OTCPicks.com Stocks to Watch for Thursday, July 16th TRGT, MTRO, TEVI, IVOT, BEHL, MYNG
Our Stocks to Watch tomorrow include Targacept Inc. (NASDAQ: TRGT), Metro One Development Inc. (OTC: MTRO), The Estate Vault Inc. (OTC: TEVI), I Green Innovations Inc. (OTCBB: IVOT), BioCentric Energy Holdings Inc. (OTC: BEHL) and Golden Eagle International Inc. (OTCBB: MYNG).
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TARGACEPT INCORPORATED (NASDAQ: TRGT)
"Up 136.93% on Wednesday"
Detailed Quote: http://www.otcpicks.com/quotes/TRGT.php
Targacept is a clinical-stage biopharmaceutical company that discovers and develops NNR Therapeutics™, a new class of drugs for the treatment of central nervous system diseases and disorders. Targacept’s product candidates selectively modulate neuronal nicotinic receptors that serve as key regulators of the nervous system to promote therapeutic effects and limit adverse side effects. Targacept has product candidates in development for major depressive disorder and resistant hypertension, attention deficit/hyperactivity disorder, Alzheimer’s disease and cognitive dysfunction in schizophrenia, as well as multiple preclinical programs. Targacept also has a cognition-focused collaboration with AstraZeneca and a strategic alliance with GlaxoSmithKline.
TRGT News:
July 15 - Targacept's TC-5214 Achieves All Primary and Secondary Outcome Measures in Phase 2b Trial as Augmentation Treatment for Major Depressive Disorder
High Statistical Significance Achieved on HAM-D Scale (p < 0.0001) in 265 Patients
Targacept, Inc. (NASDAQ: TRGT) announced positive top-line results from a double blind, placebo controlled, flexible dose Phase 2b clinical trial of TC-5214 as an augmentation (add-on) treatment for major depressive disorder, or MDD, in subjects who did not respond adequately to first-line treatment with citalopram alone. The result on the primary outcome measure for the trial, mean change between treatment (TC-5214 + citalopram) and placebo (placebo + citalopram) from baseline on the Hamilton Rating Scale for Depression-17, or HAM-D, was highly statistically significant in favor of TC-5214 (p < 0.0001) on an intent to treat basis. The results on all of the trial’s secondary efficacy measures, including assessments of depression, irritability, disability, cognition, severity of illness and global improvement, were also highly statistically significant in favor of TC-5214 on an intent to treat basis.
“The magnitude and consistency of the effect of TC-5214 seen in this trial could represent a major breakthrough for patients with depression,” said Dr. Madhukar H. Trivedi, Professor and the Director of the Mood Disorders Research Program and Clinic at the University of Texas Southwestern Medical Center at Dallas, one of the principal investigators for the trial and Co-Principal Investigator in the National Institute of Mental Health’s large-scale STAR*D study. “It is particularly compelling that the superiority of TC-5214 as augmentation to citalopram over citalopram alone was first seen after only two weeks and grew steadily over the trial’s last six weeks, culminating in remission for twice as many subjects in the TC-5214 group.”
TC-5214 exhibited a favorable tolerability profile in the trial. The most frequent adverse events were headache, dizziness and constipation. There was no clinically significant difference between the dose groups in discontinuations due to adverse events. There was one serious adverse event in the trial considered by the investigators to be related to study drug (citalopram and/or TC-5214), a seizure experienced by a study subject.
“The strong results from this Phase 2b augmentation trial support the potential of TC-5214 to provide much needed help for the millions of depressed patients who do not respond adequately to currently available therapies,” said Geoffrey C. Dunbar, M.D., Targacept’s Vice President, Clinical Development and Regulatory Affairs. “This is the second time our clinical trials have shown antidepressant effects of this NNR mechanism. We are particularly enthusiastic about the finding in this study on irritability, which is a core symptom of MDD that is often difficult to treat.”
Next Steps
Targacept plans to present detailed results from the Phase 2b trial of TC-5214 at the Society for Neuroscience meeting scheduled for October 2009 in
Targacept is active in discussions with multiple pharmaceutical companies with the goal of identifying a strategic partner to assist in the global development and planned commercialization of TC-5214. Targacept expects Phase 3 clinical development to be initiated in the second quarter of 2010, following planned discussions with FDA and production of clinical trial material.
