The Mission Report

The MissionIR Report - November 2013

In-depth analysis, timely updates, latest market news


Market News

Company Updates


Annual Home Prices
Hit 7-Year High

(Source: Marketwatch) - Home prices ticked up in September, pushing annual growth to the fastest pace since early 2006, according to data released Tuesday.

In September, about five years after the housing crisis started, home prices rose 0.2%, while the annual pace reached 12%, according to CoreLogic, an Irvine, Calif.-based analysis firm. National home prices in September were about 17.4% below a peak level, but continued to increase, supported by pent-up demand and relatively low inventory.

“Average home prices in nearly half the states are now within striking distance of their pre-downturn pricing peaks,” Anand Nallathambi, CoreLogic CEO told Marketwatch.

At the state level, home prices in Nevada saw the fastest growth, posting an annual rate of 25%, including distressed sales. However, Nevada was hit particularly hard when the bubble burst, and prices there remain about 41% below peak. Meanwhile, home prices in states such as New York and Kansas are less than 5% below bubble peak levels. Elsewhere, home prices in states such as Vermont and Colorado recently reached new peaks.

Excluding distressed properties, such as short sales, annual price growth reached 10.8% in September, also the fastest pace since early 2006. Monthly growth excluding distressed properties was 0.3%.

CoreLogic’s report echoes other recently released housing data that show speedy annual price growth. However, there are signs that monthly gains are slowing down. The S&P/Case-Shiller gauge that tracks 20 cities showed that seasonally adjusted home prices rose 0.9% in August, below a recent peak rate of 1.9% in March.

Economists expect home-price growth to moderate, as rising mortgage rates curb some demand, cutting pressure on prices. However, the Federal Reserve recently announced that it is maintaining its massive asset-purchase plan that has been exerting downward pressure on long-term rates. Industry experts expect the Fed to start tapering next year.

Price growth could also slow due to expanding inventories as more sellers become willing and able to place their homes on the market. Buyers like slower home-price growth more than sellers. However, appreciation that’s too fast will keep some buyers from entering the market, possibly hurting sales.

While CoreLogic’s fresh price data “raise some question” about whether growth will moderate over the next few quarters, it’s “hard to believe” that prices will post a new stronger trend, said Ed Stansfield, chief property economist at Capital Economics. Indeed, a recent report on pending sales of home showed a drop in September, signaling that sales may be lower in the fourth quarter, cutting upward pressure on prices.

“The prospect of a drop in home sales during the fourth quarter and perhaps the early months of 2014 make it hard to see how home price gains will continue to gather pace,” Stansfield said. “The lack of any obvious explanation for last month’s jump in house prices reinforces our view that it will ultimately prove to be a blip in a gradually softening trend.”

Twitter Causes Stir
with Tweaked IPO

(Source: Marketwatch) - Twitter’s upwardly revised price range of $23 to $25 (from $17 to $20), which would make it bigger than Google’s IPO, inevitably stirred up worries that it was getting swept up in the hype, similar to what happened to Facebook’s disastrous public trading debut.

“With Twitter’s IPO, can we use a little common sense and look at the numbers?” Brian Hamilton, chairman of Sageworks, a financial information company, said in a statement. “They are a profound example of another company with a serious overvaluation challenge.”

He said the implied valuation in Twitter’s price range is “significantly higher” than Facebook when the social media giant went public last year. Hamilton also pointed to a key difference that should give investors pause: Facebook was profitable when it went public, while Twitter is still in the red.

“The company is also still losing money, and at least Facebook was profitable when they went public,” he added.

That kind of skepticism around Twitter’s IPO appeared to be underscored by an AP-CNBC poll that found that nearly half of active investors think Twitter is not a good investment.

But a different picture emerges from IPO Boutique, which pointed to signs of strong interest in the Twitter IPO.

“Channel checks just completed are currently revealing that Twitter is multiple times oversubscribed,” an IPO Boutique notice said. But the firm also added: “Those familiar words on hot deals are being heard to ‘manage expectations accordingly.’”

Wedbush analyst Michael Pachter said he thinks the deal is “really small and there is huge appetite for social media stocks.”

“So I believe that it is multiple times oversubscribed at $17 to $20,” he told MarketWatch. “We’ll see who shakes out at $23 to $25.”

