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The US markets climbed higher last night. The Dow closed up 90 points or 1.0% at 8529, the S&P500 was up 8 points or 0.9% at 927 and the Nasdaq was up 5 points or 0.3% at 1844.
Gold was stable while oil continued to be volatile, closing higher. Gold was down $0.30 at $940.70/oz and crude oil was up $2.33 at $71.49/bbl.
Phosphagenics Limited (POH) today announced the successful completion of its Phase 1 Repeat Insult Patch Test (RIPT) demonstrating that the repeated application of its patented TPM/oxycodone formulation did not cause any significant erythema or sensitisation in humans. Erythema (skin reddening) and sensitization can typically occur when opioids are exposed to the skin and have until now been a limiting factor in commercialising transdermal opioids. With sales exceeding $US 1.5 billion annually, oxycodone is one of the world’s leading pain management drugs, being more potent than morphine with less adverse side effects. Currently it can be administered only orally or intravenously but Phosphagenics is working towards becoming the first company to offer patients suffering from chronic pain a gel or patch that will provide sustained-release of Oxycodone into the bloodstream. As part of these pre-clinical studies, the company conducted animal studies which established that its formula did not cause sensitisation. This was a crucial milestone in its opioid development program but it needed to be verified in humans before the compounds could be commercialized.
RIPT is the standard method for assessing whether a compound is an irritant and/or sensitiser. During the three week induction phase of the study, TPM/Oxycodone was applied every second day to the same area of the subjects’ back and covered with an occlusive dressing. The site of application was assessed every second day after patch removal, and scored for redness and erythema. During the challenge phase which occurred two weeks after the completion of the induction phase, the formulation was applied once to a new area of skin and assessed to determine whether an immune response had developed. The open label, single centre study was conducted at the Royal Adelaide Hospital under the guidance of Principal Investigator, Dr Guy Ludbrook. Fifty healthy, adult volunteers participated in the RIPT trial. The endpoints were the assessment of erythema and sensitisation.
These clinical results pave the way for an extensive Phase 1A pharmacokinetic study examining the transdermal delivery of Oxycodone from Phosphagenics’ TPM/Oxycodone in the recently announced patch systems and also in gels. These studies are expected to commence Q3/09.
Objective Corporation (OCL) today announced it has signed a major software and services contract with the Welsh Assembly Government. The contract will deliver an enterprise-wide solution that will position them at the forefront of Public Sector best practice information management. The contract is expected to have a value of approximately A$10m (£4.6m) to Objective over a five year period and is being undertaken in partnership with Siemens IT Solutions and Services, the Assembly’s prime contractor.
Tony Walls, CEO, Objective Corporation said: “This is a significant achievement for Objective in the United Kingdom (UK) and it demonstrates that our commitment to the Public Sector and to long-term direct customer relationships continues to be valued in the market. “It is a privilege to be trusted by the Welsh Assembly Government to deliver a programme of this significance and scale.” Dr. Tony Jewell, Chief Medical Officer, Welsh Assembly Government and the Senior Responsible Officer for the programme said: “The primary focus for us is to introduce a solution that will ensure we are wholly compliant with information management legislation both now, and in the future.
Objective’s solution will be rolled out to 6,500 users at multiple sites Objective Corporation across Wales. It will provide the Welsh Assembly Government with Objective Corporation’s robust and effective information management infrastructure. It develops, markets, tailors and supports its own Enterprise Content Management (ECM) software. Objective worked extensively with the Welsh Assembly Government to conduct several projects prior to entering into this agreement. The success of these projects influenced the government’s decision to implement the solution enterprise-wide.
MOKO.mobi Limited (MKB) a mobile service that enables people to easily chat and share over their mobile device, today is pleased to announce that it has launched on Idea Cellular India and becomes the second Indian carrier launch for MOKO.mobi this month. MOKO.mobi is localized for an Indian audience and will be developed to include complimentary content that the carrier is involved in, including Idea’s sponsorship of the Mumbai Indians IPL cricket team.
