Tag Archives: Merck Serono

Goodyear Sued by French in Ohio

By Rich Duprey, The Motley Fool

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Since this country’s discovery, France always had a large presence in the Ohio River Valley, until its defeat by American colonials and the British during the French and Indian Wars.

Today it’s back again, declaring war on U.S. tire maker Goodyear , by suing it in Ohio courts over the announced closing of its French tire factory earlier this year because it was no longer profitable. Despite losing money there for five straight years, the plant’s workers are suing in U.S. courts because they say that’s where the decisions emanated from.

Taking a siesta
Time magazine labeled the French factory in Amiens as Goodyear’s “nightmare.” Despite trying to work with the unions over the years to change work hours or eliminate redundancies and prevent just such an outcome, the unions thwarted every entreaty. The government has a heavy-handed way of dealing with closures and layoffs, for example castigating ArcelorMittal for also having the temerity to want to close down an unprofitable facility. So just because Goodyear says it wants to end the bloodletting doesn’t mean it will happen anytime soon.  

It probably didn’t help any when the French government approached the CEO of tire maker Titan International , Maurice “The Grizz” Taylor, to see if he would be interested in buying the plant and was greeted with a giant guffaw instead.

“How stupid do you think we are?” he wrote to the French industry minister. “The French workforce gets paid high wages but works only three hours. They get one hour for breaks and lunch, talk for three, and work for three.” He concluded by saying, “You can keep the so-called workers.”  

Getting while the getting’s good
France is a worker’s paradise and, as Time aptly put it, a business owner’s nightmare. Look no further than a bill making its way through the French parliament that would grant union members amnesty for pillaging corporate offices and threatening executives with bodily harm. With violent protests breaking out at Goodyear offices and protesting union workers battling with French police, it’s quickly become clear that France is not a place where you want to do business.

In addition to factory closings by Goodyear and Arcelor, Ford, Coca-Cola, Renault, Samsonite, Sanofi, Sony, and Merck Serono are among some 1,500 firms looking to get out of Dodge. Or France, anyway.

Locking the gate
Because French courts have actually upheld the business‘ right to close, the French are seeing a mass exodus at a time when their unemployment rate is approaching 11%. That also probably informed the unions’ decision to try their luck in American courts. In addition to stopping the closure, the union is seeking $4 million in damages.

It took nearly a decade for the French and Indian War to come to a conclusion, and analysts expect Goodyear will have to go nearly as long before it’s able to finally close the French factory. The bloody battle will hardly serve as an enticement for other companies to locate to France

Source: FULL ARTICLE at DailyFinance

Opexa Therapeutics Reports Year End 2012 Financial Results and Provides Corporate Update

By Business Wirevia The Motley Fool

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Opexa Therapeutics Reports Year End 2012 Financial Results and Provides Corporate Update

THE WOODLANDS, Texas–(BUSINESS WIRE)– Opexa Therapeutics, Inc. (NAS: OPXA) , a biotechnology company developing a novel T-cell therapy for multiple sclerosis (MS), today reported financial results for the year ended December 31, 2012 and provided an overview of recent corporate developments.

2012 and recent highlights include:

  • Clinical

    • Commenced a Phase IIb clinical study of Tcelna™ (imilecleucel-T) in patients with Secondary Progressive Multiple Sclerosis (SPMS). The randomized, double-blind, placebo controlled study is titled the “Abili-T” trial and will enroll 180 patients through approximately 30 leading clinical sites in the U.S. and Canada;
    • Gained approval from Health Canada to expand the Abili-T clinical trial to include several renowned sites in Canada; and
    • Initiated a comprehensive Immune Monitoring Program to capture valuable information from the Abili-T trial, including the potential identification of biomarkers for SPMS and further understanding of the immunopathology of SPMS.
  • Financial/Operational

    • Closed a private offering of convertible secured notes and warrants to purchase common stock for gross proceeds of approximately $4.1 million in July 2012;
    • Entered into two stock purchase agreements with Lincoln Park Capital Fund LLC in November 2012 in which Opexa may sell up to an aggregate of $16.5 million of shares of common stock to Lincoln Park subject to certain limitations and conditions over a 30-month period;
    • Executed a key strategic option and license agreement with Merck Serono in February 2013 for the development and commercialization of Tcelna in patients with MS. If Merck Serono exercises the licensing option, Merck would be solely responsible for funding development, regulatory and commercialization activities for Tcelna in MS. Potential milestone payments to Opexa if Tcelna is successfully commercialized could total $225 million. Additionally, Opexa is eligible to receive tiered royalties on commercial sales at rates ranging from 8% to 15% of annual net sales;
    • Raised $3.25 million of gross proceeds through a registered offering of common stock and warrants in February 2013; and
    • Strengthened our expertise in cell therapy through the hiring of several cell therapy experts in the areas of manufacturing, quality assurance, quality control and R&D.

“2012 was a transformative year for Opexa as we commenced the Abili-T clinical trial for Tcelna in patients with SPMS,” commented Neil K. Warma, President and Chief Executive Officer of Opexa. …read more
Source: FULL ARTICLE at DailyFinance