text:
Cubist Pharmaceuticals (CBST) Q4 2013 Earnings Call January 23, 2014 5:00 PM ET
Eileen C. McIntyre - Vice President of Investor Relations
Michael W. Bonney - Chief Executive Officer and Director
Michael John Tomsicek - Chief Financial Officer and Senior Vice President
Robert J. Perez - President and Chief Operating Officer
Steven C. Gilman - Chief Scientific Officer and Executive Vice President of Research & Development
Eun K. Yang - Jefferies LLC, Research Division
Jason Kantor - Crédit Suisse AG, Research Division
David Friedman - Morgan Stanley, Research Division
Adnan S. Butt - RBC Capital Markets, LLC, Research Division
Ken Cacciatore - Cowen and Company, LLC, Research Division
Steve Byrne - BofA Merrill Lynch, Research Division
Marko K. Kozul - Leerink Swann LLC, Research Division
Liisa A. Bayko - JMP Securities LLC, Research Division
Mario Vincent Corso - Caris & Company, Inc., Research Division
Gregory R. Wade - Wedbush Securities Inc., Research Division
Irina Rivkind - Cantor Fitzgerald & Co., Research Division
Alan Carr - Needham & Company, LLC, Research Division
Brian P. Skorney - Robert W. Baird & Co. Incorporated, Research Division
Good day. My name is Julie, and I will be your event manager today. At this time, I would like to welcome everyone to the Cubist Pharmaceuticals Fourth Quarter and Full Year 2013 Earnings Call. [Operator Instructions] Please note that today's web conference is being recorded. [Operator Instructions] And at this time, I would like to turn today's program over to Eileen McIntyre, Vice President, Investor Relations. Eileen, you may begin.
Eileen C. McIntyre
Good afternoon, and thank you for joining us for our review of the fourth quarter and full year 2013 business performance and financial results for Cubist Pharmaceuticals.
Before introducing our speakers, I will read the Safe Harbor statement and describe the context for use of non-GAAP financial measures.
Today's presentation includes forward-looking statements relating to our business, including those set forth on this slide. We may also make forward-looking statements during the Q&A session following our prepared remarks.
These statements are neither promises nor guarantees, and there are a number of risks and uncertainties that could cause actual results to differ materially from those set forth in these forward-looking statements.
These and other risk factors are described in the Risk Factors section of our most recent quarterly report on Form 10-Q filed with the SEC. Forward-looking statements are made as of today's date, and we do not undertake any obligation to update any forward-looking statements.
We will also refer to certain non-GAAP financial measures that involve adjustments to GAAP figures in order to provide greater transparency regarding Cubist's operating performance.
Please refer to the slide being shown regarding our use of non-GAAP financial measures, as well as additional slides on the Investor Relations page of our website, which contain the reconciliations between our non-GAAP financial measures and GAAP financial measures.
Speakers on today's call will include: Cubist's CEO, Mike Bonney; President and Chief Operating Officer, Rob Perez; Chief Scientific Officer, Steve Gilman; and our Chief Financial Officer, Mike Tomsicek.
We'll first hear from Mike Bonney. Mike?
Michael W. Bonney
Thanks, Eileen. As we report on our performance for 2013, we look back on a year of significant accomplishments. 2013 marks the first time that Cubist has delivered greater than $1 billion in total revenue. And on an end-user basis, CUBICIN now has achieved blockbuster status with worldwide sales of greater than $1 billion. Based on its Q4 performance, CUBICIN is also very close to an annualized quarterly run rate of $1 billion in the U.S. alone.
In the fourth quarter, for the first time, we generated product revenues from 3 marketed acute care therapies: CUBICIN, DIFICID and ENTEREG. In the last quarter of the year, we also had important value-creating news. In October, we closed the acquisition of Optimer, the second of the 2-company acquisitions we announced last summer. We're pleased with the fact that after announcing plans to acquire 2 public companies on July 30, we moved forward decisively, and were able to close both transactions within less than 3 months.
In October, we also announced the filing of an NDA for Tedizolid, a late-stage antibiotic candidate, acquired when we bought Trius Therapeutics in mid-September. And in November and December, we announced positive top line data in 2 Phase III programs for our Gram-negative candidate, ceftolozane/tazobactam. These results affirm our belief that ceftolozane/tazobactam can become a much-needed therapy to address infections caused by multi-drug resistant Gram-negative pathogens.
With the closing of our acquisitions of Trius and Optimer, CUBICIN enhanced its position as a world leader in antibiotic development for treatments of serious bacterial infections, including those caused by multi-drug resistant pathogens. The assets we acquired helped position us to achieve the long-term objectives for top and bottom lines set forth in our Building Blocks of Growth that we announced in 2012. I'm quite pleased with the progress we've made since we closed the 2 acquisitions last fall, integrating and operationalizing the important commercial and late-stage programs we acquired and retaining select talent and capabilities to help us make continued progress against our long-term goals.
In Q3, we also executed convertible debt transactions that facilitated the acquisitions and provides flexibility to fund Contingent Value Rights, pipeline build or other corporate activities consistent with our Building Blocks of Growth goals. We have created a very strong foundation on which to build in 2014 and beyond. But underpinning our plans and priorities for the year ahead is our continued commitment to making disciplined decisions based on our BBG strategic framework. This is a year in which our focus will be on execution and on delivery against multiple important milestones for Cubist. You will hear these discussed during the balance of our call.
Now Mike Tomsicek will review our financial results and guidance for 2014. Mike?
Michael John Tomsicek
Thanks, Mike. I'll start with a brief look-back at what we accomplished in 2013, and then focus my remarks on the important year ahead. We grew total net revenue by 14% in 2013 and generated non-GAAP operating income of $190 million. We ended the year with $579 million in cash, cash equivalents and investments. This solid financial performance was achieved in a year when we took great strides in building for the future.
We acquired 2 public companies, completed pivotal, global trials in 2 indications for ceftolozane/tazobactam, filed an NDA for Tedizolid and successfully issued debt under favorable terms, all of which strongly support our Building Blocks of Growth goals. We provided guidance in October that excluded the impact of the acquisition of Optimer. The results reported today met or exceeded these expectations for top and bottom line results, setting aside the costs generated by the Optimer transaction.
Our R&D expense line came in right within our guidance range, reflecting continued significant investments in late-stage clinical trials.
SG&A was a bit above our October guidance as a result of Q4 operating costs associated with the acquisition of Optimer. Our operating income results, on both a GAAP and non-GAAP basis, are right in line with where we guided in October.
Now the guidance for 2014. I will take you through the key numbers. Our total revenue guidance, as you saw in our news release today, is around $1.2 billion, reflecting a full year of a 3-product portfolio in the United States and international revenues from 2 products. The guidance midpoint suggests year-over-year growth of around 17%, and Rob will provide some color on the key drivers here.
We are providing guidance for all expense lines on a non-GAAP basis for 2014 and going forward. When we report financial results each quarter, we will also provide both GAAP and non-GAAP detail for each key expense line, as you saw in today's release. We believe this will provide better clarity about our business operations as we become a more complex organization.
In our 2014 guidance, the planned R&D spend reflects our pipeline prioritization as announced earlier this month, with investments focused on a continued progress of our late-stage pipeline, as well as needed clinical support for our marketed products.
SG&A guidance includes investments in 2 important areas. First, a modest buildout of our U.S. acute care sales organization, with some new headcount reflecting the addition of DIFICID to the bag and anticipation of the Tedizolid launch, as well as some additional marketing spend associated with planned near-term product launches, assuming approval.
Second, some rest of world investments, including maintaining Canadian operations we acquired with Optimer; a buildout of critical functions at our international operations hub in Zurich; and by later this year, an initial build of country management and planning, as well as medical affairs functions in major EU markets. Rob will discuss these important investments in our commercial infrastructure and the approach we are taking to managing our international P&L. The planned investments in our international organization in 2014 will prepare us to capitalize on the sizable market opportunity we see there. We are building in a thoughtful manner, but one that will position us to move quickly for a stage launch of Tedizolid in Europe after securing approval and reimbursement and later of ceftolozane/tazobactam, also assuming approval and reimbursement.
Guidance for non-GAAP operating income of between $160 million and $180 million reflects the continued investment necessary to realize value from our product and pipeline assets. In particular, in R&D, to support promising late-stage pipeline assets and in the U.S. and rest of world commercial infrastructure that will support our multiproduct portfolio going forward.
As we communicated consistently over the past year, it is our Building Blocks of Growth objective for R&D and SG&A to moderate as a percentage of revenues, but we believe the investments that we are making in 2014 are money very well spent. We expect cash, cash equivalents and investments at year end to be around $650 million, subject as always to any BD activity.
Finally, some comments on tax going forward. We expect substantial benefit to cash tax in both 2014 and 2015 from NOLs acquired from recent acquisitions. For 2014, we expect cash tax of less than $10 million. Going forward, we'd expect our effective tax rate in the U.S. to be comparable with other companies in our sectors -- in our sector, in percentage terms in the mid-30s. The effective rate for international profits, we'd expect to see over the longer term, should be in mid-to-low teens. Now over to Rob.
Robert J. Perez
Thanks, Mike. Cubist has entered 2014 well prepared to succeed in a rapidly changing health care delivery environment. Our commercial portfolio is well aligned with the health care environment increasingly focused on improving patient outcomes while reducing total cost of care.
Our U.S. organization is skilled in helping customers to identify the appropriate patients for our product portfolio, where the clinical outcomes these products deliver are associated with overall reductions in the consumption of health care resources.
We plan to leverage the insights gained on decision-making in the U.S. acute care setting for the international commercial organization we're building this year.
The important health care challenges addressed by the antibiotics we market today, as well as those we hope to bring to market in the not-too-distant future, are of increasing concern, not only to physicians and patients, but to public health authorities and regulators around the world. As shown on this slide, public statements from global health care policy leaders are raising alarms about the need for new antibiotic therapies to address infections caused by pathogens, such as methicillin-resistant staph aureus, C. difficile and multi-drug resistant Gram-negative bacteria.
Our revenue results for Q4 and full year 2013, as you've seen, are very strong. With net revenue growth of 12% for the year and 15% for Q4, CUBICIN continues to demonstrate that it is both a well-established therapy for patients with certain serious infections caused by MRSA, as well as the foundation of Cubist's long-term strategy for value creation. As you've heard us say for some time and as reflected in the 2014 guidance announced today, CUBICIN has established its position in a high-value niche in the relatively flat, but quite large, MRSA market. And we expect CUBICIN net revenue growth to continue in the low double-digit or high single-digit range. In late October, we took ownership of DIFICID with the acquisition of Optimer. As noted in our news release today, the total Q4 revenues for DIFICID, reflecting both net revenues booked by Cubist and those booked by Optimer in the first weeks of October, were $15.8 million. We are now in the process of relaunching DIFICID, with both a reenergized commercial and medical affairs presence and a positioning focused on the most vulnerable patients, where we believe DIFICID's differentiated data and label represents significant value.
ENTEREG continues to perform well in the U.S. with 2013 net revenues of $51 million, up 27% year-over-year. Our plans for ENTEREG, as part of a 3-product commercial portfolio in the U.S. this year, include targeted sales activity for institutionalizing the uptake of ENTEREG in U.S. hospitals, as well as the use of nonpersonal marketing to increase awareness of ENTEREG among general surgeons and to inform the health care community about the expanded indication in other surgeries, including radical cystectomy.
You heard from Mike Tomsicek earlier that we're in the process of modestly expanding our U.S. acute care sales organization. This was an expansion we'd originally planned to implement ahead of the launches of ceftolozane/tazobactam. But with the addition of DIFICID and the expected near-term approval and launch of Tedizolid in the U.S., we moved the plan forward. In total, we are increasing our field sales organization by a little more than 10% to approximately 200 field sales positions. We believe that this enhanced organization and some additional competencies we've added in the managed care setting provide us the coverage and expertise to handle our current and near-term product portfolio in the U.S.
In Q4, with the acquisition of Optimer, Cubist assumed an ongoing commercial, medical affairs and regulatory infrastructure in Canada. This acquisition has allowed us to accelerate plans for including Canada in our X U.S. expansion, which will ultimately include most of Europe, as well as Australia.
In 2014, as you heard earlier, we will be moving forward with the build of our international commercial organization. By the end of 2015, with the planned phased hiring of country managers and medical affairs leaders in the key regions, we will be well positioned for launch, assuming reimbursement for Tedizolid is obtained.
