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A proof copy of Andy Warhol's 1985 portrait of Queen Elizabeth II is set for auction at Bonhams' Print Sale in London on 11 July. The rare copy is estimated to fetch between 40,000-60,000.

Warhol, an American artist, is known for creating exploratory works on celebrity culture, artistic exploration and advertisement. The artist is regarded as one of the leading figures in the visual art movement known as pop art. Some of his famous works include The Last Supper, Soup Cans and Death and Disaster.Although Warhol is best remembered for his paintings of Campbell's soup cans, he also created hundreds of other works, including commercial advertisements and films.

The signed and numbered print of Queen Elizabeth II is from the Reigning Queens series, which also includes the Queens of Denmark, the Netherlands and Swaziland. It was his last print-portrait before his untimely death in 1987.

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It is based on a portrait of Queen Elizabeth painted in 1977 to mark her Silver Jubilee. Given Warhol's fascination with transvestites, of whom he painted a series in the 1970s called Drag Queens or Ladies and Gentleman, the Reigning Queens title is clearly intended as a pun on Raging Queens.

According to Bonhams' website, the two series also share the same bright, almost garish palettes. As always with Warhol, however, the flippancy masks a more serious point about the nature of celebrity and image in the modern world.

"Warhol was, of course, a commercial artist working in design, fashion and advertising for many years before he crossed over into the world of fine art. It is in his portraits above all that Warhol combined these two aesthetic domains, deploying all his graphic skill, his eye for engaging line and colour, his 'creative director' talents to make images that would not only appeal to his immediate clients, but also to absolute strangers in the years to come," wrote art critic and journalist Adrian Dannatt on the painter and his work.

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Andy Warhol’s Rare Queen Elizabeth II Portrait Copy Up for Sale

Alan Joyce, CEO of Qantas.

QANTAS chief Alan Joyce has sought to allay fears about the split of its international flying operations from the domestic business, insisting that the benefits will "greatly outweigh" any negatives, such as duplication of services across the two new units.

As it attempts to turn around the international operations, Mr Joyce also confirmed at the weekend that the airline has a project team considering whether to apply for a separate commercial airline licence - known as an air operator's certificate - for one of the two new divisions.

Deutsche Bank analysts have speculated that the split could open the way for Emirates to invest directly in Qantas' domestic business, the core of its earnings. The Middle Eastern airline has shown interest in forging a code-share deal with Qantas.

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But Qantas has maintained that the split is aimed at "giving accountability and direction" to the new divisions, and was not a precursor to it copying Virgin Australia's recent ownership changes. Virgin's shake up has opened the way for foreign institutional investors and airlines to invest in its core domestic business.

The Qantas Sale Act, which limits total foreign investment to 49 per cent, is also more onerous than those restrictions imposed on other airlines such as Virgin, a point Qantas has made many times.

"There is a lot of speculation about other reasons. To be absolutely clear, the reason why we are doing this is to give an open and transparent view of the different businesses Qantas has," Mr Joyce said. "There is no subtext behind this."

Insiders have also questioned whether the split will result in unnecessary duplication of services across the international and domestic businesses, or managers protecting their patches to the detriment of the entire company.

But Mr Joyce said the domestic and international flying operations already had "very different and separate businesses internally", including their own revenue management and pricing teams.

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Mostly benefits in Qantas split, says Joyce

TARRYTOWN, N.Y., May 8, 2012 /PRNewswire/ --Regeneron Pharmaceuticals, Inc. (REGN) and Bayer HealthCare today announced that Bayer's Japanese subsidiary, Bayer Yakuhin, Ltd. ("Bayer Yakuhin"), and Santen Pharmaceutical Co., Ltd."Santen"entered into a co-promotion agreement for EYLEA (aflibercept) Injection in Japan. As previously announced, Bayer Yakuhin has submitted an application for marketing authorization to the Ministry of Health, Labor and Welfare (MHLW) for EYLEA for the treatment of neovascular age-related macular degeneration (wet AMD).

"With this agreement and upon marketing authorization, a newly formed Bayer Yakuhin ophthalmology field force and Santen, the leading ophthalmology company in Japan, will promote EYLEA," said Sebastian Guth, President & CEO of Bayer Yakuhin, Ltd. "We expect that the combined resources of the two companies will allow EYLEA to achieve a broader and faster reach into the Japanese ophthalmology community and potentially benefit a greater number of patients."

Bayer and Regeneron have also amended their existing global license and collaboration agreement for EYLEA to convert the 50/50 profit share for Japan into a royalty arrangement that approximates the economics of the profit split. In certain specified circumstances, the royalty may revert to a profit share arrangement.

