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GTx, Inc. (NASDAQ:GTXI)
Q3 2008 Earnings Call Transcript
November 6, 2008, 9:00 am ET
McDavid Stilwell – Director, Corporate Communications & Financial Analysis
Mitchell Steiner – CEO and Vice Chairman
Marc Hanover – President and COO
Joel Sendek – Lazard Capital Markets
Eric Schmidt – Cowen and Company
Howard Liang – Leerink Swann
Aaron Reames – Wachovia Capital Markets
Good day, ladies and gentlemen, and welcome to the third quarter 2008 GTx financial results conference call. My name is Sandy and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of today's conference. (Operator instructions) As a reminder, this conference is being recorded for replay purposes.
I would now like to turn the presentation over to your host for today's conference Mr. McDavid Stilwell, Director of Corporate Communications. Please proceed.
McDavid Stilwell
Thank you, and good morning. On behalf of GTx, I would like to welcome you to our third quarter 2008 conference call.
We released our results earlier this morning through the newswires. If you do not have a copy of the release and want one, you will find it on our web site at gtxinc.com. We'll have a replay of this call available on our web site until November 20, 2008.
With me today are Dr. Mitchell Steiner, Vice Chairman and Chief Executive Officer, Marc Hanover, President and Chief Operating Officer, and Mark Mosteller, Chief Financial Officer.
Following this introduction, Dr. Steiner will highlight third quarter 2008 clinical and corporate development. Next, Mr. Hanover will briefly discuss our financial performance. Dr. Steiner will then make closing remarks and open the call for questions.
Before we begin, I'll remind you that information discussed on this call may include forward-looking statements, and such statements are subject to the risks and uncertainties we discuss in detail in our reports filed with the Securities and Exchange Commission, including in our most recent quarterly report on Form 10-Q filed August 5, 2008. We expressly disclaim any obligation to release publicly any updates to forward-looking statements made during this call.
Now, I'll turn the call over to Dr. Steiner.
Mitchell Steiner
Thank you, McDavid. Good morning and thank you for joining us today.
We continue to make strong progress. Barring a recent planned pre-NDA meeting with the FDA, we are on track to submit this quarter the NDA for toremifene 80 milligram for the prevention of fractures and treatment of other estrogen deficiency side effects. In the first quarter of next year, we expect to hear from the FDA whether the NDA would be processed under priority or standard review. Our European partner Ipsen is planning to submit the MAA for toremifene 80 milligrams to the EMEA early next year. We are also in discussions with potential partners for toremifene in Asia, Japan and the rest of the world.
In September at the annual meeting of the American Society for Bone and Mineral Research, we presented additional efficacy and safety analysis from the Phase III ADT clinical trial. One safety measurement was serum PSA. PSA is a sensitive marker of prostate cancer progression in men with advanced prostate cancer, and is followed closely by physicians and patients to monitor the underlying prostate cancer. Among men in the modified intent to treat population with a detectable serum PSA at base line, which is a PSA greater than or equal to one nanograms per mil, there were 27% fewer men with PSA progression in the toremifene 80 milligram group compared to placebo. This reduction was statistically significant. Also there were no differences in PSA progression among men with an undetectable PSA at base line.
In October, at the Chicago Supportive Oncology Conference, we presented a similar analysis of PSA safety data from those study subjects who where treatment compliant at least 80% of the time. In this analysis, there were 31% fewer men with PSA progression in the toremifene 80 milligram group compared to placebo. We also presented at the same conference bone scan safety data and then a subset analysis of 201 men with a detectable PSA at baseline and no bone metastasis evidenced by bone scan. Initially toremifene 80 milligrams treatment did not affect the underlying prostate cancer. More specifically, this analysis showed by the end of the study 4.1% of men treated with toremifene 80 milligram had new bone met compared to 4.8% of men on placebo.
We believe these are important safety data for toremifene. The data from the ADT trial showed that toremifene 80 milligram treatment can prevent fractures and treat other estrogen deficiency side effects of ADT without negatively affecting the underlying prostate cancer. In fact, the PSA progression safety data suggests that toremifene may be suppressing prostate cancer progression and are consistent with the mechanism of action of toremifene.
In other pre-clinical and clinical studies, including a 514 patient Phase IIB clinical trial for the prevention of prostate cancer in men with high grade PIN, toremifene was shown to have prevented prostate cancer compared to placebo. These observations of the anti- prostatic effect of toremifene in men formed the basis of the ongoing Phase III clinical trial evaluating toremifene 20 milligrams for the prevention of prostate cancer in men with high grade PIN.
To update you on the progress of the PIN trial, in July of this year, an independent Data Safety Monitoring Board conducted a planned semi annual review of the unblinded safety data from the approximately 1,590 patients participating in the Phase III high grade PIN clinical trial and recommended the trial continue as planned. The DSMB to date has now reviewed safety data from the almost 3,000 patients enrolled in both the toremifene 80 milligram Phase III ADT clinical trial and the toremifene 20 milligram Phase III high grade PIN clinical trial with some of these patients taking drug for as long as three years.
As you recall, the end point of the Phase III high grade PIN clinical trial was based on prostate cancer events, and we believe the pre-speficied number of events to conduct the efficacy analysis will occur in the summer of 2009.
The Merck-GTx SARM clinical development programs are also making good progress. In October we announced the top line results from the Phase II clinical trial evaluating Ostarine, which Merck has now designated as MK-2866 in patients with cancer induced muscle loss also known as cancer cachexia. The clinical trial met its primary endpoint, a clinically significant absolute change in total lean body mass which is muscle compared to placebo and the secondary endpoint of muscle function which is performance.
The Phase II clinical trial enrolled 159 cancer patients with an average age of 66 years. The cancer types in this study were non-small cell lung cancer, colorectal cancer, non-Hodgkin lymphoma, chronic lymphocytic leukemia and breast cancer. There were 35 sites in the United States and Argentina and the participants were randomized to receive placebo, one milligram or three milligram oral capsule of Ostarine once daily for 16 weeks. Average reported weight loss prior to entry into the trial among all subjects was 8.8% and the subjects were allowed to have standard chemotherapy during the trial. The drop out rate during the trial was 33%, lower than the expected 50% rate, which has been observed in other cancer supported cancer clinical trials.
The primary endpoint of this study was absolute lean body mass measured by DEXA scan and the top line results showed that Ostarine treatment resulted in statistically significant and clinically meaningful increases in lean body mass compared to placebo and compared to base line in both the Ostarine one milligram and three milligrams treatment arms. The top line results also showed for the secondary endpoint of the study that Ostarine treatment improved muscle function performance in a 12-step stair climb test measuring speed and calculating power. No improvement in speed or power is observed for the placebo group.
The incidence of serious adverse events, deaths and tumor progression was similar in the placebo and treatment arms. The most common side effects reported among all subjects were fatigue, anemia, nausea and diarrhea, as you recall these patients were also on chemotherapy. Changes in ALT greater than twice the upper limit of normal were observed in two patients in each of the placebo, Ostarine one milligram and Ostarine three milligrams cohorts and no subject discontinued treatment because of ALT changes.
