EIN Presswire: Pharmaceuticals Press Releases

Rosetta Genomics to Raise $6.6 Million in Registered Direct Offering

Thu, 24 May 2012 23:36:00 +0000

Rosetta Genomics Ltd. ("Rosetta") (NASDAQ: ROSG), a leading developer and provider of microRNA-based molecular diagnostics, today announced it has entered into definitive agreements with investors to purchase an aggregate of 570,755 ordinary shares at a price of $11.50 per share in a registered direct offering. The offering is expected to close on or about May 31, 2012, subject to the satisfaction of customary closing conditions.

Rosetta plans to use the net proceeds from the offering primarily to fund its operations and for other general corporate purposes, including, but not limited to, repayment or refinancing of existing indebtedness or other corporate borrowings, working capital, intellectual property protection and enforcement, capital expenditures, investments, acquisitions or collaborations, research and development and product development.

Aegis Capital Corp. acted as the exclusive placement agent for the offering.

A shelf registration statement relating to the securities offered and sold in the offering has been filed with the Securities and Exchange Commission (the "SEC") and has been declared effective. A final prospectus supplement relating to the offering will be filed by Rosetta with the SEC. Copies of the final prospectus supplement and accompanying prospectus may be obtained directly from Rosetta by contacting Rosetta Genomics Ltd., 10 Plaut Street, Science Park, Rehovot 76706, Israel or via telephone at 215-382-9000 ext. 309 or via e-mail at investors@rosettagenomics.com or from Aegis Capital Corp. by request to Prospectus Department, 810 Seventh Avenue, 11th Floor, New York, NY, 10019, telephone: 212-813-1010 or e-mail: prospectus@aegiscap.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Rosetta Genomics
Rosetta develops and commercializes a full range of microRNA-based molecular diagnostics. Founded in 2000, Rosetta's integrative research platform combining bioinformatics and state-of-the-art laboratory processes has led to the discovery of hundreds of biologically validated novel human microRNAs. Building on its strong patent position and proprietary platform technologies, Rosetta is working on the application of these technologies in the development and commercialization of a full range of microRNA-based diagnostic tools. Rosetta's miRview product line is commercially available through its Philadelphia-based CAP-accredited, CLIA-certified lab.

Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta's future expectations, plans and prospects, including without limitation, statements relating to the expected closing of the offering, constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those risks more fully discussed in the "Risk Factors" section of Rosetta's Annual Report on Form 20-F for the year ended December 31, 2011 as filed with the SEC. In addition, any forward-looking statements represent Rosetta's views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Rosetta does not assume any obligation to update any forward-looking statements unless required by law.

Company Contact:
Rosetta Genomics
Ken Berlin
President & CEO
(215) 382-9000 ext. 326
investors@rosettagenomics.com

Investor Contacts:
LHA
Anne Marie Fields
(212) 738-3777
afields@lhai.com
or
Bruce Voss
(310) 691-7100
bvoss@lhai.com

Rx Response Beefs Up Technology for 2012 Hurricane Season

Thu, 24 May 2012 22:47:00 +0000

Improvements Will Enhance Patient Access to Medicine in Major Disasters

The 2012 Atlantic hurricane season is set to officially begin and Rx Response has launched two technology enhancements to make the program an even more powerful resource in helping to ensure the continued flow of medicine to patients following a major hurricane or other disaster.

The technology enhancements launched for the start of the 2012 hurricane season include a smart phone-friendly version of the RxResponse.org website and important upgrades to the Pharmacy Status Reporting Tool (PSRT).

Rx Response, an initiative of America's biopharmaceutical supply system partners, helps ensure the continued flow of medicine following a large scale natural or manmade disaster. The program relies on a robust information sharing and problem-solving platform that provides a single point of contact for government officials to interact with the bio-pharmaceutical industry. This single point of contact also facilitates streamlined interaction between members of the bio-pharmaceutical supply chain.

The new smart phone-friendly website will provide access to critical online Rx Response resources including the PSRT, activation status for emergencies, emergency situation reports and the downloadable prescription medication wallet card. The card enables citizens to fill in the names of their medications and other key information online, including phone numbers for doctors and pharmacies, and then print out the card which can be kept in a person's wallet or purse.

"As more and more emergency managers and public health officials rely on smart phones, we want Rx Response's critical resources to be readily accessible whether someone is working in an emergency operations center or out in the field responding to a disaster," said Rx Response Director Erin Mullen.

Mullen urged her public health and emergency management community colleagues to encourage citizens to visit RxResponse.org and fill out the downloadable prescription medication wallet card before a disaster strikes. Often, people are forced to leave an area due to a disaster and fail to bring important medical information with them, including the names and dosages of critical medicines. Filling out the prescription medication card before a disaster strikes and carrying the card will help everyone to be better prepared if disaster forces them to refill prescriptions in an unfamiliar location where they are unknown by pharmacists.

Enhanced Pharmacy Status Reporting Tool Enables More Accurate Reporting of Open Pharmacies

This year's second Rx Response technology enhancement for the hurricane season is the beefed up Pharmacy Status Reporting Tool (PSRT), which displays on the RxResponse.org website pharmacies that have resumed serving the public following a major disaster. The PSRT works when pharmacies transmit billing data to national billing service providers thus indicating that a pharmacy is open and serving the public.

A key PRST enhancement is a new feedback tool that enables emergency managers, public health officials and pharmacy staff to provide status updates about open pharmacies in their location. The tool can also be used to submit questions to Rx Response staff. Since there could be instances in which pharmacies are transmitting billing data but have limited capabilities due to the impact of the disaster, the ability of personnel on the ground to provide first-hand information about a pharmacy's level of service will help Rx Response provide more accurate information about the status of individual pharmacies.

Rx Response has also modified the PSRT reporting function to provide additional information on overall pharmacy services in a disaster impacted area. This includes a county-by-county display of open pharmacies as well as individual pharmacy status. This enhancement arose following the extensive winter ice storms in 2011.

Rx Response Director Mullen also encouraged emergency managers and public health officials to familiarize themselves with the PRST before disaster strikes to be better prepared to use it in an emergency. Mullen called on pharmacy staff to use their new capabilities to communicate with Rx Response during a disaster to help enhance the accuracy of the information provided on the PRST. Pharmacists interested in learning about their pharmacy's participation in the PRST can email Rx Response at info@rxresponse.org.

Contact:
Mark Grayson
202-835-3460

Ted Pacha Joins Pinnaclife as President of its Healthcare Distribution Division

Thu, 24 May 2012 22:13:38 +0000

Ted Pacha Joins Pinnaclife as President of its Healthcare Distribution Division

PR Newswire

CORALVILLE, Iowa, May 24, 2012 /PRNewswire/ -- McCord Research, the parent company of Pinnaclife, announced today that Ted Pacha has been named president of its healthcare distribution division. "We are very pleased to have Mr. Pacha join our growing company. He has years of healthcare distribution experience. His executive management skills will help our domestic and global operations," said Darlene McCord, Ph.D., the company's CEO.

(Photo: http://photos.prnewswire.com/prnh/20120524/CG13716)

(Logo: http://photos.prnewswire.com/prnh/20120510/CG05130LOGO)

Mr. Pacha is well known in Iowa City and around the United States for building one of the nations largest and most successful healthcare distribution companies. Hawkeye Medical grew from an idea to a company doing more than $75 million a year and employing better than 100 employees in Iowa City. His leadership as a business owner and a philanthropist has set the standard for all Iowa companies.

As owner of Hawkeye Medical, Mr. Pacha decided that the best way to grow his company in a world of industry giants was to work cooperatively with other distributors and to become part of a buying group. He not only participated in that group, that became National Distribution Company (NDC), he went on to serve for years as its Chairman of the Board. Today, NDC is that largest independent healthcare distribution company in the United States with sales exceeding 7-billion dollars.

Mr. Pacha will now build the business opportunity between Pinnaclife and NDC. The relationship is starting off with the launch of a line of pet care products that will be sold exclusively through veterinarians. The new line will be sold under the Pinnaclife brand and is endorsed by the two leading veterinary dermatologists. "The opportunities are endless when you bring together the largest healthcare distribution company with the creators of the nation's number one medical topical skin and wound care product line," said Pacha.

Pinnaclife expects the relationship with NDC to grow quickly and become its most important domestic partnership. With Mr. Pacha's guidance, Pinnaclife and NDC have already discovered additional opportunities for growth in supplements, oral care, topical medical products and animal health.

Pinnaclife is committed to good science that serves as the foundation for safe and effective topical and nutritional products.

For Further Information:
Darlene McCord, Ph.D.
CEO, CSO, McCord Research
319-351-3201

SOURCE McCord Research

Court Orders Dismissal of CUROSURF(R) Case

Thu, 24 May 2012 22:10:00 +0000

Cornerstone Therapeutics Inc. (NASDAQ: CRTX) today announced that on May 18, 2012 the United States District Court for the Western District of New York issued a decision and order granting Cornerstone's motion to dismiss all the claims of ONY, Inc. in the case filed by ONY. The case concerned Cornerstone's neonatal lung surfactant, CUROSURF.

ONY, the maker of a competing neonatal lung surfactant, had filed suit on December 2, 2011 in connection with an article appearing in the September 1st 2011 online issue of the Journal of Perinatology. The article was based on a retrospective study in infants with Respiratory Distress Syndrome (RDS) that concluded that CUROSURF was associated with a significantly reduced likelihood of death when compared with ONY's product. ONY alleged that the conclusions of the article were unreliable and misleading. The Court ruled that the article was not misleading with respect to the facts on which it was based, and dismissed ONY's claims against Cornerstone and all the other named defendants.

