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Nov 17, 2008 -- Cardima, Inc. (OTCBB: CADM), a medical device company focused on the treatment of Atrial Fibrillation ("AF") and manufacturer of the Cardima Surgical Ablation System, the EP Ablation System, and the PATHFINDER(R) family of diagnostic microcatheters, announces today that on November 11, 2008, the Company executed a Loan Term Sheet and Loan Commitment letter (the "Financing Documents") with an accredited investor and shareholder of the Company pursuant to which the Company will issue a secured promissory note (the "Note") in the principal amount of $6 million. The Note will bear interest at a rate of 10% per year and matures on November 10, 2009. The Note will have and be a general charge on all of the assets of the Company. The Company intends to use the proceeds for general corporate purposes, including working capital and equipment purchases.
Tony Shum, Chairman of Cardima, said, "The past year has brought tremendous positive changes to the Company and this transaction marks another significant step towards building the New Cardima. We thank our shareholders for their continued support, which allows us to continue the systematic commercialization of our great range of products. This loan facility provides important resources as we begin to rapidly expand the number and scope of our distributor relationships around the world and plan for exciting and dynamic growth in 2009."
About Cardima
Cardima, Inc. has developed the PATHFINDER(R), TRACER(TM) and REVELATION(R) Series of diagnostic catheters, the VUEPORT(R) and NAVIPORT(R) Series of guiding catheters, the INTELLITEMP(R) Energy Management Device, and the Surgical Ablation System (SAS). All of these devices are CE marked and received U.S. FDA 510(k) clearance. The REVELATION(R) Series of ablation catheters with the INTELLITEMP(R) EP Energy Management Device was developed and marketed for the treatment of atrial fibrillation (AF) after receiving CE mark approval in Europe; it is not currently available in the U.S.
PATHFINDER(R), TRACER(TM), VUEPORT(R), NAVIPORT(R), REVELATION(R) and INTELLITEMP(R) are registered trademarks of Cardima, Inc.
Nov 17, 2008 -- ICBS Limited (OTCPK: ICBT). Canadian Bio Med Systems Inc., a subsidiary of ICBS Limited, announced $10 million funding project for the development of two new drugs for age related macular degeneration (AMD) , and Glaucoma, being developed in conjunction with the university of Arizona .
Canadian Bio Med Systems, Inc. (CBMS) today announces that it is developing a drug to help cure the leading cause of blindness for persons over 50 years of age, for macular degeneration of the eye. The drug is being developed in conjunction with its partner Ocular Therapeutics, Inc. of San Diego, CA. The company has opened a $10 million dollar funding project through ICBS, which is targeting Federal funding along with private equity sources.
The company is currently involved in talks with a major Canadian University to work in conjunction with the University of Arizona. The company will also be taking advantage of the Research & Development grants offered by the Quebec and Canadian governments that will refund up to 70% of the companies R&D costs.
Wet age-related macular degeneration (AMD) is one of the leading causes of severe vision loss and blindness in the adult population. In the United States, there are more than 1.6 million cases of wet AMD and approximately 200,000 new cases of wet AMD are reported each year. A majority of wet AMD patients experience dramatic vision loss within months after diagnosis. Because AMD generally affects adults over 50 years of age, it is expected that the incidence of AMD will increase as the baby-boom generation ages and life expectancy increases and it has been estimated by the National Eye Institute that by 2030, an estimated 2.8 million Americans will suffer from visual impairment as a result of AMD.
While several treatment options for wet AMD are available, each has its disadvantages such as increased risk of stroke, failure to show improvement, and cost. There is no indication that any of these drugs is effective enough that it obviates the need for additional drugs to treat this disease, leaving the opportunity for novel new compounds to enter the market. The advantage of the drug under development at CBMS lies in the unique mechanism by which it manages the cause of AMD, inhibition of migration, which is distinct from the current treatments. This drug, therefore, will not compete directly with other marketed treatments and may be used as a replacement for or in conjunction with these therapies to increase the efficacy of treatment.
Glaucoma is the second most common cause of blindness in the United States, accounting for (greater than)11% of all cases of blindness in the country. The various glaucomas are estimated to affect (greater than)2.2 million individuals in the United States who are (greater than)40 years old with primary open angle glaucoma, the most common form. Glaucoma is the leading cause of blindness among African-Americans, and African-Americans are three to five times more likely to have the disease than Caucasians.
"These new compounds being developed by our two companies can be quite important in treating this very debilitating ocular diseases" said Dr. Richard Keates, MD, Chairman of Ocular Therapeutics. "Because of the unique method of action, it has the capability of becoming a very large component in the treatment of AMD and Glaucomas"
Nov 17, 2008 -- TapSlide (OTCBB: TSLI), a specialist publisher of iPhone, Android and Symbian applications and Global Wireless Entertainment (GWE) today (17 November) announced the formation of a partnership to explore the development of mobile games and applications for the new generation of touch screen phones, based on the iPhone and Android platforms.
GWE is a company offering customised branding designs for white label software.
As part of the partnership GWE will research its broad stable of licenses and brands under management and identify which ones will be best suited for TapSlide to develop into mobile applications and games. TapSlide will extend the GWE portfolio of licenses and brands into the new realm of touch screen phones, running the latest operating systems from Apple and Google. The partnership will focus on building, marketing and deploying games and applications that utilise the Apple iPhone and Google Android mobile platforms, with a focus on touch screen mobile phones.
Nov 17, 2008 -- Crosstex Energy, L.P. (NASDAQ: XTEX | Quote | Chart | News | PowerRating) (the Partnership) announced today that it continues to execute its near-term operating strategy to increase liquidity, reduce leverage and improve profitability. The Partnership has completed the sale of its undivided 12.4 percent interest in the Seminole gas processing plant to plant operator Hess Corporation for $85.0 million. In addition to the Seminole transaction, the Partnership completed the sale of another nonstrategic asset for $20.0 million, which resulted in total proceeds from both transactions of $105.0 million. Crosstex also completed the amendment of its existing debt covenants to create additional room to operate.
"In these times of challenging capital markets and a continually changing business environment, we are pushing ahead to execute our strategy," said Barry E. Davis, Crosstex Chairman, President and Chief Executive Officer. "We have said that one of our primary actions to improve liquidity is to divest nonstrategic assets. We have completed the first steps in our plan -- the agreement to sell the Seminole plant, the closing of the second asset sale and the completion of the amendment with our lenders. We will use the proceeds from the asset sales to pay down debt."
The Seminole plant is a tertiary recovery facility operated to reinject carbon dioxide into the San Andres unit in Gaines County, Texas. Crosstex's interest in the facility was accounted for as part of the Treating Division.
About the Crosstex Energy Companies
Crosstex Energy, L.P., a midstream natural gas company headquartered in Dallas, operates approximately 5,700 miles of pipeline, 12 processing plants, four fractionators, and approximately 195 natural gas amine-treating plants and dew-point control plants. Crosstex currently provides services for 4.0 billion cubic feet per day of natural gas, or approximately eight percent of marketed U.S. daily production.
Crosstex Energy, Inc. (NASDAQ: XTXI | Quote | Chart | News | PowerRating) (the Corporation) owns the two percent general partner interest, a 34 percent limited partner interest, and the incentive distribution rights of Crosstex Energy, L.P.
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