Category: News

Examiner: “House Speaker Nancy Pelosi (D-CA) intends to bring the legislation to the floor early this week, but Pro-life Representative Bart Stupak (D-MI) and a posse of conservative Democrats might just throw a wrench in Pelosi’s plans. Stupak recently told CNSnews.com that he and 40 Democrats are prepared to unite with Republicans in an attempt to make sure that the health reform bill doesn’t see the light of day on the House floor until consideration is given to an abortion amendment he wants to offer into the legislation” (Williams, 10/25).

The Hill: “Stupak, who is conservative on social issues, told CNS News that he has organized the voting bloc to support his amendment that would strip the abortion provisions from the legislation. House Rules Committee chairwoman Louise Slaughter (D-N.Y.), according to Stupak, said that there is ‘no way’ her panel would provide a vote for his amendment. The group of 40 would join House Republicans in voting against procedural measure that would draft rules for debating the bill on the House floor. Passage of the measure is necessary for the House to hold a floor vote. … With 177 Republicans in the House, Stupak would need at least 41 Democrats to cross the aisle and vote against the rule. Stupak’s amendment was originally defeated by the House Energy and Commerce Committee during mark-up” (Fabian, 10/24).

NPR‘s Scott Simon interviewed health policy correspondent Julie Rovner about the controversy: “Now, the main deal that’s now in both the House and Senate bills was cut in the House Energy and Commerce Committee back in July. … The idea, remember, is to write language that freezes in place current law on abortion. So, the amendment says that all funds that will pay for abortion will have to come from premiums paid by individuals, not from the federal government. That within each ‘exchange’ – these are the new marketplaces where people will go to buy their insurance, if they buy it on their own or if they’re small businesses – in each exchange, there’ll be one plan that does offer abortion as a benefit and one that doesn’t. And that, in any case, funds that will pay for abortion will have to be segregated from any federal funds” (Rovner, 10/24).

St. Petersburg Times’ Politifact put some of abortion claims through the Web site’s “Truth-o-Meter: “Republican John Boehner said that the Democrat-backed House proposal ‘will require (Americans) to subsidize abortion with their hard-earned tax dollars.’ We found that the federal government will not send tax dollars to abortion providers, so we rated his statement False. However, we found that health care plans that receive public money to help low-income people pay for insurance will be able to offer abortion coverage if those particular services are paid for with patient premiums, not the subsidies. So the National Right to Life Committee earned a True for its statement that a Senate bill ‘contains provisions that would send massive federal subsidies directly to both private insurance plans and government-chartered cooperatives that pay for elective abortion’” (Drobnic Holan, 10/25).

The inclusion of both Wi-Fi and a microphone on the DSI made it a favorite for rumors about phone functionality — and while we’ve seen voice chat in some games, there hasn’t been an official channel for that that I know of. But if new rumors, based on a support page mentioning a DSi Speak Channel, are true, then the most popular handheld in the world will be joining the most popular console in the world in having serious voice chat functionality.

The sentence that set off the rumor:

To redeem a Nintendo DSi Download Ticket number, such as for the Nintendo DSi Speak Channel, enter the number off the Nintendo DSi Download Ticket in “Settings and Features” off of the main Nintendo DSi Shop page, then select “Nintendo DSi Download Ticket.

Sounds pretty serious to me. And after all, Nintendo has been pushing that Wii Speak thing, though I don’t recall hearing about anybody using it ever. Probably because calling your friends on your Wii is just a little too weird. On the DSi, however, it could be really convenient. Say hello to DSiPhone.

Of course, Nintendo has responded saying it’s just a rumor — yeah, we knew that. But they didn’t deny it, so it’s probably true.

[via Edge and 1up]

Apollo Global Management has completed its tender offer for all of the outstanding shares of common stock Midland, Texas-based Parallel Petroleum Corp. (Nasdaq: PLLL). The total deal is valued at approximately $438 million, or $3.15 per share, including the assumption or repayment of around $351 million in debt. Apollo’s equity commitment is $283.2 million.

PRESS RELEASE

Parallel Petroleum Corporation (“Parallel”), PLLL Acquisition Co. and PLLL Holdings, LLC, entities formed for the purpose of acquiring Parallel Petroleum Corporation (NASDAQ: PLLL) and wholly owned subsidiaries of an affiliate of Apollo Global Management, LLC, today announced the completion of the tender offer for all of the outstanding shares of common stock of Parallel, including the associated preferred stock purchase rights (collectively, the “Shares”).

The initial offering period and withdrawal rights expired at 12:00 midnight, New York City time, on Thursday, October 22, 2009. Computershare Trust Company, N.A., the disbursing agent for the tender offer, has advised that a total of approximately 35,244,824 Shares were validly tendered and not withdrawn (including approximately 802,359 Shares subject to guaranteed delivery) prior to the expiration of the initial offering period, representing approximately 84.62% of the outstanding Shares. In accordance with the terms of the tender offer, PLLL Acquisition Co. accepted for payment all Shares that were validly tendered and not withdrawn prior to the expiration of the tender offer, and payment for such Shares will be made promptly in accordance with the terms of the tender offer.

