BMGP, AMNP, DVME, PAYI, JAGR, SSHS, CBBO, ACLS, CBAI, EDVP, SNSS OTCPicks.com Daily Market Movers Digest Midday Report for Friday, November 6th

Our Stocks to Watch today include Biomagnetics Diagnostics Corp. (OTC: BMGP), American Sierra Gold Corp. (OTCBB: AMNP), Diverse Media Group Inc. (OTC: DVME), Pay88 Inc. (OTCBB: PAYI), Jaguar Mining Enterprises Inc. (OTC: JAGR), Safeguard Security Holdings Inc. (OTC: SSHS), Columbia Bancorp Corp. (Nasdaq: CBBO), Axcelis Technologies Inc. (Nasdaq: ACLS), Cord Blood America Inc. (OTCBB: CBAI), Endeavor Power Corp. (OTCBB: EDVP) and Sunesis Pharmaceuticals Inc. (Nasdaq: SNSS).

 

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BIOMAGNETICS DIAGNOSTICS CORPORATION (OTC: BMGP)

 

Detailed Quote: http://www.otcpicks.com/quotes/BMGP.php 

 

Company Profile: http://www.otcpicks.com/biomagnetics-diagnostics/biomagnetics-diagnostics.htm

 

Biomagnetics Diagnostics Corporation is an advanced medical device and biotechnology company. The Company's revolutionary diagnostic systems, which are based on advanced magnetics, test for any viral or bacterial disease using any body fluid. The Company's technology allows laboratories to perform far more tests in the same amount of time it takes to do a single test. The HTS-MTP platform is designed to detect the actual virus and viral load in body fluids and not just simply screen for the presence of viral antibodies.

 

BMGP News:

 

November 4 - Biomagnetics Applies for Gates Foundation Grand Challenge Grant

 

Biomagnetics Diagnostics Corp. (OTC: BMGP), a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis, and malaria detection, announced it has submitted an application to the Bill & Melinda Gates Foundation for a grant to further develop the Integrate Optical Biosensor Sensor (IOBS) technology it is plans to bring to market. The topic for the Grand Challenge Grant is Low Cost Diagnostics for Global Priory Health Conditions, which includes both malaria and tuberculosis.

“The availability of low cost diagnostics for malaria and tuberculosis are major concerns for not only health care professions, but also for the Gates Foundation. The technology we plan to introduce reduces the cost of traditional malaria testing by up to two-thirds,” commented Clayton Hardman, CEO of Biomagnetics Diagnostics. “The IOBS platform produces test results measured in only minutes, whereas traditional methodologies often take many days. Additionally, the handheld IOBS platform can be utilized in the field at point of care by relatively untrained personnel. We believe the IOBS platform holds the promise to revolutionize testing for not only malaria, but also for many other diseases including tuberculosis and HIV/AIDS. We believe the Gates Foundation had a device such as IOBS in mind when it devised the specifications for the Challenge Grant.”

 

According to the World Health Organization, some 3.2 billion people, or about half the world's population is at risk of malaria transmission in 107 countries and territories worldwide. While there are between 350 million and 500 million new cases of malaria each year, there are very few reliable and field deployable diagnostic tools available. In the case of malaria, early detection substantially improves treatability and survivability. Field deployable Integrated Optical Biosensor Systems (IBOS), such those Biomagnetics Diagnostics is planning to soon introduce hold the promise to significantly speed the diagnostic testing process and to meaningfully lower costs and improve lives.

 

AMERICAN SIERRA GOLD CORPORATION (OTCBB: AMNP)

 

Detailed Quote: http://www.otcpicks.com/quotes/AMNP.php

 

Company Profile: http://www.otcpicks.com/american-sierra-gold/american-sierra-gold.htm

 

American Sierra Gold Corp. is a publicly traded independent gold exploration company headquartered in Reno, Nevada. Shareholders and prospective investors are encouraged to call investor relations at 1-888-279-3921 or visit American Sierra Gold Corp's website at www.americansierragold.com.