Study Design
The Phase 2b trial of TC-5214 as an augmentation treatment for MDD was a two-phase study conducted at 20 sites in
In the double blind second phase, subjects continued their citalopram treatment and also received either add-on TC-5214 or add-on placebo for an additional eight weeks. The daily dosage of TC-5214 was initially 2mg and could be increased at the discretion of the investigator to 4mg and to 8mg based on tolerability and therapeutic response. The primary outcome measure for the trial was mean change between treatment (TC-5214 + citalopram) and placebo (placebo + citalopram) from double blind baseline as measured by HAM-D at week 16. The intent to treat dataset included 265 subjects in the second phase.
ABOUT TC-5214
It is well known that depressive symptoms can result from an overstimulation of NNRs and other receptors in the brain that are activated by the neurotransmitter acetylcholine. Accordingly, compounds capable of inhibiting the activity of these overstimulated receptors may be expected to have antidepressant effects. TC-5214 is a nicotinic channel blocker that has unique properties in modulating the alpha4beta2 NNR subtype.
ABOUT MAJOR DEPRESSIVE DISORDER
MDD is a serious mental illness characterized by one or more major depressive episodes. According to The National Institute of Mental Health, or NIMH, MDD is the leading cause of disability in the United States for people between the ages 15 and 44, and NIMH estimates that approximately 14.8 million American adults suffer from MDD.
In 2000, the total economic burden of treating depression in the United States was approximately $83.1 billion, with workplace costs, including missed days and lack of productivity due to illness, accounting for approximately 62% of the total economic burden, treatment costs accounting for approximately 31% and suicide-related costs accounting for approximately 7%. (1)
The Sequenced Treatment Alternatives to Relieve Depression, or STAR*D, study undertaken by NIMH between 2001 and 2006 highlighted the inadequacy of currently available therapies for MDD. Approximately 63% of participants in the study did not achieve remission following initial treatment with citalopram alone. The study showed that augmentation therapies may be useful in the treatment of symptoms of depression that do not resolve with first-line treatment. (2)
1) Michaud, McKenna, Begg, et al. The burden of disease and injury in the
2) Rush, Trivedi, Wisniewski, et al. Acute and Longer-Term Outcomes in Depressed Outpatients Requiring One or Several Treatment Steps: A STAR*D Report. American Journal of Psychiatry. November 2006; 163:1905-1917.
METRO ONE DEVELOPMENT INCORPORATED (OTC: MTRO)
"Up 87.85% on Wednesday"
Detailed Quote: http://www.otcpicks.com/quotes/MTRO.php
Metro One Development, Inc. plans to develop an interactive out of home media company giving the consumer more control over their media experience and creating highly entertaining branding displays that respond to the physical movements of the consumer.
MTRO News:
July 14 - Metro One Announces Implementation of an Interactive Floor in a Leading Canadian Retailer
Metro One Development, Inc. (OTC: MTRO) (“the Company”), a digital out of home media company, announced that, in association with Imagin8, it will begin implementation over the next few weeks of an interactive floor trial in a leading Canadian retailer.
The retailer with hundreds of locations across the country will use StepOne to promote its brands and educate consumers about their products in a fun and engaging way.
Stuart Turk, CEO of Metro One stated, "This is another significant milestone as we continue our commitment to delivering interactive floor solutions. The overall in-store experience can be measured in order to assist the retailer and successfully monitor its digital signage campaigns."
Turk continues, "Metro One is dedicated to embedding interactive solutions into a variety of industry applications."
ABOUT IMAGIN8
Imagin8 is a Canadian company providing hand and body motion-based interactive digital technologies that are designed to enhance new consumer experiences from touch-screens to floor-screens. Imagin8 maintains a staff of technical, creative, and sales professionals. Imagin8 offers a wide range of digital content and solutions for interactive floors, walls, windows, and tables and is a leader in providing touch and multi-touch multi-surface capability.
THE ESTATE VAULT INCORPORATED (OTC: TEVI)
"Up 55.26% on Wednesday"
Detailed Quote: http://www.otcpicks.com/quotes/TEVI.php
The Estate Vault, Inc. was developed to overcome the daunting task of keeping financial, personal and legal documents up to date and in one place. Together with its strategic product partners The Estate Vault has wrapped up its unique service offering with a Credit Card Registry, Home Inventory Listing, Identity Theft Insurance and an online Legal Documents and Will Creator. The Estate Vault intends to become the leader in value added products to the financial services industry by providing a product and service at a low price point and then leveraging patent pending technology known as IntelliAD and IntelliBrand to maximize brand awareness. For more information, visit www.estatevault.com.
