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* Financial   *

·  Total revenues of €13.8 million in 2014  (2013 -  €112.8 million, including €90 million in milestone payments from Alcon)

·  US sales of JETREA ^® (ocriplasmin) in 2014 reached €8.8 million (2013 - €20.2 million)

· Gross profit of €9.2 million - (2013 - €106.4 million)

·  Net loss of €51.1 million in 2014 - (2013 - profit of €26.4 million)

· Cash and investments of €127.1 million as of the end of December 2014, compared with €172.4 million at the end of December 2013 

* Strategy *

·  In June 2014, ThromboGenics announced that it would maintain an independent business strategy to deliver stakeholder value. This Board decision followed the evaluation of  various strategic options

· The implementation of the standalone strategy led to organizational changes  to focus resources on commercializing JETREA ^® (ocriplasmin) in the US and to develop new clinical indications for this novel medicine

* JETREA ^® in the US *

·  In 2014, over 3200 US patients were treated with JETREA ^® .  This reduction in the number of patients treated was the result of decreasing adoption rates resulting from perceived safety concerns following a small number of published case series, a community in need of more and new real world data, and the uncertainty following our strategic review. The Company is addressing all challenges mentioned, and is ready to re-build sales.

· ThromboGenics continues to gather real-world data on JETREA ^® to support the optimal use of this novel medicine. At present the Company is conducting 3 US studies: Data is expected from all 3 studies during the course of 2015.

· ThromboGenics' marketing and sales efforts in the US have evolved so that it is better placed to communicate to retina specialists the growing body of real-world data which can assist them to achieve the best possible clinical outcomes with JETREA ^® .

· ThromboGenics is targeting US sales between 3,500 and 4,000 vials of JETREA ^® in 2015.

* JETREA ^® outside the US * *                                                                     *

· ThromboGenics' partner Alcon (Novartis), continues to introduce JETREA ^® across Europe in an overall positive reimbursement environment.

· The last twelve months have seen the first approvals and launches of JETREA ^® in Asia and South America.

· JETREA ^® gained its 50 ^th country approval globally with the Philippines in February 2015.

* Research & Development *

· ThromboGenics will start a Phase II trial with JETREA ^® in diabetic retinopathy (DR). This study is designed to assess the utility of the product in this significantly underserved patient population.  The first patient is expected to be recruited into this study in H2 2015.

· In February 2015 ThromboGenics was awarded a €1.1 million research grant from the Flemish Agency for Innovation by Science and Technology (IWT) to help fund on-going research into the pharmacological effects ocriplasmin is exerting in the back of the eye following intravitreal injection.

· ThromboGenics will spin-out its cancer R&D activities into a joint venture with VIB (Flanders Institute for Biotechnology). This new venture will focus on the clinical development of TB-403 for medulloblastoma, the most frequent form of brain cancer in children.

* Corporate *

· Dominique Vanfleteren was appointed as ThromboGenics Chief Financial Officer (CFO) in January 2015

· Paul G. Howes (Nanaimo Bioventures LLC) was appointed as Executive Chairman of ThromboGenics, Inc. in August 2014

· Paul G. Howes appointed member of ThromboGenics NV's Board of Directors in August 2014

· Emmanuèle Attout was nominated as a new Independent non-executive director in January 2015.

· Joseph Markoff, Ph.D., M.D. appointed Company Scientific Advisor in March 2015. 

*Leuven, Belgium - 12, March 2015 -* ThromboGenics NV (Euronext Brussels: THR), an integrated biopharmaceutical company focused on developing and commercializing innovative ophthalmic medicines, today issues its business and financial update for the year ending 31 December 2014.

ThromboGenics' strategy is focused on:  

· Driving sales growth of  JETREA ^® in the US
· Supporting Alcon to build sales of JETREA ^® outside the US
· Creating further value by developing new indications, and
· Progressing its pipeline of earlier stage projects focused on diabetic vitreo-retinal diseases

 The commercial success of JETREA ^® in the USis at the heart of this strategy. To achieve this goal, ThromboGenics is focusing on increasing the number of strategic key accounts that use JETREA ^® consistently for the treatment of patients with symptomatic VMA. This approach is designed to ensure effective communication of the growing body of real world data on JETREA ^® to the members of the retina community who are spearheading the adoption of this novel medicine.

In 2014, the Company strengthened its US commercial capability with the appointments of Ed Kessig as US Head of Commercial, and Paul G. Howes, who joined as the Executive Chairman of our ThromboGenics US entity.

ThromboGenics is continuing to support its partner Alcon (Novartis), which is commercializing JETREA ^® outside the US.

As part of its plans to build further value from JETREA ^® , ThromboGenics is beginning to investigate this novel medicine for the treatment of diabetic retinopathy (DR).

  *Dr Patrik De Haes, ThromboGenics' CEO, said* : "It is clear that 2014 has been a challenging year for ThromboGenics. Our sales of JETREA ^® in the US have declined due to perceived safety concerns and a community waiting for more data before starting, or re-starting a treatment with JETREA ^® . We have also seen some uncertainty which occurred in the wake of our strategic review.

These changes  have led to our strategic accounts approach, which has focused our marketing and sales efforts on key retinal centers across the US, and which has put us in a better position to further improve the awareness and acceptance of JETREA ^® , the only pharmaceutical treatment for symptomatic VMA.

This commercial strategy, along with the growing body of real-world data that we are collecting to help inform patient selection and deliver improved treatment outcomes, will create the platform we need to start re-building the US sales of JETREA ^® during the course of 2015.

We remain committed to creating significant additional long-term value through our R&D activities and we are about to initiate a Phase II study with JETREA ^® for diabetic retinopathy in the US. This is an important step in our plans to build a stronger position in the treatment of diabetes related vitreo-retinal diseases.

To support the implementation of this strategy we have made a number of key senior management appointments in the last several months with Paul Howes becoming Executive Chairman of ThromboGenics in the US, Dominique Vanfleteren joining as our new CFO, and the more recent appointment of Dr Joseph Markoff as Scientific Advisor.

  2014 has been a challenging year for ThromboGenics but I am confident that the changes we have implemented and the JETREA ^® real-world data that we will release in the coming months will put us in a strong position to create value for our shareholders."

* JETREA ^® in the US *

ThromboGenics achieved JETREA ^® sales of €8.8 million in 2014 in the US.

This sales outcome reflects the challenges the Company has faced in introducing this novel pharmacological therapy and changing the standard of care in terms of the way symptomatic VMA is treated.

In 2014, the sales of JETREA ^® were negatively impacted by safety concerns caused by a small number of ad hoc publications and the changes that have occurred in our US organization.

ThromboGenics has learnt a great deal in 2014 and our experience has clearly shown that changing the way retina physicians treat this important sight threatening condition will require more data demonstrating the attractive clinical profile of JETREA ^® - both in terms of efficacy and safety.

The importance of data in driving the sales of JETREA ^® has led to ThromboGenics focusing its commercial efforts in the US on strategic accounts that have been early adopters and that have the most experience using the product. This approach is designed to increase gradually the number of retina physicians in the US who have detailed knowledge and extensive experience of using JETREA ^® .

ThromboGenics is working to deliver the data needed to expand the use of JETREA ^® by:

· further analyses of the data from the JETREA ^® Phase III program,
· 3 real-world studies OASIS, ORBIT and OZONE which are due to report in 2015.