About CUROSURF

CUROSURF (poractant alfa) is an intratracheal suspension indicated for the treatment (rescue) of Respiratory Distress Syndrome (RDS) in premature infants. CUROSURF reduces mortality and pneumothoraces associated with RDS.

Important Safety Information

CUROSURF is intended for intratracheal use only. THE ADMINISTRATION OF EXOGENOUS SURFACTANTS, INCLUDING CUROSURF, CAN RAPIDLY AFFECT OXYGENATION AND LUNG COMPLIANCE. Therefore, infants receiving CUROSURF should receive frequent clinical and laboratory assessments so that oxygen and ventilatory support can be modified in response to respiratory changes. CUROSURF should only be administered by those trained and experienced in the care, resuscitation, and stabilization of preterm infants. TRANSIENT ADVERSE EFFECTS SEEN WITH THE ADMINISTRATION OF CUROSURF INCLUDE BRADYCARDIA, HYPOTENSION, ENDOTRACHAEL TUBE BLOCKAGE, AND OXYGEN DESATURATION. These events require stopping CUROSURF administration and taking appropriate measures to alleviate the condition. After the patient is stable, dosing may proceed with appropriate monitoring. Please see full prescribing information at www.curosurf.com.

About Cornerstone Therapeutics

Cornerstone Therapeutics Inc. (NASDAQ: CRTX), headquartered in Cary, N.C., is a specialty pharmaceutical company focused on commercializing products for the hospital, niche respiratory and related specialty markets. Key elements of the Company's strategy are to focus its commercial and internal development efforts in the hospital and related specialty product sector within the U.S. pharmaceutical marketplace; continue to seek out opportunities to acquire companies and marketed and/or registration-stage products that fit within the Company's focus areas; and generate revenues by marketing approved generic products through the Company's wholly-owned subsidiary, Aristos Pharmaceuticals, Inc. For more information, visit www.crtx.com.

TRADEMARKS
CUROSURF® is owned by Chiesi Farmaceutici S.p.A. and is licensed to Cornerstone Therapeutics for sales and marketing purposes in the United States.

UBM Canon Announces a Strategic Engagement with HCL Technologies

Thu, 24 May 2012 22:00:00 +0000

UBM Canon Announces a Strategic Engagement with HCL Technologies

Agreement will deliver advanced technologies for the rapid dissemination of content across all the various platforms for enhanced audience experience and engagement

PR Newswire

LOS ANGELES, May 24, 2012 /PRNewswire/ -- UBM Canon, the leading B2B media and communications group focused on the advanced manufacturing sector, today announced that it has signed an agreement with HCL Technologies (HCL), a leading global IT services provider to deliver advanced technologies for rapid and optimized content delivery for a best-in-class audience engagement experience spanning web, digital products, mobile and print environments. As part of the partnership, HCL Technologies will provide its latest Production and Content Management Service Platform called POMS (Production Operations as a Service) to enable establishment of a more dynamic and robust channel required for creating, producing and delivering content across UBM Canon's product portfolio.

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"As the leading global media group covering B2B industries such as MedTech, Plastics, Pharmaceuticals and Packaging, our content teams will have a transformational platform to shine even brighter across these industries. The trust and respect our brands have garnered will be enhanced by HCL Technologies' digital and operational excellence," stated Stephen Corrick, Executive Vice President and Managing Director, UBM Canon Media. "Together, this outstanding team will have access to a global platform to address local, regional and global needs. HCL has global clientele in each of our industry segments which is further testament to the quality and service we can expect from this relationship, and a strong benefit to be realized by our audience and advertising clients."

UBM Canon's brands are leaders in their respective markets, both regionally and internationally providing an unparalleled capability as the crucial source for industry news, information, and resources with brands like Medical Device and Diagnostic Industry (MD+DI), Qmed, MEDTEC, PlasticsToday, Pharmalive and Packaging Digest.

"To keep our customers ahead of the game, we are enabling them to support new business models, foster innovation and achieve content monetization," said Karan Puri, Executive Vice President and Global Head of Consumer Services, HCL Technologies. "We are proud to partner with UBM Canon and share their strategic vision to create highly valuable and original content for the media industry. "Collectively, our innovative technology, coupled with UBM Canon's editorial expertise, will ensure continued excellence in the content delivery while allowing new products to be rapidly developed to address market needs."

About UBM Canon
UBM Canon LLC, the leading B2B media company dedicated exclusively to the global $3.0 trillion advanced manufacturing sector, helps support the flow of information, commerce and innovation in such sophisticated segments as medical devices and pharmaceutical development. UBM Canon also addresses cutting-edge developments in broader areas of advanced engineering design and manufacturing, and manufacturing processes and packaging. UBM Canon is part of UBM plc (UBM.L) a global provider of media and information services for professional B2B communities and markets.

About HCL Technologies
HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on 'transformational outsourcing', underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, infrastructure management, engineering and R&D services and BPO. HCL leverages its extensive global offshore infrastructure and network of offices in 26 countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes pride in its philosophy of 'Employee First, Customer Second' which empowers our 82,464 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, has reported consolidated revenues of US$ 4.0 billion (` 19,412 crores), as on 31 March 2012 (on LTMbasis). For more information, please visit www.hcltech.com.

SOURCE UBM Canon

Pulmonary Fibrosis Foundation Congratulates Helene Campbell On Her Organ And Tissue Donation Advocacy Efforts

Thu, 24 May 2012 21:54:09 +0000

Pulmonary Fibrosis Foundation Congratulates Helene Campbell On Her Organ And Tissue Donation Advocacy Efforts

PR Newswire

Canadian Double-Lung Transplant Recipient Receives Diamond Jubilee Medal from Canadian Prime Minister Harper

CHICAGO, May 24, 2012 /PRNewswire-USNewswire/ -- In her first public appearance since her surgery, 21-year-old, double-lung transplant recipient Helene Campbell held a press conference today about her journey and work promoting organ donation. Yesterday the Canadian Prime Minister Stephen Harper awarded Ms. Campbell with the Diamond Jubilee Medal for her work raising awareness about organ donation and her personal courage in her fight against idiopathic pulmonary fibrosis (IPF).

Ms. Campbell's social media campaign for organ donation advocacy gained international status when celebrities became engaged by her story. Through her work via the Twitter account @alungstory and her personal blog, Campbell garnered the attention of Justin Bieber and Ellen DeGeneres which led to a rapid and continued increase in her following. Now, with nearly 15,500 followers on Twitter and thousands of blog readers, Campbell is a renowned social media advocate promoting organ donation in her vital educational campaign.

The Pulmonary Fibrosis Foundation is particularly grateful for the awareness Ms. Campbell brings to organ and tissue donation and to idiopathic pulmonary fibrosis. In July of 2011, Helene was diagnosed with IPF. With no FDA-approved treatment or cure for IPF, Helene's physician recommended a lung transplant.

Considering that IPF is a main reason for lung transplantation, and that the demand for lungs exceeds the supply, Helene's message is extremely important to the pulmonary fibrosis community.

The Foundation's spring/summer issue of the Breathe Bulletin features articles on organ donation and stories of lung transplantation that highlighted April's designation as Organ Donation Awareness Month. In the issue, the Foundation featured an interview with Illinois' Secretary of State, the Honorable Jesse White, who oversees the Illinois Organ and Tissue Donor Program and two stories on lung transplantation, including Ms. Campbell's.

Ms. Campbell's interview provided the Foundation with a moving testimonial about the importance of organ donation and awareness in the fight against pulmonary fibrosis. Helene expressed her hope for the future of organ donation saying, "If we can change not just the mindset, but the feeling towards organ donation of just one generation, it will follow us for years to come. Because we shouldn't see organ donation as a bad thing." Ms. Campbell is truly making a difference in her call to action. "I know it's facing [your own] mortality [to consider organ donation], and it's a tough time, and it's not easy. But we can talk about it once, not dwell on it, and close that door, because it is something that we can benefit from in the future." Wise beyond her years, she talks of her strength saying, "People are really stronger than they think they are. And they're put up to this, to face stuff like this, and we can do it, it's in us." To read the whole interview with Helene Campbell, please visit www.pulmonaryfibrosis.org/breathebulletin.

About the Pulmonary Fibrosis Foundation

The mission of the Pulmonary Fibrosis Foundation (PFF) is to help find a cure for idiopathic pulmonary fibrosis (IPF), advocate for the pulmonary fibrosis community, promote disease awareness, and provide a compassionate environment for patients and their families. The PFF collaborates with physicians, organizations, patients, and caregivers worldwide. December 1-3, 2011, the PFF hosted its first biennial international scientific conference, IPF Summit 2011: From Bench to Bedside, in Chicago; PFF Summit 2013 will be held December 5-7, 2013. For more information visit www.pulmonaryfibrosis.org or call 888.733.6741.

About Idiopathic Pulmonary Fibrosis

According to the National Institutes of Health, idiopathic pulmonary fibrosis (IPF) is a condition in which over a period of time the lung tissue becomes thickened, stiff, and scarred. The development of the scar tissue is called fibrosis. As the lung tissue becomes scarred and thicker, the lungs lose their ability to transfer oxygen into the bloodstream. As a result, the brain and other organs don't receive the oxygen they need. In some cases, doctors can determine the cause of the fibrosis, but in most cases, there is not a known cause. When there is no known etiology for the fibrosis (and certain pathologic criteria are met) the disease is called idiopathic pulmonary fibrosis, or IPF. IPF affects approximately 200,000 individuals in the U.S., and the annual mortality is estimated to be 40,000. At present there are no FDA-approved medical therapies.

