OTCPicks.com: OTCPicks.com Stocks to Watch for Thursday, December 4th OGXI, LGVN, GLUU, SUFH, PWRM

Thu. December 04, 2008; Posted: 04:07 AM

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ONCOGENEX PHARMA INCORPORATED (NASDAQ: OGXI | Quote | Chart | News | PowerRating) "Up 75.56% on Wednesday"

Detailed Quote: http://www.otcpicks.com/quotes/OGXI.php

OncoGenex Pharmaceuticals is a biopharmaceutical company committed to the development and commercialization of new cancer therapies that address unmet needs in the treatment of cancer. OncoGenex has a deep oncology pipeline, with each product candidate having a distinct mechanism of action and representing a unique opportunity for cancer drug development. OGX-011, the lead candidate currently completing five Phase 2 clinical studies in prostate, lung and breast cancers, is designed to inhibit the production of specific proteins associated with treatment resistance; OGX-427 and SN2310 are in Phase 1 clinical development; and CSP9222 and OGX-225 are currently in pre-clinical development.

OGXI News:

December 3 - OGX-011 Shows Overall Survival Advantage in Prostate Cancer Compared to Standard Therapy in a Randomized Phase 2 Study

* First-line trial currently shows median overall survival of 27.5 months for OGX-011 in combination with docetaxel and prednisone and a 16.9 months overall survival for docetaxel and prednisone alone.

* Achievement of survival benefit milestone results in release of all remaining escrowed shares of OGXI.

OncoGenex Pharmaceuticals, Inc. (Nasdaq: OGXI | Quote | Chart | News | PowerRating) announced positive survival results from a randomized Phase 2 clinical trial of OGX-011 in combination with docetaxel and prednisone ("the OGX-011 arm") compared to docetaxel and prednisone alone ("the control arm") for first-line treatment of metastatic castrate resistant prostate cancer. The current 10.6 month median overall survival advantage observed in the OGX-011 arm represents an increase over the median survival observed in the control arm. Docetaxel was approved by the FDA based on a survival advantage of 2.4 months over mitoxantrone.

Based on the median overall survival advantage, the Board of Directors of OncoGenex Pharmaceuticals has approved the release of all of the remaining shares held in escrow pursuant to agreements related to Sonus Pharmaceuticals' merger with OncoGenex Technologies described in its Proxy Statement filed with the SEC on July 3, 2008. The escrow agreements provided for the release of 50% of the original number of shares held in escrow following the demonstration of at least a two-month improvement in survival in the OGX-011 arm as compared to the control arm. All milestone shares have now been released from escrow; as of December 3, 2008 there are 5,513,643 shares outstanding.

The trial was conducted and data were analyzed by the National Cancer Institute of Canada, Clinical Trials Group and was supported by a grant from the NCI-Canada with funding from the Canadian Cancer Society. Previous results regarding the primary endpoint analysis (PSA response) were presented at the Annual Meeting of the American Society of Clinical Oncology (ASCO) on June 2, 2007.

The study randomized 82 patients with metastatic or locally recurring prostate cancer refractory to hormone therapy. The median survival was 27.5 months for the patients in the OGX-011 arm and 16.9 months for those in the control arm. Results currently indicate that patients in the OGX-011 arm have a death rate approximately 40% lower than patients in the control arm. The current results are based on study data with a median follow-up of approximately 30 months for both arms. Additional survival updates are needed before a mature median survival for the OGX-011 arm can be reported. Based on the current results, OncoGenex has calculated that the final median survival for patients in the OGX-011 arm can not be lower than 22.7 months.

An abstract presenting the mature results is planned to be submitted to the American Society of Clinical Oncology (ASCO) meeting.