PLLL Acquisition Co. and PLLL Holdings, LLC announced today that they would make available a subsequent offering period commencing immediately and expiring on Thursday, October 29, 2009 at 5:00 p.m., New York City time for all the Shares not tendered into the offer prior to the initial expiration date. During the subsequent offering period, PLLL Acquisition Co. will accept for payment and promptly pay for the Shares as they are tendered. Stockholders who tender Shares during such period will receive the same $3.15 per Share price, without interest and subject to applicable withholding taxes, that was paid in the tender offer. Procedures for tendering Shares during the subsequent offering period are the same as during the initial offering period with two exceptions: (1) Shares cannot be delivered by the guaranteed delivery procedure and (2) pursuant to Rule 14d-7(a)(2) under the Securities Exchange Act of 1934, as amended, Shares tendered during the subsequent offer period may not be withdrawn.

During the subsequent offer period, Parallel may issue Shares to PLLL Holdings, LLC at a price of $3.15 per Share in accordance with the terms of the merger agreement by and among PLLL Acquisition Co., PLLL Holdings, LLC and Parallel, dated as of September 15, 2009 (as amended, the “Merger Agreement”). These Shares, when added to the number of Shares owned by PLLL Acquisition Co. as a result of the initial offer period and the subsequent offer period, may result in PLLL Acquisition Co. owning more than 90% of the number of shares of Parallel common stock then outstanding. In such case, PLLL Holdings, LLC and Parallel would effect the merger in accordance with the short-form merger provisions of the Delaware General Corporate Law, without prior notice to, or any action by, any Parallel stockholder.

PLLL Acquisition Co. and PLLL Holdings, LLC reserve the right to extend the subsequent offering period in accordance with applicable law and the terms of the Merger Agreement. After expiration of the subsequent offering period, PLLL Acquisition Co. will acquire all of the remaining outstanding Shares by means of a merger under Delaware law. As a result of the purchase of Shares in the tender offer, PLLL Holdings, LLC has sufficient voting power to approve the merger without the affirmative vote of any other Parallel stockholder. In the merger, each Share not previously purchased in the tender offer will be converted, subject to appraisal rights, into the right to receive the same $3.15 per Share price, without interest and subject to applicable withholding taxes, that was paid in the tender offer. After the merger, Parallel will be a wholly owned subsidiary of PLLL Holdings, LLC and Parallel’s common stock will cease to be traded on the NASDAQ Global Select Market.

About Apollo

Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, London, Singapore, Frankfurt and Mumbai. Apollo had assets under management of over $38 billion as of June 30, 2009 in private equity and credit-oriented capital markets funds invested across a core group of industries where Apollo has considerable knowledge and resources.

About Parallel Petroleum Corporation

Parallel Petroleum Corporation is an independent energy company headquartered in Midland, Texas, engaged in the exploitation, development, acquisition and production of oil and gas using 3-D seismic technology and advanced drilling, completion and recovery techniques. Parallel’s primary areas of operation are the Permian Basin of West Texas and New Mexico, North Texas Barnett Shale, Onshore Gulf Coast of South Texas, East Texas and Utah/Colorado. Additional information on Parallel is available via the internet at www.plll.com.

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Superior Global Solutions, a Dallas-based provider of medical documentation, has raised $6 million of preferred stock and subordinated debt from Petra Capital Partners.

PRESS RELEASE

Petra Capital Partners, a private equity firm based in Nashville, Tennessee, today announced a $6 million investment in Superior Global Solutions (“SGS”). The capital is a combination of subordinated debt and preferred stock. SGS marks Petra’s fourth investment in 2009 and sixth investment from its newest fund, Petra Growth Fund II, L.P. Based in Dallas, TX, SGS is a leading provider of medical documentation, coding and technology enabled services to many of the largest hospitals and health systems in the country. SGS used a portion of the proceeds to buyout a minority shareholder and to make a strategic technology acquisition. Petra Managing Partner, Mike Blackburn, and Petra Venture Partner, David Fitzgerald, will join SGS’s Board of Directors.

“We’re excited about Petra Capital Partners’ deep experience working with healthcare services and technology companies and the opportunity to work with their talented team of professionals,” said Greg Hackney, Chief Executive Officer of SGS. “Petra has an outstanding track record of partnering with founding management teams to create valuable businesses. We view Petra as an ideal partner for SGS as we continue our focus on providing our hospital clients with technology and services that help them operate more efficiently.”

David Fitzgerald commented, “Hospitals and health systems are searching for technology enabled solutions that lower costs, improve workflows and accelerate the revenue cycle. SGS addresses these issues by providing its clients with a bundled solution, comprised of professional services and innovative technology. We are pleased to have the opportunity to partner with such an outstanding management team and look forward to helping SGS achieve its growth plans.”

