alcobra ltd. is a public , specialty pharmaceutical company .

the company is focused on the development of new medications to help patients with cognitive disorders , including attention deficit hyperactivity disorder ( adhd ) and fragile x syndrome .

alcobra is headquartered in tel aviv , israel , and also has a u.s. office located outside of philadelphia in plymouth meeting , pennsylvania .

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alcobra ' s share price has lost most of its value since september 2014 , when the main trial of alcobra ' s flagship drug for treating adhd was unsuccessful . a trial of another drug has since failed .
brett johnson : we are here with david baker from alcobra pharmaceuticals talking about the company and this development of their adhd drug . thanks for joining us today . can you tell us , what does alcobra do ?
regenera’s shareholders believe that their offer will be beneficial and create value for both companies and their shareholders . to back this belief , regenera’s shareholders have committed to purchase from alcobra’s current shareholders , shares worth $ 10 million at company valuation of $ 47 . 5m for alcobra .
about alcobra alcobra ltd . is an emerging pharmaceutical company primarily focused on the development and commercialization of medications to treat cns and cognitive disorders . for more information , please visit the company ' s website , urltoken , the content of which is not incorporated herein by reference .
pre - ind meeting held on alcobra’s proprietary a buse - d eterrent , a mphetamine i mmediate r elease ( adair ) product candidate .
alcobra will continue to explore the promise of mdx in other conditions , including fragile x syndrome , potentially with a partner in europe , daniely added .
alcobra acknowledged today that its attention - deficit / hyperactivity disorder ( adhd ) candidate metadoxine extended release ( mdx ) has failed a phase iii trial .
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regenera pharma ltd . shareholders have submitted a formal offer to the board of alcobra pharmaceutical ltd ( nasdaq : adhd ) to buy their shares in exchange for 66 . 6 % of the combined company . as part of the proposed deal , regenera’s shareholders will launch a $ 10 million tender offer to alcobra’s shareholders at a valuation of $ 47 . 5 million for alcobra , a 50 % premium on last night ' s closing market cap of $ 31 . 42 million .
david baker : alcobra is a cns specialty pharma company . we only have focused on cns products up until now . our lead area of focus has been adhd .
alcobra said its topline data analysis was conducted on measure’s full analysis set , which included all of the study’s 283 randomized subjects with at least one post - baseline efficacy assessment .
about alcobra alcobra ltd . is an emerging pharmaceutical company primarily focused on the development and commercialization of mdx ( metadoxine extended release ) , a proprietary drug candidate , to treat cognitive disorders including adhd and fragile x syndrome . for more information , please visit the company ' s website , urltoken , the content of which is not incorporated herein by reference .
the official minutes reflect the fda’s agreement to review the data collected thus far in alcobra’s phase 3 measure study and consider it in a future nda submission of mdx for treatment of adhd . the fda and alcobra agreed that such an analysis could provide important information with regard to the effectiveness of mdx , as well as information on its safety and tolerability , allowing a more informed discussion of future development activities , as needed . alcobra has already begun processing the available measure study data and expects to report top - line results for measure in the coming weeks .
alcobra ltd . , founded by dr . dalia megiddo and udi gilboa , is a privately held pharmaceutical company operating out of israel focused on the research , development and commercialization of novel products for the treatment and control of cns disorders . alcobra ' s lead drug candidate , mg01ci , an extended - release formulation of metadoxine , is developed for adhd and other cognitive disorders .
adhd , a cognitive disorder characterized by inattention and / or hyperactivity - impulsivity that interferes with functioning or development , affects about 4 percent to 5 percent of adults globally , according to alcobra .
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alcobra took a body blow last year when the fda placed a clinical hold on its lead drug metadoxine , but a failed phase 3 trial has now delivered a coup de grâce for the program .
alcobra will hold an investor conference call and webcast on tuesday , february 7 , 2017 at 8 : 30 am est . members of alcobra’s senior management team , including dr . daniely , dr . tomer berkovitz , cfo & chief operating officer , and mr . david baker , chief commercial officer , will provide additional insights into plans for the development and market opportunity of adair . details are provided below .
meanwhile , alcobra is sitting on around $ 50 million in cash , according to chief operating officer tomer berkovitz , who said the company will look for ways to reduce its costs in the coming months .
the drug has a checkered past . the u . s . food and drug administration earlier this month recommended alcobra conduct a an extra six - month mdx trial to expel safety concerns emanating from preclinical data .
the finding dashes alcobra ' s hopes of shaking up the market for adhd drugs with a drug specifically developed for adult patients with the condition , and shares in the company had already slid more than 40 % this morning .
following the successful completion of the phase i study of mg01ci in 2010 , teva took an equity position in alcobra , in addition to the right to acquire the company in stages up to full ownership upon regulatory approval of mg01ci .
in 2014 , alcobra said it was encouraged by mdx ' s impact versus a placebo in a prior late - stage adult adhd trial , only after excluding four patients from the analysis , citing
extreme placebo responses .
( urltoken )
investor contact : alcobra investor relations debbie kaye us : 212 - 390 - 8964 , intl : + 972 - 3 - 7299871 ir @ urltoken media inquiries : sam brown , inc . mike beyer 312 - 961 - 2502 mikebeyer @ urltoken
we consider the negative findings of the study to be conclusive ,
said alcobra ' s chief executive yaron daniely on a call with investors today , saying it is now unlikely that the company will invest further in metadoxine for adhd .
( reuters ) - alcobra ltd said it would abandon evaluating its only experimental drug to treat attention deficit hyperactivity disorder ( adhd ) , after a failed late - stage study , wiping away more than half the company’s value before the bell on tuesday .
the failure announcement came a week after alcobra won fda agreement to review data collected to date in the measure study and consider it in a future nda submission of mdx for adhd . the fda also agreed to change a full clinical hold for the trial to a partial clinical hold pending review and approval of the company’s proposed protocol for a 6 - month , phase i study to assess the potential relevance of adverse findings observed in long - term animal studies of metadoxine in relation to human exposure , alcobra said .
investors responded to the failure announcement with a stock sell - off that sent the price of alcobra shares tumbling nearly 52 % in premarket trading as of 8 : 55 a . m . , to 92 cents from the friday close of $ 1 . 90 .
i don ' t believe the efficacy outcome of this study has any bearing on fragile x or any other cognitive disorder ,
said daniely . alcobra may explore studying the drug in fragile x in europe , but would need a partner for that project , he suggested .
options could be to continue to develop metadoxine in other indications—notably fragile x syndrome outside the u . s—or indeed other pipeline projects , but there were few details to be had on the latter other than assertions that alcobra has been stepping up efforts to identify promising projects since last year .
u . s . investor contacts lifesci advisors , llc michael rice 646 - 597 - 6979 mrice @ urltoken media inquiries sam brown , inc . mike beyer 312 - 961 - 2502 mikebeyer @ urltoken israel investor contact : alcobra investor relations debbie kaye + 972 - 72 2204661 debbie @ urltoken
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db : well , i think alcobra’s got a great , experienced management team . i think we have an underappreciated asset and the adhd market space is a very attractive space . it’s close to $ 10 billion a year in revenue in the u . s . alone and in many ways , it’s an underappreciated space .