LOGICVISION INCORPORATED (NASDAQ: LGVN | Quote | Chart | News | PowerRating) "Up 65.31% on Wednesday"

Detailed Quote: http://www.otcpicks.com/quotes/LGVN.php

LogicVision, Inc. provides technology for the design and manufacture of semiconductor devices. It offers a portfolio of products for the automated development, integration, and deployment of embedded test technology, which consists of technology products, design software products, and manufacturing software products. The company's technology products include the embedded test technology that enables customers to design and manufacture the company's embedded test circuit structures. Its design software products comprise a suite of embedded test design software tools for embedded test implementation on application specific integrated circuits and system-on-a-chip (SoC) designs. The company offers manufacturing software products for access and control of embedded test during chip, and system test program development, debug, manufacturing test, and datalogging. Its technology allows semiconductor designers to insert test structures inside semiconductor integrated circuits, and test the functionality and performance of their devices. The company also provides maintenance, design, and technology development contract services. LogicVision licenses its technologies and software products to companies in semiconductor, semiconductor diagnostics, and systems industries. The company serves application specific integrated circuit or SoC designers in systems and fabless companies, and integrated device manufacturers. It sells its products directly, as well as through distributors or independent sales representatives in the United States and internationally. The company was founded in 1992. It was formerly known as LV Software and changed its name to LogicVision, Inc. in 1996. LogicVision is based in San Jose, California.

LGVN News:

December 3 - Virage Logic proposes to acquire LogicVision for $1.05 per share in cash

Virage Logic Corporation (Nasdaq: VIRL) announced that the company sent a proposal late afternoon on December 2nd to the Board of Directors of LogicVision Incorporated (Nasdaq: LGVN | Quote | Chart | News | PowerRating) to acquire LogicVision for $1.05 per share in cash. The proposal provides a premium of 114% to LogicVision's closing price of $0.49 on December 1, 2008, and values LogicVision at approximately $10.0 million.

The text of the letter that was sent to LogicVision's Board of Directors follows:

December 2, 2008

Board of Directors LogicVision, Inc.

25 Metro Drive, Third Floor San Jose, CA 95110

Dear Sirs:

We are sincerely disappointed in your unwillingness to engage in any substantive discussions regarding our indication of interest transmitted to you on November 10th regarding an all-cash acquisition of LogicVision, Inc. ("LogicVision") by Virage Logic Corporation ("Virage"). We continue to believe that such a transaction would be to our companies' mutual benefit, and we are unable to understand your refusal to consider a transaction that would appear to be in your stockholders' best interests. We note your response that the company is not for sale, which position we believe deserves serious reconsideration. Your refusal to engage in negotiations regarding a possible sale of the company appears to be premised on unrealistic expectations regarding the future prospects of LogicVision. Recent economic events and the resulting downturn in business spending and the semiconductor market cast serious doubts on LogicVision's long term future as a stand-alone public company.

In response to your apparent unwillingness to engage in negotiations, we are formally making a proposal to acquire all of the outstanding common stock of LogicVision for $1.05 per share in cash, which acquisition would be financed by Virage solely using available cash. This represents a premium of 114% to the closing price for LogicVision's stock as of December 1, 2008. We believe this to be a very fair offer, and if given the opportunity, your stockholders would also agree. We are offering your stockholders an immediate tangible cash return weighed against an uncertain future for LogicVision as a stand-alone public company and all the associated challenges in light of LogicVision's current cash position and foreseeable business prospects.

Benefits for LogicVision Stockholders

We note that LogicVision's previously announced aggressive projections for its current fiscal year appear to be wholly unachievable in light of the downturn in the semiconductor industry and also the rapidly deteriorating macroeconomic environment. In addition, the dramatic decline in LogicVision's stock price during the previous twelve months has meant a 76% decline to your stockholders in the value of their shares during this same period. We believe your stockholders are aware of, and fully appreciate the risks and challenges confronting LogicVision in the current industry and economic environment and will find the cash value we are offering for their shares to be an attractive alternative to the otherwise uncertain future facing LogicVision.

