Posts Tagged ‘company’
Operators kick against mixing insurance fund with annuity fund
December 31, 2011
By Rosemary Onuoha
Some operators in the insurance sector have called on their colleagues to desist from mixing up the funds from their regular business with funds from the annuity business, noting that such act is unprofessional.
Managing Director, Standard Life Assurance Limited, Austin Enajemo warned his colleagues to desist from such unscrupulous actions.
According to Enajemo, regulation demands that the funds should not be merged; hence operators engaging in such unholy act should desist from such and obey regulation by separating the funds.
Invariable, Enajemo called on workers to the contributory pension scheme to embrace life insurance companies that comply with regulation when they want to get annuity plan.
According to him, “ Section 4 subsection ( I) of the Pension Act states that a holder of a retirement savings account upon retirement or attaining the age of 50 years, whichever is later, shall utilise the balance standing to the credit of his retirement savings account for the following benefits, (a) programmed monthly or quarterly withdrawals calculated on the basis of an expected life span; (b) annuity for life purchased from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payments; and a lump sum from the balance standing to the credit of his retirement savings account: provided that the amount left after that lump sum withdrawal shall be sufficient to procure an annuity or fund programmed withdrawals that will produce an amount not less than 50 per cent of his annual remuneration as at the date of his retirement.”
Meanwhile pension fund operators are set to prevent insurance companies with relatively low capital base from providing annuity for retirees even as they are all out to ensure that pension funds remitted to insurance companies for the provision of annuity for retirees are not merged with their core operational funds but kept separately.
The move, according to them is to check incidents of non-payment of annuity claims at maturity.
Mr. Dave Uduanu, Chairman of Pension Operators Forum said that only financially robust insurance companies should be allowed to engage in the provision of annuity for retirees under the contributory pension scheme.
Uduanu said that it is important that funds remitted to insurance companies for annuity be closely monitored and properly managed so that retirees will not lose their investment.
According to him, “It is important that annuities be closely monitored and the fund should not be mixed with other funds of insurance companies. A company with low capital base should not be allowed to engage in the business of providing annuity because should there be issues with their capital base, retirees will suffer unduly.”
He stressed that there should be relationship between a company’s capital base and its provision of annuity because if an insurance company with a low capital base that provides annuity suffers erosion of capital, where will such company get money to service its annuity obligation.
“Annuity funds should be closely monitored, managed and safeguarded just the way pension funds are managed,” he said.
Euro NY Nabs New York Life – AgencySpy
December 21, 2011
A spokesman for New York Life has confirmed that Euro RSCG has been selected as the company’s new agency of record and is beginning work on a new ad campaign for 2012. A month ago, Adweek reported that the three finalists vying for the insurance company’s creative advertising duties were Euro, TBWAChiatDay and Carmichael Lynch. We’ve been told that “The Company You Keep” made its decision last week and the account will be run out of Euro’s NY office (as one would think).
The New York Life AOR responsibilities were previously handled by Taxi, which did not defend.
Posted in Life Assurance Information | 
Tags: ad campaign, aor, carmichael lynch, company, creative advertising, euro rscg, insurance company, Life Assurance, nabs, record, tbwachiatday, work
SIEFERS v. PACIFICARE LIFE ASSURANCE COMPANY
December 20, 2011
2. Nevada courts apply contract rules of interpretation to insurance policies. See, e.g., Fed. Ins. Co. v. Am. Hardware Mut. Ins. Co., 184 P.3d 390, 393 (Nev. 2008). Evidence that serves to defeat a contract, and not to vary its terms, may be considered by a court even if the evidence was not part of the contract when the contract was created. See, e.g., Friendly Irishman, Inc. v. Ronnow, 330 P.2d 497, 498-99 (Nev. 1958) (finding that parol evidence rule did not apply to exclude evidence that “demonstrated fraud in the procurement of the [car sale] instrument and served to defeat the instrument and not to vary its terms”).
Irish Life chooses Tableau data visualisation over QlikView, Oracle
December 17, 2011
Irish Life Group has chosen Tableau for data visualisation to put an end to what Paul Egan, IT
manager for business intelligence at the life assurance company, called the “MIS Monday madness” of
Excel spreadsheets and Microsoft Access.