“we are exceedingly disappointed with these topline results , ” alcobra president and ceo yaron daniely , ph . d . , mba , said in a statement . “in the coming weeks , the company intends to review the full dataset from measure . consequently , we will evaluate our options and communicate our strategic plan to investors . ”
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we are very pleased with the phase ii data announced today ,
said dr . aharon schwartz , head of teva ' s innovative ventures .
our collaboration with alcobra on the development of mg01ci for adhd complements teva ' s focus on developing a portfolio of products within our core specialty area of expertise - neurological disorders .
mdx is an extended - release oral formulation of metadoxine ( pyridoxol l - 2 - pyrrolidone - 5 - carboxylate ) , an inhibitor of the gamma - aminobutyric acid ( gaba ) transaminase enzyme responsible for the degradation of gaba . in addition to adhd , alcobra is developing mdx as a treatment for fragile x syndrome and cognitive impairment .
alcobra just announced results from their trial of a proprietary formulation of metadoxine in fragile x syndrome subjects , and there is a glimmer of hope in their announcement urltoken . while the drug did not show any beneficial effect on the primary outcome measure ( essentially , an adhd scale ) it did result in some statistically significant improvement on 2 secondary measures .
forward looking statements this press release contains forward - looking statements within the meaning of the
safe harbor
provisions of the private securities litigation reform act of 1995 and other federal securities laws . because such statements deal with future events and are based on alcobra ' s current expectations , they are subject to various risks and uncertainties and actual results , performance or achievements of alcobra could differ materially from those described in or implied by the statements in this press release . for example , forward - looking statements include statements regarding the timing of future development activities and clinical studies ( if the same are initiated at all and under what circumstances ) and the timing and status of the results thereof , whether and when the clinical hold will be lifted and under what conditions , whether and when alcobra will submit an nda and whether it will be approved by the fda and timing of future communications to investors . in addition , historic results of scientific research do not guarantee that the conclusions of future research would suggest similar conclusions or that historic results referred to in this press release would be interpreted similarly in light of additional research or otherwise . the forward - looking statements contained or implied in this press release are subject to other risks and uncertainties , including those discussed under the heading “risk factors” in alcobra ' s annual report on form 20 - f for the fiscal year ended december 31 , 2015 , filed with the securities and exchange commission ( sec ) and in subsequent filings with the sec . except as otherwise required by law , alcobra disclaims any intention or obligation to update or revise any forward - looking statements , which speak only as of the date they were made , whether as a result of new information , future events or circumstances or otherwise .
in the process of doing that , i stumbled across alcobra as they were reporting out some phase 2 clinical data on the earlier compound that we spoke about . as they were getting ready to enter phase 3 , i reconnected with their ceo and joined them at that point to become the first commercial person in the organization . i’ve been there 3 years now .
these results confirm previous clinical experience indicating mg01ci may have a quick onset of activity with few side effects , distinguishing it from other non - stimulant adhd treatments ,
said dr . yaron daniely , ceo of alcobra .
based on the positive results of this phase ii trial and the high unmet need for novel adhd treatments , we intend to commence phase iii studies in adults in 2012 and later on in children .
- alcobra and fda agree on review of available data from the phase 3 measure study in a future nda submission - top - line results from the measure study to be reported in the coming weeks - fda to modify clinical hold from full to partial to allow the conduct of a phase i safety study - management to hold a conference call & webcast today , january 9th at 8 : 00 a . m . eastern time / 5 : 00 a . m . pacific time
the fda also agreed to modify the full clinical hold to a partial hold , pending review and approval of alcobra’s proposed protocol for a 6 - month , phase 1 clinical study to directly assess the potential relevance of adverse findings observed in long - term , non - clinical ( animal ) studies of metadoxine with regard to human exposure . the fda will review results from this safety study and consider the complete lifting of the full clinical hold currently in place on the mdx programs .
“we are encouraged by this productive meeting with the fda and the progress made in outlining the development path for a future nda submission of mdx for treatment of pediatric and adult adhd , ” said dr . yaron daniely , president and ceo of alcobra . “our focus now is on analyzing the topline data from measure and working closely with the fda to resume clinical development activities with the goal of bringing mdx to market for the benefit of patients affected by adhd or other cognitive disorders . ”
the folks at alcobra rightly note that this is the best showing to date for any drug in fragile x , and that both the kitap and vabs are appropriate and relevant outcome measures , and either could have been designated the primary outcome measure . the scale which was chosen as the primary endpoint , the adhd rs - iv inattentive subscale , was apparently chosen because the drug is thought to work mainly by enhancing attention , but the precise effect in fragile x could not have been anticipated .
it is possible that the vabs and kitap are just better or more useful scales for fragile x research , but it is also worth remembering that sometimes one or two secondary measures show apparent improvement which can’t be reproduced in subsequent trials . alcobra has expressed interest in pursuing these findings , and they will presumably feature the vabs and kitap more prominently in the next round of metadoxine trials for fragile x . if they are able to reproduce these results , then there would be hope for this line of inquiry .
about mdx mdx ( metadoxine extended release ) is a proprietary investigational new drug candidate being developed by alcobra for the potential treatment of adhd and fragile x syndrome . mdx is not a stimulant and acts as a monoamine - independent modulator of gaba ( gamma - aminobutyric acid ) transmission . in pre - clinical studies to date , metadoxine has shown no potential for abuse or addiction . mdx is currently in phase iii development for adults with adhd , phase ii development for pediatric adhd , and phase ii development for fragile x syndrome .
alcobra ltd will be conducting a clinical trial of metadoxine extended release ( mdx ) in adults and adolescents , 15 to 55 years old , with fragile x syndrome . the planned phase iib mdx clinical trial will be a multi - center , randomized , placebo - controlled study , conducted primarily in the us . the study is supported by positive data collected from multiple earlier animal studies using metadoxine . results from these studies demonstrated significant improvement in behavioral and cognitive outcomes in mice based on testing and performance of memory , learning , and social interaction .
jerusalem , sep 07 , 2011 ( business wire ) - - teva pharmaceutical industries ltd . ( nasdaq : teva ) and alcobra ltd . announced today top - line results from a six week , randomized , placebo - controlled , phase ii multi - center study designed to assess the safety and efficacy of mg01ci in adults with attention deficit hyperactivity disorder ( adhd ) . results showed mg01ci met the primary efficacy outcome , demonstrating a significant improvement on the conners ' adult adhd rating scale - investigator rated total adhd symptoms score ( caars - inv ) compared to placebo ( p < 0 . 03 ) .
“for more than a year , we have collaborated with capsugel to leverage our combined expertise towards the development of a novel treatment option for adhd . we believe this proprietary , investigational product , if approved , has the potential to be the first abuse - deterrent , immediate - release stimulant , offering additional protection and peace of mind for patients , parents and physicians , ” said dr . yaron daniely , president & ceo of alcobra . “our work on adair recently culminated in a productive pre - ind meeting with the fda , which confirmed a potentially rapid development path towards a 2018 nda submission for adhd . ”
about adair alcobra’s a buse - d eterrent a mphetamine i mmediate - r elease ( adair ) product candidate is a proprietary , abuse - deterrent oral formulation of immediate - release ( short - acting ) dextroamphetamine that is currently under development for the treatment of adhd . adair is being specifically designed to limit abuse by snorting or injecting . the u . s . department of health and human services reports that nearly two million people misuse or abuse prescription stimulants annually with studies reporting that 40 percent or more do so by snorting or injecting these products . the adair formulation was developed in close collaboration with capsugel , a global leader in delivering high - quality , innovative dosage forms and solutions .
this announcement has been posted as a courtesy by the national fragile x foundation ( nfxf ) on behalf of alcobra ltd . the announcement and the parties conducting and sponsoring the research meet guidelines established by the nfxf regarding relevancy and appropriateness to fragile x . the nfxf takes no position and makes no claims as to the potential benefits of the study including those studies involving medications , and cannot be responsible for any outcomes , lack of outcomes or unintended side effects . your name or other personal information have not been shared with the researchers / company / institution . if interested in participating in this research , it is your responsibility to use the contact information in this announcement . additional opportunities for being part of research studies can be found at urltoken .
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the israeli drug developer is evaluating assets - both internal and external - and will present its strategic direction to shareholders in the coming weeks , chief executive dr . yaron daniely said on a conference call .
at first , it was believed to only affect children , but adhd is now known to persist into adolescence and adulthood .
the drug , mdx , did not induce a statistically significant benefit over a placebo in the 283 - patient “measure” trial , the company said .
the regulator had placed a clinical hold on the long - acting therapy in september in light of this data .
about 80 patients discontinued treatment in the measure study after the imposition of the hold , daniely said on tuesday .
in 2015 , the drug failed a mid - stage study in fragile x syndrome , a rare genetic condition that causes a range of developmental problems . ( urltoken )
shares of the company , which said it expects to end 2016 with a cash balance of $ 50 million and has less than 20 employees , were down 52 . 6 percent at 90 cents on the nasdaq in premarket trading .
the israeli drug developer is prepared to buy shares in exchange for 66 . 6 % of the combined company .
regenera is a clinical stage company led by check point software technologies ltd . ( nasdaq : chkp ) chairman marius nacht , teva pharmaceutical industries ltd . ( nyse : teva ; tase : teva ) interim president and ceo prof . yitzhak peterburg and dr . zadik hazan , founder of regenera , which is developing a novel drug that is applicable for a wide range of neurodegenerative diseases with a vast market potential .
regenera has successfully completed phase iia in , naion ( optic nerve neuropathy , a disease with no treatment available today ) , receiving good feedback from the fda . regenera is preparing for a phase iii naion trial , meaning it may be as close as 30 months from commercialization .
pre - clinical data shows that the novel drug may be applicable to both rare and more common neurodegenerative diseases such as msa / parkinsonism and dementia . regenera is also aiming at the veterinary market with encouraging early signs .