Our international team headquartered in Zurich, lead Cubist direct international commercialization of our new products, assuming approval, and also manage revenue producing alliances with existing and potential partners who commercialize some of our products in international markets. Over the next couple of years, we expect the investment associated with building this international infrastructure to slightly exceed the gross margin from royalties from partner sales in indirect markets, plus the gross margin from product sales in the markets where we sell direct. We expect the international business to become sustainably profitable in 2016, providing us with another engine of growth aligned with our Building Blocks of Growth objectives.
Since the 2 acquisitions we made last year, many of you have been asking us if we're still looking for assets. The answer is yes. While 2014 is a year, as you heard from Mike, when execution is our focus, we will continue to look for assets that can help us to leverage our infrastructure and expertise in the U.S. and Canada today and in a broader range of countries in the not-too-distant future. We're also seeing increased business development activity this year related to opportunities for our unpartnered products in the developing world and Japan. Now over to Steve.
Steven C. Gilman
Thanks, Rob. In the past few months, we've achieved a number of important milestones in research and development. After filing the NDA for Tedizolid in acute bacterial skin and skin structure infections, we now have a PDUFA date of June 20 and anticipate a review of Tedizolid of the anti-infective decision advisory committee, which is tentatively scheduled for March 31.
We also continue to be on track to submit the MAA, seeking European approval for Tedizolid in the first half of 2014.
In Q4, we announced positive top line results for Phase III programs in 2 indications for ceftolozane/tazobactam, and we are moving towards a targeted NDA filing in the first half of this year. While we are limiting detailed disclosure ahead of a peer-to-peer presentation of data, I can tell you that for both trials, complicated urinary tract infections, or cUTI, and in complicated intra-abdominal infections, or cIAI, the results not only met the primary endpoints for U.S. and European regulatory requirements, but were also internally consistent and robust.
We've long discussed the differentiated in-vitro activity of ceftolozane/tazobactam against multi-drug resistant Pseudomonas, as well as its broad spectrum of activity against extended spectrum beta-lactamases, or ESBL, producing Gram-negative pathogens, including E. coli and Klebsiella.
One key takeaway from the cUTI study, which was designed for non-inferiority but where the results indicated statistical superiority over levofloxacin based on the 95% confidence interval and where Pseudomonas is relatively rare, is that ceftolozane/tazobactam demonstrated its potential as a broad spectrum Gram-negative agent beyond its unique in-vitro profile of activity against Pseudomonas aeruginosa.
We are submitting data from the Phase III trials in both cUTI and cIAI to the European Congress of Clinical Microbiology and Infectious Diseases, or ECCMID, and look forward to discussing the exciting details of these trials with the infectious disease scientific community in May.
As announced earlier this month, we are entering the clinic with a novel Cubist discovered beta-lactamase inhibitor investigational compound, CB-618. Based on preclinical studies, we believe that CB-618, if successful, could help combat resistance to certain beta-lactamase antibiotics and help treat certain infections -- serious infections, including those caused by carbapenem-resistant Enterobacteriaceae, such as those producing Klebsiella pneumoniae carbapenemases, or KPCs.
As we entered 2014 with an expanded product portfolio, we did a lot of work to ensure that we are prioritizing our portfolio investments in a disciplined manner to optimize those assets with the highest near-term potential. We detailed some of the prioritization decisions we made in the news release early last week, but I'd like to elaborate on decisions we made for 3 programs.
First, the ceftolozane/tazobactam program in hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia, or HAP/VAP. Based on the trial design modifications agreed to by the FDA last year, and in light of the acquisition of Tedizolid, forge a Gram-positive HAP/VAP trial as planned, we took a fresh look at the benefit and risk of continuing the open label trial of pneumonia, which we've just begun for ceftolozane/tazobactam. We concluded that discontinuing the open label trial and focusing all of our HAP/VAP trial enrollment efforts on the registration supporting trials for both Tedizolid and ceftolozane/tazobactam would enable us to most rapidly complete the sNDA supporting Phase III studies for these 2 important programs. This was based in large part on a clinical operations analysis strongly suggesting that conducting a third HAP/VAP trial would result in significant competition for sites and patients with the other 2 trials and hence slow down overall completion of the registration supporting trials and sNDA submissions.
Next, concerning our late-stage assets and development for CDAD, surotomycin. This Phase III trial is continuing, and we expect top line data in 2015. We decided to hold off on additional NDA-enabling work we'd have normally done in parallel with Phase III, such as manufacturing, scale of investments and related stability testing until after we see the Phase III top line data. This means that assuming positive data from the Phase III, we would need to complete some CMC work in order to submit the NDA and hence the submission will be later than originally forecasted.
In the CDAD area, we are also continuing the DIFICID hematopoietic stem cell transplant trial. The next step for this trial is the interim analysis, which will occur in the first quarter of 2014. Based on this unblinded analysis conducted by the Data and Safety Monitoring Board, or DSMB, of the first approximately 340 patients studied, we will determine the next steps for this trial. The DSMB will determine whether the study should be either stopped for significant efficacy, that is, we don't need additional patients to demonstrate a statistically significant difference between fidaxomicin and placebo in the primary endpoint, which is the incident of C. difficile infection 30 days after the end of treatment, or stop for utility, meaning that even at 600 total patients, the study is unlikely to demonstrate a statistically significant difference between the treatment arms or that the study should continue to enroll the planned total of 600 patients.
Now turning to changes we've made for our late-stage clinical program in opioid-induced constipation, or OIC. As you may recall, Cubist had reached an agreement with the FDA on a Phase III efficacy trial design to address the agency's concerns on cardiovascular and opioid withdrawal risks, potentially associated with long-term use of new opioid receptor antagonists based on observations in other OIC programs. This trial design had very significant additional monitoring components with comprehensive systematic data collection to measure at an unprecedented level of sensitivity any adverse cardiovascular events or signs or symptoms potentially suggestive of central opioid withdrawal. Based on this trial design, a successful outcome, which would be demonstrated efficacy, along with a safety profile where the results concerning cardiovascular events in opioid withdrawal from Provenaprol [ph] was comparable to placebo, would potentially mitigate a need for a large preapproval cardiovascular outcomes trial.
We launched these efficacy trials early last summer and have since found that the heavy burden associated with the safety surveillance requirements make enrollment in these trials extremely difficult and, in fact, essentially infeasible. Hence, we concluded that we need to stop the ongoing efficacy trials and rediscuss the efficacy trial designed with the agency, following the upcoming multisponsored advisory committee regarding new opioid antagonists tentatively scheduled in March. Assuming a positive outcome from the advisory committee, we hope to renegotiate a modified, more feasible clinical trial design with the agency. Note that we are continuing the long-term safety trial, which is recruiting ahead of schedule, as this will provide important de-risking data that will be helpful in assessing our path forward.
One final item I'd like to touch on today. Cubist plans to have an ongoing presence in San Diego. This site will focus on development activities in Tedizolid and DIFICID and will have a total of approximately 35 staff selected from Optimer and Trius. This enables us to retain key development staff who have broad and deep experience in these important programs and provides us additional access to talent and to business development opportunities in the San Diego biotech hub in the West Coast. All discovery activities on the Trius program will transition to our discovery unit in Lexington.
The year ahead will include a number of important clinical and regulatory milestones, as shown on this slide. Among the 2014 milestones are regulatory filings in Europe for Tedizolid and in the U.S. and Europe, for ceftolozane/tazobactam. We also plan to initiate the HAP/VAP Phase III trials for both Tedizolid and ceftolozane/tazobactam. We expect FDA action on Tedizolid based on the June 20 PDUFA date, and assuming approval of launch of Tedizolid in the U.S. later this year.
Now back to Mike.
Michael W. Bonney
Thanks, Steve. As I stated at the start of our call, 2013 was a year of great accomplishment for Cubist and one that has positioned us well for future value creation. The behavior of the financial markets in the recent months suggest growing recognition of the value we are creating as we execute our strategy in alignment with our Building Blocks of Growth goals. Our focus in 2014 will be on execution against several important milestones that are designed to move us further toward achievement of our long-term aspirations.
As Steve mentioned, we have important clinical and regulatory milestones this year for Tedizolid and ceftolozane/tazobactam. We're also targeting a U.S. launch of Tedizolid assuming approval. For CUBICIN, we are well prepared to assert our patents as we move towards a February 18 trial date and the end of litigation with Hospira. A positive outcome there is another key milestone this year. We also expect to get a third fill/finish CMO facility approved for CUBICIN by the end of this year.
As Mike Tomsiceck mentioned, we are pleased with progress to date on the integration of our acquisitions of Trius and Optimer and expect the Optimer acquisition to become accretive in Q4, a year from the closing, as we targeted. We're also enthusiastic about our plans to introduce Cubist this year to key opinion leaders in the European infectious disease community. I want to take this opportunity to thank Cubist employees, new and long tenured, for their contributions to making 2013 such a success. We've set ambitious goals for the business in 2014, and I am confident that this organization is up to the challenge.
With that, let's open the line up for your questions. Operator?
Question-and-Answer Session
[Operator Instructions] And your first question comes from the line of Eun Yang.
Eun K. Yang - Jefferies LLC, Research Division
The question on DIFICID. In terms of your relaunch plan or strategy this year, would that be dependent upon BMP data in the first quarter?
Michael W. Bonney
Robert J. Perez
No, Eun. When we speak about relaunch, it really means reengaging the team that's supporting DIFICID and also kind of changing the positioning, if you will, or the focus on DIFICID. So we're very excited about the sales meeting coming up, where we'll get a chance to get everybody energized around DIFICID. The incentives for the sales team are significant for DIFICID this year. Additionally, as I mentioned, we're spending some time focused on ensuring that physicians and hospitals understand where DIFICID is best used, and that is for patients who are most vulnerable. And that's the place where we think that DIFICID's differentiated data will really matter. So when I speak of relaunch, it's more that. It's not dependent upon the BMP data, it really is a matter of just refocusing around this product.
Eun K. Yang - Jefferies LLC, Research Division
Sure. And then another question is on VAP and HAP trial for Tedizolid and CXA-201. Why is the number of patients in the trials different? Why would Tedizolid require 900 patients, however the CXA-201 is 650? And then follow up on that is how long did it take to enroll and complete all the trials?
Michael W. Bonney
Thanks, Eun. Steve, do you want to handle that one?
Steven C. Gilman
Yes. I mean, they're really different based on the rate of Gram-positive and Gram-negative infections in those 2 indications and on the particulars of the trial design, Eun. We're actually fairly close, one is about 600, 650 and the other is 725, so they're actually not that much different. With respect to the actual projections of trial completion, as we said last week at JPMorgan, we're going to wait until we have some enrollment history behind us. So we think we'll be able to really make that judgment in the middle of 2015 and then be able to accurately predict when those trials will finish.
And your next question comes from the line of Terence Flynn.
Unknown Analyst
[Audio Gap]
for Terence. I just wanted to get a little bit more color on your CUBICIN guidance. Can you comment on your assumptions about volume, pricing and gross to net? And also, what was the gross to net for the fourth quarter?
Robert J. Perez
I can take the guidance part and then I'll let Mike handle the gross to net. This is Rob. Well, first of all, as we've been saying with CUBICIN for a while, we want -- everyone to think about it the way we think about it, which is as the foundation of our growth. So where we see CUBICIN is growing in the year in the 7% to 12% range. If you look at our guidance numbers, and we think those are right. We recognize that we were a little bit stronger than that in the fourth quarter and a little bit softer than that in previous quarters. But I think the important point is to really focus it -- on it for what it is, which is a high single-digit to low double-digit growth rate, and that's really where we see it. So that's how we think about guidance. The market overall was basically flat for the year. We think it was up about or -- up about 1%. I think that's the way we think about the overall market is it's going to be pretty much flat. It can be up a little, a percent or so or down a percent or so. But we don't see a lot of benefit from market growth. And I should point out that, that's data through November, which is all we have from IMF at this point. So hopefully, that gives you some color on how we think about the CUBICIN guidance. Mike?
Michael John Tomsicek
And as far as gross to net concerned, our U.S. base gross to net in Q4 was 14.3%. So we did not get the lift in Q4 that we had in some previous quarters, as we pointed out. And as far as going forward is concerned, we expect the gross to net rates and our guidance is based on gross to net rates increasing during 2014 as the result of the implementation of the Affordable Care Act.