For more on data visualisation
Data visualisation tools explored: Data
visualisation tools going mainstream with help of Google, Tableau
Defined: What is data
visualisation?
And located: Do
you know where your BI software’s data visualisation tools come from?
The company chose Tableau over QlikTech and Oracle following a two-month proof of concept
earlier this year. Tableau is also in use by the pensions part of the group.
Gerry Hassett, CEO at Irish Life Retail had asked for a BI dashboarding tool that was
compelling, easy to build to and use, and that looked great.
“So, not a lot to ask for,” joked Egan.
Denis McLoughlin, the company’s general manager of finance and IT, joined Irish Life from
another part of the group three years ago. He has urged IT “to build compelling systems,” and get
beyond the bland, “which is what we had with our BI applications,” he said.
The company was founded in 1939, has over one million customers and €31 billion of assets under
management.
There are 75 IT development staff in the life part of the group. Egan’s four-person BI team
likes to control its own destiny.
“We tend not to outsource anything,” he said of the IT department. “We lead all the architect
and design role ourselves and are good at getting command of new technologies ourselves.”
Before the data visualisation technology, BI consumers at the firm were beset by the “Monday
madness of copying and pasting spreadsheets and emailing them around to satisfy their audiences,”
Egan said. “It was also static BI, with little trends analysis, just numbers.”
The company, which has an Oracle data warehouse, had previously used Oracle Discoverer, he said,
but “that only had very basic graphs. It sort of suited a company with many actuaries and
accountants. They like their numbers. But they were not getting so much value from the
numbers.”
Coincidentally, the company had been a Siebel CRM customer but had struggled with Siebel
Analytics, which Oracle
acquired in 2005.
Irish Life engaged Tableau reseller MXI Computing to help with a proof-of-concept project in
March and April, running Tableau. Egan’s team also ran QlikView and Oracle Business Intelligence
Enterprise Edition in the proof-of-concept project. Egan said the reseller “put in a huge amount of
time,” and worked the relationship with Tableau in Seattle at a time when MXI had no assurance of
any revenue. “Tableau said it was one of the toughest evaluations of any customer they’d ever sold
to. It’s easier to sell if it’s just a matter of say £5,000 on a few local computers.”
The cost, modelled on 300 concurrent users was $300,000 (€225,000), Egan confirmed. The deal was
for 12 core server licences, 30 developer licenses and three years’ maintenance.
“Tableau was easiest to work with by a considerable distance and delivered tremendous
dashboards,” said Egan. He reported his team found QlikView more akin to Microsoft Visual Studio,
requiring a degree of programming skill. Tableau was more like working in Excel.
Egan wanted business power users to do a lot of the dashboarding themselves, “coming to us with
the symphony written.”
They bought the software in June, had training in July and installed the server in August. The
first dashboards for the executive management group went live on 6 October. “It was astonishingly
fast,” said Egan. The dashboards are accessible to business executives, account managers and the
CEO.
The company has reporting applications deployed in sales, business retention, costs by
functional areas, human resources and online usage. Fifteen business power users are working with
an IT team of four, focused on identifying new data to be put in place and “modest degrees of ETL
[extract, transform and load].”
“My vision is that we enable data sources for power users to build the dashboards, then come
back to us, and IT transfers to production then” Egan said.
Among the business benefits that users are reporting is being able to see patterns in the
retention of pensions contracts, important in a difficult economy. “Just because [a salesperson’s]
numbers are green and positive, it might not mean they are in a great place compared with colleague
whose numbers are red and negative if the trend lines are showing a declining situation.
“We can see nooks and crannies that would heretofore be hidden.”
Zacks Bull and Bear of the Day Highlights: Celanese, China Life Insurance …
December 14, 2011
My news for Investors
CHICAGO, Dec. 14, 2011 /PRNewswire/ — Zacks Equity Research highlights: Celanese Corporation (NYSE: CE) as the Bull of the Day and China Life Insurance (NYSE: LFC) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Urban Outfitters Inc. (Nasdaq: URBN), Gap Inc. (NYSE: GPS) and Abercrombie Fitch Co. (NYSE: ANF).
(Logo: http://photos.prnewswire.com/prnh/20101027/ZIRLOGO)
Full analysis of all these stocks is available at http://at.zacks.com/?id=2678.