We are excited that Ostarine met the primary endpoint of the Phase II cancer cachexia clinical trial, even with the presence of confounding factors which included heterogeneous cancer population, cancer induced inflammation in the background and chemotherapy. The positive changes in lean body mass and stair climb performance compared to placebo was similar in magnitude to the changes that we observed in the Ostarine Phase II proof of concept sarcopenia clinical trial which we reported in December 2006. We plan to present the complete study results on the cancer cachexia trial at the upcoming scientific meetings in 2009.
Together with our collaboration partner Merck, we are evaluating Ostarine and other SARMs for sarcopenia in Phase I and Phase II clinical trials in both men and women. Sarcopenia is an exciting opportunity with a market potential we believe to be as large as osteoporosis. The purpose of these trials is to identify the best product candidates to take forward into Phase IIB and Phase III clinical testing for sarcopenia. We are looking forward to continuing our work with Merck on the future development of Ostarine and other SARMs and to updating you on the clinical development plans for sarcopenia, cancer cachexia and other muscular skeletal wasting conditions.
We are also excited about our pre-clinical pipeline. Building on our expertise of SERMs and SARMs, our robust discovery efforts have generated multiple selective nuclear hormone receptor modulator product candidates. We are currently focusing our efforts on completing the pre-clinical studies to begin a Phase I clinical trial of GTx-758 in the first quarter of 2009. GTx-758 is an oral LH inhibitor for advanced prostate cancer which has the potential to reduce testosterone to castrate levels, but without many of the estrogen deficiency side effects of current LHRH agonist therapies.
This drug candidate has the potential to be the first real advancement in the antigen depravation first line therapy since the introduction of LHRH agonists in the late 1980s. The clinical primary endpoint for ADT agents is testosterone levels, and accordingly the development pathway should be straightforward and expeditious. Given our expertise and our strong relationships with urologists, we believe this is an attractive product candidate.
Now I'd like to turn the call over to Marc Hanover.
Marc Hanover
Good morning.
The details of our financial results for the third quarter 2008 are included in this morning's press release and are available on our web site. I'll focus on the highlights. The net loss for the quarter was $11.9 million compared with a net loss of $10.2 million in the quarter a year ago. Revenue for the third quarter of 2008 was $3 million compared to $1.7 million for the same period last year. Revenue for 2008 included $315,000 of net sales of Fareston and $2.7 million of collaboration income from Ipsen and Merck.
Research and development expenses were $9.2 million and general administrative and administrative expenses were $6.1 million for the three months ended September 30, 2008, compared with $9.9 million and $3.2 million for the third quarter of 2007 respectively. At September 30, GTx had $105 million in cash. GTx has the potential to add to this cash balance and strengthen our balance sheet through the realization of near term collaboration milestones which the company may receive from our partners Ipsen and Merck. GTx has no debt and no warrants.
I will now turn the call back to Mitch.
Mitchell Steiner
Thank you, Marc.
GTx is unique. Not only are we one of a handful of companies who has a completed positive Phase III clinical trial with plans to submit a new drug application, but also we have the potential for a second new drug application next year for another program, the toremifene 20 milligram tablet for the prevention of prostate cancer in high risk men assuming positive results from the Phase III trial obtained next summer.
We also have the Merck-GTx SARM partnership which is working on Ostarine and other SARMs in multiple clinical programs and we expect to advance these drug candidates through late stage clinical trials for several indications. And capitalizing on our expertise in small molecule nuclear hormone receptors in urology, we are advancing another one of our compounds GTx-758 into a Phase I clinical trial next quarter, which has the potential to replace Lupron, Zoladex and other ADT therapies. Additionally GTx has a strong balance sheet with $105 million and no debt and no warrants. This does not even take into account the near term potential to receive multiple milestone payments from our partners Ipsen and Merck.
We are proud of what our 144 employees have accomplished. This year we delivered our first Phase III success. We've been purposefully building GTx as a company with the expertise to develop products in the bench through clinical trials and to commercialize them. We now have multiple near term revenue generating opportunities. At the same time, we are advancing our pipeline to deliver innovative product candidates year after year after year. 2008 has been a good year for GTx and we are even more excited about our future.
Operator, we are now ready to take questions.
Question-and-Answer Session
(Operator instructions) And your first question comes for the line of Joel Sendek of Lazard Capital Markets. Please proceed.
Joel Sendek – Lazard Capital Markets
Thanks. Good morning. My question has to do with your discussions with the FDA, we've heard someone on some other conference call this quarter that people are very skeptical about the FDA meeting their timelines and some are even thinking about not even asking for priority review. Did you get any sense that your pre-NDA filing or pre-NDA meeting that priority review might not be a valid strategy?
Mitchell Steiner
So the question is – thank you for the question Joel. This is Mitch. The question is the FDA has been missing a lot of its timelines and pushing them back and there may be sort of a sense that they may make a decision about priority review versus standard review based on what their work load looks like. And I think that from our standpoint we did not get any sense from the FDA one way or the other that their current workload was going to affect how they made a decision on whether we get priority review or not. What we did hear is that drugs that do not have anything – indications that do not have anything else indicated, in other words, there is no other drugs available for that indication, and that's an unmet medical need, do quality for priority review, and they stuck to their guns on that. So I guess they are kind of being blind to the reality of whether they are going to meet that deadline versus whether or not we have the right to go down a certain regulatory pathway.
So the regulatory pathway is intact. In fact, I would argue, and this is Mitchell Steiner arguing now, that you have to think of our application more as a supplemental application in the sense that all – the NDA has been approved for Fareston 60 milligrams. And the sections that they would have to review are going to be peculiar to the clinical efficacy and the clinical safety and the CMC for this new line extension if you want to consider it that way. And so in some ways this may be – and this is Mitch talking now – this may be an easier evaluation for the FDA then starting from a new chemical entity.
Joel Sendek – Lazard Capital Markets
Okay. And along on those lines we can say since – may be the opposite side of the argument is if you look at the 20 milligrams on the ongoing study and all the safety data you have there, might they ask for that or is that totally irrelevant to this application?
Mitchell Steiner
It could be irrelevant because that's 20 and the – in other words let's say we would have had the reverse, you know – let me just say it this way. 80 milligrams is four times higher than 20, and so they would be less interested in what's going on with the 20, because they already have this 60 milligram body of information out there for two decades. So they are going to be looking at the higher dose not the lower dose, and so it's going to kind of be irrelevant in the sense that if they were no safety signals that would help you know, and we are not seeing safety signals in the 20 milligrams. If there were safety signals in the 20 milligrams, will that hurt you? Yes, but we are not seeing that. So really the 80 milligrams is what they are going to focus on because that's a dose that's not the approved 60 milligrams and the 60 milligrams is already three times higher than the 20.
Joel Sendek – Lazard Capital Markets
Great. That's helpful. And then just my final question, a housekeeping one, when you – you said you are going to unblind or run the analysis on the PIN study in the summer, does that mean we will see the data in the summer or will that be simultaneous to when you make the disclosure?
Mitchell Steiner
I think we are trying to do – I think that really means the data in the summer.
Joel Sendek – Lazard Capital Markets
Okay, thanks.
Mitchell Steiner
Thank you, Joel.
And your next question comes from the line of Eric Schmidt of Cowen and Company. Please proceed.
Eric Schmidt – Cowen and Company
Good morning, guys. Mitch, as a follow up to Joel's last question on the PIN data, we were thinking that with a three year timeline, in that a planned completion of the three year period in Q2, you just announced the data. I think you alluded to this now being an event driven analysis, could you clarify?
