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News Article | December 21, 2016
Site: globenewswire.com

Nexstim Plc (NXTMH:HEX, NXTMS:STO), a medical technology company with a pioneering navigated non-invasive brain stimulation system, announces that Nexstim has, on December 21, 2016, received US Food and Drug Administration's (FDA) response and comments to its limited size trial protocol (E-FIT; Electric Field Navigated 1Hz rTMS for Post-Stroke Motor Recovery Trial). Nexstim's good relationship with FDA and the meeting held on September 14, 2016 ensured fastest possible response time, in fact several weeks ahead of expected timeline. The response was positive and provides Nexstim the possibility to start the new 60 patient trial in Q1 2017. According to FDA recommendation the data from the new trial will be combined with data from the previous phase III trial. In addition, in their response FDA stated that Nexstim's new sham coil design is appropriate for the new trial. Nexstim expects that the E-FIT trial will be completed in Q1 2018. During the trial Nexstim will continue communication with FDA to ensure efficient review of the subsequent submission and the trial results will be immediately supplemented to the direct de novo 510(k) submission. De novo process provides a 120-day pathway to 510(k) clearance for novel Class II medical devices for which there is no legally marketed predicate device. In the pre-submission phase FDA has indicated that de novo pathway is appropriate for Nexstim NBT system towards the marketing and sales clearance in the USA. Following positive efficacy results from the limited size trial Nexstim expects the de novo 510(k) clearance in Q4 2018 as FDA has already reviewed the technological and safety sections of the submission. De novo 510(k) clearance will allow Nexstim to start marketing and selling the NBT system for stroke rehabilitation in the USA. Nexstim's financing plan supports the described trial approach. The current cash and cash generated from sales, the financing arrangements with Bracknor and Sitra, combined with the strategic changes in the organization, is estimated to finance the Company until early 2018. Commenting on the announcement, Martin Jamieson, Chairman of the Board and CEO, said: "I'm delighted that our good relationship with FDA continues to pay off and supports our business plans for NBT stroke therapy not only in the USA but also in the other markets." Further information is available on the website www.nexstim.com or by contacting: About Nexstim Plc Nexstim is a medical technology company which has pioneered its technology in brain diagnostics with the Navigated Brain Stimulation (NBS) system as the first and only FDA-cleared and CE-marked navigated Transcranial Magnetic Stimulation (nTMS) system for pre-surgical mapping of the motor and speech cortices. Based on the same technology platform, the Company has developed a system called Navigated Brain Therapy (NBT®) which is CE-marked for chronic neuropathic pain, major depression and stroke therapy. Nexstim's shares are listed on Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visit www.nexstim.com