And your next question comes from the line of Jason Kantor.
Jason Kantor - Crédit Suisse AG, Research Division
A couple of things on the tax. Could you -- are you going to have a cash tax benefit as well in 2015? Or will you burn through all those NOLs this year? And then also just kind of looking forward longer term, are you -- are there other strategies you can take to lower your tax rate, either by looking outside the U.S. for acquisitions or other strategies that you might put in place?
Michael W. Bonney
Michael John Tomsicek
Yes, Jason. As far as 2015 is concerned, although I'm not guiding to cash tax in 2015, we'll continue to see the benefits from net operating losses that were gained from Optimer and Trius during 2015 and even beyond. And there are further steps that we're taking with the assets that were acquired, that you get a little bit more insight into later this year to try to get the optimal tax structure for international, rest of world profits.
Jason Kantor - Crédit Suisse AG, Research Division
Can you give us the number for the NOLs that you brought in, at least, so that we can do the -- our own calculation?
Michael John Tomsicek
I have them. I might -- from a disclosure standpoint, I might wait for the issue of the Q, Jason, or the K.
And your next question comes from the line of David Friedman.
David Friedman - Morgan Stanley, Research Division
It's just a question on the beta-lactamase inhibitor that you guys are putting into the clinic. I just wanted to maybe hear you talk a little bit about, if you can, what the plans are for that drug over time? Is there a plan to ultimately swap out tazobactam in CXA-201 or is this something that would be additional and separate or paired with even a different drug?
Michael W. Bonney
Thanks, David. Steve, do you want to speak to this one?
Steven C. Gilman
Sure. The -- this is a beta-lactamase inhibitor, which is sort of similar to tazobactam but has the additional activities of quite significant KPC activity. So it does inhibit these carbapenem-resistant strains. We are -- clearly, we're just starting Phase I, so we're not really talking about our full-fledged development plan at this point. But I will say that the molecule, at least based on preclinical studies, has the ability to be paired with not only ceftolozane, but also with other carbapenems and other beta-lactamase antibiotics. And so once we see our safety and efficacy and PK/PD data, we'll be able to assess where to take that combinations and what combinations to take forward later on.
And your next question comes from the line of Adnan Butt.
Adnan S. Butt - RBC Capital Markets, LLC, Research Division
Just 2 questions. First, what drove CUBICIN use in the fourth quarter. Is it still the expectation that there's no inventory in there or are there inventory movements on there now?
Michael W. Bonney
No, we don't see any evidence that there's anything unusual there from an inventory standpoint, Adnan.
Adnan S. Butt - RBC Capital Markets, LLC, Research Division
Okay. And then in terms of the second question, so is the intention now to position ceftolozane/tazobactam as a broader spectrum compound versus something that's organism-specific? What's the company's thinking and what was the feedback of the FDA that you gathered for, for the HAP/VAP studies?
Michael W. Bonney
Sure. Let me start the conversation around this positioning of cef/tazo and then invite Rob in, and Steve can comment on the conversations with the FDA on HAP/VAP. Clearly, since we have the results, we've been out talking to some of the key opinion leaders around these results. And certainly, the feedback we're getting is that we are doing them and this product a disservice if we limit our positioning to just Pseudomonas given the results that were generated so far. So we do think that these data support a bit broadening -- a bit broader positioning within the Gram-negative marketplace. Rob, you want to chime in on that one?
Robert J. Perez
Yes. I guess, Adnan, the way we think about it is, first of all, just to reiterate, the Gram-negative marketplace is huge. So we're talking about a market that's got 75 million days of therapy in the U.S. and the EU, which compares to about 45 million for the Gram-positive space where CUBICIN competes. So it's a huge market and there's room for a number of products. That being said, we think the positioning for ceftolozane/tazobactam is going to focus on the fact that it covers the major pathogens that people worry about every day, and that is Pseudomonas and these ESBL-producing E. coli and Klebsiella. And I think that the good news that we saw in the UTI trial and I think that we're seeing in overall surveillance is the ESBL-producing E. coli and Klebsiella is becoming a bigger issue. So that, again, makes some of the generic products more concerning and less appropriate, and gives more of a market for ceftolozane/tazobactam as more than just the product you use only if you're concerned about Pseudomonas. So the big things are breaking our way, and we think that this product will have utility across the Gram-negative spectrum.
Steven C. Gilman
And with respect to the agency comments on that, well, if you'll recall in the summer, following some guidance about limited population pathways and the like, we did have a conversation with the agency about HAP/VAP and they were quite consistent with what Rob said from our KOLs that doing a special pathogen type of approach with ceftolozane/tazobactam is too limiting and doesn't take full advantage of the spectrum of the molecule. And that's really one of the reasons why we went back to the modified original protocol in HAP/VAP.
Adnan S. Butt - RBC Capital Markets, LLC, Research Division
If I can ask a follow-up, for the new beta-lactamase inhibitor that's going into the clinic, is the approach there going to be organism-specific or resistant-specific versus a broader base in population?
Steven C. Gilman
It has no antibacterial activity whatsoever. It's all up around the enzymes that the bacteria produce, so that all depends on the strain. And this will have a pretty broad spectrum, including the kind of coverage that tazobactam gets, and expanding that into these carbapenemases.
Robert J. Perez
Yes. And if I could just add, I think the -- these carbapenemase-producing organisms are very scary. They're rare. They don't show up very often, but they're very scary. And ceftolozane/tazobactam does not cover these types of agents, so -- or these types of pathogens. So that's, I think, the reason for this beta-lactamase inhibitor and why it could be beneficial and why there's room for more than one product in this space.
And your next question comes from the line of Ken Cacciatore.
Ken Cacciatore - Cowen and Company, LLC, Research Division
You all were kind of answering the question, but I wanted to just get some thoughts on Forest. It seems to be sneaking up here with the ceftazidime-avibactam. You've talked about that there's need for room here for a couple, but can you help differentiate between that product and talk about its potential impact on the launch dynamics?
Michael W. Bonney
Sure. We think that overall, the news that Forest has announced this week with respect to their regulatory strategy is very consistent with what we've seen from the FDA, and frankly, from other regulators around the world as the threat of resistant bacteria becomes more and more relevant every day. This is an interesting product that has, with avibactam combined with ceftaz, has activity against these carbapenemase producers. And we do think that there's lots of room in this market for both ceftolozane/tazobactam and for ceftaz-avi. We view them much more as complementary than competitive. Beta-lactamase inhibitors don't improve coverage against Pseudomonas in any kind of significant way. And so as a result, you have an old -- a third-generation cephalosporin that has activity against CREs but is not great against Pseudomonas. Whereas in ceftolozane/tazobactam, you cover broadly Pseudomonas, ESBL, E. coli and Klebsiella. So we do see these as more complementary. Rob, you want to chime in here?
Robert J. Perez
No, I just think physicians will be very excited about the addition of both these products because they'll have a product for those rare, very serious and scary situations that they don't have right now, and they also don't have to use -- overuse that product on the pathogens that they see every day in a space where it's, frankly, not as well-suited as we think our product will be. So they'll be able to utilize our product in the Pseudomonas and ESBL-producing space, and have something to cover those rare and scary CRE-producing pathogens.
And your next question comes from the line of Steve Byrne.
Steve Byrne - BofA Merrill Lynch, Research Division
Given your earlier remarks, Rob, about the Gram-positive market being relatively flat, what do you see as the key market opportunity for Tedizolid?
Robert J. Perez
Yes, I think one thing that I should point out is that when we define the Gram-positive market, we really define it with the products that are used today to treat patients. And one thing that isn't in that market basket are the products like Bactrim and clindamycin that are often used as kind of outpatient, discharge type products. So there is a larger market opportunity in that space. So -- and frankly, we haven't commented on what the dynamics of that space are. So I think the opportunity for Tedizolid are going to be in various niches. Certainly, it has the possibility of being a once-a-day, short-course, well-tolerated therapy, of being a great agent to discharge patients from the hospital. And I think a number of the new therapies are likely to try to access that segment, particularly the long-acting IV agents, for example. But we think that Tedizolid, giving it -- being able to just have a physician write a prescription and have a patient take a once-a-day oral is the winning application there. We also think that Tedizolid is a better oxyzolidinone than ZYVOX. We recognize that ZYVOX is going off patent in the 2015 range and that we may not get as much business from ZYVOX as we would if it were branded for many more years. But even with that, we do think there are patients where Tedizolid would be a more appropriate choice. And those are patients who -- where there's concern about drug-drug interactions, particularly patients on SSRIs, and patients where there's a concern about myelosuppression. We have to see what the label ultimately says and we'll obviously have to be bound by that. But we think based on the clinical data and what we've seen, there is differentiation between Tedizolid and ZYVOX in that way. So with all of those niches, we think that the opportunity for Tedizolid is a significant one.
Ken Cacciatore - Cowen and Company, LLC, Research Division
And would you expect the use of Tedizolid to be roughly equal between being administered IV versus oral? Or which way would you think might be greater?
Robert J. Perez
My suspicion, and also, I think if you look at what's happened with ZYVOX, is that the oral will be utilized more. IV will be a start, but ultimately, the real utility and differentiation in this product is the oral. That's where a once-a-day oral is something that you don't see from anyone else. And that's, I think, a big reason why Tedizolid, we think, will have uptake.
Ken Cacciatore - Cowen and Company, LLC, Research Division
And just one last one on this one, Rob. Do you think that it's reasonable to price this relative to a branded IV product like CUBICIN or more like other orals?
Robert J. Perez
Well, that's a good question, Steve. But we're not going to talk about pricing just yet. We've got a lot of work to do before that.
And your next question comes from the line of Marko Kozul.
Marko K. Kozul - Leerink Swann LLC, Research Division
Just a quick follow-up on the question regarding relaunching DIFICID. I was hoping you could maybe discuss your interest and the opportunity in better -- at better penetrating long-term care facilities. And then I have a financial question. I was wondering if you could elaborate on your R&D expense guidance for 2014. In 2013, GAAP R&D expense was about $478 million. And in 2014, your guidance is $470 million to $494 million on a GAAP basis. Can you give us some additional color on the synergies you're assuming related to the Optimer and Trius acquisitions?
Michael W. Bonney
Sure. Rob, why don't you take the relaunch DIFICID long-term care question and, Mike, you could pick up the financial.
Robert J. Perez
Sure. Thanks a lot. So yes, definitely, long-term care is a part of the plan for DIFICID. It is a major segment in this market and a part of how we see growing this product. I'm not going to say more than that in terms of the specific tactics in long-term care, but without question, we do see this as a significant part of the market, and we will be addressing the long-term care opportunity. Mike?
Michael John Tomsicek
As far as R&D is concerned, as you pointed out, there's sort of comparability between the R&D guidance between last year's actuals and our guidance for this coming year. I'm not exactly sure how to answer your synergy question other than to say that as announced, entering into HAP/VAP trials on 2 products, Tedizolid and the ceftolozane/tazobactam, that will be sort of on the upswing in terms of costs from an R&D standpoint. And with UTI and IAI behind this, at least from a trial execution standpoint, that will be on a downswing. We'll continue to need to support marketed products with necessary trials, including pips trials, as I said, during the course of the script. And from a structural standpoint, we've recognized synergies pretty rapidly from the R&D structure that we acquired from Trius and Optimer. But as announced today, we are maintaining a small presence in San Diego on a permanent basis to support both the Tedizolid and DIFICID programs going forward.
And your next question is from the line of Liisa Bayko.
Liisa A. Bayko - JMP Securities LLC, Research Division
Can you just maybe drill down a little bit more on what the gross to net was for CUBICIN? And you mentioned it would be changing in the future given the Affordable Care Act. Can you maybe give us some parameters about how to think about that change?
Michael W. Bonney
Yes, Mike?
Michael John Tomsicek
Yes, I guess I'll reiterate. To be clear, our gross to net in the U.S., and I'm going to resist the urge of breaking down into products because this will become unwieldy as we further progress towards a multiproduct company, but we experienced 14.3% gross to net in the U.S. compared to 12.0% in Q2 and 12.4% in Q3. We're very clear at that point in time that we were adjusting reserves driven by the Affordable Care Act and that those quarters were 2 points low. So we're experiencing 4.3 in Q4 and we expect it to increase. I'm not going to give specific guidance. But as we take price increases and as the Affordable Care Act comes into play, a longer-term trend that we've seen, the increase in these gross to net rates are going to continue. So again, 14.3% gross to net in Q4, I may have missed it -- spoke earlier.
Liisa A. Bayko - JMP Securities LLC, Research Division