Contacts:
Cara Schillinger
Associate Vice President, Communications and Marketing
312.265.2184
cschillinger@pulmonaryfibrosis.org

Jennifer Bulandr
Director, Community Affairs
888.733.6741
jennifer@pulmonaryfibrosis.org

SOURCE The Pulmonary Fibrosis Foundation

Pharmaceutical Industry Labor Management Association (PILMA) Applauds Senate's Passage of S.3187

Thu, 24 May 2012 21:37:15 +0000

Pharmaceutical Industry Labor Management Association (PILMA) Applauds Senate's Passage of S.3187

PR Newswire

WASHINGTON, May 24, 2012 /PRNewswire-USNewswire/ -- The member companies and unions of the Pharmaceutical Industry Labor Management Association (PILMA) applaud the Senate's 96 to 1 vote today in favor of passage of S. 3187, the Food and Drug Administration Safety and Innovation Act. Over the past 20 years, prescription drug user fees have been a key component in ensuring that the United States efficiently and safely brings new medicines to market, and extending the user-fees program will keep America at the forefront of new drug innovation and development well into the future. We congratulate Chairman Harkin and Ranking Member Enzi for their hard work in developing this measure and their effort in seeing it through the process in a way that protects the integrity of the underlying legislation. PILMA will to continue to support this legislation as it moves to the House, and we urge members on both sides of the aisle to support the integrity of this bill in order to ensure its swift consideration and final approval.

SOURCE Pharmaceutical Industry Labor-Management Association

Mylan Announces Settlement Agreement in Patent Infringement Litigation Relating to Sunovion's Brovana® Product

Thu, 24 May 2012 21:33:56 +0000

Mylan Announces Settlement Agreement in Patent Infringement Litigation Relating to Sunovion's Brovana® Product

PR Newswire

PITTSBURGH, May 24, 2012 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today announced that Mylan Specialty L.P., f/k/a Dey Pharma, L.P., has entered into an agreement with Sunovion Pharmaceuticals Inc., f/k/a Sepracor Inc., to resolve the parties' patent litigation relating to Sunovion's Brovana® product.

The U.S. District Court for the Southern District of New York's Final Judgment and Order notes that the parties have entered into a settlement and license agreement and that Sunovion has acknowledged that two Mylan patents are valid, enforceable and infringed by Sunovion's Brovana® product. These patents expire on June 22, 2021. The terms of the parties' agreement are confidential.

Mylan CEO Heather Bresch commented, "We are pleased with this settlement and remain confident in the intellectual property protecting Perforomist®, as well as our combination product for the treatment of Chronic Obstructive Pulmonary Disease (COPD), currently in development. We believe this settlement and judgment by the Court further strengthen the potential of our Specialty franchise and its portfolio of products."

Mylan intends to appeal the judgment concerning other Mylan patents that were litigated.

This press release includes statements that constitute "forward-looking statements," including with regard to the settlement of the litigation. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: any legal or regulatory challenges to the settlement; strategies by competitors or other third parties to delay or prevent product sales; risks inherent in legal and regulatory processes; and the other risks detailed in the company's periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Mylan is a global pharmaceutical company committed to setting new standards in health care. Working together around the world to provide 7 billion people access to high quality medicine, we innovate to satisfy unmet needs; make reliability and service a habit, do what's right, not what's easy and impact the future through passionate global leadership. We offer a growing portfolio of more than 1,100 generic pharmaceuticals and several brand medications. In addition, we offer a wide range of antiretroviral therapies, upon which approximately one-third of HIV/AIDS patients in developing countries depend. We also operate one of the largest active pharmaceutical ingredient manufacturers and currently market products in approximately 150 countries and territories. Our workforce of more than 18,000 people is dedicated to improving the customer experience and increasing pharmaceutical access to consumers around the world. But don't take our word for it. See for yourself. See inside. mylan.com

SOURCE Mylan Inc.

"Personality Genes" May Help Account for Longevity

Thu, 24 May 2012 21:21:44 +0000

"Personality Genes" May Help Account for Longevity

PR Newswire

BRONX, N.Y., May 24, 2012 /PRNewswire-USNewswire/ -- "It's in their genes" is a common refrain from scientists when asked about factors that allow centenarians to reach age 100 and beyond. Up until now, research has focused on genetic variations that offer a physiological advantage such as high levels of HDL ("good") cholesterol. But researchers at Albert Einstein College of Medicine and Ferkauf Graduate School of Psychology of Yeshiva University have found that personality traits like being outgoing, optimistic, easygoing, and enjoying laughter as well as staying engaged in activities may also be part of the longevity genes mix.

The findings, published online May 21 in the journal Aging, come from Einstein's Longevity Genes Project, which includes over 500 Ashkenazi Jews over the age of 95 and 700 of their offspring. Ashkenazi (Eastern European) Jews were selected because they are genetically homogeneous, making it easier to spot genetic differences within the study population.

Previous studies have indicated that personality arises from underlying genetic mechanisms that may directly affect health. The present study of 243 of the centenarians (average age 97.6 years, 75 percent women) was aimed at detecting genetically-based personality characteristics by developing a brief measure (the Personality Outlook Profile Scale, or POPS) of personality in centenarians.

"When I started working with centenarians, I thought we'd find that they survived so long in part because they were mean and ornery," said Nir Barzilai, M.D., the Ingeborg and Ira Leon Rennert Chair of Aging Research, director of Einstein's Institute for Aging Research and co-corresponding author of the study. "But when we assessed the personalities of these 243 centenarians, we found qualities that clearly reflect a positive attitude towards life. Most were outgoing, optimistic and easygoing. They considered laughter an important part of life and had a large social network. They expressed emotions openly rather than bottling them up." In addition, the centenarians had lower scores for displaying neurotic personality and higher scores for being conscientious compared with a representative sample of the U.S. population.

"Some evidence indicates that personality can change between the ages of 70 and 100, so we don't know whether our centenarians have maintained their personality traits across their entire lifespans," continued Dr. Barzilai. "Nevertheless, our findings suggest that centenarians share particular personality traits and that genetically-based aspects of personality may play an important role in achieving both good health and exceptional longevity."

The study is titled "Positive attitude towards life and emotional expression as personality phenotypes for centenarians." The POPS was developed by lead author Kaori Kato, Psy.D., now at Weill Cornell Medical College, who validated it through comparisons with two previously established measures of personality traits. Other authors of the study were Richard Zweig, Ph.D., assistant clinical professor of psychiatry and behavioral sciences at Einstein and director of the Older Adult Program at Ferkauf, and Gil Atzmon, Ph.D., assistant professor of medicine and of genetics at Einstein.

About Albert Einstein College of Medicine of Yeshiva University

Albert Einstein College of Medicine of Yeshiva University is one of the nation's premier centers for research, medical education and clinical investigation. During the 2011-2012 academic year, Einstein is home to 724 M.D. students, 248 Ph.D. students, 117 students in the combined M.D./Ph.D. program, and 368 postdoctoral research fellows. The College of Medicine has 2,522 full time faculty members located on the main campus and at its clinical affiliates. In 2011, Einstein received nearly $170 million in awards from the NIH. This includes the funding of major research centers at Einstein in diabetes, cancer, liver disease, and AIDS. Other areas where the College of Medicine is concentrating its efforts include developmental brain research, neuroscience, cardiac disease, and initiatives to reduce and eliminate ethnic and racial health disparities. Its partnership with Montefiore Medical Center, the University Hospital and academic medical center for Einstein, advances clinical and translational research to accelerate the pace at which new discoveries become the treatments and therapies that benefit patients. Through its extensive affiliation network involving Montefiore, Jacobi Medical Center –Einstein's founding hospital, and five other hospital systems in the Bronx, Manhattan, Long Island and Brooklyn, Einstein runs one of the largest post-graduate medical training programs in the United States, offering approximately 155 residency programs to more than 2,200 physicians in training. For more information, please visit www.einstein.yu.edu and follow us on Twitter @EinsteinMed.

SOURCE Albert Einstein College of Medicine

NORD Calls Senate Bill Most Important Since Orphan Drug Act

Thu, 24 May 2012 20:52:46 +0000

NORD Calls Senate Bill Most Important Since Orphan Drug Act

PR Newswire

Praises Senate for Addressing Needs of Rare Disease Patients

WASHINGTON, May 24, 2012 /PRNewswire-USNewswire/ -- The National Organization for Rare Disorders (NORD) applauds legislation passed today by the U.S. Senate -- S 3187, the Food and Drug Administration Safety & Innovation Act of 2012 (FDASIA) – and says it contains the most comprehensive improvements to public policy for rare disease therapies since the landmark Orphan Drug Act of 1983.

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"NORD has been working very hard over the past two years to ensure that the interests of the rare disease patient community are well represented in this important legislation," said NORD President and CEO Peter L. Saltonstall. "We are thrilled that our nation's leaders in Congress are working together and making substantive policy improvements to bring new therapies to patients who desperately need them."

"When this process began over two years ago," he added, "our focus was on obtaining a commitment by the FDA to further incorporate the exceptional nature of rare diseases in the review of promising new therapies and medical devices. What we've been able to achieve since then, with our members and advocacy partners in the rare disease community, is nothing short of astonishing. Our sincerest thanks go to all who have helped to make this day possible."

The bill contains numerous provisions that will enhance the regulatory process at FDA, incentivize further investment by innovators into rare disease therapies, and expand the scientific armamentarium needed to bring the most cutting-edge therapies to patients as quickly as possible.