EYLEA is approved for sale in the United States for the treatment of wet AMD and marketing approval has also been granted in Australia. Bayer HealthCare has submitted applications in Europe and other countries and has initiated a Phase 3 clinical study for wet AMD in China. Beyond the wet AMD indication, EYLEA is in Phase 3 clinical studies for the treatment of diabetic macular edema (DME), myopic choroidal neovascularization (mCNV), and branch retinal vein occlusion (BRVO). Regeneron has filed an sBLA for EYLEA in central retinal vein occlusion (CRVO) in the United States, and has been granted a Prescription Drug User Fee Act (PDUFA) date of September 23, 2012.

Bayer HealthCare and Regeneron Pharmaceuticals, Inc. are collaborating on the global development of EYLEA. EYLEA was approved in the United States for the treatment of wet AMD in November 2011. Regeneron maintains exclusive rights to EYLEA in the United States. Bayer HealthCare owns the exclusive marketing rights outside the United States, where the companies will share equally the profits from any future sales of EYLEA, except for Japan where Regeneron will receive a royalty on net sales.

About EYLEA (aflibercept) Injection For Intravitreal InjectionVascular Endothelial Growth Factor (VEGF) is a naturally occurring protein in the body. Its normal role in a healthy organism is to trigger formation of new blood vessels (angiogenesis) supporting the growth of the body's tissues and organs. However, in certain diseases, such as wet age-related macular degeneration, it is also associated with the growth of abnormal new blood vessels in the eye, which exhibit abnormal increased permeability that leads to edema. Scarring and loss of fine-resolution central vision often results.

EYLEA (aflibercept) Injection, known in the scientific literature as VEGF Trap-Eye, is a recombinant fusion protein, consisting of portions of human VEGF receptors 1 and 2 extracellular domains fused to the Fc portion of human IgG1 and formulated as an iso-osmotic solution for intravitreal administration. EYLEA acts as a soluble decoy receptor that binds VEGF-A and placental growth factor (PlGF) and thereby can inhibit the binding and activation of these cognate VEGF receptors.

IMPORTANT PRESCRIBING INFORMATIONIn the United States, EYLEA is indicated for the treatment of patients with neovascular age-related macular degeneration (wet AMD).

The recommended dose for EYLEA is 2 mg administered by intravitreal injection every four weeks (monthly) for the first 12 weeks (3 months), followed by 2 mg once every eight weeks (2 months). Although EYLEA may be dosed as frequently as 2 mg every four weeks (monthly), additional efficacy was not demonstrated when EYLEA was dosed every four weeks compared to every eight weeks.

IMPORTANT SAFETY INFORMATIONEYLEA is contraindicated in patients with ocular or periocular infections, active intraocular inflammation, or known hypersensitivity to aflibercept or to any of the excipients in EYLEA.

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Regeneron and Bayer Announce Co-Promotion Agreement With Santen For EYLEA® (aflibercept) Injection in Japan

SANTA MONICA, Calif.--(BUSINESS WIRE)--

Demand Media, Inc. (NYSE: DMD - News), a leading content and social media company, today reported financial results for the quarter ended March31, 2012 and raised its previously issued fiscal 2012 financial guidance.

Driven by continued growth across our businesses, our first quarter revenue exceeded our seasonally strong Q4 2011 results, said Richard Rosenblatt, Chairman and CEO of Demand Media. We are pleased with our first quarter results and remain focused on investing in our long-term growth initiatives, including enhancing the quality of our Owned & Operated properties, expanding our content distribution channels and partnerships, and pursuing new generic Top Level Domain opportunities.

(1)

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Q1 2012 Financial Summary:

Our first quarter growth and significant free cash flow marks a great start for 2012, particularly in light of a tough year-over-year comparison due to early 2011 search algorithm changes, said Charles Hilliard, President and CFO. "Demand Media's increased guidance reflects our first quarter performance, our improved outlook for the remainder of 2012 and, for the first time in more than a year, a return to accelerating year-over-year revenue growth beginning in Q2."

Business Highlights:

(1) Source: comScore.

Operating Metrics:

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Demand Media Reports First Quarter 2012 Results and Raises Fiscal 2012 Guidance

TEL AVIV, Israel--(BUSINESS WIRE)--

Compugen Ltd.(NASDAQ: CGEN)today reported financial results for the first quarter ending March 31, 2012.