About Superior Global Solutions

Based in Dallas, TX, Superior Global is a nationwide supplier of technology and outsourced services for the medical documentation and coding industries. Our sophisticated technology streamlines the transcription and coding processes and identifies clinically relevant information from medical records, allowing our clients to reduce costs and better manage their revenue cycles. Superior Global’s people and technology work closely together to deliver the highest-quality healthcare documentation, coding and document analysis solutions possible

About Petra Capital Partners

Petra Capital Partners, LLC is a private equity firm based in Nashville, Tennessee. The firm is actively investing its second SBIC fund, Petra Growth Fund II, which has $160 million of available capital to invest. Its previous funds under management total $130 million. Petra provides non-control subordinated debt and/or preferred stock to high growth companies for expansion, acquisition, buyout, refinancing or recapitalization in partnership with the founding management team. Petra seeks to invest up to $15 million in growth companies that possess a minimum of $10 million in revenue and positive EBITDA at the time of investment. The fund targets business, healthcare and information technology services companies. For more information, please visit Petra’s website at www.petracapital.com or call (615) 313-5999.

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Frank Tannura has joined LaSalle Capital Group as a senior operating advisor. He previously was CEO of Packaging Dynamics Corporation.

PRESS RELEASE

LaSalle Capital Group, L.P. (“LaSalle”) is pleased to  announce that Frank Tannura has joined the firm as a Senior Operating Advisor effective October 1, 2009.  Mr. Tannura is an accomplished executive with over twenty-five years of leadership experience in the packaging industry.

Prior to joining LaSalle, Mr. Tannura served as Chief Executive Officer of Packaging Dynamics Corporation where he was instrumental in growing the company from a specialty bag producer with $125
million revenue to a vertically integrated flexible packaging leader with $800 million in revenue, 2,500 employees and 12 production plants.  Prior to Packaging Dynamics, Mr. Tannura spent 18 years
with Ivex Packaging Corporation, working his way from Corporate Controller to Executive Vice President and Chief Financial Officer.

During Mr. Tannura’s career with Ivex, the company grew from $100 million to $1 billion in revenue with 3,600 employees working in 29 production plants.  Prior to Ivex, Mr. Tannura began his career as a Senior Auditor at Price Waterhouse.  He has a BBA from Loyola University Chicago and an MBA from the University of Texas at Austin.

Jeff Walters and Rocco Martino, Co-Founders of LaSalle, noted: “We are excited to have Frank join our team as our fourth Senior Operating Advisor.  Frank’s extensive leadership and operating expertise will provide a valuable contribution to our current and future portfolio companies.”

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It’s no fire sale, but Canon has some significant savings on many of their flagship lenses. If you or someone you know needs some sweet glass for Christmas (hint hint to people getting me presents), you can save a couple bills now, though there really isn’t any hurry. The rebates last until January, which makes this probably the longest sale of all time.

It’s really only like an 8-10% savings, but hey, would you rather have 10% off or 0% off? Click the pic to make it bigger, and then head to your favorite lens e-tailer to get buyin’.

[via Canon Rumors]

CQ Politics: “Support for a government-run health care option is gaining ground in the Senate and could be included in overhaul legislation, top Senate Democrats said Sunday. … ‘The American people are for some alternative that will create some competition for the abuses of the insurance industry,’ said Sen. Russ Feingold , D-Wis., on CBS’s ‘Face the Nation.’ … Sen. Ben Nelson , D-Neb., objects to a national government-run insurance program, but said he would be interested in a proposal that allows states to participate only if they ask to join. ‘I think if you go with a state-based public option, you can get bipartisan support,” Nelson said on CNN’s ‘State of the Union.’ (Silvassy, 10/25).

Politico kept a running list of the chatter:

“Missouri Sen. Claire McCaskill, a key Democratic moderate, acknowledged on Sunday there was concern about losing the support of moderate Republican Sen. Olympia Snowe of Maine” (Isenstadt, 10/25).

“Appearing on CNN’s State of the Union with John King, Utah Republican Sen. Orrin Hatch said that he believes Democrats will implement a public option of some kind if they get enough votes to break cloture in an upcoming Senate floor vote. … Hatch is adamantly opposed to the idea, arguing that Medicare and Medicaid are badly run” (Javers, 10/25).

“Appearing on CNN’s State of the Union with John King, Ohio Sen. Sherrod Brown (D) said he wouldn’t rule out voting for a health care bill that didn’t have a public option. ‘I don’t draw lines in the sand,’ Brown said” (Javers 10/25).

Reuters: “Senate Democratic leaders are close to securing enough votes to advance a sweeping healthcare reform backed by President Barack Obama, a top Senate Democrat said on Sunday, adding that it likely would include a national health plan that would allow states the option of dropping out. Senator Charles Schumer, a member of the Senate Democratic leadership team, said he is pushing a compromise that would create a new national health insurance plan and allow states to opt out. The proposed public plan would compete on a level playing field with other insurers, he said.”

(Sen. Schumer spoke on NBC’s ‘Meet the Press’)

“Senate Majority Leader Harry Reid is expected to produce a bill on Monday that will be sent to the Congressional Budget Office for an official cost estimate, an aide said” (Smith, 10/25).