TEVI News:
July 14 - The Estate Vault and Strategica Capital Associates Form Partnership to Deliver Leading-Edge Fully Integrated and Portable Health Care Technology Solutions
The Estate Vault, Inc. (OTC: TEVI), a leading provider of comprehensive electronic repository services for consolidating and protecting medical, personal, financial, and legal records announced that it has reached an agreement with Strategica Capital Associates, Inc. to enter into a joint venture partnership and form The Estate Vault LLC.
"Strategica" is a results-based merchant banking powerhouse that provides services to help clients and Joint Venturers to generate Value for their businesses. The financial strength and reputation of Strategica, blended with The Estate Vault's leading-edge portable health care and financial documents solution platform will allow The Estate Vault LLC to gain access and visibility to health care contracts at both governmental and institutional levels," said Boyd Soussana, CEO, The Estate Vault. "Strategica can open doors from tele-medicine, health care and pharmaceuticals, to retail and real estate. Strategica and its principals have been involved in more than $30 billion in investments and financings over the years, and personal document management and health care needs to change rapidly" added Boyd. "We are thrilled to be working with them."
"President Obama's stimulus package provides on the order of $20 billion for health care technology, with the central focus being nudging hospitals and doctors to move their records from manila folders to computers. Even with the money, though, it's seen as a daunting task," writes Ina Fried, from CNET.
Jack D. Burstein, Chairman and President of Strategica Capital Associates, Inc., added, "This partnership will allow new and innovative health care solutions into the marketplace much faster and give patients unprecedented access, to store and share their medical information using the most flexible and secure platform available in the market place today. It allows users full portability in who and how their data is accessed. Patients will have more choice in selecting doctors they see, even using the internet to connect doctors to patients," said Mr. Burstein.
ABOUT STRATEGICA CAPITAL ASSOCIATES, INC.
Headquartered in
I GREEN INNOVATIONS INCORPORATED (OTCBB: IVOT)
"Up 54.55% on Wednesday"
Detailed Quote: http://www.otcpicks.com/quotes/IVOT.php
I Green Innovations, through its subsidiary B Green Innovations, Inc. ("B Green"), a Matawan, New Jersey-based Corporation, is dedicated to becoming a "green" technology company, focused on acquiring and identifying promising technologies that address environmental issues. The first technology will be used to create new products from recycled tire rubber. Recently, the company announced that it had filed a new Patent Application for a process it described as "paver blocks and patio blocks made from recycled tire crumb rubber." B Green Innovations, Inc. has also filed 3 additional patents on products made using 100% recycled tires.
IVOT News:
July 15 - I Green Innovations, Inc. Issues Letter to Shareholders Update on B Green Innovations, Inc.
I Green Innovations, Inc. (OTCBB: IVOT) CEO Jerry Mahoney issued the following letter to shareholders:
Dear I Green Innovations Shareholder,
Over the past month, many of you have contacted the company for an update on our progress. The B Green Innovations, Inc. ("B Green"), a wholly owned subsidiary of I Green, "Go Green" mission from its inception, is to create a "Green" company for the development of solutions to eliminate waste from the world's environment. B Green offers consumers a realistic and necessary solution to the problem of waste around the world. We believe that to truly have an impact on the planet, one must be committed to the environment and seek out environmentally-friendly products.
Some the highlights:
Sales & Marketing
* The VibeAway™ is currently being tested and evaluated for distribution by one of the largest big box retailers in the country and also by several of largest manufacturers of washing machines in the world.
* B Green with partners nationwide and
* ARP Supply Corporation ("ARP Supply") will market and sell the VibeAway™ through its 23 members with over 180 locations nationwide. ARP Supply is an independent group of distributors, cooperatively working with vendors adding value within the supply chain by providing the highest quality products and services to its customers. ARP Supply is currently active in the following industries: appliance, HVAC, motors, plumbing, maintenance, electrical, tools, and refrigeration. ARP Supply was founded in 1979 and has evolved into one of largest buying groups of its kind. Last year, ARP Supply membership combined sales exceeded $500 million.
* Sid Harvey Industries, Inc. ("Sid Harvey") will market and sell ECOPOD™ and VibeAway™, which operates 74 branches from
* BrandSource has offered a Special Introductory Price on VibeAway™ to all BrandSource members. BrandSource has over 3,000 locally owned appliance, electronics, bedding, home furnishings and floor covering stores nationwide. BrandSource stores offer all the major brands and is the source for low prices, large selection and personalized service. BrandSource combines the purchases of all member stores, which creates $11 billion buying power that means customers get the best value every day.