The other important factor which has been shaping our commercial activities in the US is the observation that physicians generate better treatment outcomes as they become more experienced in using JETREA ^® . This is largely because they are able to identify the patients most suitable for treatment with this novel medicine.

*Patient selection delivers improved patient outcomes*

A post-hoc data analysis of the Phase III trials with ocriplasmin showed that: 

· VMA diameter less than or equal to 1,500 µm
·  absence of an epiretinal membrane
·  age below 65 years
·  presence of a full thickness macular hole (
are independently associated with successful VMA resolution. Therefore, in clinical practice, many retinal specialists have been using these parameters to guide their patient selection for JETREA ^® injection.

The positive impact of this improved patient selection has been highlighted in a growing number of recent publications. One of these provided analysis of data from patients treated at the Cole Eye Institute in Cleveland and other centers. This analysis showed that improved patient selection achieves a treatment success rate of around 50%. This compares with a 26% nonsurgical resolution of VMA reported in patients treated with ocriplasmin in the drug's pivotal Phase III studies, which included over 30% patients who had an epiretinal membrane.

A similar outcome was published in a recent paper from retina specialists at the Wills Eye Hospital, Thomas Jefferson University, in Philadelphia. In this paper, they reported a 50% success rate in achieving VMT release in 58 eyes treated with intravitreal ocriplasmin. A 27% closure rate was seen in patients with full thickness macular hole. In this study higher rates of success were seen in younger patients with focal VMT and who did not have epiretinal membrane.

*Focus on key strategic accounts*

The importance of data in driving the sales of JETREA ^® has led to ThromboGenics focusing its commercial efforts in the US on those strategic accounts which have embraced this first-in-class technology and have gained valuable experience in delivering optimal outcomes.

With additional data coming in 2015, our plan is to broaden this approach to increase significantly in time the number of retina physicians in the US who have detailed knowledge and extensive experience of using JETREA ^® .

Since the US launch of JETREA ^® , it has also been clear that as retina physicians treat more patients they become more confident about the patient experience post therapy and as a result feel more comfortable in integrating this novel medicine into the way they manage symptomatic vitreomacular adhesion (VMA). 

To help more physicians gain confidence in using this new pharmacological treatment approach, a key focus for the Company's medical education activities during 2014 has been to demonstrate that the real world safety profile seen with JETREA ^® is in line with the product's approved label in the US.

This message has been reinforced to the retina community via a range of conference presentations and published papers including a recent paper from the MIVI-TRUST group, which comprises the lead investigators from the JETREA ^® Phase III clinical trial program.

This analysis of the safety profile of JETREA ^® has shown that, in many cases, the short-term adverse effects that a patient experiences post-injection are a reflection of the drug's mode of action. This is supported by the fact that many of the short-term adverse effects are similar to the ones seen in patients who have undergone a surgical vitrectomy.

Paul G. Howes, Executive Chairman of ThromboGenics US, commenting on progress with JETREA ^® in the US, said: "We have realigned our US sales efforts to focus on key accounts, allowing us to communicate in a more effective manner with this group of retinal physicians who are important in driving the adoption of this novel medicine. We spent much of 2014 sharing with the retinal community that the real-world safety experience with JETREA ^® is no different from what is in our label. With the release of further clinical results planned for 2015 we are confident that these data will allow us to focus more on the positive balance of safety and efficacy outcomes that this novel medicine can deliver."

* Collecting additional real-world JETREA ^®* *data*

ThromboGenics is continuing to generate more real-world data on treatment with JETREA ^® .

With this additional real world data, the use of JETREA ^® could be optimized further. This is a key element of ThromboGenics' strategy to drive the adoption of this novel pharmacological option for the earlier treatment of symptomatic VMA.

  OASIS study

ThromboGenics is currently conducting the "Ocriplasmin for Treatment for Symptomatic Vitreomacular Adhesion including Macular Hole" (OASIS) study to generate long term data following treatment with ocriplasmin. This sham-controlled double-masked study, which has recruited a total of 220 patients, is designed to assess anatomical and functional outcomes following a single intravitreal injection of ocriplasmin 0.125mg in subjects with symptomatic VMA/ VMT including macular hole.

This is an important study in terms of generating real world data with JETREA ^® as the patients in the study are being followed up for a 24-month period post injection.

The primary endpoint of the study is the proportion of subjects with pharmacological VMA resolution at Day 28. This is the same primary endpoint as for the Phase III clinical trial program with ocriplasmin. The study will also provide data on a range of important secondary endpoints at the end of the 24-month follow-up period.

Topline results from this study are expected to be released in Q1 2015. ThromboGenics plans to communicate the full data from this study later this year via a number of presentations at major ophthalmology meetings.

ORBIT study

In March 2014, ThromboGenics launched the "Ocriplasmin Research to Better Inform Treatment" (ORBIT) study. This study has met with significant interest from the US retina community and 97 retina centers across the US have been activated to recruit patients.

This prospective, observational study is designed to assess clinical outcomes and the safety of JETREA ^® administered in a real-world setting for the treatment of symptomatic VMA by assessing both anatomical and functional outcomes.

The study is looking at a number of parameters including resolution of VMA, full thickness macular hole (FTMH) closure, changes in visual acuity (VA) and occurrence and time to vitrectomy. It will also monitor adverse drug reactions (ADRs) and changes from baseline in ocular signs and symptoms, such as metamorphopsia, over time. These data will further characterize the efficacy and safety profile of the product and provide data complementary to those from JETREA ^® 's Phase III clinical program and physician experience during its first year on the market.

Patients will be followed for up to 12 months following a single treatment with JETREA ^® . The ORBIT study is due for completion in mid-2016. The Company intends to report data on a regular basis.

An interim analysis was presented by the ORBIT Steering Committee, represented by Dr Mathew MacCumber, during the Macula Society Meeting from February 25 - 28, 2015 in Scottsdale, Arizona.

Dr Mathew MacCumber stated,  "The interim analysis in the ORBIT study has shown that the safety and efficacy profiles are consistent with the product's label and the data from the Phase III clinical trials. Further analysis is ongoing to assess these rates compared with the Phase III results.

The findings of the interim analysis suggest that ThromboGenics' medical education activities are beginning to deliver results. A growing number of retina centres are gaining the understanding they need, to select the patients most suited for this novel pharmacological treatment option for symptomatic VMA. With the ORBIT study, and other phase 4 studies ThromboGenics is doing, we will be able to better define the real world safety and efficacy profile of JETREA ^®"

The next interim data from the ORBIT study will be discussed at the ARVO meeting of early May in Denver, Colorado.

OZONE study

In July 2014, ThromboGenics started the "Ocriplasmin Ellipsoid Zone Retrospective Data Collection Study" (OZONE).

This is a retrospective patient US study designed to capture more data to characterize the anatomic and symptomatic changes that potentially occur in the six months immediately after treatment with JETREA ^® for symptomatic VMA.

Initial data from this study are expected in the first half of 2015.

*Enhancing Symptomatic VMA Detection*

Patients who first notice the symptoms of VMA often have their first discussion about their condition with their general ophthalmologist.  ThromboGenics has begun implementation of its ID-VMA educational program to train ophthalmologists about sVMA so that they can better decide when it is appropriate to refer a patient with sVMA to a specialist retina clinic which has JETREA ^® experience.

A number of seminars in this program have already taken place with a total of more than 500 ophthalmologists receiving training from a team of retina specialists.

With greater experience of using JETREA ^® in the specialist retina centers and a growing number of referrals of patients suitable for treatment with this novel pharmacological treatment option, we are confident that JETREA ^® 's adoption will accelerate.