Here is a synopsis of all five stocks:
Celanese Corporation (NYSE: CE) reported adjusted earnings of $1.27 per share for the third quarter of 2011, beating the Zacks Consensus Estimate of $1.11. Quarterly revenues grew 20% year over year to $1.81 billion, primarily driven by higher pricing across all operating segments and favorable currency impacts. The results surpassed the Zacks Consensus Estimate of $1.69 billion.
Celanese raised its full-year 2011 outlook, encouraged by the strength of its third-quarter 2011 performance, its confidence in its earnings growth programs, and its expectations for a continued modest global economic recovery. The company now expects 2011 operating EBITDA to be at least $280 million, higher than 2010′s results of $1,122 million.
In addition, adjusted earnings per share are anticipated to be at least $1.30, higher than 2010′s results of $3.37, based on a tax rate and diluted share count of 17% and 159 million shares, respectively. We maintain our Outperform recommendation on the stock with a target price of $52.00.
China Life Insurance’s (NYSE: LFC) third-quarter earnings witnessed a steep decline from the comparable period of last year. High surrenders, low premium income and increased impairment losses led to a decline in the net income, while increased unrealized losses in the investment portfolio led to reduced shareholders equity.
Additionally, China Life inherently faces substantial interest rate, market and currency risk. Although the company has a strong brand name, it has to deal with considerable competition on the domestic front, which limits earnings growth.
Overall, we expect some downside in the near term due to lack of any significant growth catalyst. The quantitative Zacks Rank for China Life is currently #4, indicating slight downward pressure on the ADRs over the near term.
Latest Posts on the Zacks Analyst Blog:
Urban Outfitters Hears Cha-Ching
According to Reuters, the holiday season has started off well for Urban Outfitters Inc. (Nasdaq: URBN), the retailer of apparel, footwear and accessories.
So far in the fourth quarter of fiscal 2011, comparable store sales for the retail segment marked an increase of mid-single digits as per a recent filing by the company.
Urban Outfitters continues to offer a diversified merchandise mix with trendy products and a compelling shopping experience. We believe that the company’s rapidly expanding online presence will bring in incremental sales during the holidays as increasing number of consumers are using smartphones and tablets to purchase items.
Prior to the holiday sales, Urban Outfitters, which competes with Gap Inc. (NYSE: GPS) and Abercrombie Fitch Co. (NYSE: ANF), marked a 3% decline in the comparable store sales at its retail segment during the third quarter of fiscal 2011.
Comparable retail segment net sales by brands rose 14% at Free People but fell 7% at Anthropologie while remaining flat at Urban Outfitters. Direct-to-consumer comparable net sales surged 15%.
The company’s gross profit during the third-quarter tumbled 8.4% to $216.1 million, whereas gross margin contracted 571 basis points to 35.4% due to higher merchandise markdowns to sell the slow-moving stock of women’s clothing at both Anthropologie and Urban Outfitters.
Going forward, we believe that the company’s increasing inventory level remains a matter of concern as it might weigh upon the margins in the coming quarters. Total inventories were $367.4 million at the end of the third quarter, reflecting an increase of 27% year over year. Besides, young men’s and women’s apparel market included extremely competitive players.
Moreover, the company’s customers remain sensitive to macroeconomic factors including interest rate hikes, increase in fuel and energy costs, credit availability, unemployment levels, and high household debt levels, which may negatively affect their discretionary spending, and in turn, the company’s growth and profitability.
Currently, Urban Outfitters holds a Zacks #5 Rank, which translates into a short-term ‘Strong Sell’ rating.
Get the full analysis of all these stocks by going to http://at.zacks.com/?id=2649.
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Posted in Life Assurance Information | Tags: bear of the day, bull and bear, Celanese, china life insurance, company, insurance, investors, Life Assurance, share, Zacks
Chalice Signs Non-Binding Letter of Intent for Zara Gold Project, Eritrea
December 13, 2011
PERTH, Western Australia, Dec. 12, 2011 /PRNewswire via COMTEX/ –
Symbol: ASX: CHN TSX: CXN
Shares outstanding: 250 million
Fully diluted:258 million
Chalice Gold Mines (asx:CHN)
/quotes/zigman/2797751 CA:CXN
+17.19%
advises that it has signed a Letter of Intent with an entity setting
out a proposal for terms upon which that entity may acquire Chalice’s
interest in the Zara Gold Project.