News Article | February 28, 2017
Site: globenewswire.com

Nexstim plc is a revenue-generating, medical technology company with a pioneering navigated brain stimulation technology (nTMS) that can be used for treatment and diagnosis of vital motor and speech cortices in the brain.          ·         Nexstim's Navigated Brain Treatment (NBT®) system is the only TMS system focusing on the rehabilitation of hand and arm movement (upper limb motor disability).                     ·         Upper limb motor disability affects approximately 50% of stroke victims, with an estimated EU and US annual market size of USD 1.8 billion.                     ·         The NBT® system is CE marked for stroke rehabilitation and we anticipate filing for FDA clearance by end of April 2018. ·         Nexstim's NBS system is the only CE-marked and FDA-cleared non-invasive solution to pre-surgical mapping of the motor cortex in brain cancer.                     ·         The device is non-invasive and has demonstrated a 46% increase in progression free survival in low grade gliomas versus the current invasive gold standard. ·         The NBS system has been sold to approximately 140 research universities and leading hospitals in the world. I am delighted to report the progress that Nexstim has made on multiple fronts during this eventful year in which I took over as the CEO of the Company. During the summer of 2016 Nexstim negotiated a long-term financing arrangement in the form of a joint deal with Bracknor Investment and The Finnish Innovation Fund, Sitra. We ended the first half of 2016 with a cash position of EUR 1.8 million progressing to a healthy EUR 8.2 million as of the end of 2016, mainly due to the execution of the financing agreement. Further to the EGM, the current cash plus cash generated from sales, and the remaining financing arrangements with Bracknor and Sitra are now estimated to finance the Company until Q4 2018. Therefore, we now estimate to have adequate financing to progress our NBT® system through to FDA clearance. In February 2017, Nexstim commenced a new 60 patient trial of its NBT® system in post-acute stroke therapy following the approval of the supplementary protocol by the FDA in December 2016. This was received in line with the FDA's recommendation that the data from the new trial will be combined with data from the previous Phase III trial which demonstrated clinical benefit in the patient and control group. The FDA has stated that Nexstim's new sham coil design is appropriate for the new trial and we have worked hard to ensure the new design is able to mitigate the active affect that it had in the control group in the previous trial. FDA has already performed their full review of the technological and safety elements of the submission and we are expecting limited size trial efficacy results in Q1 2018. We intend to file for clearance in April 2018. This de novo 510(k) clearance would be a significant milestone for Nexstim as it would allow us to start marketing and selling the NBT® system for stroke rehabilitation in the USA, which is the largest and most lucrative market for this device. Nexstim has been working on shifting its sales model for pre-surgical mapping (PSM) in the US to a distributor model, and has consequently implemented changes to the current business organisation in both the US and Finland. By early January 2017, we had signed three new independent sales representative agreements in the US. Despite the major changes in the US distribution model for our NBS system, which resulted in a -15.6% decrease in revenues over the second half of 2016, we ended the full year with net sales at EUR 2.5 million. We were also pleased that we achieved our H2 2016 target cash burn at EUR -2.0 million from our operating activities following the organizational changes implemented. We estimate that the global sales pipeline will remain strong for the full financial year of 2017 and expect to see  growth in sales of NBS systems in the US and also in our first sales of the NBT® system which we will launch in the largest EU markets. We are also very excited about the future global growth potential for both our NBS and NBT® systems in the untapped and extensive Asian market. Nexstim is continuing to focus on building future growth platforms for its products through partnership agreements in the major geographic territories in Europe, the USA and Asia. On December 21, 2016, Nexstim received the FDA's response and comments to its limited size trial protocol (E-FIT; Electric Field Navigated 1Hz rTMS for Post-Stroke Motor Recovery Trial). The response was positive and provided Nexstim the possibility to start a new 60 patient trial in February 2017. In line with the FDA recommendation the data from the new trial will be combined with data from the previous Phase III trial. The new sham coil has been designed to address the previously active effect it had in the control group and has been deemed by the FDA to be appropriate for the new trial. During the trial Nexstim will continue to communicate with the FDA to ensure efficient review of the subsequent submission that has been designed to supplement the existing de novo 510(k) submission. The de novo process provides a 120-day pathway to 510(k) clearance for novel Class II medical devices for which there is no legally marketed predicate device. The FDA has indicated that the de novo pathway is sufficient for Nexstim's NBT® system to receive marketing and sales clearance in the USA. Nexstim estimates to receive efficacy results from the limited size trial in Q1 2018 which are anticipated to support de novo 510(k) response. De novo 510(k) clearance would allow Nexstim to start marketing and selling the NBT system for stroke rehabilitation in the USA. Based on its business forecast the Company estimates its net sales to grow during financial year 2017 and a loss is expected for the financial year. Board of Directors' Proposal on the Dividend During its existence, the Company's operations have been unprofitable and no dividend has been distributed. In the forthcoming years, the Company will focus on financing the growth and the development of its business and the Company will adhere to a very stringent dividend policy, tied to the Company's results and financial standing. The Company does not expect to be able to distribute dividends in the near future. Further, the Company has reduced its share capital for loss coverage on 29 September 2014. Therefore, pursuant to the Finnish Companies Act, all distributions of unrestricted equity to the shareholders by the Company are subject to a three months' public summons to the creditors until 3 October 2017. In the event dividends are distributed, all Shares entitle to equal dividends. At the end of the financial period of 2016, the distributable assets of the group's parent company were EUR 16,665,649.76. The Board of Directors proposes that Nexstim Plc should not pay any dividend for the financial period of 2016. For further information please visit www.nexstim.com or contact: Publication of financial information during year 2017 A conference call for analysts, investors and media will take place at 16:00 Finnish time (EET) on Tuesday 28 February 2017, hosted by Martin Jamieson, Chairman of the Board and CEO, and Mikko Karvinen, CFO, who will present the financial and operational results followed by a Q&A session. Half-Yearly Report January-June 2017 (H1) will be published on Wednesday, August 16, 2017. Nexstim Annual Report 2016 (Report of the Board of Directors, the Financial Statements and Consolidated Financial Statements and the Auditor's Report) will be published on company web pages on Monday, March 6, 2017. The Annual General Meeting will be held on Tuesday, March 28, 2017 beginning at 10:00 am. About Nexstim Plc Nexstim is a medical technology company which has pioneered its technology in brain diagnostics with the Navigated Brain Stimulation (NBS) system as the first and only FDA-cleared and CE-marked navigated Transcranial Magnetic Stimulation (nTMS) system for pre-surgical mapping of the motor and speech cortices. Based on the same technology platform, the company has developed a system called Navigated Brain Therapy (NBT®) which is CE-marked for chronic neuropathic pain, major depression and stroke therapy. Nexstim's shares are listed on Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visit www.nexstim.com