Business Synergies

Virage supplies a broad line of semiconductor IP solutions to the global semiconductor industry and our mission is to serve as the semiconductor industry's trusted IP partner. We have a proven reputation as a highly specialized and efficient developer of semiconductor IP, and today more than 350 customers look to Virage to provide much of the core building blocks of their System-on-Chip designs. We believe an acquisition of LogicVision's business would bring valuable synergies to Virage's existing business and product lines. We also believe that LogicVision's existing customers and business partners would benefit from the more complete and diversified product offerings from our combined companies and from a company with Virage's strong financial position and future.

Process

We have invested considerable time and resources in evaluating the prospective benefits and risks of this transaction and are confident that it could be consummated expeditiously in cooperative partnership with your team. Although we have completed preliminary due diligence based on publicly available information, our proposal is of course subject to the completion of customary due diligence, as well as the negotiation of definitive transaction agreements and the satisfaction of necessary approvals and customary conditions to closing of a transaction to be set forth in such agreements. We together with our advisors would be available to meet with you as soon as arrangements can be made to discuss the terms of this proposal and to commence due diligence and the negotiation of definitive documentation for the transaction. Considering the premium we are offering to LogicVision's recent trading price and other compelling benefits of this proposal, we are confident that, given the opportunity, LogicVision's stockholders and customers would be in favor of this offer and the proposed transaction. In light of the foregoing, we ask that you move quickly to engage with us in a meaningful and productive discussion. We look forward to your prompt response.

Very truly yours,

Virage Logic Corporation \s\J. Daniel McCranie J. Daniel McCranie Executive Chairman

ABOUT VIRAGE LOGIC

Virage Logic is a leading provider of semiconductor intellectual property (IP) for the design of complex integrated circuits. The company's highly differentiated product portfolio includes embedded SRAMs, embedded NVMs, embedded test and repair, logic libraries, memory development software, and DDR memory controller subsystems. As the industry's trusted semiconductor IP partner, foundries, IDMs and fabless customers rely on Virage Logic to achieve higher performance, lower power, higher density and optimal yield, as well as shorten time-to-market and time-to-volume.

GLU MOBILE INCORPORATED (NASDAQ: GLUU | Quote | Chart | News | PowerRating) "Up 45.83% on Wednesday"

Detailed Quote: http://www.otcpicks.com/quotes/GLUU.php

Glu (Nasdaq: GLUU | Quote | Chart | News | PowerRating) is a leading global publisher of mobile games. Its portfolio of top-rated games includes original titles Super K.O. Boxing!, Stranded and Brain Genius, and titles based on major brands from partners including Atari, Activision, Konami, Harrah's, Hasbro, Warner Bros., Microsoft, PlayFirst, PopCap Games, SEGA and Sony. Founded in 2001, Glu is based in San Mateo, Calif. and has offices in London, France, Germany, Spain, Italy, Sweden, Poland, Russia, China, Brazil, Chile, Canada and Mexico.

GLUU News:

December 3 - Glu Mobile to Present at the Following Financial Conferences

Glu Mobile (Nasdaq: GLUU | Quote | Chart | News | PowerRating) announced that it will be presenting at the following financial conferences:

* Barclays Capital Global Technology Conference on Tuesday, December 9, 2008 in San Francisco, CA at 1:30 pm ET.

* 11th Annual Needham Growth Stock Conference on Tuesday, January 6, 2009 in New York, NY at 3:00 pm ET.

An audio webcast of each presentation will be available on the company's investor relations website at www.glu.com/corp/Pages/investors.aspx beginning at the respective start time for each conference. Please visit the site at least five minutes before the start time to join the conference. A replay of each webcast can be accessed approximately 24 hours after each webcast concludes.

