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Alkermes, Inc.

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Msg  80 of 87  at  1/6/2014 12:46:32 PM  by

mlkrborn


ALREADY $40

Alkermes announces notice of allowance of U.S. Patent for a novel fumarate prodrug for Multiple Sclerosis; expects to file an Investigational New Drug (IND) application in mid-2014 (ALKS) : Co announced that the United States Patent and Trademark Office (:USPTO) has issued a Notice of Allowance for U.S. Patent Application 14/032,736, entitled "Prodrugs of fumarates and their use in treating various diseases."

The allowed composition of matter claims will cover Alkermes' MMF prodrug, ALKS 8700, a proprietary, small-molecule prodrug of monomethyl fumarate (MMF) for the treatment of multiple sclerosis.
The Notice of Allowance resulted from a prioritized examination granted by the USPTO, and the allowed claims are directed toward a novel MMF prodrug that is designed to rapidly and efficiently convert to MMF in the body.
Alkermes expects to file an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (:FDA) and initiate a phase 1 study of ALKS 8700 in mid 2014.
7:01 am G&K announces divestiture of non-core business units; will recognize ~$13 mln in non-cash charges (GK) : Co announces that it has sold its direct sale program business. Separately, the company also divested its operation in Ireland, which was the company's last remaining cleanroom business. Total proceeds from the sales were $6.6 mln. These transactions mark the completion of G&K's restructuring efforts that began in 2009. Since that time the company has divested several non-core business units that did not fit its long-term strategy.

As a result of the transactions, G&K will recognize aggregate non-cash charges of ~$13 mln before taxes. In fiscal year 2013, these business units contributed total annual revenue of $42 mln and adjusted operating income of ~$500,000. The company expects the divested businesses will be treated as discontinued operations in future financial reports. The company plans to update its fiscal year 2014 revenue and earnings guidance in conjunction with its second quarter earnings release, which is scheduled for January 28, 2014.


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