Topeka Capital’s Victor Anthony said raising the price range “makes more sense.” “With the previous range, Twitter was leaving too much money on the table,” he told MarketWatch. Anthony has a pre-IPO buy rating on Twitter, with a 12-month-price target of $54.

But Hamilton of Sageworks, pointing to Twitter’s financials, was skeptical.

“Why would IPOs get a pass on fundamental things like quality of revenue and earnings?” he said.

“Twitter’s proponents are arguing that the tech sector is hot right now and a positive outlier in an already bullish market. Sure, tech IPOs have been doing very well so far in 2013, but we’ve seen countless examples of the dangers of investing directly in line with market trends, as opposed to looking at a company’s fundamentals.”

U.S. Stocks Slump
on Europe Outlook

(Source: Bloomberg) - U.S. stocks declined Tuesday, snapping two days of gains for the Standard & Poor’s 500 Index, as the euro region’s growth outlook was trimmed while investors weighed a report showing expansion in American service industries.

Chris Harvey, director of disciplined portfolio strategies at Wells Fargo Securities, talks about the equity market, investment strategy and shareholder activism. He speaks with Betty Liu, Julie Hyman and Olivia Sterns on Bloomberg Television’s “In the Loop.”

“A lot of people are nervous by how strong the market has been this year,” Patrick Kaser, a managing director and portfolio manager at Brandywine Global Investment Management in Philadelphia, told Bloomberg by phone. His firm oversees about $45 billion. “There is still skepticism about how the economy is really doing and whether these gains are from artificial factors, like the Fed, or from real strength in company results.”

The S&P 500 has surged 23.6 percent this year, poised for the best annual performance since 2003, as company earnings beat forecasts and the Federal Reserve maintained stimulus measures.

Investors are watching data to gauge the health of the U.S. economy after the central bank last week said it needs to see more evidence of sustained improvement before slowing the pace of its $85 billion monthly bond purchases.

Europe, ISM

The European Union cut its forecast for euro-area growth next year and raised its unemployment estimate as the economy struggled to regain momentum after a record-long recession.

The Institute for Supply Management’s U.S. non-manufacturing index increased to 55.4 in October from 54.4 the prior month, a report from the Tempe, Arizona-based group showed today.

Reports later this week may show the U.S. economy slowed in the third quarter and employers hired fewer workers in October.

Gross domestic product grew at a 2 percent annualized rate after a 2.5 percent pace from April through June, according to the median forecast of 69 economists surveyed by Bloomberg before Commerce Department figures due Thursday. Payrolls rose by 125,000 workers last month after a 148,000 gain in September, Labor Department figures may show Friday.

Jobs Report

“We will probably see some profit taking before all the data releases later in the week,” said Jacques Porta, who helps oversee about $780 million as a fund manager at Ofi Gestion Privee in Paris. “The payrolls report is the main event in the U.S. this week. The markets are strong and the rally is not finished, but we will probably see a lot of volatility in the coming weeks.”

Of the 401 S&P 500 companies that have reported earnings so far, 75 percent have beaten analysts’ forecasts, according to data compiled by Bloomberg. Income for the broad index probably increased 4.1 percent in the third quarter, according to estimates compiled by Bloomberg.

The Chicago Board Options Exchange Volatility Index, the gauge of S&P 500 options known as the VIX, climbed 1.6 percent to 13.13, trimming its decline for the year to 27 percent.

Telephone, raw-materials and industrial companies fell more than 0.4 percent for the worst performance among 10 S&P 500 industry groups. IBM declined 1.2 percent to $178.13 for the steepest loss in the Dow while Goldman Sachs slipped 1 percent to $161.51.

WTI Crude Slumps to Four-Month Low on U.S. Supplies

(Source: Bloomberg) - West Texas Intermediate crude dropped to the lowest level in more than four months on speculation that inventories increased for a seventh week in the U.S., the world’s biggest oil-consuming country.

Futures fell as much as 1.1 percent. An Energy Information Administration report tomorrow will probably show crude supplies rose 2.1 million barrels last week, according to the median of 11 analyst responses in a Bloomberg survey. U.S. crude output surged to a 24-year high in October while refinery demand fell. WTI’s drop accelerated as stocks fell on the outlook for reduced U.S. stimulus and euro-region growth.