The Buffalo News:  “The ‘public option’ appeared to be the rotting corpse of health care reform only two months ago, but it now looks as if Sen. Charles E. Schumer has helped to bring the proposal back to life. Working behind the scenes over the past four weeks, the New York senator has rekindled interest among some of his moderate Democratic colleagues in establishing a government-run health care plan to compete with private insurers. Now Democratic congressional aides say Senate Majority Leader Harry Reid is likely to include a public option in the compromise reform bill that’s expected to hit the Senate floor in November. And it’s likely to be built around Schumer’s proposal that states be allowed to opt out of the public option” (Zremski, 10/25).

The Washington Post caught the weekend sensation: “in a video clip starting to circulate online, we have “Public Option Annie” — the singing protest at the America’s Health Insurance Plans state issues conference in Washington on Friday morning” (Franke-Ruta, 10/24).

McClatchy Newspapers: “A handful of moderate Senate Democrats will determine the fate of this year’s health care overhaul, and they’re sending strong signals that while they’re willing to compromise, they’re wary of a strong public option. … The informal centrist roster includes senators who have broken with the party the most this year — Indiana’s Evan Bayh and Nebraska’s Ben Nelson — as well as Tom Carper of Delaware, Joseph Lieberman of Connecticut (an independent who caucuses with the Democrats), Mark Pryor of Arkansas, Mark Warner and Jim Webb of Virginia, Jon Tester of Montana and Kent Conrad and Byron Dorgan of North Dakota.”

“Their chief messages: Constituents are confused and wary of changes to the nation’s health care system, and if a plan is perceived as too expensive and complex, there could be political consequences. … In states where voters are more conservative, health care change is emblematic of something bigger, something analysts say could hurt those states’ Democrats in next year’s mid-term congressional elections. Thirty-eight Senate seats are up next year; each party now holds 19 of those” (Lightman, 10/23).

The Los Angeles Times had a Q & A which included this Q:  “Would a public option make it possible for everyone to be covered?”

“A public option could make affordable insurance more accessible to those whose incomes are above the subsidy limit, but it is not likely that everyone would be covered. The House bill, which does contain a public option, is estimated to cover about 3% more people than the Senate Finance Committee bill, which does not include a public option and would cover 94% of the population. It is also possible that a public option would include a ‘firewall’ that would prevent some people from enrolling, specifically those who work at a company that already offers coverage, even if that policy is not affordable for the employee” (Oliphant and Geiger, 10/25).

Oh, it is a strange world we live in. Our phones are computers, our computers are supercomputers, and our bikes are rocket bikes. So why should it seem strange when our email provider translates incoming voicemails?

This one in particular shows how far technology has come. If only the caller had something more interesting to say.

[via Reddit]

By Lauryn Abbott

Love and marriage, and . . . sex. In her new book Kiss Me Again, (Multnomah Books/ Sep 2009) Barbara Wilson explores intimacy and sex in marriage and how emotions, sexual abuse and past sexual impurity can sabotage the sacred union between a husband and a wife. In society today, premarital sex is more the rule than the exception (sadly, even in Christian circles), and this creates unhealthy and invisible bonds to any persons with shared sexual history. And these bonds cause pain, scars, and hang-ups that are damaging to marriage. But forgiveness, healing and freedom are available. This great book includes a 10-week study guide at the end. It can be read and worked-through individually, as a couple, or even within a safe women’s small group setting.

Many married women genuinely want to feel more desire toward their husbands. But while sex before marriage was hard to resist, now resisting seems like all they do. In her new book, Barbara Wilson shows how couples can suffer for years from the “invisible bonds” of previous relationships without even knowing it. Hidden emotions of distrust, shame, and resentment can sabotage even the most loving marriage.

In Kiss Me Again, Wilson:

~ Shares her own story of healing and renewed desire
~ Helps women forgive themselves and their husbands for past choices
~ Shows readers how to break free from “invisible bonds”
~ Explains God’s plan for helping a husband and wife to re-bond
~ Includes conversation helps for both wives and their husbands
~ Helps couples reignite the passion that they thought was lost

With assessment tools, write-in exercises, and gentle guidance, Kiss Me Again offers a biblical plan for rekindling the closeness and passion women long for in marriage. Because no past is beyond the reach of God’s healing touch.

Barbara Wilson is the author of The Invisible Bond and former director of sexual health education for the Alternatives Pregnancy Resource Center in Sacramento. She speaks nationwide to youth and adults with her message of sexual healing, and she teaches frequently in the women’s ministry at the multi-campus Bayside Church in Northern California. Barbara and her husband, Eric, have been married for 28 years.  You’ll find the author online at www.barbarawilson.org

Sexually Satisfied Women Have Better General Well-Being and More Vitality

Copyright © 2006-2010, Basil & Spice. All rights reserved.

Inhibitex Inc. (Nasdaq: INHX), an Alpharetta, Ga.-based, has agreed to sell approximately $23 million
in common stock and warrants. QVT is leading the PIPE, and is being joined by existing shareholders like OrbiMed Advisors, New Enterprise Associates and Great Point Partners.