Specific commitments by the FDA include:

Expansion of the Rare Disease Program at the Center for Drugs and extension of this program to the Center for Biologics
A new initiative to further qualify and categorize biomarkers for use in clinical trial design, including under Accelerated Approval and similar mechanisms
A new initiative to evaluate patient tolerance to risk of proposed therapies and to incorporate more patient input in the review process

Legislative provisions in the bill include:

Codification and modernization of the Accelerated Approval process
Improvements to policies governing conflicts of interest that will allow expert participation on FDA Advisory Committees
Creation of a new category of "breakthrough" therapies that will encourage early public and private collaboration to aid in clinical trial design and review
Expanded access to experts for rare diseases beyond the review process
Expansion of devices intended for use in very small patient populations, including the possibility of profit for such devices when used in adult populations

The US House of Representatives is working on companion legislation (HR 5651 – the Food & Drug Administration Reform Act of 2012) that has already been unanimously approved by the Committee on Energy & Commerce in a similar bipartisan fashion. Adoption of that measure is expected when the House resumes its session at the beginning of June.

Both the House and Senate bills are the culmination of a process conducted every five years to reauthorize the Prescription Drug User Fee Act (PDUFA) and related legislation that provides critical funding to allow FDA to review potential new therapies in a timely manner. As the voice of rare disease patients and their families in the U.S. since 1983, NORD has served as the primary representative of the rare disease patient community over the past two years as needs were prioritized and the legislation now being voted upon by the House and Senate was drafted.

SOURCE National Organization for Rare Disorders (NORD)

Insulet Corporation to Present at Upcoming Investor Conferences

Thu, 24 May 2012 20:15:00 +0000

Insulet Corporation (NASDAQ: PODD), the leader in tubeless insulin pump technology with its OmniPod® Insulin Management System, today announced the company will participate in the following upcoming investor conferences:

The Jefferies Global Healthcare Conference taking place June 4-7, 2012 at the Grand Hyatt in New York City. Management is scheduled to present an overview of the Company on Monday, June 4, 2012 at 4:30 p.m. ET.
The William Blair Growth Stock Conference taking place June 12-14, 2012 at the Four Seasons Chicago. Management is scheduled to present an overview of the Company on Wednesday, June 13, 2012 at 1:20 p.m. CT (2:20 p.m. ET).

During these presentations, material information concerning the Company, its operations, strategies and prospects may be discussed. To listen to the audio webcast of these presentations during the event, please visit: http://investors.insulet.com. A replay of each webcast will be available for 10 days after the initial presentation.

About Insulet Corporation
Insulet Corporation (NASDAQ: PODD) is an innovative medical device company dedicated to making the lives of people with diabetes easier. Through its OmniPod Insulin Management System, Insulet seeks to expand the use of insulin pump therapy among people with insulin-dependent diabetes. The OmniPod is a revolutionary and easy-to-use tubeless insulin pump that features just two parts and fully-automated cannula insertion. Insulet's subsidiary, Neighborhood Diabetes, is a leading distributor for diabetes products and supplies, delivered through a high tough customer service model. Founded in 2000, Insulet Corporation is based in Bedford, Mass. For more information, please visit: http://www.myomnipod.com.

Contact:
Stephanie Marks for Insulet Corporation
ir@insulet.com
877-PODD-IR1 (877-763-3471)

Immunovaccine Announces Financial Results for the Quarter Ended March 31, 2012

Thu, 24 May 2012 20:05:00 +0000

- New vaccine collaborations in infectious diseases and cocaine addiction validate the promise of Immunovaccine's technologies

- Successful private placement raises $2.8 million

Immunovaccine Inc. (TSX VENTURE:IMV) ("Immunovaccine" or the "Company"), a clinical stage vaccine company developing the patented DepoVax^â¢ vaccine adjuvanting platform and product candidates for cancer therapy and infectious diseases, today released its financial and operational results for the quarter ended March 31, 2012.

John Trizzino, CEO of Immunovaccine, commented,

"Since the beginning of 2012, we have entered into three new collaborative agreements with world leading organizations for the purpose of developing vaccines to address cocaine addiction, bio-defense threats and the fast-growing companion animal market. We believe this traction provides validation of both our technology and development strategy. In order to sustain our momentum, we successfully completed a private financing during the period raising approximately $2.8 million. By any measure, the first quarter of 2012 has been a time of significant progress for Immunovaccine."

Highlights of the First Quarter 2012:

Continued to enroll and vaccinate patients in DPX-Survivac Phase I clinical trial. The ongoing Phase I trial is an open label clinical trial designed to evaluate sequentially the safety of two DPX-Survivac dosing regimens in approximately 15 patients. The goal of the Phase I clinical trial is to establish the safety and immune activity of DPX-Survivac in patients with advanced ovarian cancer.

Raised gross proceeds of approximately $2.8 million through a non-brokered private placement on March 7, 2012. Immunovaccine issued 9,294,005 common shares at the price of $0.30 per common share.

Signed a research agreement with Weill Cornell Medical College to advance a vaccine for treating cocaine addiction. The project will combine Cornell's novel cocaine antigen with Immunovaccine's DepoVax adjuvanting platform to strengthen the immune response shown in research animals in previous studies at the College.

Entered into a research collaboration to develop next generation bio-defense vaccines against the most threatening biological agents. These novel vaccine candidates will be evaluated as part of a US National Institutes of Health (NIH) funded study, initiated in the first quarter of 2012.

Highlights Subsequent to First Quarter End:

Entered into a research collaboration with one of the world's leading animal health companies to develop next generation companion animal vaccines. The resulting vaccine products, which are expected to deliver long-lasting, single-dose protection against infectious diseases in dogs and cats, will be advanced through veterinary studies in several indications by Immunovaccine's research partner.

Announced that biotech investment banker, Stephanie LÃ©ouzon, is being nominated to join Immunovaccine's board. Ms. LÃ©ouzon is a Senior Advisor to Torreya Partners, a New York-based life science advisory firm, and was formerly a Senior Advisor and Managing Director in Health Care Investment Banking at Credit Suisse in London.

Received the "Best Early-Stage Vaccine Biotech" award at the 5th Vaccine Industry Excellence (ViE) Awards ceremony during the World Vaccine Congress Washington 2012 in Washington, D.C. The annual ViE Awards honor the efforts, accomplishments and positive contributions of companies and individuals within the vaccine industry. The "Best Early-Stage Vaccine Biotech" was awarded to Immunovaccine based on the Company's strong early clinical trial results in immunotherapy and key collaborations that have the potential to expand its product pipeline in infectious diseases, addiction and bio-defense vaccines.

Q1 2012 Financial Results

The Company prepares its unaudited interim condensed consolidated financial statements in accordance with Canadian generally accepted accounting principles as set out in the Handbook of the Canadian Institute of Chartered Accountants - Part I ("CICA Handbook"), which incorporates International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

The Company's net loss for the period decreased from a loss of $1.9 million during the quarter ended March 31, 2011 to a loss of $1.4 million during the quarter ended March 31, 2012. This decrease is due mainly to the $698,000 decrease in research and development costs and the $16,000 decrease in business development costs, offset by an increase of $225,000 in general and administrative expenses and an increase of $15,000 in accreted interest.

As of March 31, 2012, Immunovaccine had cash and cash equivalents of $6.5 million and working capital of $6.6 million as compared to $5.1 million in both cash and working capital at December 31, 2011. For the quarter ended March 31, 2012, the company's "cash burn rate" (defined as net loss for the period adjusted for non-cash transactions including amortization, accretion of long-term debt and adjustments, stock-based compensation and shares issued for professional services), was approximately $1.09 million. Management believes this provides the Company with sufficient funds to execute the strategy of completing the Phase I trial of DPX-Survivac, executing business development efforts and pre-clinical collaborations on infectious diseases, while maintaining adequate working capital for the next twelve months.

As of April 19, 2012, the number of issued and outstanding common shares was 63,505,152. On March 31, 2012, the number of stock options outstanding was 5,097,150 and the number of outstanding warrants was 4,137,556.

Immunovaccine's unaudited interim condensed consolidated financial statements for March 31, 2012, filed in accordance with IFRS, and the management discussion and analysis (MD&A), are available at www.sedar.com.

About Immunovaccine

Immunovaccine Inc. applies its novel vaccine delivery platform to the development of vaccines for cancer therapy and infectious disease. The company's DepoVaxâ¢ platform is a patented lipid delivery system that presents antigens plus adjuvant to the immune system for a prolonged period and has the potential to enhance immune responses. Immunovaccine has advanced its platform technology and proprietary cancer vaccine into Phase I human clinical trials and has demonstrated both safety and immunogenicity potential. The Company is also capitalizing on the broad potential of its delivery platform by creating new DepoVax-based vaccines through multiple development collaborations. In addition to the Company's human health vaccine strategy, it continues to capture value from animal health vaccine applications. Immunovaccine has several key partnerships in the animal health sector including an agreement with Pfizer Animal Health, which has licensed the Company's delivery technology platform to develop vaccines for livestock. Connect at www.imvaccine.com.

This press release contains forward-looking information under applicable securities law. All information that addresses activities or developments that we expect to occur in the future is forward-looking information. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. However, they should not be regarded as a representation that any of the plans will be achieved. Actual results may differ materially from those set forth in this press release due to risks affecting the company, including access to capital, the successful completion of clinical trials and receipt of all regulatory approvals. Immunovaccine Inc. assumes no responsibility to update forward-looking statements in this press release.

Immunovaccine Inc.
Kimberly Stephens
CFO
(902) 492-1819
info@imvaccine.com
www.imvaccine.com
Vida Communication (media)
Tim Brons
(415) 675-7402
tbrons@vidacommunication.com
Vida Communication (investors)
Stephanie Diaz
(415) 675-7401
sdiaz@vidacommunication.com

China Kanghui Holdings Reports First Quarter 2012 Financial Results

Thu, 24 May 2012 20:05:00 +0000

China Kanghui Holdings Reports First Quarter 2012 Financial Results

1Q12 Net Revenue Increased 21.6% Year-Over-Year

1Q12 Net Income Increased 35.0% Year-Over-Year

PR Newswire

CHANGZHOU, China, May 24, 2012 /PRNewswire-Asia/ -- China Kanghui Holdings (NYSE: KH) ("Kanghui" or the "Company"), a leading domestic developer, manufacturer and marketer of orthopedic implants in China, today announced its unaudited financial results for the first quarter of 2012.

