Microcaps To Watch Thursday - MJNA, ITMN, PERI, DUSA
Nov 08, 2012 (Menafn - M2 PRESSWIRE via COMTEX) --Medical Marijuana (MJNA) 0.139. Announced Wednesday that it commends the millions of Washington and Colorado voters who helped pass Initiative 502 and Amendment 64 in the November 6 elections. The vote marks a historic landmark for the medical marijuana industry, as Washington is now the second state in the U.S. to legalize recreational marijuana use for adults over 21.
The decision to pass these historic laws opens the doors for MJNA portfolio companies, such as Red Dice Holdings, to develop future product expansion through licensing agreements with legal distributors for products like its Dixie Elixirs & Edibles brand, which is already known as the leading brand of edibles supplying most of the 500 plus dispensaries in Colorado.
"This decision marks quite an exciting achievement for the medical marijuana industry. For MJNA, the legalization in Washington, decriminalization in four cities in Michigan and new medical marijuana law in Massachusetts will open new business opportunities and licensing partnerships for our portfolio companies, as well as bring awareness and acceptance to the industry in general. That is surely a benefit to us as we continue to focus our main attention on branding our Hemp-based products," says Ted Caligiuri, President and CEO of Medical Marijuana, Inc.
What They Do: Medical Marijuana's (MJNA) mission is to be the premier cannabis and hemp industry innovators, leveraging its team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. MJNA strives to create awareness within the industry, develop environmentally friendly, economically sustainable businesses, while increasing shareholder value.
InterMune ITMN 8.16. Today announced results from operations for the third quarter and nine months ended September 30, 2012.
InterMune reported total revenue in the third quarter of 2012 of 7.5 million, compared with 0.1 million in the third quarter of 2011. Third quarter 2012 revenue included 0.5 million of favorable adjustments to revenue primarily related to favorable foreign exchange fluctuations.
InterMune reported total revenue for the first nine months of 2012 of 18.0 million, compared with 2.7 million in the first nine months of 2011. Revenue was almost entirely from sales of Esbriet in Germany, as active promotion in the largest of the mid-sized countries for which pricing and reimbursement is approved began in September of 2012.
Included in the third quarter 2012 results was the effect of the approximate 11 percent German price decrease of Esbriet, which became effective on September 15, 2012 as previously announced. Total revenue in the first nine months of 2011 included 2.6 million of revenue from the company's research collaboration with Roche, which was completed in June 2011.
Net loss for the third quarter of 2012 was 45.4 million, or 0.70 per share, compared with a net loss of 38.2 million, or 0.63 per share, in the same quarter of 2011.
What They Do: InterMune is a biotechnology company focused on the research, development and commercialization of innovative therapies in pulmonology and orphan fibrotic diseases.
Perion Network PERI 7.80. Today announced the acquisition of SweetIM a.k.a. SweetPacks, an Israeli consumer internet company. SweetPacks produces a variety of free, fun, easy to use and safe apps and downloadable content for everyday use.
"I am very excited about this powerful acquisition that builds off of our great Q3 numbers and accelerates our growth rate. In addition, the acquisition significantly increases our revenues, nearly doubles our profits and expands our profit margins enabling us to exceed 100 million in revenue in 2013," commented Josef Mandelbaum, Perion's Chief Executive Officer.
Sweet packs generated 29.7 million in revenues in the 12 month period ending September 30, 2012, with Adjusted EBITDA of 9.0 million, at a 30% margin. This is 89% higher than 2011 revenues of 15.7 million and almost double 2011 Adjusted EBITDA of 4.5 million.
What They Do: Perion Network is a global internet consumer software company that develops applications to make the online experience of its users simple, safe and enjoyable.
Sun Pharmaceutical Industries Limited and DUSA Pharmaceuticals DUSA 5.78. Today announced that they have entered into a definitive agreement under which Sun Pharma will acquire DUSA, a dermatology company focused on developing and marketing its Levulan (aminolevulinic acid HCl) photodynamic therapy platform.DUSA's Levulan combination therapy is approved by FDA for treatment of non-hyperkeratotic actinic keratoses or AKs of the face or scalp. Additionally, DUSA's BLU-U(R) treatment has been approved by FDA for the treatment of moderate inflammatory acne vulgaris and general dermatological conditions. Levulan is manufactured by DUSA in its FDA approved facility at Wilmington, MA.
Under the terms of the agreement, a 100% subsidiary of Sun Pharmaceutical Industries Ltd will commence a tender offer for all of the outstanding common stock of DUSA at a price of 8.00 per share in cash, a 38% premium to the closing price of DUSA's common stock on November 7, 2012. The transaction has a total cash value of approximately 230 million. The transaction has been unanimously approved by the boards of directors of both companies and DUSA's board has recommended that the company's shareholders tender their shares pursuant to the tender offer.
What They Do: DUSA Pharmaceuticals, Inc. is a market leader in photodynamic therapy (PDT), marketing products to dermatologists to treat patients with minimally to moderately thick actinic keratoses (AKs) of the face or scalp.
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