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Arena Pharmaceuticals (Nasdaq: ARNA) $2.04. Today announced along with Eisai Inc. announced today the completion of an end-of-review meeting with the US Food and Drug Administration (FDA) for the lorcaserin New Drug Application (NDA).
"The meeting discussions reinforce our position that we have a path forward to seek FDA approval of lorcaserin," said Jack Lief, Arena's President and Chief Executive Officer. "Based on guidance we have received from the agency, we are executing several activities and expect to resubmit the lorcaserin NDA by the end of 2011. As we continue discussions with the FDA to refine elements of our plan, we may identify ways to shorten this timeline. We will provide more details about our plan on the conference call and webcast this morning."
Arena submitted an NDA for lorcaserin to the FDA in December 2009, and the FDA issued a Complete Response Letter (CRL) in October 2010. In the CRL, the FDA outlined non-clinical and clinical reasons for its decision and provided recommendations relating to addressing such issues. The end-of-review meeting with the FDA included a discussion of the FDA's position on issues identified in the CRL and Arena's plan to respond.
What They Do: Arena is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors, an important class of validated drug targets, in four major therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases.
American Power Corp. (OTCBB: AMPW) $1.45. Announced last week an update on its funding activities during 2010. In September 2010, American Power closed a financing agreement for total gross proceeds of $10 million through a 2.5-year stock issuance agreement with a European institutional investor (refer to press release dated September 14, 2010). The agreement includes a warrant component that could provide an additional $10 million to American Power over the coming years. During 2010, we received a total of $1.1 million from this institutional investor, of which $500,000 were received in virtue of this financing agreement. The Company still has $9.5 million available under this agreement, which it intends to use to fund its operations in the upcoming years.
"The funding received to date has been primarily used to kick-start the exploration and development of the Pace Coal project. This financing agreement will be key for us going forward as it provides the necessary funding to advance our flagship project, as well as to seek and acquire additional properties of merit to our portfolio," stated Al Valencia, CEO of American Power. "We continue to advance towards our ultimate goal of taking the Pace Coal project back into production, for the benefit of Montana, America and our shareholders," added Mr. Valencia.
What They Do: American Power Corp. is a publicly traded, dynamic energy company based in Denver, Colorado. The Company was established with the focus of acquiring near-term, large-scale coal projects in close proximity to national transportation links. American Power envisions developing its large coal resources to support electricity generation.
American Power is a member of the Montana Mining Association, and holds approximately 29,000 acres in Judith Basin County, Montana. The estimated resources in place, based on exploration work conducted by Mobil Oil Co. (now ExxonMobil Corp.), in several independent studies, range from 172 million up to 410+ million tons of high volatile bituminous B coal.
Mainland Resources (OTCBB: MNLU) $0.53. Today announced preliminary results from its Ryder Scott Company Petroleum Consultants analysis of Hosston and Cotton Valley reserves at its East Holly Field in De Soto Parish, Louisiana. Based on SEC guidelines and pricing as of December 2010, Ryder Scott reports Net Possible Undeveloped Reserves of 60 Bcf of gas and 226,000 barrels of condensate. The Company anticipates receiving the formal reserve report in final format within the next two weeks.
Nick Atencio, Mainland CEO states, "Mainland is pleased with the results of the reserves assessment of our East Holly acreage. As the area surrounding our acreage continues to be developed in the Cotton Valley and Hosston intervals, we have retained key acreage allowing us the maximum flexibility and leverage."
"Also, as the industry's interest in the potential of the Bossier interval is heating up in this area, we have the potential to realize upside reserves and value that has not been included in the current reserve report," Atencio adds.
What They Do: Mainland Resources, Inc. is engaged in the exploration of oil and gas resources. The Company's current initiatives are focused on the acquisition and development of acreage in emerging and early developing oil and gas regions with the potential for material discoveries.
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