DellaCamera Claims Enzon CEO Can (Almost) Never Be Fired

DellaCamera Claims Enzon CEO Can (Almost) Never Be Fired

DellaCamera Capital gathered what it claimed was more than 50 percent of Enzon’s shareholders into a hotel conference room in Midtown New York today to make the case for staging a coup against CEO Jeff Buchalter.

The presenter, DellaCamera research chief Richard Mansouri, dropped some interesting new nuggets into the debate over whether Buchalter should be removed by his shareholders (the stock is down by more than 50 percent over the last five years). Among them:

* Buchalter’s contract requires an unusual 12 months’ notice if the company wants to fire him — and as he’s also contractually required to be Enzon’s board chairman, it is thus virtually impossible for the board to remove him. “We’ve never seen anything like this,” Mansouri said. While dual CEO/chairman roles often create unaccountable “imperial” bosses with built-in conflicts of interest, “The fact that it is contractually mandated is even worse,” he said. Buchalter gets about $5 million a year in compensation even though his company only makes $197 million in revenues.
* Buchalter announced he was exploring the sale of his specialty pharma division in August 2008, and then concluded that effort with no sale in November. No explanation or detail has been offered as to exactly why that effort failed, Mansouri said. “We are not at all satisfied with this lack of information.”
* Enzon has gone through $55 million in “other” R&D costs on “discontinued” products since 2005, and that “other” expenses are the company’s largest R&D cost.

“Something is wrong. Something is very wrong here,” Mansouri concluded.

The audience was subjected to this PowerPoint slideshow, much of which rehashed the case for change that Ralph DellaCamera’s (pictured above) group previously made in a June 1 SEC filing. Get BNET’s take on the back story here.

The chief weakness in the DellaCamera case is that the group won’t say who it thinks should replace Buchalter (pictured below) and nor will it reveal what it believes the company’s strategy should be. “We don’t have any other agenda,” Mansouri said.

This hole will become more important as it gathers shareholder support, because despite its flaws Enzon isn’t a complete disaster: It made $6 million in profit on $48 million in revenue in Q1, both small increases from the year before. Shareholders faced with a stay-the-course plan from Buchalter and no plan at all from DellaCamera might be forgiven for sticking with the devil they know.

In the wings is Carl Icahn, who owns 7.8 percent of Enzon. Icahn just succeeded in putting two supporters on Biogen’s board and two on Amylin’s board. He already has one guy on Enzon’s board.

The event set the stage for an exciting battle, but don’t get too excited: When pressed by BNET, Mansouri all but admitted that the historical success rate of shareholder votes to remove CEOs is zero.

linkback url: http://industry.bnet.com/pharma/10002625/dellacamera-claims-enzon-ceos-contract-says-he-can-almost-never-be-fired/

David’s Dream Run Moves to Bubble Boy’s Hometown

David’s Dream Run Moves to Bubble Boy’s Hometown

SHENANDOAH, Texas — David Vetter was twelve years old when he died in 1983 of severe combined immune deficiency (SCID). This young boy from Shenandoah, Texas was known to the world as “the Bubble Boy” and lived his entire life inside a totally germ-free environment. In honor of his memory, the annual David’s Dream Run and Walk was established to help raise money for the David Center at Texas Children’s Hospital’s Allergy and Immunology Clinic, which provides diagnosis and treatment to children with allergy, asthma and primary and secondary immune dysfunction, including HIV/AIDS. The event will be held on Saturday, May 9, 2009.

This year for the first time, the event will be held in David’s hometown. It will start in the parking lot of the new Woodforest Bank Stadium and adjacent natatorium located in Shenandoah behind the Portofino Shopping Center and proceed along David Memorial Drive before returning to the finish line at the stadium. The facilities were opened last year as part of the Conroe Independent School District athletic facilities.

David’s sister, Katherine Vetter Canion expressed the town’s appreciation when she learned the event specifically designed for children and families would be held in Shenandoah. “It’s a home coming we’re so very proud of,” she stated. “The people who knew my brother best and who for years protected his privacy and last name can now be a part of his incredible legacy. It’s very humbling for my mother, father and me and our families, and we are so grateful for the work of all the folks at Texas Children’s Hospital. They will always be very special to us,” she said.

Since 1994, David’s Dream Run has raised over $260,000 for Texas Children’s Hospital. Last year, more than 700 participants and dozens of volunteers took part in the David Dream Run which will consist of both a one mile walk and a 5K run. It is specifically designed for the participation of families, as well as seasoned runners.