First Quarter 2012 Highlights

Total net revenue for the first quarter of 2012 increased by 21.6% year-over-year to RMB82.7 millionfrom RMB68.0 million in the corresponding period of the prior year.
Gross profit for the first quarter of 2012 increased by 20.3% year-over-year to RMB58.6 million from RMB48.7 million in the corresponding period of the prior year.
Operating income for the first quarter of 2012 increased by 5.7% year-over-year to RMB31.5 millionfrom RMB29.8 million in the corresponding period of the prior year.
Net income for the first quarter of 2012 increased by 35.0% year-over-year to RMB29.7 million from RMB22.0 million in the corresponding period of the prior year.
Non-GAAP[1] net income for the first quarter of 2012 increased by 39.7% year-over-year to RMB32.7 million from RMB23.4 million in the corresponding period of the prior year.

Mr. Libo Yang, Chief Executive Officer of the Company, stated, "We are very pleased that Kanghui once again delivered another strong quarterly financial performance in the first quarter of 2012, marking the seven consecutive strong quarter since our IPO. We focused strategically on growing our brand in the important China market, and thereby continued to expand our market share along with our robust domestic revenue growth in the first quarter of 2012. During the quarter, we successfully launched a new spine product that is seeing very good market uptake, and we experienced significant growth in both our trauma and spine segments."

Ms. Sarah Wang, Chief Financial Officer of Kanghui, commented, "Our strong first quarter financial results reflect our ability to consistently execute on our growth strategy. Leveraging our strong cash position and consistently positive cash flows, we further enhanced our competitive advantages by expanding our professional management team, domestic distribution network, and development of a broader product line. We are excited with having a very promising new product pipeline that we intend to launch during the remainder of 2012 and beyond."

First Quarter 2012 Financial and Operating Results

Net revenue increased by 21.6% year-over-year to RMB82.7 million ($13.1 million)[2] in the first quarter of 2012 from RMB68.0 million in the corresponding period of the prior year. Net revenue from trauma products increased by 22.9% year-over-year to RMB51.6 million ($8.2 million) in the first quarter of 2012 from RMB42.0 million in the corresponding period of the prior year. Net revenue from spine products increased by 34.9% year-over-year to RMB25.9 million ($4.1 million) in the first quarter of 2012 from RMB19.2 million in the corresponding period of the prior year. Net revenue from OEM products decreased by 23.5% year-over-year to RMB5.2 million ($0.8 million) in the first quarter of 2012 from RMB6.8 million in the corresponding period of the prior year. Domestic sales of proprietary products increased by 28.5% year-over-year to RMB64.4 million ($10.2 million) in the first quarter of 2012 from RMB50.1 million in the corresponding period of the prior year, while international sales of proprietary products increased by 18.0% year-over-year to RMB13.1 million ($2.1 million) in the first quarter of 2012 from RMB11.1 million in the corresponding period of the prior year.

In the first quarter of 2012, cost of revenue increased by 24.9% year-over-year to RMB24.1 million ($3.8 million) from RMB19.3 million in the corresponding period of the prior year. Gross profit increased by 20.3% year-over-year to RMB58.6 million ($9.3 million) in the first quarter of 2012 from RMB48.7 million in the corresponding period of the prior year. Gross margin for the first quarter of 2012 was 70.9%, compared to 71.6% in the corresponding period of the prior year.

Selling expenses increased by 40.0% year-over-year to RMB9.8 million ($1.6 million) in the first quarter of 2012 from RMB7.0 million in the corresponding period of the prior year. General and administrative expenses increased by 36.5% year-over-year to RMB14.2 million ($2.3 million) in the first quarter of 2012 from RMB10.4 million in the corresponding period of the prior year. Research and development expenses increased by 106.7% year-over-year to RMB3.1 million ($0.5 million) in the first quarter of 2012 from RMB1.5 million in the corresponding period of the prior year.

Operating income increased by 5.7% year-over-year to RMB31.5 million ($5.0 million) in the first quarter of 2012 from RMB29.8 million in the corresponding period of the prior year. Operating margin decreased to 38.1% in the first quarter of 2012 from 43.8% in the corresponding period of the prior year.

Income tax expense in the first quarter of 2012 was RMB6.3 million ($1.0 million), representing an effective tax rate of 17.7%, compared to an income tax expense of RMB9.0 million in the corresponding period of the prior year.

Net income was RMB29.7 million ($4.7 million) in the first quarter of 2012, representing a year-over-year increase of 35.0% from RMB22.0 million in the corresponding period of the prior year. On a diluted per ADS[3] basis, the Company reported net income per diluted ADS of RMB1.15 ($0.18) in the first quarter of 2012, compared to a net income per diluted ADS of RMB0.87 in the corresponding period of the prior year.

Non-GAAP net income, which excludes share based compensation expenses, increased by 39.7% to RMB32.7 million ($5.2 million) from RMB23.4 million in the corresponding period of the prior year. The Company reported non-GAAP net income per diluted ADS of RMB1.26 ($0.20) in the first quarter of 2012, compared to a non-GAAP net income per diluted ADS of RMB0.93 in the corresponding period of the prior year.

During the first quarter of 2012, the Company had a weighted average diluted share count of 155.0 million shares (equivalent to 25.8 million ADSs), compared to 150.9 million shares (equivalent to 25.2 million ADSs) in the corresponding period of the prior year.

Balance Sheet

As of March 31, 2012, the Company had cash and cash equivalents of RMB324.2 million ($51.5 million), compared to RMB380.1 million as of December 31, 2011. As of March 31, 2012, the Company held short-term investments of RMB111.9 million ($17.8 million), compared to RMB77.0 million as of December 31, 2011.

Business Outlook

Mr. Yang added, "The strong first quarter provides us with good momentum for the remainder of 2012. Following our successful launch of a new spine product in the first quarter, we are launching one additional spine product in the second quarter, and two new trauma products and three new joint products in the second half of 2012. With our new joint products in place, we expect to kick start our reconstructive joint segment in the second half of 2012, which we believe can become a major revenue driver of the Company going forward."

The Company reiterates that it anticipates revenue for full year 2012 will be in the range of RMB392 million to RMB403 million, which represents year-over-year growth of 20% to 23%. The Company also estimates its full year 2012 non-GAAP net income to be in the range of RMB146 million to RMB153 million.

Non-Cash Share-Based Compensation Expenses Discussion

The Company recognized non-cash share-based compensation expenses of RMB3.0 million ($0.5 million) in the first quarter of 2012.

The Company classified these non-cash share-based compensation expenses in its costs of revenue, selling expenses, general and administrative expenses as well as in research and development expenses. The break out of these expenses per line item is provided in the financial tables attached to this press release.

The Company has provided a non-GAAP presentation of results which excludes the non-cash share-based compensation expenses. Please refer to the non-GAAP presentation provided in the appendix for a year-over-year comparison of non-cash share-based compensation expenses. The Company believes that this non-GAAP presentation is a helpful tool for the Company to plan and forecast future periods and both management and investors benefit from referring to such non-GAAP presentation in assessing the performance of the Company.

Conference Call

Kanghui will hold a corresponding conference call and live webcast at 8:00 a.m. ET (8:00 p.m. Beijing Time) on Friday, May 25, 2012 to discuss first quarter 2012 results and answer questions from investors. Listeners may access the call by dialing:

US Toll Free:	1-866-519-4004
US Toll/International:	1-718-354-1231
Hong Kong Toll Free:	800-930-346
Hong Kong Toll:	852-2475-0994
China Toll Free:	800-819-0121
China Toll Free (Mobile):	400-620-8038
Conference ID:	76263126

A replay of the webcast will be accessible through June 1, 2012 on http://ir.kanghui.com or by dialing:

United States toll free:	+1-866-214-5335
US Toll/International:	+1-718-354-1232
Passcode:	76263126

About China Kanghui Holdings

Founded in 1997, Kanghui is a leading domestic developer, manufacturer and marketer of orthopedic implants in China. The Company offers a wide array of proprietary orthopedic implant products in trauma and spine, and has an extensive nationwide network of distributors for its products in China, as well as in 29 other countries. Kanghui has strong research and development capabilities, focused on developing new proprietary products and product lines, and enhancing existing products and product lines. For more information, please visit www.kanghui.com.

Use of Non-GAAP Financial Measures

The Company has included non-GAAP financial measures in this press release. Non-GAAP financial measures are defined as GAAP gross profit excluding non-cash share-based compensation expenses, operating income excluding non-cash share-based compensation expenses, net income excluding non-cash share-based compensation expenses, net margin excluding non-cash share-based compensation expenses, basic earnings per share and per ADS excluding non-cash share-based compensation expenses, and diluted earnings per share and per ADS excluding non-cash share-based compensation expenses. The Company believes that management and investors benefit from referring to the non-GAAP financial measures in assessing the performance of the Company and when planning and forecasting future periods. These non-GAAP operating measures are useful for understanding and assessing underlying business performance and operating trends. The use of non-GAAP financial measures has limitations and readers should not consider non-GAAP financial measures in isolation from or as alternatives to consolidated financial metrics prepared in accordance with U.S. GAAP. Readers are encouraged to refer to the reconciliation of non-GAAP measures to GAAP measures included herein.

