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OTCPicks.com: OTCPicks.com Stocks to Watch for Friday, September 26th
EDIG, ANPI, PCOP
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:26092008
Our Stocks to Watch tomorrow include e.Digital Corp. (OTCBB: EDIG),
Angiotech Pharmaceuticals Inc. (NASDAQ: ANPI) and Pharmacopeia Corp.
(Nasdaq: PCOP).
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Digest Newsletter, and Email Stock Watch Alerts.
E DIGITAL CORPORATION (OTCBB: EDIG) "Up 51.00% on Thursday"
Detailed Quote: http://www.otcpicks.com/quotes/EDIG.php
e.Digital is a leading innovator of dedicated portable entertainment
systems. e.Digital also owns and is pursuing the monetization of its
Flash-R(TM) portfolio of flash memory-related patents. e.Digital was
the first company to employ and patent important aspects of the use of
removable flash memory in portable recording devices.
EDIG News:
September 25 - e.Digital Announces First Flash-R Patent Portfolio
License and Settlement Agreement
Company Also Cross-Licenses Multimedia-Related Patents
e.Digital Corporation (OTCBB: EDIG), a leading technology innovator of
dedicated portable entertainment systems and patented flash
memory-related technology announced that a major electronics
manufacturer has purchased the first license for its Flash-R(TM) patent
portfolio. Under the terms of the confidential licensing and settlement
agreement, e.Digital is receiving a one-time licensing fee and
cross-license rights to certain patents covering multimedia-related
products.
e.Digital's Flash-R patent portfolio covers certain aspects of the use
of flash memory, addressing today's large and growing portable
electronics products market. The Company unveiled the first portable
recorder with removable flash memory in 1993 and believes its patent
portfolio to be essential to many consumer electronics products that
utilize flash memory including cell phones, digital cameras,
camcorders, PDA's and other popular devices. In September 2007 and
March 2008, the Company filed its first Flash-R portfolio patent
infringement litigation against eight defendants.
"We are very pleased to have entered into what we believe will be the
first of many Flash-R patent portfolio licensing agreements," said
Robert Putnam, senior vice president of e.Digital Corporation.
ANGIOTECH PHARMACEUTICALS INCORPORATED (NASDAQ: ANPI) "Up 25.81% on
Thursday"
Detailed Quote: http://www.otcpicks.com/quotes/ANPI.php
Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical
and medical device company with over 1,500 dedicated employees.
Angiotech discovers, develops and markets innovative treatment
solutions for diseases or complications associated with medical device
implants, surgical interventions and acute injury.
ANPI News:
September 25 - Angiotech's corporate partner, Boston Scientific,
announces FDA approval of TAXUS Express(2) Atom Stent System, first
drug-eluting stent for small vessels
Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI) (TSX: ANP)
("Angiotech"), a global specialty pharmaceutical and medical device
company, reported that its corporate partner, Boston Scientific
Corporation (NYSE: BSX), has received U.S. Food and Drug Administration
(FDA) approval to market its TAXUS Express(2)(TM) Atom(TM)
Paclitaxel-Eluting Coronary Stent System. The TAXUS Express Atom Stent
is a highly deliverable drug-eluting stent (DES) specifically designed
for treating small coronary vessels. It is the only DES approved by the
FDA for use in vessels as small as 2.25 mm in diameter. BSC plans to
launch the product immediately.
"The TAXUS Express Atom Stent will provide better options for U.S.
patients with coronary artery disease in small vessels," said Gregg
Stone, M.D., Chairman of the Cardiovascular Research Foundation and
Professor of Medicine at Columbia University Medical Center, and
Principal Investigator of the TAXUS IV and V clinical trials. "This is
a welcome addition to the range of available drug-eluting stents, since
patients with small vessels who are currently treated with bare-metal
stents experience high rates of restenosis. In the TAXUS V clinical
trial, the TAXUS Express Atom Stent significantly reduced the chance of
restenosis and the need for repeat procedures compared to bare-metal
stents, in patients with small vessel disease."
"We congratulate Boston Scientific on further expanding the paclitaxel
DES portfolio to help interventional cardiologists address the unmet
needs of patients suffering from small vessel disease," said Dr.
William Hunter, President and CEO of Angiotech. "We believe this
approval reflects the progress Boston Scientific is making towards
resolving the issues outlined two years ago in the Corporate Warning
Letter," he added.
Currently the leading drug-eluting stents worldwide, TAXUS Stent
Systems have been evaluated by the industry's most extensive
randomized, controlled clinical trial program, as well as studied in
more than 35,000 real-world patients enrolled in post-approval
registries. To date, approximately 4.6 million TAXUS Stents have been
implanted worldwide.