Mitchell Steiner
Yes. That's been – we've said that every – in fact, I thank you for this question, Eric. The answer is yes, it's always been event driven. The trial is a 36 month trial, just like cancer trials can be so many months, but it is event driven, and the interim analysis, as you know, was based on a certain number of events, and we hit those number of events, and then we pulled the trigger and we looked at the interim analysis and the same thing is going to be for the efficacy analysis that we are doing next year. So it is event driven. And now the next question would be, okay, if it is event driven, then do you have to wait the full 36 months before you go to file if it's positive? And the answer is no. In fact, we are in better position to have three year data in a majority of our patients at the time that we would file for PIN. And so we are actually in better position because if we would have been successful this past year, then we would still submit the data that we have for the three year safety, but we would have to add additional data at the 120th day. You know you have 120 days after you file new NDAs to give them additional safety. In this situation, we are going to be locked and loaded with literally everything that we need if we are successful.
Eric Schmidt – Cowen and Company
Okay. Then could you help us on the number of events that are needed at the final analysis?
Mitchell Steiner
Yes, we had not disclosed those number of events, and as you know, we didn't do the same thing for the last time because it just got people saying, what's your event number now, what's your event number now. And so what we'd rather say is that we believe – the company believes that we are going to hit that number of events in the timeframe that I just suggested. And could it change, could it be sooner? Yes, absolutely. Could it be later? We don't think so. So we are trying to make sure that we give a realistic expectation of when you would expect to see the data.
Eric Schmidt – Cowen and Company
No, that's fine. Thanks. A quick question for Marc on the financials, it looks like you are tracking toward the lower end of the net loss guidance for 2008, is the range of $52 million to $60 million still appropriate?
Marc Hanover
Yes, Eric, it is, primarily because we have – this quarter we are going to have some increased expense as it relates to our submission, and so our run rate will be a little bit higher but the answer is we will be on the lower end of our range.
Eric Schmidt – Cowen and Company
Okay, great. And last question from me, it just has to do with the SARM program with Merck. I know you are somewhat constrained by what you can say and also that you haven't yet made a lot of decisions that are upcoming based on lack of data at this point. But help us out with the timeline, when do you think you will hear next about this program in terms of what compounds are going forward and what indications and when?
Mitchell Steiner
Yes. So let me again make it very clear there is a lot of activity going on between Merck and GTx, and there are compounds in multiple clinical programs. So it is lot of noise going – positive activity, I should say, not noise at all, it's very focused positive activity going on between what Merck has done in the past and completing what GTx has done in the past and has completed, and what we are doing together. Even as early as eight months ago when we got together and did our partnerships, we had started some trials together. So there is a lot of activity.
The real question becomes, when will we be at a point where we can come back to the public and say, well, this is how we are going to go forward. We believe – and this is GTx talking now – we believe that after the cancer cachexia trial being positive, and interestingly, the cancer cachexia trial being positive for Ostarine and having another Phase II, that means now you have a 120 patients – 159 [ph] patients, both of them pretty much showing you that Ostarine is doing what Ostarine is supposed to do. Then that gives– that's all human clinical data. It gives us a lot of ammunition to think about what the next later stage program is going to look like, and I think Merck and GTx trying to be very deliberate in how we approach that.
It's a long way of saying that there's a lot of good activity going on. To give you more specifically your answer, we hope that we will be able to give an outline and hopefully even get started on clinical development going forward, and we are going to be telling people the fist half of '09. But believe me, Gtx and Merck are working very hard to make sure that we can identify what the next appropriate trial would be. And I will also tell you that Gtx and Merck are working very closely together so that GTx and Merck are sharing pre-clinical activities. In other words they are doing pre-clinical stuff, we are doing pre-clinical stuff; they are doing clinical stuff and we expect to continue to do clinical stuff. And so that's really truly a joint partnership as opposed to having a relationship with a large pharmaceutical company where we are sort of the innocent bystander and get all the blame but no success. That's not at all happening in this relationship.
Eric Schmidt – Cowen and Company
Thanks a lot.
(Operator instructions) And your next question comes from the line of Howard Liang of Leerink Swann. Please proceed.
Howard Liang – Leerink Swann
Thanks very much. Good morning. I've question regarding the FDA meeting. Can you tell us whether you were able to get anything out of the meeting, whether it is encouraging or non-encouraging from your perspective?
Mitchell Steiner
That's a great question, Howard. Let me see if I can help give you the level of excitement that GTx has going forward. You know, we've been working on this NDA for the last 18 months. We made a decision that we weren't just going to do a supplemental in the sense that you get to grandfather in with all these studies that may not have been required ten years ago when Fareston was approved. So we did a gap analysis, we did additional studies. We basically submitted a full meeting package to the FDA. As you know, we also have an SPA, and as you know we also make sure that we filed everything under the 1994 – I think it is 1994-95 draft guidance for osteoporosis drugs.
So GTx has done everything possible from a regulatory standpoint to make sure that we cover – we follow everything that is in the public domain plus having a special meeting, special protocol meeting with the FDA. In addition to that, we went ahead and submitted to the FDA full reports on additional studies that we've done, plus they saw the Phase III ADT clinical trial, both the efficacy and the safety, and based on that we then went and had a pre-NDA meeting with the FDA.
We are also working with an electronic vendor because the FDA requires that you file your NDAs now electronically. So we are literally at the brink of sending this stuff to get electronically formatted and you meet with the FDA because you don't want to have everything electronically formatted before you have the meeting in case the FDA comes with additional studies and additional changes that require a delay. Well, the good news is there will be no delay. The FDA answered all our questions, there was nothing – no surprises. In fact, it was much more on the side of encouragement, and so GTx is very excited about moving ahead to file without delay our NDA and we're so happy we took the strategy to have everything ready to go, and that we do not expect to lose any time because of the recent pre-NDA meeting if that give you any sense of encouragement.
Howard Liang – Leerink Swann
Okay, great. And then a question for Marc regarding the near term milestones from either Ipsen or Merck, can you tell us what more you might expect in the near term?
Marc Hanover
Yes. Howard, I can't disclose the specific timing for our agreements with both – prior agreements with both Ipsen and Merck. But obviously with Ipsen, we are coming up with some – there are some upcoming milestones based on submission. We are also coming up on milestone with approval hopefully. And with Merck, of course, we have a host of milestone opportunities based on our agreement, which again I can't delineate. But suffice it to say that I wouldn't mention in my comments today unless I felt like it was something that we could achieve in a near term range and that's subject to the agreement.
Howard Liang – Leerink Swann
Okay, great. Then just last question for Mitch, regarding the finding of toremifene and the delayed PSA progression, Mitch, I know you know this already, can you sort of explain to us what will be the mechanism for a SERM to delay PSA progression?
Mitchell Steiner
Yes, so the mechanism would be that it works on the cancer itself. And if you look into the literature, it's not peculiar to toremifene. All SERMs have the ability to be anti-prostatic. And toremifene has been used in advanced prostate cancer and hormone refractory. As you know we are going after the patients who are hormone sensitive. And literally, every study that's ever been done pre-clinically and clinically and all the tox works, SERMs have always been anti prostatic.