Okay, that's helpful. And then for DIFICID, for your strategic plan, just a couple of questions. Can you maybe talk about the timing which you will think -- it will take to get DIFICID back on track? Have you -- are you -- how do you and are you going to take any price increases? And maybe a comment on seasonality.
Michael W. Bonney
Robert J. Perez
Sure. As far as the time that it will take, Lisa, I guess the best -- the way we think about it is if you go back to our experience with Adolor and when we purchased Adolor and we're kind of relaunching ENTEREG, it took a good part of a year to get our head around that and really get that momentum behind that product the way we wanted. And now, as you've seen, the results have been very, very strong. Now with DIFICID, obviously, it's a little bit more -- it's more our space and we've been working with the product before. But nonetheless, there are changes that we're making and it is going to take some time. So I would think that you'd be looking at momentum improving throughout the year. But it's not going to be something where it's going to change overnight. So that's the best way to think about it. As far as -- what was the other part, seasonality?
Michael W. Bonney
Seasonality and price increase.
Robert J. Perez
And as far as price increase, we took price this year on January 1 for CUBICIN and for ENTEREG. We did not take price on January 1 for DIFICID. And I'm not commenting on what we're going to do in the future, but the thinking behind that is we really wanted to establish a dialogue on DIFICID based on the merits of the product and the value the product delivers. And we want to try to get away from the price discussions that I think have dominated the conversation regarding DIFICID. So we did not take a January 1 price increase. I won't talk about what we're going to do in the future, but that will at least give you a sense for what we're doing as of right now.
And your next question comes from the line of Mario Corso.
Mario Vincent Corso - Caris & Company, Inc., Research Division
A couple of things. On surotomycin, I was wondering if you could talk about the rationale for waiting for some of the NDA-enabling activities. I mean is it -- it wouldn't seem to be prohibitively expensive to maybe do that in parallel. And then bigger picture, I'm wondering how you think about your $2 billion revenue goal now in light of what you have in-house. Do you have enough to get there? And how do you reconcile that with what you think you need on a business development basis?
Michael W. Bonney
Sure. With respect to surotomycin, we're not going to comment on what the total costs were. We just decided that given we are now relaunching DIFICID, we're going to learn a bunch more about this marketplace and how both payors and patients and physicians think about this disease and value, and where the value for a drug like DIFICID can be delivered that it made sense to rather than double down on the expense for surotomycin, to let some time pass, collect a -- continue to Phase III, see what the Phase III outcome looks like, and then make the decision on investments on these NDA-enabling studies. The bulk of what Steve said is around manufacturing, scale-up and so forth. And again, I'm not going to get into specifics, but I think it is possible that in certain circumstances, those expenses are more than you're assuming that they are. So we just think we'll have a better sense of how to position the drug. That will drive what our volume requirements are and we'll be able to make a better decision about manufacturing costs at that point in time. With respect to the $2 billion revenue aspiration that we had in the 2017 Building Blocks of Growth, I think we are obviously very comfortable that the activities of 2013, both the acquisitions and the Phase III data from ceftolozane/tazobactam, put us in a very favorable position there. With respect to how that interacts with business development, certainly, we believe that we need to continue to build the pipeline. But we also don't see the Building Blocks of Growth as a cap for what we can accomplish in 2017, but rather, what our goals were -- aspirational goals were in the middle of 2012 when we put them out. And I think to the degree that the infrastructure that we have and that we're investing in, in the European Union can be further leveraged with additional BD, we shouldn't -- we wouldn't walk away from that because we have confidence that we can get to the BBG. If we can get higher than that, I think, and we think it's at a good fair value, we would certainly act.
And your next question comes from the line of Greg Wade.
Gregory R. Wade - Wedbush Securities Inc., Research Division
Mike, I just wonder if you could help us to understand what's going into the onetime charges that affected COGS in the quarter and then maybe break down the $55 million impairment charge.
Michael John Tomsicek
Yes, just hold on. Greg, as far as the COGS is concerned, Greg, you're going to begin to see in the quarterly reporting, the amortization of intangible assets associated with DIFICID as that purchase price is amortized over the useful life of the product. And so since that's a selling product to date, you can see in our reconciliation of GAAP to non-GAAP that we've begun to amortize that asset. That's kind of a big step-up from the asset that we were amortizing for ENTEREG before from a previous purchase. So in COGS, that's the biggest factor. And what was your second question?
Gregory R. Wade - Wedbush Securities Inc., Research Division
The $55 million impairment charges, was that all the OBD program or did something else go into that as well?
Michael John Tomsicek
Yes. So there's a variety of charges in there inclusive of Adynxx and then also impairment associated with the bevenopran program whose valuation is decreased by the conditionality of our moving forward and the delay in our execution.
Gregory R. Wade - Wedbush Securities Inc., Research Division
Okay. And then I just want to have a quick follow-up. Rob, could you break down what inpatient and outpatient CUBICIN demand was in the fourth quarter? And maybe outline for us why you don't think you can drive growth in the outpatient setting from this point on.
Robert J. Perez
Sure. The inpatient, outpatient sales breakdown was similar to what it was previously, 53%, and what we call a hospital now, because some of that is hospital outpatient that we can't tease out and 47% outpatient. And I never said that we couldn't grow CUBICIN in the outpatient setting. A matter of fact, it grew 15% in Q4 in outpatient and it grew 16% in hospital. So I think I commented on market, and we're not suggesting that it's not going to grow at all, but we're just trying to give you a sense, Greg, for how to view this very large product with a big denominator in a market that's pretty flat. So that's the best way to think about it.
Your next question comes from Irina Rivkind.
Irina Rivkind - Cantor Fitzgerald & Co., Research Division
I had one on CXA-201 about the HAP/VAP program, the open label. Previously, you used to indicate that this trial would help physicians understand how to use the drug in pneumonia. Should we now think about it as something that they're going to learn more about after the bigger study reads out? And then the other question is on revenue guidance. Does that include anything for Tedizolid in there?
Michael W. Bonney
Sure, Irina. With respect to CXA in the open label, basically, our thinking was that given the acquisitions and the need to do another HAP/VAP study for Tedizolid, we sort of stepped back and said with -- our view of the physicians' interest in learning about pneumonia has not changed, but we did step back and say, look, we've got data from a long pharmacokinetic standpoint, BAL study. We have safety data, limited number of human subjects, but we do have safety data at the higher dose. And we knew from the ClinOps analysis that Steve referenced that having 3 pneumonia, ventilator-associated pneumonia studies, in the field was going to cause competition for patients that would delay all of them. So we made the decision that we would stop the open label, focus our energy and resources of both financial and human on getting the 2 registration studies up and executing them as fast as possible. And we will -- if physicians have questions about what we know about ventilator-associated pneumonia or treating, in -- along with ceftolozane/tazobactam, we do have data that's been presented in various forums that show them how the drug gets into the lung, which is very high for cephalosporin, and is maintained for a very high percentage of dosing interval, as well as some of the safety data. It's not as much as we would have had with the open label, but we made the decision that, that was a trade-off worth making. With respect to Tedizolid revenue, yes, Tedizolid revenue is included in the all -- sort of the other product revenue there. We're not going to be breaking it out at this point, though.
Your next question comes from Alan Carr.
Alan Carr - Needham & Company, LLC, Research Division
A couple of quick ones. One, with respect to surotomycin and the potential delay there by putting off the CMC work and stability testing, I was wondering if you could give us a sense of the scale that, to my understanding, is that stability testing can take a while. And the other is for international CUBICIN sales in 2014, are there any drivers or new drivers in '14 that we should be thinking about?
Michael W. Bonney
Sure. On surotomycin, it's really the scale-up so that you can get to stability testing, that was the key driver here, stability testing once you have scaled up to your commercial process. It's just a function of time, right? You produce a product under the commercial conditions, and then you set it down and monitor the stability of the product over a given period of time. So that's what's going on with surotomycin. On the international, I would say -- I guess I would turn it over to Rob to give you a sense of what's going on. We seem to be seeing pretty nice growth in many of the international markets.
Robert J. Perez
Sure. Yes, we are seeing nice growth internationally, Alan. We were up about 16% for the year on international CUBICIN sales. And overall, we see strength both in the Novartis territories. Merck Japan continues to believe that this product could be $95 million by 2020 in end-user sales, and we're starting to see some uptick in Merck. So we're seeing it across the territories, certainly led by Novartis. And what I think is really interesting as well is Novartis is seeing some significant strength in the major markets of the EU as well. So I think what we're seeing is often the life cycle curves for products in terms of their sales penetration lag, the U.S. and Europe. And as the U.S. starts to flatten, you start to see the benefit of increased sales in the EU. And that's one of the things we hope to tap into with our own international organization with our future products.
Alan Carr - Needham & Company, LLC, Research Division
And coming back to surotomycin, do you need to do 1-year stability testing?
Michael W. Bonney
It varies depending on the territory you're from. I believe, 9 months to 12 months, that's right.
Your next question comes from Brian Skorney.
Brian P. Skorney - Robert W. Baird & Co. Incorporated, Research Division
A couple of quick ones. I guess, Rob, I was wondering if you can kind of give the breakdown that you've given in the past in terms of the different indications that CUBICIN sales saw for the quarter, bacteremia, skin and maybe other?
Robert J. Perez
I sure can, Brian. It is the same as what we saw before just because we have not had new AMR data. But here it is. It's 46% skin, 32% systemic infections, 9% bone and joint and 13% other. That's the breakdown in use. Now again, that data is lagged because we can only get the indications specific from AMR data, and that comes out twice a year. So that's the same numbers I gave you last quarter.
Brian P. Skorney - Robert W. Baird & Co. Incorporated, Research Division
Okay, great. And then I'm just wondering, Steve, on the planned protocol designs for the HAP/VAP studies, for both of the agents, is there -- do you require in the protocol, a specific agent for alternative coverage? So for Tedizolid, would there be a required agent for Gram-negative coverage or would it be kind of physician's choice and vice versa for CXA-201? And then just a little more longer-term, have you thought about trying to do studies of these 2 drugs in combination with each other maybe in like Phase IV?
Steven C. Gilman
Well, let me take the second one last because it's straightforward. We certainly are having those conversations now but given that neither one of them are approved, I think [ph] our agents were -- wouldn't be studying those studies or thinking about those in any significant way. You do get some information about whether the infection is Gram-positive oriented or Gram-negative information, although it's not quite like skin where you get a pathogen all the time, you know exactly what it is. So the more kind of treatment paradigms that lean you towards the Gram-positive or Gram-negative as opposed to just doubling down on both. But the protocols, I'd have to get back to those fine details to you, Brian. But the protocol always has a coverage of other pathogens, if they're suspected, whether it's Gram-negative or Gram-positive. So you never do a protocol that you restrict usage by the physician in his or her mind that they need to cover for a Gram-positive with a Gram-negative trial. You can't really do trials like that. So there are definite provisions in order to make sure that coverage is available as the physicians choose.
Your last question comes from [indiscernible].
Unknown Analyst
I just want to know whether Cubist will consider having a tax inversion transaction, and if so, when do you plan to do so?
Michael W. Bonney
Well, we certainly won't tell you when we plan to do so. And frankly, our view is that the first priority in considering any kind of business development deal is the strategic rationale and whether we think we can increase shareholder value. As you've heard from Mike, we are taking steps to appropriately manage our tax rate going forward. The very trendy inversion transactions of the past few months are certainly within the mix. I would say we're getting smarter on them, but I'm not going to make any commitment to you because I think, overall, I think tax strategies, as we look to the future, become more important as our profits continue to grow and we become a broader international organization. There'll be some natural decline in our tax rates, as Mike has already indicated, as we create more and more profits in the EU at lower tax rates. Beyond that, I think stay tuned and we'll see how we try to manage this element of the expense on the P&L.
I would now like to turn the call back over to the presenters for closing remarks.
Michael W. Bonney
Thank you, operator, and thank you, all, for joining us to review Cubist's performance in 2013 and discussion of what's going to be a very exciting and milestone-laden year in 2014. Have a great evening, and thanks for joining us.
Thank you, again, for joining us today. This concludes today's web conference. You may now disconnect.
Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
If you have any additional questions about our online transcripts, please contact us at: email@example.com. Thank you!