News Article | February 20, 2017
Site: globenewswire.com

Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or the "Company"), a medical technology company with a pioneering navigated non-invasive brain stimulation system, announces the resolutions adopted after voting at its Extraordinary General Meeting of shareholders held today on 20 February 2017. The Extraordinary General Meeting of Shareholders approved the unauthorised directed issuances of 15,602,127 shares in Nexstim to Bracknor and Sitra. Approving the unauthorised issuances of special rights entitling to shares The Extraordinary General Meeting of Shareholders approved the unauthorised issuances to Bracknor and Sitra of special rights entitling to 31,167,761 shares in Nexstim. The Board of Directors will be authorised to amend the existing and registered terms and conditions of the issued special rights entitling to shares. Authorising the Board of Directors to resolve on share issues, as well as option rights and other special rights entitling to shares The Extraordinary General Meeting of Shareholders authorised the Board of Directors to resolve on share issues as well as issues of option rights and other special rights entitling to shares, pursuant to Chapter 10 of the Finnish Companies Act as follows: The shares issued under the authorisation are new or those in Nexstim's possession. Under the authorisation, a maximum number of 29,412,792 shares can be issued. Shares, options and other special rights entitling to shares can be issued in one or more tranches. Under the authorisation, the Board of Directors may resolve upon issuing new shares to Nexstim itself. However, Nexstim, together with its subsidiaries, may not at any time own more than 10 per cent of all its registered shares. The Board of Directors is authorised to resolve on all terms for the share issue and granting of the special rights entitling to shares. The Board of Directors is authorised to resolve on a directed share issue and issue of the special rights entitling to shares in deviation from the shareholders' pre-emptive right, provided that there is a weighty financial reason for the Nexstim to do so. The authorisation would be effective for five (5) years from the date of the resolution of the Extraordinary General Meeting. This authorisation would not replace previous authorisations granted to the Board of Directors. The minutes of the Extraordinary General Meeting will be published on, or by,  6 March 2017, on Nexstim's website. Commenting on the approval, Chairman and CEO Martin Jamieson said: "I  am pleased that the company now has the financial resources to complete its clinical programme and 510k de novo filing process for stroke rehabilitation. It is a very exciting time for Nexstim and over the next 18months we will be preparing for commercial launch of our therapy platform in the USA, China and Europe." For further information please visit www.nexstim.com or contact: About Nexstim Plc Nexstim is a medical technology company which has pioneered its technology in brain diagnostics with the Navigated Brain Stimulation (NBS) system as the first and only FDA-cleared and CE-marked navigated Transcranial Magnetic Stimulation (nTMS) system for pre-surgical mapping of the motor and speech cortices. Based on the same technology platform, the company has developed a system called Navigated Brain Therapy (NBT®) which is CE-marked for chronic neuropathic pain, major depression and stroke therapy. Nexstim's shares are listed on Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visit www.nexstim.com


Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or the "Company"), a medical technology company with a pioneering navigated non-invasive brain stimulation system, announces that, pursuant to the authorisations received at the Company's extraordinary general meeting on 18 August 2016 and the financing arrangement entered into with Bracknor Investment and the Finnish Innovation Fund Sitra which was announced on 21 July 2016, the Board of Directors of the Company has today resolved on issuing 4,109,223 new shares to Bracknor with a subscription price of EUR 999,999.96 based on the stand-by equity distribution agreement (SEDA).  The Board of Directors of the Company has also decided to issue 999,371 treasury shares to the Company itself without consideration and list the afore mentioned shares. The new shares will be listed approximately on 1 December 2016. After the transfer the Company will have 3,218,445 treasury shares. After the issuance, the total number of registered shares in the Company will be 32,184,452. Further information is available on the website www.nexstim.com or by contacting: About Nexstim Plc Nexstim is a medical technology company which has pioneered its technology in brain diagnostics with the Navigated Brain Stimulation (NBS) system as the first and only FDA-cleared and CE-marked navigated Transcranial Magnetic Stimulation (nTMS) system for pre-surgical mapping of the motor and speech cortices. Based on the same technology platform, the Company has developed a system called Navigated Brain Therapy (NBT®) which is CE-marked for chronic neuropathic pain, major depression and stroke therapy. Nexstim's shares are listed on Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visit www.nexstim.com


