ATP Oil & Gas Corp. (ATPG) stock gained today 19.5% after a loss of 74% on the Friday’s trading session. Company is in negotiation of a debtor-in-possession loan of $600 million that should be being provided by Credit Suisse Group AG.
Will those funds been used for the ATP’s bankruptcy proceedings? Time will tell, so far ATPG offered for us a good day-trading opportunity.
Implant Sciences (IMSC) announced today a new customer for its QS-H150 explosives trace detector. Product has been shipped to ASL Airlines Services in Lagos, Nigeria, through Lagos -based A.C. Belgrave, an in-country distributor for Implant Sciences’ products.
IMSC has continued its marketing efforts for foreign marketplaces while expected the TSA certification for QS-B220 at the end of August 2012.
Tucows Inc. (TCX) today reported its financial results for the second quarter ended June 30, 2012.
- Net revenue was $28.2 million for the second quarter of 2012, 22% increase compared to $23.0 million for the second quarter of 2011
- Net income was $0.7 million, or $0.02 per share, for the second quarter of 2012 compared with net income for the second quarter of 2011 of $0.6 million, or $0.01 per share.
- Deferred revenue at the end of the second quarter of 2012 was $74.5 million, an increase of 12% from $66.8 million at the end of the second quarter of 2011 and an increase of 2% from $73.0 million at the end of the first quarter of 2012.
- During the second quarter of 2012, the Company generated cash flow from operations was $4,000 compared with $825,000 for the same quarter of 2011. Cash flow from operations during the second quarter of 2012 was impacted by the Company investing $1.1 million in applications to own and operate six new gTLD registries under ICANN’s new gTLD program.
In addition, the Company used $1.6 million for the repurchase of stock under its ongoing normal course issuer bid (excerpt from the TCX’s second quarter 2012 conference call):
Finally, as Mike mentioned a couple of moments ago, during the quarter we continued to be active with respect to buying back our shares under our current open market program. During the quarter we repurchased just over 1.1 million shares at an average price of $1.43 per share for a total of nearly $1.6 million. The shares we purchased represent a 2% of shares outstanding at the beginning of the quarter. When added to the modified Dutch auction tender that we completed in January, to date in 2012 we have repurchased a total of 8.7 million shares or 16% of shares outstanding since the end of last year.
Lpath Inc. (LPTN) released earnings report for the second quarter of 2012.
We have manufactured the additional drug substance required to complete the trials, and have completed the fill/finish process with an alternate contractor. We believe we will be prepared to resume dosing patients in the third quarter of 2012, subject to receipt of FDA approval. As a result of the clinical hold, the projected costs to complete the iSONEP trials have increased significantly. These cost increases are related to manufacturing additional clinical drug supply and the cost of activities required to restart the clinical trials. Pfizer has requested that we consider potential alternatives to offset a portion of the increased costs, including the possibility of incorporating the PEDigree study into the Nexus study. We are continuing our discussions with Pfizer on this issue, but no final decision has been made. Because of these ongoing discussions, we plan to restart the larger Nexus trial as soon as possible after the FDA lifts the clinical hold, and have deprioritized the smaller PEDigree trial.
We believe our cash on hand as of June 30, 2012 together with amounts to be received pursuant to the Pfizer Agreement and NIH grants should be sufficient to fund our ongoing research and development activities, as currently planned, through the second quarter of 2014. This estimate includes the expenses to conduct the clinical trials for iSONEP, as well as to initiate a Phase 2a clinical trial for ASONEP.