 

AMNP News:

 

November 5 - Cohen Independent Research Group Issues a 'Buy' Rating With a Target Price of $3.21 for American Sierra Gold Corp.

 

American Sierra Gold Corp. (OTCBB: AMNP), an independent gold exploration company headquartered in Reno, Nevada, announces that Cohen Independent Research Group, Inc., Wall Street's leading independent fundamental research firm, has issued a research report on American Sierra with a "buy" recommendation and a long-term target price of $3.21.

 

For the full report, visit Cohen Independent Research Group's website, www.cohenresearch.com or visit American Sierra's website, www.americansierragold.com.

 

DIVERSE MEDIA GROUP INCORPORATED (OTC: DVME)

 

Detailed Quote: http://www.otcpicks.com/quotes/DVME.php 

 

Company Profile: http://otcpicks.com/Newsletter/DVME_eProfile_091709.html  

 

Diverse Media Group, Inc. is an entertainment company that aggregates expertise across all aspects of the media industry. Diverse Media Group has at its core the established 27-year history of its wholly owned subsidiary, Diverse Talent Group. Diverse Talent Group is now the 10th largest Hollywood agency offering talent and literary representation in commercials, episodic television, cable programming and motion pictures. The company has the ability to create programming, foster distribution and represent talented individuals to fuel a new digital age of content generation. The parent company also includes the subsidiary Talent Quest America, Inc., which identifies new and rising talent representing the future of the Hollywood entertainment community.

 

DVME News:

 

September 28 - Network Talks Underway to Develop 'Momo' into Weekly TV Series Title is Part of Diverse Media Group, Inc. Option Agreement with Elio Pictures

 

“Momo” executive producers Dimitri Logothetis and Nicholas Celozzi have announced that talks are underway with networks in the U.S. and Canada to develop the project as a weekly series for television. “Momo” is one of six titles for which Diverse Media Group, Inc. (OTC: DVME) has optioned to purchase a 30% interest from Elio Pictures, Ltd.

 

Diverse Media Group CEO Chris Nassif calls the development “a huge step forward in our company’s transition to a complete entertainment and media services provider.”

 

Logothetis and Celozzi have been working for seven years on the life story of infamous mob boss Sam Giancana. After securing the exclusive story rights from Francine Giancana to her father’s life story, they originally set the project up at Warner Bros. and Turner as a mini-series. Logothetis calculates development costs to date at $75,000. With the success of the 60's-based AMC series “Mad Men,” they decided that “Momo” could also satisfy weekly audience interest in that period of Americana. Giancana was born in 1908 and killed in 1974.

 

Celozzi describes the series as real-life “Sopranos” meets “The Gangster Chronicles.” Sam Giancana was a very compelling personality. As a family man, Sam lost his wife to a rheumatic heart disease, raised three daughters, supported an extended family and was one of the most powerful men of the twentieth century. Through union ties Giancana helped swing the Illinois vote during the Kennedy/Nixon election. He was the first mobster to claim his rights to the Fifth Amendment in front of live television cameras while questioned by Bobby Kennedy during the McClellan committee hearings. Sam had a long-standing friendship with Frank Sinatra, the leader of the so called “Rat Pack,” who played in Chicago nightclubs run by Giancana.

 

The other Elio Pictures titles optioned by Diverse Media Group include “The Lost Angel” (2005) with Judd Nelson and Celozzi, “Framed by Seduction” (2004) starring Robert Patrick, “Nightmare Boulevard” (2004) starring Claudia Christian and Corbin Bernsen, “7-10 Split” (2007) featuring Tara Reid and Rachel Hunter, and “Senior Skip Day” (2008) with Lea Thompson and Norm MacDonald.

 

The option is being purchased with 25 million shares of Diverse Media Group restricted common stock, valued at $50,000. The Company has until March 30, 2010, to exercise its option for a cash price of an additional $400,000.