“The market is pulling back on the perception that the supply-demand balance isn’t going to tighten anytime soon,” said Stephen Schork, president of the Schork Group Inc., an energy advisory company in Villanova, Pennsylvania. “The correlation with equities and appears to be sending us lower today.”

WTI for December delivery declined 98 cents, or 1 percent, to $93.64 a barrel mid-day Tuesday. Futures touched $93.45, the lowest intraday price since June 24. The volume of all WTI futures traded was 23 percent below the 100-day average.

Brent oil for December settlement slipped 48 cents, or 0.5 percent, to $105.75 a barrel on the London-based ICE Futures Europe exchange. Volume was 12 percent lower than the 100-day average. The European benchmark crude traded at a $12.11 premium to WTI, compared with $11.61 Monday.

Surging Output

WTI fell 5.8 percent in October, the biggest monthly decrease in a year, as a surge in U.S. crude production bolstered inventories. Output rose to 7.9 million barrels a day as of Oct. 18, the fastest rate since March 1989, according to the EIA, the Energy Department’s statistical unit.

“The U.S. is swimming in oil right now, and there’s been no sign of a pickup in seasonal demand,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut.

Refineries probably operated at 87.1 percent of capacity in the seven days ended Nov. 1, down 0.2 percentage point from a week earlier, the survey showed. Maintenance is scheduled after the peak summer gasoline-demand season and before heating-fuel demand increases in the winter.

Gasoline stockpiles probably declined 400,000 barrels, according to the survey. A decrease of that size would leave inventories of the motor fuel at the lowest level since Nov. 30, 2012. Supplies of distillate fuel, a category that includes heating oil and diesel, probably dropped 1.5 million barrels.

Exceeding Projections

“The EIA reports over the last few weeks have outperformed analyst estimates, and I wouldn’t be surprised if that happens again tomorrow,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York. “The supply situation is overwhelming everything else.”

The U.S. Institute for Supply Management’s gauge of service industries rose more than forecast, spurring concern the Federal Reserve will grow confident enough in the economy to reduce stimulus. The ISM’s non-manufacturing index gained to 55.4 from September’s 54.4, the Tempe, Arizona-based group said today. The median estimate in a Bloomberg survey of economists was 54.

Reports this week may show the U.S. economy slowed in the third quarter and employers hired fewer workers in October. Gross domestic product grew at a 2 percent annualized rate after a 2.5 percent pace from April through June, according to economists surveyed before Commerce Department data on Nov. 7. Payrolls rose by 120,000 workers last month after a 148,000 gain in September, Labor Department figures may show Nov. 8.

European Economy

The euro area’s economy will expand 1.1 percent in 2014 less than the 1.2 percent forecast in May, and unemployment will be 12.2 percent next year, above the 12.1 percent predicted earlier, the European Commission in Brussels said today.

Further declines in WTI may be limited as a technical indicator signaled that prices have dropped too quickly, Yawger and Armstrong said. The 14-day relative strength index fell below 27 today for the first time in a year, according to data compiled by Bloomberg. Investors typically buy contracts when the reading is less than 30, a sign a market is oversold.

“I don’t see prices sliding to $90 anytime soon because the market is so oversold,” Yawger said. “If not for rising supplies, prices would be up on the RSI.”

U.S. 10-Year Yields Reach 2-Week High as Services Tops Forecast

(Source: Bloomberg) - Treasury 10-year notes late Tuesday fell for the fourth time in five days as the U.S. services sector grew faster than forecast last month, underpinning speculation the Federal Reserve may move up the timing of asset-purchase cuts.

The benchmark yield reached the highest level in more than two weeks as the nonmanufacturing report and data last week showed a gauge of U.S. factories expanded more than projected, even after the 16-day partial government shutdown last month. Investors in Treasuries were betting on declines for the second straight week, according to a survey by JPMorgan Chase & Co. The U.S. will announce tomorrow the amounts it will sell in notes and bonds next week.

“Today’s data was generally stronger than anticipated and is suggesting that the economy may have withstood the shutdown better than anticipated,” said Christopher Sullivan, who oversees $2.2 billion as chief investment officer at United Nations Federal Credit Union in New York.” Investors are taking pause and are waiting for the picture to become clearer.”