PRESS RELEASE
Inhibitex, Inc. (Nasdaq: INHX) today announced that it has entered into definitive purchase agreements with institutional investors for the sale of approximately $23 million of its common stock, and warrants to purchase common stock, in a private placement. The private placement was led by QVT funds, and co-investors include OrbiMed Advisors, New Enterprise Associates (NEA) and Great Point Partners, as well as several other existing investors. Each unit, consisting of one share of common stock and a warrant to purchase 0.45 of a share of common stock, will be sold at a purchase price of $1.28, which is equal to the consolidated closing bid price of the Company’s common stock as reported on the Nasdaq Capital Market on October 22, 2009, plus $0.06. Accordingly, the Company anticipates issuing approximately 18 million shares of common stock and warrants to purchase approximately 8.1 million shares of common stock pursuant to the private placement.

The warrants will have a four-year term and an exercise price equal to $1.46 per share. The Company intends to use the proceeds for research and development, working capital and general corporate purposes. MTS Securities, LLC, an affiliate of MTS Health Partners, served as the placement agent in the private placement.

The Company expects that the private placement will close on October 28, 2009, subject to customary closing conditions. The Company anticipates filing a Registration Statement on Form S-3 with the Securities Exchange Commission (”SEC”) for the resale of the shares offered in the private placement, and the shares issuable upon the exercise of the related warrants, within thirty days of closing.

The shares and warrants offered in the private placement, and the shares issuable upon the exercise of the related warrants, have not been registered under the Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States without being registered with the SEC or through an applicable exemption from SEC registration requirements. The shares and warrants were offered only to accredited investors. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the securities referred to in this news release in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Any offering of the Company’s shares under the resale registration statements referred to in this news release will be made only by means of a prospectus.

About Inhibitex

Inhibitex, Inc., headquartered in Alpharetta, Georgia, is a biopharmaceutical company focused on developing products to treat serious infectious diseases. The Company’s pipeline includes FV-100, its clinical-stage nucleoside analogue in Phase II development for the treatment of herpes zoster (shingles), as well as INX-189, an HCV nucleotide polymerase inhibitor in preclinical development. The Company has also licensed the use of its proprietary MSCRAMM(®) protein technology to Wyeth for the development of staphylococcal vaccines.

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 Another action-packed week has come and gone, and although the QuickPeek has not been so quick on its feet the past couple of weeks, rest assure…

e-Rewards Inc., a Dallas-based provider of online market research panels, has agreed to acquire Research Now PLC, a UK-based online fieldwork and panel firm that is publicly traded on London’s AIM. The deal is valued at over £85 million. TA Associates last year acquired a minority stake in e-Rewards, in exchange for a $60 million investment.

PRESS RELEASE
e-Rewards, Inc., the United States’ largest online market research panel provider, today announced it has reached an agreement on the terms of a Recommended Acquisition of Research Now PLC, one of the research industry’s leading international online fieldwork and panel firms. Research Now, an independent public company listed on the AIM market of the London Stock Exchange, will become a wholly owned subsidiary of e-Rewards, Inc. upon completion of the transaction.

Beneficial Combination For Market Researchers

“The acquisition of Research Now by e-Rewards represents the coming together of two well regarded companies to form a truly global firm that will be well positioned to serve the online panel needs of the market research industry,” said Hal Brierley, Chairman and CEO of e-Rewards, Inc. “This is extremely good news for clients of both e-Rewards and Research Now since the merger will offer clients expanded global reach, coupled with outstanding customer service and panel quality.”

“The entire management team of Research Now is excited about the opportunity to join forces with e-Rewards,” said Chris Havemann, Chief Executive of Research Now. “This transaction is consistent with the vision that all of us at Research Now have had from day one — to become the recognized global industry leader for quality one-stop shopping for International Online Fieldwork and Panels.”

Senior Leadership Of Combined Company

Hal Brierley, currently the Chairman and CEO of e-Rewards, will continue to serve as the Chairman of the Board. Chris Havemann, currently the Chief Executive of Research Now, will serve as the CEO. “Chris has a proven track record leading a rapidly growing global company that has been customer-focused and has a reputation for consistently delivering high quality service to its clients around the world,” said Hal Brierley.

Business As Usual Until Transaction Complete

“While we are excited about how well our combined organizations will be able to serve researchers on completion of the acquisition, the two companies will continue to operate independently until the transaction is completed,” explained Hal Brierley.

About e-Rewards, Inc.

e-Rewards, Inc., based in Dallas, Texas, is the world’s largest “by-invitation-only” online research panel provider, serving nearly 1,000 market research clients. With millions of participating panelists, the e-Rewards® Opinion Panels provide research firms with quality respondents — enabling them to interact with real consumers and business decision-makers in a timely manner. Launched in 1999, and named by Inc. magazine as one of America’s fastest growing companies for the past three years, e-Rewards employs more than 350 professionals located in Dallas, London, Los Angeles, New York, San Francisco, Chicago, Seattle, Paris and Frankfurt. For more information, visit www.e-rewardsresearch.com.

e-Rewards is being advised by Jefferies & Company, Inc. on this transaction. Jefferies is a global securities and investment banking firm providing clients with capital markets and financial advisory services, institutional brokerage, securities research and asset management.

