During Friday’s current trade, Calithera Biosciences Inc (NASDAQ:CALA)’s shares gained 33.40%, to $12.70.
Calithera Biosciences Inc (CALA), declared its financial results for the first quarter ended March 31, 2015. As of March 31, 2015, cash, cash equivalents and investments totaled $94.3 million.
“During the first quarter, we continued to advance and expand our development pipeline,” said Susan Molineaux, PhD, President and Chief Executive Officer of Calithera. “With the addition of the Hexokinase II license, we have expanded our portfolio of preclinical programs and continue to advance our expertise in the area of tumor metabolism drug research and development. At the 2015 American Association of Cancer Research annual meeting, we and our collaborators presented six abstracts highlighting synergy studies and potential biomarkers, which could ultimately direct the development of CB-839, our first in class glutaminase inhibitor. CB-839 is presently enrolling expansion cohorts in our Phase I clinical trials, and we look forward to updating you on our progress with CB-839 later in May.”
First Quarter 2015 and Recent Highlights
- Enrollment continues across CB-839 Phase Ib expansion cohorts. Updated data from the Phase I solid tumor trial has been accepted for presentation at the 2015 American Society of Clinical Oncology (ASCO) annual meeting on Saturday, May 30, 2015.
- Hexokinase II inhibitors research license. In March 2015, Calithera gained exclusive worldwide rights to TransTech Pharma’s portfolio of hexokinase II inhibitors. Hexokinase II is the first and rate-limiting enzyme in the pathway that enables cancer cells to convert glucose to energy and building blocks that feed cancer growth. It is the third program in Calithera’s pipeline.
- Preclinical findings, counting biomarker data, presented at the American Association of Cancer Research. In April 2015, Calithera presented preclinical data that could ultimately direct the development of CB-839 in non-small cell lung cancer, renal cell carcinoma, and other solid tumor and hematologic indications. The presentations added KRAS and EGFR to our expanding list of potential biomarkers and reiterated data on preclinical single agent activity. Additionally, preclinical synergy studies with signal transduction inhibitors and other anti-cancer agents were also presented.
Selected First Quarter 2015 Financial Results
Research and development expenses were $5.6 million for the three months ended March 31, 2015, contrast with $3.3 million for the same period in the preceding year. The enhance of $2.3 million was primarily attributed to higher expenses associated with the continued advancement of CB-839, investments in the Company’s arginase inhibitor program, and a license fee associated with the hexokinase II program. In March 2015, Calithera gained exclusive rights to hexokinase II inhibitors from TransTech Pharma.
General and administrative expenses were $2.2 million for the three months ended March 31, 2015, contrast with $0.8 million for the same period in the preceding year. The enhance of $1.4 million was primarily due to higher employment related expenses, counting stock-based compensation expense, and professional service fees associated with operating as a publicly-traded company.
Net loss from operations for the three months ended March 31, 2015 was $7.9 million.
Calithera Biosciences, Inc., a clinical-stage biopharmaceutical company, focuses on discovering and developing small molecule drugs directed against tumor metabolism and tumor immunology targets for the treatment of cancer in the United States. Its lead product candidate comprises CB-839, an inhibitor of glutaminase, which is in three Phase I clinical trials for the treatment of patients with solid tumors, leukemias, lymphomas, and multiple myeloma.
Ryerson Holding Corporation Com (NYSE:RYI)’s shares jumped 24.27% to $7.22, during the current trading session Friday’s.
Today, Ryerson Holding Corporation Com (RYI), declared that its Board of Directors has designated Edward J. Lehner as the Company’s President and Chief Executive Officer, effective June 1, 2015. He will succeed Michael C. Arnold who will retire at the end of the month.
Edward Lehner, 49, has served as the Company’s Executive Vice President and Chief Financial Officer since 2012. In this role he has been responsible for leading several functions counting Finance & Accounting, Supply Chain, Corporate Development and Information Technology.
“The Board conducted an extensive internal and external search to find the right candidate to lead the business forward,” said Philip E. Norment, a member of Ryerson’s Board of Directors who led the CEO search process. “Eddie’s proven leadership in the metals industry and his excellent knowledge of our business make him ideally suited to leading Ryerson’s future success,” added Mr. Norment.