*ThromboGenics' US organization - new leadership*

ThromboGenics is undertaking a number of new initiatives to strengthen its US business and support the commercialization of JETREA ^® in the US.

Paul G. Howes (representing Nanaimo Bioventures LLC) appointed Executive Chairman of ThromboGenics US..

Paul G. Howes, was appointed to the newly created position of the Executive Chairman of ThromboGenics in the US.  He also joined ThromboGenics NV's Board of Directors.

Mr Howes brings over 25 years of commercial strategy and sales and marketing experience to ThromboGenics, a significant amount of which has been in the field of ophthalmology. He was previously President & CEO of Inotek Pharmaceuticals where he is still an independent Board director. Prior to that he was President of the Americas Region for Bausch & Lomb, during which he led a major expansion of the US pharmaceutical business and a highly successful turn-around of the US cataract surgical business. Prior to joining Bausch & Lomb in 2003, Mr Howes spent 16 years in various senior management roles at Merck & Co., Inc.

Mr Howes is a graduate of Harvard College and earned his MBA from York University in Toronto, Canada. He also currently serves as the Chairman of the Board of Prevent Blindness America.

Ed Kessig appointed US Head of Commercial

Mr Kessig has significant commercial leadership experience across a broad range of therapeutic categories and markets.  He has held senior commercial roles at Elan Pharmaceuticals, INO Therapeutics and Auxilium Pharmaceuticals. Before joining ThromboGenics, Ed was the Senior Vice President of Sales at Auxilium. Mr Kessig is also a member of the ThromboGenics' Executive Committee.

Dr Joseph Markoff, MD appointed Scientific Advisor

Joseph Markoff PhD MD joined the ThromboGenics as its Scientific Advisor. Dr Markoff received his undergraduate degree from Oberlin College where he currently serves as an honorary trustee. He received his medical training at the University of Minnesota and served an ophthalmology residency at Wills Eye Hospital in Philadelphia where he is currently a clinical professor. He founded Philadelphia Eye Associates in 1978 and has directed the visual physiology service at Wills Eye Hospital for over thirty years. He became Global Director of Ophthalmology at Merck & Co, Inc. in 2010, a post he held until 2014. He now consults extensively in the field of ophthalmology. He has published in the subspecialties of retina, glaucoma and cataract in addition to participating in over 50 clinical trials. 

Optimizing the US Commercial Organization

During 2014, a series of operational improvements have been undertaken at ThromboGenics, Inc. These changes have been made both to reduce costs as well as to focus our marketing and sales efforts on those key accounts that have embraced our technology and gained the most experience in delivering optimal patient outcomes.

With additional data coming in 2015, our plan is to broaden this approach to increase significantly the number of retina physicians in the US who have detailed knowledge and extensive experience in using JETREA ^® .

All of the above is expected to have a positive impact on revenues in 2015.

* JETREA ^® outside the US *

ThromboGenics' partner Alcon (Novartis), is continuing to commercialize JETREA ^® across the rest of the world. The product recently received its 50 ^th approval globally with the Philippines. Alcon has also been successful, with the support of ThromboGenics, in building a strong market access platform for JETREA ^® around the world.

*Europe*

In Europe, the main developments in 2014 concerned the reimbursement of JETREA ^® , with the product now being actively reimbursed in a number of key markets including the UK, Germany and Spain.

Alcon is also conducting studies to generate more real world data on the use of JETREA ^® .

The results of a 129 patient study across six European centers were presented by Alcon at the DOG Congress of Ophthalmology in Leipzig, Germany in September 2014. The study, which analyzed patients with early stage symptomatic VMT, showed total resolution rates of 45-85% depending on patient sub-groups. In patients with VMA diameter less than of equal to 1,500µm or the absence of an epiretinal membrane resolution rates of up to 85% were observed. These positive outcomes are in line with the success rates that are being reported by retina physicians in the US. 

* JETREA ^® approvals in the Rest of the World *

In 2014, good progress has been made to bring JETREA ^® closer to the market in the Rest of the World, with first approvals in Asia and South America.

*Asia*

In April, JETREA ^® was approved in Malaysia for the treatment of adults with VMT, including when associated with macular hole of diameter less than or equal to 400 microns. The approval, the first in Asia, was gained following a Priority Review conducted in September 2013.

In July 2014, JETREA ^® was approved in Singapore for the same indication.

*South America*

In the beginning of July, JETREA ^® was approved in Uruguay, the first country in South America, for the treatment of adults with VMT, including when associated with macular hole of diameter less than or equal to 400 microns.

In October, JETREA ^® was approved in Chile for the same indication. * *

*Australia*

In October, Australia's Therapeutic Goods Administration (TGA) approved JETREA ^® for the treatment of adults with VMT, including when associated with macular hole of diameter less than or equal to 400 microns.

*Recent approvals*

In February 2015, JETREA ^® was granted approval in Argentina, Israel and the Philippines.

*Progress towards gaining approval in Japan*

Alcon has now completed a bridging clinical study in Japan. The Japanese trial, a randomized, double-masked, multi-center study with patients receiving either ocriplasmin or a sham injection, recruited a total of 168 patients with symptomatic VMA including those associated with macular hole. The results from this study are expected to form part of the regulatory submission that will be made to the Japanese Ministry of Health, Labour and Welfare in 2015 to request approval to market ocriplasmin in Japan.

* Research & Development Update *

*Diabetic Retinopathy (DR)*

The Company remains committed to expanding the use of JETREA ^® beyond symptomatic VMA/VMT as part of its strategy to maximize new value-creating opportunities for the drug.

ThromboGenics has decided that treatment of diabetic retinopathy (DR) is the next target indication for JETREA ^® in the US. A Clinical Research Organization has been engaged to assist in the conduct of a Phase II trial with JETREA ^® in diabetic retinopathy in the US.  This study is designed to assess the utility of the product in this significantly underserved patient population.

The Company will start the DR study in H1 2015, with the first patient expected to be recruited in H2 2015.

ThromboGenics has decided to evaluate JETREA ^® in the treatment of DR based on the strong scientific rationale that supports why it could prove effective in treating patients with this sight threatening condition before their disease progresses. Research has shown that the presence of a posterior vitreous detachment, where the vitreous is separated from the retina, may prevent the growth of the new blood vessels that are responsible for proliferative DR (PDR). This finding has been reinforced by the fact that PDR is rare in patients who have undergone a posterior vitreous detachment.

JETREA ^® is able to generate a posterior vitreous detachment by cleaving the protein linkages between the vitreous and the retina and by liquefying the vitreous itself. The Company and its clinical advisors believe that by using JETREA ^® to generate this anatomical change, the development of the new blood vessels that cause PDR can be prevented. This is because the new blood vessels will no longer be able to use the scaffolding of the vitreous to grow along the surface of the retina or into the vitreous.

Given the growing number of diabetic patients in the US, it is clear that the number of patients who are anticipated to suffer from eye disease, including diabetic retinopathy is expected to increase substantially. A recent report from the American Academy of Ophthalmology has projected that prevalence of individuals with any diabetic retinopathy in the United States by the year 2020 will be 6 million people of whom 1.34 million persons will have vision threatening DR.