Benchmark 10-year yields rose five basis points, or 0.05 percentage point, to 2.66 percent mid-day, according to Bloomberg Bond Trader data. The 2.5 percent note due in August 2023 fell 15/32, or $4.69 per $1,000 face amount, to 98 21/32.

The 10-year yield has risen 16 basis points in the past five days and reached the highest level since Oct. 17. Thirty-year yields added five basis points to 3.74 percent.

Market Measures

Treasuries have lost 0.6 percent this month, according to the Bloomberg US Treasury Bond Index (BUSY), extending the decline this year to 2.1 percent.

“You are not seeing the outside-money investor coming in,” said Michael Franzese, senior vice president of fixed-income trading at ED&F Man Capital Markets in New York. People “are waiting for signals from the Fed and we’re not getting them. There’s no definitive line. They may change the goalpost because they don’t want to affect the economic progress even though it’s anemic.”

The seven-day relative strength index for the Treasury 10-year note yield was at 68.8, up from 58.4 Monday, according to Bloomberg data. A reading lower than 30 or above 70 suggests the security may be poised for a change in direction.

Treasury trading volume at ICAP Plc, the largest inter-dealer broker of U.S. government debt, was $164.7 billion yesterday. The only time it was lower this year was Aug. 9, when it fell to $147.8 billion. The high was $662.3 billion on May 22.

Oil Futures Drop Below $94 on Supply Glut Concerns

(Source: Marketwatch) - Concerns over a glut of U.S. crude supplies and growing production pulled oil prices below $94 a barrel Tuesday.

Natural-gas futures, meanwhile, headed lower, poised for their fourth consecutive session decline as warmer-than-expected weather in recent days may have dulled demand for the energy source.

Crude for December delivery Tuesday shed 95 cents, or 1 percent, to $93.67 a barrel on the New York Mercantile Exchange. It closed Monday with a gain of only a penny after tallying a decline of more than 4% in the previous four trading sessions.

The American Petroleum Institute was scheduled to release its oil supply figures at 4:30 p.m. Eastern time, and analysts polled by Platts expected oil stocks to show a climb of 2.5 million barrels in crude inventories for the week ended Nov. 1.

Supplies have increased during the past six weeks as domestic production continues to climb, Platts wrote on Monday.

The expected rise for the week ending Nov. 1 comes as refiners are forecast to lower their utilization, or run rates. The projected increase in supply “runs counter to the figure based on the [Energy Information Administration’s] five-year average, which indicates that crude-oil stocks could decline by as much as 1.3 million barrels.”

Gasoline stockpiles are expected to fall by 1 million barrels, while distillate supplies, which include heating oil, likely fell by 1.5 million barrels, according to the Platts survey of analysts.

The Energy Information Administration was slated to release its own weekly supply figures on Wednesday at 10:30 a.m. Eastern time.

On the ICE Futures exchange, December Brent crude shed 45 cents, or 0.4 percnet, to $105.78 a barrel. Brent futures on Monday rose, with Agence France-Presse reporting that protestors continued to block Libya’s main oil facilities, as talks with Libyan authorities reached a deadlock.

A “shoot-out in Tripoli shows that Libya remains far from secure, but the market remains more focused on the possibility of a recovery in Libyan output than the ongoing unrest, with the failure to rally on bullish news reinforcing the current bearish sentiment,” Tim Evans, energy analyst at Citi Futures, wrote in a daily note.

BlackBerry Abandons Sale Process

(Source: Marketwatch) - BlackBerry Inc.’s failure to secure a full-buyout deal may come as little surprise to some who have been tracking the rapid demise of the once-powerful smartphone pioneer, but the jury is still out on how long the company can keep its lights on while the business restructures — or scavengers look for value in its parts.

That’s clearly the impetus for the $1 billion investment that Fairfax Financial Holdings is putting into BlackBerry, per its announcement on Monday. That investment involves convertible debt — thus putting Fairfax and whoever its partners are in front of equity shareholders in the event of a liquidation, which remains a distinct possibility for a company that was selling more than $3 billion worth of smartphones per quarter just two years ago.