“Our Board of Directors would like to thank Mike Arnold for his leadership and vision over the past four years assisting to guide the transformation of our business, and we wish him the very best in retirement,” Mr. Norment added.
Lehner said, “I have been proud to be a part of the Ryerson story for the past three years, and look forward to ongoing to work with the Ryerson Board of Directors, leadership team and my colleagues to build on the solid foundation Mike developed. The next leg of our transformation demands that we advance our work to deliver results with great energy, passion, intelligence and skill that further Ryerson’s purpose as an indispensable partner to our customers’ success, an excellent place to work and an engine for creating shareholder value.”
Ryerson Holding Corporation (Ryerson Holding) is services Company that processes and distributes metals, with operations in the United States, Mexico, Canada, China and Brazil. The company is a sole-source provider of a broad portfolio of products and services, offering more than 70,000 products in stainless steel, aluminum, carbon steel and alloy steel. It processes more than one-half of products sold to meet specific customer requirements, offering advanced services like profile cutting, precision blanking, slitting and drilling.
In an afternoon trade, InterCloud Systems Inc (NASDAQ:ICLD)’s shares climbed 21.36%, to $4.08.
Today, InterCloud Systems Inc (ICLD), declared that our cloud team has been engaged by a large east coast auto parts distributor and wholesaler to design, migrate and implement a cloud solution to house a web services infrastructure, centralizing point of sale (POS), and inventory data across all store locations. InterCloud’s solution will comprise development, quality assurance, production and disaster recovery environments, and will employ industry leading storage and delivery technologies.
CEO Mark Munro stated, “We continue to see a steady flow of new cloud customers and are building recurring revenue streams in the small and medium size business (SMB) market segment. SMB customers are finding the cloud to be a secure and economical means to completely outsource their IT infrastructure and applications. Our solutions allow these customers to eliminate in house IT staff as we take full responsibility for their IT needs. This customer is an excellent example of how a business can have access to the latest technology, save money, speed up time to market, and get enterprise grade IT solutions at a competitive cost. InterCloud is well positioned to manage our customers technology demands.”
InterCloud Systems, Inc. provides end-to-end IT and network solutions to the telecommunications service provider and corporate enterprise markets through cloud platforms and professional services in the United States and internationally. It operates through three segments: Applications and Infrastructure, Professional Services, and Cloud and Managed Services. The company offers cloud-based services, counting platform as a service, infrastructure as a service, database as a service, and software as a service; and managed services, such as network administration, 24x7x365 monitoring, security monitoring, and storage and backup services.
Syngenta AG (ADR) (NYSE:SYT), during its Friday’s current trading session gained 11.01% to $85.48, hitting its highest level.
Noting media reports, the Board of Syngenta confirms that it has received an unsolicited proposal from Monsanto to acquire the company at a price of CHF449 per Syngenta share with about 45 percent in cash. Syngenta’s Board of Directors, in conjunction with its legal and financial advisers, has undertaken a thorough review of all aspects of Monsanto’s offer and has unanimously determined to reject Monsanto’s proposal as it is not in the best interests of Syngenta, its shareholders and its stakeholders. The offer fundamentally undervalues Syngenta’s prospects and underestimates the noteworthy execution risks, counting regulatory and public scrutiny at multiple levels in many countries.
Michel Demaré, Syngenta Chairman said, “Syngenta is the world leader in Crop Protection, the number three in Seeds and the first company to introduce integrated solutions for growers. Monsanto’s proposal does not reflect the outstanding growth prospects of Syngenta’s integrated strategy and the noteworthyfuture value potential of the company’s crop-focused innovation and market leading positions.
“In 2015, we are on track to achieve the first $265 million of savings from our Accelerating Operational Leverage Program, and we are targeting savings of $1 billion in 2018. This will allow us to realize the full benefits of the integrated strategy and will ensure that enhances in profitability are sustained for the benefit of Syngenta’s shareholders.”
Syngenta AG, an agribusiness company, engages in the discovery, development, manufacture, and marketing of a range of products designed to enhance crop yields and food quality worldwide. The company offers herbicides for corn, cereals, soybean, and rice; fungicides primarily for corn, cereals, fruits, grapes, rice, soybean, and vegetables; insecticides for fruits, vegetables, and field crops; and seed care, principally for corn, soybean, cereals, oilseeds, and cotton.
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