News Article | December 22, 2016
Site: globenewswire.com

Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company"), a medical technology company with a pioneering navigated non-invasive brain stimulation system, today announces a business update for the year ending 31 December 2016. Navigated Brain Stimulation Customer adoption of Navigated Brain Stimulation (NBS) systems for brain mapping is increasing and current users continue to adopt and incorporate the technology into their clinical practice. New customers at various prestigious institutions, world-wide purchasing the technology include: The University of Iowa; Dell Children's Hospital in Austin, Texas; Vivantes Klinikum Neukölln in Germany; Queen Elizabeth Hospital Birmingham in UK, and; Aarhus University Hospital in Denmark. The NBS technology was highlighted in multiple clinical presentations at various scientific congresses including: Society for Neuro-Oncology Annual Meeting; 8th International Symposium on Navigated Brain Stimulation in Neurosurgery and Neuromodulation; Congress of Neurological Surgeons Annual Meeting; Deutsche Gesellschaft für Neurochirurgie; 20th Scandinavian Course in Neurosurgery; European Association of Neurosurgical Societies Congress; 10th Meeting of the European Low Grade Glioma Network; American Epilepsy Society Meeting, and; American Association of Neurological Surgeons Annual Meeting. In line with the Company's strategic direction, progress is being made to partner with independent distributors in the U.S. to advance commercial efforts for Nexstim's NBS for brain mapping. Navigated Brain Therapy As separately announced yesterday, Nexstim received a positive response and comments from the US Food and Drug Administration on its limited size trial protocol for the proposed Post-Stroke Motor Recovery Trial. The positive response paves the way for a new 60 patient trial with Nexstim's Navigated Brain Therapy (NBT®) in 2017 and Nexstim expects to receive de novo 510(k) clearance in Q4 2018. In Europe, commercial steps are being conducted around NBT®, working with early adopter clinicians. Financing The financing arrangement in the form of a joint deal with Bracknor and Sitra continues on track. Since the beginning of the arrangement announced on 18 August 2016, Nexstim has issued new shares worth EUR 7.7 million in total. The current cash and cash generated from sales, the financing arrangements with Bracknor and Sitra, combined with the strategic changes in the organisation, is estimated to finance the Company until early 2018. The full year 2016 financial results will be published on Tuesday, February 28, 2017. Commenting on the business update, Martin Jamieson, CEO of Nexstim, said: "2016 has been a very important year for the Company with significant clinical and financial developments. We continue to make good progress in many key areas and look forward to moving these forward in 2017." Further information is available on the website www.nexstim.com or by telephone: About Nexstim Plc Nexstim is a medical technology company which has pioneered its technology in brain diagnostics with the Navigated Brain Stimulation (NBS) system. It is the first and only FDA cleared and CE marked system based on navigated Transcranial Magnetic Stimulation (nTMS) for pre-surgical mapping of the speech and motor cortices of the brain. Based on the same technology platform, the Company has developed a system called Navigated Brain Therapy (NBT®) which is CE marked for the treatment of chronic neuropathic pain, major depression and stroke. Nexstim shares are listed on the Nasdaq First North Finland and Nasdaq First North Sweden. For more information please visit www.nexstim.com