So the mechanism is that it appears in order for prostate cancer to grow, you need to have a balance between testosterone and estrogen. And even though we focus on testosterone because that's manly, it's very clear that even in animal models, you can't get prostate cancer unless you add estrogen. So estrogen is an important fact that we know now, and interestingly this science came about after we started our trials, early trials, not the latest trials, is that even the estrogen story is more complicated with estrogen receptor alpha and estrogen receptor beta being two receptor types that have sort of a yin-yang activity in the prostate where ERα accelerates prostate growth and ERβ actually slows it down.
So the role of estrogen is very important in the prostate and the mechanism of toremifene is that toremifene does block estrogen at the prostate level, and the whole beauty of it is at least bone alone [ph] as you see in our ADT trial and hot flashes and so on. So the anti prostatic mechanism has been well know for estrogen and the beauty of the ADT trial showing the PSA progression is reduced. And even if you look at the bone scan data where (inaudible) was 1% difference, even though not statistically significant because it's a small number between bone scan progression in patients on toremifene versus patients on placebo, it mirrored what we saw in your PSA progression data.
So, it's not only evidenced by a serum marker, but it's also evidenced by bone scan. So not surprised, consistent with the mechanism of action shown from years of research, basic research in independent labs across the world, and now we are seeing it in our human clinical trial. So this is encouraging. Now remember now, the only test that we need to hit is that we have to make sure that toremifene in the ADT patients is not making the underlying cancer worse. And because that's important when you are talking about cancer care products, one, you have to be efficacious, and two, you can't compete with the, in this case, Lupron in its efficacy in keeping prostate cancer in remission, and in fact if anything it looks like it may augment and help.
Howard Liang – Leerink Swann
Great. Thanks very much.
Mitchell Steiner
Thank you
And your next question comes from the line of Aaron Reames of Wachovia Capital Markets. Please proceed.
Aaron Reames – Wachovia Capital Markets
Thanks for taking my question. I just had a follow up just on the Merck SARM relationship. Do you – and maybe this has already been addressed, so I apologize if it is a redundant, but do you have an idea of when Merck might be more willing to outline what their program, their internal program looks like, and when we might see data on any of those programs because there has been an update on how that may be conveyed to investors and GTx or if you can expand upon that, that would be helpful?
Mitchell Steiner
Yes. And the answer is Merck and GTx – let me say it in a different way. Merck understands that GTx has to let the public know what we are doing, the more for GTx than it is for Merck, because this is a program that's one of our major programs. Merck has already disclosed in their annual report, and if you look at MK-2866 in their annual report this year, they've already disclosed that SARMs are a priority for them in sarcopenia. So that's been publicly disclosed and prioritized by Merck.
Going forward, we are trying to work with Merck to lay out a program. It's not because Merck doesn't want to be transparent, it's because we really have just gotten the clinical data, and they are just getting clinical data, and we want to make sure that before we tell the public what we are doing that we've done our research and that we've designed the trials and that we've met with the FDA when appropriate. And all of that kind of stuff is going on right now. And so what I can tell you is that as soon as we know what we are doing going forward, and we believe we will be able to share that with the public over the next half of the year, but it doesn't mean to say we are not going to start to do something over the next half of the year.
It's just saying that the clarity in the program and actually starting the programs is going to actually happen simultaneously. And we are just trying to work through that and give our partner an opportunity, because they just got this data for the first time, and we are using these data, plus the Phase II data that we reported in December 2006, plus their clinical data set, plus their pre-clinical information, our pre-clinical information, their regulatory discussions, our regulatory discussions, and their market research, our market research, to come up with the next best steps.
Aaron Reames – Wachovia Capital Markets
Okay, great. And then the last question I had, has there been any further I guess conclusion on whether sarcopenia would be defined as one or two standard deviations below normal in terms of how you would define that actual indication?
Mitchell Steiner
I think the question is a great question. I think it is a little bit more complex than that. And the reason for that is that in addition to talking about lean body mass, there may be some kind of performance measurements that will put a patient in the high risk group for frailty, and all of that's being sorted out. It is not as clear, for example, as cancer wasting where you can obviously see that somebody is losing weight with cancer, you've got a problem. In sarcopenia, the bar is a little higher in that it is going to – in addition to showing that you've increased lean body mass, i.e., muscle, you are going to have to show that that muscle translates into some kind of clinical benefit to the patient.
How to define that clinical benefit is where a lot of that discussion is being had, and you just have to stay tuned because the good news is that we are ahead of everybody else. More good news is that it's unchartered territory, so that we are still going to, being ahead of everybody else, we are going to define what those definitions will be, and that we couldn't have done it – we couldn't be approaching that problem without being confident that GTx isn't doing it alone. We are in fact doing it with Merck.
And as you know, Merck and other large pharmaceutical companies had to deal with the same issues when osteoporosis first came along, because as you know bone loss of aging is common. And when did bone loss of aging become a disease? And the answer is, when you are loosing enough bone that you are now more susceptible to fractures. And so we are kind of doing the same thing with sarcopenia. So we are being patient and we want to make sure that with an opportunity as large as sarcopenia that we do it right.
Aaron Reames – Wachovia Capital Markets
Okay, great. Thank you for taking my questions.
I am not showing any further audio questions at this time, so I would like to turn the call over to Dr. Steiner for closing remarks.
Mitchell Steiner
Thank you, operator. We'd like to thank you call for your interest in GTx. We look forward to updating you on our future progress and thank you again for joining us on today's call.
Ladies and gentlemen, thank you for your participation in today's conference. This concludes the presentation, and you may now disconnect. Have a good day.
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Deleted Tweets From John Kasich, R-Ohio
John Kasich's accounts: OHPressSec, JohnKasich
Tracking Since: November 01, 2012
RT @KevinServick: Great crowd streaming into Grand Valley State this AM to see @JohnKasich. Doors don't "officially" open until 9:30! https://t.co/oZntxsiAKR
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|Prof. Dr. Michael Fritsch
Room 5.12
Michael Fritsch has received his degrees in economics (Diplom Volkswirt, Ph.D., Habilitation) from the Technical University of Berlin. From 1992-2006, he was a Professor of Economics and Chair of Economic Policy at the Technical University Bergakademie Freiberg. Since 2006, he is a Professor of Economics at the Friedrich Schiller University Jena and Chair of Business Dynamics, Innovation, and Economic Change.
Further positions
Main fields of research
"The main objective of my research is a better understanding of the effects that market dynamics and innovation processes have on economic welfare and to discover how policy can be designed to stimulate growth. My current research in the field of entrepreneurship is focused on the development of self-employment over time, entrepreneurial careers, and the effects of new businesses on economic development, with a special focus on innovative start-ups. My research in the field of innovation is centered on the development of new technologies and the division of innovative labor among different actors within the innovation system. Most of the empirical analyses are carried out at the regional level since I find that region-specific factors often play a very significant role. Since some of these regional effects tend to be rather persistent, I am also interested in the determinants and the effects of such long-term influences, which could be viewed as regional 'cultures.'
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Friedrich-Schiller-Universität Jena
Wirtschaftswissenschaftliche Fakultät
Lehrstuhl für Unternehmens-
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Carl-Zeiss-Straße 3
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Anja Ladig
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The documents contained on this page reflect various position papers, protocols and pilot programs approved by the two EMS Advisory Board standing committees staffed by the Division of Educational Development. Simply click on the document title to access an electronic copy of the document.