“This is our second Indian carrier launch and we expect to conclude more Indian operator launches in the coming 2 quarters,” said Ian Rodwell, MOKO.mobi Limited’s CEO.
The Idea version of MOKO.mobi is based on a user-pays subscription and premium activity business model, where MOKO.mobi is paid a share of all revenues from the mobile operator. The launch includes a free trial period and revenues are expected to begin during the second quarter of the new financial year.
MOKO.mobi is a global platform that enables people to Chat & Share Anywhere! People from around the world use MOKO.mobi on their mobile phone or PC to meet new people, chat in real-time with likeminded people, upload unlimited photos & video, share links, etc. It is available on multiple wireless carrier portals around the world including Telstra, Optus, 3, Boost Mobile, Virgin Mobile Australia & USA, Maxis Malaysia, Reliance Mobile and Idea Cellular India, together with Globe and Smart Philippines, making it directly accessible to over 180 million mobile consumers.
The US markets climbed strongly higher last night. The Dow closed up 172 points or 2.0% at 8472, the S&P500 was up 19 points or 2.1% at 920 and the Nasdaq was up 37 points or 2.1% at 1784.
Gold and oil both climbed higher. Gold was up $5.10 at $939.50/oz and crude oil was up $1.56 at $70.23/bbl.
Transfield Services has been awarded a ten-year contract with a value of approximately NZ$1 billion for telecommunications field services with Chorus, the fixed voice and broadband network division of Telecom New Zealand.
Transfield Services will continue to provide network maintenance and sustaining capital works in four of Chorus’ 11 telecommunications field services areas in New Zealand. The Company will assist Chorus install New Zealand’s new high speed broadband network and work to deliver improved service to customers.
Transfield Services Managing Director and Chief Executive Officer, Dr Peter Goode, said today: “This major contract builds on the existing long-term success sharing alliance we have established with Chorus over five years. As a major incumbent, we will hit the ground running.”
The contract’s ten-year term allows Transfield Services to position its New Zealand telecommunications business and dedicate resources for the long-term. Transfield Services has a longstanding commitment to New Zealand, and is a leading provider of power, transport infrastructure and telecommunications services.
Otto Energy Limited (OEL) is pleased to announce that commerciality has been declared at the Galoc Oil Field and that the Company is now debt‐free. The Company also provides an update on its exploration and production operations.
The extended testing phase at Galoc has concluded and commerciality has been declared. The GPC project debt for the Galoc field has been fully repaid totalling over US$40 million in repayments from oil sales. Otto’s shareholder and director loans were fully repaid using funds raised from its recent capital raising. Otto currently has approximately A$13 million in cash. Otto now expects to receive regular dividend payments from GPC from production net proceeds.
Under the terms agreed with the Philippine Department of Energy for the Galoc project, GPC on behalf of the Galoc Joint Venture has issued a formal “Declaration of Commerciality” following the completion of the extended testing period. The data obtained during the extended test phase has proved invaluable in providing sufficient confidence of the reservoir performance to justify the commencement of long term production. As a consequence of the declaration, the fiscal terms for the Galoc project revert to the standard terms of Service Contract 14.
Engineering and property services company United Group Limited (UGL) is pleased to confirm the Metro Trains Melbourne (MTM) consortium has been selected as preferred tenderer to operate and maintain Melbourne’s passenger train franchise.
UGL is a 20% shareholder in MTM. The other shareholders are MTR Corporation and John Holland. The consortium will operate and maintain the Melbourne passenger train franchise for an initial period of eight years.
“Our selection as preferred tenderer strengthens our position as one of the Asia Pacific region’s leading providers of end-to-end passenger rail solutions,” UGL Managing Director & CEO Richard Leupen said.
“In 2009, UGL has also extended our MainTrain passenger car maintenance contract and our Oscar passenger car supply contracts with RailCorp in NSW, and secured the local content portion of the supply of Alstom trains in Melbourne.”
