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Science Applications International (NYSE: SAI) $15.92. Today announced it has been awarded a Basic Ordering Agreement (BOA) to provide research and development support to the Naval Surface Warfare Center (NSWC) Crane Division. The multiple award BOA has a five-year period of performance and is valued at $49 million for all awardees. Work will be performed in Crane, Ind. and at contractor facilities as required.
The Crane Division is one of five divisions of NSWC which maintains a full spectrum of research, development, acquisition, test and evaluation, and support capability for surface warfare combat and weapon systems and hull, mechanical, and electrical systems. It focuses on harnessing the power of technology for the warfigher by specializing in full lifecycle support. If awarded a contract under the BOA, SAIC will provide research and development support in areas including strategic systems, special operations hardware, electronic warfare, radar, energy and power systems, and defense security systems.
What They Do: SAIC is a FORTUNE 500 scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health.
Pharmasset (Nasdaq: VRUS) $26.81. Today announced it has received fast track designation from the U.S. Food and Drug Administration (FDA) for PSI-7977 for the treatment of chronic hepatitis C virus (HCV) infection. PSI-7977 is an oral uridine nucleotide analog polymerase inhibitor of HCV. Pharmasset recently completed dosing in a 28 day Phase 2a trial to evaluate PSI-7977 in combination with Pegasys (pegylated interferon) plus Copegus (ribavirin) in treatment-naive patients chronically infected with HCV genotype 1. Pharmasset expects to initiate a 12-week Phase 2b study of PSI-7977 in the fourth quarter of 2010.
Under the FDA Modernization Act of 1997, fast track designation may facilitate the development and expedite the review of a drug candidate that is intended for the treatment of a serious and life-threatening condition and demonstrates the potential to address an unmet medical need for such a condition. PSI-7977 was granted the fast track designation primarily due to the need for HCV treatments with novel mechanisms of action, oral administration, different resistance profiles and improved safety and efficacy over the existing standard of care for both treatment-naive and treatment-experienced patients.
What They Do: Pharmasset is a clinical-stage pharmaceutical company committed to discovering, developing, and commercializing novel drugs to treat viral infections.
Elizabeth Arden (Nasdaq: RDEN) $14.51. Today announced financial results for its fourth fiscal quarter and year ended June 30, 2010. For the quarter ended June 30, 2010, the Company reported net sales of $228.2 million, an increase of 7.4%, as compared to the fourth quarter of the prior fiscal year. Excluding the favorable impact of foreign currency translation, net sales increased by 7.2%.
Net income per diluted share for the fourth fiscal quarter ended June 30, 2010 was $0.08, as compared to a net loss per diluted share of $0.13 for the prior year period. Excluding expenses associated with the Company's Global Efficiency Re-engineering initiative and restructuring expenses, net income per diluted share for the three months ended June 30, 2010 was $0.13, as compared to a net loss per diluted share of $0.07 for the prior year period. A reconciliation between GAAP and adjusted results can be found in the tables and footnotes at the end of this press release.
What They Do: Elizabeth Arden is a global prestige beauty products company with an extensive portfolio of prestige beauty brands sold in over 100 countries.
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