On Friday, StemCells Inc (NASDAQ:STEM)’s shares inclined 2.78% to $0.740.
StemCells Inc (STEM) declared that it has enrolled its first subject in Cohort 2 of its Phase II Pathway Study. The study is designed to assess the efficacy of the Company’s proprietary HuCNS-SC(R) platform technology (purified human neural stem cells) for the treatment of cervical spinal cord injury. Cohort 2 will enroll 40 patients and forms the single-blinded controlled arm of the Phase II study. The primary efficacy outcome being tested in Cohort 2 is the change in motor strength of the various muscle groups in the upper extremities innervated by the cervical spinal cord.
The Pathway Study is the first clinical trial designed to evaluate both the safety and efficacy of human neural stem cells transplanted into the spinal cord of patients with cervical spinal cord injury. Traumatic injuries to the neck can damage the cervical spinal cord and result in impaired sensation and motor function of the arms, legs, and trunk, also referred to as quadriplegia. The trial has 3 cohorts. The primary Cohort is Cohort 2 which is being conducted as a randomized, controlled, single-blind Cohort and efficacy will be primarily measured by assessing motor function according to the International Standards for Neurological Classification of Spinal Cord Injury (ISNCSCI). The trial will follow the participants for one year and will enroll up to 52 subjects.
StemCells, Inc., a biopharmaceutical company, researches, develops, and commercializes cell-based therapeutics and related technologies for stem cell-based research and drug discovery and development. It engages in clinical development of its platform technology, HuCNS-SC, a purified human neural stem cells used as a potential treatment for disorders of the central nervous system.
Marsh & McLennan Companies, Inc. (NYSE:MMC)’s shares dropped -0.07% to $57.85.
GC Securities, a division of Marsh & McLennan Companies, Inc. (MMC) declared the placement of the Series 2015-1 Notes, with notional principal of USD 700,000,000, through the existing catastrophe bond shelf program, Alamo Re Ltd., to benefit the Texas Windstorm Insurance Association (“TWIA”). This is the largest 144A catastrophe bond accomplished to date in 2015 and the second time that TWIA has utilized the cat bond market to manage its tropical cyclone risks.
The two classes within the Series 2015-1 bonds are positioned alongside TWIA’s traditional reinsurance program to provide annual aggregate protection from tropical storms causing at least USD 50 million in losses to TWIA. The Series 2015-1 Class A Notes provide three years of risk transfer protection while the Series 2015-1 Class B Notes provide four years of risk transfer protection. Additionally, they are positioned below and above, respectively, the Series 2014-1 catastrophe bonds which remain outstanding after being issued in 2014 and provide risk transfer protection for two further hurricane seasons.
Marsh & McLennan Companies, Inc., a professional services firm, provides advice and solutions primarily in the areas of risk, strategy, and people worldwide. It operates in two segments, Risk and Insurance Services; and Consulting. The Risk and Insurance Services segment offers risk administration services, such as risk advice, risk transfer, risk control, and mitigation solutions, in addition to insurance, reinsurance broking, catastrophe and financial modeling services, and related advisory services. This segment provides its services for businesses, public entities, insurance companies, associations, professional services organizations, and private clients.
At the end of Friday’s trade, Yandex NV (NASDAQ:YNDX)‘s shares dipped -0.06% to $17.56.
Yandex NV (YNDX) one of the largest internet companies in Europe and the leading search provider in Russia, presents a new media player service Yandex.Radio.
With more than 100 stations differentiated by genre, mood and context, Yandex.Radio allows users to effortlessly tune in to music that suits their tastes and situation — energetic, sentimental or fun; music for travel, jogging or a romantic date; songs from the 1950s, or timeless hits from different decades.
It is Yandex’s second music service after the recommendation-based Yandex.Music, sharing its catalog of more than 20 million tracks.
Different people may prefer different types of music for the same situation, so the service adapts to listeners’ tastes and plays music that matches their individual preferences. Yandex’s music recommendation technology Disco takes care of what kind of music plays in an individual’s stations; the longer a user listens to Yandex.Radio, the better Disco gets to know their tastes. Users can assist the service learn about their music preferences faster by clicking the thumbs-up or thumbs-down rating — or by skipping tracks altogether.
Yandex N.V. operates an Internet search engine in Russia and internationally. The company offers search, location-based, personalized, and mobile services that enable users to find information, and communicate and connect over the Internet from desktops and mobile devices; and localized homepages for specific geographic markets. It provides Yandex.News, a news aggregation and information service; Kinopoisk.ru, a Russian language Website for movies, television programs, and celebrities; Yandex.Music, a music streaming service; Yandex.Master, a service through which users can find local professionals to do work around their homes; Auto.ru, an automobile-related Website; and other specialized search services for images, video, music, television, weather, jobs, transportation, cars, and real estate.
J M Smucker Co (NYSE:SJM), ended its Friday’s trading session with -2.14% loss, and closed at $111.32.
J M Smucker Co (SJM) declared results for the fourth quarter and year ended April 30, 2015.
Executive Summary
The Company’s fiscal 2015 results were significantly influenced by the Big Heart Pet Brands (“Big Heart”) acquisition and related purchase accounting and financing activities during its fourth quarter. Counting these items, the Company’s stated results were as follows:
Results for the periods ended April 30, 2015 and 2014, comprise the operations of: (1) Big Heart since the completion of the acquisition on March 23, 2015; (2) Sahale Snacks, Inc. (“Sahale”) since the completion of the acquisition on September 2, 2014; (3) Enray Inc. (“Enray”) since the completion of the acquisition on August 20, 2013; and (4) the impact of the Company’s licensing and distribution agreement with Cumberland Packing Corp. (“Cumberland”), which commenced on July 1, 2013.
Noteworthy acquisition impacts and financing costs in the quarter comprised of:
- Other debt costs of $173.3 million, primarily related to the early redemption of the Company’s senior private placement notes;
- Big Heart operations for the six weeks since the close of the transaction, counting net sales of $244.5 million and an operating loss of $26.0 million, reflecting the unfavorable impact of a $47.0 million fair value purchase accounting adjustment to attained inventory sold during the quarter (“inventory purchase accounting adjustment”) and incremental promotional spending and marketing expense to support new product introductions and certain other initiatives;
- Net incremental interest expense related to the new debt structure; and
- The issuance of 17.9 million of the Company’s common shares and related impact on the calculation of weighted-average shares outstanding.
Results in the above table also reflect:
- Net sales declines in the fourth quarter of 2015, contrast to 2014, in the U.S. Retail Consumer Foods segment driven by lower net price realization and volume and in the U.S. Retail Coffee segment driven by volume; and
- Operating income not taking into account the impact of restructuring and merger and integration costs and unallocated derivative gains and losses (“certain items affecting comparability”) was unfavorably influenced in the fourth quarter of 2015 by the results of the U.S. Retail Coffee segment and an enhance in general and administrative expenses, contrast to 2014.
The J. M. Smucker Company manufactures and markets branded food products worldwide. The company operates through three segments: U.S. Retail Coffee; U.S. Retail Consumer Foods; and International, Foodservice, and Natural Foods. It offers coffee, peanut butter, fruit spreads, shortening and oils, baking mixes and ready-to-spread frostings, fruits, canned milk, flour and baking ingredients, fruit and vegetable juices and beverages, frozen sandwiches, ready-to-eat waffles, toppings, syrups, jelly products, pickles, condiments, and grain products.
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