The struggling smartphone maker abandoned a plan to sell itself and instead will sell $1 billion of convertible debt to its major shareholder and other investors, and said it would replace CEO Thorsten Heins. Dana Mattioli reports on MoneyBeat.

But for BlackBerry, the main question on remaining investors’ minds is: What’s next?

A breakup seems most likely, given the obvious failure to find a bidder interested in taking on the business such as it is — even at a depressed stock price. Investors are already assigning essentially no value to the handset portion of the business, which is consuming the most cash and deteriorating the fastest. Device sales are plunging, especially for the newest BlackBerry 10 handsets that were just launched earlier this year. Unlike Microsoft’s pending acquisition of Nokia’s handset business, there is not a strategic buyer that needs BlackBerry’s devices to give its own platform legs, as BlackBerry owns its platform as well.

“This buys them more time to break things up and sell it,” Mike Walkley of Canaccord Genuity told MarketWatch of the Farifax investment. “If the [BlackBerry] board committee had anything close to $7 per share, they would have taken it.”

The value of that BlackBerry platform is where many questions remain. The company still generates high-margin revenues from the back-end services that power its BlackBerry handsets, but that business is now in jeopardy as handset sales slide and subscribers exit. Service revenue plunged 27% in the most recent quarter compared with the same period a year ago; and newer handsets on the BlackBerry 10 platform do not generate the same level of service revenues as older devices do, making it highly unlikely that this metric will reverse soon — if ever.

BlackBerry’s appointment of former Sybase and SAP executive John Chen as CEO is a clear signal that the company sees its future primarily in enterprise software and services. But Chen has a tough hill to climb, in that he needs to convince enterprise customers that there is still value in paying for BlackBerry services that may no longer be tied to its handsets, as it looks like the days are numbered for those handsets.

It’s likely that BlackBerry will seek value from its patent portfolio while trying to restructure as an enterprise services business. How much those patents could be worth remains unclear, though Qualcomm’s reported involvement with an investor group considering an offer indicates some level of interest there, and a new big lawsuit against Google and makers of Android phones may boost the perceived value of wireless patents. But with BlackBerry’s shares near a 10-year-low, it seems few are interested in finding out.

“As long as the company continues to sell handsets below cost and is unable to stem the decline in services revenue and subscribers there’s no reason to own the shares, and no sum of the parts to provide a floor value, in our view,” wrote Stuart Jeffrey of Nomura in an early note to clients on Monday.

Advaxis Inc. (ADXS)

On Monday, Advaxis announced it has received Orphan Drug Designation from the U.S. Food and Drug Administration Office of Orphan Products Development for lead drug candidate ADXS-HPV to treat head and neck cancer associated with human papillomavirus (HPV).

Granted to drug therapies intended to treat diseases or conditions affecting fewer than 200,000 people in the U.S., Orphan Drug Designation entitles the sponsor to clinical protocol assistance with the FDA as well as federal grants, tax credits and, potentially, a seven-year market exclusivity period.

About Advaxis Inc.

Advaxis, Inc. is a clinical-stage biotechnology company developing the next-generation of immunotherapies for cancer and infectious diseases. The company’s immunotherapies are based on a novel platform technology that uses live, bio-engineered bacteria to secrete antigen/adjuvant fusion protein(s) that redirects the powerful immune response all human beings have to the bacteria to fight off cancer and disease. A second effect is to reduce the immune suppressive cells cancer tumors recruit to protect themselves from immune attack by over 80%. It is this combination that makes Advaxis special.

The company has more than fifteen distinct constructs in various stages of development, many in strategic collaborations with recognized centers of excellence such as the National Cancer Institute, Cancer Research – UK, the Wistar Institute, the University of Pennsylvania, the University of British Columbia, the Karolinska Institutet, and others.

Advaxis’ lead construct, ADXS-HPV, is currently in Phase 2 clinical development for recurrent/refractory and advanced cervical cancer, anal cancer, and HPV caused head and neck cancers. This important construct was recognized as the Best Therapeutic Vaccine (approved or in development) at the 5th Annual Vaccine Industry Excellence (ViE) Awards by the vaccine industry and the journal Expert Reviews of Vaccines.