The proposal is non-binding and incomplete and the directors advise that
no assurance can be given that any binding transaction will result.
The directors expect to be able to advise of any further developments
within the next 14 days.
About Chalice
Chalice Gold Limited is an exploration and development company which
owns a 60% beneficial interest in the high grade, open-pittable Koka
Gold Deposit and a substantial, largely unexplored, land package in
Eritrea. The Koka Gold Deposit consists of an “in-pit” JORC and NI
43-101 compliant Indicated Mineral Resource of 5.0 million tonnes
grading 5.3 grams of gold per tonne, containing 840,000 ounces of gold.
This Mineral Resource includes a Probable Mineral Reserve of 4.6
million tonnes grading 5.1 grams of gold per tonne, containing 760,000
ounces of gold. The Company is focused on developing the Koka Gold
Deposit into a low cost gold mine which is expected to produce 104,000
ounces of gold per year over a 7 year mine life at an average cash cost
of US$338/oz gold (refer to the 43-101 Technical Report on the Koka
Gold Deposit, Eritrea dated 27 July 2010). Chalice also holds a
substantial strategic ground position of 1,372 km2 consisting of licences along strike of the Koka Gold Deposit, and
proximal to Nevsun’s Bisha Mine. These exploration concessions host
numerous, high potential, early and advanced stage gold and base metal
exploration targets. Chalice is undertaking a systematic exploration
effort on these exploration concessions with the aim of discovering
significant new deposits.
Forward Looking Statements
This document may contain forward-looking information within the meaning
of Canadian securities legislation and forward-looking statements
within the meaning of the United States Private Securities Litigation
Reform Act of 1995 (collectively, forward-looking statements). These
forward-looking statements are made as of the date of this document and
Chalice Gold Mines Limited (the Company) does not intend, and does not
assume any obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future performance
and reflect Company management’s expectations or beliefs regarding
future events and include, but are not limited to, statements with
respect to the estimation of mineral reserves and mineral resources,
the realization of mineral reserve estimates, the likelihood of
exploration success, the timing and amount of estimated future
production, costs of production, capital expenditures, success of
mining operations, environmental risks, unanticipated reclamation
expenses, title disputes or claims and limitations on insurance
coverage. In certain cases, forward-looking statements can be
identified by the use of words such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or statements that
certain actions, events or results may, could, would, might or will be
taken, occur or be achieved or the negative of these terms or
comparable terminology. By their very nature forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements
of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to
actual results of current exploration activities; changes in project
parameters as plans continue to be refined; future prices of mineral
resources and gold; possible variations in ore reserves, grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing or in the completion of development or construction
activities; imposition of trade embargos or sanctions; as well as those
factors detailed from time to time in the Company’s interim and annual
financial statements and management’s discussion and analysis of those
statements, all of which are filed and available for review on SEDAR at
sedar.com. Although the Company has attempted to identify important factors that
could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements.
Accordingly, readers should not place undue reliance on forward-looking
statements.
Cautionary Note
For readers to fully understand the information in this news release,
they should read the Technical Report for the Koka Gold Deposit dated
July 27, 2010 (available at
www.chalicegold.com ) in its entirety, including all qualifications, assumptions and
exclusions that relate to the information set out in this news release
which qualifies the Technical Information. Readers are advised that
mineral resources that are not mineral reserves do not have
demonstrated economic viability. The Technical Report is intended to
be read as a whole, and sections should not be read or relied upon out
of context. The technical information in the report is subject to the
assumptions and qualifications contained in the Technical Report.
SOURCE Chalice Gold Mines Limited
Copyright (C) 2011 PR Newswire. All rights reserved
/quotes/zigman/2797751
Add CXN to portfolio
CA:CXN
Posted in Quotes Life Assurance | Tags: binding letter, Chalice, company, gold deposit, gold limited, gold mines, gold project, jorc, Koka, Life Assurance, performance, perth western australia, unexplored land
METZ v. U.S. LIFE INSURANCE COMPANY
December 9, 2011
NOAH H. KUSHLEFSKY, Kreindler Kreindler LLP, New York, New York (Gretchen M. Nelson, Kreindler Kreindler, Los Angeles, California; Allan A. Shenoi and Daniel J. Koes, Shenoi Koes, LLP, Pasadena, California on the brief) for Plaintiff-Appellant.