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in 2015 , nearly 25 million prescriptions were filled in the u . s . for immediate - release ( ir ) stimulants , which represent the fastest growing class of adhd drugs in both the pediatric and adult adhd segments . while effective in the treatment of adhd , cns stimulants have been shown to have high potential for abuse and addiction and are scheduled as class ii controlled substances by the u . s . drug enforcement agency ( dea ) and other similar agencies outside the u . s . the risks of stimulants are not limited to those who are prescribed the medications . published studies report that between 25 - 60 % of teenagers and college students with adhd report being approached to give away or sell their adhd stimulants . other published studies report that 40 % or more of the people who misuse stimulants , particularly immediate release stimulants , do so by snorting or injecting them .
attention deficit hyperactivity disorder ( adhd ) is a group of behavioral symptoms that include inattentiveness , hyperactivity and impulsiveness , with symptoms including disorganized work habits , procrastination and inability to sustain attention on tasks or activities . there are a total of 61 products in development for this indication , by 40 companies and five academic institutions . key companies operating in this pipeline space include nls pharma group and shire .
depression is a mood disorder that causes a persistent feeling of sadness and loss of interest . signs and symptoms include sleep disturbances , including insomnia or sleeping too much , changes in appetite , anxiety , agitation or restlessness and physical problems , such as back pain or headaches . there are a total of 191 products in development for this indication , by 112 companies and 20 academic institutions . key companies operating in this pipeline space include johnson & johnson , sumitomo dainippon pharma , luye pharma group , otsuka holdings and vanderbilt university .
schizophrenia is a chronic , severe , and disabling brain disorder that generally appears in late adolescence or early adulthood . symptoms include delusions , hallucinations , disorganized speech and disorganized behavior . there are a total of 134 products in development for this indication , by 85 companies and nine academic institutions . key companies operating in this pipeline space include omeros corp , suven life sciences , heptares therapeutics , merck & co , sumitomo dainippon pharma and vanderbilt university .
finally , tourette syndrome is a neurological disorder characterized by repetitive , stereotyped , involuntary movements and vocalizations called tics . symptoms include eye blinking and other eye movements , facial grimacing , shoulder shrugging , and head or shoulder jerking . there are a total of 11 products in development for this indication , by nine companies and one academic institution . key companies operating in this pipeline space include catalyst pharmaceuticals , who are fielding two pipeline products .
across all four of these indications , transporters and receptors of neurotransmitters such as dopamine and serotonin are the most common targets , closely reflecting the current treatment landscape of these diseases .
research and markets laura wood , senior manager press @ urltoken for e . s . t office hours call 1 - 917 - 300 - 0470 for u . s . / can toll free call 1 - 800 - 526 - 8630 for gmt office hours call + 353 - 1 - 416 - 8900 u . s . fax : 646 - 607 - 1907 fax ( outside u . s . ) : + 353 - 1 - 481 - 1716 related topics : drug discovery
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bj : the company has had some changes in strategy over the last six months . can you talk a little bit about that ?
db : i wouldn’t necessarily characterize it as a change in strategy , but we’ve clearly changed the focus in terms of the development program . the company was founded in 2008 and went public in 2013 and was mostly focused on the development on what was our former lead asset , mdx , metadoxine extended release , which is a compound that we were developing for adhd and also for other cognitive impairments including fragile x syndrome where we have fast track designation orphan drug status .
we put most of the effort , in term of the clinical development , into the adhd program and starting with an adult adhd program . unfortunately , in january we had the read out of our second phase 3 adult adhd trial and unfortunately we did not separate from placebo . based on that set back , i think we’ve come to appreciate how much of a challenge it is to show efficacy in adult adhd , particularly with non - stimulant product . in fact , we are one of three companies that had setbacks in a matter of the last 3 months in failing clinical trials in adult adhd .
based on that experience , we decided to put that effort on the side . we’re looking to monetize that asset for its possible application in fragile x syndrome but we have turned our attention to a new lead candidate which we refer to as adair . it’s an abuse deterrent amphetamine immediate release . this is a program that we have been working on for about the last 18 months under a service agreement with capsugel , a global leader in developing various formulations , different capsule formulations .
essentially what we are trying to do is to develop a product which would have abuse deterrent products to minimize the risk of abuse , particularly through snorting or injecting . that is , unfortunately , very common with psychostimulants such as ritalin or adderall .
db : what we do is we take dextroamphetamine , which is the active ingredient , and it is essentially embedded into a semi - solid , waxy , gel - like matrix . by essentially sequestering the api , the dextroamphetamine , in this gel or this paste that’s inserted in the capsule , you’re not really changing the activity of the amphetamine if it’s taken as it’s prescribed .
if it’s swallowed , we’ve done dissolution work to show that it releases very similarly to dextroamphetamine so we would expect it’s going to have the same clinical effect . but by embedding this dextroamphetamine in this paste , this matrix , this gel it makes it extremely difficult for someone to grind it up and snort it or to mix it in water or ethanol and inject it .
snorting or injecting are much more serious routes of misuse , actually , abuse of the stimulants which have much more serious consequences . essentially what we are doing is we are trying to minimize the maximum risk that’s associated with these stimulants .
db : sure . the psychostimulants , the adderalls , the ritalins , the concertas , the vyvanses of the world , these are are very effective drugs for treating adhd . they have been used since the 1950’s to treat adhd . unfortunately , because they are controlled substances and they have potential for abuse and misuse , they are very frequently misused .
they are one of the most commonly misused or abused medications that’s available . the u . s . government , through their nsduh , the national survey of drug use and health survey , estimates that 5 million people a year end up misusing or abusing psychostimulants . interestingly enough , when we dug into those data , we found that 90 % of those 5 million people who are misusing or abusing a prescription psychostimulant , it’s an amphetamine type of product . an adderall type of product . that’s the compound , the active ingredient we are working with .
db : so the idea here is that instead of prescribing a dextroamphetamine or mixed amphetamine salt tablet , which can easily be crushed and mixed with water and injected or crushed and snorted , we would offer this capsule which offers this extra protection so that we would minimize that potential risk . we’ve gone out and we have spoken to high prescribing physicians of adhd products .
we’ve introduced them to the product concept because we wanted to see the reaction . the physicians were very favorable in their reaction . their point of view was , “look , if this is not cost prohibitive then why wouldn’t i prescribe this instead of generic adderall or generic dextrostat or dexedrine , because it’s giving me , from what you’re telling me , all the same clinical efficacy , the same side effect profile except it’s going to protect against the patient who might misuse or abuse it or it’s going to protect against the non - patient who this medication , unfortunately , may get diverted to by being sold or given away . ”
unfortunately , it is really common with psychostimulants . if fact , there’s reports in the literature that over 60 % of college students who have a diagnosis of adhd and are prescribed stimulants admit that at some point they have diverted . they have given away or sold their prescription medication to someone who doesn’t even have the condition .
db : sure , it’s a great question . so , if you look at the cost of the branded adhd drugs , the prices range from about $ 200 a month to about $ 350 a month , depending on which medications you’re talking about . our best understanding is that the generics , like a generic stimulant , a generic adderall , is probably costing about $ 50 a month .
our view is that , in order to make this attractive for patients , for parents of patients , and for manage care payers , we are looking at pricing this probably on the low end of the branded pricing range . in our discussions with payers , when we presented them with this concept and said , “we’re looking to charge at the low end of this $ 200 - $ 350 price range” they , the manage care payers , thought that was reasonable .
they said , “number 1 : we expect you as a new product , you’re a branded product , and you’re going to charge branded prices . ” relative to what they’re paying for generics , they didn’t think it was a substantial premium . they didn’t think it was an egregious kind of premium we were proposing . the other component is for the payers . when you’re talking about a product that’s $ 200 - $ 350 a prescription , that’s not a big ticket item for them on an absolute basis . therefore , it’s not something that gets a lot of their attention .