text:
4 weeks long!!!
Tweet #FunWithFourGiveaway
Cathy @ A Peek Into My Paradise | Kaitlyn @ Three Sisters & Us | Julie @ Joyful Gifts by Julie |
Natasha @ Epic Mommy Adventures | Jody @ Mom 'N Daughter Savings |
Bev @ Eclectic Red Barn | Paula @ PaulaMS' Giveaways, Reviews & Freebies |
Lisa @ Chronically Content | Debbie @ Heartbeats ~ Soul Stains |
John @ Java John Z's | Angie @ God's Growing Garden
How To Deal With Your Baby Daddy | I've Lost Weight! – How To Boost Your Metabolism
Roasted Pork Loin With Pineapple Glaze | SONrise Eggs
4 Different Prize Packs & 4 Winners!!
(one prize pack per winner!!)
The first winner gets to choose which Prize Pack they would like, then the second winner chooses from the remaining 3 prizes & then the third winner gets to choose from the remaining 2 prizes & then the fourth winner receives the last remaining prize.
(IMPORTANT – if the fourth winner does not qualify (for example – if the fourth prize is the Ad Space Prize Pack but the fourth winner doesn't have a blog then that winner forfeits any prize & a fifth winner will be chosen)
Giveaway Rules
-This is open worldwide HOWEVER to win the GIFT Prize Pack you must live in the lower 48 of the USA
– This Giveaway is open from June 19th, 2015 until July 16th, 2015
– Only 1 Prize pack per winner
– There will be 4 winners ONLY
– To win the CASH Prize Pack you must have a valid Paypal account
– To win the AD SPACE Prize Pack you must have a blog
– To win the GIFT Prize pack you must live or have a mailing address in the lower 48 of the USA
– If you are the fourth winner & do not qualify for the last remaining prize then you forfeit your winning & a 5th winner will be chosen
– Angie from God's Growing Garden is responsible for delivering the CASH Prize Pack & the AMAZON Prize Pack
– CASH Prize Pack will be given in US Dollars. Any fees or currency exchange associated with this Prize Pack will be the sole responsibility of the winner.
– AMAZON Prize Pack will be given in US Dollars. Any currency difference associated with this Prize Pack will need to be figured out by the winner.
– all other prizes will be delivered/setup by the participating Giveaway Bloggers/Cohosts
– if you have any questions or concerns about this Giveaway please email Angie: email@example.com