The estimated global market for immunotherapies is projected to exceed $37.2B by 2012, with cancer vaccines forecast to grow into an $8B market. Protected by 75 issued and pending patents, Advaxis is extremely well positioned to capitalize on the burgeoning opportunities in the healthcare sector as it advances the development of next-generation treatments for today’s most challenging diseases.

CytRx Corp. (CYTR)

CytRx was recently featured in a Seeking Alpha article detailing the company’s recent flurry of positive news as well as its promising drug candidate pipeline. Access the full article on Seeking Alpha here:

“CytRx appears poised for significant growth over the next 6-12 months. The company is developing potential treatments in areas with a major unmet medical need. Should any of those treatments prove to be successful, it is likely that the share price could soar. With 4 major catalysts and a healthy financial position, investors may want to consider taking at least a small position in the company now before it’s too late,” wrote Equity Options Guru.

About CytRx Corp.

CytRx Corp., a biopharmaceutical research and development company, specializes in the enhanced delivery of proven oncology therapies to treat cancer. The company’s novel linker platform technology can be utilized with multiple chemotherapeutic agents and could allow for greater concentration of drug at tumor sites while minimizing side effects.

Aldoxorubicin, the company’s flagship compound, is an improved version of the widely used chemotherapeutic agent doxorubicin. CytRx is conducting a global Phase 2b clinical trial comparing aldoxorubicin to doxorubicin as a treatment for 1st-line soft tissue sarcomas. Top-line results are expected in Q4 2013. Preparations are underway for a Phase 3 trial in 2nd-line soft tissues sarcoma to begin in Q1 2014 based on results from a completed Phase 1b/2 clinical trial. The FDA granted CytRx a Special Protocol Assessment (SPA) for the Phase 3 clinical trial. The company is conducting a Phase 1b pharmacokinetics clinical trial and in Q4 2013 plans to start a Phase 2b trial in glioblastoma multiforme (stage IV brain cancer) and a Phase 2 trial in Kaposi’s sarcoma.

With no debt and significant cash resources, CytRx has the capital position necessary to support near and mid-term milestones across its entire oncology pipeline. CytRx also has rights to two additional drug candidates, tamibarotene and bafetinib, for which it plans to seek a partner for further development.

Collectively, CytRx's management and Board of Directors have significant oncology experience and have brought numerous oncology drugs to market. Daniel Levitt, M.D., Ph.D., EVP and Chief Medical Officer, served as President of R&D at Protein Design Labs, as head of oncology drug development at Sandoz Pharmaceuticals, as director of clinical oncology at Hoffmann-LaRoche, and was instrumental in the development of five approved cancer drugs. Joseph Rubinfeld, Ph.D., a director since July 2002 is a renowned expert in the field of oncology, was one of the four initial founders of Amgen, Inc. and was a founder of SuperGen, Inc. Max Link, Ph.D., Chairman of the Company's Board of Directors since 1996, was a former Chairman and CEO of Sandoz Pharma (now Novartis) and is currently the Chairman of the Board of Alexion Pharmaceuticals.

ForceField Energy, Inc. (FNRG)

ForceField Energy announced the appointment of Stephane Vachon as its new Vice President of Business Development and Operations. In addition, the Company announced the receipt of an initial order from a Fortune 500 company in the paper industry for a small quantity of the Company's LED products for testing by the paper company as part of their energy efficiency and greenhouse gas reduction initiatives.

Stephane brings more than 20 years of experience in the successful development and expansion of global businesses that have spanned North America, South America, Central America, Russia and Mexico. He has built and managed organizations with more than 1,000 employees and established business and clients relationships with a diverse customer base from small emerging companies, to large multi-national organizations.

About ForceField Energy, Inc.

ForceField Energy, Inc. is an international manufacturer, distributor, and licensee of alternative energy products and solutions. The company operates in three of the largest and fastest-growing areas of the global renewable energy space: industrial waste heat recovery and conversion, commercial LED lighting products, and solar cell feedstock production.

TransPacific Energy, a subsidiary of ForceField Energy, has patented a technology that uses “waste heat” from various industry processes and other sources to provide clean electricity. The subsidiary’s process directly captures and converts heat from the heat source, without any heat transfer fluids, at temperatures from 80ºF up to 900ºF. This is a far broader range than any other competing systems on the market, unlocking a countless number of new applications.