 

PAY88 INCORPORATED (OTCBB: PAYI)

 

Detailed Quote: http://www.otcpicks.com/quotes/PAYI.php 

 

Company Profile: http://www.otcpicks.com/pay88-inc/pay88-inc.htm

 

Pay88, Inc., through its wholly-owned subsidiary, Chongqing Qianbao Technology, Ltd., is a rapidly growing digital technology company and the leading reseller of internet game time in China with over $19.7 million USD in revenues in 2008, a 134.8% increase over revenues in 2007. The company is primarily engaged in the sale of prepaid online multi-player game cards in more than 20 cities in China, an industry that generated $2.75 billion in 2008 and is expected to reach $3.8 billion by the end of 2009. In addition, The Company sells prepaid telephone cards and over 800 software products, including cooking, language and education software. Qianbao sells its game cards through its websites, www.iamseller.com, and www.17logo.com, which has more than 1 million registered users. The Company has successfully captured more than 80% of the online multi-player game time market in Chongqing, a municipality of more than 31 million people, and the third fastest-growing regional economy in China. Pay88 leverages such consumer establishments as retail kiosks and Internet cafes to increase its distribution of highly popular games for an increasing number of gaming companies.

 

PAYI News:

 

October 28 - Pay88, Inc. Goes Mobile With Sohu.com Inc.

 

Pay88, Inc. (OTCBB: PAYI) announced that it has entered into a distribution agreement with Sohu.com Inc. (Nasdaq: SOHU). Through its subsidiary, Qianbao Technology, Pay88 will act as a distributor of SOHU digital products, with a particular focus on mobile phone games.

 

With more than 100 million users and 700 million site visits per day, Sohu.com Inc., is one of the leading internet media companies in China with revenues of over $429 million USD in 2008, 2.3 times that of .scal 2007. Sohu provides millions of Chinese consumers with information, communication and entertainment services through its matrix of websites and offers two types of consumer services — online games (including the massively popular multi-player online role-playing games "Tian Long Ba Bu" and "Blade Online"), and wireless connectivity.

 

Pay88 is one of the few companies in China capable of facilitating online banking and is also the leading reseller of internet game time in China's booming $2.75 billion online video game market, selling online multiplayer game time and prepaid cards in more than 20 cities in China. The venture with Sohu takes the company mobile for the first time and company officials say the timing and the opportunity couldn't be better.

 

According to analysts at Niko Partners, China will be home to 119 million online gamers by 2012, propelling the market to $8.9 billion by 2013. And Forbes reports the online gaming community is growing by an average of 4 million new players each month. An alliance with Sohu positions Pay88 to dramatically expand their reach into this massive market.

 

Guo Fan, Chairman and President of Pay88, said, "Pay88's large customer base and payment platform makes this agreement with SOHU an exciting opportunity for both companies." He added, "As a result of this new relationship, Qianbao Technology will now be able to offer mobile games to the domestic market in China."

 

Company officials say forging this agreement with Sohu represents a powerful step forward in expanding their footprint throughout China. Over the coming year, the company will continue to develop and improve its internet gaming platform, expand its distribution websites, and increase its overall product line, as well as expand into many additional cities in China.

 

JAGUAR MINING ENTERPRISES INCORPORATED (OTC: JAGR)

 

Detailed Quote: www.otcpicks.com/quotes/JAGR.php 

 

Company Profile: http://www.otcpicks.com/jaguar-mining/jaguar-mining.htm 

 

Jaguar Mining Enterprises, Inc. is an independent mining company engaged in the acquisition, development, and exploitation of iron ore primarily mined in Mexico. The Company specializes in the exploitation of iron ore mines with proven reserves. The Company's strategy is to locate, acquire and develop mine locations that contain sufficient quantities of iron ore and require minimal start-up costs.

 

JAGR News:

 

October 27 - Jaguar Mining Enterprises Files Its Initial Disclosure Statement on Pink Sheets

 

Jaguar Mining Enterprises, Inc. (OTC: JAGR), an independent mining company engaged in the acquisition, development, and exploitation of iron ore primarily mined in Mexico, announced that the company has filed its Initial Information and Disclosure Statement through OTC Disclosure and News Service. A current summation of the company and its business objectives is now available on Pink Sheets (www.pinksheets.com) under the company's symbol, JAGR.