LEE E. BAINS, JR., Maynard, Cooper Gale, P.C. (Michael D. Mulvaney, Edward A. Hosp, and Christopher C. Frost, Maynard, Cooper Gale; Fred N. Knopf and Michelle M. Arbitrio, Wilson, Elser, Moskowitz, Edelman Dicker LLP on the brief) for Defendant-Appellee.
Plaintiff-Appellant Florence Metz (“Metz”) sued United States Life Insurance Company (“U.S. Life”), with which she has a catastrophic medical insurance policy, because U.S. Life told her that she had not yet “incurred” sufficient charges to satisfy its deductible. Metz claimed that U.S. Life’s refusal to pay benefits rested on a deliberate misinterpretation of “incurred” and breached the insurance contract. She appeals from a September 22, 2010 judgment of the United States District Court for the Southern District of New York (Jones, J.), granting U.S. Life’s motion to dismiss for failure to state a claim. The district court held that Metz, a Medicare recipient, could not have incurred charges that her physicians had agreed with Medicare to forgo prior to providing treatment. On appeal, Metz argues that the district court incorrectly read “incurred” (as in “incurred charge”) in the insurance policy as including only those amounts that the insured paid or was legally obligated to pay. She contends that, properly understood, the amount of an incurred charge for medical treatment is instead the full reasonable and customary charge for that treatment. We hold that the district court correctly interpreted “incurred,” and therefore affirm.In September 2007, Metz, under the belief that she had incurred the requisite $25,000 in charges, filed a claim with U.S. Life for medical benefits under the policy. U.S. Life, however, denied her claim. Discussions between Metz and her representatives and U.S. Life failed to resolve the dispute, and in August 2009, Metz brought a putative class action, seeking declaratory and injunctive relief and damages, in California state court.1 U.S. Life removed the matter to federal district court in California, under the court’s general diversity jurisdiction, 28 U.S.C. § 1332(a),2 and the Class Action Fairness Act, 28 U.S.C. § 1332(d), then obtained a transfer of venue to the Southern District of New York.
Posted in Life Assurance Information | Tags: catastrophic medical insurance, company, insurance, kreindler, Life, Life Assurance, life insurance company, LLP, medical insurance policy, states district court, wilson elser moskowitz, wilson elser moskowitz edelman, wilson elser moskowitz edelman dicker
Pernix Therapeutics Expands Senior Management Team to Support Continued Business Growth
December 8, 2011
THE WOODLANDS, Texas, Dec 06, 2011 (BUSINESS WIRE) –
–Charles Hrushka appointed Vice President of Sales Marketing
–Leslie White appointed Director of Regulatory Affairs Quality Assurance
Pernix Therapeutics Holdings, Inc.
/quotes/zigman/589882/quotes/nls/ptx PTX
+5.63%
, a specialty
pharmaceutical company primarily focused on the pediatric market, today
announced the appointments of David Becker as Chief Financial Officer,
Charles (“Chuck”) Hrushka as Vice President of Sales Marketing, and
Leslie White as Director of Regulatory Affairs Quality Assurance.
Pernix expects the additions of Messrs. Becker, Hrushka and White to its
management team will enhance the Company’s ability to support its growth
strategy in pediatrics as well as pursue opportunities in additional
therapeutic areas.
David Becker has more than 10 years of experience in the healthcare
industry, which includes an extensive background in the cough, cold and
allergy markets. From 2000 to 2007, Mr. Becker served as Executive Vice
President, Chief Financial and Administrative Officer Treasurer of
Adams Respiratory Therapeutics, Inc., a specialty pharmaceutical company
with a large presence in the cough, cold and allergy market prior to its
acquisition by Reckitt Benckiser Group plc. Mr. Becker served as
Executive Vice President Chief Financial Officer of MiddleBrook
Pharmaceuticals, Inc. Mr. Becker also gained experience in mergers
acquisitions while at Ernst Young LLP. Throughout his career, Mr.
Becker has built a strong track record of providing strategic direction
and corporate growth, completing numerous financings and acquisitions.
He has played a key role in growing branded products, such as Mucinex,
and acquiring brands, including Delsym. He received a Bachelor of
Science in Accounting from the University of Southern Mississippi and is
a certified public accountant in the state of California.
