x min read

Stocks to Watch: CytRx Corporation (NASDAQ:CYTR), TransCanada Corporation (USA) (NYSE:TRP), Statoil ASA(ADR) (NYSE:STO)

Stocks to Watch: CytRx Corporation (NASDAQ:CYTR), TransCanada Corporation (USA) (NYSE:TRP), Statoil ASA(ADR) (NYSE:STO)
Written by
Jarrod Wesson
Published on
October 13, 2014
Copy URL
Share on LinkedIn
Share on Reddit
Share on Twitter/X
Share on Facebook
InsidrFinancial

CytRx Corporation (NASDAQ:CYTR) has started operations at its new discovery laboratory in Freiburg, Germany. The new lab will conduct discovery and translational research to create drug candidates that use linker technologies to couple chemotherapeutic agents and proteins either inside the body or externally, and then concentrate drug in tumors. The team will be led by Felix Kratz, Ph.D., Vice President of Drug Discovery and Andre Warnecke, Ph.D., Senior Director of Drug Discovery, and will work to expand CytRx's albumin-binding anti-cancer drug pipeline. Kratz joins CytRx Corporation (NASDAQ:CYTR) with 25 years of experience in drug discovery and research. His research in preclinical and early clinical development has led to the creation of a number of cancer-fighting agents that use albumin to concentrate chemotherapeutics inside cancers, including the invention of CytRx's lead compound, aldoxorubicin."Adding innovative product candidates to our future oncology pipeline is an important goal for CytRx and the work being done at our Freiburg lab is expected to yield a first clinical candidate by the second half of 2015," said Steven A. Kriegsman, CytRx President and Chief Executive Officer. "Bringing these research and development capabilities in-house allows us to control our pipeline, and rapidly move novel product candidates from bench to bedside."TransCanada Corporation (USA) (NYSE:TRP) late Friday said its $3 billion Grand Rapids Pipeline project has been cleared by the Alberta Energy Regulator for construction and operation in partnership with Brion Energy. The North American energy infrastructure company previously entered into a 50-50 joint venture with Brion to develop the 460-kilometer oil and diluent pipeline system connecting the producing area northwest of Fort McMurray, Alberta to terminals in the Edmonton/Heartland region. Brion also agreed to provide transportation services in support of Grand Rapids. Construction will begin in fall, with expected capacity of up to 900,000 barrels per day (bbl/d) of crude oil and 330,000 bbl/d of diluent once fully operational. TransCanada Corporation (USA) (NYSE:TRP) ended lower at $47.72 on Friday in the U.S., within a 52-week range of $42.21 - $58.40.Statoil ASA(ADR) (NYSE:STO) Monday said it has sold its 15.5% participating interest in the Shah Deniz field to Malaysian oil and gas company Petronas for US$2.2 billion to "optimize our portfolio and strengthens our financial flexibility." The transaction is expected to be closed early 2015, subject to approval from the relevant authorities. The energy company's Q2 2014 production from Shah Deniz was 38,000 barrels of oil equivalent per day. Statoil ASA(ADR) (NYSE:STO) shares were edging higher in recent pre-market trading on Monday after closing down 2% to $24.50 on Friday.

Discover Hidden Gems

Don't miss the next big opportunity. Subscribe for timely alerts on potential market movers.