 

Jaguar Mining also announced that it has begun discussions with a Shanghai, China based firm to act as its direct sales and marketing representative to Chinese steel manufacturers. Jaguar hopes to finalize terms of an agreement which will provide the company with its first strategic partnership in China, the world's largest iron ore importer. The company plans to release complete details once a definitive agreement has been completed.

 

SAFEGUARD SECURITY HOLDINGS INCORPORATED (OTC: SSHS)

"Up 325.81% in morning trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/SSHS.php

 

Through its operating subsidiaries and divisions, Safeguard Security Holdings is a single source security solutions provider, integrating technical and physical security assets. The company is organized along three distinct lines of business: Technical Systems, Security Personnel and Security Outsourcing Solutions. Its operations are directed from its offices in Dallas, Texas.

 

SSHS News:

 

November 6 - Safeguard Business Unit Announces New Contract with Texas' Largest Private Utility

 

Safeguard Security Holdings, Inc. (OTC: SSHS), a provider of corporate and industrial security systems and personnel, announces that its subsidiary, SYSTEMSgroup Protective Services, has entered into a five-year agreement, which began Q1 2009, to provide security services for one of Texas’ largest utility companies. The utility is a market-leading competitive retailer that provides electricity and related services to more than two million Texas customers.

 

Safeguard’s CEO, R. Michael Lagow, stated, “The SYSTEMSgroup Protective Services division has provided services to this utility giant since January 2005, and we are delighted to be awarded a contract of this magnitude spanning five additional years of service. This brings over $32+ million in revenue to our Company." Lagow added, “Our Company continues to build its book of business with quality clients that recognize best value services for its clients. It’s what we do best!”

 

COLUMBIA BANCORP (NASDAQ: CBBO)

"Up 47.41% in morning trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/CBBO.php

 

Columbia Bancorp is the bank holding company for Columbia River Bank, which operates 21 branches located in The Dalles (2), Hood River, Bend (3), Madras, Redmond (2), Pendleton, Hermiston, McMinnville, Canby, and Newberg, Oregon, and in Goldendale, White Salmon, Sunnyside, Yakima, Pasco, Richland, and Vancouver, Washington. To supplement its community banking services, Columbia River Bank also provides brokerage services through CRB Financial Services Team.

 

CBBO News:

 

August 10 - Columbia Bancorp Announces Filing of Form 10-Q Quarterly Report and Second Quarter 2009 Financial Results

 

Columbia Bancorp (Nasdaq: CBBO), the bank holding company for Columbia River Bank, announced a loss for the second quarter of 2009 of $23.3 million, or $2.31 per diluted share including $14.4 million in provision for loan losses, $7.2 million in non-recurring, non-cash income tax expense primarily related to the establishment of a valuation allowance against deferred tax assets and $1.4 million in FDIC premiums and state assessments. "While the economic conditions continue to present challenges across the financial industry, we remain focused on our strategic initiative to increase liquidity through the realignment of the balance sheet," stated Terry L. Cochran, President and CEO. Columbia reduced its gross loan balances by $36.8 million to $799.6 million and increased deposits by $55.5 million to $992.7 million during the second quarter 2009. This realignment continued to improve Columbia River Bank's funding position, increasing liquid assets as a percentage of total assets from 10.3% as of March 31, 2009 to 17.5% as of June 30, 2009, as well as decreasing the loan to deposit ratio from 88.3% to 85.5% on a linked quarter basis. "I am very pleased with the efforts of our branch and administration teams in continuing to provide excellent customer service. We particularly appreciate the confidence of our customers, as evidenced by the opening more than 1,400 new accounts during the quarter," Cochran added.