Chuck Hrushka has over 25 years of global sales and marketing experience
in the pharmaceutical and biotechnology industries. As Vice President of
Sales Marketing, he will be responsible for managing the development
and execution of Pernix’s marketing function and sales plan, and will
report to Mr. Collins. Prior to joining Pernix, he served as Vice
President of Marketing of Shionogi Pharma, Inc. (formerly Sciele Pharma,
Inc.), a global specialty pharmaceutical company that develops and
commercializes products in the areas of pediatrics, women’s health and
cardiovascular. He also has experience in gastroenterology when he
served as Vice President of Marketing for Sucampo Pharmaceuticals, Inc.
Mr. Hrushka has also held senior sales and marketing positions at Burren
Pharmaceuticals, Schebo Biotech USA, Axcan Pharma, and Solvay
Pharmaceuticals. He earned an Masters in Business Administration from
Georgia State University and a Bachelor of Science in Biology from
Lynchburg College.
Leslie White has more than 15 years of experience in clinical and
regulatory affairs. As Director of Regulatory Affairs Quality
Assurance, he will provide oversight of Pernix’s product development
strategy, manufacturing and controls functions, and all U.S. and
international regulatory matters. Prior to joining Pernix, he served
from 2002 to 2011 as the Director of Regulatory Affairs of Trace Life
Sciences, a private supplier of radiopharmaceuticals for medical and
imaging technologies. Over the course of his career, he has been
responsible for the preparation and submission of numerous IND, NDA and
510K applications with the U.S. Food and Drug Administration. Mr. White
has also held quality control and regulatory oversight positions at
Cedra Corporation, Carbomedics, Coram Health Care, and OsteoMed. He
received a Master of Science from the University of North Texas and a
Bachelor of Science from the University of Texas at San Antonio.
“I am pleased to welcome David, Chuck and Leslie to Pernix,” said Cooper
Collins, President and Chief Executive Officer of Pernix. “These key
appointments reflect the on-going building of our corporate
infrastructure and bring additional valuable pharmaceutical expertise to
our management team in areas that will position Pernix for continued
growth. Tracy Clifford, our Chief Financial Officer, since our merger
with Golf Trust in March 2010, and Beth Deville, Vice President of Sales
Marketing who started with our Company in 2001, have played key roles
in our success. Going forward, they will continue to serve as an
important part of our expanded management team in their respective new
roles as Corporate Controller Director of Finance and Vice President
of Sales Training Compliance.”
About Pernix Therapeutics Holdings, Inc.
Pernix Therapeutics Holdings, Inc. is a specialty pharmaceutical company
primarily focused on the sales, marketing, and development of branded
and generic pharmaceutical products primarily for the pediatric market.
The Company manages a portfolio of branded and generic products and
Theobromine, a non-codeine, cough suppressant product candidate in
development. The Company’s branded products include CEDAX(R), an
antibiotic for middle ear infections, Natroba(TM), a topical treatment for
head lice marketed under an exclusive co-promotion agreement with
ParaPRO, LLC, and a family of prescription treatments for cough and cold
(Brovex(R), Aldex(R) and Pediatex(R)). The Company promotes its branded
products through an established U.S. sales force. Pernix also markets
generic products through its wholly-owned subsidiary, Macoven
Pharmaceuticals. Founded in 1996, the Company is based in The Woodlands,
TX.
Additional information about Pernix is available on the Company’s
website located at
www.pernixtx.com .
Cautionary Notice Regarding Forward-Looking Statements
The Company wishes to caution readers not to place undue reliance on
any forward-looking statements, which speak only as of the date made. No
assurances can be given regarding the future performance of the Company.
The Company wishes to advise readers that factors could affect the
Company’s financial performance and could cause the Company’s actual
results for future periods to differ materially from any opinions or
statements expressed with respect to future periods in any current
statements. The Company does not undertake, and specifically declines
any obligation, to publicly release the result of any revisions which
may be made to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
SOURCE: Pernix Therapeutics Holdings, Inc.
Pernix Therapeutics Holdings, Inc.