they told us , “we don’t manage the adhd category the same way we manage other categories like the new cholesterol agents or hepatitis c medications or other specialty pharma products that are costing them thousands of dollars a month . in fact , you may be aware , until you get to about $ 600 a month , you don’t trigger this kind of specialty pharma level in the minds of managed care payers or various government payers . we’re trying to stay below that threshold so that we are charging a brand price premium over generic but it’s not a tenfold , twentyfold kind of increase that they don’t like .
the other component of this that , i think is very important is talking to the consumers . we’ve done research with parents of teenagers and young adults who have adhd and are prescribed these short acting stimulants and showed them the product concept .
they were very intrigued by the concept . they said that if the product were available , they’d ask their physician about it . most importantly , they said that they’d be willing to pay a higher insurance copay for their medication . i can’t remember the exact figures but i think 75 % of them said they would pay $ 10 , $ 20 , $ 40 more a month .
basically , from their perspective , depending on what a parent was paying right now in the way of a copay , they’re willing to pay up to about twice the copay that they were currently paying in order to have this medication that would have this extra protection built in .
db : if you look at the adhd market overall today , or in 2015 there were about 67 million prescriptions written . we estimate that as 10 - 11 million people who are taking these medications . of those 67 million prescriptions , 24 million were for immediate release or short acting stimulants , which is kind of the segment that we are focusing on .
in our mind , we feel that if we can just penetrate of the ir stimulants , even just a subset of that as the ir stimulant amphetamine based products , we can get 1 out of 10 or 1 out of 12 prescriptions . that makes this a very financially attractive product for us .
db : we’ve calculated , based on that estimate with pricing at the low end of the branded pricing range and capturing 1 out of 12 scripts for immediate release amphetamines , within 3 to 4 years we would be talking net sales in excess of $ 300 million a year .
db : what i can say is that dextroamphetamine as an api is not an expensive api . even the technology that we are working with , the platform that we’re working on with capsugel as our partner ; it’s not very expensive . let’s just say you’re in the range of what you would expect for typical traditional pharmaceutical margins .
db : cost of goods sold for most pharmaceutical products , to my understanding , is well under 10 % .
db : sure . i’m kind of a career pharmaceutical guy . i came out of graduate school and was recruited by merck and worked in a variety of sales , marketing , market research and development positions . i was at merck for about 14 years . i’ve worked in a number of therapeutic areas : cholesterol management , osteoporosis , migraine . i was recruited over to shire to head up the marketing of their adhd products back in 2004 .
i was at shire for about 10 years in various positions , mostly commercial positions leading the commercialization of their adhd product line . i eventually became the global manager for vyvanse , which i think is still shire’s biggest product . it sells over $ 1 . 5 billion a year now . in my last couple of years , when i was at shire , i started working with colleagues on the r & d side of things to do assessments for new cns products to potentially bring in and fill shire’s pipeline of cns products .
this whole idea of developing and abuse deterrent product , i think is an underappreciated opportunity . we feel that just by tapping into a very small segment of what is and continues to be a growing market , we have something that can be very financially attractive and , frankly , can be the launching point for us expanding into other areas within cns .
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we face competition from established pharmaceutical and biotechnology companies that currently market a wide range of drugs to treat adhd . all of these competitors have far greater marketing and research capabilities than us . we also face potential competition from academic institutions , government agencies and private and public research institutions , among others , which may in the future develop products to treat adhd . all of these companies and institutions may have products in development that are superior to mg01ci . our commercial opportunity would be reduced significantly if our competitors develop and commercialize products that are safer , more effective , more convenient , have fewer side effects or are less expensive than mg01ci . public announcements regarding the development of competing drugs could adversely affect the commercial potential of mg01ci .
we are an emerging biopharmaceutical company primarily focused on the development and commercialization of our proprietary drug , mg01ci , to treat attention deficit hyperactivity disorder , or adhd . the most common currently available treatments for adhd are stimulants that increase the brain
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in the study , 56 percent of subjects treated with mg01ci experienced an improvement in their caars - inv score of at least 25 percent , compared to 36 percent of patients in the placebo group ( p < 0 . 03 ) . additionally , 44 percent of the subjects treated with mg01ci demonstrated an improvement of more than 40 percent in their caars - inv score versus only 25 percent in the placebo group ( p < 0 . 04 ) . mg01ci was well tolerated , with no drug - related serious adverse events reported and no clinically or statistically significant differences in adverse event profiles between the mg01ci and placebo treatment arms . nausea and initial insomnia were more frequently reported in the mg01ci arm , yet the rate of patient discontinuation due to adverse events was similar in both groups ( 1 . 7 % ) . importantly , no increase in blood pressure or appetite suppression was recorded in the treatment group .
adhd is the most commonly studied and diagnosed chronic psychiatric disorder in children and adults , affecting about 3 to 5 percent of the population ,
said iris manor m . d . , director of the adhd unit , geha mental health center in petach tikva , israel .
i am very encouraged by the results of this trial , which warrants further clinical development of mg01ci , a novel non - stimulant drug that may benefit many people with adhd .
in the trial , mgo1ci also demonstrated significant improvement on secondary endpoints , including the adult adhd quality of life scale ( aaqol ) and the test of variables of attention ( t . o . v . a . ® ) scores .
additional phase ii study results for mg01ci in adhd are planned to be presented at international scientific meetings later this year .
mg01ci is an extended release formulation of metadoxine ( pyridoxol l - 2 - pyrrolidone - 5 - carboxylate ) . immediate - release metadoxine has been used in the treatment of acute alcohol intoxication and treatment of alcohol withdrawal syndrome for more than 30 years . mg01ci allows the prolonging of the exposure to metadoxine and improves its clinical performance . mg01ci was investigated in three pilot studies conducted in healthy adult volunteers at the hadassah medical center liver unit ( jerusalem , israel ) , and in a phase iia study in adhd subjects at the geha mental health center adhd unit ( petach tikva , israel ) .
teva pharmaceutical industries ltd . ( nasdaq : teva ) is a leading global pharmaceutical company , committed to increasing access to high - quality healthcare by developing , producing and marketing affordable generic drugs as well as innovative and specialty pharmaceuticals and active pharmaceutical ingredients . headquartered in israel , teva is the world ' s largest generic drug maker , with a global product portfolio of more than 1 , 300 molecules and a direct presence in about 60 countries . teva ' s branded businesses focus on neurological , respiratory and women ' s health therapeutic areas as well as biologics . teva currently employs approximately 42 , 000 people around the world and reached $ 16 . 1 billion in net sales in 2010 .
teva ' s safe harbor statement under the u . s . private securities litigation reform act of 1995 :
mdx did not meet the primary endpoint of the measure clinical trial , namely demonstrating a statistically significant difference from placebo in the change from baseline as measured using the conners’ adult adhd rating scales ( caars ) .


emtek ( company name : pt . elang mahkota teknologi tbk . ) is the indonesia 's second largest media group , as of 2013 .

emtek is the parent company for subsidiaries which include terrestrial television subscription nexmedia and three television stations – sctv , indosiar and o channel . pt .

elang mahkota teknologi was established in 1983 by eddy kusnadi sariaatmadja . pt .

elang mahkota teknologi indonesia is now headed by alvin widarta sariaatmadja , president director of the emtek group .

emtek

- emtek diamond , old town and astoria knobs are lead crystal . the optical quality of lead crystal makes emtek knobs clear and brilliant .
media is emtek’s primary business portfolio . as indonesian most prominent media conglomerate , etc
new south is the largest distributor of emtek® engineered hardwood mats in the united states . the emtek® mat technology provides unique structural opportunities that other traditional mats cannot provide .