Safe-Harbor Statement

This press release contains statements of a forward-looking nature, including, among other things, the Company's unaudited operating results for 2012, new product introductions and the respective timetable, the demand for joint reconstruction products in China, future prospects of the Company and the ability for the Company to realize its business plans for 2012. These forward-looking statements are not historical facts but instead represent only the Company's belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of the Company's control. The actual results and other circumstances of the Company may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the first quarter of 2012 are preliminary, unaudited and subject to audit adjustment. Adjustments to the financial statements may be identified when audit work is performed for the year-end audit, which could result in significant differences from this preliminary unaudited financial information. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may include, but are not limited to, statements containing words such as "may," "could," "would," "plan," "anticipate," "believe," "estimate," "predict," "potential," "expects," "intends" and "future" or similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to change at any time. These forward-looking statements are based upon management's current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond the Company's control that may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including the Company's beliefs regarding its strengths and strategies; the Company's ability to expand its international business; the Company's ability to develop and successfully market new products in China and internationally; the Company's current expansion strategy, including its ability to expand its manufacturing and research and development facilities and capabilities and the Company's future prospects, business development, results of operations and financial condition. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form 20-F for the fiscal year 2011, as filed with the Securities and Exchange Commission on April 30, 2012, and are available on the Securities and Exchange Commission's website at www.sec.gov. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see "Risk Factors" that begins on page 6 of the Company's annual report for fiscal year 2011 and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission, which can be found on the Company's website at www.kanghui.com or at www.sec.gov.

Contact Information

China Kanghui Holdings Investor Relations Department
+1-888-321-2558

Asia Bridge Capital Limited
Carene Toh
+86-186 1835 6339
carene.toh@asiabridgegroup.com

China Kanghui Holdings
Summary - First Quarter 2012
(RMB in thousands, except for per share data and per ADS data)
	Three Months Ended March 31,
	2011	2012
	Unaudited	Unaudited
Net revenue	67,975	82,713
Gross profit	48,716	58,572
Non-GAAP gross profit	48,766	58,605
Operating income	29,804	31,486
Non-GAAP operating income	31,221	34,447
Net income attributable to China Kanghui Holdings	21,969	29,709
Non-GAAP net income	23,386	32,670
Earnings per share -basic	0.16	0.21
Earnings per share -diluted	0.15	0.19
Earnings per ADS -basic	0.96	1.27
Earnings per ADS -diluted	0.87	1.15
Non-GAAP earnings per share -basic	0.17	0.23
Non-GAAP earnings per share -diluted	0.16	0.21
Non-GAAP earnings per ADS -basic	1.03	1.40
Non-GAAP earnings per ADS -diluted	0.93	1.26

*- Revenue By Product Category*
Trauma	42,030	51,572
Spine	19,194	25,893
OEM	6,751	5,248
*- Revenue by Business Sector*
Domestic	50,109	64,316
International	11,115	13,149
OEM	6,751	5,248

China Kanghui Holdings
Consolidated Balance Sheets
(Expressed in thousands)
	As of December 31, 2011	As of March 31, 2012
	RMB	RMB	US$
	Audited	Unaudited	Unaudited
Assets
Current assets:
Cash and cash equivalents	380,092	324,202	51,481
Bills receivable	5,873	3,052	485
Short-term investments	76,998	111,862	17,763
Accounts receivable, net	87,578	110,445	17,538
Inventories, net	110,907	126,007	20,009
Prepayments and other current assets	13,428	13,763	2,185
Deferred tax assets	9,090	10,583	1,681
Amount due from related parties	5,672	6,803	1,080
Total current assets	689,638	706,717	112,222

Non-current assets:
Property, plant and equipment, net	259,825	319,232	50,692
Intangible assets, net	62,026	60,889	9,669
Prepaid land lease payments	22,812	22,690	3,603
Goodwill	155,341	155,341	24,667
Long-term investment	25,204	25,190	4,000
Deposits for non-current assets	4,731	6,331	1,005
Deferred tax assets	2,444	2,465	391
Other assets, non-current	257	135	21
Total non-current assets	532,640	592,273	94,048
Total assets	1,222,278	1,298,990	206,270

Liabilities and equity
Current liabilities:
Accounts payable	19,278	21,220	3,370
Accrued expenses and other liabilities	65,388	105,321	16,724
Income tax payable	5,800	8,378	1,330
Uncertain tax positions	4,197	4,152	659
Amount due to related parties	1,137	1,312	208
Total current liabilities	95,800	140,383	22,291

Non-current liabilities:
Deferred government grants	6,409	6,290	999
Deferred tax liabilities	14,857	14,666	2,329
Total non-current liabilities	21,266	20,956	3,328
Total liabilities	117,066	161,339	25,619

Equity:
Ordinary shares (par value of US$0.001 per share; 1,000,000,000 shares authorized as of December 31, 2011 and March 31, 2012 (unaudited); 140,401,842 shares issued and outstanding as of December 31, 2011 and 140,569,926 shares issued and outstanding as of March 31, 2012 (unaudited))	1,022	1,023	162
Additional paid-in capital	912,972	916,316	145,505
Accumulated other comprehensive loss	(19,604)	(19,646)	(3,120)
Statutory reserves	45,417	45,417	7,212
Retained earnings	156,387	186,096	29,551
Total China Kanghui Holdings shareholders' equity	1,096,194	1,129,206	179,310
Non-controlling interests	9,018	8,445	1,341
Total equity	1,105,212	1,137,651	180,651
Total liabilities and equity	1,222,278	1,298,990	206,270

China Kanghui Holdings
Consolidated Statements of Comprehensive Income
Expressed in thousands, except for number of shares and per share data
	Three Months Ended March 31,
	2011	2012
	RMB	RMB	US$
	Unaudited	Unaudited	Unaudited

Net revenue	67,975	82,713	13,134
Cost of revenue	(19,259)	(24,141)	(3,833)
Gross profit	48,716	58,572	9,301

Operating expenses
Selling expenses	(6,988)	(9,760)	(1,550)
General and administrative expenses	(10,422)	(14,207)	(2,256)
Research and development expenses	(1,502)	(3,119)	(495)
Operating income	29,804	31,486	5,000
Interest income	1,719	3,867	614
Government grants	2,706	151	24
Other income	145	485	77
Other expenses	(397)	(357)	(57)
Foreign exchange loss	(3,008)	(171)	(27)
Income before income taxes	30,969	35,461	5,631
Income taxes	(8,982)	(6,324)	(1,004)
Net income	21,987	29,137	4,627
Net (income) loss attributable to non-controlling interests	(18)	572	91
Net income attributable to China Kanghui Holdings	21,969	29,709	4,718

Earnings per share
Basic	0.16	0.21	0.03
Diluted	0.15	0.19	0.03

Shares used in earnings per share computation
Basic	136,828,869	140,440,413	140,440,413
Diluted	150,864,399	155,007,387	155,007,387

Other comprehensive loss, net of tax[4]
Foreign currency translation adjustment	(203)	(42)	(7)
Total other comprehensive loss, net of tax	(203)	(42)	(7)
Comprehensive income attributable to China Kanghui Holdings	21,766	29,667	4,711

Share-based compensation charges incurred during the period related to:

Cost of revenue	50	33	5
Selling expenses	112	136	22
General and administrative expenses	1,207	2,762	439
Research and development expenses	48	30	5
Total	1,417	2,961	471

China Kanghui Holdings
Reconciliations of Non-GAAP Results to GAAP Results of Operations
(RMB in thousands, except for share, ADS, per share data and per ADS data)
	Three Months Ended March 31,
	2011	2012
	Unaudited	Unaudited

Net revenue	67,975	82,713

Non-GAAP net income	23,386	32,670
Non-GAAP net margin	34.4%	39.5%
Share-based compensation	(1,417)	(2,961)
GAAP net income	21,969	29,709
GAAP net margin	32.3%	35.9%

Non GAAP earnings per share -basic	0.17	0.23
Non GAAP earnings per share -diluted	0.16	0.21
Non GAAP earnings per ADS -basic	1.03	1.40
Non GAAP earnings per ADS -diluted	0.93	1.26

GAAP earnings per share -basic	0.16	0.21
GAAP earnings per share -diluted	0.15	0.19
GAAP earnings per ADS -basic	0.96	1.27
GAAP earnings per ADS -diluted	0.87	1.15

Shares used in computation of:
Basic earnings per share	136,828,869	140,440,413
Diluted earnings per share	150,864,399	155,007,387
Basic earnings per ADS	22,804,812	23,406,736
Diluted earnings per ADS	25,144,067	25,834,565

Non-GAAP operating income	31,221	34,447
Non-GAAP operating margin	45.9%	41.6%
Share-based compensation	(1,417)	(2,961)
GAAP operating income	29,804	31,486
GAAP operating margin	43.8%	38.1%

Non-GAAP gross profit	48,766	58,605
Non-GAAP gross margin	71.7%	70.9%
Share-based compensation	(50)	(33)
GAAP gross profit	48,716	58,572
GAAP gross margin	71.7%	70.8%

[1] All non-GAAP measures exclude share-based compensation expenses. For further details on non-GAAP measures, please refer to the reconciliation tables and a detailed discussion of the Company's use of non-GAAP information set forth elsewhere in this press release.

[2] This announcement contains translations of certain Renminbi ("RMB") amounts into US dollars ("$") at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to US dollars as of and for the quarter ended March 31, 2012 were made at the noon buying rate of RMB6.2975 to $1.00 on March 30, 2012 in the City of New York for cable transfers in Renminbi per US dollar as certified for customs purposes by the Federal Reserve Bank of New York. The Company makes no representation that the Renminbi or US dollar amounts referred to in this press release could have been or could be converted into US dollars or Renminbi, at any particular rate or at all.

[3] Each of the Company's American Depositary Shares ("ADS"), which are traded on New York Stock Exchange, represents six of the Company's ordinary shares.