Joseph T. Schepers, Director, Investor Relations, 800-793-2145 ext. 3002
jschepers@pernixtx.com
Copyright Business Wire 2011
/quotes/zigman/589882/quotes/nls/ptx
Add PTX to portfolio
Pernix Therapeutics Expands Senior Management Team to Support Continued …
December 6, 2011
THE WOODLANDS, Texas, Dec 06, 2011 (BUSINESS WIRE) –
–Charles Hrushka appointed Vice President of Sales Marketing
–Leslie White appointed Director of Regulatory Affairs Quality Assurance
Pernix Therapeutics Holdings, Inc.
/quotes/zigman/589882/quotes/nls/ptx PTX
-1.18%
, a specialty
pharmaceutical company primarily focused on the pediatric market, today
announced the appointments of David Becker as Chief Financial Officer,
Charles (“Chuck”) Hrushka as Vice President of Sales Marketing, and
Leslie White as Director of Regulatory Affairs Quality Assurance.
Pernix expects the additions of Messrs. Becker, Hrushka and White to its
management team will enhance the Company’s ability to support its growth
strategy in pediatrics as well as pursue opportunities in additional
therapeutic areas.
David Becker has more than 10 years of experience in the healthcare
industry, which includes an extensive background in the cough, cold and
allergy markets. From 2000 to 2007, Mr. Becker served as Executive Vice
President, Chief Financial and Administrative Officer Treasurer of
Adams Respiratory Therapeutics, Inc., a specialty pharmaceutical company
with a large presence in the cough, cold and allergy market prior to its
acquisition by Reckitt Benckiser Group plc. Mr. Becker served as
Executive Vice President Chief Financial Officer of MiddleBrook
Pharmaceuticals, Inc. Mr. Becker also gained experience in mergers
acquisitions while at Ernst Young LLP. Throughout his career, Mr.
Becker has built a strong track record of providing strategic direction
and corporate growth, completing numerous financings and acquisitions.
He has played a key role in growing branded products, such as Mucinex,
and acquiring brands, including Delsym. He received a Bachelor of
Science in Accounting from the University of Southern Mississippi and is
a certified public accountant in the state of California.
Chuck Hrushka has over 25 years of global sales and marketing experience
in the pharmaceutical and biotechnology industries. As Vice President of
Sales Marketing, he will be responsible for managing the development
and execution of Pernix’s marketing function and sales plan, and will
report to Mr. Collins. Prior to joining Pernix, he served as Vice
President of Marketing of Shionogi Pharma, Inc. (formerly Sciele Pharma,
Inc.), a global specialty pharmaceutical company that develops and
commercializes products in the areas of pediatrics, women’s health and
cardiovascular. He also has experience in gastroenterology when he
served as Vice President of Marketing for Sucampo Pharmaceuticals, Inc.
Mr. Hrushka has also held senior sales and marketing positions at Burren
Pharmaceuticals, Schebo Biotech USA, Axcan Pharma, and Solvay
Pharmaceuticals. He earned an Masters in Business Administration from
Georgia State University and a Bachelor of Science in Biology from
Lynchburg College.
Leslie White has more than 15 years of experience in clinical and
regulatory affairs. As Director of Regulatory Affairs Quality
Assurance, he will provide oversight of Pernix’s product development
strategy, manufacturing and controls functions, and all U.S. and
international regulatory matters. Prior to joining Pernix, he served
from 2002 to 2011 as the Director of Regulatory Affairs of Trace Life
Sciences, a private supplier of radiopharmaceuticals for medical and
imaging technologies. Over the course of his career, he has been
responsible for the preparation and submission of numerous IND, NDA and
510K applications with the U.S. Food and Drug Administration. Mr. White
has also held quality control and regulatory oversight positions at
Cedra Corporation, Carbomedics, Coram Health Care, and OsteoMed. He
received a Master of Science from the University of North Texas and a
Bachelor of Science from the University of Texas at San Antonio.
“I am pleased to welcome David, Chuck and Leslie to Pernix,” said Cooper
Collins, President and Chief Executive Officer of Pernix. “These key
appointments reflect the on-going building of our corporate
infrastructure and bring additional valuable pharmaceutical expertise to
our management team in areas that will position Pernix for continued
growth. Tracy Clifford, our Chief Financial Officer, since our merger
with Golf Trust in March 2010, and Beth Deville, Vice President of Sales
Marketing who started with our Company in 2001, have played key roles
in our success. Going forward, they will continue to serve as an
important part of our expanded management team in their respective new
roles as Corporate Controller Director of Finance and Vice President
of Sales Training Compliance.”
