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Eli Lilly and Company (NYSE: LLY) $33.12, and Alnara Pharmaceuticals, today announced they have signed a definitive merger agreement whereby Lilly will acquire Alnara, a privately held biotechnology company developing protein therapeutics for the treatment of metabolic diseases. Alnara's lead product in development is liprotamase, a non-porcine pancreatic enzyme replacement therapy (PERT). Liprotamase is under review by the U.S. Food and Drug Administration for the treatment of exocrine pancreatic insufficiency (EPI). Causes of EPI include cystic fibrosis, chronic pancreatitis, pancreatectomy and other conditions.
Patients with pancreatic insufficiency cannot properly digest and absorb fat, protein, and carbohydrates -- preventing adequate nutrient absorption. PERT is a treatment involving the administration of three pancreatic enzymes. EPI often is associated with cystic fibrosis, a life-threatening genetic disorder.
What They Do: Lilly, a leading innovation-driven corporation, is developing a growing portfolio of pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations.
Apple (Nasdaq: AAPL) $248.48. Today announced in aletter that the iPhone 4 can drop 4 or 5 bars when tightly held in a way which covers the black strip in the lower left corner of the metal band. This is a far bigger drop than normal, and as a result some have accused the iPhone 4 of having a faulty antenna design.
We were stunned to find that the formula we use to calculate how many bars of signal strength to display is totally wrong. Our formula, in many instances, mistakenly displays 2 more bars than it should for a given signal strength. For example, we sometimes display 4 bars when we should be displaying as few as 2 bars. Users observing a drop of several bars when they grip their iPhone in a certain way are most likely in an area with very weak signal strength, but they don't know it because we are erroneously displaying 4 or 5 bars. Their big drop in bars is because their high bars were never real in the first place.
What They Do: Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions.
Northgate Minerals (NYSE: NXG) $2.95. Today announced that it has received notice from the Ontario Ministry of Northern Development, Mines and Forestry ("MNDMF") of acceptance of the Closure Plan for the Young-Davidson Mining Project. Acceptance of the Closure Plan allows Northgate to commence construction and development of the Young-Davidson mine, which is forecast to produce an average of 180,000 ounces of gold per year at a cash cost of $350 per ounce over a 15-year mine life starting in 2012.
Ken Stowe, President and CEO, commented: "We are extremely pleased that our Closure Plan has been accepted by the MNDMF and we will be proceeding with construction of the Young-Davidson mine as soon as the appropriate resources have been mobilized. Young-Davidson is an important project for northern Ontario, providing significant economic and social benefits for the local and surrounding communities. We look forward to breaking ground in early August, with advanced preparatory work having positioned us well to achieve our key scheduled objectives. In addition to the work that is underway at site, our exploration team has already completed over 11,600 metres of diamond drilling this year and results to date indicate the strong potential for us to expand the current 2.8 million ounce reserve."
What They Do: Northgate Minerals Corporation is a gold and copper producer with mining operations, development projects and exploration properties in Canada and Australia.
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