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Ceradyne (Nasdaq: CRDN) $25.01. Today announced that it has received a delivery order for approximately $56.3 million for ESAPI (Enhanced Small Arms Protective Insert) ceramic body armor plates. Ceradyne will begin shipping this ESAPI production release late this year with full shipment expected to be completed late in first quarter 2011.
The release was issued under the $2.37 billion ID/IQ (Indefinite Delivery / Indefinite Quantity) contract originally issued in October 2008 and scheduled to expire in September 2013. There is a balance of approximately $2.2 billion remaining on the ID/IQ contract. Ceradyne's practice is to only book firm delivery orders such as the above $56.3 million as backlog for scheduled delivery.
David P. Reed, Ceradyne President, North American Operations, commented: "We are extremely pleased to have been awarded this ESAPI contract. We anticipate meeting the government's quality and delivery requirements with this delivery order shipped complete in Q1 2011."
What They Do: Ceradyne develops, manufactures, and markets advanced technical ceramic products and components for defense, industrial, automotive/diesel, and commercial applications. In many high performance applications, products made of advanced technical ceramics meet specifications that similar products made of metals, plastics or traditional ceramics cannot achieve.
Isis Pharmaceuticals (Nasdaq: ISIS) $9.95. Today announced along with Xenon Pharmaceuticals a new collaboration to discover and develop antisense drugs as novel treatments for the common disease anemia of inflammation (AI).
Under the terms of the agreement, Isis will receive an undisclosed upfront payment in the form of a convertible promissory note from Xenon to discover and develop antisense drugs to the targets hemojuvelin and hepcidin. Upon the identification of a development candidate, Xenon has the option to exclusively license the development and worldwide commercialization rights for these antisense drugs from Isis. In addition to license and option fees, Isis will be eligible to receive development and commercial milestones and royalties on sales of drugs licensed to Xenon under the collaboration as well as a portion of sublicense revenue.
What They Do: Isis is exploiting its expertise in RNA to discover and develop novel drugs for its product pipeline and for its partners.
NetSol Technologies (Nasdaq: NTWK) $1.43. Today announced that it has signed an agreement worth over $2 million to implement its entire NetSol Financial Suite solution, including its Wholesale and Retail platforms, with the captive finance arm of a major auto manufacturer in China. The client company is a planned joint venture between a leading Chinese auto manufacturer and a major European bank. NetSol expects to begin implementing its NFS(TM) solution for the client in early December 2010.
"This new contract improves our financial clarity for the second quarter of fiscal 2011, adds to our strong and growing sales backlog for the rest of the fiscal year, and continues our streak of new clients in China," commented Naeem Ghauri, President and Head of Global Sales at NetSol. "NFS(TM) continues to dominate the market for software solutions and services within China's finance and leasing segments, where we are achieving unprecedented growth compared to other regional markets. NetSol management recently reviewed its China strategy and has committed significant new resources to further its push into key market segments within the nation's auto, consumer leasing, and big-ticket financial leasing industries. This new win provides another potential reference point for attracting future high-profile clients and further establishes the maturity of NFS(TM) within the Chinese market."
What They Do: NetSol Technologies is a worldwide provider of global IT and enterprise application solutions.
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