PHARMACOPEIA INCORPORATED (NASDAQ: PCOP) "Up 24.37% on Thursday"
Detailed Quote: http://www.otcpicks.com/quotes/PCOP.php
Pharmacopeia is a clinical development stage biopharmaceutical company
dedicated to discovering and developing novel small molecule
therapeutics to address significant medical needs. The company has a
broad portfolio of clinical and preclinical candidates under
development internally or by partners including nine clinical compounds
in Phase 2 or Phase 1 development addressing multiple indications
including diabetic nephropathy, muscle wasting and inflammation. The
company is leveraging its fully integrated drug discovery platform to
sustain the growth of its development pipeline. Pharmacopeia has
established strategic alliances with major pharmaceutical and
biotechnology companies, including Bristol-Myers Squibb, Celgene,
Cephalon, GlaxoSmithKline, Schering-Plough and Wyeth Pharmaceuticals.
PCOP News:
September 24 - Ligand to Acquire Pharmacopeia for Stock and Contingent
Value Rights
Acquisition Would Result in Well Capitalized Company with Robust
Royalty Assets and Broad Research Pipeline
Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) announced that it
has entered into a definitive merger agreement to acquire Pharmacopeia
(Nasdaq: PCOP), in a deal valued up to $70 million. The transaction is
structured as a stock-for-stock exchange and in addition, Pharmacopeia
stockholders will be entitled to a Contingent Value Right ("CVR"). The
CVRs will entitle holders under certain circumstances to a cash payment
of an aggregate of $15 million for all Pharmacopeia stockholders.
"We are very excited about combining Pharmacopeia with Ligand," said
John L. Higgins, President and Chief Executive Officer of Ligand
Pharmaceuticals. "Ligand stockholders will gain access to numerous
royalty partnerships, additional pipeline assets, drug discovery
resources and cash and NOLs. Pharmacopeia's shareholders will receive a
substantial amount of equity in a well capitalized company with
lucrative potential royalties, an expanded pipeline and financial
liquidity. We are committed to running a company that has a broad array
of royalty assets and pipeline programs, backed by a strong balance
sheet and staunch spending discipline. This is a unique opportunity for
Ligand and Pharmacopeia shareholders. Both companies have similar
growth strategies, and our respective drug discovery platforms are a
great marriage of biology and chemistry resources. The acquisition of
Pharmacopeia will complement and accelerate our product development
programs, strengthen our research capability and increase our potential
royalty streams."
Joseph A. Mollica, Ph.D., Chairman of the Board and Interim President
and Chief Executive Officer of Pharmacopeia, stated, "Pharmacopeia's
portfolio of programs is an excellent complement to Ligand's pipeline
and over the next decade we believe the combined company will have
important product introductions. On behalf of our Board, I would like
to thank all of our employees for the dedication they have shown in
pursuit of our scientific goals and the value they have created for our
shareholders. We are excited about this transaction and look forward to
sharing in the potential upside of the combined businesses by joining
forces with a strong company like Ligand."
Details of the Proposed Transaction
Under the terms of the agreement, Ligand will issue approximately 17.5
million shares, subject to adjustment for Pharmacopeia options at
closing, or 0.58 shares for each outstanding Pharmacopeia share such
that current Ligand stockholders would own approximately 84% of the
combined company and Pharmacopeia stockholders would own approximately
16%.
This exchange ratio is based on closing prices of Ligand shares between
$3.00 and $3.75 for a period prior to the closing date and based on
Ligand's closing price on September 24, 2008 of $3.12 implies a
purchase price of $1.81 per common share of Pharmacopeia, or an equity
value of approximately $55 million and a premium over today's closing
price of Pharmacopeia of 52%. These values exclude a potential for
approximately $0.50 per share or an aggregate of $15 million related to
the CVR.
The transaction includes a collar that provides for a fixed exchange
ratio within a stock price range of Ligand stock of $3.00 and $3.75. At
prices between $3.75 and $4.50, value is fixed at $66 million. At
prices above $4.50, the exchange ratio is fixed at 0.49. At prices
below $3.00, value is fixed at $52.8 million, including some cash
contribution at prices below $2.93 and above $2.38. Below $2.38 the
consideration is fixed at 0.60 shares and $10 million in cash in the
aggregate and at prices equal or less than $1.65 Pharmacopeia has the
right to terminate the agreement.
In addition, the Pharmacopeia stockholders will receive Contingent
Value Rights (CVRs) under which they could receive an aggregate $15
million cash payment if Ligand enters into a license, sale,
development, marketing or option agreement with respect to its DARA
program by December 31, 2011. The CVRs will not be transferable.
The transaction is expected to close by the first quarter of 2009 and
is subject to the approval of Pharmacopeia stockholders and antitrust
regulatory clearance, as well as other customary closing conditions.
The transaction is intended to qualify as a tax-free reorganization.
ABOUT LIGAND PHARMACEUTICALS
Ligand discovers and develops new drugs that address critical unmet
medical needs of patients with thrombocytopenia, hepatitis C,
hormone-related diseases, osteoporosis, inflammatory diseases and
anemia. Ligand's proprietary drug discovery and development programs
are based on its leadership position in gene transcription technology.
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