On Wednesday, Shares of Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR), gained 1.06% to $8.60.
Brazil’s state-controlled oil company Petroleo Brasileiro SA abandoned exploration at the Caramba prospect in a deepwater region that holds the country’s biggest discoveries, according to Bloomberg.
Petrobras has returned the BM-S-21 concession, where Caramba is located, to Brazil’s National Petroleum Agency, the Rio de Janeiro-based producer said in an e-mail Wednesday. The company operated the concession in the so-called pre-salt region with an 80 percent stake. Galp Energia SGPS SA was its partner with a 20 percent stake.
The decision to return the area underscores how exploration in the deepwater region where Petrobras has had its most success finding and producing oil still carries risks. Output at pre-salt fields, which are deposits trapped below a layer of salt in the Atlantic seabed, has surged to more than 800,000 barrels a day, about a third of Brazil’s total output, since extraction started in 2010.
Petrobras returned the concession on April 29 after finishing evaluations, the company said in the e-mail, without disclosing the reasons for the decision. Bloomberg Reports.
Petróleo Brasileiro S.A. Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
Shares of Galena Biopharma, Inc. (NASDAQ:GALE), inclined 11.97% to $1.59, during its last trading session.
Galena Biopharma, declared two abstract publications at the American Society of Clinical Oncology (ASCO) 2015 Annual Meeting.
GALE-301
GALE-301 (E39) is a cancer immunotherapy targeting folate binding protein receptor-alpha to prevent ovarian and endometrial cancer recurrence in the adjuvant setting. In abstract #e14031, entitled, “Preliminary Results of the Phase I/IIa Dose Finding Trial of a Folate Binding Protein Vaccine (E39+GM-CSF) in Ovarian and Endometrial Cancer Patients to Prevent Recurrence,” data show that GALE-301 is well tolerated and elicits a strong and dose-dependent in vivo immune response. The trial is designed as a safety and dose optimization trial and is not powered for a disease free survival efficacy endpoint. However, early efficacy results from the trial are promising in the 1000 mcg dose cohort. Of the 51 patients enrolled in the trial, 29 were in the vaccinated group (15 patients at 1000 mcg vs. 14 patients at <1000 mcg) and 22 were in the control group. With 9.8 months median follow-up, the 1000 mcg dose group had only one clinical recurrence vs 11 in the vaccine group (6.7% vs. 50% CG, p = 0.01). Combining all dose groups, the complete response (CR) rate was 38% in the vaccine group vs. 50% in the control group (p = 0.41). Presently, the estimate for disease free survival at two years is 85.7% (1000 mcg dose group) vs. 19.2% for the control group (p = 0.09), for a 78% reduction in relative risk of recurrence.
Galena Biopharma, Inc., a biopharmaceutical company, focuses on developing and commercializing oncology therapeutics that address major unmet medical needs across cancer care. Its commercial products comprise Abstral, a sublingual tablet that is used for the administration of breakthrough pain in patients with cancer; and Zuplenz, an oral soluble film for use in the prevention of emetogenic chemotherapy-induced, radiotherapy-induced, and post-operative nausea and vomiting.
At the end of Wednesday’s trade, Shares of EMC Corporation (NYSE:EMC), gained 1.52% to $26.69.
EMC Corporation, declared that the Company’s Board of Directors has declared a quarterly cash dividend of $0.115 per common share. The dividend will be payable on July 23, 2015 to shareholders of record as of July 1, 2015.
EMC Corporation develops, delivers, and supports information infrastructure and virtual infrastructure technologies, solutions, and services. It offers enterprise storage systems and software deployed in storage area networks (SAN), networked attached storage (NAS), unified storage combining NAS and SAN, object storage, and/or direct attached storage environments, in addition to provides a portfolio of backup products that support a range of enterprise application workloads.
Finally, Fifth Third Bancorp (NASDAQ:FITB), ended its last trade with 0.93% gain, and closed at $20.61.
Fifth Third Bancorp, will present at the Deutsche Bank 2015 Global Financial Services Investor Conference on Tuesday, June 2, 2015 at about 10:15 AM (ET).
Tayfun Tuzun, executive vice president and chief financial officer will represent Fifth Third.
Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through four segments: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