News Article | November 7, 2016
Site: www.marketwired.com

CALGARY, ALBERTA--(Marketwired - Nov. 7, 2016) - TransGlobe Energy Corporation ("TransGlobe" or the "Company")(TSX:TGL)(NASDAQ:TGA) announces its financial and operating results for the three and nine months ended September 30, 2016. All dollar values are expressed in United States dollars unless otherwise stated. TransGlobe's Condensed Consolidated Interim Financial Statements together with the notes related thereto, as well as TransGlobe's Management's Discussion and Analysis for the three and nine month periods ended September 30, 2016 and 2015, are available on TransGlobe's website at www.trans-globe.com. A conference call to discuss TransGlobe's 2016 third quarter results presented in this news release will be held Monday, November 7, 2016 at 9:00 AM Mountain Time (11:00 AM Eastern Time) and is accessible to all interested parties by dialing 416-340-2216 or toll free at 866-223-7781. The webcast may be accessed at http://www.gowebcasting.com/8063. TransGlobe Energy Corporation ("TransGlobe" or the "Company") produced an average of 11,733 barrels of oil per day ("bopd") during the third quarter of 2016, which exceeded third quarter guidance of 11,400 bopd. The Company completed one direct sale tanker lifting during the quarter, consisting of 475,776 barrels of entitlement crude oil. The tanker lifting was sold to a third party buyer in September. Payment of $17.5 million was received on October 20. TransGlobe is currently in discussions with EGPC to schedule liftings for the fourth quarter of 2016 and throughout 2017. Subsequent to the NWG 27 and NWG 38 Red Bed oil discoveries announced in the Q2-2016 press release (August 11, 2016), the Company drilled an additional six wells resulting in one junked and abandoned well with oil shows in the Red Bed (NWG 26) and five dry holes (NWG 24, 25 & 34, SEG 1 & 2). To date, the Company has drilled thirteen wells in the 2016 drilling program resulting in two producing oil wells (K-48 & K-51), two oil discoveries (NWG 27 & 38), one junked and abandoned well with oil shows in the Red Bed (NWG 26) and 7 dry holes. The remaining seven exploration wells are scheduled to be drilled by early 2017, in addition to one South-K (K-47) and two Arta Red Bed development wells (Arta 73 & 74) which will be drilled in Q4-2016. In addition, the Company has commenced permitting on 28 appraisal and exploration wells in NW Gharib focused on the Red Bed discovery at NWG 27 and additional untested exploration prospects within the same play fairway near the proposed NWG 3/NWG 38 development lease application submitted in September. It is anticipated that a number of these locations will be drilled in early 2017 as part of the 2017 plan. During the third quarter, the Company completed approximately 50% of the Production Recovery Plan ("PRP"), which incorporates two additional wells at South-K (West Bakr), 16+ recompletions, pump optimizations and facility upgrades at West Gharib and West Bakr, plus first production from the NWG 3 discovery in the fourth quarter. The Company is on target to exit 2016 with a production rate of 13,000 to 14,000 bopd upon successful execution of the PRP. On September 8, 2016, TransGlobe received military access approvals for the South Alamein concession, which was acquired in July 2012 and contains the Boraq 2X discovery and several additional exploration targets. The Company is finalizing an initial drilling campaign, which will consist of up to three wells on the Boraq structural complex plus re-entry of the Boraq 2X discovery well for additional testing in 2017. The Company completed a mid-year (June 30, 2016) reserves update during the third quarter, which was announced on October 3, 2016. Mid-year 2016 proved crude oil reserves increased 11% from year-end 2015 to 19.5 million barrels, and proved plus probable crude oil reserves increased to 30.3 million barrels, representing a 6% increase from year-end 2015. The increases were the result of positive technical additions primarily due to pool performance at Arta, Hana and Hana West. Dated Brent oil prices averaged $45.79 per barrel in the third quarter of 2016. TransGlobe's Gulf of Suez crude is sold at a quality discount to Dated Brent and received a blended price of $34.43 per barrel during the quarter. The Company achieved funds flow of $2.3 million during the third quarter, and ended the quarter with positive working capital of $53.0 million (net of convertible debentures, which are now current liabilities), which includes cash and cash equivalents of $100.4 million. The Company experienced a net loss in the quarter of $25.4 million, which included a $14.9 million impairment loss on the Company's exploration and evaluation assets at South East Gharib and a $4.9 million non-cash unrealized loss on convertible debentures. The Company provided for a full write-down of its investments to date in South East Gharib of $14.9 million following the drilling of SEG 1 & 2, which were dry. The Company has elected not to enter the second exploration period and will relinquish the concession effective November 7, 2017. All work commitments in Phase I were met. The $4.9 million loss on the convertible debentures represents a fair value adjustment in accordance with IFRS, but does not represent a cash loss or a change in the future cash outlay required to repay the convertible debentures. Subsequent to the end of the quarter the Company received a positive vote from holders of the convertible debentures to allow for the early redemption of the convertible debentures at the Company's discretion. Despite the low oil price environment, the Company remains in a strong financial position relative to many industry peers. Management believes that this positions the Company well from a strategic acquisitions perspective. During the first nine months of 2016 the Company reviewed and assessed several potential acquisitions that were all consistent with our strategy of diversifying our geopolitical risk profile and expanding