Diabetic retinopathy is increasing in prevalence in the US. "Almost a third of the adult population in the US are suffering from diabetes and a substantial proportion of these - hundreds of thousands - will develop proliferative diabetic retinopathy. Their number is going up every year; all these people will be confronted with vision loss if they are not treated adequately. Any investigation into how we can ameliorate the complications of this disease is most welcome ," says Dr. Michael S. Ip, Director, Retina Service, William S. Middleton Memorial Veterans Hospital, and tenured Associate Professor, Department of Ophthalmology and Visual Sciences, University of Wisconsin School of Medicine and Public Health, Madison, WI.

In addition to JETREA ^® , ThromboGenics' research is evaluating a number of other potential therapies for diabetic eye disease. The Company is working on compounds emanating from agreements with Eleven Biotherapeutics and Bicycle Therapeutics. These projects are both in the pre-clinical phase of development.

" In 2014, the company clarified its long-term strategy and reoriented to focus exclusively on ophthalmology.  We are working hard to further expand the ThromboGenics' research portfolio with innovative new potential medicines for the treatment of eye disease. We will continue our strategy of partnering with academic groups and other companies. I am confident that this approach will lead us to a very exciting future, " says Jean Feyen, Head of Pre-Clinical Research at ThromboGenics.

*Oncology R&D Spin-Out*

ThromboGenics, is about to spin out its oncology research activities into a joint venture with VIB (Flanders Institute for Biotechnology). This company will focus on the clinical development of TB-403 for the treatment of medulloblastoma, the most frequent form of brain cancer in children.

In time, ThromboGenics will look to raise funds from third parties in order to finance the further development of this exciting oncology business.

*Ocriplasmin IWT Research Grant*

ThromboGenics has been awarded a €1.1 million research grant from the Flemish Agency for Innovation by Science and Technology (IWT). The grant will be used to fund on-going research to further elucidate the pharmacological effects ocriplasmin is exerting in the back of the eye following intravitreal injection.

* Corporate *

*Nanaimo Bioventures LLC* *, represented by Paul G. Howes,* *appointed executive Chairman ThromboGenics, Inc. and Paul G. Howes as Member of ThromboGenics NV's Board of Directors*

Mr Howes was previously President & CEO of Inotek Pharmaceuticals where he is still an independent Board director. Prior to that, he was President of the Americas Region for Bausch & Lomb, during which he led a major expansion of the US pharmaceutical business and a highly successful turn-around of the US cataract surgical business. Prior to joining Bausch & Lomb in 2003, Mr Howes spent 16 years in various senior management roles at Merck & Co., Inc.

Mr Howes is a graduate of Harvard College and earned his MBA from York University in Toronto, Canada.

He currently is the Chairman of the Board of Prevent Blindness America.

*Dominique Vanfleteren appointed CFO*

Dominique Vanfleteren was appointed as ThromboGenics' new Chief Financial Officer (CFO) in January 2015. 

Dominique Vanfleteren has over 25 years of experience in senior finance, operational, control and reporting roles within quoted international biopharmaceutical companies.

Before joining ThromboGenics, Mr Vanfleteren spent 12 years at UCB, a global biopharmaceutical company, where he held a number of international managerial finance positions, the latest being the CFO of UCB's Asia Pacific Operations, operating from Brussels and Shanghai.

Prior to joining UCB, Dominique worked for GSK during 16 years. He held a number of senior finance positions in Brussels and London, his latest being Finance Director of GSK's Diversified Healthcare Services Europe.

Chris Buyse, ThromboGenics' former Chief Financial Officer and Board Member, left the Company at the end of June 2014 to pursue other interests. Luc Philips, former CFO of KBC group and Board Member of ThromboGenics since its IPO in 2006, acted as an interim CFO until the appointment of Dominique Vanfleteren.

*Emmanuèle Attout - New Board Member*

In January, ThromboGenics nominated Emmanuèle Attout to be its new Independent non-executive director.  Mrs. Attout will join the Audit Committee of the Company.   

Mrs. Attout has been an audit partner at PricewaterhouseCoopers since 1994. She has been in charge of audits of a range of clients including banks, insurance companies, investment funds and asset managers.  She has in recent years been in charge of the audits of listed pharmaceutical companies and life sciences businesses.

* Financial review *

In 2014, ThromboGenics had total revenues of €13.8 million, including €8.8 million of JETREA ^® sales in the US, €1.4 million of products recharged to Alcon, €3.4 million in royalties from Alcon based on its ex-US sales of JETREA ^® and €0.2 million of other income.

In 2013, ThromboGenics reported revenues of €112.8 million including €90 million in milestone payments from Alcon. 

In 2014, ThromboGenics' R&D expenses were €22.6 million, including a €6.8 million amortization of the ocriplasmin Phase III program. This compares with €31.7 million of R&D expenses in 2013.  This lower level of spending is partly the result of a real decrease in expenditure, but also the consequence of certain development work which ThromboGenics was able to invoice to external partners in 2014 and the increased use of grant money.

In 2014, selling and marketing expenses amounted to €29.9 million compared with €37.6 million in 2013. The decrease is the result of change in strategic priorities and the changes made to the company's commercial organization. The 2013 expenses also included some incremental costs resulting from the JETREA ^® launch campaign.                                                                        

In 2014, ThromboGenics reported a net loss of €51.1 million, or €1.42 loss per share.

In 2013, the Company reported a net profit of €26.4 million or diluted earnings per share of €0.71, mainly as a result of the €90 million in milestone payments it received from Alcon.           

At the end of December 2014, ThromboGenics had €127.1 million in cash and investments, compared to €136.6 million as of the end of September 2014, and €148.8 million at the end of June 2014.

ThromboGenics believes it has the financial resources needed to fully sustain the US commercialization of JETREA ^® , the research and development of selected new indications and formulations of JETREA ^® , in the US, expand its R&D pipeline and further broaden its commitment to become a leading ophthalmology company.

*A conference call for analysts, press and investors will be hosted by Dr Patrik De Haes, CEO of ThromboGenics, Dominique Vanfleteren, CFO of ThromboGenics, and Paul G. Howes, Executive Chairman of ThromboGenics, Inc. today at 06:30 PM CET, 13:30 PM EST.*

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We request that participants dial in 5-10 minutes prior to the start time of 06:30 PM CET, 13:30 PM EST.

The presentation will be webcasted live , click here to register.

The presentation and transcript of the call will be made available shortly on www.thrombogenics.com under the investor information tab.

*END*

* * *For further information please contact:*

 

* ThromboGenics *

 

Wouter Piepers,

Global Head of Corporate Communications & IR

+32 16 75 13 10 / +32 478 33 56 32

wouter.piepers@thrombogenics.com

   

* Citigate Dewe Rogerson *

 

David Dible/ Malcolm Robertson  

 

Tel: +44 20 7638 9571 

malcolm.robertson@citigatedr.co.uk

* *

 

*About* *JETREA* ^®*(ocriplasmin)*  

JETREA ^® (ocriplasmin) is a truncated form of human plasmin. In the US, JETREA ^® is indicated for the treatment of symptomatic VMA. In Europe, JETREA ^® is indicated for the treatment of vitreomacular traction (VMT), including when associated with macular hole of diameter less than or equal to 400 microns.  

JETREA ^® is a selective proteolytic enzyme that cleaves fibronectin, laminin and collagen, three major components of the vitreoretinal interface that play an important role in vitreomacular adhesion.

JETREA ^® has been evaluated in two multi-center, randomized, double-masked Phase III trials conducted in the US and Europe involving 652 patients with vitreomacular adhesion. Both studies met the primary endpoint of resolution of VMA at day 28.