- emtek levers have a fixed stop at the top of their stroke . an emtek lever will only rotate down , not up and down like most products found in homecenters . emtek ' s european style construction yields a solid , positive feel for every lock .
pt emtek medika corpora owns and operates a chain of hospitals . the company is based in indonesia . pt emtek medika corpora operates as a subsidiary of pt elang mahkota teknologi tbk .
emtek’s media business is largely held under scm , which is also listed on the indonesian stock exchange . as of september 30th , emtek owns a ~ 60 % stake in scm . the current market cap of scm is ~ us $ 3 . 35bn , so emtek’s stake is worth ~ us $ 2bn ( which is ~ 58 % of emtek’s total market cap ) .
add security to your home with an emtek deadbolt – available in keyed and single sided styles .
as emtek always looks to expand its product line to meet customer’s needs , with input from those in the industry , emtek continues to developing and redevelop products to meet the needs of the industry .
reproduction in whole or in part without the express written permission of emtek products inc . is prohibited .
anyway , with all that being said , let’s take a quick look at each of emtek’s divisions .
the emtek group is indonesia’s second largest media group with three main business divisions : media , telecommunications and it solutions , and connectivity . working closely with emtek allows for widespread market penetration and digital distribution .
emtek hardware is one of our more popular brands of door hardware products . they have a huge selection to complete the look of your home . if you are looking for something from emtek that we don ' t have online , please give us a call . most emtek products take several days before shipping as they are assembled per order - please refer to each individual product page for details on emtek shipping timeframes .
copyright © 2018 , emtek products , inc . , an assa abloy group company . all rights reserved .
browse the entire line of emtek products below . shop by knob , lever or rosette style to customize the perfect look for your home . for exterior doors we recommend using an emtek passage function knob in conjunction with a deadbolt , or take a look at the emtek keyed locks or sideplates . should you have any questions regarding emtek door hardware , please give us a call at 307 - 886 - 9449 . emtek is one of our most popular brands and our staff are well trained to help you find exactly what you need .
kmk online , which launched in 2012 , is focused on creating growth for emtek in the digital space .
- flat facets on emtek crystal knobs are hand ground and polished with the same methods used to polish gem stones .
emtek is one of the leading companies in door hardware in the united states with a wide range of innovative styles . with emtek you get a lot more customization than you would with other brands . emtek has many unique styles of door knobs , lever handles and rosettes in many finishes which gives you a lot of flexibility with customizing the look of your home . emtek also carries a complete line of kitchen cabinet hardware and other miscellaneous hardware so you can keep your home decor consistent throughout your home .
emtek group is a modern group of companies with three main business divisions : media , telecommunications and it solutions , and connectivity .
in 2012 , aware of how the media landscape was evolving , emtek set up kmk online to focus on new digital and online platforms .
brief history of the business emtek , llc develops and manufactures air sampling products for the detection of bacteria and mold in clean room and other critical environments within the biotechnology , pharmaceutical , hospital , pharmaceutical compounding , food and dairy industries . the industries served by emtek , llc ( emtek ) must maintain stringent control on their critical environments to protect their products and patients . as such , these industries are continuously seeking products that may aid in monitoring their environments for contaminants . in addition , many of the industries that emtek serves are required under regulatory requirements to perform the type of sampling for which we develop and supply products . this provides emtek with a continued opportunity to provide products for use in monitoring these environments .
in conjunction with its television businesses , emtek has controlling interests in several content production ventures , creating film for cinema and television , drama series and animation .
emtek came into existence in january of 2009 when erik swenson , the founder of environmental monitoring technologies ( em technologies , emt ) moved the structure of the business from a sole proprietorship to a limited liability company , or llc , emtek , llc . as such , emtek is essentially em technologies , but under a new business structure . it carries , maintains and supports the full line of air sampling equipment originally developed , patented , manufactured and sold by erik swenson under his sole proprietorship as em technologies , which was in existence from 1997 to january of 2009 . erik swenson is the managing member and vice president of operations of emtek , llc , and has over two decades of experience in the environmental monitoring field of microbiology and is considered to be a specialist in the field , and still has substantial ties within the industry . this “hands - on” and “real life” experience has allowed , and continues to allow , emtek to develop the products required and desired by industry . their ongoing development plans include working with key vendors involved in the latest rapid microbiology technology , where emtek is looking for ways to integrate these rapid technologies with emtek’s air sampling platforms .
kmklabs ( pt . kreatif media karya ) is a subsidiary of emtek group ( pt . elang mahkota teknologi ) - an integrated group of companies with three main business divisions : media , telecommunications and it solutions , and connectivity . emtek is the parent company of sctv , indosiar , o - channel , nexmedia , and screenplay production .
- the threaded tubes inside an emtek lock are machined brass , not steel . the use of brass ensures good threads and prevents corrosion for easy installation and long life .
- emtek’s oil rubbed bronze finish is underlain with copper . normal use will produce natural relief of the oxidized finish and reveal rich highlights on raised portions of the design .
founded in 1983 as pt elang mahkota teknologi , emtek began as a company providing personal computer services . since then , it has evolved into a modern , integrated group of companies with three main business divisions : media , telecommunications and it solutions , and connectivity . today , emtek is known as one of the largest media groups in indonesia .
to contact pt emtek medika corpora , please visit . company data is provided by s & p ; global market intelligence . please use this form to report any data issues .
to contact pt emtek medika corpora , please visit - - . company data is provided by s & p ; global market intelligence . please use this form to report any data issues .
emtek is dedicated to helping bring your personal style to life . door hardware is more than a way to open , close , and secure a space . to us , it is an integral part of a room’s design theme . it is an extension of your personal style and we want it to do more than blend in . door hardware should make a statement , your statement . emtek’s products are a cut above in terms of craftsmanship and design . each order is custom assembled in our southern california facility . there is no predetermined combination of knobs , levers , rosettes and finishes ; we let you mix and match according to your own taste . emtek custom assembled locks are typically shipped within 2 - 3 business days to decorative hardware dealers throughout north america . most dealers receive orders within five business days . we make your order how you want it and we get it to you quickly . founded in 1981 , emtek has decades of experience creating door hardware . we keep our finger on the pulse of the market and regularly release new designs . our style is current , but we never forget about the classics . from traditional to contemporary , transitional , or rustic , we have hardware to match every style . on this website , you will find examples of emtek’s extensive range of products . everything you see can be customized with numerous options for knobs , levers , rosettes , and finishes . to see emtek’s complete product offering , visit our website at urltoken or your local emtek dealer . emtek’s website also includes valuable tools like product selector , which will let you visualize different combinations of products . emtek is a part of assa abloy , the global leader in door opening solutions .
pt kreatif media karya , also known as kmk online , is the digital arm of pt elang mahkota teknologi tbk , also known as emtek . emtek operates three free to air television channels ( sctv , indosiar , and o - channel ) , a pay - tv business ( nexmedia ) and several it solutions businesses , and has an established online media presence through its subsidiary kmk online .
- the rope style , used in emtek knobs and levers and rosettes was developed in england during the early 1800’s and is associated with georgian architecture . rope designs were introduced into north america around 1910 .
let our collection of artistic product images inspire you with creativity . here you will find a sampling of different product combinations , finishes and interior themes to help you visualize how emtek® hardware can accentuate your home .
emtek will look to use its strategic assets , which include two national tv networks , publishing platforms , and other online and e - commerce interests , to help the jv and its services gain national attention .
emtek door hardware fits into a standard american style tubular door prep . if you are replacing existing locks then your door preps will most likely be correct for emtek doorknobs . just determine the backset and you ' re ready to order . if you ' re installing locks in new doors that do not have a door prep you can follow the instructions below . emtek knobs are shipped with square corner strike and mortise plates . if you need rounded mortise plates you ' ll need to specify when ordering . there are certain emtek locksets that will require different bore hole spacing that the standard american bore hole spacing for knobs and deadbolts . any special requirements will be noted on the individual product page for that emtek doorknob . these keyed locks with sideplates require two sets of holes with a center - to - center distance of 3 - 5 / 8
between the two sets of holes . please watch for special notes on any of our door hardware product pages so that you don ' t order door knobs that are not going to work with your existing doors .
emtek has created a large selection for doorknobs , lever handles , handle sets , bathroom hardware , cabinet hardware and other home hardware products in coordinating finishes . their mission :
emtek is dedicated to bringing interesting , well made hardware back into american homes . . . americans are re - discovering the satisfaction that comes from owning well designed products . emtek ' s mission is to make it possible for home owners to apply these higher expectations to door locks . we are striving to provide a broad , interesting range of products that consumers can use as elements of decor , not just as a way to latch a door .
take a look at the great selection of products above . nearly all of emtek hardware is made of solid brass for long lasting quality . customers can choose from a wide variety and even mix finishes and styles on individual lock sets . should you have any special needs or requirements , please let us know . all emtek orders are assembled and shipped from city of industry , ca . because of the quality of the locks and their customizable nature , door knob orders are assembled at the time of the order . please allow 3 - 5 days before shipment . for any specific questions about emtek door hardware please give us a call or contact us .
