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Palatin Technologies (AMEX: PTN) $0.20. Today announced positive results of a Phase 1 clinical trial of subcutaneously administered bremelanotide, its melanocortin agonist drug candidate for treatment of male erectile dysfunction (ED) and female sexual dysfunction (FSD). The results demonstrate that with subcutaneous administration consistent therapeutic blood plasma levels can be obtained without sustained clinically significant blood pressure effects and support the continued development of bremelanotide.
As part of the analysis of the effects of bremelanotide on blood pressure, the Company engaged an independent panel of cardiovascular experts to evaluate both study results and an integrated cardiovascular safety analysis conducted on data from completed bremelanotide studies. Based on recommendations from the outside panel and its own internal review, Palatin intends to engage the Food and Drug Administration (FDA) in discussions regarding clinical trial designs to further study bremelanotide for the treatment of sexual dysfunction.
What They Do: Palatin Technologies, Inc. is a biopharmaceutical company dedicated to the development of peptide, peptide mimetic and small molecule agonists with a focus on melanocortin and natriuretic peptide receptor systems.
eMagin Corporation (AMEX: EMAN) $3.00. Today announced that it will be awarded a subcontract by ITT Corporation for supply of display beam combiner assemblies (DBCA), including eMagin’s OLED-XL microdisplays. The U.S. Army awarded a contract to ITT’s Night Vision & Imaging business units a contract for the Spiral Enhanced Night Vision Goggle (SENVG). The firm-fixed-price contract has a potential value of $260.7 million. eMagin’s subcontract would have a potential value of $15.2 million.
"This is an important award for eMagin as it proves that the U.S. Army is ready to qualify the low power, high contrast and wide temperature operation advantages of our active matrix OLED technology for the ENVG program," commented Mr. Andrew Sculley, the Company's president and chief executive officer. "We are pleased to be able to help reduce the power requirements for the SENVG with low-power OLED microdisplays."
The SENVG incorporates the 18 mm image intensifier tube, utilizes several qualified ENVG subassemblies, including the DBCA from eMagin and is powered by 3 AA batteries, which reduces the logistics burden and gives the customer an estimated $130 million savings over the product’s life cycle. Through various system enhancements the SENVG has a digital upgrade capability that will allow the goggle to export fused imagery for transmission via battlefield networks.
What They Do: A leader in OLED microdisplay technology and personal display systems, eMagin integrates high-resolution OLED microdisplays with magnifying optics to deliver virtual images comparable to large-screen computer and television displays in portable, low-power, lightweight personal displays.
Orchid Cellmark (Nasdaq: ORCH) $1.52. Today announced it has been awarded two-year extensions to contracts previously awarded under the North West/South West and Wales regional forensic tender process in the U.K. Total estimated annual value of the combined contracts is approximately (U.S.) $10 million (at the current foreign exchange rate).
These forensic testing contracts encompass three areas: Delivery of a comprehensive casework service involving the provision of a range of forensic analytical techniques; DNA testing of crime scene samples for submission to the National DNA Database; and DNA testing of samples taken from arrestees (PACE samples -- taken under the Police and Criminal Evidence Act).
In total, Orchid Cellmark was awarded work from nine U.K. police forces involved in this tender: Avon & Somerset, Cumbria, Devon & Cornwall, Dorset, Dyfed Powys, Greater Manchester, Lancashire, Merseyside, and North Wales police. The contracts, initially awarded in April 2008 for three years, now extend until 2013.
What They Do: Orchid Cellmark is a leading international provider of DNA testing primarily for forensic and family relationship applications.
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