Through its exclusive multinational distribution agreement with Lightsky, ForceField has a firm foothold in the commercial lighting products industry as well. The LED lighting market is growing at a 32% compound growth rate because of the absence of dangerous chemicals, government regulation phasing out old lighting technology, 50-70% lower energy costs, exceptionally long life, and beautiful illumination.

ForceField is also a significant manufacturer and distributor of trichlorosilane ("TCS") in China. TCS is a specialty chemical primarily used in the production of polysilicon, which is an essential raw material in the production of solar cells for PV panels that convert sunlight to electricity. TCS is considered to be the first product in the solar PV value chain before polysilicon, and is also the principal source of ultrapure silicon in the semiconductor industry.

Galena Biopharma (NASDAQ:GALE)

Galena Biopharma recently delivered an oral presentation at the American College of Surgeons Clinical Congress 2013. Entitled “Predicting Clinical Benefit after Completion of Treatment with the Adjuvant Breast Cancer Vaccine, NeuVax(TM) (nelipepimut-S or E75),” the presentation investigated biomarker data and clinical outcomes from the second phase trial of NeuVax.

“The presentation by Dr. Berry reinforces two key aspects of the NeuVax Phase 3 PRESENT trial. First, the data supports the correlation of the mechanism of action of NeuVax during the induction dosing. Second, immune T-cell response targeting HER2 expressing cancer cells correlates with reduction in recurrences in the target patient population, and that PRESENT is targeting the patient population with women who have a low-to-intermediate expression of HER2 with an unmet medical need,” said Mark J. Ahn, President and Chief Executive Officer of Galena Biopharma.

About Galena Biopharma, Inc.

Galena Biopharma is focused on developing and commercializing targeted oncology treatments to address major unmet medical needs and advance cancer care. The company’s peptide vaccine immunotherapies harness the patient’s own immune system to identify and destroy cancer cells. Utilizing peptide immunogens has many clinical advantages, including an excellent safety profile and long-lasting protection through immune system activation and convenient delivery.

Abstral® is Galena’s FDA-approved therapy for breakthrough cancer pain in opioid-tolerant cancer patients. It is estimated that at least 40% of cancer patients experience breakthrough pain episodes multiple times per day, each with a median duration of 30 minutes. The innovative Abstral formulation rapidly dissolves under the tongue in seconds, provides rapid relief of breakthrough pain in minutes, and matches the duration of the entire pain episode.

NeuVax™, currently in a Phase III trial, has been developed to bolster the immune response in breast cancer patients. The trial, entitled PRESENT (Prevention of Recurrence in Early-Stage, Node-Positive Breast Cancer with Low to Intermediate HER2 Expression with NeuVax Treatment), is being conducted under an FDA-approved Special Protocol Assessment (SPA). The therapy targets the 50% to 60% of patients with tumors that express HER2 in low-to-intermediate amounts and achieve remission with current standard of care, but who have no available HER2 targeted adjuvant treatment options to maintain their disease-free status. NeuVax can be used to help the body target and kill undetected cancer cells before they grow into metastatic tumors.

The company’s second product candidate, Folate Binding Protein (FBP), is a highly immunogenic peptide that can stimulate the immune system to recognize and destroy preclinical FBP-expressing cancer cells. FBP is over-expressed in more than 90% of ovarian and endometrial cancers, as well as 20%-50% of breast, lung, colorectal, and renal cell carcinomas. This vaccine is currently in a Phase 1/2 trial in two gynecological cancers: ovarian and endometrial adenocarcinomas.

Galena’s experienced management team has an excellent track record in clinical development, commercial operations, and successful partnership execution. Enhanced by multiple development and commercial collaborations, the company’s suite of immunotherapeutic solutions is poised to capitalize on the vast opportunities in today’s healthcare industry.

Jameson Stanford Resources Corp. (JMSN)

Jameson Stanford Resources reported the closing of $500,000 of Series B Convertible Redeemable Promissory Notes due October 31, 2015. JMSN intends to use the proceeds of this financing primarily to fund ongoing mineral exploration activities and for general working capital purposes.