- each emtek handle has a set screw which , when tightened , eliminates
handle wobble .
set screws do not hold the handles on but serve to remove any looseness after other installation steps are completed .
with a current market cap of us $ 3 . 5bn , it is significantly smaller than other publicly listed comparables in the same mould . for example , kinnevik ( ~ us $ 8bn ) , naspers ( ~ us $ 70bn ) and softbank ( ~ us $ 80bn ) all trade at multiples of emtek’s market cap . this is an advantage because it would take relatively less for a home run investment to move the valuation needle for emtek .
emtek was founded in 1981 , in city of industry , ca as a manufacturer of specialty hardware products selling to door manufacturing companies . beginning in the mid 1980 ' s the company began making a limited range of solid brass door levers for specialty hardware dealers in the los angeles area . gradually since that time we have worked to broaden the product line and the customer base . emtek ' s emergence as a nation - wide supplier of decorative hardware has been slowed by our exacting quality standards . insisting on good workmanship has limited the pace of product development , but it has resulted in a well earned reputation for reliability and integrity of design . emtek assembles locksets to order in city of industry , california . customers are encouraged to select knobs , levers , rosettes and sideplates , with styles and finishes that compliment their individual decor . individual orders are assembled and shipped by express service to dealers across north america . normal shipping lead times are one to two days and most orders are received by dealers within five days of order . emtek now sells to dealers in all fifty states and across canada . these knowledgeable dealers can advise homeowners on the technical aspects of door locks and many provide installation services when needed . emtek has provided dealers with product displays so by visiting a local dealer customers can see a wide range of designs from which to choose . in 1999 emtek was acquired by assa abloy , the largest lock manufacturing company in the world . assa abloy is headquartered in stockholm , sweden , and has extensive operations in europe and north america . joining with assa abloy provides emtek with new resources for supplying quality door locks . emtek has as affiliated companies in the u . s . ; sargent , medeco , arrow , curries , mckinney , securitron , h . e . s . , graham , yale , russwin - corbin , rixson , norton and folger - adams . these are all respected manufacturers of door and hardware products . association with these companies allows emtek to continuously expand its product line in new and interesting directions .
- emtek’s highly decorative victoria style sideplate is a replica of one manufactured by the yale & towne company in new britain , connecticut beginning in 1910 . as it’s name implies , it is representative of the victorian school of design .
both the holding company and its key operating business are not highly leveraged . this characteristic , along with its permanent capital base , allows emtek to take a long term view as an investor in early - stage , growth businesses .
- emtek handles and rosettes are forged , not cast or stamped . the forging process provides a flawless surface which can be highly polished when desired . the generous thickness and weight of forged parts gives them a solid look and feel .
kmk’s activities serve two purposes . first , it allows emtek to reallocate surplus free cash flow from its traditional media business towards new and attractive opportunities in the southeast asian media space . second , it allows the company to create an ecosystem that leverages their expertise in content creation , deep understanding of the media customer and know - how of scaling a business . this gives emtek a significant advantage over other regional investment firms in terms of both reputation and access to deal flow .
the company has partnered with conglomerate emtek , indonesia’s second largest media firm and an investor in - major e - commerce player bukalapak , to enter indonesia , which is southeast asia’s largest economy and home to a population of 250 million people .
underappreciated ecosystem benefits . for example , through scm , emtek owns a growing library of high quality media content . while the upfront cost of creating content is high , the marginal cost of replicating and distributing it through other channels is very low . today , a lot of that content is formatted for television but emtek also has access to other valuable distribution channels ( e . g . iflix , blackberry messenger in indonesia ) . over time , this should result in even higher returns on capital invested in content creation .
to be clear , i am not counting on any of emtek’s current early stage investments turning out like tencent . however , there are two key takeaways from the commentary above . first , it’s not unreasonable in my view to look at emtek today as an early innings ( but perhaps more regionally focused ) naspers . it’s really a bet on the internet and media space in the southeast asia and whether the company is well positioned to capture some of that future value . second , to the extent one wants to play the emerging markets venture capital game , it’s better to pay as little for it as possible . to me , an ideal scenario would be one where the majority of emtek’s value is covered by its existing operations with the venture capital investments thrown in as “free” call options .
emtek is run by a team of owner - operators , all of whom have significant skin in the game . the company is led by eddy sariaatmadja , who founded the company in the early 1980s and currently owns an ~ 18 % stake in the listed parent company . for folks who are familiar with the region , pak eddy is a well known name and minority investors have benefited from riding his coattails . since emtek’s ipo in 2010 , the company’s shares have appreciated some ~ 10x ( and this excludes payouts to investors ) .
emtek’s solutions business provides a variety of infrastructure and services to clients across the it , telecom and financial services sectors . the segment is growing and profitable , but contribution to the overall group is relatively small and it doesn’t move the needle much from a valuation perspective .
emtek does most of its tech startup - related activities through its subsidiary firm kmklabs . externally , however , it’s also invested in several local startups , including ecommerce site bobobobo , marketplace contender bukalapak , muslim fashion estore hijup , and online - to - offline ecommerce player kudo .
- the quincy style sideplate was a staple in north american product lines during the period 1880 - 1940 . it was introduced as a clean , straight forward response to more ornamental european designs . emtek’s quincy sideplate is a heavy forged part , an improvement over more common stamped versions .
- old town and astoria knobs are silver mirrored on the back side creating a highly reflective interior surface . this is a design detail that is true to the historical heritage of these knobs . as far as we are aware , emtek is the only source for genuine silvered knobs .
emtek’s microbial air samplers and controller systems were designed to operate in a variety of critical environments including laf hoods , bscs , isolators , sterility chambers , filling lines , bulk production areas , surgical amphitheaters , and compressed air / gas systems , but are practical for use in almost any environment .
at this point , it isn’t clear what other services it will be available on . ant financial and emtek said somewhat vaguely that its service would be offered for “e - commerce , over - the - top ( ott ) and online - to - offline ( o2o ) services , merchants and platforms in indonesia . ”
emtek is dedicated to bringing interesting , well made hardware back into american homes . until about 1930 there was a proud history of hardware in america . hundreds of small factories made an enormous variety of creatively designed products . craftsmen from many disciplines devoted their energies to making locks that provided both function and beauty . unfortunately , during the depression many of these factories failed , and then during wwii brass became scarce and lock designs were reduced to the bare essentials . in more recent years the emphasis on cheap , high volume building products has discouraged manufacturers from re - introducing well made hardware . but now these ideas are changing , americans are re - discovering the satisfaction that comes from owning well designed products . emtek ' s mission is to make it possible for home owners to apply these higher expectations to door locks . we are striving to provide a broad , interesting range of products that consumers can use as elements of decor , not just as a way to latch a door . < < back to all emtek door hardware
kmk owns and operates several of indonesia ' s top online news , sports , career , and entertainment portals . additionally , kmk strategically invests in complementary verticals including south east asia’s leading online property portal and one of indonesian ' s largest online marketplaces . success in these investments and enables kmk to continue to build , innovate , acquire , and grow emtek’s online business .
mechanical design - emtek locks have heavy duty mechanisms designed to provide trouble free service . knobs and lever handles are supported by springs mounted behind the rosettes and sideplates . these springs return the handles back to the
rest
position and prevent lever sag . - latches are heavy duty diecast construction , with strong internal springs , solid brass nose bolts and sintered metal cams .
the initial fruits of this tie - in will be payment platform that debuts on bbm , the blackberry - owned service . all but forgotten in most of the world , it remains the dominant chat app in indonesia with an impressive 63 million monthly users . beyond its popularity , bbm is operated in indonesia by an emtek subsidiary , too , so there are plenty of links .