This year’s organizing committee consists of Linda Woods, Director of Shenandoah Convention & Visitors Bureau; Lee Allen, Principal of the David Elementary School in The Woodlands; Michelle Barrell and Melissa Wolsky, race volunteers for many years; Brian Carlisle of Shenandoah Police Department; and Katherine Vetter Canion, David’s sister.

All contributions are tax deductible and 100 percent of the funds raised will be donated to the David Center. For more information on how to participate in the David Dream Run and Walk, telephone 281 381-7229 or visit the Web site at the link below.
Related Links:
David’s Dream Run Web site

Charity tree contest kicks off at GPO

December 7, 2008

Charity tree contest kicks off at GPO

By Faith V. Realica

For Pacific Sunday News

The third annual Shieh Su Ying Charity Tree Contest kicked off at yesterday at Guam Premier Outlets in Tamuning.

More than 20 nonprofit organizations are participating in the contest. Representatives from the organizations picked numbers yesterday to see which Christmas tree they would adopt and decorate.

This year’s theme is “Christmas Movies.”

Participants will be given until this Wednesday to decorate their trees with their selected items. Judging will begin on Thursday or Friday, said Dr. Thomas Shieh, who organizes the contest. The winner will be announced Saturday.

Giving back

“It is the Shieh Su Ying Charity Tree Contest — named after my grandmother, who had a significant influence on me while I was growing up,” Shieh said. “She died of pancreatic cancer, and her and my mom, Toshiko Shieh, always taught me to do good and give to charity.”

The trees will be judged based on the following criteria: originality, creativity and representation of their respective organization with each category being 5 points.

Alongside the trees, the organizations will place charity boxes to collect public donations. The boxes will be monitored.

Monetary prizes will be issued to three winners.

First place will receive $1,500, second place will receive $1,000 and third place will receive $500.

Shieh encourages participants to get creative with their decorations and also hopes that the public will come out and support the cause.

SKID Kid Foundation volunteer Jina Rojas is eager to begin the project to raise funds for the “Drive for Maria Hope.” Maria Hope is a local child battling a rare immune deficiency called Severe Combined Immunodeficiency, or SCID.The condition is extremely rare, occurring in 1 in 500,000 to 1 in 1,000,000 people, according to Shieh.

“It’s really exciting to see what the other organizations have come up with,” Rojas said. “The charity tree contest is a really good cause.”

Additional Facts

The following organizations are participating in the third annual Shieh Su Ying Charity Tree Contest at the Guam Premier Outlets in Tamuning:

American Cancer Society

Salvation Army Family Center

SKID Kid Foundation

GMHA Volunteers Association

Alee Shelter

Catholic Social Services

Edward Calvo Foundation

Rainbows for All Children

American Association of University Women

Simon Sanchez High NHS

Guam Animals In Need

Salvation Army Light House Recovery Center

Guma Mami Inc.

DYA: Just Say NO Organization

Guam Environmental Partners

Sanctuary Inc.

PC Lujan PTA Counsel

Dededo Youth Crime Watch

UOG Junior Accountant Society

Justice Foundation

Big Brothers Big Sisters
The public is invited to see the charity trees at GPO during store hours. The public is also encouraged to donate to the groups.

linkback url: http://www.guampdn.com/article/20081207/NEWS01/812070320/1002

The SCID Initiative has a new partner!

Cayley The Musical Fairy DVD

The SCID Initiative has a new partner, Cayley The Musical Fairy. http://www.cayleythemusicalfairy.com. Cayley is the main character in a musical DVD fairytale that teaches children about the power of their thoughts. It’s a 15 minute DVD story with original music and illustrations, designed for children ages 3 and up. Cayley’s daily life is full of music and happiness until she encounters a mean stranger. Find out how Cayley learns that positive thinking creates positive emotions.

For each DVD sold, Cayley and her creator will donate $2.00 to the SCID Initiative. Be sure to select The SCID Initiative during check-out! This DVD makes a wonderful gift for a child and a wonderful gift to The SCID Initiative.

Thanks to Cayley and her creator Tracy!

