On Wednesday, IMPAC Mortgage Holdings, Inc (NYSEMKT:IMH)’s shares declined -8.90% to $20.37.
IMPAC Mortgage Holdings, Inc (IMH) declared that it reached a Note Purchase Agreement following which it is issuing $25 million in original aggregate principal amount of Convertible Promissory Notes due 2020 (the “Notes”). The Notes mature on or before May 9, 2020 and accrue interest at a rate of 7.5% per annum, to be paid quarterly. The Note Purchase Agreement contains customary affirmative and negative covenants of Impac, counting covenants not to incur certain indebtedness that is not subordinated and not to make optional payments on its indebtedness or amend material indebtedness in a manner that is adverse in any material manner to the noteholders. In connection with the Note Purchase Agreement and issuance of the Notes, Impac also granted certain rights to demand the registration of the shares underlying the Notes.
Impac Mortgage Holdings, Inc. operates as an independent residential mortgage lender in the United States. The company operates through three segments: Mortgage Lending, Real Estate Services, and Long-Term Mortgage Portfolio.
Zafgen Inc (NASDAQ:ZFGN)’s shares dropped -8.03% to $31.48.
Zafgen Inc (ZFGN) a biopharmaceutical company dedicated to significantly improving the health and well-being of patients affected by obesity and complex metabolic disorders, uncovered its first quarter 2015 financial results.
Zafgen Q1 2015 Business Highlights
Announced an accelerated rate of patient enrollment in recent months in the bestPWS (Beloranib Efficacy Safety and Tolerability in PWS) clinical trial in patients with a rare genetic disorder, Prader-Willi syndrome (PWS) and has reached the original patient recruitment target of 102 patients. Enrollment closeout is expected to be completed in the near term and the total patients in the trial will slightly exceed the original 102 patient goal. Release of top line results is now expected to occur early in the first quarter of 2016.
Based on constructive ongoing dialogue with the U.S. Food and Drug Administration (FDA), the Company has finalized its plan regarding the statistical analysis of primary efficacy endpoints for the bestPWS clinical trial. Both hyperphagia-related behaviors and body weight will be co-primary efficacy endpoints and will be evaluated at a significance level of p-value less than 0.05. With 102 patients enrolled, the trial is adequately powered to demonstrate these effects of beloranib.
Enrolled approximately two-thirds of a target 150 patients in the Phase 2b clinical trial (ZAF-203) to establish the long-term weight loss benefits of MetAP2 inhibitor treatment with beloranib in patients with severe obesity complicated by type 2 diabetes, which began randomized treatment in December 2014. The Company remains on track to release six-month interim data in this subset of patients in late 2015 or very early 2016.
In January 2015, announced positive results from a Phase 2 clinical trial of beloranib in patients with hypothalamic injury-associated obesity (HIAO), a rare, severe, and difficult-to-treat form of obesity. The Company also announced new weight loss and safety data from this Phase 2 clinical trial of beloranib in HIAO at the Endocrine Society Annual Meeting (ENDO 2015). Results from this trial showed that after four weeks of treatment, patients randomized to beloranib lost on average 3.40 kg of body weight vs. 0.25 kg on average for patients randomized to placebo (p=0.01). Results from the open-label extension phase of the trial suggested no apparent waning of the effect of beloranib over eight weeks of treatment.
Zafgen, Inc., a biopharmaceutical company, focuses on the development of therapeutics for patients suffering from obesity and obesity-related disorders. Its lead product candidate comprises Beloranib, an injection, which is in Phase III clinical trials for the treatment of obesity and hyperphagia in Prader-Willi Syndrome patients; that has accomplished Phase II clinical trials for the treatment of hypothalamic injury-associated obesity, counting craniopharyngioma-associated obesity; and which is in Phase IIb clinical trials for the treatment of severe obesity in the general population.
At the end of Wednesday’s trade, SIFCO Industries Inc (NYSEMKT:SIF)‘s shares dipped -8.00% to $13.80.
SIFCO Industries Inc (SIF) declared financial results for its second quarter of fiscal year 2015, which ended March 31, 2015.
Second Quarter
Net sales from ongoing operations in second quarter fiscal 2015 reduced 15.3% to $24.6 million, contrast to $29.0 million in second quarter fiscal 2014.
Loss from ongoing operations before income tax provision in second quarter fiscal 2015 was $1.2 million contrast with income of $2.4 million in second quarter fiscal 2014.
Loss from ongoing operations for second quarter fiscal 2015 was $0.9 million, or $0.16 per diluted share, contrast with income of $1.5 million, or $0.28 per diluted share, in second quarter fiscal 2014.
First Six Months
Net sales from ongoing operations in the first six months of fiscal 2015 reduced 19.8% to $44.7 million, contrast to $55.7 million in the comparable period in fiscal 2014.
Loss from ongoing operations before income tax provision in the first six months of fiscal 2015 was $3.1 million contrast with income of $4.0 million in the comparable period in fiscal 2014.
Loss from ongoing operations in the first six months of fiscal 2015 was $2.2 million, or $0.41 per diluted share, contrast with income of $2.7 million, or $0.49 per diluted share, in the comparable period in fiscal 2014.
SIFCO Industries, Inc. produces and sells forgings and machined components primarily for the aerospace and energy markets. Its processes and services comprise forging, heat-treating, and machining.
Daegis Inc (NASDAQ:DAEG), ended its Wednesday’s trading session with -9.10% loss, and closed at $0.700.
Daegis Inc (DAEG) is changing the way partners work with Information Governance solutions with the new Daegis Channel Partner Program. The program is designed to help partners leverage their investment in existing competencies while transforming their business model to meet changing customer needs. On a global level, the innovative program provides both Cloud and On-Premises models of the AXS-One archiving solution to partners and their customers who are in need of solutions in the fast-growing information governance market.
Daegis Inc. provides archive, eDiscovery, application development, data administration, and migration software solutions worldwide. The company’s Archive and eDiscovery segment offers Daegis AXS-One archiving for managing the preservation, collection, review, and disposal of structured and unstructured data; Daegis Edge, a hosted eDiscovery software for the processing, search, review, and production of data; and Daegis Acumen technology-assisted review.
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