despite the positive trends outlined above , the media landscape in indonesia is evolving quickly and traditional channels such as television face increased competition from online and mobile channels . recognising this , emtek has in recent years reallocated surplus cash flow from its tv channels toward investments in the internet and digital media space across southeast asia . today , the company has a portfolio of early - stage investments that includes , amongst others , propertyguru ( a leading regional online real estate portal ) , iflix ( a regional version of netflix ) and kudo ( an online - to - offline e - commerce platform that was recently an acquisition target for grab ) . as a result , emtek is well positioned to benefit from a number of attractive , long term trends in the southeast asian internet and media space .
an investor , i do not really want to pay up for future value that may or may not materialise . the purpose of the above data , therefore , is simply to highlight that there is clearly a large and addressable opportunity to go after in the online & digital space in southeast asia and that emtek is ( at very least ) reasonably well positioned to capture some of that value .
in january , pure acquired the inspection division of specialized technical services ( sts ) , an abu dhabi - based company involved in the inspection and monitoring of water , wastewater and oil and gas pipelines . in june , pure acquired electromechanical technologies , inc . ( emtek ) , a developer of advanced pipeline inspection technologies . the acquisition positions pure in the market for condition assessment of metallic water and wastewater pipelines .
business vision & history mission and vision statement emtek , llc is committed to being the worldwide leading supplier of air viable monitoring equipment through the development , manufacture and distribution of quality test equipment . we are dedicated to our strategy of growing our market for our existing product line while further developing and releasing innovative and technologically advanced products for use in the pharmaceutical , biotechnology , hospital , pharmaceutical compounding , food and dairy industries .
the resulting gap to get to the current share price is about idr 1 , 794 ( ~ 22 % of the share price ) . so , if you are comfortable with the assumptions above , emtek trades at an adjusted price to book of ~ 1 . 3x . that premium to book reflects what the market is willing to pay for the capital allocation skills ( or “platform value” ) of emtek’s owner - operator team . it’s not an unreasonable premium , but i don’t know if i am comfortable paying that today . i would personally like to see a slightly longer track record of value realisation with the unlisted portfolio and would also wait for a time when indonesia is a little more out of favour than it is today . just for context , buffett’s berkshire hathaway trades at ~ 1 . 5x reported book ( and book value there is likely understated ) .
elang mahkota teknologi ( emtek ) is an investment holding company focused on the technology , media and telecommunications sectors in southeast asia . the company’s primary value drivers today are two free - to - air television channels ( sctv and indosiar ) , held through its ~ 60 % stake in the listed surya citra media ( scm ) . these assets produce strong cash flow , generate high returns on capital and have historically had leading audience share positions .
on june 27th 2016 , creative media works ( a division of emtek - one of indonesia ' s largest media companies ) announced a strategic alliance with blackberry to accelerate bbm ' s development and evolution by investing in bringing new and exciting consumer focused features , services and content to the bbm messaging application . as part of this strategy bbm is making it ' s api ' s available to accelerate the growth of partners and service such as :
finally , a short personal note here : many years ago , in one of my first jobs out of school , i actually helped advise on a deal for emtek . i was only a junior bank analyst at the time but my brief set of interactions with their team was almost like a course in entrepreneurial finance . i left the banking industry soon after that transaction closed to pursue other interests but have continued to follow the company closely since then .
emtek is dedicated to helping bring your personal style to life . door hardware is more than a way to open , close , and secure a space . to us , it is an integral part of a room’s design theme . each order is custom assembled in our southern california facility . there is no predetermined combination of knobs , levers , rosettes and finishes ; we let you mix and match according to your own taste . door hardware should make a statement , your statement .
on 27 june 2016 , creative media works , a division of pt elang mahkota teknologi tbk . ( emtek , idx : emtk ) - one of indonesia’s largest media , content and technology businesses - announced a long - term strategic alliance with blackberry limited to accelerate consumer bbm’s research and development in offering new and exciting features , services and content to the global consumer market . ` as part of this strategy , bbm is making its apis available to expedite the growth of partners and consumer services such as :
americas division manufactures and sells mechanical and electromechanical locks , cylinders , security doors and door frames in north and south america . the majority of the division’s sales are in north america , where assa abloy has an extensive sales organization and sells its products through distributors . sales in south america and mexico take place mainly through distributors , wholesalers and diy stores . some of the division’s leading brands are ceco , corbin russwin , curries , emtek , medeco , phillips , sargent and la fonte . the division has 6 , 6000 employees and divisional management is located in new haven , connecticut , usa .
americas americas division manufactures and sells mechanical and electromechanical locks , cylinders , security doors and door frames in north and south america . the majority of the division’s sales are in north america , where assa abloy has an extensive sales organization and sells its products through distributors . sales in south america and mexico take place mainly through distributors , wholesalers and diy stores . some of the division’s leading brands are ceco , corbin russwin , curries , emtek , medeco , phillips , sargent and la fonte . the division has 7 , 000 employees and divisional management is located in new haven , connecticut , usa .
to succeed with an investment like this , one probably needs to be slightly ahead of the curve ( in other words , before a home run investment ) while at the same time not pay up significantly for it . i don’t know if investors in naspers or softbank knew ex - ante that those companies’ respective investments in tencent or alibaba would become the home runs they eventually did , but i’m guessing you could have adopted a “wait and see” approach and found an attractive entry point even if it wasn’t right at the beginning . it’s probably the same with emtek today and it will definitely be an interesting company to follow ( along with the companies in its investment portfolio ) .
if emtek’s evolution as outlined above seems familiar , you are probably thinking of naspers , the south african media , entertainment and internet group . here’s a quick recap of their story ( for now , let’s conveniently skip over their rather disturbing role in the apartheid ) . in its early history , naspers was a publisher of newspapers , books and magazines . then , in the 1980s , the company founded mnet , a pay - tv business . it subsequently established dstv , a similar service , in 1995 . over time , the pay - tv business has established itself as a near monopoly across sub - saharan africa while naspers also remained a major publisher of newspapers and magazines in south africa .
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pair different door levers , rosettes , and finishes to create a custom look for your home .
sctv pundi amal was originally created to provide post - disaster recovery charitable services .
need help finding the right door hardware for your application ? we ' d love to help . our showroom hours are monday - friday 9 - 5 mountain time . give us a call or send us an email by clicking on the contact us link below .
most door hardware will fit the following door preparation . if you have something different , please contact us so we can help you find exactly what you need .
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- a plastic bushing located in the joint between handle and rosette ensures a friction free wear surface . this prevents metal from bearing on metal and provides smooth long - lasting operation .
- spindles are spring loaded
half spindles
pre - installed into the base of each handle . half spindles are more forgiving of imperfect door preps . if the holes in a door are drilled out of alignment the spindles still have a good chance to operate the latch without binding .
- old town and astoria style lead crystal door knobs were made by many north american factories as early as 1830 and continued in vogue through the 1930’s . small versions of these two styles were highly popular for use as cabinet knobs during the same period .
- porcelain knobs were used even earlier , going back to the 1700’s . during the early 1900’s they became less common in america , but continued as a popular style in canada and the u . k .
- belmont style sideplates were manufactured by the sargent lock company , in new haven , connecticut during the 1910’s and 20’s . this style is associated with the arts and crafts movement .
- lafayette , normandy , savannah , jamestown and san carlos wrought steel levers and knobs can be used to enhance american colonial or rustic ranch decor . all of these handles reflect a primitive hand - craftsmanship .
- brass handles , rosettes , sideplates and shanks are hand - buffed to achieve the highest possible polish .
- wrought steel handles and rosettes are hot forged , distressed and relieved to achieve an appearance of graceful wear .