I Green Innovations is Debt Free
The Company has instituted a number of actions by removing the ability of holders of convertible debentures and preferred stock to convert these securities into Common Stock thereby eliminating the further dilution of the Common Stock and the shareholders' position in the Company:
1) Convertible debentures that the Company previously issued to YA Global Investments LP. (f/k/a Cornell Capital) have been paid in full. The Company no longer owes any monies to YA Global and YA Global can no longer convert the debentures into shares of the Company.
2) The Company has amended the rights of the holders of its Series A Secured Preferred Stock ("Preferred Stock") and has removed the right for holders to convert the Preferred Stock into the Company's Common Stock. The Company has $1.44 million of Preferred Stock issued and outstanding. Additionally, the Company also removed the right for holders of the Preferred Stock to vote their stock as Common Stock.
3) The Company has adopted a Share Buyback Program (the "Program"). Under the terms of the Program, the Board of Directors has authorized the management of the Company to make open market purchases of up to $75,000 from time to time during the next twelve months.
Patent Filings & Technology Developments
The Company will continue its research and development to generate new and improved product offerings while strengthening its intellectual property portfolio. Patents filed to date are listed below with five additional filings to follow:
A) New interlocking paver and patio blocks.
B) Recycled tire trash cans.
C) Vehicle mud flaps made of recycled tires.
D) Recycled tire pod with appliance recess guide.
E) The Company filed patents for the method of producing composite recycled bottle sheet products made from recycled plastic.
F) The Company will be filing for several additional patents in the near future.
Assignment of Assets & Debtor's Customers
On May 21, 2009, after filing suit against Atire Technologies, Inc. ("Atire") for the collection of a $30,000 secured promissory note, the Company entered into a Stipulation of Settlement with Atire, whereby Atire agreed to transfer to the Company all of its rights, title and interest in various assets of Atire (the "Assets"). These assets included various machinery and supplies used in the fabrication of products from recycled tire rubber and the existing customer list of Atire. The Company has valued the machinery and supplies at $80,000.
New Products
B Green has commenced prototype development for products made from recycled plastic and from compressed flat composite recycled bottle sheets that retain the visible display of the recycled bottles.
All of the milestones referenced above have been accomplished within the past thirteen months. With our rapidly increasing manufacturing capacities, distribution of our products, our stock buy-back program, the Company being debt free and the potential in the market for "Green" opportunities, we believe the Company is in a great position to deliver on its prospects, I would like to thank you for your continued support.
Sincerely,
Jerry Mahoney
President and Chief Executive Officer
BIOCENTRIC ENERGY HOLDINGS INCORPORATED (OTC: BEHL)
"Up 15.22% on Wednesday"
Detailed Quote: http://www.otcpicks.com/quotes/BEHL.php
BioCentric Energy, Inc. is dedicated to the development of new technologies as well as acquiring and fostering companies with innovative technologies designed to provide unique and effective green energy solutions for the 21st century. Along with the cultivation of important relationships and partnerships with synergistic entities, BioCentric Energy has devoted substantial time and effort in research and development in order to bring a range of innovative green alternatives to the marketplace.
BEHL News:
July 15 - BioCentric Management Negotiates Bulletin Board Exchange Upgrade
BioCentric Energy Holdings, Inc. (OTC: BEHL) announced the company is in serious negotiations to upgrade the company from the Pink Sheets to the Bulletin Board Stock Exchange.
BioCentric President Dennis Fisher today commented, "The company has recently experienced significant growth and opportunities with tremendous worldwide support. The major Oil companies have now come to terms with the almost infinite 'Green alternative fuel' opportunities which can be achieved from ALGAE-based products, not only by reducing emissions and pollution to the world's environment but significantly reducing fuel and environmental plastics costs worldwide. BioCentric has founded a multiple patent pending low cost alternative to the world's ALGAE production methods to meet these needs. Today major Oil companies such as Exxon announced a $600B investment into ALGAE research and development as an alternative fuel source for the 'Green future,' and Dow Chemical's have joined forces with alternative fuel companies with a similar investment with a view to achieving similar goals."
Mr. Fisher further commented, "BioCentric has had the remarkable opportunity to be a pilot developer in this huge upcoming industry, and along with the support of shareholders and environmentalists worldwide, the company feels by advancing to the Bulletin Board exchange the documented growth financial responsibility and accountability will be readily available to all investors."