 

Columbia continues to be impacted by the U.S. economic condition and its negative impact on two of Columbia's primary market areas, where real estate values have dropped substantially. Second quarter loan loss provisions resulted primarily from continued declines in collateral values underlying residential home construction and lot development loans in those markets. Geographically, these loans remain concentrated in Columbia's Central Oregon and Portland-Vancouver metropolitan markets. Net charge-offs totaled $14.9 million for the second quarter of 2009, including charge-offs of $10.3 million related to residential construction loans and $2.1 million related to 1-4 family residential term loans. "We are proactively ensuring that our lenders and special asset teams continue to have the necessary resources to focus on working with borrowers to mitigate any potential losses, and exiting out of existing non-performing assets," stated Cochran.

 

As of June 30, 2009, non-performing assets totaled $122.6 million, compared to $106.4 million as of March 31, 2009. The $16.2 million net increase in non-performing assets is primarily in the non-accrual loan category. Non-accrual loans continue to be centered in the residential sectors of the portfolio, which accounts for 66% of the non-accrual totals. Other real estate owned ("OREO") totaled $11.3 million as of June 30, 2009. During the second quarter, two OREO properties totaling approximately $746,000 were sold at a net gain of $20,000; $1.2 million of foreclosed properties were added to OREO; and an impairment charge of $499,000 was recognized on three properties due to declining values.

 

Columbia's net interest income totaled $6.6 million for the second quarter of 2009, compared to $6.8 million for the first quarter of 2009. Despite total average earning assets decreasing slightly during the quarter, as a percentage of total average assets, average earning assets increased from 91.75% for the first quarter of 2009 to 93.27% for the second quarter of 2009. Columbia's net interest margin decreased slightly to 2.74% for the second quarter of 2009 as compared to 2.79% on a linked quarter basis. During this same time period, the shift in earning asset mix from overall higher yielding loans to lower yielding cash and liquid investments, in direct response to Columbia's strategic initiative to maintain and improve liquidity, directly impacted the net interest margin. Additionally, Columbia reversed $1.4 million of interest income from loans placed on non-accrual status. Interest income would have been $2.7 million higher had non-accrual loans performed according to terms. Offsetting the lower loan yield was a declining cost of funds resulting from pay downs of higher cost brokered certificates of deposit and lower cost of funds for retail deposits. During the second quarter, Columbia reduced brokered certificates of deposit by $25.3 million that carried a weighted average rate of 4.26%.

 

AXCELIS TECHNOLOGIES INCORPORATED (NASDAQ: ACLS)

"Up 29.89% in morning trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/ACLS.php

 

Axcelis Technologies, Inc., headquartered in Beverly, Massachusetts, provides innovative, high-productivity solutions for the semiconductor industry. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation and cleaning systems.

 

ACLS News:

 

November 5 - Axcelis Announces Improved Financial Results for Third Quarter 2009

 

Axcelis Technologies, Inc. (Nasdaq: ACLS) announced improved financial results for the third quarter ended September 30, 2009.

 

The Company reported third quarter revenue of $35.0 million, compared to $33.6 million for the second quarter of 2009. Net loss for the third quarter was $15.9 million, or $0.15 per share. This compares to a net loss for the second quarter of 2009 of $22.4 million, or $0.22 per share of which $4.1 million ($.04 per share) was attributable to restructuring charges. In the corresponding quarter for the previous year, the Company reported revenue of $46.5 million, and a net loss of $24.7 million, or $0.24 per share.

 

Balance Sheet

 

Cash and cash equivalents, including restricted cash, were $48.5 million at September 30, 2009. Cash burn ($8.5 million in the third quarter of which $2.4 million was attributable to restructuring costs) continues to decline and we expect to approach cash flow break even in the fourth quarter of 2009. The Company ended the quarter with working capital of $177.5 million. Working capital management remains a focus to enhance cash flow. During 2009 the Company has reduced inventories by $17.2 million through the sale of product on hand.

 

Commenting on the Company's performance, Mary Puma, chairman and CEO, stated, "We're pleased to report improving financial results this quarter in terms of reducing our losses and slowing our cash burn. Actions taken to reduce operating expenses and increase efficiencies throughout the organization are having, and will continue to have, a positive effect on cash flow and profitability. In fact, we expect to approach cash breakeven in the fourth quarter, as increased fab utilization drives aftermarket business and new systems orders." She added, 'We've also made solid progress with our product portfolio through enhancements to productivity and advanced process capabilities. Consequently, we are well positioned to meet customers' technology demands and benefit from enhanced earnings leverage moving into 2010."