JETREA ^® 's Phase III program found that 26.5% of patients treated with ocriplasmin saw resolution of VMA, compared with 10.1% of patients receiving placebo (p
 

*About ThromboGenics*

ThromboGenics is an integrated biopharmaceutical company focused on developing and commercializing innovative ophthalmic and oncology medicines. The Company's lead product, JETREA ^® (ocriplasmin), has been approved by the US FDA for the treatment of symptomatic VMA and was launched in January 2013.   

In Europe, JETREA ^® is approved for the treatment of vitreomacular traction (VMT), including when associated with macular hole of diameter less than or equal to 400 microns. 

ThromboGenics signed a strategic partnership with Alcon, a division of Novartis, for the commercialization of JETREA ^® outside the United States. ThromboGenics and Alcon intend to share the costs equally of developing JETREA ^® for a number of new vitreoretinal indications. 

ThromboGenics is also further exploring anti-PIGF (Placental Growth Factor), also referred to as TB-403, for the treatment of oncology indications.

ThromboGenics is headquartered in Leuven, Belgium, and has an office in Iselin, NJ (US). The Company is listed on the NYSE Euronext Brussels exchange under the symbol THR. More information is available at www.thrombogenics.com .

 

* Important information about forward-looking statements *

Certain statements in this press release may be considered "forward-looking". Such forward-looking statements are based on current expectations, and, accordingly, entail and are influenced by various risks and uncertainties. The Company therefore cannot provide any assurance that such forward-looking statements will materialize and does not assume an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Additional information concerning risks and uncertainties affecting the business and other factors that could cause actual results to differ materially from any forward-looking statement is contained in the Company's Annual Report.

This press release does not constitute an offer or invitation for the sale or purchase of securities or assets of ThromboGenics in any jurisdiction.  No securities of ThromboGenics may be offered or sold within the United States without registration under the US Securities Act of 1933, as amended, or in compliance with an exemption therefrom, and in accordance with any applicable US state securities laws.

*
*

*Financial information 2014*

*Consolidated statement of comprehensive income*

*In '000 euro* (for the year ended on 31 December) *2014* *2013*
     
*Income* *13,776* *112,781*
Sales 10,346 21,724
License income 33 90,034
Income from royalties 3,397 1,023
*Cost of sales* *-4,600* *-6,384*
*Gross profit* *9,176* *106,397*
Research and development expenses -22,554 -31,734
General and administrative expenses -9,520 -11,579
Selling expenses -29,874 -37,622
Other operating income 67 49
Other operating expense -9
*Operating result* *-52,714* *25,511*
Finance income 1,885 1,567
Finance expense -146 -664
*Result before income tax* *-50,975* *26,414*
Income tax expense -140 -13
*Net result for the period* *-51,115* *26,401*
* * * * * *
Attributable to:    
Equity holders of the Company -51,115 26,401
     
*Result per Share*    
Basic earnings per share (euro) -1.42 0.73
Diluted earnings per share (euro) -1.42 0.71
* * * * * *
*In '000 euro* (for the year ended on 31 December) *2014* *2013*
*Result of the period* *-51,115* *26,401*
Net change in fair value of available-for-sale financial assets -72 23
Exchange differences on translation of foreign operations 29 -11
Actuarial losses on defined benefit plans -229
*Other comprehensive income, net of income tax* *-272* *12*
Other comprehensive income that may be reclassified to profit or loss
Other comprehensive income that will not be reclassified to profit or loss -272 12
*Total comprehensive income for the period* *-51,387* *26,413*
Attributable to:    
Equity holders of the Company -51,387 26,413

*Consolidated statement of financial position*

*In '000 euro* (for the year ended on 31 December) *2014* *2013*
  * * * *
*ASSETS*    
Property, plant and equipment 2,911 3,634
Intangible assets 62,388 69,209
Goodwill 2,586 2,586
Other non-current assets 1,600 1,711
Employee benefits 73
Non-current tax receivable 2,061 2,307
*Non-current assets* *71,546* *79,520*
Inventories 7,224 6,111
Trade and other receivables 12,604 11,145
Current tax receivable 2,264 2,017
Investments 3,853 7,791
Cash and cash equivalents 123,223 164,570
*Current assets* *149,168* *191,634*
*Total assets* *220,714* *271,154*
* *    
*EQUITY AND LIABILITIES*    
Share capital 151,991 151,991
Share premium 157,661 157,661
Accumulated translation differences -276 -305
Other reserves -13,228 -13,783
Retained earnings -88,136 -36,792
*Equity attributable to equity holders of the Company* *208,012* *258,772*
*Minority interests*    
*Total equity* *208,012* *258,772*
Trade payables 7,369 10,352
Other short-term liabilities 5,333 2,030
*Current liabilities* *12,702* *12,382*
*Total equity and liabilities* *220,714* *271,154*

 

*In '000 euro* (for the year ended on 31 December) *2014* *2013*
     
*Cash flows from operating activities*    
(Loss) profit for the period -51,115 26,401
Finance expense 146 664
Finance income -1,885 -1,567
Depreciation on property, plant and equipment 1,297 1,181
Amortization of intangible assets 6,833 6,483
Gain on sale of property, plant and equipment
Increase in accruals and employee benefits 110
Equity settled share-based payment transactions 554 1,433
Change in trade and other receivables including tax receivables and stock -2,573 -10,060
Change in short-term liabilities 54 1,175
* Net cash (used) from operating activities * * -46,579 * * 25,710 *
     
*Cash flows from investing activities*    
Disposal of property, plant and equipment (following a sale) 27 24
Change in investments 3,938 1,031
Interest received and similar income 953 1,387
Acquisition of intangible assets -12 -3,354
Acquisition of property, plant and equipment -571 -2,155
Acquisition of other non-current assets 111 13
* Net cash (used in) generated by investing activities * * 4,446 * * -3,054 *
*   *    
*Cash flows from financing activities*    
Proceeds from issue of share capital 2,960
Paid interests -11 -10
* Net cash (used in) generated by financing activities * * -11 * * 2,950 *
*   *    
*Net change in cash and cash equivalents* *-42,144* *25,606*
Cash and cash equivalents at the start of the period 164,570 139,398
Effect of exchange rate fluctuations 797 -434
*Cash and cash equivalents at the end of the period* *123,223* *164,570*

*Consolidated statement of changes in equity*

* * *Share capital* *Share premium* *Cumulative translation differences* *Other reserves* *Retained earnings* *Attributable*

*to equity holders of the Company* *Minority interests* *Total*
*Balance as at 1 January 2013* *150,938* *155,754* *-328* *-15,205* *-63,193* *227,966* ** *227,967*
Net result 2013         26,401 26,401   26,401
Change to foreign currency translation difference and revaluation reserve     23     23   23
Net change in fair value of investments       -11   -11   -11
Issue of ordinary shares            
Conversion of warrants by warrant holders 1,053 1,907       2,960   2,960
Share-based payment transactions       1,433   1,433   1,433
*Balance as at 31 December 2013* *151,991* *157,661* *-305* *-13,783* *-36,792* *258,772* ** *258,772*
Net result 2014         -51,115 -51,115   -51,115
Change to foreign currency translation difference and revaluation reserve * * * * 29     29   29
Actuarial losses on defined benefit plans * * * *      -229 -229   -229
Net change in fair value of investments       1   1 * * 1
Issue of ordinary shares           * *
Conversion of warrants by warrant holders     * * * * * * * *
Share-based payment transactions       554   554   554
*Balance as at 31 December 2014* *151,991* *157,661* *-276* *-13,228* *-88,136* *208,012* ** *208,012*

The statutory auditor , BDO Bedrijfsrevisoren represented by Bert Kegels, has confirmed that the audit procedures, which have been substantially completed, have not revealed any material adjustments which would have to be made to the accounting data included in the Company's annual announcement, and intends to issue an unqualified opinion.