About Research Now, PLC

Research Now is one of the leading international online fieldwork and panel specialists to the global market research industry and some of the world’s best known companies with offices in London, Paris, Hamburg, Frankfurt, Munich, Athens, New York, San Francisco, Chicago, Los Angeles, Dallas, Toronto, Sydney, Melbourne, Auckland, Singapore and Shanghai. Research Now operates 36 proprietary, research-only online panels across Europe, the Americas and Asia-Pacific which are used by leading research agencies and some of the world’s best known companies. Research Now is an independent public company traded on the AIM market of the London Stock Exchange. For more information, visit www.researchnow.co.uk.

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Keraderm Corp., a Blacksburg, Va.-based developer of phototherapy technology to treat nail and skin infections, has raised $2.5 million in Series A funding from NewVa Capital Partners.

PRESS RELEASE
Keraderm Corp. announced the closing today of a $2.5 million dollar Series A investment by NewVa Capital Partners, LP. Currently starting clinical trials, the company’s platform harnesses phototherapy technology to treat nail and skin infections. NewVa Capital Partners is a private equity and venture capital fund managed by Third Security, LLC and provides early stage investments in companies located or considering location in the NewVa region of southwest Virginia. This is Keraderm’s first institutional investment round.

“This commitment by NewVa Capital Partners provides us with the capital and resources we need to complete our clinical trial, obtain approval for our device from the Food and Drug Administration and begin rolling out our product,” says Bill Cumbie, President and CEO of Keraderm. “We’re looking forward to this partnership with Third Security. Third Security really works alongside the management of their portfolio companies to create value and they have a lot of experience bringing products in the life sciences to market.”

Onychomycosis, a fungal infection of the nail, is a common disorder. In the United States during the past twelve months, 2.3 million prescriptions were written to treat this disease. Current pharmaceutical therapies have limited efficacy and result in relatively high recurrence rates. In some cases, the drugs prescribed can have serious side effects. Keraderm’s device, which uses bursts of pulsed light to destroy the fungal infection, has demonstrated positive results in prior clinical trials. The company is currently preparing for a pivotal trial designed to meet the requirements for approval from the U.S. Food and Drug Administration. There are no approved non-invasive, non-drug based treatments for this disease.

“We are excited to be working with Keraderm to help bring their device to market. We think they have a great approach to addressing a large market that is not well served by current treatment options,” said Rob Patzig, chair of NewVa Capital Partners and Chief Investment Officer of Third Security. “We believe Keraderm’s device is an effective, more convenient, and safe alternative for patients.”

Keraderm represents the final investment by NewVa Capital Partners, LP, which is invested in four other companies in the biotech, life sciences, and technology sectors.

About Keraderm

Keraderm Corp., headquartered in Blacksburg Virginia, is an early stage medical device company that has developed a patented, innovative, and effective treatment for nail infections. The treatment eliminates the potential serious side effects of current medications and has shown encouraging results in preclinical and early clinical testing. The Company believes that the ability to safely and effectively treat nail infections, the low cost, and the shortened treatment time of the Keraderm light-based solution will rapidly transform this billion-dollar-plus market. For more information, visit www.keraderm.com

About NewVa Capital Partners, LP

NewVa Capital Partners, LP is a private equity/venture capital fund created to make investments in companies that are considering initiating operations in, currently operating in, or willing to relocate all or a significant portion of their business to, the NewVa region of southwestern Virginia. The fund was created in 2004 by its founding partners: Virginia Tech Foundation, Carilion Clinic and Third Security, LLC. Third Security RNR LLC is the general partner and manager of the Fund. Third Security, LLC is the manager and operator of Third Security RNR LLC. For more information, visit www.newvafund.com.

About Third Security, LLC

Third Security is an independent private equity and venture capital firm formed in 1999 to manage investments in public and private companies. Third Security evaluates opportunities in a wide range of industries, but principally focuses on emerging through late-stage investments in life sciences and information technology. For more information, visit www.thirdsecurity.com.

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Who wants to buy a $2,000 netbook? Well, if you’d like to walk away with one for $299.99 and a $60/mo AT&T data plan for 2 years, you can. Otherwise the smarter move would be to purchase it at retail price of around $599.99 and get a data plan from AT&T without a two-year commitment. But regardless of the method of purchase, if you want a Nokia Booklet, Best Buy has got ‘em. Will they sell you one before November 15th? Probably not, but it wouldn’t hurt to try. One more shot after the break.

NEW YORK (Reuters) – Commercial real estate company Capmark Financial filed for bankruptcy protection on Sunday, weighed on by declines in the sector and a heavy debt load related to its leveraged buyout.

Capmark, which was created out of the commercial real estate assets of General Motors’ finance arm GMAC in March of 2006, had indicated earlier this year that it might file for bankruptcy.