our production/development base. The Company will continue to focus on and pursue opportunities that possess favorable economics at lower commodity prices. No wells were drilled during the third quarter. The Company completed a 2016 mid-year reserve update effective June 30th (announced October 3rd) incorporating a new geostatistical reservoir simulation model for the Arta Red Bed (Lower Nukhul) pool. Based on better than forecast pool production performance over the past two years and incorporating simulation results, an increase of 2.6 MMbbls and 2.7 MMbbls, respectively, on a 1P and 2P basis were recognized by the Company's independent reserve auditor. Additionally, two infill drilling opportunities were identified in the Arta Red Bed pool and are scheduled for drilling in the fourth quarter of 2016. Current drilling costs are trending 30% to 40% lower than plan, therefore management expects that the wells can be drilled and equipped for production for less than $1 million per well. The wells are targeting a combined production increase of 600 to 800 Bopd. In addition, two well recompletions have been completed and put on production in the third quarter as part of the production recovery plan announced June 22, 2016. The well recompletions will focus on low-cost, behind-pipe opportunities. Production from West Gharib averaged 6,629 Bopd to TransGlobe during the third quarter, a 9% (635 Bopd) decrease from the previous quarter, primarily due to natural declines and well servicing of high volume producers, partially offset by production additions as part of the production recovery plan. TransGlobe marketed and sold 475,776 barrels of Ras Gharib blend during the third quarter. The lifting was comprised entirely of West Gharib entitlement oil. This lifting was sold at a price of $46.67 average Dated Brent less a differential of $9.39/bbl. As at the end of the third quarter, TransGlobe held 336,350 barrels of West Gharib entitlement oil as inventory. During the third quarter, the K-51 well was drilled and cased as an Asl A oil well in the South-K field. The K-51 well represents the second location of a low risk development drilling program in South-K field which had been delayed due to military access approval. The K-51 well encountered approximately 36.5 meters (120 feet) of net oil pay in the Asl A formation. The well was completed and placed on production in the third quarter with an initial production rate of 300 Bopd. An additional South-K field development well is scheduled for the fourth quarter or early first quarter of 2017. In addition, the Company successfully recompleted and put on production five wells as part of the production recovery plan announced June 22, 2016. An additional four recompletions are scheduled in the fourth quarter in the K field targeting low cost, behind-pipe opportunities. Production from West Bakr averaged 5,104 Bopd to TransGlobe during the third quarter, a 21% (896 Bopd) increase from the previous quarter, primarily due to production additions resulting from the production recovery plan and South-K field development drilling offset by natural declines. Production averaged 6,033 Bopd during October, representing a 929 Bopd (18%) increase over third quarter production. This increase is due to the PRP. TransGlobe did not sell its entitlement share of production (after royalties and tax) from West Bakr during the quarter which resulted in an inventory build (under-lift) of 190,173 barrels in the quarter. As at quarter end, total crude entitlement inventory at West Bakr was 393,053 barrels. The Company mobilized a second drilling rig to the NWG 38 prospect in July and to date has drilled 9 of 12 exploration wells scheduled for NWG in 2016, resulting in 2 oil discoveries (NWG 27 & NWG 38) and 5 dry holes (NWG 29, NWG 21, NWG 20, NWG 25, NWG 24 & NWG 34) and 1 junked and abandoned well due to drilling problems with oil shows in the Red Bed zone (NWG 26) representing a 29% success rate to date excluding NWG 26. In addition, the Company has fulfilled the work program in SEG following drilling SEG 1 and SEG 2. The wells were drilled to 6,214 feet and 6,420 feet, respectively, and subsequently abandoned. Following the rig release at SEG 2 and subsequent to quarter-end, the rig has moved to SWG 3 and commenced drilling. The third exploration well (NWG 27) targeted the Nukhul/Red Bed reservoirs in the northern portion of the concession. The well encountered a thick (215 feet) Red Bed section with approximately 55 feet of net oil pay above the oil water contact in a 90 foot conglomerate sequence which overlays a 125 foot high quality sandstone. A wireline (MDT) oil sample was recovered above the oil water contact prior to casing the well. The oil sample was 23.5 API, which is lighter oil than typically encountered in the West Gharib area. Several up-dip and structurally higher appraisal locations could be drilled in early 2017 to test the entire Red Bed section above the oil water contact, subject to permits and approvals. These locations could have the entire Red Bed section within the oil column resulting in production rates similar to the Arta pool. Additional drilling and testing will be required to validate the current mapping and reservoir extent. This oil discovery is significant as it has de-risked a number of prospects in the northern area of the license now that oil bearing Red Bed reservoir has been found in a thick sequence. The fifth exploration well (NWG 38) was targeting a Red Bed prospect. The well encountered a thick (98 feet) Red Bed section with approximately 40 net feet of oil pay in a sandy/conglomerate sequence. An oil sample was recovered above the oil water contact and sent to the lab for further analysis. Several up-dip and structurally higher appraisal locations could be drilled in early 2017 to test the entire Red Bed section above the oil water contact, subject to permits and approvals. Additional drilling and testing will be required to appraise the current mapping and reservoir extent. To date, all of the