BioCentric Energy today activated all systems on the company's corporate photobioreactor system in
Barry Cohen, President of the National ALGAE Association, when asked for his thoughts of BioCentric and the onsite Photobioreactor, his comments were, "BioCentric is the 'Wal-Mart' of the Algae Business...they provide the most inexpensive solution, by a long shot... they looked at the business of algae farming and calculated how to make it significantly less expensive than anyone else...and their ongoing future developments will continue to hold that lead for the foreseeable future."
GOLDEN EAGLE INTERNATIONAL (OTCBB: MYNG)
"Up 22.22% on Wednesday"
Detailed Quote: http://www.otcpicks.com/quotes/MYNG.php
Golden Eagle International, Inc. is a gold and copper exploration, mining and milling company headquartered in
MYNG News:
July 9 - Golden Eagle Files Claims Against Yukon-Nevada, Queenstake
Punitive Damages Are Also Being Sought
Golden Eagle International, Inc. (OTCBB: MYNG) reported that it has filed a $40 million counterclaim and third-party complaints against Yukon-Nevada Gold Corp. ("Yukon-Nevada"), Queenstake Resources USA, Inc. ("Queenstake USA"), Queenstake Resources Ltd. ("Queenstake Canada") (both wholly owned subsidiaries of Yukon-Nevada) and Francois Marland ("Marland"), a French citizen and Yukon-Nevada investor. The counterclaim and third-party complaints were filed in the Fourth District Court for Elko County, Nevada, together with an answer to Queenstake USA's complaint filed on June 10, 2009.
The counterclaim alleges that by a pattern of fraud, misrepresentation, material omissions and deceptive business practices Queenstake USA induced Golden Eagle to enter into a mill operating agreement on October 14, 2008, which called for Golden Eagle to operate the Jerritt Canyon gold mill located 50 miles north of Elko, Nevada, for a 5-year period and provide extensive services to prepare the mill for operations and bring it into environmental compliance. The counterclaim further alleges that Queenstake USA continued between October 2008 and June 2009, through fraudulent and deceptive means, to induce Golden Eagle to continue to provide its administrative services and contract with up to 82 employees, providers, suppliers and third-party contractors, which resulted in a liability for costs incurred by Golden Eagle, and administrative fees owed to Golden Eagle, in excess of $2.23 million. Other allegations include the fact that Yukon-Nevada and Marland, who (according to the third-party complaint) stated that he "controlled" Yukon-Nevada and Queenstake USA, concluded that Golden Eagle's contract was "too lucrative" and then tortiously interfered with the mill operating agreement between Golden Eagle and Queenstake USA by compelling Queenstake USA to breach its agreement and covenant of good faith and fair dealing with Golden Eagle on June 10, 2009. This breach, based on the counterclaim and third-party complaints, caused Golden Eagle to lose the "benefit of the bargain," or lost profit from the agreement, in excess of $40 million based on Queenstake USA's own calculations and representations to Golden Eagle and the Nevada Division of Environmental Protection (NDEP).
Golden Eagle Alleges Forcible Entry and Detainer on the Mill Property & Seeks Restitution
Golden Eagle also alleges that the mill operating agreement between the parties had all of the characteristics of a lease, putting Golden Eagle in possession of the mill property and its full use; ensuring Golden Eagle's quiet enjoyment of the premises; requiring Golden Eagle to maintain and repair the property; granting Golden Eagle access to the "common areas" on the mill complex, etc. As a result of these lease characteristics, Golden Eagle has counterclaimed against Queenstake USA for statutory relief under the Nevada Forcible Entry and Detainer statutes and seeks an order of the court based on those statutes putting Golden Eagle back in immediate possession of the mill property.
Golden Eagle Alleges Irreparable Harm and Seeks Equitable Remedies
Golden Eagle further alleges in its counterclaim and third-party complaints that Queenstake USA, Yukon-Nevada and Marland have caused it irreparable harm. As a result, Golden Eagle asks the court for a Declaratory Judgment and a Writ of Mandamus that order that Golden Eagle be allowed full possession of the mill property so that it may complete its contract term of 5 years.
Punitive Damages May Triple Any Compensatory Damage Judgment
Golden Eagle claims further that Queenstake USA, Yukon-Nevada and Marland have committed acts of oppression, fraud or malice, express or implied, and that Golden Eagle is entitled under
Queenstake
Golden Eagle finally alleges that Queenstake Canada unconditionally guaranteed the terms of the agreement between Golden Eagle and Queenstake
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