SURFECT HOLDINGS INCORPORATED (OTCBB: SUFH | Quote | Chart | News | PowerRating) "Up 33.33% on Wednesday"

Detailed Quote: http://www.otcpicks.com/quotes/SUFH.php

Surfect develops and manufactures advanced interconnect solutions that are designed to support the growing demand for solar cell production by reducing the cost per delivered watt. The company's proprietary Direct Energy Plating (DEP) is an innovative multi-wafer capable, single-cell electroplating process that uses ultrasonic energy to create the metal interconnect on the silicon wafers. The computer-driven DEP process is a "plug-and-play" plating and integrated packaging solution that provides customers with benefits such as a lower cost of ownership, improved process speeds and yields, environmentally sensitive processes, increased operational flexibility and a smaller operational footprint.

SUFH News:

December 3 - Surfect Technologies Provides Business Update for the Third Quarter

Surfect Technologies, Inc. (OTCBB: SUFH), a leading provider of advanced interconnect and packaging solutions for solar cell, LED and power management applications, today provided a general business update for the third quarter ended September 30, 2008.

Mr. Steve Anderson, chief executive officer of Surfect, commented, "We continue to work aggressively towards commercialization of our advanced interconnect and packaging solutions for solar cell applications. We recently hired three key executives whom we are confident will enable us to realize our vision of becoming a major equipment and service provider to the solar industry. The new additions to our team include David Pham, Solar Product Manager, Terry Gafron, Project Manager Software, and Richard Tung, Vice President of Operations. We are confident that their management, sales and engineering backgrounds, as well as their technology cost reduction and new product introduction experience will be a major benefit for our planned growth."

Mr. Anderson continued, "The volatile price of fossil fuels, coupled with the current economic climate and price reductions in polysilicon wafer supplies, have led solar manufacturers to seek more cost-effective equipment and service solutions. In particular, the industry focus on implementing higher efficiency plated metal systems for improved margins will benefit Surfect as panel prices continue to decline. Our ongoing product development and customer testing results due early next year are expected to show increased efficiency over standard silver paste metallization by utilizing advanced copper metallization. Moreover, with a shortage of equipment suppliers across the industry, we are extremely well positioned with our 'plug-and-play' plating and integrated packaging solutions, which are computer-driven, simple to operate, and can accommodate multiple chemistries. Our Solargy electroplating tool and process offers dramatic advantages over conventional technologies. Specifically, Solargy incorporates a modular design, which allows solar manufacturers to purchase capacity on an 'as- needed' basis. Our technology also requires lower material cost, lower maintenance and lower personnel costs, and results in higher throughput and uniformity. Ultimately, the true benefit of our technology is higher cell and panel efficiencies. We are working jointly with key companies within the industry to demonstrate our ability to reduce costs and develop the best approach for our customers. Through our expanded marketing initiatives, as well as our strategic partners in the U.S., Europe and Asia, we are making major inroads within the industry based on our strong value proposition - improved margins, lower cost per kilowatt/hour, and higher yields."

Mr. Anderson concluded, "As we move towards 2009, we look forward to lining up manufacturing partners in Korea, which will enable us to cost effectively meet the growing demand for our technology without the upfront capital requirements for expensive equipment and facilities. Overall, we believe we have built a highly scalable outsourcing and licensing model that will drive significant value for our shareholders. We remain extremely enthusiastic about our market position as the solar industry pursues technologies that will achieve faster grid parity and believe our technology represents a major leap forward in achieving highly efficient solar electricity at prices that will be widely accepted in the marketplace."

POWER 3 MEDICAL PRODUCTS INCORPORATED (OTCBB: PWRM | Quote | Chart | News | PowerRating) "Up 38.46% on Wednesday"

Detailed Quote: www.otcpicks.com/quotes/PWRM.php

Power3 Medical Products Inc. is a leading Bio Medical company engaged in the commercialization of cancer and neurodegenerative disease biomarkers, pathways, and mechanisms of diseases through the development of diagnostic tests and drug targets. Power3's patent-pending technologies are being used to develop screening and diagnostic tests for the early detection and prognosis of disease, identify protein biomarkers, and drug targets. Power3 operates a state-of-the-art CLIA certified laboratory in The Woodlands (Houston), Texas. The Company continues to evolve and enhance its IP portfolio.