Indianapolis ‘Bubble Boy’ Gets Safe Place to Call Home – Angie’s list partners with local companies to provide a healthy home for baby born without an immune system

Indianapolis ‘Bubble Boy’ Gets Safe Place to Call Home – Angie’s list partners with local companies to provide a healthy home for baby born without an immune system

Indianapolis – When Sebastian Guarneros was born on June 11, 2007, he was the apple of his parents’ eye. The second-born for Karin and Enrique Guarneros, “Sebi”, as they like to call him, was a welcomed addition to their family. But just five short months later, the Indianapolis parents found out there was something wrong with their perfect little boy. In November 2007, Sebastian started getting sick and never got better. After bouts of bacterial and viral pneumonia and months of tests, doctors at Riley Hospital for Children determined he had Severe Combined Immunodeficiency (SCID) – commonly known as the “bubble boy” disease. This robbed him of an immune system. While their dreams of seeing Sebastian playing t-ball with other kids, or riding his bike down the street started to fade, his parents weren’t ready to give up. Karin Guarneros recalls, “When I heard the diagnosis of SCID, I was devastated and thought ‘I can’t do this,’ but then you do, because it’s your child and you want the best for him.” In addition to the costly medical bills, the Guarneros’ also faced the huge task of modifying their 1,500 square foot home into a safe and healthy house, so Sebastian could live there. A family friend contacted the Angie’s List Wishmakers program for help. “This is the largest Wishmakers project we’ve ever taken on,” said Angie Hicks, founder of Angie’s List (www.angieslist.com). “But when we put out the call for help to our highly rated service companies, within minutes we had businesses volunteering to help.” Because Sebastian’s body can’t tolerate germs, many fibers or other pollutants, local contractors modified the home’s heating and cooling system and replaced the carpet flooring with laminate floors. Additionally, an entire room has been added to help give Sebastian as normal of a life as possible. A ribbon cutting ceremony was held Friday, October 3 to unveil the additions. “When Karin told me that he can’t go outside, he can’t touch the grass, I knew we had to bring the outside in. We designed a room with lots of windows to give it an outdoor feel,” said Geoff Horen, President of the Lifestyle Group. His company is just one of 21 that donated services for the project. The complete list follows: The Lifestyle Group Butz Lumber iFloor Shelby Materials 31-W Insulation Carter-Lee Lumber Jackson Concrete Thomas J Pearson Inc. Alpha Construction Control Tech Luther G Spears Plaster Contractor White Oak Construction Alpha & Omega Painting, Inc Exterior Home Improvement Mike Short Sherwin Williams Bullseye Fence Design Gunderman Designs & Concepts, Inc Paschal Construction Mite-E Ducts Hughes Electrical Connection, LLC Ray’s Trash Sebastian has responded well to treatment and a stem cell transplant. He’s now at home and doctors predict he could be out of isolation within a year. Hicks established the Wishmakers program as a way for Angie’s List to give back to the communities it serves. Since 2004, Angie’s List has partnered with highly rated service providers to grant wishes across the country. Previous Wishmakers projects include: • Removing and properly sealing exterior lead paint and replacing gutters for a Rochester, N.Y. woman who operates a childcare center out of her home. • Repairing a car for a disabled retired Navy veteran in Daytona Beach, Fla. • Finishing flooring and installing doors in the home of a St. Petersburg, Fla. woman in frail health who has spent her retirement fund taking care of her Alzheimer’s-stricken mother. • Improving the kitchen and organizing the home of a Boston, Mass. woman who cares for drug-addicted and HIV positive newborns. • Improving kitchen countertops and installing a portable dishwasher in the home of a legally blind Portland, Ore. man. • Making a Kansas City, Mo. backyard safe for young children, including an infant with a congenital heart defect. • Installing a safety rail and improving gutters and trim of a home a Washington, D.C. woman with Multiple Sclerosis. • Landscaping for a widowed Bellingham, Wash. woman with two young children. ### Angie’s List is where thousands of consumers share their ratings and reviews on local contractors and companies in more than 340 different categories. Currently, more than 650,000 consumers across the U.S. rely on Angie’s List to help them find the right contractor or company for the job they need done. Members have unlimited access to the list via Internet or phone; receive the Angie’s List magazine, which includes articles on home improvement and maintenance, consumer trends and scam alerts; and they can utilize the Angie’s List complaint resolution service. Get more information about Angie’s List at http://www.angieslist.com Read Angie’s blog at http://www.angiehicksblog.com

linkback url: http://healthcare.dbusinessnews.com/shownews.php?type_news=latest&newsid=168050

IDF Applauds Legislation to Improve Patient Access to Life Saving IVIG Treatment

 

IDF Applauds Legislation to Improve Patient Access to

Life Saving IVIG Treatment

{WASHINGTON, D.C., May 8, 2008} – The Immune Deficiency Foundation (IDF) applauds Senators John Kerry (D-Mass.), Lamar Alexander (R-Tenn.) and Debbie Stabenow (D-Mich.) for introducing S. 2990, “The Medicare IVIG Access Act.” The bill seeks adequate reimbursement for Intravenous Immunoglobulin (IVIG) therapy and accompanying care in the management of patients with primary immunodeficiency diseases (PIDD) and other serious conditions that require IVIG therapy.