Anat Cohen-Dayag, Ph.D., President and CEO of Compugen, stated, We were very pleased to announce this past quarter the establishment of new operations in South San Francisco to develop monoclonal antibodies (mAbs) against mAb targets selected from Compugens Pipeline Program. The resulting in-house combination of our novel target discovery capabilities with outstanding expertise in the generation and development of mAb therapeutics positions Compugen to become a potential world leader in mAb therapeutics, the fastest growing drug class in pharmaceuticals and a drug class which predominately addresses the therapeutic fields of immunology and oncology.

Dr. Cohen-Dayag continued, With respect to our other biologic drug class area of focus, therapeutic proteins, representing a substantial global market, we continue to make good progress. The capabilities, both within the Company and through external collaborations with leading academic centers and service providers, that were established for CGEN-15001, are now being utilized for certain of our other novel therapeutic protein candidates, which are also based on the extracellular domains of Compugen-discovered B7/CD28-like membrane molecules. Two such additional product candidates, CGEN-15021 and CGEN-15091, are approaching the development stage of CGEN-15001 with encouraging results. Moreover, we recently announced that another two product candidates, CGEN-15031 and CGEN-15051, have demonstrated initial positive results in disease animal models supporting their predicted therapeutic utility. These Pipeline Program molecules clearly highlight one of the many advantages of our unique and broadly applicable predictive capabilities - the ability to predict and select multiple novel product candidates for each therapeutic field we target. Furthermore, we continue to see strong confirmation from others of our powerful discovery capabilities and the high potential value of our initial product candidates.

Dr. Cohen-Dayag continued, In our ongoing commercialization discussions we are recognizing that to obtain the appropriate financial rewards for each of our multiple novel molecules in the broad therapeutic areas we are addressing, such as autoimmune diseases or oncology, in addition to demonstrating the potential for superiority over products in the market or under development by others, we will also require product differentiation among our own individual candidates in each such broad therapeutic area. Based on this understanding, as we continue these commercialization discussions, we are performing in depth studies to differentiate our product candidates through the investigation of their modes of action and studies to allow the selection of the specific therapeutic indications for clinical development for each candidate. This includes initiating disease animal model testing in additional areas of unmet medical need in our therapeutic fields of focus.

Martin Gerstel, Compugens Chairman of the Board, added, Today, at a time when meaningful new drug candidates are in short supply, we are very pleased to have reached the point where our powerful predictive discovery platforms are systematically yielding numerous novel product candidates with the potential to address significant unmet medical needs. The establishment of our California mAb operations under exceptional world-recognized leadership is a key milestone in the pursuit of significantly greater financial rewards from our growing inventory of novel mAb targets, as is the expanded scope of early stage development and differentiation activities now underway with respect to our multiple, very promising B7/CD28 related therapeutic protein product candidates. We are confident that these decisions and actions mark an important value inflection point in the commercial development of the Company.

No revenues were recorded for either the first quarter of 2012 or 2011. As previously stated, the Company's initial future revenues will likely result primarily from license and research fees, and initial milestones.

The net loss for the most recent quarter was $4.1 million (including a non-cash expense of $543,000 related to stock based compensation), or $0.12 per share, compared with a net loss of $1.9 million (including a non-cash expense of $379,000 related to stock based compensation), or $0.06 per share, for the corresponding quarter of 2011. The increase in net loss for the most recent quarter resulted in large part from non-cash charges to finance expense due to the re-measurement of the embedded derivatives and exchange options components under the Baize research and development funding arrangements signed in late 2010 and 2011, and to a lesser extent, from increased research and development expenses, net.

Research and development expenses, net, for the first quarter of 2012 were $2.1 million, compared with $1.6 million for the first quarter of 2011, and remained the Companys largest expense.The growth in research and development expenses, net, reflects increasing levels of activity primarily with respect to independent investigators and service providers performing evaluation studies, an increased usage of lab materials, and expenses relating to the establishment of the Company's California-based mAb operations.

As of March 31, 2012 and 2011, the Research and development funding arrangements liability in the amount of $7.4 million and $4.2 million, respectively, relates to the accounting for the Baize research and development funding arrangements signed in December 2011 and December 2010. The liability balances are primarily related to the estimated fair values of the derivative instruments resulting from the right of the investor under both arrangements to waive his right to receive potential future payments in exchange for Compugen ordinary shares. After accounting for these funding arrangements, the Company reported financial expense of $1.0 million for the first quarter of 2012, compared with financial income of $294,000 for the comparable period of 2011.

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Compugen Ltd. Reports First Quarter 2012 Financial Results