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This system will be undergoing maintenance Monday, January 23 from 8:00 AM to 12:00 PM CST.
Texas Heritage, Fall 1984 Page: 9
Reference the current page of this Periodical.
Texas Heritage, Fall 1984, periodical, November 1, 1984; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth45447/m1/9/?rotate=90: accessed January 23, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas Historical Foundation.


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5 posts tagged with npr and Business.
Displaying 1 through 5 of 5. Subscribe:
Public-radio item on business, power, & speaking up
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Private Hospital Lindberg
Winterthur, Switzerland
Treatment of hydronephrosis in the kidney stones with open surgical stone removal (program ID: 65271)
Dr. med.
Daniel Emmerich
Department of Urology
Specialized in: urology
Curriculum vitae keyboard_arrow_down
About the department keyboard_arrow_down
- 01/02-02/04 Assistenzarzt Chirurgie, Spital Altstätten/CH( Dr. W. Kessler)
- 05/04-12/04 Assistenzarzt Urologie, Universitätsspital Zürich/CH, Prof. D. Hauri
- 01/05-09/07 Assistenzarzt Urologie und Kinderurologie Prof. Dr. N. Pfitzenmaier)
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Urology treats genitourinary system diseases. As a rule, urological diseases are accompanied by severe pain and shame, so the Urology Department of our clinic is represented by highly qualified and tactful doctors.
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- Winterthur, Switzerland
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Treatment of hydronephrosis with obstruction as a result of kidney stones with lithotripsy
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Treatment of hydronephrosis in the kidney stones with open surgical stone removal
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Treatment of hydronephrosis in the kidney stones with open surgical stone removal
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All posts tagged "Paul Konerko"
Paul Konerko to return to White Sox in 2014
The Chicago White Sox will get their leader back. Team captain, first baseman, and DH Paul Konerko...
Daily Sports Wrap Up, May 27, 2012
All of us here at Full Scale Sports would like to thank those who have served and...


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We executed a swap for larger accounts over the last couple of weeks. We sold Partner Communications (NASDAQ:PTNR) and then replaced it early on Friday with the EG Shares Emerging Market Telecom ETF (NYSEARCA:TGEM).
Partner turned out to be a poor proxy for both Israel and telecom as it turned out (though maybe this will change in the future). The massive dividend offset a large portion of the price decline, but not all of it. The stock had a couple of hiccups along the way in terms of missing estimates once or twice, but still what I would call very good growth. With certain stocks though, earnings misses obviously get punished.
We've been slightly overweight telecom but the Partner sale left us temporarily underweight. This was not going to be the case very long. I was very positive of the concept of the EG Shares sector funds from the outset. When they finally listed the rest of them, I liked what I saw under the hood of the telecom fund. Had Partner worked out as hoped for, I doubt I would own TGEM at this point; but we did sell. I wanted a replacement and I think TGEM can be a good hold.
From the top down I wanted high yielding foreign exposure that avoids Europe. From the bottom up I think telecom in China (the largest country in the fund) is one of the sectors that can be held. If China Mobile (NYSE:CHL) ever gets going, then this fund will do well.
I also like being able to access South Africa in a consumer-ish sector and increase our Brazil exposure. The fund should yield in the high threes after accounting for the fee.


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14943 / 44668 Adverts
Flat-Apartments 1st floor, separate entrance, in a residence, 2 floors
from S$120/Night (rates)
from 2 to 4 people
1 bedroom
3 roomsLiveable floor area : 50m²
Ground surface : 2 ha
1 bedroom
3 roomsLiveable floor area : 50m²
Ground surface : 2 ha
Swimming poolParkingBaby chair
- View : Swimming pool, garden/park, lake, town, nightlights
- Children welcome
- Setting : Calm, Romantic
- Village centre at 1km
- Exposure : South-west
Qualité tourisme Case & Appartamenti per vacanze : 3 Suns Touristic region : discover Lake Garda
Advert No. 78052
Contact the owner
For your guidance
44669 rentals over 178 countries
- Ad verified, documents requested
- Booking request in real time
- Lowest price, direct contact with the owner
- No commission is charged for the contact between proprietor and tenant or the transaction
Reviews about the Advert 78052
Be the first to provide a review about this advert!
Advert details 78052
Assets Flat-Apartments
Swimming pool : Shared swimming pool, rectangular (length 15m, width 7m), cascading, diving board, step ladder, submerged beach access, child secure, outside shower (open from '15 april' till '30 september')
Parking : Parking uncovered : off road.
baby equipment : Baby chair, baby bath
Interior Flat-Apartments with View: swimming pool, garden/park, lake, ...
Receive up to : from 2 to 4 person(s)
Liveable floor area : 50m²
Interior layout : 3 Room(s), 1 bedroom(s), 1 shower room, 1 WC, living room 28m², Kitchen Area
Sleeps - bed(s) : 1 double bed(s), 1 sofa bed(s) 2 pers
Guest facilities : T.v points, cable/satelite, mobile cool air fan, ceiling paddle fan, Curtains, entry phone system, remote controlled gates
Appliances : Crockery/cuttlery, kitchen utensils, cafetiere, gas cooker, oven, micro-wave oven, extractor hood, refridgerator, freezer, ironing board
Exterior Holiday lettings in Setting: calm, romantic
Ground surface : 2 ha
Outside accommodation : Balcony 10m², traditional tent
Outside setting : Enclosed grounds 2 ha
Outside amenities : 10 garden seat(s)
Rates Calendar Availability Holiday lettings in Peschiera del Garda
Seasons & Availability Flat-Apartments in Peschiera del Garda
Rates Flat-Apartments in Peschiera del Garda
Check-in day
Season Night Weekend week 2 weeks Month
Low season - - S$836* SatS$1672* Sat -
Mid season - - S$973* SatS$1945* Sat -
High season - - S$1049* SatS$2097* Sat -
Festive specials - - - - -
Promotional period - - - - -
ServiceFrequencyIncluded / SuppliedSupplementRates
For your guidance
Information :
Children welcome
No pet allowed
Water : hot/cold
Local voltage supply : 220-240V / 50Hz
Electricity supply : mains
Booking conditions
Reservation :
Payment made upon reservation : 50% of rental sum
Payment balance : 3 weeks before the stay
Deposit required : S$456*
rentals :
Service charges to be added
Cleaning charge levy on departure : S$76*
Accepted methods of payment :
Bank transfer (wire)
Leisure, Surroundings, Location Flat - Apartment 78052
Leisure Peschiera del Garda - Province of Verona
Leisure activities less than 20 km / 12 miles : Bathing, pedalo, jet ski, boat trips, acrobranch, fishing
Attractions and relaxation : Bar/pub, discotheque, restaurant, cinema, park and garden, leisure park, zoo/animal park, sea world, nature reserve, exhibition centre, art gallery, historical site, festivals, local craftshop, cellar and wine tasting, thermal baths, thalassotherapy centre, health farm, beauticians, fitness centre
SurroundingsCity - Province of Verona
Locality :
Ski slopes at 30km
Sandy beach at 3km
Lake at 100m
Marina at 1km
Amenities :
Village centre at 1km
Town centre at 1km
Local shops at 200m
Supermarket at 800m
Post office at 800m
Bank at 500m
Cash point at 500m
Chemist at 800m
Hospital at 800m
Dispensing clinic at 800m
Location AccessFlat-Apartments Peschiera del Garda
Residence Dogana 34
37019 Peschiera del GardaVeneto
GPS coordinates of the city
Latitude 45°26'25.116"N
Longitude 10°41'17.952"E
Access routes Holiday lettings 78052
at 20km / 30min.