PWRM News:

December 2 - Transgenomic Signs Letter of Intent for an Agreement to Exclusive License With Option to Acquire Power3 Medical Products' Neurodegenerative Diagnostics

Will offer proteomic tests to identify Alzheimer's and Parkinson's disease

Transgenomic, Inc. (OTCBB: TBIO) and Power3 Medical Products, Inc. (OTCBB: PWRM | Quote | Chart | News | PowerRating) announced that Transgenomic has signed a letter of intent to acquire exclusive rights for Power3 Medical's Neurodegenerative Biomarkers, which include NuroPro , a proposed diagnostic for Alzheimer's and Parkinson's disease. Transgenomic plans to offer NuroPro in its CLIA-certified molecular diagnostics laboratory as well as support the tests with development resources.

Power3's technology assigns a probability score that reflects how closely a patient's sample fits a biostatistical model for a neurological disease (NuroPro ), and indicates if the patient should be recommended for further follow-up by the clinician. These technologies would join Transgenomic's robust portfolio of molecular diagnostics including tests for mitochondrial disorders, oncology and hematology, molecular pathology and inherited diseases.

Craig Tuttle, CEO of Transgenomic, said, "Physicians face a common challenge when treating patients with these devastating diseases -- how to diagnose them earlier and more accurately so their patients can receive treatment sooner and receive greater benefit from treatment. In this respect, the proteomic tests for detection of early disease developed by Power3 are very attractive; particularly when combined with our company's demonstrated strength in robust and sensitive genomics tests for detection of increased disease susceptibility. Moreover, as we are already calling on neurologists with our current lab sales organization, these new assays will add significant depth to our neurological sales portfolio."

Dr. Ira L. Goldknopf, President and Chief Scientific Officer of Power3 Medical Products, Inc., said, "It is critical to have the ability to diagnose Alzheimer's disease more accurately, earlier, and faster than currently available. If physicians can intervene earlier, before the patients suffer debilitation and irreversible damage, the drugs currently used to slow disease progression can be more effective. In addition, the ability to detect Alzheimer's disease processes early and monitor disease progression in the patients' blood will ultimately lead to more effective and personalized treatments."

Helen R. Park, Power3's CEO, said, "This potential agreement will propel the NuroPro diagnostic test to the next level affording the ability to commercialize a physician sought after test for Alzheimer's and Parkinson's Diseases. It is a win/win for both companies."

A final agreement is subject to due diligence investigation and negotiation of a definitive exclusive license and/or acquisition agreement and approval by the Boards of Directors of both companies.

ABOUT NUROPRO

NuroPro is a test designed to diagnose Alzheimer's, Parkinson's, and Lou Gehrig's disease (ALS) in individuals. The test is based on proteomic technology, in which a blood serum sample is drawn from a patient, and the concentration of selected biomarkers residing in a panel of 59 blood serum protein biomarkers of neurodegenerative disease is monitored and the test determines if a patient has a Neurodegenerative disease, such as Alzheimer's, Parkinson's or Lou Gehrig's Disease (ALS).

ABOUT TRANSGENOMIC

Transgenomic is a global biotechnology company that provides unique products and services of automated high sensitivity genetic variation and mutation analysis. Their offerings include systems, products, discovery and laboratory testing services to the academic and medical research, clinical laboratory and pharmaceutical markets in the fields of Pharmacogenomics and personalized medicine. Specific offerings include WAVE DHPLC Systems, related consumables and assay kits, Cytogenetics automated systems, and Transgenomic Pharmacogenomics and Reference Laboratory Services. Transgenomic Pharmacogenomics and Laboratory Services utilize their technology and expertise to provide a menu of mutation scanning tests for over 700 cancer-associated genes and more than 60 validated diagnostic tests to meet the needs of pharmaceutical and biotech companies, research and clinical laboratories, physicians and patients.

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