- french antique , pewter , and oil rubbed bronze finishes are hand relieved to give each part an individual character .
copyright © 2018 , schaub and company , inc . , an assa abloy group company . all rights reserved .
reproduction in whole or in part without the express written permission of schaub and company , inc . is prohibited .
pure begins operation as a part - time company looking at acoustic sensors to detect physical changes in building and bridge structures . the unique soundprint® technology is developed to provide infrastructure owners with continuous , remote structural monitoring .
pure installs its first full - scale soundprint acoustic monitoring system on an office building in calgary . the system is still in operation .
pure is incorporated as sextant enterprises , a company focusing on detection of physical changes in building and bridge structures .
pure lists on the alberta stock exchange to raise funds to grow and expand into the international marketplace . in the same year , pure enters the water and wastewater market by adapting soundprint to monitor large - diameter prestressed concrete pipelines .
in addition to its first bridge monitoring installation ( on the huntington viaduct in the uk ) , pure installs a soundprint system on the cable - supported roof of the calgary saddledome . both systems remain in operation today .
the man made river project ( mmrp ) in libya , one of the world’s largest pipeline networks , signs its first contract with pure . soundprint is initially used to acoustically monitor 3km of the pipeline , but the length and scope grows quickly . additional installations of the technology have followed , and several hundred kilometres are now being monitored .
pure commercializes two new technologies : p - wave® for the electromagnetic testing of large - diameter pccp , and purelink , an automated surveillance and alarm management technology .
pure solidifies its position as the world leader in providing innovative , non - destructive evaluation and monitoring technologies for owners and managers of large infrastructure . pure branches into the oil and gas pipeline industry by marketing soundprint afo .
pure develops the revolutionary smartball® technology to address the need for leak detection of large - diameter pipelines . it also acquires consulting engineering firm openaka corporation to compliment pure’s services to owners of pccp . pure also completes its first cablescan project for testing and assessment of bridge suspender rope cables .
pure opens a branch office in benghazi , libya to support the growing scope of work with the mmrp and further pursue opportunities in the middle east / africa region .
pure acquires price brothers ( uk ) ltd . , an engineering company providing pipe manufacturing support and construction supervision services to the gmrp in libya . elsewhere , pure’s subsidiary openaka is selected to negotiate a long - term pccp management program with the washington suburban sanitary commission , worth up to us $ 25 million .
the company acquires jason consultants , a specialty consultancy focused on underground infrastructure engineering services . pure also acquires pipe eye international , a b . c . - based company offering high - margin in - pipe inspection robots . pure opens an office in abu dhabi , uae to extend the global reach of technologies and services .
2010 was a milestone year for pure with the acquisition of its only direct competitor , the pressure pipe inspection company ( ppic ) . the company also acquires aqua environmental pty . ltd . , a privately - held provider of pipeline leak detection and condition assessment services for australia andnew zealand . the company establishes a joint venture in china , opening an office in hong kong .
pure acquires hunter mcdonnell pipeline services , inc . , a leading provider of technology - driven integrity services to the oil and gas pipeline industry . the acquisition of the oil and gas pipeline inspection company and its assets allows pure to expand its reach even further , including a direct presence in alberta , california and texas .
pure acquires wachs water services , a leading provider of flow control maintenance and support , leak detection and related asset management services to the water sector in the united states . this has enhanced our distribution channels for the deployment of our proprietary technologies and solutions , while adding significant management capabilities and field services personnel to help manage our growing water utility customer base within north america .
today pure is a world leader in the development and application of innovative technologies for inspection , monitoring and management of physical infrastructure , focused primarily on the water and wastewater pipeline industry .
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the fintech company affiliated with chinese e - commerce giant alibaba , is continuing its global expansion . the firm has taken its first official step into indonesia today after it announced a joint venture to develop local financial services .
this partnership is part of a series of expansions that ant financial has undertaken to expand its business beyond china , where its products such as alipay and digital banking reach some 450 million users . it invested $ 200 million into a similar fintech joint venture in korea , and has comparable alliances in the philippines and thailand . ant financial is also bidding to buy u . s . - based cross - bordering remittance firm moneygram , but the company is also considering a bid from rival payment operator euronet .
elsewhere , alibaba is getting serious on e - commerce in southeast asia . the firm acquired a majority stake in regional player lazada last year , it is negotiating the terms for a full acquisition and recently announced plans for a regional cross - bordering logistics hub in malaysia . e - commerce as a whole in the region is tipped to grow from $ 5 . 5 billion in 2015 to $ 87 . 78 billion in 2025 , according to a report authored by google and singapore - based investment firm temasek last year . indonesia alone is forecast to account for $ 46 billion of that 2025 figure .
gremtek’s roots date back to 1985 when the company was founded as gremco . during the late eighties and nineties gremtek forged an enviable reputation as a leading independent manufacturer of heat shrink tubing . as the company evolved , gremtek broadened its product range to include expandable braided sleeving , thermal sleeving and reflective sleeving .
1996 saw gremtek’s first international expansion through the creation of a uk subsidiary . more recently in 2010 , gremtek established a further subsidiary in germany offering not only an improved sales network but a new warehouse and logistics centre . further sales offices in turkey , sweden and slovakia support the growing customer base .
gremtek’s products offer a comprehensive range of solutions for the protection of cables , tubes , pipes , hoses and components .
gremtek sleeves are designed to offer excellent electrical insulation , thermal and mechanical protection . in addition , certain products are designed specifically to provide acoustic dampening , emi shielding as well as providing cable management and identification solutions .
investment in r & d , engineering and test laboratories mean that gremtek is extremely well placed to support your needs .
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want to know when your prospects reach a key milestone ? datafox signals alert you to recent events like office openings , executive hires , and fundraises . receive signals via slack , email , api , or directly into salesforce .
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in addition , our customer success managers know which clients to contact with the right message at the right time . our productivity has gone way up !
with all the new prospects that datafox has uncovered , rainforest qa was able to scale our outbound sales development team from 2 to 5 members .
in my scouting work for strategic investment opportunities , i sometimes meet with up to 3 or 4 companies a day . datafox helps me find new startups in areas of strategic interest and provides analytics to help prioritize my engagements .
bbm is one of the largest mobile messaging applications . moving beyond blackberry devices , the app now has over 100 million installs on android , ios , and windows . since it was created in august 2005 , bbm has evolved from a pure messaging application for communication ( text and video ) to a social eco - system unifying chat , social , commerce and services including games .
creative media works now operates under the bbm banner as a stand - alone consumer focused business with teams operating from waterloo , mississauga , ottawa , singapore , jakarta , uae and south africa . for more information visit :
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kudo is an online - to - offline ( o2o ) technology startup based in jakarta . visual : team kudo
india digest : info edge backs zippserv ; groww raises $ 1 . 6m ; synthera secures seed funding
says it plans to continue investing in startups , in an effort to boost portfolio of its online business segment .
pt elang mahkota teknologi tbk is an indonesia - based holding company primarily engaged in media business . it classifies its business into three business segments : media , solutions and others . its media segment includes the business of free - to - air ( fta ) television channels as well as a production house and animation studios which . . . ( more )
reuters , the news and media division of thomson reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day . reuters provides trusted business , financial , national , and international news to professionals via thomson reuters desktops , the world ' s media organizations , and directly to consumers at urltoken and via reuters tv . learn more about thomson reuters products :
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note : this piece was originally written up as case study for personal reference rather than as a stock recommendation . please feel free to send me any comments or thoughts on the article via email .
in recent times , however , both channels have lost some ground in terms of audience share . the company is working to address this problem and the recent acquisition of a highly rated content production house ( sinemart ) could be the catalyst for a turnaround . from a macro perspective , t
here are also reasonable tailwinds for investors in the indonesian television space because advertising spend is expected to grow at mid - single digit rates for the foreseeable future , television still represents the majority of advertising spending in the country and total ad spend as a percentage of gdp in indonesia is low relative to developed economy benchmarks .
in the late 1990s , naspers was both early and correct in betting on the internet as the next major growth driver for the company . more specifically , the company used the cash flow generated from its maturing tv and media business to support its early stage investments in a number of global technology and e - commerce companies . then , naspers hit a home run . in 2001 , the company acquired a ~ 46 . 5 % stake in tencent for us $ 34m . the eventual success of tencent meant at one point the value of that holding was about the same as naspers’ market cap . even excluding the tencent stake , however , naspers has built a valuable investment portfolio that today includes ( amongst others ) mail . ru , allegro and flipkart .
~ $ 45 billion . going long naspers and shorting a proportionate number of tencent shares effectively allows us to create a naspers “stub” at a negative $ 3 billion valuation . we feel naspers is worth substantively more , even after tax - affecting for a disposition of tencent . ”
“the market is paying us to own both pay tv with positive cash flows and media assets with attractive market positions along with an internally - funded portfolio of emerging market e - commerce investments . when the price is right , even absolute value investors like us can feel like emerging market venture capitalists . ”
the company’s platform value gives it a competitive advantage as an early - stage media and internet investor in indonesia and , to a certain extent , in southeast asia . management understands the region , has permanent capital and , perhaps most importantly , can offer operational value - add to its portfolio companies .