Red Bed wells have encountered good quality sand/conglomerate validating the Company's current Red Bed depositional model and reducing one of the primary risks of the play type (excluding NWG 24 which encountered non-reservoir conglomerates). The Company submitted 28 new NWG well locations for military/environmental approvals to explore new prospects, to appraise the discoveries at NWG 27 & 38 and to develop the northern portion of NWG in 2017. Based on drilling costs to date, well costs are trending 30% to 40% below budget due to better contract terms and optimized drilling programs, with Red Bed wells (D&A) costing ~$0.5 million per well versus pre-drill estimates of $0.8 million per well. As the 2016 exploration program is completed, new discoveries, including the three discoveries made in 2014, will be brought forward. The Company filed a development plan with EGPC in the third quarter for the NWG 3, NWG 16 and NWG 38 area from which production is expected in the fourth quarter. The Company negotiated a six-month extension to the first exploration phase at NW Gharib to May 2017. The extension provides additional flexibility to complete the remaining Phase 1 drilling commitments in the Eastern Desert. Additional exploration wells beyond original work program commitments are currently under consideration for drilling within the six-month extension period and prior to Company elections regarding second exploration phases. If the Company elects to enter the second exploration period, the six month extension period becomes part of the second exploration period (2 year period) which expires in November 2018. Prior to entering the second exploration period on NWG and SWG, the Company must relinquish 25% of the respective concession areas and post a performance bond for the respective second period work commitment. If the Company chooses not to enter the second exploration period, the Company is required to relinquish all remaining lands in the respective concession areas that have not been converted to development leases. At SEG the Company elected to relinquish the concession following the completion of the first phase exploration commitment work program. During the quarter, the Company received military approval to access South Alamein starting September 8th, 2016. The Company is actively preparing to initiate a drilling and testing program in the fourth quarter to assess the Boraq discovery (see press release of July 3, 2012) consisting of a potential three well drilling program and re-entry for testing purposes at Boraq 2. The Company will have approximately 20 months to complete exploration and appraisal in the final exploration phase. All other provisions of the South Alamein concession agreement remain in place. The Company has met all financial commitments at South Ghazalat for the first exploration phase, and is targeting to have a drill-ready prospect inventory prepared during 2016, which could be drilled (two wells) in 2017. The NW Sitra concession is located in the Western Desert immediately to the west of the Company's South Ghazalat concession in the prolific Abu Gharadig basin. The Company is finalizing a 600 km2 seismic program for 2017. The size of the program was doubled from the original 300 km2 due to excellent pricing received in the tender process. This news release may include certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements relate to possible future events. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although TransGlobe's forward-looking statements are based on the beliefs, expectations, opinions and assumptions of the Company's management on the date the statements are made, such statements are inherently uncertain and provide no guarantee of future performance. In particular, this press release contains forward-looking statements regarding the Company's appraisal, development and evaluation plans and the focus of the Company's exploration and development budget. In addition, information and statements relating to "resources" are deemed to be forward-looking information and statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources described exist in the quantities predicted or estimated, and that the resources described can be profitably produced in the future. Actual results may differ materially from TransGlobe's expectations as reflected in such forward-looking statements as a result of various factors, many of which are beyond the control of the Company. These factors include, but are not limited to, unforeseen changes in the rate of production from TransGlobe's oil and gas properties, changes in price of crude oil and natural gas, adverse technical factors associated with exploration, development, production or transportation of TransGlobe's crude oil and natural gas reserves, changes or disruptions in the political or fiscal regimes in TransGlobe's areas of activity, changes in tax, energy or other laws or regulations, changes in significant capital expenditures, delays or disruptions in production due to shortages of skilled manpower, equipment or materials, economic fluctuations, and other factors beyond the Company's control. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things: the Company's ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct its business; future capital expenditures to be made by the Company; future sources of funding for the Company's capital programs; geological and engineering estimates in respect of the Company's reserves and resources; and the geography of the areas in which the Company is conducting exploration and development activities. TransGlobe does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change, other than as required by law, and investors should not attribute undue certainty to, or place undue reliance on, any forward-looking statements. Please consult TransGlobe's public filings at www.sedar.com and www.sec.gov/edgar.shtml for further, more detailed information concerning these matters, including additional risks related to TransGlobe's business.


