay Corporation
JetPay Corporation, based in Berwyn, PA, is a leading provider of vertically integrated solutions for businesses including card acceptance, processing, payroll, payroll tax filing and other financial transactions. JetPay provides a one vendor solution for payment services, debit and credit card processing, ACH services, and payroll and tax processing needs of businesses throughout the United States. The Company also offers low-cost payment choices for the employees of these businesses to replace costly alternatives. The Company’s vertically aligned services provide customers with convenience and increased revenues by lowering payments-related costs and by designing innovative, customized solutions for internet, mobile, and cloud-based payments. Please visit www.jetpay.com, www.jetpaycorporation.com, and www.jetpaypayroll.com, for more information on what JetPay has to offer or call 866-4JetPay (453-7729).
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. JetPay’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside JetPay’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, those described under the heading “Risk Factors” in the Company’s latest Annual Report filed with the Securities and Exchange Commission (“SEC”) on Form 10-K for the fiscal year ended December 31, 2013, and the Company’s Current Reports on Form 8-K.
JetPay cautions that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in JetPay’s most recent filings with the Securities and Exchange Commission. All subsequent written and oral forward- looking statements concerning JetPay or other matters and attributable to JetPay or any person acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. JetPay cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. JetPay does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
(RVLT) Signs Master Distribution Agreements to Expand International Footprint
Revolution Lighting Technologies, Inc. (NASDAQ:RVLT) (“Revolution Lighting”), a leader in advanced LED lighting solutions, today announced it has signed master distribution agreements to expand the Company’s international footprint and drive penetration in key European and South American markets.
Andy Silverman, a seasoned entrepreneur with nearly 30 years of experience in developing distribution channels for technology companies across 45 countries, will lead Revolution Lighting’s sales and distribution in key European markets, including Germany, Benelux, Scandinavia and Iceland. Mr. Silverman is the founder of DataQ and built the company into a $60 million per year international independent distributor of IT equipment.
Manual Niikado will lead Revolution Lighting’s South American business and will focus on increasing the Company’s distribution and sales in key South American markets, including Argentina, Chile, Uruguay and Brazil. Mr. Niikado previously served as commercial director for NEC Latin America and brings 25 years of experience in the IT and Telecommunications industries to Revolution Lighting.
“Revolution Lighting is pleased to collaborate with these experienced and savvy executives as we expand our presence and distribution in Europe and South America,” said Charlie Schafer, President and Chief Financial Officer, Revolution Lighting Technologies. “We see significant opportunity for our LED lighting solutions in these markets as governments enact legislation to increase energy efficiency by banning inefficient light bulbs. We are well-positioned to capture international market share as the financial return on LED investments continues to be realized in commercial, industrial and municipal markets across the world.”
Schafer concluded: “With our organic growth, our expansion into Europe and South America, and our recently announced acquisition of Value Lighting, we expect significant growth for Revolution Lighting in the second half of 2014 and beyond.”
According to McKinsey & Company, LED market share in Europe is anticipated to rise to over 45 percent by 2016 and more than 70 percent by 2020 as a result of reduced LED prices and the European Commission’s regulation on banning low-voltage halogen lamps by 2016.
LED adoption in South America continues to increase as well due to government regulations that phase out inefficient light bulbs. In Argentina, selling and importing incandescent light bulbs has been forbidden since December 2012, and in Brazil, light bulbs must meet stringent efficiency targets in order to be produced, imported and sold.
About Revolution Lighting Technologies Inc.
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of light emitting diode (LED) lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced technology and aggressive new product development, Revolution Lighting has created an innovative, multi-brand, lighting company that offers a comprehensive advanced product platform. The company goes to market through its Seesmart brand, which designs, engineers and manufactures an extensive line of high-quality interior and exterior LED lamps and fixtures; Lighting Integration Technologies Inc., which sells and installs Seesmart products; Lumificient, which supplies LED illumination for the signage industry; Relume Technologies, a leading manufacturer of outdoor LED products; and Sentinel, a revolutionary patented and licensed monitoring and smart grid control system for outdoor lighting applications. Revolution Lighting Technologies markets and distributes its product through a network of independent sales representatives and distributors, as well as through energy savings companies and national accounts. Revolution Lighting Technologies trades on the NASDAQ under the ticker RVLT. For additional information, please visit: www.rvlti.com.
Cautionary Statement for Forward-Looking Statements
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties, including statements relating to the anticipated future growth and profitability of our business. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Reference is made to Revolution Lighting’s filings under the Securities Exchange Act for additional factors that could cause actual results to differ materially, including our history of losses, customer concentration risks, the potential for future dilution to our existing common stockholders, our status as a controlled company, the risk that demand for our LED products fails to emerge as anticipated, the availability of financing for our customers, competition from larger companies, and risks relating to third party suppliers and manufacturers, as well as the other Risk Factors described in Item 1A of our Form 10-K for the fiscal year ended December 31, 2013. Revolution Lighting Technologies, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
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