On Wednesday, Shares of PDL BioPharma Inc (NASDAQ:PDLI), gained 4.37% to $5.49.
PDL BioPharma, declared that PDL has received about $21.4 million in connection with the termination of PDLs structured financing agreement with Avinger, Inc. (AVGR), which comprised repayment of the full principal amount outstanding of $20.6 million in addition to accrued interest and a prepayment fee. In April 2013, PDL reached a loan and royalty agreement with Avinger in which PDL agreed to provide them with up to $40 million of financing and in turn would receive interest on the principal amount outstanding in addition to a low single digit royalty on Avingers revenues from the sale of their suite of products. PDL only funded $20 million of the committed amount; however under terms of the agreement, PDL will continue to receive a reduced royalty of 0.9% on Avingers net revenues from the prepayment date through 2018, subject to minimum quarterly payments.
We were happy to have the opportunity to provide financial support to Avinger while they advanced their pipeline of products through clinical development, stated John P. McLaughlin, president and chief executive officer of PDL. To date, we have offered 15 different companies or institutions with non-dilutive capital and have committed over one billion dollars in the process. We are continuously assessing top quality income generating assets to add to our growing portfolio.
PDL BioPharma, Inc. manages a portfolio of patents and royalty assets in the United States and Europe. The company is involved in the humanization of monoclonal antibodies and the discovery of a new generation of targeted treatments for cancer and immunologic diseases.
Shares of Enterprise Products Partners L.P. (NYSE:EPD), declined -3.76% to $25.57, during its last trading session.
Enterprise Products Partners, declared the start of service on its Rancho II pipeline between Sealy, Texas and the partnership’s ECHO terminal in southeast Houston. The 88-mile, 36-inch diameter pipeline will transport various grades of crude oil, condensate and processed condensate from the Permian Basin and the Eagle Ford Shale.
“The Rancho II pipeline is an integral part of Enterprise’s larger efforts to expand its crude oil and condensate network in Texas,” said Michael A. Creel, chief executive officer of Enterprise’s general partner. “Combined with our existing Eagle Ford assets and recently declared Midland-to-Sealy pipeline, Rancho II enhances our ability to provide crude oil and condensate from key producing areas with direct access to every refinery in Houston, Texas City, Beaumont and Port Arthur, in addition to Enterprise’s marine facilities through our ECHO distribution system.”
Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products in the United States and internationally. Its NGL Pipelines & Services segment provides natural gas processing and related NGL marketing services, in addition to import and export terminal services.
Finally, Monsanto Company (NYSE:MON), ended its last trade with -2.44% loss, and closed at $84.39.
Monsanto Company, declared the appointment of Patricia Verduin, Ph.D., to the company’s board of directors. Dr. Verduin is vice president and chief technology officer of Colgate-Palmolive Company, a global consumer products company. In her role, she leads the development of Colgate’s products and technologies, counting responsibility for product safety, quality and regulatory matters. She joined Colgate in 2007, first serving as vice president of global research and development before assuming her current role in 2011.
Preceding to joining Colgate, Dr. Verduin was senior vice president and chief science officer for the Grocery Manufacturers Association, and senior vice president of product quality and development at ConAgra Foods, Inc. She also formerly held a variety of senior technical and operational positions at Nabisco, International Home Foods and Lipton.
“On behalf of Monsanto, I am happy to welcome Dr. Verduin as an independent director to our board,” said Hugh Grant, Monsanto’s chairman of the board and chief executive officer. “Her impressive experience leading research at top companies and organizations will enable her to provide valuable insight to our board on a variety of matters, counting how we continue to deliver a broad range of innovative solutions to assist nourish our growing world.”
Monsanto Company, together with its auxiliaries, provides agricultural products for farmers worldwide. It operates in two segments, Seeds and Genomics, and Agricultural Productivity. The Seeds and Genomics segment produces row crop seeds, counting corn, soybean, cotton, and canola seeds principally under the DEKALB, Channel, Asgrow, and Deltapine brands; and vegetable seeds comprising of tomato, pepper, melon, cucumber, pumpkin, squash, beans, broccoli, onions, lettuce, and other seeds under the Seminis and De Ruiter brands.
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