 

CORD BLOOD AMERICA INCORPORATED (OTCBB: CBAI)

"Up 13.73% in morning trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/CBAI.php 

 

Cord Blood America is the parent company of CorCell, which facilitates umbilical cord blood stem cell preservation for expectant parents and their children. Its mission is to be the most respected stem cell preservation company in the industry. Collected through a safe and non-invasive process, cord blood stem cells offer a powerful and potentially life-saving resource for treating a growing number of ailments, including cancer, leukemia, blood, and immune disorders.

 

CBAI News:

 

November 6 - Cord Blood America Updates Advantages of Las Vegas Laboratory in Analyst Interview; Explains Recent S1 Filing

 

Cord Blood America, Inc. (OTCBB: CBAI), the umbilical cord blood stem cell preservation company focused on bringing the life saving potential of stem cells, a biological insurance policy for families nationwide and internationally, recently addressed shareholder questions about its new laboratory in Las Vegas, and its recently refiled S1 with the SEC, in an interview of Matthew Schissler, founder and CEO, by analyst Francis Gaskins.

 

The entire interview is available at www.stoxrox.com/cbai-11-5-09.mp3.

 

In the interview Mr. Schissler said:

 

* The S1 registration statement withdraws an earlier filing, saves the Company money, and will not be used until necessary.

* The new Las Vegas lab reduces costs because lab services will no longer be outsourced.

* This subsequently will increase gross profits for the Company and its shareholders.

* The new lab increases the Company's revenue streams, with significant new opportunities to store other biological products and other lines of stem cells including stem cells from other companies.

* Finally, the new lab gives Cord Blood America the opportunity to work with other stem cell companies in research and development.

 

ENDEAVOR POWER CORPORATION (OTCBB: EDVP)

"Up 45.82% in morning trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/EDVP.php

 

Endeavor Power Corp. is an independent, energy company engaged in the acquisition, exploitation and development of oil and natural gas properties in the United States. Endeavor's objective is to seek out and develop opportunities in the oil and natural gas sectors that represent a low risk opportunity. Endeavor also aims to define larger projects that can be developed with Joint Venture partners.

 

EDVP News:

 

October 14 - Endeavor Announces Corporate Update

 

Endeavor Power Corp. (OTCBB: EDVP) (the "Company") announced that its Board of Directors approved a 1 for 10 reverse stock split. The reverse stock split will reduce the number of issued and outstanding shares of the Company. The reverse stock split is subject to approval by the Company's stockholders and certain other conditions. There can be no assurances at this time that the reverse stock split will be consummated. A special stockholders meeting to consider this matter is tentatively scheduled for some time during the 4th quarter, with the exact timing dependent on the SEC's review of the necessary filings.

 

The Company will file an Information Statement with the SEC that describes the reverse stock split in greater detail, with such Information Statement addressing other corporate actions as well such as reelection of the Company's officers and directors and approval of an Employee Stock Option Plan. Upon SEC approval, the Company will mail a copy of the Information Statement to all stockholders of record announcing the special meeting.

 

Brandon Toth, Endeavor's President and chief executive officer, stated, "It is the opinion of the Company's Board of Directors that a reverse stock split is in the best interests of the stockholders as it will allow the Company to more aggressively pursue potential oil and gas acquisitions, or even to consider possible merger candidates."

 

The announcement of the proposed reverse stock split described above is not a solicitation of a proxy. The Company will hold a special meeting of stockholders to vote on the transaction. Prior to the meeting, the Company will mail to the Company's stockholders an Information Statement that will contain important information regarding the meeting and the transaction, including, among other things, the recommendation of the Company's Board of Directors regarding the transaction. Stockholders of the Company are advised to read the materials. Copies of the Information Statement materials, and any amendments or supplements thereto, will be available without charge at the SEC's website.