About Pernix Therapeutics Holdings, Inc.
Pernix Therapeutics Holdings, Inc. is a specialty pharmaceutical company
primarily focused on the sales, marketing, and development of branded
and generic pharmaceutical products primarily for the pediatric market.
The Company manages a portfolio of branded and generic products and
Theobromine, a non-codeine, cough suppressant product candidate in
development. The Company’s branded products include CEDAX(R), an
antibiotic for middle ear infections, Natroba(TM), a topical treatment for
head lice marketed under an exclusive co-promotion agreement with
ParaPRO, LLC, and a family of prescription treatments for cough and cold
(Brovex(R), Aldex(R) and Pediatex(R)). The Company promotes its branded
products through an established U.S. sales force. Pernix also markets
generic products through its wholly-owned subsidiary, Macoven
Pharmaceuticals. Founded in 1996, the Company is based in The Woodlands,
TX.
Additional information about Pernix is available on the Company’s
website located at
www.pernixtx.com .
Cautionary Notice Regarding Forward-Looking Statements
The Company wishes to caution readers not to place undue reliance on
any forward-looking statements, which speak only as of the date made. No
assurances can be given regarding the future performance of the Company.
The Company wishes to advise readers that factors could affect the
Company’s financial performance and could cause the Company’s actual
results for future periods to differ materially from any opinions or
statements expressed with respect to future periods in any current
statements. The Company does not undertake, and specifically declines
any obligation, to publicly release the result of any revisions which
may be made to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
SOURCE: Pernix Therapeutics Holdings, Inc.
Pernix Therapeutics Holdings, Inc.
Joseph T. Schepers, Director, Investor Relations, 800-793-2145 ext. 3002
jschepers@pernixtx.com
Copyright Business Wire 2011
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Taking the life out of Standard
December 3, 2011
Can a life insurance company that has decided not to sell new individual life insurance products still be called a life insurance company?
Certainly Montreal-headquartered Standard Life Assurance Co. of Canada, which says it has been serving the financial needs of Canadians since 1833, thinks it can — and plans to do so.
This week, the company, a wholly-owned subsidiary of the British-based parent, publicly listed Standard Life PLC, issued a missive from chief executive Joseph Iannicelli saying that effective Jan. 1, 2012, it would no longer sell “individual universal life insurance, term insurance, whole life insurance and critical illness insurance.” Standard Life will, however, continue to include life insurance coverage in its group benefits offering and will continue to service its existing individual life insurance business after Jan. 1.
“[The] announcement is another step in Standard Life’s strategy to focus on the activities which have the best potential for sustainable growth,” Iannicelli said. He termed the decision “a milestone in the strategy that we started deploying in 2005,” a strategy that focused more on retail investments, including its own mutual funds, group savings and retirement plans and group benefits and disability management, and less on insurance.
Life insurance has become a smaller part of Standard Life’s business: At the end of 2010 it had issued 202,000 policies, the premiums on which represented a mere 3.5% of its total premiums and deposits and 1.4% of its total new business.
Atacama’s gangbuster?
The ratio of the number of shares to be sold in an offering divided by the average daily volume of shares traded doesn’t seem that relevant in the case of Atacama Minerals Corp., a TSX Venture-listed company that produces iodine from a mine in northern Chile.
It indicated Friday it had increased the size of its previously announced bought deal to $60-million from $50-million. It will now sell 50 million subscription receipts at $1.20 per receipt, compared with a previous plan to sell 41.667 million. On any given day, the company sells about 100,000 shares. Under the initial deal, the underwriters had been required to sell about 416 days’ worth of volume. Now they will have to sell about two years’ worth of volume.
What has gotten investors excited is the arrival of a new management team and the decision to acquire Sirocco Gold Inc., a private company with exploration interests but very few real assets in West Africa, for $10-million. Atacama’s new management team used to run Red Back Mining Inc., a gold producer in West Africa acquired by Kinross Gold Corp. in September 2010. The new team, which has invested $6.9-million, and the acquisition were announced on Oct. 24. Since then, both the daily volume and the share price have risen strongly.
The deal’s other highlight: At $1.20, the shares were sold at a premium given that they closed the previous day at $1.11.
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