Airport Villafranca
Verona, Province of Verona, Veneto, Italy
at 1km / 5min.
Train station Peschiera del Garda
Peschiera del Garda, Province of Verona, Veneto, Italy
at 500m / 5min.
Coach station cit
Peschiera del Garda, Province of Verona, Veneto, Italy
Towns close by
Bardolino (13km)
Verona (25km)
Venice (130km)
Close to Stazione Verona Porta Nuova, Isola di Garda, Monti Lessini, Fiume Mincio, Torrente d'Illasi, Torrente Garza, Canale di Raccordo Oriago-Marghera, Lago di Ledro, Fiume Sarca, Torrente Chiampo, Fiume Chiese, Corno Barila, Lago di Garda, Valpantena, Canale Fissero, Fiume Mella, Santa Maria della Salute, Vajo Squaranto, Lago d'Idro, Giogo del Maniva, Val Sabbia
Towns close by
Nearby places
Photos Flat-Apartments 78052
Shared swimming pool, Flat-Apartments in Peschiera del Garda - Advert 78052 @cc
Living room, Flat-Apartments in Peschiera del Garda - Advert 78052 @cc
Return to the rental listingsContact


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2001-03-16 09:22:34.26
More than $2.4 million in cash prizes of $1,000 or more were awarded to Missouri Lottery players during February. Thousands of other cash prizes of less than $1,000 also were awarded during the month. Winners of $1,000 or more in February included the following: (Editor please note that all winners from Kansas City and St. Louis include the zip codes of their residence to assist the media serving portions of each city.) Lotto winners: *Roy & Joan Thayer, Pine Bluff, Ark., $1.35 million $100,000 Powerball winners: *Dennis Wright, Lawson *Daniel & Isabel Payne, Raytown *J.W. Staggs, Sikeston $50,000 SHOW ME 5 Paydown winners: *Colleen Derby, St. Louis (63129) $5,000 Powerball winners: Charlotte Jovanovic, Columbia Dorothy Soliday, Diamond David Lockard, Grandview Daniel Vassalli, High Ridge Alice Welch, Independence Ronald Coulter, Kansas City (64137) Tama Johnson, Kansas City (64124) Clyde Beach, Lebanon Ryan O'Neill, Liberty Stanley Sitzes, O'Fallon $5,000 Powerball winners continued: James Fakes, Sikeston Leonard Downing, Springfield, Ill. Stephen Makoski, Springfield Terry Donovan, St. Louis (63139) Thad Huynh, St. Louis (63136) Ruth Ludwig, St. Louis (63125) Robert Marlo, St. Louis (63123) Jay Barnes, Sullivan Alvin Moore, Walker Marilyn Benson, Warrensburg Lotto five-of-six winners: Alma Breen, Barnett, $1,113 Floyd White, Burdette, Ark., $1,113 David Wacaster, Chillicothe, $1,055 Joe Thompson, Jackson, $1,621 Yvonne Speckman, Lake Ozark, $1,358 John Young, O'Fallon, $1,358 Victor Meyer Jr., Robertsville, $1,358 Willard DeHaven, Sedalia, $1,358 Max Scott, Springfield, $1,358 Marnita Sutton, St. Charles, $1,358 Norma Schnetzer, St. Louis (63118), $1,621 Leona Seals, St. Louis (63108), $1,621 Laurie Lackey, Webster Groves, $1,358 Pick 4 winners: Carolyn Gary, Alorton, Ill., $3,125 Martin Novak, Arnold, $3,000 Ronald Jennings, Atchison, Kan., $3,750 Karen Knapp, Atchison, Kan., $3,000 Tommy Branham, Bonne Terre, $6,250 Thomas Wysocki, Bridgeton, $3,000 Jim McLaughlin, Butler, $3,125 Brian Hickey, Farmington, $3,125 Maureen Hollingshead, Florissant, $3,250 Willa Brantley, Florissant, $6,000 Victor McGill, Florissant, $9,750 Arthur Pressley, Florissant, $6,000 Marian Lynn, Independence, $3,000 William Onka, Independence, $3,250 Nonavee Trocosso, Independence, $3,250 Michael Probst, Jennings, $6,000 W. Canady, Kansas City (64128), $3,250 Norma Fossett, Kansas City, Kan., $3,000 Ernest Fuller, Kansas City, Kan., $3,000 Marilyn Henderson, Kansas City, $3,250 Raymond Howard, Kansas City, $3,250 Hassan Jabr, Kansas City, $19,500 Ronnie Long, Kansas City, $1,500 Billy Newson, Kansas City, $3,250 Eugene Powell, Kansas City, $3,125 Carol Thomas, Kansas City, Kan., $6,000 Marie Thomas, Kansas City, Kan., $3,750 Arleen True, Kansas City, $2,098 Richardstean Turner, Kansas City, $1,500 Charles Washington, Kansas City, $3,125 George Webb, Kansas City, $3,125 Wayne White, Kansas City, $3,125 Robert Anderson, Lawrence, Kan., $1,500 Carole King, Lee's Summit, $3,250 Robert White, Leslie, $3,250 James Stephens, Manchester, $3,250 Bruce Carolson, Marceline, $6,250 John Stark, Marshall, $3,000 Bobby Medlook, Maryland Heights, $3,125 Carol Domagalski, Mountain Home, Ark., $3,125 Beverly Small, Nixa, $4,625 Ronald Stone, Overland, $3,250 Louella Burkman, Piggott, Ark., $6,000 Benton Pierce, Pineville, $9,125 Lournzia Ousley, St. Louis (63116), $15,250 Paula Bartolotta, Springfield, $3,750 Cheryl Adams, St. Louis (63133), $3,000 Marie Ball, St. Louis (63108), $3,250 Ellen Brocks, St. Louis (63114), $6,000 Sam Carter, St. Louis (63112), $2,250 Charles Clay, St. Louis (63147), $3,125 M. Dandridge, St. Louis (63133), $3,125 Robert Davis, St. Louis (63147), $3,125 Turner Elliott, St. Louis (63104), $3,250 Donnie Hall, St. Louis (63136), $15,250 Queen Hall, St. Louis (63136), $3,250 Betty Hamilton, St. Louis (63121), $3,000 Ruby Hammond, St. Louis (63136), $1,500 Pamela Harris, St. Louis (63113), $3,125 Willie Harvey, St. Louis (63141), $7,500 Roy Lindsay, St. Louis (63111), $6,000 Judith McDuffie, St. Louis (63115), $9,750 Greta Murray, St. Louis (63136), $3,125 Florence Pack, St. Louis (63112), $7,000 Alverne Rice, St. Louis (63113), $3,750 John Ross, St. Louis (63112), $3,000 Jerome Sampson, St. Louis (63114), $3,250 R. Swinney, St. Louis (63121), $6,750 Troy Turnley, St. Louis (63115), $3,125 Greg Weston, St. Louis (63134), $1,500 Toni Williams, St. Louis (63113), $3,125 F. Zamarripa, St. Louis (63114), $3,125 Michael Przybylski, St. Joseph, $3,000 Zola Richey, St. Joseph, $3,250 Anna Avila, St. Louis (63111), $6,125 Ruby Hammond, St. Louis (63136), $3,750 Connie Green, Steele, $3,750 Lee French, Versailles, $3,125 Michael Meyer, Warrenton, $3,000 Walter Sims, Wellston, $3,125 Pick 3 winners: Leola Robinson, East St. Louis, Ill., $1,047 Robert King, Kansas City, $7,027 Charles Washington, Kansas City, $1,196 Carrie Brixey, Kansas City, Kan., $1,196 John Doss, St. Louis (63115), $1,296 C. McAdams, St. Louis (63110), $1,568 "Fun & Fortune" game-show winners: *Ronnie Melton, Buffalo, $62,583 *Lisa Robbins, Bonne Terre, $5,397 *Kevin Roe, Rayville, $8,594 *Rita Kerr, Russellville, $6,122 *Frank Cerniglia, St. Charles, $2,465 *Joseph Mertz, St. Louis (63116), $7,684 *James Ronsick, Union, $1,306 Promotion winners: *Steve Woodard, Joplin, Hawai trip $20,000 Scratchers winners: Clarence Leonard, House Springs Lisa Jackson, Washington $10,002 Scratchers winners: Jesus Sosa, St. Louis (63104) $10,000 Scratchers winners: Rex McAlister, Aurora Shirley Owens, Charleston Robin Harris, Columbia Janet Munaco, Imperial Barry Chambers, Jefferson City Joshua Bean, Kansas City (64127) Stacey Thacker, Marston *Mary Latham, Springfield $7,780 Scratchers winners: William Fields, Barnhard Cathi Wood, Belton Nora Gamblin, Dupo, Ill. Bobby Sutherland, Kansas City (64131) Catherine Yelton, Taneyville $5,000 Scratchers winners: Virginia Baker, Marionville $2,500 Scratchers winners: Arthur Watts, St. Louis (63101) $2,100 Scratchers winners: Crystal Hassan, Benton Gladys Johnson, Kansas City (64128) Bernadette Ortiz, Kansas City (66103) Louise Purtty, St. Louis (63106) Esther Gottowski, Waynesville $1,500 Scratchers winners: Linda Phillips, Lakeview, Ark. Clint Ballard, Monette, Ark. Marie Jacqueline, Portageville $1,002 Scratchers winners: Orville Alberty, Jay, Okla. Mary Cusack, Kansas City (64155) Gary Kramer, St. Louis (63116) $1,000 Scratchers winners: Frances Wood, Belton Richard McCaffery, Camdenton Michael Dinwidde, Centralia Heather James, Chaffee Thomas Graham, Clinton Martha George, Columbia Beatrice Corder, Corning, Ark. Wiliam Eaton, Dexter James Evans, Eldon Rebecca Clayton, Fayette Harold Hunter, Hazelwood Gabrielle Hollmann, Hillsboro Tammi McClain, Imperial Karen Morrow, Imperial Deanna McGraw, Independence Sandra Bedsaul, Jenkins Willie Davis, Kansas City, Kan. Alberta McKitrick, Lebanon Norman Pound, Lemay Jay Adams, Liberty Lonnie Osborne, Louisiana Vicki Lodder, Marceline Brenda Washington, Marshall Bill Davenport, Mexico Wendy Holcomb, Moberly Kelly Arnold, Monett Ruth Kettelkamp, Monett Howard Gast, Nevada Annette Slinkard, Noel Nanette Genoway, Novinger Stanley Sitzes, O'Fallon Kimberly Allen, Pacific Anne Frentzel, Perryville Barbara Riggs, Pevely Patricia Magill, Pierce City Belinda Wormington, Pierce City Jerry Portwood, Pittsburg, Kan. Reginald Boswell, Poplar Bluff Robert Huskey, Poplar Bluff Rose Mock, Poplar Bluff Joseph Thomas, Rosendale Mike Pearson, Russellville Elizabeth Stone, Russellville Willis Barnes, Salem Glennda Cook, Sedalia George Abraham, Springfield Anthony Benskin, St. Charles Annette Davidson, St. Louis (63107) Donna Burke, St. Louis (63125) Angenette Cusumano, St. Louis (63137) Tiwanna Foreman, St. Louis (63116) John Handy, St. Louis (63123) Verdia Lawrence, St. Louis (63113) Eddie Lawshea, St. Louis (63121) Jerry Nelson, St. Louis (63138) Barnabas Paphahshalom, St. Louis (63130) Tessie Sharpe, St. Louis (63120) Clestine Smith, St. Louis (63121) Dennis Garner, St. Louis (63116) Glen Huggins, St. Peters Leo Lunceford, Thompson Doris Wood, Thompson Kevin Rhoades, Utica Teresa Pluchinski, Wright City
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Hello Sims players ! This time we provide you the download links for הסימס 4 מחולל מפתח. הסימס 4 Key Generator is really a working keygen that will generate valid keys to work with latest version of Sims 4. הסימס 4 CD Key Generator is very user friendly and also it is will generate valids keys to work with Sims IV.
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Play has been something that I have been doing my entire life. It has helped shape me into the person that I am today mentally and physically. Although it has always been around it hasn't always been the same. Early in my life it was less complicated, and came easy to me. It was almost natural to just pick up on anything and turn it into a game. I guess it is easy when we are younger because we have a lot more time on our hands; we almost don't even look at it as playing but as everyday activities. Yet as I got older play started to become more serious. Competition came into playing and at sometimes the fun was taken out of it. There were almost two different forms of play in my life. One was when I with my team, and the other was just having leisure time in between all of my activities.
Play has made me the person that I am today I guess because I have a passion for it. I have always played sports throughout my life, so that's mainly where all my memories come from. I think that being an active person has made me who I am today. One memory that formed my personality would have to be being the captain of my football team in high school. It made me more responsible and let me know that people are depending on me everyday. Just the fact that I was part of a team makes me feel now that I am easy to get along with. Play brought me together with all kinds of different people and helped me learn new things. All together play changed the coarse of my life because it made me want to go into the field of study that deals with play everyday. Its something that I enjoy to do, and it will never go away. That's why I am currently a physical education major. Play is something that has formed us into the people we are today whether we know it or not.


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U.S. energy-related CO 2 emissions in 2013 expected to be 2% higher than in 2012
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, January 2014
Once all data are in, energy-related carbon dioxide (CO2) emissions in 2013 are expected to be roughly 2% above the 2012 level, largely because of a small increase in coal consumption in the electric power sector. Coal has regained some market share from natural gas since a low in April 2013; however the impact on overall emissions trends remains fairly small.
Emissions in 2013 are slightly more than 10% below 2005 levels, a significant contribution towards the goal of a 17% reduction in emissions from the 2005 level by 2020 that was adopted by the current Administration. This level of reduction is expected to continue through 2015, according to EIA's most recent Short-Term Energy Outlook.