 

* *
--------------------This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: ThromboGenics NV via GlobeNewswire

HUG#1902984 Reported by GlobeNewswire 10 hours ago.

This article originally appeared in the Harvard Law Record, a student-run publication. It also appears on Republic Report. 

I'm a Washington DC lawyer and policy advocate, and I spend a couple days a week trying to expose and end the abuses of a particularly bad industry: predatory for-profit colleges. I am regularly contacted by industry employees who no longer can live with being part of an immoral enterprise:

• The marketer at a Utah "lead generation" company who is assigned to placing fake ads for non-existent jobs on the Internet, aimed at luring unemployed people to provide their contact information.
• The telephone rep at a Florida call center, who grabs the leads that were generated, and tries to deceive these people - low-income single parents, veterans, and others struggling to get ahead - into buying high-priced, low-quality career training programs, many conducted entirely online.
• The California college librarian, heartbroken because her school has admitted to its $80,000 criminal justice a program a mentally challenged man who reads on a third grade level and believes he is training to become a police officer.

These employees talk to me about feeling ashamed, degraded, disgusted with what they're doing.

Yet their ultimate bosses, the CEOs of the big predatory for-profit colleges, seem to have no such shame. Nor do the many power brokers and celebrities, from Suze Orman to Colin Powell, Trent Lott to Dick Gephardt, Marc Morial to Mitt Romney, who have been hired, one way or another, to endorse and defend bad actors in this industry. Nor do the many graduates of Harvard Law and other premier institutions who get rich as executives and advisers with predatory for-profit colleges.

When you leave Harvard, you will have a world of opportunity. The question posed for you by the story of for-profit colleges is whether you want to be paid to shield the privileged even when they engage in blatant abuses, or whether you want to use your talents and creativity to help build a stronger, more just, more innovative, and more productive society that benefits everyone.

A for-profit college is a college that's owned by a profit-making business, as opposed to the more traditional model of a college operated by a state or by as a non-profit. Most for-profit colleges focus on training students for careers, in fields from information technology to health care to auto repair. There's a strong need for such training programs, and there's nothing wrong in theory with the idea of having businesses run them, but in practice it has created a big problem for students and taxpayers.

Many for-profit colleges get about 90 percent of their revenue from federal government grants and loans provided to help students get an education. These businesses hire lobbyists to loosen the government's rules for getting such aid. They also spend heavily on campaign contributions that have helped buy the allegiance of almost all the Republicans in Congress, and many of the Democrats as well.

As a result, the rules are very weak, and for-profit colleges can maximize their profits by ripping off students - using deceptive advertising and coercive recruiting, charging very high prices, and spending far too little on teaching and helping students build careers. The victims of these abuses have seen their financial futures ruined by overwhelming student loan debts reaching over $100,000 in some cases.

Some for-profit colleges are honest and do a good job educating students, and there are good teachers and students at even some of the worst schools. But overall, the industry is hurting people and our economy, while making a small group of owners rich enough to buy their own yachts, private planes, and mega-mansions. For-profit colleges have obtained as much as $32 billion a year from federal aid, and their lobbyists work every day to keep that money flowing.

For-profit colleges, like other kinds of colleges, are eligible to receive federal student grants and direct loans -- if they receive approval from organizations called accreditors. Many accreditors apply fairly low standards. Some for-profit colleges, such as some local strip-mall beauty schools or the infamous Donald Trump University, still don't bother to get accredited, and thus students are not eligible for federal aid. Most for-profit colleges do get federal aid, but many of their students need more aid than that to pay the high tuition costs. So for-profit colleges steer many students into non-federal private loans that come with very high interest rates that can reach 15 percent or more, as compared with 3.8 percent for federal loans.

For-profit colleges tend to have graduation and job placement rates at the low end of the scale, especially given their high prices. Here is one key statistic that shows the poor performance overall of for-profits: According to the U.S. Department of Education, for-profit colleges now have about 13 percent of all US college students, but they account for nearly half of all defaults on student loans. The Department also found that 72 percent of the for-profit colleges it surveyed produced graduates who on average earned less than high school dropouts.

There are real challenges in figuring out how to provide quality career education to people at affordable prices. But instead of focusing on that important work, Washington education policy advocates and lawyers are caught up in a debate defined by the for-profit college industry using pressure to keep billions in federal dollars flowing with no accountability whatsoever. Because their wealth comes almost entirely from taxpayers, the for-profit college industry is a monster that Washington has created. It's difficult to stop this monster.

But in recent years federal and state law enforcement agencies have launched extensive investigations of for-profit colleges for defrauding students and taxpayers. Many of the biggest for profit colleges - including University of Phoenix, EDMC, ITT Tech, Corinthian, Kaplan, Career Education Corp., and DeVry - are under investigation by federal agencies and / or state attorneys general. Some for-profit colleges - including ATI Technical Institute and FastTrain College -- have been shut down for their frauds, and some for-profit college executives have been sent to prison.

These law enforcement probes, coupled with an increasing volume of media exposes, have finally helped get the message to potential students that they might do better at a community or state college. But the for-profits continue to run deceptive ads endlessly on TV and the Internet; before he was killed in Ferguson, MO, Michael Brown had enrolled at for-profit Vatterott College, a school that has been punished in court for deceiving its students and leaving them worse than they started and whose executives received criminal convictions for defrauding the government.

President Obama is well aware of the scam. His administration has sought to implement a new rule (called "gainful employment") to channel aid toward programs that were actually helping students and away from programs that consistently leave students with overwhelming debt. But an army of industry lobbyists and lawyers have managed to water down the rule and then have it struck down in court, on the ground that the Department had failed to articulate a clear rationale for one component of the regulation.

Right now, APSCU, a trade association dominated by predatory for-profit colleges, is back in court trying to block a new version of this rule. I work with a coalition of student, veterans, labor, consumer, and civil rights groups urging the court to decide that the government has the right to demand at least minimal performance standards, that predatory companies do not have a permanent entitlement to take billions in taxpayer dollars without regard for the consequences for students and our economy. (This litigation, and many other aspects of this issue, are ripe for further exploration through your law school papers and law journal articles.)

When you consider a debate like this, think about your future as an attorney. Which side will you be on? Reported by Huffington Post 9 hours ago.

How do you take the fun, addictive, and lucrative League of Legends formula and make it work on a smartphone? Furthermore, can you make it intriguing enough for e-sport veterans — possibly as an e-sport itself?

That's the all-but-impossible challenge that developer Spacetime Studios has given itself with Call of Champions, which will make its public debut this week at SXSW. It's a streamlined multiplayer online battle arena (MOBA) game designed to be played in five-minute-or-less spurts, and while it may seem casual in scope, the developer has also made this with professional gamers in mind. Reported by The Verge 10 hours ago.

*Eves a 6% club*
Amit Shah has just around 6% women in what is one of the top panels of the party, eight years after its former chief Rajnath Singh advocated 33% reservation in the organisation

Human Resource Development minister Smriti Irani's name was conspicuous by its absence when BJP president Amit Shah announced the party's new national executive on Thursday.

