Power3 Medical Products, Inc. (OTC.BB:PWRM), a leading proteomics company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases, has signed a definitive agreement to acquire all of the stock of Rozetta-Cell Life Sciences, Inc. Power3 plans to effectuate the acquisition of Rozetta-Cell by merging Rozetta-Cell with and into Power3, with Power3 remaining as the surviving company in the merger. The acquisition of Rozetta-Cell is expected to be completed in October or November 2010.
We are very excited to be acquiring Rozetta-Cell Life Sciences,” stated Ira L. Goldknopf, President and Chief Scientific Officer of Power3 Medical Products, Inc. “Rozetta-Cell brings us a tremendous amount of complementary adult stem cell therapy technology, know-how and experience. With the addition of Rozetta-Cell, Power3 will significantly strengthen its IP portfolio in a major growth market by merging regenerative medicine with the technologies that we are using to identify disease-specific protein biomarkers and develop them into screening and diagnostic tests to address unmet medical needs.”
Completion of the merger is subject to customary closing conditions, including receipt by the parties of all necessary board and shareholder approvals and third party consents. There can be no assurance that these conditions will be met or that the merger will be completed.
Oasis Petroleum Inc. (NYSE: OAS) reports that Mr. William J. Cassidy has been appointed as a Director of the Company. Mr. Cassidy will Chair the Nominating and Governance Committee and sit on the Audit and Compensation Committees.
Mr. Cassidy has spent his career in the investment banking and energy industries, mostly focused on the independent exploration and production sectors. In March of 2010, Mr. Cassidy joined Resource Production Advisors, LLC a firm providing investors with access to commodity investments and advice. He is also a non-executive director of GasValpo, SA, a Chilean gas distribution company. Additionally, Mr. Cassidy was a founding partner at U.S. Drilling Capital Management, LLC, a drilling investment fund, starting in 2008. From 2006 until 2008, Mr. Cassidy served at Barclays Capital as Head of Exploration and Production Investment Banking. From 2002 to 2006 he worked as a senior member of the Energy and Power Investment Banking division at Banc of America Securities. Mr. Cassidy began his investment banking career with JPMorgan Chase in varying capacities from 1995 to 2001. During that time he spent two years in London, focused on the emerging deregulation of the European natural gas industry, spending the balance of his time in New York focused on providing strategic advice to North American and Latin American E&P companies. He worked as a Geophysicist for Conoco from 1989 to 1993 focused on the North Sea and emerging deepwater Gulf of Mexico.
Oasis is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources, primarily focused in the Williston Basin.
Obagi Medical Products, Inc. (NASDAQ:OMPI), a leader in topical aesthetic and therapeutic skin health systems, has exercised its right to terminate its 2006 Agreement with Dr. Zein Obagi and his affiliated or related parties effective October 4, 2010.
In connection with the termination the Company will accelerate certain payments that would otherwise have been made periodically to Dr. Obagi prior to the Agreement�s normal expiration date of June 29, 2011 but will not make any additional payments to Dr. Obagi or his affiliated or related entities. The Company will expense an additional $630,000 for the quarter ending September 30, 2010 that would have otherwise been expensed equally in the fourth quarter 2010 and the first and second quarters of 2011.
The Company believes that early termination of this Agreement is in the best interests of the Company and its stockholders. Termination of this Agreement does not relieve Dr. Obagi or his affiliated or related entities from his and their obligations to comply with certain provisions of the Agreement, particularly as they relate to the Company�s intellectual property rights.
Obagi Medical Products� develops and commercializes skin health products for the dermatology, plastic surgery, and related aesthetic markets. Using its Penetrating Therapeutics� technologies, Obagi Medical’s products are designed to improve penetration of agents across the skin barrier for common and visible skin conditions in adult skin including chloasma, melasma, senile letigines, acne vulgaris and sun damage.
Occam Networks (NASDAQ:OCNW) reports the addition of the ON 2505 and 2506 GPON Optical Network Terminals (ONTs) to its comprehensive intelligent ONT portfolio. The two new indoor ONTs are optimized for deployment in single family residences (SFRs) and small-to-medium businesses (SMB), allowing service providers to assist subscribers in the management of in-premise data networking and video distribution.
The ON 2505 and 2506 prepare service providers to move the service delivery and monitoring point into the subscriber premise, empowering a future of additional value-added services. Delivering a complete triple-play offering with traditional voice, high-speed data and video services, such as HDTV, the ONTs can support both residential and business services.
�With the rise of new devices and multimedia applications in the home, indoor ONTs will be a growth market in North America in the next three years,� said Jeff Heynen, directing analyst for broadband and video at Infonetics Research. �Occam�s ON 2505 and 2506 gives service providers a great new option for bringing services into the home and accelerating the adoption of fiber-based broadband.�
Occam Networks’ broadband access solutions empower service providers to offer profitable new voice, data and video services over copper and fiber. Occam systems deliver flexibility and scalability in a Triple Play world. Over 3 million BLC 6000 ports are currently deployed at over 380 service providers worldwide.
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