subset: commoncrawl


text:
10 posts tagged with visualization and web.
Displaying 1 through 10 of 10. Subscribe:
Connecting the dots
Discograph generates an interactive visualization of relationships between nearly 5 million artists, bands and labels, based on data from the Discogs.com database.
Examples: The Beatles | The Fall | Neil Young
Examples: The Beatles | The Fall | Neil Young
How big is space? Interactive views of the universe in varying scales
We know space is big, but trying to understand how big is tricky. Say you stare up at the sky and identify stars and constellations in a virtual planetarium, you can't quite fathom how far away all those stars are (previously, twice). Even if you could change your point of view and zoom around in space to really see 100,000 nearby stars (autoplaying ambient music, and there are actually 119,617 stars mapped in 3D space), it's still difficult to get a sense of scale. There's this static image of various items mapped on a log scale from XKCD (previously), and an interactive horizontal journey down from the sun to the heliosphere with OMG Space (previously). You can get a bit more dynamic with this interactive Scale of the Universe webpage (also available in with some variants, if you want the sequel [ previously, twice], the swirly, gravity-optional version that takes some time to load, and the wrong version [previously]), but that's just for the scale of objects, not of space itself. If you want to get spaced out, imagine if If the Moon Were Only 1 Pixel, and travel from there (previously). This past March, BBC Future put out a really big infographic, which also takes a moment to load, but then you can see all sorts of things, from the surface of Earth out to the edge of our solar system.
full of ★☆★☆★
OMG SPACE aims to illustrate the scale and the grandeur of our solar system, as well as illustrate through the use of infographics our work in the exploration of our solar system with various spacecraft. [more inside]
A front pages post
Google Fast Flip: Newspaper Stand 2.0
Not All Black & White
Using Color In Information Display Graphics - a resource from NASA, "intended to help designers who are not color experts find usable color designs" [via] [more inside]
Data Visualization on the Web
Data Visualization: Modern Approaches is a Smashing Magazine article examining a variety of increasingly popular or novel information visualization employed on modern websites.
Universe, by Jonathan Harris and the world
Universe is the newest project from Jonathan Harris, who was also behind the amazing WeFeelFine, and the Yahoo Time Capsule. Here's a talk he gave about his projects at TED 2007.
"I'm going to draw a chart for her with lines and arrows". Diagramming web apps.
"I'm going to draw a chart for her with lines and arrows". Diagramming web apps: ajaxSketch, bubbl.us, flowchart.com, mindmeister, gliffy and mindomo.
Favorite website logos.
myData=myMondrian is an interactive art interface in which the personal data provided by viewers is translated into a Piet Mondrian-like composition. Here's an example image.
Related: Rhizome.org: myData=myMondrian
Related: Rhizome.org: myData=myMondrian
Page: 1


text: If you read a lot about new music on the Web, odds are pretty good that, at some point between the September 2004 release of "Galang" and the March 2005 release of Arular, you were struck with the urge to turn your computer off or maybe even heave it out of a nearby window. If you don't read a lot about new music on the Web, the preceding sentence indicates how bewildering and draining the chatter about M.I.A. became. Arular, M.I.A.'s first album, leaked well before its official... Read more


text:
Check in from 14h / Check out prior to 10h
Auberge Les Glycines Hotel Cancon: Find photos, reviews, information, amenities and compare prices for 2 stars hotels in Cancon, France.
Auberge Les Glycines Hotel Cancon offers a comfortable setting while in Cancon. It also provides an express check-in and check-out feature.
Hotel description
Les Glycines offers rooms equipped with a telephone. There are also a number of rooms available for families.
Auberge Les Glycines Hotel Cancon houses both a restaurant and a bar where guests are able to unwind at the end of the day. A range of breakfast options are available in the hotel's dining room.
Bergerac Dordogne Perigord Airport is a 35-minute drive from Les Glycines. Villeneuve-sur-Lot and Monflanquin are also a short car ride away.
Hotel features
Restaurant, TV, En suite, Private Bathroom
Photocopier, Express Check-In/Check-Out
Private Toilet, Packed Lunches
Availability and Prices
Booking Site
Room Type
Per room
Per night
Per night
Users who viewed Auberge Les Glycines Hotel Cancon also viewed these 2 stars Cancon hotels:
Search hotels
based on
10 reviews
Nearest hotels
- Hôtel Restaurant Les Voyageurs Cancon
616 m
- Camping du Lac Cancon
1.4 km
- Chateau de St Paul
3.1 km


text:
AIIM Executive Leadership Council
Interested in connecting with forward thinking professionals in the field? In delving into matters impacting the future of our industry? This Council was designed for you.
Interested in connecting with forward thinking professionals in the field? In delving into matters impacting the future of our industry? This Council was designed for you.
Through a summit series, AIIM brings together top thinkers, high performance practitioners and leaders in our space to discuss, define, and direct the future of information management.
As a member of AIIM's Executive Leadership Council, you will
The Executive Leadership Council has two delegations, the Americas and European. Each delegation meets twice a year to address two key themes around the future of information management. Their findings are published as AIIM Trendscape reports which forecast changes to our industry and set priorities to take advantage of these emerging trends.
Each leadership summit results in a Trendscape report which summarizes the topic discussions, shares user experiences, and creates next-step action plans for organizations.
Best-selling author Geoffrey Moore claims there are now two centers of value creation; improved customer intimacy and operational excellence. Join us to elevate the discussion around the value of information and how organizations can start to measure the value of their information.
As a leadership think tank, we'll examine:
London, UK: December 1 for the European Council
Costa Mesa, CA: December 13-14 for the Americas Council
We want to talk with you! AIIM's ELC is open to organizations and professional experts in the field.
ELC is where thought leaders translate theory into reality.
— Tony Peleska, CIO, Minnesota Housing Finance Agency
In the 24 hours we're there, AIIM never ceases to deliver a lineup of thought-provoking speakers to a concentrated room of highly knowledgeable industry leaders.
— Jamie Kezeor, Director of Product Mgmt., Upland Software
The ELC brings together some of the finest minds across multiple industries for insightful discussion concerning real-world business problems.
— Butch Reh, VP of Licensing and Marketing, ABBYY USA


text:
Omar's laugh could be as chilling as his description of his own torture. In his twenties, clean shaven, the former business management student turned cyber-activist was, like so many others tortured in the Syrian regime's cells, an accidental revolutionary.
"I wasn't even protesting for Assad's downfall at the start, just political reform," he recalled of the revolution's early protests.
That changed when he was arrested at a checkpoint in 2011, jailed and repeatedly tortured over a two-month period, first in Idlib, then in Damascus. He had teeth beaten from his jaw and was once hung manacled from a rail for


text:
Whether you're at work, at home, or on the go, your child care database is ready when you are. Log into your secure data from any Procare computer (*) at any time.
Free access to mobile web apps like smartphone reporting and curbside check-in for tablets. 3G/4G/Wifi Capable.
Click here to learn more about Procare Web Apps
Software updates are free (no $125 annual fee) and happen automatically. You'll always have the latest features, enhancements and fixes as soon as they are available.
Rest assured knowing your data is backed up each night automatically. There's nothing to remember, no buttons to press and no storage devices to manage.
MyProcare® is the latest innovation from Procare Software. This new online parent portal offers an engaging experience for families, improves communications and increases center efficiency. MyProcare is an exclusive service of Procare Cloud. Learn More


text:
If the rain won¡¯t go away, Why not shop today nike free v3 4.0 at the official online store. Brand New Authentic nike free v3 4.0 at our professional shop.
International Wallet Nicely Resize Prada BT0904 Bags Red "That previous clapboard experienced speedy," Welsh mentioned.
Nike LeBron 11 Boys' Grade School Remember: Your smokiness regarding mezcal may make vid best combination for backpacking or simply grilling celebrations.
シーバイクロエ 秋,クロエエテル,クロエ 財布 紐 結び方: モンクレール ヒマラヤ サイズ選び モンクレール ダウン 京都 モンクレール ダウン tulsa,モンクレール 青山 修理 モンクレール ガムブルー トムブラウン.
Just Twenty-five for each 100,000 Cubans can connect to the Web, mainly on quite slower pace your decide one on the planet ohydrates best money saving deals.
Nike Mercurial Victory V TF Boys' Preschool Henry azines classes regarding sacrificing recognition prompted the to refer to your specialist.
Timberland Field Scuffproof Boots Boys' Preschool For progress passes, contact 407 324 3766.
A+++++++ エルメス ブルーペール ピコタン,エルメス バンダナ 巻き方,hermes(エルメス) ショルダーバッ: グッチ 時計 ベゼルシリアル,gucciハープル色折りたたみ財布値段,gu cci刻印偽物.
Gucci Check Book Cover Black "I've happen to be coaching on altitude,As part of your woman explained, "and I want to beat periods of your drinking water.
nike free v3 4.0 , 11, 2014 Is Hillary Clinton Straight to Criticize Obama on Iraq, Syria and Israel.
Subscribe Login Screen Name or Email Password Forgot.
320 Shawn Harrison Sports Editor Ext.
Remember me in this particular display screen Name or Email Now I remember.
333 Kim Burgess City Editor Ext.
nike free v3 4.0
Improve your outlook nike free v3 4.0,It's like El Centro or Palm Springs climate.
Partner with the police, and you'll have the record of all of the problems you've encountered using this group.
You would locate a business opportunity once you are living here.
Then would like to use them on trespass notice, you're going to be on far more solid legal ground.
AnswerYou will find a directory of the top celebrity porn websites (including male celebs) at: s And, you might like to read the following gay adult websites: s.
But when you will trust in an agency hiring you for an American, my advice will be to that would be that.
There are tons of rowdies who do numerous quad, jet ski, sand rail riding up and down beaches.
nike free v3 4.0
nike free v3 4.0 Sign Up Keep in touch Update your news preferences and become the latest news deliverd towards your inbox.
In a quiet cul de sac inside of a popular Middle.
Update Now Local Partners Sports Betting Use the survey and you could win Get more info Soon For Kids When choosing for what's on Get more info Cars Available Find cars for sale online now.
Get more info Job Listings Hunt for your future job now.
Toowoomba Newspapers Pty Ltd 2014.
Unauthorised reproduction is prohibited underneath the laws of Australia and also by international treaty.
APN APN Group Websites Need Help.
nike air max 1 cheap
where to buy nike free run online
cheap nike free runs 5.0
nike free run 5.0 womens
nike free runner
nike free run outlet


