Stocksource.us brings you all the Stocks in the News: SOKO Fitness & Spa Group, Inc. (OTCBB: SOKF), Aradigm Corporation (OTCBB: ARDM.OB), Genta Incorporated (OTCBB: GETA), Access Plans, Inc. (OTCBB: APNC), EGPI Firecreek, Inc. (OTCBB: EFIR)
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SOKO Fitness & Spa Group, Inc. (OTCBB: SOKF)
HARBIN, China, May 13 -- SOKO Fitness & Spa Group, Inc. (OTC Bulletin Board: SOKF) ("SOKO"), an operator of fitness centers, beauty salons and spas in Northeast China as well as suburban Beijing, today announced that it has completed construction of its first spa facility in suburban Beijing, the Lea Spa Xishan Club, located in the Xishan section of Beijing's Haidian district. Pre-opening activities for Lea Spa Xishan Club are already underway, with initial spa and salon clients having pre-paid for services at this facility.
Lea Spa Xishan Club, which the company has previously disclosed was under construction, is scheduled to open on May 15, 2010. The 15,000 square foot facility is located in a high-end residential and recreational development in the Xishan section of Haidan. The spa features 13 treatment rooms, and will be offering a full range of high-end beauty and aesthetic treatments, similar to SOKO's existing spa and salon facilities in Harbin and Shenyang, China.
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Aradigm Corporation (OTCBB: ARDM.OB)
HAYWARD, Calif.—May 13-- Aradigm Corporation (OTC BB: ARDM.OB) (the "Company") today announced financial results for the first quarter and three months ended March 31, 2010.
Total revenue was $4.0 million for the first quarter of 2010, compared with zero revenue for the first quarter of 2009. Revenue for the first quarter of 2010 reflects the receipt of the milestone payment due from Zogenix, Inc. upon the first U.S. sale of SUMAVEL* DosePro* needle-free delivery system for treatment of acute migraine and cluster headaches.
We anticipate recording recurring royalty revenue beginning with the three months ending September 30, 2010 since the terms of our asset sale agreement with Zogenix provides for royalty payments to be based on cash received by Zogenix on their product sales and there is a sixty day lag following the end of the quarter in royalty reporting. We have been informed by Zogenix that wholesalers distributing the SUMAVEL DosePro product were given net 90 day payments terms for the first quarter sales, resulting in the effective delay of first quarter 2010 royalties until the second quarter 2010 royalty payment due in late August 2010. After the first quarter of 2010, the payment terms for wholesalers reverted to net 30 days.
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Genta Incorporated (OTCBB: GETA)
BERKELEY HEIGHTS, N.J.—May 13-- Genta Incorporated (OTCBB: GETA) today announced financial results for the quarter ended March 31, 2010. Corporate highlights for the quarter included:
-- Closed financing of convertible debt and warrants
-- Initiated confirmatory Phase 2b trial of tesetaxel in 2nd-line gastric
cancer
-- Initiated new clinical trial of tesetaxel using weekly dosing schedule
-- Survival followup continued in AGENDA Phase 3 trial of Genasense(R) in
advanced melanoma; completion expected Q1 2011
-- Multiple abstracts accepted for ASCO presentations June 2010
Financial Results
The net loss for the quarter ended March 31, 2010 was $(166.6) million, or $(0.76) per share, compared with a net loss of $(11.1) million, or $(0.64) per share, for the first quarter of 2009. At March 31, 2010, Genta had cash and cash equivalents totaling $19.6 million compared with $1.2 million at December 31, 2009. Net cash used in operating activities through March 31, 2010 was $2.3 million.
As previously reported, in March 2010, the Company closed on a financing, whereby it issued $25 million of units consisting of $20 million of various senior unsecured convertible notes, $5 million of senior secured convertible notes and warrants to purchase additional senior unsecured convertible notes of $10.0 million. The Company had direct access to $20 million of the proceeds, and the remaining $5 million of the proceeds were placed in a blocked account as collateral security for the $5 million of secured notes. Also in March 2010, three investors who had participated in our April 2009 financing, exercised their rights to acquire convertible notes of $0.9 million. There was an insufficient number of authorized shares of common stock in order to permit conversion of all of the notes and warrants associated with these transactions. Accordingly, the conversion obligation for the notes and warrants were classified as liabilities and measured at fair value on the balance sheet, resulting in a total non-cash expense of $153.8 million for the first quarter of 2010. The conversion feature liabilities and the warrant liabilities will be accounted for using mark-to-market accounting at each future reporting date until all the criteria for permanent equity have been met. The Company has filed a proxy with the Securities and Exchange Commission that seeks authorization from Genta's stockholders to authorize the Board of Directors to effect a reverse stock split that would among other effects provide sufficient equity to meet the permanent equity criteria.
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Access Plans, Inc. (OTCBB: APNC)
NORMAN, OK-- 05/13/10 -- Access Plans, Inc. (OTCBB: APNC), a leading membership and insurance marketing company, today announced financial results for its fiscal 2010 second quarter ended March 31, 2010. The results reflect the Company's acquisition of Access Plans USA, Inc., completed on April 1, 2009.
Revenues for the fiscal 2010 second quarter increased to $13.5 million compared to $5.9 million in the prior-year period in large part as a result of the acquired Access Plans USA operations in April of 2009. Operating income increased 86% to $1.3 million versus $0.7 million in the prior-year period, which reflected the impact of the acquired Access Plans USA operations and organic growth.
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EGPI Firecreek, Inc. (OTCBB: EFIR)
SCOTTSDALE, AZ -- 05/13/10 -- EGPI Firecreek, Inc. (OTCBB: EFIR) is pleased to announce its West Texas Three Well Program with Whitt Oil and Gas is online with the McWhorter well. The Company's successful operation and production of oil and gas will now ramp up the operations of its wholly owned subsidiary, Energy Producers, Inc.
Whitt Oil & Gas, Inc., the Company's operator for its West Texas Three Well Program, has completed and begun production of both oil and gas on the McWhorter well this week. The well is continuing to improve oil and gas production as the hydraulic stimulation (FRAC) fluid is continuously being pumped off. Production levels for the McWhorter well will be closely monitored and evaluated over the next several days but early indications show better than expected production levels. The company is also pleased to report most of the rehabilitation work on its second well, the Young well, has been completed and it is expected to be online and producing within the week. The Whitt Oil & Gas Operating team has now headed out to the Boyett well, the last well for its three well work program, and expects the well to be completed, online, and producing within the next two weeks. Final completion of the Boyett well will be subject to standard job risks and weather conditions. Operations report that the initial oil and gas recovered during all rehabilitation work has been consistent with commercial expectations.
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