“For our patients with primary immunodeficiency diseases who need antibody replacement, IVIG is their only treatment option,” said Marcia Boyle, IDF President and Founder. “Senators Kerry, Alexander and Stabenow have stepped forward to ensure that individuals whose lives depend on access to IVIG will not be put at risk.”

Presently, Medicare beneficiaries who require IVIG are experiencing serious access problems – an unintended result of the way Medicare determines the payment for IVIG. Many doctors and hospitals cannot purchase the products at Medicare reimbursed rates, and as a result, some patients are not getting this life saving treatment.

“The Medicare IVIG Access Act” would fix these current problems by ensuring adequate reimbursement for IVIG. It also allows for home treatments for Medicare beneficiaries with PIDD by covering related items and services excluded from the current home infusion benefit. These changes will allow these patients to lead healthy and productive lives.

Multiple patient, professional and industry organizations have joined IDF in support of this legislation.

About Primary Immunodeficiency Diseases

Primary immunodeficiency diseases are a group of over 150 rare disorders in which part of the body’s immune system is missing or does not function properly. In contrast to secondary immune deficiency disease in which the immune system is compromised by factors outside the immune system, PIDD are caused by intrinsic or genetic defects in the immune system. Approximately 250,000 people in the United States are diagnosed with PIDD and between 35,000 and 50,000 of them depend on IVIG as their life-saving treatment. Untreated primary immunodeficiencies may be characterized by frequent life-threatening infections and debilitating illnesses.

About The Immune Deficiency Foundation

The Immune Deficiency Foundation (IDF), founded in 1980, is the national non-profit patient organization dedicated to improving the diagnosis, treatment and quality of life of persons with primary immunodeficiency diseases through advocacy, education and research.

To learn more about IDF visit www.primaryimmune.org

 

 

 

SCID Conference Registration now open!

Registration for ”SCID Conference 2008″ at Wintergreen Resort in Wintergreen, VA has started. Please register now by clicking the down loadable registration form at: http://www.primaryimmune.org/pubs/SCID_Conf_2008_registration.pdf

OR credit card users can go to the link at: http://www.primaryimmune.org/conferences/scid_conference_2008.htm

Remember, the registration fee is $250 per room (each room will accommodate approximately 2 adults and 2 children).

The registration deadline is June 3, 2008 so REGISTER NOW! Space is limited and will be assigned on a first-come, first-served basis.

linkback url: http://scidconference2008.wordpress.com/2008/05/06/register-now/

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SCID Initiative

The Immune Deficiency Foundation (IDF) is proud to announce the creation of a new project, the IDF SCID Initiative. Driven by requests from the Severe Combined Immune Deficiency (SCID) community, this new dedicated fund has been created for the purpose of supporting SCID specific programs which include education, awareness, diagnosis, newborn screening, and the search for a cure. The creation of the IDF SCID Initiative is a new step for IDF, as this is the first disease specific initiative to be proposed by the organization. As another first, IDF has developed an oversight committee for the Initiative fund, comprised of community members with specialized interest and knowledge specific of SCID.

In creating the IDF SCID Initiative, IDF encourages members of the primary immunodeficiency community with an interest in seeing the development of new SCID programs, to step up and contribute specifically to the IDF SCID Initiative. Meeting the aggressive program goals of the IDF SCID Initiative will require community support and resources. Special recognition goes to the opening contribution made by Molly Rennels and her fiancé Nick Lazzara as part of their wedding commitment to one another. The donation was made in memory of two members of Molly’s family, Raleigh Houck and Colin Marquard, both of whom lost their battle with SCID. This thoughtful tribute will help launch the first scheduled program, the SCID Conference 2008. More specifically, the IDF SCID Initiative will provide scholarships to assist families who might not otherwise be able to attend this conference. For more information on the SCID Conference 2008, contact Heather Smith at Heather@scidangelsforlife.com.

Anyone wishing to make a contribution to the IDF SCID Initiative can do so by donating now online, or by mailing their contribution to:

IDF SCID Initiative
40 W. Chesapeake Avenue Suite 308
Towson, MD 21204

IDF is a 501 (c)(3) non-profit organization and your contributions are tax deductible to the maximum extent allowed by IRS regulations.