text:
The plea Is that the petitioners have no provable debts against them.
The demurrer and the answer set the same or similar defenses, as follows First, no valld or legal process has been issued upor the petition or served upon the defendants second, the petition does nol allege an act bankruptcy the part the defendants, or either them. within four months next preceding the flllng the same third, the petitlor does not allege that the petitioners are, and each and every one therrv without lien or preference for their claim against the sald defendants fourth.
the petition does not set forth need help with writing a research paper any provable debt the part any or ail of the sald petitioners against the said defendants flfth, the petition does not properly allege the Insolvency the sald defendants slxth, the petition does not allege any fact from which the court may draw the legal inference thav the defendants have, within four months next preceding the flling the sald petition, committed any act bankruptcy.
Novel editing services
The defendants treat judgment the court whether they should further defend thls proceeding, and that they may hence do my essay for me cheap dismissed, with their costs In thls behalf expended. That no valld or legal process has been issued or served upon the defendants. Thai the petition does not allege any act bankruptcy the part the defendants, or either them, within four months next preceding the flling Bame. That the petition does not allege that the petitioners are each an every one them without lien or preference for tbeir claims against the sald defendants. That the petltioners are not each them without lien or preference for their clalm agarnst the said defendants. That the petition does not set forth any provable debt best cv writing service london due either or ail the sald petltioners the said defendants. That the petition does not properly allege the insolvency the said defendants. That the petition does not allege any faets from which the court may draw the legal inference that the defendants, withln four mouths next preceding the flling the said petition did, both or either them, commit an act banicruptcy.
How to edit essays
The defendants deny that they, or either them, have committed the act banlcruptcy set customized research paper forth in said petition, or that they are insolvent, and aver that they should not be adjudged bankrupts for any cause set forth in said petition, and this they treat may inquired the court.
The questions thus made came before the District Court. The motion to dismiss the petition was refused, but the demurrer was sustained, and loave was given the petitionlng creditors amend their petition. Leave was given file the plea apa style paraphrasing and answer, subject the right file the demurrer. The order closed with these words, The right trial jury walved said alleged baniirupts, and the cause was continued. The creditors amended their petition pursuant the leave granted.
Thereupon the respondents help to write essay demiirred several grounds. The demurrer came be heard August, and was overruled ail points but one, and that was allegation new matter. Respondents then aslsed leave amend their answer theretofore flled. This was allowed, and the followlng reference ordered And ail questions and matters properly arlsing under the pleadings herein are referred George Johnton, one the referees said cause in banliruptcy, for the purpose taking sueh testlmony as the petltioners herein may paid essay writers adduce In support the issues raised the pleadings herein, and such testlmony, also, as may adduced the alleged bankrupts In opposition thereto, and report his flndings herein this court, along with the testlmony taken hereunder, as soon as practlcable but, before the said referee shall proceed execute this reference, shall give ten days notice ail parties record, or their attorneys, the tlme and place such hearlng. The parties went before the referee. Thereupon respondents filed their amended answer, in the words following The alleged bankrupts, the flrm Hall Bros. composed James Hall and'C.


text:
Miss & Mr. Teen India Contest
Among our path breaking and heart- shaking, presentation, MISS & MR. TEEN INDIA, an I.Q. and Personality Contest in the awareness of HIV/AIDS, first ranker among our masterpieces, MISS & MR. TEEN INDIA has been a talked about show for the Nineteen consecutive years. This event has been staged at capital's biggest centers like convention hall of five star Hotel Ashok, Talkatora Indoor Stadium and Siri Fort Auditorium, Kamani Auditorium. This show has been appreciated/ blessed/ graced by the Cine star Fardeen Khan, Sonu Sood, Jimmie Shergill, Ashmit Patel, Rohit Roy, Gaurav Chopraa , Rati Agnihotri, Sanjay Kapoor, Actor Ayub Khan, Actress Tisca Chopra, Kamaal Khan, Playback Singer Abhijeet Bhattacharya, Shahbaaz Khan, Aman Verma, Mukul Dev, Viveck Vaswani, Sushma Seth, Amrish Puri Ji, Actor Harry Josh, T.V. Actress Anisha Kapoor, Pop Singers Shankar Sahani, Gladrags Miss India Amanpreet Wahi, Shibani Kashyap, Bhuppi and Mikka Cricketer and Commentator Atul Wasan, and Govt. Dignitaries like Home Minister of State Govt. of India Sh. Sri Prakash Jaiswal, Food and Processing Minister Govt. of India Sh. Subodh Kant Sahai, Industry Minister Sh. Haroon Yusuf, Former Delhi Vidhan Sabha Speaker Ch. Prem Singh Ji, President Rajya Sabha House Committee and Member of Parliament Sh. J.P. Aggarwal, Hon'ble Minister of Health Govt. of NCT Delhi Dr. A.K. Walia, Hon'ble Minister of Power Govt. of NCT Delhi Sh. Haroon Yusuf, Former Justice High Court of Delhi Sh. S.L. Bhayana, Parliamentary Secretary to Chief Minister of Delhi S. Anil Bhardwaj, Former Education Minister Dr. Narender Nath, President ILNA & Treasurer INS Sh. Sunil Dang, Public Prosecutor of Govt. of NCT Delhi Sh. O. P. Saxena, President Public Redressal Forum & Advocate Supreme Court Wg. Cdr. H.M.Sethi etc.
Our pageants provide a rewarding experience for the participating youth; positive role models for the younger Indians; enriches cultural experience and entertainment for the community; promotes parent and community involvement; and provides opportunities for the Indian youth to enhance their respective careers. Our pageants also reinforce the values of teamwork and camaraderie in a quality, structured environment. These values are especially important when considering the popularity of our pageants.


text:
Get in-depth analysis of current trends in the legal community, profiles of fascinating professionals, academic issues and lifestyle discussions for law school students, and a few out-of-the-ordinary goings on in the world delivered to your inbox.
You can unsubscribe at any time.
Newsletter Subscription
Enter your email address and start getting breaking law firm and legal news right now!
The Justice Department has filed a claim against Kellog, Brown and Root alleging unjust enrichment and breach of contract. The claims stem...
Summary: The law school that attorneys attend plays a significant role in their ability to find a job out of school but Harrison Barnes explains how that changes slightly in lateral hires. Those who want to be the best attorneys […]
2017 State of the Lateral Law Firm Market


text:
News By Tag
Industry News
News By Place
Industry News
Dot Com Infoway Publishes Infographic Explaining HTML5
Dot Com Infoway's infographic sheds new light on HTML5 – a must-read for anyone in the IT industry.
HTML 5 aims to improve upon its predecessors by enhancing the language and support while still being compatible and understandable by current media devices and web browsers. As a pioneer in the information technology industry, DCI has always been on the forefront of developing technologies and already offers HTML5 development for their clients.
Venkatesh C.R., CEO of DCI, expressed his excitement for HTML5 and the effects it will have, "HTML5 is the next evolutionary step for the web world. With HTML5, the possibilities for web usage are endless. At DCI, we are proud to be ahead of the game in offering HTML5 development for our many clients." The published infographic illustrates the history of HTML via a timeline, from its inception in 1990 to HTML5 in 2009. "With HTML5, the capabilities and possibilities are far more streamlined and advanced. With HTML5 - audio, video, and offline web applications are all improved and updated for maximum use and efficiency."
The infographic also explains the compatibility with the various, existing web browsers. Chrome and Safari possess a higher compatibility rating than that of Opera and Internet Explorer – which both have a fairly low rating based on the analysis and research data. Research also indicates that HTML5's trajectory will continue to grow to incredible heights in the very near future.
The most exciting aspect of HTML5 is its capabilities with mobile web applications. Venkatesh C.R. explained the importance that HTML5 will have on the mobile web industry, "Mobile applications are what we excel at. We understand how to create the most advanced apps through our development and work with our clients. Research indicates that by 2016, HTML5 usage with mobile browsers will surge to 2.1 billion. And by this year alone, the use of HTML5 in mobile application development has increased to 78%."
Mobile application capabilities with HTML5 are incredibly integrated and the possibilities are far more advanced. From extended user interaction, offline capabilities, GEO Location API, and even canvas drawing.
HTML5 Infographic Blog: http://www.dotcominfoway.com/
For HTML5 Development Services: http://www.dotcominfoway.com/
About Dot Com Infoway
Dot Com Infoway (DCI) is the premier IT company located in India providing offshore IT outsourcing solutions to businesses across the globe. DCI, a CMMI Level 3 multinational information technology company, is a pioneer in delivering software development, mobile application and Internet marketing solutions and technologies for businesses. With offices in India, the United States and Netherlands, DCI has become a leader in delivering advanced IT services for businesses.
Account Email Address Account Phone Number Disclaimer Report Abuse


text:
Dull aching pains in different parts the back going off in the evening.
I need help with a paper
Aching pain back running down left side into the hip. Cutting pain in the outer left side the sacrum, shooting and down. Pains in the loins and sacrum. Severe stitch in the lumbar region, aggravated inspiration and coughing. Darting pains in the renal region.
Dull pain in the lumbar region louisiana purchase research paper aggravated motion. Pain across the loins cannot straighten himself after stooping. Sharp shooting pains, first in the left, afterwards in the right renal region, extending down the thigh, aggravated motion.
Shooting pains in the back and renal regions with suppression urine.
After dinner, dull oppressive pain the right side the spine about the dorsal vertebra, with uneasiness in the stomach, and external stitches in the chest. Vertigo and heavy pain in the dissertation title vertex subsiding hours, then severe pain in the lumbar region, extending into the sacrum and down the thigh, at first aching, then increasing a numb sensation severe that could scarcely rise from the chair, lasting three days with scanty high-coloured urine, depositing a whitish sediment. Rheumatic pains between and ribs at their angles the right side, increased raising himself forwards or twisting the body the left side. Blunt boring pain in the back about the middle dorsal spine towards the right. Pain extending from the small help with doctoral thesis the back the nape the neck and shooting through the sternum, essay writing service recommendation preventing him working weeks.
Cheap term papers online
Aching pain at the inferior angle the right scapula. Deep seated aching pain at the upper angle the left scapula. Transient stitch at the inferior need help writing an essay angle dissertation editors the left scapula, then a similar help with dissertation writing pain in the toe. Transient dull pain under the right scapula.
At night, deep-seated, dull, online thesis writing shooting pains under the scapulse. Stiffness doctoral thesis database in the nape the neck, bending the head. Stabbing legit research paper writing services cervical dorsal vertebra, striking forward through the chest need help writing my paper the sternum increased motion, with inability straighten the spine after stooping prevented him from working weeks. Upper Limbs, Stiffness in the shoulder-joint. Violent tearing, aching pain in the left shoulder. Rheumatic pains in both shoulders, worse at night.