Pressmeddelande, Helsingfors 2 november 2016 kl. 9.00 Nexstim Abp (NXTMH:HEX, NXTMS:STO) ("Nexstim" eller "bolaget"), ett medicintekniskt företag som tagit fram ett banbrytande system för navigerad icke-invasiv hjärnstimulering, meddelar att bolagsstyrelsen idag, enligt de fullmakter som mottagits vid den extra bolagsstämma som hölls den 18 augusti 2016 och det finansarrangemang som ingåtts med Bracknor Investment och den finska innovationsfonden Sitra som


Pressmeddelande, Helsingfors 2 november 2016 kl. 9.00 Nexstim Abp (NXTMH:HEX, NXTMS:STO) ("Nexstim" eller "bolaget"), ett medicintekniskt företag som tagit fram ett banbrytande system för navigerad icke-invasiv hjärnstimulering, meddelar att bolagsstyrelsen idag, enligt de fullmakter som mottagits vid den extra bolagsstämma som hölls den 18 augusti 2016 och det finansarrangemang som ingåtts med Bracknor Investment och den finska innovationsfonden Sitra som


News Article | December 22, 2016
Site: globenewswire.com

Related to Convertible Note and Warrant Programmes established on September 26, 2016 between the Fit Biotech Oy ("Company") and Suomen itsenäisyyden juhlarahasto Sitra ("Sitra") the Company's board of directors has today resolved to approve Sitra's request relating to the funding programme to convert EUR 70,000 worth of Convertible Notes into the Company's K shares. Due to the conversion of the Convertible Notes, the Company issues 1 115 893 new K shares in the Company to Sitra with the conversion price of EUR 0.06273 per share. As a result of the issue of the new K shares in the Company, the total number of shares in the Company will increase to 42,808,955 shares, and the share capital of the Company will be increased by EUR 69,999.97. After the issue of the new K shares in the Company (including 213,763 K shares issued on 14th of December 2016), the Company's shares will be divided in share series as follows: 42,738,491 K shares, 5,229 A shares and 65,235 D shares. The increase of the share capital and new K shares in the Company will be registered in the Trade Register on or about 27th of December 2016 and the new K shares will be admitted to trading on First North Finland on or about 28th of December 2016, 2016. For further information: Chairman of the Board of Directors Juha Vapaavuori E-mail: juha.vapaavuori@fitbiotech.com Tel: +358 50 372 0824 About FIT Biotech FIT Biotech Oy is a biotechnology company established in 1995. The company develops and licenses its patented GTU® (Gene Transport Unit) vector technology for new-generation medical treatments. GTU® is a gene transport technology that meets an important medical challenge in the usability of gene therapy and DNA vaccines. FIT Biotech applies GTU® technology in its drug development programmes. Application areas include cancer (gene therapy) and infectious diseases such as HIV and tuberculosis, as well as animal vaccines. FIT Biotech shares are listed on the First North Finland marketplace maintained by Nasdaq Helsinki Oy.


News Article | February 21, 2017
Site: globenewswire.com

Related to Convertible Note and Warrant Programmes established on September 26, 2016 between the Fit Biotech Oy ("Company") and Suomen itsenäisyyden juhlarahasto Sitra ("Sitra") the Company's board of directors has today resolved to approve Sitra's request relating to the funding programme to convert EUR 50,000 worth of Convertible Notes into the Company's K shares. Due to the conversion of the Convertible Notes, the Company issues 668,449 new K shares in the Company to Sitra with the conversion price of EUR 0.0748 per share. As a result of the issue of the new K shares in the Company, the total number of shares in the Company will increase to 48,384,176 shares, and the share capital of the Company will be increased by EUR 49,999.99. After the issue of the new K shares in the Company, the Company's shares will be divided in share series as follows: 48,313,712 K shares, 5,229 A shares and 65,235 D shares. The increase of the share capital and new K shares in the Company will be registered in the Trade Register on or about February 22, 2017 and the new K shares will be admitted to trading on First North Finland on or about February 23, 2017. For further information: Chairman of the Board of Directors Juha Vapaavuori E-mail: juha.vapaavuori@fitbiotech.com Tel: +358 50 372 0824 About FIT Biotech FIT Biotech Oy is a biotechnology company established in 1995. The company develops and licenses its patented GTU® (Gene Transport Unit) vector technology for new-generation medical treatments. GTU® is a gene transport technology that meets an important medical challenge in the usability of gene therapy and DNA vaccines. FIT Biotech applies GTU® technology in its drug development programmes. Application areas include cancer (gene therapy) and infectious diseases such as HIV and tuberculosis, as well as animal vaccines. FIT Biotech shares are listed on the First North Finland marketplace maintained by Nasdaq Helsinki Oy.

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