In fact, there are just around six per cent women in what is one of the top panels of the party, eight years after former party president Rajnath Singh advocated 33 per cent reservation in the organisation. Minority affairs minister Najma Heptullah, Mathura MP Hema Malini, Mumbai spokesperson Shaina N C and lawyer Pinki Anand are among those dropped from the national executive.

With most union ministers finding a place in the national executive, the exclusion of Irani, the youngest minister in the Union Cabinet, came as a surprise. Irani, a former mahila morcha chief, and later a party vice-president had been a member of the national executive before she became a minister. As reported by dna earlier, there were indications that RSS has not been happy with the HRD minister's performance. The Sangh, for which education has been an area of focus, is disappointed over the controversies and "snail's pace" of movement, sources said.

Shah is expected to announce the list of party office-bearers soon, filling vacancies created after three general secretaries and three vice-presidents became ministers in the Modi government. So far, the movement has been from the party to the government. The office-bearers and heads of various cells are also members of the national executive, which is meeting in Bangalore in the first week of April.

The list, with Shah's stamp on it, has been pruned from 223 to 178 – 111 national executive members, 40 special invitees (including all of BJP's eight chief ministers), and 27 permanent members. The panel includes Prime Minister Narendra Modi, former prime minister Atal Bihari Vajpayee and senior ministers Arun Jaitley, Rajnath Singh, Sushma Swaraj, Venkaiah Naidu and Nitin Gadkari. Recent entrants into the party like union ministers Suresh Prabhu, Rao Inderjeet Singh, VK Singh and Birendra Singh.

Besides the ministers, party veterans like LK Advani, Murli Manohar Joshi, Yashwant Sinha, SS Ahluwalia, CP Thakur, O Rajapgopal and VK Malhotra figure on the list. Shah has also brought in Subramanian Swami, who had merged his Janata Party into the BJP ahead of the Lok Sabha elections.

Sultanpur MP Varun Gandhi, who was dropped as general secretary from Shah's team last year, has been included in the national executive. His mother and union minister Maneka Gandhi is among the 11 women in the list.
The party's hindutva hardliner MPs from Uttar Pradesh – Yogi Adityanath and Sadhvi Niranjan Jyoti – whose remarks have sparked off a political furore have also been accommodated.

Former MP from Amritsar and cricketer-turned-politician Navjot Singh Sidhu, Patna Sahib MP and actor-turned-politician Shatrughan Sinha, popular singer from West Bengal Babul Supriyo, actor Kirron Kher and former editor of RSS mouthpiece 'Organiser' Sheshadri Chari have also been included in the panel.

ReportIndiadna CorrespondentdnaNew DelhiAmit ShahBJPSmriti IraniRSSArun JaitleyDevelopmentEducationGovernmentHRD MinisterHuman Resource DevelopmentMinority AffairsPrime MinisterNarendra ModiRajnath SinghSushma SwarajFriday, 13 March 2015 - 7:44amFriday, 13 March 2015 - 7:45am
dnai.in/cBRz2 997 Reported by DNA 46 minutes ago.

It's already illegal a fourth degree crime under state law to pretend to wear a military uniform "with the intent to deceive," though not necessarily for personal gain. Reported by NJ.com 8 hours ago.

What is Chip Kelly doing?

That's the biggest question of the NFL offseason after the Philadelphia Eagles coach — two months after getting full personnel control — turned the team upside down with an unpredictable series of roster moves.

It's not just fans who are confused by what Kelly is doing, it's other people who work in the NFL.

He traded Nick Foles and LeSean McCoy, cut Todd Herremans, Trent Cole, and Cary Williams, and let Jeremy Maclin leave in free agency. He traded for Sam Bradford and Kiko Alonso, and signed DeMarco Murray, Byron Maxwell, Walter Thurmond.

All of this has fans and commentators alike looking for a through line — a single, overarching principle that will make all these moves make sense. 

The problem is there isn't one. No one has any idea what Kelly is doing here. Numerous theories have popped up, only to be debunked when Kelly pulls the trigger on another move out of nowhere.

Here are the four most popular theories we've seen so far, and why they are wrong:

-*Theory #1:* Chip Kelly traded LeSean McCoy because he thinks his system is all that matters and he doesn't need expensive players at the skill positions.-

*Debunked because:* He signed DeMarco Murray for $21 million guaranteed.

Before Kelly traded McCoy to Buffalo for linebacker Kiko Alonso, Herremans went on sports radio in Philly and said that Kelly believes in his system so strongly that he thinks he can plug in any player and score points.

When McCoy got traded, the dominant narrative became: Chip Kelly thinks his offense will take care of itself so he doesn't need an expensive running back. He would have good reason to think this way. He turned a four-win team into a 10-win team in his first year in Philly, and made Foles look like one of the best quarterbacks in the league in the process.

Combine trading McCoy with cutting Desean Jackson in 2014 and letting Jeremy Maclin walk in free agency, and it was starting to look like Kelly didn't believe investing heavily at the skill position.

... And then he gave Murray, who carried the ball 392 times last year and has a history of injury, $21 million guaranteed.

-*Theory #2: Chip Kelly's plan is to buy low on guys with shaky injury histories.*-

*Debunked because:* He's also spending a ton of money, which doesn't really jive with "buying low" (plus, he didn't sign Ryan Matthews after all).

This theory popped up on Twitter on Wednesday amid reports that the Eagles were going to sign free agent running back Ryan Matthews. If they would have signed him, he would have joined Alonso, Bradford, and Thurmond on the list of free agents coming off injuries who Kelly signed this offseason.

The Eagles, more than any other professional sports team except perhaps the Phoenix Suns, have a reputation for being all-in on sports science. There are countless articles about Kelly's outside-the-box practice habits, use of secretive and unusual training equipment, and belief in personalized smoothies.

When it seemed like the Eagles were signing all these injured guys, a lot of people sneered: CHIP THINKS HE CAN CURE THEM WITH SMOOTHIES.

The problem with this is he's not exactly "buying low." He spent $21 million on Murray. He gave up a ton to get Bradford. And he gave away the team's best offensive player to get Alonso. It'd be one thing if he was picking up all these guys for nothing. But he's actually investing significant resources in all of them. He's paying full price.

-*Theory #3:* Chip Kelly is going for a full, 76ers-style, rebuild from the ground up.-

*Debunked because:* He's basically spending all the money he can get his hands on.

It's true that Kelly cleaned house. He got rid of starters at quarterback, running back, wide receiver, corner, offensive tackle, and defense end. He might not be done either.

But he also appears to be replacing the guys he got rid of with veterans who will allow the team to win now. He's not maximizing cap space and collecting draft picks to build for the future, he's replacing parts on the fly in order to be competitive in 2015.

You aren't in rebuilding mode if you give Byron Maxwell $25 million, DeMarco Murray $21 million, and Sam Bradford $13 million (and also give up a 2nd-rounder for him). Even before the Murray deal, the Eagles only had $13 million in cap space, the 11th-lowest amount in the league.

-*Theory #4:* Chip Kelly is doing all of this as some master plan that ends with Marcus Mariota in an Eagles uniform.-

*Debunked because:* He gave up assets to get Bradford that could have been used in a Mariota trade.

It would take a massive haul for the Eagles to move up from the 20th pick to draft Mariota. In denying the rumors that he wants to trade up for the Oregon QB, Kelly said he'd never mortgage his team's future for a single player.