[4] Beginning in the first quarter 2012, in accordance with Accounting Standards Update 2011-05, the Company is presenting other comprehensive income and its components in the unaudited condensed consolidated Statement of Comprehensive Income. Other comprehensive income mainly consists of currency translation adjustments relating to translating some of our subsidiaries' financial statements from their functional currency to our reporting currency, which is in the United States dollar. The functional currency of our main subsidiaries in China is the RMB.

SOURCE China Kanghui Holdings

Watson Confirms Testim® Patent Challenge

Thu, 24 May 2012 20:05:00 +0000

Watson Confirms Testim® Patent Challenge

- Paragraph IV Litigation Underway -

PR Newswire

PARSIPPANY, N.J., May 24, 2012 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today confirmed that its subsidiary, Watson Laboratories, Inc., filed an Abbreviated New Drug Application (ANDA) with the U.S. Food and Drug Administration (FDA) seeking approval to market Testosterone Gel, 1%. Watson's 1% testosterone gel product is a generic version of Auxilium Pharmaceuticals, Inc.'s Testim® 1%. Testim®1% is indicated for testosterone replacement therapy in males for conditions associated with a deficiency or absence of endogenous testosterone.

Auxilium Pharmaceuticals, Inc. and FCB I LLC filed suit against Watson on May 23, 2012 in the United States District Court for the District of New Jersey seeking to prevent Watson from commercializing its 1% testosterone gel product prior to the expiration of certain U.S. patents. The lawsuit was filed under the provisions of the Hatch-Waxman Act, resulting in a stay of final FDA approval of Watson's ANDA for up to 30 months from the date the plaintiffs received notice of Watson's ANDA filing or until final resolution of the matter before the court, whichever occurs sooner, subject to any other exclusivities.

For the twelve months ending March 31, 2012, Testim® had total U.S. sales of approximately $260 million according to IMS Health data.

About Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc. is an integrated global specialty pharmaceutical company. The Company is engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. The Company is also developing biosimilar products in Women's Health and Oncology. Additionally, Watson distributes generic and branded pharmaceuticals through its Anda, Inc. distribution business. Watson has operations in many of the world's established and growing international markets.

For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.

Forward-Looking Statement
Statements contained in this press release that refer to non-historical facts are forward-looking statements that reflect Watson's current perspective of existing information as of the date of this release. It is important to note that Watson's goals and expectations are not predictions of actual performance. Actual results may differ materially from Watson's current expectations depending upon a number of factors, risks and uncertainties affecting Watson's business. These factors include, among others, the difficulty of predicting the timing or outcome of product development efforts, including FDA and other regulatory agency approvals and actions, if any; the difficulty of predicting the timing and outcome of the pending patent litigation; the impact of competitive products and pricing; the timing and success of product launches; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with FDA and other governmental regulations applicable to Watson and its third party manufacturers' facilities, products and/or businesses; changes in the laws and regulations, including Medicare and Medicaid, affecting among other things, pricing and reimbursement of pharmaceutical products; and such other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 and Watson's Annual Report on Form 10-K for the year ended December 31, 2011. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.

Testim® is a registered trademark of Auxilium Pharmaceuticals, Inc.

CONTACTS:	Investors:
	Lisa DeFrancesco
	(862) 261-7152

	Media:
	Charlie Mayr
	(862) 261-8030

(Logo: http://photos.prnewswire.com/prnh/20100121/LA41294LOGO )

SOURCE Watson Pharmaceuticals, Inc.

Uroplasty Reports Fiscal Fourth Quarter And Full Year 2012 Financial Results

Thu, 24 May 2012 20:05:00 +0000

Uroplasty Reports Fiscal Fourth Quarter And Full Year 2012 Financial Results

~Sales of Urgent® PC in the U.S. increased 79% to $2.3 million in the fourth quarter

~~Positive Reimbursement Developments for Urgent PC in the U.S.

onference call today at 4:30 p.m. ET

PR Newswire

MINNEAPOLIS, May 24, 2012 /PRNewswire/ -- Uroplasty, Inc. (NASDAQ: UPI), a medical device company that develops, manufactures and markets innovative proprietary products to treat voiding dysfunctions, today reported financial results for the fiscal fourth quarter and year ended March 31, 2012.

Global sales increased 39% to $5.6 million for the fourth quarter of fiscal 2012, compared with $4.0 million in the fiscal fourth quarter a year ago. Sales in the U.S. grew 63%, driven by a 79% increase in sales of the Urgent® PC Neuromodulation System. U.S. sales of Macroplastique grew 53% from the prior year. Outside the U.S., sales rose by 4%.

Fiscal fourth quarter U.S. Urgent PC sales, number of active customers and number of lead set boxes increased sequentially over fiscal third quarter. Sales of $2.3 million increased 19% over the fiscal third quarter sales. There were 538 active Urgent PC customers in the fiscal fourth quarter compared with 500 in the fiscal third quarter. The Company sold 3,023 lead set boxes in the fiscal fourth quarter compared with 2,531 in the fiscal third quarter and utilization in the fiscal fourth quarter increased to 5.6 lead set boxes per active customer compared with 5.1 in the third quarter.

"We demonstrated solid sequential quarterly improvement in the performance metrics of our U.S. Urgent PC business," said David Kaysen, President and CEO of Uroplasty. "Our success is the result of good execution of the initiatives we put in place in January 2012 to accelerate our growth through increased penetration of existing physician accounts and increase in active customers. New processes and tools are beginning to help our customers to ramp up and incorporate Urgent PC as a key component in their practices much more quickly. The fiscal fourth quarter results also benefitted from a streamlined Medicare reimbursement policy in Florida that became effective February 1st. We were also pleased with the growth in the number of active customers during the quarter and we anticipate continued momentum in fiscal 2013."

"In addition, we had a positive development on reimbursement recently," Mr. Kaysen continued. "Novitas Solutions (formerly Highmark Medicare Services) published its decision to provide coverage for percutaneous tibial nerve stimulation (PTNS) treatments retroactive to April 9, 2012, and physicians in its network have been able to file claims for treatments using Urgent PC. Novitas Solutions is the Medicare Administrative Contractor for Delaware, Maryland, New Jersey, Pennsylvania and the District of Columbia and provides benefits to approximately 4.6 million Medicare beneficiaries. PTNS treatments are now covered by 11 of the 13 regional Medicare carriers.

Fourth Quarter Fiscal 2012 Results

Urgent PC sales in the U.S. were $2.3 million in the quarter ended March 31, 2012, compared with $1.3 million in the same quarter last year, an increase of 79%. Macroplastique sales in the U.S. totaled $1.6 million in the recent fourth quarter compared to $1.0 million in the same quarter last year. Growth of Macroplastique sales was due to market share gain achieved when a competitor exited the market.

Net sales to customers outside of the U.S. for the fiscal fourth quarter were $1.6 million, an increase of 4% from the prior fiscal year's fourth quarter. Excluding the impact of fluctuations in foreign currency exchange rates, sales outside the U.S. grew 8%.

The Company reported an operating loss of $589,000 in the fiscal fourth quarter, compared with a $1.3 million operating loss in the same quarter last year. Excluding non-cash charges for share-based compensation and depreciation and amortization expense, the non-GAAP operating loss was $122,000 in the fourth quarter of fiscal 2012, compared with a $928,000 loss in the fourth quarter a year ago. The decrease was primarily attributable to the increase in sales, which more than offset the increase in selling and marketing expense.

Full Year Fiscal 2012 Results

For the full year ended March 31, 2012, global sales grew 49% to $20.6 million, compared with $13.8 million in fiscal 2011. The increase reflected a 75% increase in U.S. sales to $13.9 million and a 14% increase in sales outside the U.S. to $6.7 million. In the U.S., Urgent PC sales grew 84% to $7.8 million compared with $4.3 million in fiscal 2011. Macroplastique sales were up 69% to $5.9 million. Adjusted for the fluctuations in foreign currency exchange rates, total sales grew 47% and sales outside the U.S. increased 10%.

Cash, cash equivalents and cash investments totaled $16.3 million at March 31, 2012, compared with $16.7 million at the end of December. The Company used $3.1 million of cash for operating activities in fiscal 2012.

"We made good progress in fiscal 2012. In the U.S., with the exit of a competitor from the bulking market, we gained a significant market share with Macroplastique. We have established Urgent PC, recognized for its efficacy and safety, as a viable treatment for the symptoms of OAB. We have strengthened our sales and marketing approach with existing customers, providing them with additional support to help them build their PTNS practices and we continue to bring in new physician accounts based on solid clinical evidence of Urgent PC's benefits to patients," concluded Mr. Kaysen.

Conference Call

Uroplasty will host an audio conference call today at 3:30 pm Central, 4:30 pm Eastern, to review the financial results for the fiscal fourth quarter and full year ended March 31, 2012. David Kaysen, President and Chief Executive Officer, and Medi Jiwani, Vice President, Chief Financial Officer and Treasurer, will host the call. Individuals wishing to participate in the conference call should dial 877-941-0844. An audio replay will be available for 30 days following the call at 800-406-7325 (domestic) or 303-590-3030 (international), with the passcode 4531976#.

About Uroplasty, Inc.

Uroplasty, Inc., headquartered in Minnetonka, Minnesota, with wholly-owned subsidiaries in The Netherlands and the United Kingdom, is a medical device company that develops, manufactures and markets innovative proprietary products for the treatment of voiding dysfunctions. Our focus is the continued commercialization of our Urgent PC Neuromodulation System, the only FDA-cleared system that delivers posterior tibial nerve stimulation for the office-based treatment of overactive bladder and the associated symptoms of urgency, frequency and urge incontinence.

We also offer Macroplastique® Implants, an injectable urethral bulking agent for the treatment of adult female stress urinary incontinence primarily due to intrinsic sphincter deficiency. For more information on the company and its products, please visit Uroplasty, Inc. at www.uroplasty.com.

