| All-Crimes DNA Databank Proposed for New York New York state would be allowed to collect a DNA sample from anyone convicted of a crime, including misdemeanors such as curfew violation, petty theft and vandalism, under legislation announced by Governor David Paterson. online.wsj.com |
Covance Reports Second Quarter Revenue of $475M and EPS of $0.49; Updates Full-Year Financial Targets (PR Newswire) Covance Inc. today reported earnings per diluted share for its second quarter ended June 30, 2010 of $0.49, including $0.09 of facility rationalization and other cost reduction actions during the second quarter, versus $0.60 in the first quarter of 2010 and $0.67 in the second quarter of 2009. us.rd.yahoo.com |
Furiex Pharma's Cash Will Likely Run Out Before Investors Feel Secure Farukh Farooqi submits: Furiex Pharmaceuticals (FURX), spun off from Pharmaceutical Product Development (PPDI) on 6/14/10, is a $10 stock with net cash (cash minus all liabilities) of $10 per share. It earns royalties on two drugs already in the market with potential milestone payments of $14.40 per share. It has three other programs in its R&D pipeline. According to some Street estimates, the value of Furiex’s royalties & pipeline is $30-$36 per share. The entire float has traded since the spin-off, and selling pressure may soon begin to recede. As part of the spin-off, 18% of the equity is set aside for management. In addition, the Chairman owns 6% of the outstanding shares. Spin-Off Background: On June 14, 2010, PPDI, a Contract Research Organization, spun off its drug discovery business to shareholders in a tax free transaction. The main motivation behind the spin-off was to separate a cash flow-generating, service business from a cash-utilizing, biotech division. PPDI has 118 mm shares and for every 12 shares of PPDI, shareholders got one share of FURX. FURX has a market cap of $100 mm, tiny when compared to PPDI's $2.9 billion equity cap. Hence, the spun-off stock is not likely to have much appeal for PPDI shareholders who are mainly interested in the CRO business or those can’t own a small-cap stock. Sure enough, FURX began trading in the high teens on June 1 and has dropped to $10 on no new news.Complete Story » seekingalpha.com |
SuperBaby is Back for National Window Covering Safety Month - Video Parents and caregivers are being reminded of potential window-cord dangers and are urged to make the right choice and only use cordless window products in homes with young children. feedproxy.google.com |
Glaxo Exits U.S. Penicillin Market GlaxoSmithKline is exiting the U.S. penicillin market by selling its oral penicillin facility and the plant's domestic product portfolio to India's Dr. Reddy's. online.wsj.com |