 

SUNESIS PHARMACEUTICALS INCORPORATED (NASDAQ: SNSS)

"Up 6.74% in morning trading"

 

Detailed Quote: http://www.otcpicks.com/quotes/SNSS.php 

 

Sunesis is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the treatment of solid and hematologic cancers. Sunesis has built a highly experienced cancer drug development organization committed to advancing its lead product candidate, voreloxin, in multiple indications to improve the lives of people with cancer.

 

SNSS News:

 

November 5 - Sunesis' Voreloxin Receives FDA Orphan Drug Designation for Acute Myeloid Leukemia

 

Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) announced that the U.S. Food and Drug Administration has granted voreloxin orphan drug designation for the treatment of acute myeloid leukemia (AML). Sunesis is currently conducting two Phase 2 clinical trials of voreloxin in AML: a single-agent study, known as REVEAL-1, of voreloxin in newly diagnosed elderly AML patients unlikely to benefit from standard induction chemotherapy and a study evaluating voreloxin in combination with cytarabine in relapsed/refractory AML.

 

"This designation recognizes the acute need for more options in treating this poor-prognosis disease," stated Steven B. Ketchum, Ph.D., Senior Vice President of Research and Development at Sunesis. "We believe voreloxin has the potential to impact the standard of care for AML and we continue to be encouraged by our progress. We are finalizing a registration strategy for voreloxin in AML and anticipate launching a pivotal trial in 2010."

 

Orphan drug designation is granted by the FDA Office of Orphan Drug Products to novel drugs or biologics that treat a rare disease or condition affecting fewer than 200,000 patients in the U.S. The designation provides eligibility for a seven-year period of market exclusivity in the United States after product approval and an exemption from user fees.

 

ABOUT VORELOXIN

 

Voreloxin is a first-in-class anticancer quinolone derivative, or AQD, a class of compounds that has not been used previously for the treatment of cancer. Voreloxin both intercalates DNA and inhibits topoisomerase II, resulting in replication-dependent, site-selective DNA damage, G2 arrest and apoptosis. Voreloxin is currently being evaluated in a Phase 2 clinical trial (known as the REVEAL-1 trial) in previously untreated elderly AML patients and in a Phase 1b/2 clinical trial combining voreloxin with cytarabine for the treatment of patients with relapsed/refractory AML, as well as in an ongoing Phase 2 single-agent trial in platinum-resistant ovarian cancer.

 

ABOUT ACUTE MYELOID LEUKEMIA

 

AML is a rapidly progressing cancer of the blood characterized by the uncontrolled proliferation of immature blast cells in the bone marrow. The Leukemia and Lymphoma Society estimates that nearly 13,000 new cases of AML will be diagnosed and approximately 9,000 deaths from AML will occur in the U.S. in 2009. AML is generally a disease of older adults, and the median age of a patient diagnosed with AML is about 67 years. A majority of elderly patients are not considered candidates for standard induction therapy or decline therapy, resulting in an acute need for new treatment options.

 

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Disclosure: OTCPicks.com has been compensated ten thousand dollars by the company for a current BMGP advertising and promotional services. OTCPicks has been compensated ten million free trading shares from a non-controlling third Party (Microcap Management) for DVME advertising and promotional services. OTCPicks has been compensated seven thousand five hundred dollars from a non-controlling third party (BlueWave Advisors) for AMNP advertising and promotional services. OTCPicks.com has been compensated seven thousand five hundred dollars by a third party for BMGP advertising and promotional services. OTCPicks.com has been compensated six thousand five hundred dollars by a third part (Ladasa Inc.) for a two-week PAYI advertising and promotional program. OTCPicks.com has been compensated two hundred thousand free trading shares by a third party (Microcap Management) for JAGR advertising and promotional services. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. OTCPicks.com is a website partially owned by BlueWave Advisors, LLC, a financial public relations firm. BlueWave Advisors, LLC, its principal and/or its affiliates will hold positions in the company profiled and may buy or sell securities at any time without notice.