“This Series B Notes closing augments the company’s capital funding for our minerals exploration activities at the Star Mountain project,” JMSN president and CEO Michael Stanford stated in the news release. “We remain confident in our belief that our ongoing exploration activities at the Wild Bill Mine site will allow us to begin operations in late 2013. We are continuing our exploration activities as we secure additional financing.”

About Jameson Stanford Resources Corp.

Jameson Stanford Resources Corp. (JMSN) is a metals and minerals exploration, development, and production company focused on the acquisition and consolidation of mining claims and mineral leases. Targeting projects located in historic mining districts, the company is currently engaged in exploration and development activities in connection with two high-grade copper, gold, silver, and base metals properties located in historic mining districts in Beaver County and Juab County, Utah.

The company’s Star Mountain project consists of 117 lode mining claims and four metalliferous mineral lease sections located in the Star Mountain range, Star Mining District. The project covers a total area of 4,998 acres with borders expanding as exploration warrants. Based on geological analysis, magnetometry studies, and reverse circulation drilling samples, the total inferred reserves at this site may ultimately involve more than 100 million metric tons of copper ore, plus precious and PGM base metals.

Jameson Stanford’s Spor Mountain project encompasses nine lode mining claims and three metalliferous mineral lease sections located in Juab County, Utah. The project covers a total area of 2,098 acres. Based on preliminary geological analysis and two prospect pit excavations, this site has been estimated to possibly involve more than 4 million ounces of silver, significant concentrations of beryllium, and other precious and base metals. The company’s Ogden Bay Minerals project nearby is another promising prospect with the potential to produce an estimated 100,000 metric tons of silica product per year, as well as other valuable minerals and metals.

Based on engineering and geophysical studies conducted by the company since inception in 2010, current mining claims and mineral properties have aggregate inferred reserves exceeding $10 billion of gross value at current market prices. In addition to initiating and expanding production operations through exploration discoveries and the development of existing mining claims and mineral properties, management’s growth strategy includes the identification and acquisition of additional under-developed mining claims and mineral leases in established mining districts.

OxySure® Systems Inc. (OXYS)

OxySure Systems recently launched OxySure Commercial Finance(SM), a service that enables easy and convenient lease of OxySure’s suite of medical devices and products, including the OxySure Model 615, Automated External Defibrillators (AEDs), and other medical equipment, supplies and accessories.

Powered by LeaseQ, OxySure’s new service allows customers to do comparison shopping for lease quotes from dozens of third party lenders with one simple online form that takes only two minutes to complete. The system can pre-qualify customers instantly and display the top results, allowing customers to select from multiple, pre-qualified offers. The system also provides customers the flexibility to select lenders of choice and payment plan characteristics such as monthly payment, finance term and terminal value.

About OxySure® Systems Inc.

OxySure® Systems Inc. is a medical technology company focused on developing, manufacturing, and distributing specialty respiratory and medical solutions. The company has developed a unique platform technology that instantly creates medically pure oxygen from two dry, inert powders, allowing oxygen to be delivered on demand. This cutting-edge technology has already been granted FDA-approved for commercial sale.

The company is targeting multiple enormous end markets with no direct competition. OxySure initially plans to focus on the 102,265 educational campuses, 350,735 manufacturing facilities, 350,000 churches, 12 million recreational vehicles (RVs), 8 million boats and yachts, 950,000 restaurants, and hundreds of thousands of other commercial and municipality facilities in the U.S. Outside the US, OxySure has also already signed significant distribution agreements, including Australia, New Zeeland, the United Kingdom, the Netherlands, Luxembourg, Belgium, Brazil, and South Africa. OxySure’s potential market is at least as large as AEDs and potentially as large as fire extinguishers, which together total at least 500+ million units worldwide.

OxySure’s flagship product, OxySure Model 615, introduces the first new oxygen technology in 50 years. There are no compressed tanks, no dials, no valves, no regulatory maintenance, no hydrostatic testing, no batteries, and no required training, and the technology is both safe and easy-to-use for the layperson. It can be placed virtually anywhere to help save lives by bridging the gap between a medical emergency and the arrival of first responders on the scene.

The company aims to capitalize on market opportunities primarily through partnerships with distributors and OEM customers. Protected by numerous issued patents and patents pending, the company’s products are available over-the-counter without the need for a prescription and has already saved thousands of lives around the globe during various types of medical emergencies.


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