Forward-Looking Information

This press release contains forward-looking statements that reflect our best estimates regarding future events and financial performance. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our anticipated results. We discuss in detail the factors that may affect the achievement of our forward-looking statements in our Annual Report on Form 10-K filed with the SEC. In particular, we cannot be certain that we will ever achieve sustained profitability, that the rate of reimbursement for PTNS treatments will be adequate to justify the cost of our product, that other Medicare carriers or private payers will provide coverage for this treatment or that existing carriers and payers will not change their coverage decisions, that the rate of adoption of our products by new customers will continue, or that any of the other risks identified in our 10-K will not adversely affect our expectations as described in these forward-looking statements.

For Further Information:

Uroplasty, Inc.

David Kaysen, President and CEO, or

Medi Jiwani, Vice President, CFO, and
Treasurer

952.426.6140

EVC Group

Doug Sherk/Jenifer Kirtland (Investors)

415.568.4887

Chris Gale (Media)

646.201.5431

UROPLASTY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended March 31, (unaudited)			Year Ended March 31,
	2012	2011	2012		2011


Net sales	$5,596,782	$4,014,643	$20,561,714		$13,787,032
Cost of goods sold	791,527	676,700	3,036,967		2,386,431

Gross profit	4,805,255	3,337,943	17,524,747		11,400,601

Operating expenses
General and administrative	843,684	833,892	3,732,623		3,442,952
Research and development	406,296	423,101	1,905,366		1,719,532
Selling and marketing	3,929,248	3,214,660	15,296,217		10,092,062
Amortization	215,460	211,094	856,995		843,602
	5,394,688	4,682,747	21,791,201		16,098,148

Operating loss	(589,433)	(1,344,804)	(4,266,454)		(4,697,547)

Other income (expense)
Interest income	14,254	19,664	60,072		72,426
Interest expense	-	(530)	(57)		(5,067)
Foreign currency exchange gain (loss)	18,084	(2,145)	3,780		10,722
	32,338	16,989	63,795		78,081

Loss before income taxes	(557,095)	(1,327,815)	(4,202,659)		(4,619,466)

Income tax expense	15,944	577	47,712		28,837

Net loss	$(573,039)	$(1,328,392)	$(4,250,371)		$(4,648,303)

Basic and diluted loss per common share	$(0.03)	$(0.06)	$(0.21)		$(0.25)

Weighted average common shares outstanding:
Basic and diluted	20,722,910	20,584,668	20,689,819		18,874,009

UROPLASTY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,

	2012	2011

Assets
Current assets:
Cash and cash equivalents & short-term investments	$11,854,127	$14,084,150
Accounts receivable, net	2,704,434	2,085,262
Inventories	698,742	677,960
Other	363,639	348,100
Total current assets	15,620,942	17,195,472

Property, plant, and equipment, net	1,171,979	1,210,542
Intangible assets, net	945,880	1,725,136
Long-term investments	4,429,140	5,508,701
Deferred tax assets	122,872	87,031
Total assets	$22,290,813	$25,726,882

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$593,585	$658,107
Current portion – deferred rent	35,000	35,000
Income tax payable	17,892	6,901
Accrued liabilities:
Compensation	1,576,147	1,597,657
Other	316,995	247,451

Total current liabilities	2,539,619	2,545,116

Deferred rent – less current portion	42,043	77,272
Accrued pension liability	474,396	475,845

Total liabilities	3,056,058	3,098,233

Total shareholders' equity	19,234,755	22,628,649

Total liabilities and shareholders' equity	$22,290,813	$25,726,882

UROPLASTY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended March 31,


	2012	2011
Cash flows from operating activities:
Net loss	$(4,250,371)	$(4,648,303)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization	1,118,243	1,119,227
Loss on disposal of equipment	8,447	5,358
Amortization of premium on marketable securities	35,277	18,910
Share-based consulting expense	5,448	11,261
Share-based compensation expense	679,471	422,893
Deferred income taxes	(40,116)	26,192
Deferred rent	(35,228)	(35,228)
Changes in operating assets and liabilities:
Accounts receivable, net	(653,110)	(752,970)
Inventories	(29,719)	(328,754)
Other current assets	(17,510)	(85,529)
Accounts payable	(59,025)	170,326
Accrued liabilities	63,981	711,832
Accrued pension liability, net	45,843	(11,680)
Net cash used in operating activities	(3,128,369)	(3,376,465)

Cash flows from investing activities:
Proceeds from maturity of available-for-sale marketable securities	10,018,252	2,261,568
Proceeds from maturity of held-to-maturity marketable securities	3,740,000	5,000,000
Purchases of available-for-sale marketable securities	(3,046,270)	(12,318,915)
Purchases of held-to-maturity marketable securities	(8,840,000)	(5,000,000)
Purchases of property, plant and equipment	(267,944)	(229,131)
Payments for intangible assets	(77,738)	(35,643)
Net cash provided by (used in) investing activities	1,526,300	(10,322,121)

Cash flows from financing activities:
Net proceeds from public offering of common stock	-	14,917,059
Net proceeds from exercise of warrants and options	208,825	2,542,207
Net cash provided by financing activities	208,825	17,459,266

Effect of exchange rates on cash and cash equivalents	(17,103)	(8,376)

Net increase (decrease) in cash and cash equivalents	(1,410,347)	3,752,304

Cash and cash equivalents at beginning of year	6,063,573	2,311,269

Cash and cash equivalents at end of year	$4,653,226	$6,063,573

Supplemental disclosure of cash flow information:
Cash paid during the year for interest	$57	$17
Cash paid during the year for income tax	39,005	17,549

Non-GAAP Financial Measures: The following table reconciles our operating loss calculated in accordance with accounting principles generally accepted in the U.S. (GAAP) to non-GAAP financial measures that exclude non-cash charges for share-based compensation, and depreciation and amortization expenses from gross profit, operating expenses and operating loss. The non-GAAP financial measures used by management and disclosed by us are not a substitute for, or superior to, financial measures and consolidated financial results calculated in accordance with GAAP, and you should carefully evaluate our reconciliations to non-GAAP. We may calculate our non-GAAP financial measures differently from similarly titled measures used by other companies. Therefore, our non-GAAP financial measures may not be comparable to those used by other companies. We have described the reconciliations of each of our non-GAAP financial measures described above to the most directly comparable GAAP financial measures.

We use these non-GAAP financial measures, and in particular non-GAAP operating loss, for internal managerial purposes and incentive compensation for senior management because we believe such measures are one important indicator of the strength and the operating performance of our business. Analysts and investors frequently ask us for this information. We believe that they use these measures to evaluate the overall operating performance of companies in our industry, including as a means of comparing period-to-period results and as a means of evaluating our results with those of other companies.

Our non-GAAP operating loss for the three months ended March 31, 2012 and 2011 was approximately $122,000 and $928,000, respectively. Our non-GAAP operating loss for fiscal 2012 and 2011 was approximately $2.5 million and $3.1 million, respectively. The fiscal 2012 decrease in non-GAAP operating loss is attributed primarily to an increase in net sales which more than offset the increase in non-GAAP spending.

		Expense Adjustments
	GAAP	Share-based Compensation	Depreciation	Amortization	Non-GAAP
Three Months Ended March 31, 2012
Gross Profit	$4,805,000	$6,000	$9,000		$4,820,000
% of sales	85.9%				86.1%
Operating Expenses
General & administrative	844,000	(116,000)	(44,000)		684,000
Research and development	406,000	(9,000)	(1,000)		396,000
Selling and marketing	3,929,000	(51,000)	(16,000)		3,862,000
Amortization	215,000			(215,000)	-
	5,394,000	(176,000)	(61,000)	(215,000)	4,942,000
Operating Loss	$(589,000)	$182,000	$70,000	$215,000	$(122,000)

Three Months Ended March 31, 2011
Gross Profit	$3,338,000	$4,000	$9,000		$3,351,000
% of sales	83.1%				83.5%
Operating Expenses
General & administrative	834,000	(101,000)	(37,000)		696,000
Research and development	423,000	(7,000)	(3,000)		413,000
Selling and marketing	3,215,000	(33,000)	(12,000)		3,170,000
Amortization	211,000			(211,000)	-
	4,683,000	(141,000)	(52,000)	(211,000)	4,279,000
Operating Loss	$(1,345,000)	$145,000	$61,000	$211,000	$(928,000)

		Expense Adjustments
	GAAP	Share-based Compensation	Depreciation	Amortization	Non-GAAP
Year Ended March 31, 2012
Gross Profit	$17,525,000	$22,000	$34,000		$17,581,000
% of sales	85.2%				85.5%
Operating Expenses
General & administrative	3,733,000	(412,000)	(163,000)		3,158,000
Research and development	1,905,000	(39,000)	(9,000)		1,857,000
Selling and marketing	15,296,000	(212,000)	(55,000)		15,029,000
Amortization	857,000			$(857,000)	-
	21,791,000	(663,000)	(227,000)	(857,000)	20,044,000
Operating Loss	$(4,266,000)	$685,000	$261,000	$857,000	$(2,463,000)

Year Ended March 31, 2011
Gross Profit	$11,401,000	$17,000	$52,000		$11,470,000
% of sales	82.7%				83.2%
Operating Expenses
General & administrative	3,443,000	(269,000)	(150,000)		3,024,000
Research and development	1,720,000	(27,000)	(10,000)		1,683,000
Selling and marketing	10,092,000	(121,000)	(63,000)		9,908,000
Amortization	844,000			$(844,000)	-
	16,099,000	(417,000)	(223,000)	(844,000)	14,615,000
Operating Loss	$(4,698,000)	$434,000	$275,000	$844,000	$(3,145,000)

SOURCE Uroplasty, Inc.