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, January 2014
CO2 emissions from energy activities declined four out of six years since their 2007 peak, and were historically low (12% below the 2005 level) in 2012. From 2005 to 2013, the key energy-economic drivers of a changing U.S. energy landscape included:
- Weak economic growth in recent years, dampening growth in energy demand compared to pre-recession expectations
- Continuously improving energy efficiency across the economy, including buildings and transportation
- High energy prices over the past four years, with the exception of natural gas, since about 2010
- An abundant and inexpensive supply of natural gas, resulting from the widespread use of new production technologies for shale gas
- Power sector decarbonization since 2010, as natural gas and renewables displaced coal
News Source : U.S. energy-related CO 2 emissions in 2013 expected to be 2% higher than in 2012
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- Energy-related carbon dioxide emissions decreased in nearly every state from 2005 to 2013
- Colder weather drives forecast of 2014 energy-related CO2 emissions 1.1% above 2013 level
- U.S. energy-related carbon dioxide emissions increase in past two years
- U.S. energy-related CO2 emissions up 1% in 2014 as buildings, transport energy use rises
- U.S. Energy Information Administration- EIA- Independent Statistics and Analysis
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× View Today's Deals
You missed it This great deal for Matthews Family Chiropractic is over. But don't despair, we've got more great deals every day.
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Adjust your spine, adjust your attitude. Or at least, leave it to the pros to do so. At Matthews Family Chiropractic, the caring staff puts your well-being and comfort above everything else for quality service you can trust and enjoy:
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• Make your appointment at this conveniently-located practice Monday - Thursday
PAID VALUE EXPIRES ON January 19, 2022
PROMOTIONAL VALUE EXPIRES ON September 4, 2014


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Another Palestinian terror attack, another headline fail, this time from Australia's ABC News.
Australian Broadcasting Corporation's "Retaliation"
Australian ABC News infers that two Palestinian children are killed by Israel "in retaliation" for Hamas rocket attacks.
Hundreds of Hamas Rockets Go Missing for Australian Broadcaster
Australian broadcaster ABC News fails to mention the most vital statistic of the lot – the hundreds of Hamas rockets pounding Israel from Gaza.
Aussie Radio: Israel May Be Trying to Kill Own Diplomats
Suggestion that Israel might be responsible for terror attacks.
You Can't March In Step With Suicide Bombers and Lecture About What's Mainstream
Peter Manning (Sydney Morning Herald op-ed) argues that Canberra's support for Israel is out of step" with Australian public opinion. But as I read his piece and the polls he cites, I'm having a recurring thought: skewed media coverage of Israel impacts public opinion, and public opinion impacts policy. Indeed Manning is part of that…
Sderot: Still Under Fire
Sderot continues to suffer as a woman loses her life to a Qassam missile.
Australian Media's Moment of Truth
The Australian Broadcasting Corportation admits to Hamas terror, while the New York Times equates Israel and Hamas.
CNN's Iraqi Cover-Up
CNN admits that knowledge of murder, torture, and planned assassinations were suppressed in order to maintain CNN's Baghdad bureau.
AP's Snow Job
Not all bias is blatant. Here's one extra word from an Associated Press photo caption.


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Retail and Consumer 2016 Holiday Outlook
It's the most digital time of the year
The business environment is changing. We are facing a global slowdown, volatility in commodity prices and increasing competition from both developed and emerging economies.
The business environment is changing. We are facing a global slowdown, volatility in commodity prices and increasing competition from both developed and emerging economies.
There is also nervousness around interest rates, which is causing a sharp decline in consumer confidence. This has created an extremely challenging climate for retail and consumer goods companies. There are the immediate concerns of growing competitive pressures, an increase in the number of alternative sales channels, a blurring of roles between suppliers and retailers, and a shift in the balance of power to retailers.
Companies must rethink their earnings strategies and look to new efficiencies to drive bottom line growth. Maintenance of margins through balancing costs and pricing will remain a challenge in this ever-competitive industry.
PwC offers a strong and reliable network of dedicated industry experts. Our mission is to help clients extract value from their multinational operations, to develop a competitive advantage across the value chain, and to ensure that all corporate stakeholder expectations are recognised and met. Building brand trust, brand growth, and brand effectiveness is the purpose of our practice.
It's the most digital time of the year
A new delivery - Satisfying Southeast Asia's appetite through digital presents a view of how companies can prepare themselves to meet the evolving needs of consumers.
PwC's Retail & Consumer Deals Digest takes a look at the deal-making activity across the Australian retail and consumer sector.
In our Connected Retail series we explore what the customer experience might look like in the near future with retailers needing to be able to 'connect' the dots through technology and their own existing systems to offer a far superior customer experience.


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The Italian is coaching Russia but according to Sky Sport Italia the Parisians will take up an option to hire him for one season.
PSG are looking to replace another Italian, Carlo Ancelotti, who is set to move to Real Madrid.
More about...
What is your opinion? Feel free to discuss the article under. You have to comment by using your Facebook profile. Be fair and have respect for other people and opinions!
Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.


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Is this restaurant good for local cuisine?
Does this restaurant have private dining rooms?
Is this primarily a bakery?
Thanks for helping!
3 Days in Genoa
Romantic Guide to Genoa
One Day in Genoa
I got the nocciola and cremino, and I'd highly recommend this combo! I also tried the Violetta and loved it too, but it was lighter and I was feeling like indulging my sweet tooth with the hazelnut combo. Definitely would recommend!
Really gorgeous gelateria- ice cream made with commitment. The chocolate fondente ( dark chocolate) is the best we have ever had and we like to think we know somwthing about that. No extras added just dark chocolate and water even diabetics can have it. My children choose this every time simply because its sensational . There are flavours like safe...
Try to find it among the narrow streets and you will get a great experience.The best gelato , I have ever tasted.
Came here with the girlfriend and tried so many flavours we couldn't decide what to pick! Ended up with almond, dark chocolate, and peanut. Just wow! Unbelievable. Will be coming back tomorrow!!
Take a break from the sun and wander through the shaded narrow streets until you find this gem! You will not find better service or gelato anywhere else in Genoa. Try some of the offbeat flavours, like ginger :D
Sooooo good! The lady spoke great english and served us some of the best gelato I have ever tasted. A little hard to find for the unexpirienced but well worth the search. Prices were not bad as well. Very clean and bright!
We have been eating gelato in different places for three days now. This place is the best. We had 9 flavors and they were all excellent. Unique flavors like violet and Rosemary were fantastic but the standards, like chocolate were also outstanding
Ahhhhy authentic gelato?! Your ice cream is going straight in my basket! We'll call that a win then!
The owner is so very nice even with limited english. The gelato is just awesome. I should qualify I have only tried gelato in northern Italy but I have sampled a lot and this tops them all. Both of my daughters confirm this is the best we have tried. Large range of flavours, ask and you can try befor you...
You will remember this gelato! I didn´t keep any special souvenir from Genova except for this chocolate gelato.
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Artwork by Circe Dunnell on view in 'Relative Perception'
"And He Waited," a mixed media and encaustic painting by Circe Dunnell, is one of the images in "Relative Perception," an exhibition of artwork by siblings William Dunnell and Circe Dunnell on view through mid-May at Brassworks on Grove, 105 Grove St. Brassworks is open Mondays through Fridays, from 9 a.m. to 5 p.m., and by appointment. For details on the exhibition, call 973-744-5100, or visit online at www.brassworks.com. To learn more about the artist, visit www.circedunnell.com.