It had said that it was negotiating with lenders, bondholders and the Federal Deposit Insurance Corp. Its creditors include banks Citigroup (C.N) and JPMorgan Chase (JPM.N).

The move wipes out the private equity investments of Kohlberg Kravis Roberts & Co [KKR.UL], Goldman Sachs Group’s (GS.N) Goldman Sachs Capital Partners and Five Mile Capital, which bought Capmark for $1.5 billion in cash and more than $7 billion in debt.

According to the bankruptcy filing, the group owned 75.4 percent of the company while GMAC, or the General Motors Acceptance Corp, owned 21.3 percent. Employees and directors owned most of the remaining stock. Equity investors are typically wiped out in bankruptcy.

KKR already wrote down its investment in Capmark to zero earlier this year. KKR has had other failed equity investments this year, including its 2005 purchase of doormaker Masonite, which filed for bankruptcy in March and has since emerged from court.

In order to raise cash, the company signed a deal in September to sell its loan servicing and mortgage business to Berkshire Hathaway (BRKa.N) and Leucadia National (LUK.N) for $490 million. That deal can still take place in bankruptcy.

Capmark listed $20.1 billion in assets and $21 billion in liabilities as of June 30, 2009 in the bankruptcy filing, which was made in U.S. Bankruptcy Court in Wilmington, Delaware.

(Reporting by Caroline Humer; Editing by Richard Chang)

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Research In Dementia

The researchers found that gamma-secretase, an enzyme implicated in Alzheimer’s Disease pathology binds to a class of  transmembrane proteins known as tetraspanins  (Wakabayashi et al, 2009) as well as to a number of other proteins. The tetraspanins have a number of different functions within the cell and it will be interesting to see how gamma secretase relates to these functions. There is further coverage here.

News In Brief

Experimental evidence has shown that expression of IL-6 in murine brain can lead to removal of amyloid plaque by microglial cells. There has been significant evidence to suggest a role for inflammation in the disease process and these new findings show that the relationship between inflammation and build up of Amyloid Plaques in the brain is complex. In one study there was found to be an association between plasma levels of ABeta42 and risk of conversion from Mild Cognitive Impairment to Alzheimer’s Disease and it will be useful to see further replication of these findings. Levels of a class of transcription factors NFAT’s (Nuclear Factors of Associated T-Cells) was significantly elevated in the hippocampi of subjects with Mild Cognitive Impairment or Alzheimer’s Disease compared to controls and at least one pathway has been suggested between activation by Amyloid plaques and expression of regulated genes.

A study in the BMJ showed an increase in the number of prescriptions of antidepressants from 1993 to 2004 and this was attributed to the use of long term prescriptions. There is further coverage here. In the Proceedings of the National Academy of Sciences there is a paper on the use of a new genome sequencing technology – whole exome sequencing (which focuses on genes coding for proteins rather than the entire genome sequence) in a case which resulted in a rapid diagnosis and it will be interesting to see further developments in this area.

There is also evidence that neighbouring groups of Chimpanzees approach the same problem in different ways which the researchers have interpreted as cultural differences. Such interpretations may have implications for developing models of human culture.

Blogosphere

Over at Science Life there is coverage of the Neuroscience conference in Chicago which amongst other items reports on a talk by Erik Kandel, the genetics of anxiety and neuroscience in social media. October 19-23rd was Open Access week and over at Beta Science, Morgan Langille writes about the use of an open-access website BioTorrents for sharing data and other resources. Over at Medical News Today there is a look at an association between gamma synuclein and depression. Software Advice has an article on iPhone applications for doctors and medical students.

References

Wakabayashi T, Craessaerts K, Bammens L, Bentahir M, Borgions F, Herdewijn P,Staes A, Timmerman E, Vandekerckhove J, Rubinstein E, Boucheix C, Gevaert K, De Strooper B.Nat Cell Biol. 2009 Oct 18. [Epub ahead of print]. Analysis of the gamma-secretase interactome and validation of its association with tetraspanin-enriched microdomains.

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Disclaimer

The comments made here represent the opinions of the author and do not represent the profession or any body/organisation. The comments made here are not meant as a source of medical advice and those seeking medical advice are advised to consult with their own doctor. The author is not responsible for the contents of any external sites that are linked to in this blog

Disclaimer: Jeremy Kessel has a J.D., but is still waiting for his (July 2009) California Bar Exam results. Thus, he is not (yet) a licensed attorney. Barry L. Cohen, who also shares some insights below, is a licensed attorney. Regardless, this post is not meant as legal advice or analysis and should not be construed as such.

As many of you are aware, Nokia filed a lawsuit against Apple last week in the Federal District Court in Delaware. Nokia’s complaint alleges that Apple has infringed on 10 of Nokia’s patents for various, “fundamental” GSM, UMTS and wireless LAN (WLAN) technologies. In particular, the patents cover wireless data, speech coding, security and encryption. Nokia believes that all 10 patents have been infringed by all Apple iPhone models shipped since the iPhone was introduced back in 2007.