Whether that's just posturing or not, if the Eagles wanted to trade up, they would be collecting assets to use in a package right now. Instead, they're getting rid of them.

They swapped a 4th-round pick for a 5th-round pick in the Bradford trade, and also gave up a 2016 2nd-rounder in addition to Foles. That sort of investment not only suggests Kelly sees Bradford as the quarterback of the future in Philly, it makes it harder to trade up to get Mariota.

Here's what Kelly said about Mariota yesterday:

"Let's dispel that right now. I think that stuff's crazy. You guys have been going with that stuff all along. I think Marcus is the best quarterback in the draft. We will never mortgage our future to go all the way up to go get someone like that because we have too many other holes that we're going to take care of."

Maybe we'll have a better idea of Kelly's plan once free agency and the draft are over. At least we'll be able to take in the sum total of all his moves so far. Right now, every time you think you have a handle on what he's doing, he makes a move that throws everything into chaos again.

Join the conversation about this story »

NOW WATCH: Cristiano Ronaldo, wearing a wig and glasses, surprised a young fan on the streets of Madrid Reported by Business Insider 7 hours ago.

With its giant robots and fast, approachable gameplay, the original Titanfall was a refreshing take on the multiplayer first-person shooter. But it wasn't available to everyone, launching exclusively on Microsoft platforms including the Xbox One, 360, and PC. That's about to change: IGN reports that the sequel will be coming to the PS4 in addition to the PC and Xbox One. "It'll be multiplatform," Respawn CEO Vince Zampella said.

""We haven't figured it out yet.""

The original game launched last March as the first release from Respawn, a new studio made up of veterans from Call of Duty developer Infinity Ward. Unlike most FPS games, it had no real single-player campaign, instead focusing on multiplayer battles between real players. Rumors... Reported by The Verge 8 hours ago.

Law enforcement veterans in the U.S. are rejecting the idea of policing to enhance a budget. Reported by IBTimes 7 hours ago.

Law enforcement veterans say revenue-raising strategies add to the distrust between cops and communities. Reported by IBTimes 6 hours ago.

Former winners, race veterans, and a father son combo highlight the top contenders in this year's Iditarod sled dog race, which began Monday in Fairbanks, Alaska. Reported by CBC.ca 6 hours ago.

The Department of Veterans Affairs is assuring congressional leaders that its troubled Aurora hospital project is not in imminent danger of another construction shutdown. Reported by Denver Post 6 hours ago.

OTTAWA – A class-action lawsuit launched by dissatisfied Afghan veterans is on hold because settlement talks are underway. The Canadian Press has learned the legal challenge, which has been a political black eye for the Conservative government, is being held … Continue Reading Reported by metronews 5 hours ago.

Rep. Elise Stefanik (R-N.Y.) will be the keynote speaker at the Military Spouse Symposium “Keeping a Career on the Move®,” hosted by the Military Officers Association of America (MOAA), Monday, March 23 at the Westin Alexandria, Va.

Alexandria, Va. (PRWEB) March 12, 2015

Rep. Elise Stefanik (R-N.Y.), the youngest woman ever elected to the House of Representatives, will be the keynote speaker at the Military Spouse Symposium “Keeping a Career on the Move®,” hosted by the Military Officers Association of America (MOAA), Monday, March 23 from 9 a.m. to 2:45 p.m. at the Westin Alexandria, in Old Town Alexandria, Va. Rep. Stefanik will speak at 11:50 a.m.

This award-winning professional-development conference is free and open to all military spouses, currently serving personnel, retirees, veterans and surviving spouses.

“I am honored to have the opportunity to speak at this year’s Military Spouse Symposium,” said Stefanik. “My congressional district is the proud home of the Army’s 10th Mountain Division — the most deployed division to Iraq and Afghanistan since the Sept. 11, 2001, terrorist attacks. Our community knows first-hand the critical role that military spouses play in supporting our troops and, in turn, keeping our nation safe. This important event hosted by the Military Officers Association of America recognizes the contribution military spouses make to our nation and helps these men and women seek to continue their education or prepare to reenter the workforce.”

Two panel discussions will be held during the day. The first, “Nuts and Bolts of Spouse Employment,” will focus on state and federal policies, national programs, installation resources and local employment and educational opportunities that assist military spouses in advancing their career opportunities. In the afternoon, military spouses will lead a second panel discussion titled “Real Spouses, Real Stories.” Attendees will learn about fellow military spouses who have navigated a wide variety of industries and strategic volunteerism opportunities to keep their careers on the move while "married to the military."

Concurrent workshops include:·     Résumé Writing Strategies for Military Spouses
·     LinkedIn Strategies
·     “Dollars and Sense” of Working Outside of the Home
·     Transition: Life After the Military
·     Home Based “Business In A Bag”
·     Networking Your Way To Employment

On-site registration opens at 8:15 a.m. For more information and to register online, go to http://www.moaa.org/spousesymposium. Attendees have the opportunity to receive free résumé critiques, professional LinkedIn photos and Stella & Dot accessories.

Download the MOAA Military Career Events mobile application (search for MOAA Career in an app store on a smart device) for all of the pertinent details regarding the symposium.

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Learn how to “Keep a Career on the Move!” at the @MOAA_MilLife #MOAASpouse15 Symposium 3/23 in VA! http://bit.ly/ft9IJI
Ready to jump-start your career? Register for the 2015 @MOAA_MilLife #MilSpouse Symposium, Alexandria: http://bit.ly/ft9IJI #MOAASpouse15

About MOAA:

Military Officers Association of America (MOAA) is the nation’s largest officers association with more than 380,000 members from every branch of service, including active duty, retired, National Guard, Reserve, and former officers and their families and survivors. MOAA is a nonprofit and politically nonpartisan organization and an influential force in promoting a strong national defense. MOAA represents the interests of service members and their families in every stage of their lives and careers, and for those who are not eligible to join MOAA, Voices for America’s Troops is a nonprofit MOAA affiliate that supports a strong national defense. For more information, visit http://www.moaa.org or http://www.voicesfortroops.org/.

Members of the news media who wish to be added to our media distribution list for MOAA news releases, please contact requestnews(at)moaa(dot)org. Visit MOAA’s Multimedia & Press Room at http://www.moaa.org/media/default.htm. Reported by PRWeb 4 hours ago.

Construction at the Denver VA Medical Center will continue through at least through March, U.S. Rep. Mike Coffman's office said Thursday after receiving notification from the U.S. Department of Veterans' Affairs that money had been moved within the VA's budget to cover project costs. The project's not out of the woods yet, however. The VA will shift a total of $99 million to cover additional costs at the Aurora project, bringing the total spending on the project to $899 million, Coffman's office… Reported by bizjournals 4 hours ago.

Former Heisman Trophy quarterback Tim Tebow wasn't invited to the NFL first-ever veterans combine on March 22. Reported by nola.com 3 hours ago.

The Retirement Income Security Benefit proposed on Monday was designed to help severely disabled veterans who are not eligible for a National Defence pension and who will lose an earnings-loss benefit when they hit 65, leaving them with little income Reported by Globe and Mail 2 hours ago.

The Queen, Duke of Edinburgh, and Duke and Duchess of Cambridge will join veterans to remember those who fought in the conflict. Reported by Sky News 1 hour ago.

The Harper government is poised to resolve a decades-long dispute with veterans groups by announcing significant changes to benefits for injured reservists in Canada, CTV News has learned. Reported by CTV 45 minutes ago.