text:
As Silver Refined
by Arthur, Kay; Arthur, Kay;
Out of stock
Free UK delivery when you spend £10 or more
Offer price: £10.00 Free Delivery
Price and PurchaseOffer price: £10.00 Go to Basket
If you're buying for a church, school or business, why not Buy Now Pay Later?Find Out More
As Silver Refined
Full Product Description
"What Can You Do When Life Doesn' t Turn Out Like You Planned?How do you respond when your husband or wife tramples your emotions? When your boss fires you unexpectedly? When you lose your life' s savings? When the child you' ve loved and prayed for turns his back on you and your values?When disappointments like these smash their way into your life, you may want to scream, ""How could God let this happen?""But what if God didn' t just ""let it happen""? What if the things you call disappointments are really His appointments —events He is using to make you more like Christ? What if your circumstances are actually the flames of His grace
As Silver Refined by Arthur, Kay; Arthur, Kay was published by Christian Audio in April 2015. The ISBN for As Silver Refined is 9781633890947.
Reviews of As Silver Refined
Customer reviews and testimonials Write a review
Product Q&A
Got a question? No problem! Just click here to ask us about As Silver Refined.
Details for As Silver Refined
|Page last updated
|1st January 2017
|Author / Artist
|Arthur, Kay; Arthur, Kay
|Christian Audio (April 2015)
|Product Code


text:
Pumpkin Bread
Total Time
Prep 25 mins
Cook 1 hr
This is a recipe that my BIL loves, so I thought I would share it with you. Although I myself am not a lover of pumpkin bread, hopefully if you are you will find this to your liking. :)
Ingredients Nutrition
- 3 1⁄2 cups all-purpose flour
- 2 teaspoons baking soda
- 1 teaspoon salt
- 3 cups sugar
- 1 teaspoon ground nutmeg
- 1 teaspoon ground cinnamon
- 4 eggs, slightly beaten
- 3⁄4 cup water
- 1 cup salad oil
- 2 cups canned pumpkin
- 3⁄4 cup chopped walnuts
- 1⁄2 cup golden raisin
- Mix first 6 ingredients in a large bowl.
- In a second bowl, combine eggs, water, salad oil and pumpkin.
- Add the pumpkin mixture to the dry ingredients in the first bowl and mix just until well blended.
- Fold in nuts, and raisins.
- Mound batter into 2 greased and floured loaf pans.
- Bake at 350 degrees for 1 hour (or until toothpick comes out clean when inserted into center of loaf).
- Cool on a wire rack.
Most Helpful
This was great! I had left over pumpkin that i had to use, and i found this recipe to do it with. I did not have nutmeg, so i used about a tsp of pumpkin spice instead. And i halved the recipe as i only has enough pumpkin to make 1 loaf. But over all, i loved this, as well as my family. thank you for sharing.
Great bread Oz! I substituted regular chocolate chips and white chocolate chips for the raisins and nuts and ended up with a couple of very moist loves of pumpkin bread. Perfect with my coffee this morning! Thanks!!
Very moist and tasty. I might add a little more nutmeg, though, just because I really like nutmeg. I left out raisins because I really dislike them :) Thanks for a keeper, Oz! BTW, I used half sugar and half Splenda for the called for sugar.


text:
Skip to comments.Tea Party groups to check Wis. recall signatures
Posted on 01/25/2012 9:33:03 AM PST by afraidfortherepublic
Organizers with several Wisconsin Tea Party groups say they have thousands of volunteers ready to check the validity of signatures to recall Gov. Scott Walker and other GOP leaders.
Organizers with We the People of the Republic and The Wisconsin Grandsons of Liberty held a press conference Tuesday at the state Capitol to announce about 11,000 people have pledged online to check for fraudulent signatures through an online system.
The groups are working with a Texas-based group to create the database program that will allow volunteers to check the signatures from home. They will receive webinar training to check for signs of fraud.
The groups, which call themselves bipartisan, say they're looking for duplicate names and incorrect addresses.
(Excerpt) Read more at host.madison.com ...
Wisconsin Verify the Recall Ping
If you want on, or off, this Wisconsin interest ping list, just FReep Mail me.
Note the volunteers claimed now stand at 11,000!
Lots of Mickey Mouse, Jacques Strapp, Im a Nut, etc.
Good deal.
Personally I think more things like this should be done by citizens anyway and yes I include lefties. After all, if both sides are doing the checking, there isn't much chance that any names will slip through.
Excellent. The biggest benefit is to expose the treachery of the left. There will probably still be more than enough valid signatures. The negative publicity from the large numbers of invalid signatures will be a black eye on the left. This effort will drive the left in a fit of fury. How dare anyone question their treacherous ways!
My niece told me last year that they were collecting signatures on campus at WMU here in Michigan.
A good way for people who want to be politically active for our side to get involved but don't have a great deal of time or means.
"...Wisconsin Tea Party groups say they have thousands of volunteers ready to check the validity of signatures..."
Hope it takes the same amount of time as the Gore 'chad check' from 2000.
I hope they have multiple people checking each entry as well. If there are any leftists in the group, they will corrupt the system.
I hope they are screening the screeners.
The tea party groups will have at least 3 sets of eyes scrutinizing each signature. I hope they (we) pay attention to the dates and the handwriting. I suspect that about half of these signatures were gathered outside the permissible time period with the dates filled in later. I'm sure that's how they got 340,000 signatures in 3 days.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.


text:
Create beautiful optin forms with ease. Choose a form design, customize it, and add your form to your blog with a simple mouse-click.
Create Beautiful Optin Forms With Ease!
Optin Forms allows you to create stunning optin forms for your blog or website, without the need to know any HTML or CSS. Simply select your email solution, pick a form design and customize its appearance. Add your form to your posts and pages with a simple mouse-click, or use a shortcode to add it to specific posts and pages.
Optin Forms works with the following email solutions:
Optin Forms Comes With 5 Beautiful Form Designs!
All form designs are fully customizable. You can easily change all texts, fonts and font sizes. Change the colors of any element by selecting a new value from the color picker.
Translate Optin Forms into your language
If are you looking for other alternatives check-out our article on best list building plugins. Also take a look at our WordPress Hosting guide, if you're looking to switch hosting providers.
Requires: 3.2 or higher
Compatible up to: 4.5.5
Last Updated: 5 months ago
Active Installs: 10,000+
1 of 9 support threads in the last two months have been marked resolved.
Got something to say? Need help?


text: Maddjazz - Side 2 Side feat D51 by Booty Call Records published on 2012-05-05T16:00:28Z Label : BOOTY CALL RECORDS Catalogue number : BCR 0019 Format : Digital Relase date : May 07th 2012 Title : Trippy Trapp EP Artists : Maddjazz, D51, Marvy Da Pimp, David Beltran, Lazy Ants Artwork : Larry Print iTunes: http://bit.ly/JhuXIw JunoDownload: http://bit.ly/K18H6X BeatPort: http://bit.ly/IP3crN SoundCloud: http://bit.ly/K17Ljd Deezer: http://bit.ly/J4V2sB YouTube: http://bit.ly/J4UF1a Supported by Nic Sarno, Spoek Mathambo, The Captain, R-Ash, Crabbe, Rio Neurotic Bass, Latomski ... Tracklisting 01 - Side 2 Side feat. D51 02 - Lick You 03 - How It's Going Down 04 - Back It Up 05 - How It's Going Down (David Beltran Remix) 06 - Lick You (Marvy Da Pimp Remix) 07 - Back It Up (Lazy Ants Remix) Worthy ambassador of the new Chicago ghetto house scene Jorge Armande Ortega aka Maddjazz hustles the institutions and is becoming a genuine value ghetto music in general. Member of the Ghetto Division crew next to Rob Threezy, Rampage or Charlie Glitch he starts djing at 14 years old through turntablism and quickly find himself playing in local raves or loft parties. Starting producing earned him an international acknowledgement by his peers and that allowed him to play throughout the world. Composed of four tracks his EP is a clever melting pot of all his influences. Powerful hip hop resonances, r'n'b and soul but also rave and electro, he creates a futuristic and innovative Juke, and terribly precise and efficient as always, within his will to break the codes. To glamorize it all, Marvy Da Pimp, David Beltran and Lazy Ants revisit the EP with electro, future step and techno remixes. More than a simple EP it's the result of a longstanding collaboration between Ghetto Division and Booty Call crews, it's a family affair that will smash clubs! Get trippy! Genre Juke / Footwork Comment by GuTTaChicK yeeaayuuhh 2013/02/11 16:34:32 +0000 Comment by Subbbace Records Send tracks here for support from real supporters of this style music: http://soundcloud.com/groups/universal-ghettotech 2012/10/08 23:53:58 +0000 Comment by Michael heater. 2012/06/07 13:23:35 +0000 Comment by DJ AKEERA すばらしい! 2012/05/19 12:05:00 +0000