This brings up the question: Why wait until now, Nokia, to sue Apple? Clearly, without speaking directly to Nokia’s legal team, all of the following is pure (albeit educated) conjecture. Nonetheless, with intellectual property (i.e. copyrights, trademarks, patents, and trade secrets) becoming increasingly important and relevant to (technology) companies around the globe, it is worth taking a few minutes to explore some of the possible motives/strategies behind Nokia’s latest legal muscle flexing.

As I am not yet a licensed attorney (I find out next month), we turned to Barry L. Cohen, Esq., who specializes in commercial and business litigation and intellectual property litigation and licensing at Thorp Reed & Armstrong, for his thoughts on the Nokia v. Apple matter at large. According to Mr. Cohen, because Nokia has been successful in licensing the patents at issue with dozens of other companies, the Finnish company most likely felt confident that it would be able to reach an agreement with Apple as well. When the negotiations reached an impasse, Nokia was essentially left with no other choice but to pursue legal recourse.

Filing the lawsuit against Apple is most likely, at least in part, a deliberate strategy to put more pressure on Apple to agree to the terms that Nokia has requested with regards to licensing the patented technologies. Because the 10 patents at issue include “fundamental” cellular technologies, the lawsuit may also have been motivated by some (or many) of the other companies who are already paying licensing fees to Nokia and want Apple to do the same.

Alright, now that we have explored (somewhat superficially) why Nokia has prompted the suit against Apple, this in turn leads to another question: Why would Apple refuse to license the technologies if they are imperative for the operation of its iPhone? Again, without speaking directly to Apple, we can only speculate. It is possible that Apple has licensed similar technologies from Ericsson (who, along with Nokia and Qualcomm hold some of the largest mobile technology patent portfolios in the world), thereby eliminating the need to license the patents at issue from Nokia. Or alternatively, Apple may believe that it is not infringing or that Nokia’s patents should be invalidated. However, considering that some 40 other mobile companies have licensed these key patents, this is extremely unlikely (possibly even impossible, depending on which company holds what patents).

According to Mr. Cohen, it is more likely a money issue. The longer that Apple goes without paying licensing fees, the cheaper Apple can sell its iPhone and the bigger market share it can build up. Alternatively, Apple may not have wanted to pay or could not agree on the amount of the royalty rate that Nokia was requesting. Given the scale (i.e. millions of devices), even a tiny discrepancy in price could result in hundreds of millions of dollars, going one way or the other.

Regardless of the actual motivation behind the lawsuit, considering that less than 1% of cases go to trial, it is most likely that Nokia is using the suit as a bargaining chip. Both companies, whether they actually like it or not, can afford to see cases like this through to the end, as the legal costs, even in the mutltiple millions of dollars, are relatively insignificant in the big picture for Nokia and Apple. Rather, suing Apple will provide Nokia more leverage in obtaining some variety of settlement (i.e. receiving royalties for its patents), and on the flip side, might even help Apple save a few bucks if a third-party mediator is brought in to help resolve the dispute.

Some may argue that Nokia is a total hypocrite, given its recent expensive and drawn-out legal clash with fellow mobile big shot, Qualcomm. But, as Mr. Cohen points out, Nokia is clearly no dummy (yup, that is a legitimate legal term). Nokia has clearly weighed the pros and cons of filing the lawsuit and what it will mean to their licensing strategy. Whether or not the strategy works, will depend in part on Apple, who is also not a fool.

Finally, I do not believe (as John does) that this suit was directly motivated by Nokia’s recent financial struggles. As someone who has studied intellectual property and has a general sense of the value that a company’s IP assets hold, I agree with Mr. Cohen and everyone else who thinks that this is ultimately a negotiation. Nokia is an enormously powerful mobile technologies company. Sure it is facing increased competition from the likes of Apple, HTC, Samsung, etc, but I do not believe this lawsuit signifies some sort of last gasp, or in the words of John (no disrespect, of course), a “mercenary approach, [a way to] cash in on some of the iPhone’s success.” For better or for worse, this is the new way of the technology road. Companies spend hundreds of millions of dollars developing and obtaining IP assets, and at the end of the day, they will continue to do whatever it takes (i.e. sue each other on an endless merry-go-round) to protect and enforce their IP rights.

Veterans have gathered at Westminster Abbey to mark 65 years since the Normandy landings.

The Prime Minister and Defence Secretary Bob Ainsworth were among those who attended the Normandy Veterans Association’s evensong service to remember the operation.

The landings in June 1944 saw British, American and Canadian forces land at five points along the Normandy coast to begin the liberation of France.

Reverend Michael Macey, Minor Canon of Westminster, told the congregation:

“Here we are united with those who have gone before us.”

At the end of the service, Gordon Brown, the Duke of Gloucester – who is patron of the Normandy Veterans Association – and the president and chairman of the association stood at the Grave of the Unknown Warrior as the Last Post sounded.

So what transpired in the world of Sony’s PS3 this week? Nate Drake’s newest adventure is certainly off to a good start. And then there’s word that th…