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Oculus Innovative Sciences, Inc. (NASDAQ: OCLS) (Thu, March 27, 2008, 8:08am ET) Oculus Innovative Sciences, Inc. announced that the Chinese State Food and Drug Administration (SFDA) has approved Microcyn Technology for use in China. The Chinese agency approved Microcyn Technology for treatment of various acute and chronic wounds including ulcers, cuts, contusions and burns. This approval allows Oculus' Chinese partner to market Microcyn Technology as a technology that provides a moist environment for wounds and accelerates wound healing through the reduction of microorganisms in wounds.
This approval follows the completion and submission of two randomized controlled Chinese clinical trials of Microcyn in December of 2007-a burn wound study with 162 patients and a chronic wound treatment study with 35 patients. The Microcyn Technology will be marketed by Oculus' Chinese partner, China Bao Tai.
"The randomized trials in China followed by the SFDA approval provides Oculus with a significant business opportunity in terms of future sales while focusing our internal resources near-term on the U.S. clinical trials and new drug approval," said Hoji Alimi, founder and CEO of Oculus Innovative Sciences. "The international business is a springboard that can provide Oculus with a stronger future financial model as our partners invest in clinical trials, sales, marketing and distribution of Microcyn Technology. With nearly 1.3 billion people, China represents a major healthcare market opportunity for Oculus and our partners."
Oculus Innovative Sciences entered into an agreement with China Bao Tai in 2007 for the distribution of Microcyn-based products in China. The partnership allows Oculus and the Microcyn Technology to gain a foothold in China through China Bao Tai's expertise in new product launches and its large, well connected distribution network. In addition to wound care, China Bao Tai is evaluating the Microcyn Technology in several other indications.
"As the largest pharmaceutical group in China, we believe that the Chinese medical community will enthusiastically embrace an anti-infective technology that is proven both safe and effective in treating infection in chronic wounds and burns," said Yan Bing, president of Sinopharm, China Bao Tai's sub-distributor for hospitals and pharmacies.
"We read the SFDA's rapid approval as a signal that the marketplace is eager for an anti-infective that works as promised and doesn't appear to promote bacterial resistance as is the case for many of today's antibiotics. As well, it is the first anti-infective that we have evaluated which also has demonstrated powerful wound healing benefits."
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Ascent Solar Technologies, Inc. (NASDAQ: ASTI) (Thu, March 27, 2008, 6:00am ET) Ascent Solar Technologies, Inc., a developer of thin-film photovoltaic modules, announced today that Norsk Hydro ASA, through its subsidiary Norsk Hydro Produksjon AS, has exercised an option to purchase an additional 2,341,897 shares of Ascent Solar common stock and 1,689,905 Class B warrants. The option was granted to Hydro and approved by Ascent Solar's shareholders in June 2007. Gross proceeds to the company from the follow on investment will be approximately $28.4 million, and reflect per share and per warrant purchase prices equal to the average of the closing bids of each security, as reported by Nasdaq, for the five consecutive trading days preceding exercise. Ascent Solar expects the transaction to close by March 31, 2008. Upon acquiring these additional securities, Hydro will hold approximately 35% of the total outstanding common shares and approximately 35% of the total outstanding Class B warrants of Ascent Solar.
"Hydro is excited by Ascent Solar and its thin, flexible solar modules. We believe that Ascent Solar's modules will help lay the foundation for the energy solutions of tomorrow, and we feel that Ascent Solar's products will be a very good fit with Hydro's continuing commitment to develop energy efficient building systems, in which solar energy will play a central role," says Jorgen C. Arentz Rosrup, Executive Vice President for Energy at Hydro.
Ascent Solar President and Chief Executive Officer Matthew Foster said "I thank the management team at Hydro for its continued support and this vote of confidence in Ascent Solar's technologies and products. We intend to use these proceeds to support expansion of Ascent Solar's production capacity."
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Gushan Environmental Energy Limited (NYSE: GU) (Wed, March 26, 2008, 7:51am ET) Gushan Environmental Energy Limited, China's largest producer of biodiesel as measured by annual production capacity, announces that the Board of Directors has granted share options to 65 officers and employees of the Company totaling 3,055,000 ordinary shares (1,527,500 American Depositary Shares) at an exercise price of USD5.30 per ordinary share (as adjusted to USD10.60 per ADS) of the Company on March 25, 2008. The options will vest one third 12 months from the date of grant, one third 24 months from the date of grant and the remaining one third 36 months from the date of grant. The options will expire ten years from the date of grant. The options have been granted pursuant to the Company's share option scheme. The purpose of the option grants is to encourage the retention of personnel in a competitive market place. Together with those share options previously granted, there are 5,017,184 ordinary shares (2,508,592 ADSs) issuable upon exercise of outstanding share options and there are 9,760,666 ordinary shares (4,880,333 ADSs) available for future issuance upon the exercise of future grants under the share option scheme.
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