Maximizing Intellectual Property and Intangible Assets: Case Studies in Intangible Asset Finance

As innovative companies struggle to raise funds, intellectual property and intangible assets are providing alternative ways of financing innovation. But greater awareness of them as an asset class is needed. Raising that awareness is the focus of a new report from Athena Alliance, Maximizing Intellectual Property and Intangible Assets: Case Studies in Intangible Asset Finance by Ian Ellis, a former U.S. Department of Commerce official specializing in intellectual property and international trade. The report outlines increasing, but still nascent, means of financing innovation based on these assets in public, private and venture capital markets. As industry has invested capital in research and development to develop new technology and advance other creative activities, intellectual capital has become a valuable asset class, according to the paper. In response, firms specializing in intangible-based financing are springing up, using them to raise capital for the next round of innovation.The paper details equity, equity-debt, debt, and sale-leaseback transactions, both private and public, that have helped companies raise capital, based on careful, rigorous analysis and conservative underwriting standards. For example, the author notes that in 2000, there were two public deals using royalty securitization, raising $145 million. In 2007-08,$3.3 billion was raised in 19 deals.Unlike some of the exotic financial vehicles, however, the financial products discussed in this paper are some of the most basic financing mechanisms in business. The innovation is in recognizing the value of intangible assets for corporate finance. These new financial firms are using traditional financial techniques in new ways to help innovative companies.But more should be done.One important step would be developing sound, industry-wide, underwriting standards, according to the report. For example, Small Business Administration (SBA) rules permit its loans to be used for acquisition of intangible assets when buying on-going businesses. Rules are unclear on whether those assets can be used as collateral. The paper recommends that SBA work with commercial lenders to develop standards for using intangible assets as collateral.The report builds on earlier Athena Alliance papers, notably Intangible Asset Monetization: The Promise and the Reality

The migration and invasion of oral squamous carcinoma cells:Matrix, growth factor and signalling involvement

The link between the migration of cancer cells and the spread of cancers has been established for many years [...

HST Observations of Gravitationally Lensed Features in the Rich Cluster Ac114

Deep Hubble Space Telescope images of superlative resolution obtained for the distant rich cluster AC114 (z=0.31) reveal a variety of gravitational lensing phenomena for which ground-based spectroscopy is available. We present a luminous arc which is clearly resolved by HST and appears to be a lensed z=0.64 sub-L star spiral galaxy with a detected rotation curve. Of greatest interest is a remarkably symmetrical pair of compact blue images separated by 10 arcsec and lying close to the cluster cD. We propose that these images arise from a single very faint background source gravitationally lensed by the cluster core. Deep ground-based spectroscopy confirms the lensing hypothesis and suggests the source is a compact star forming system at a redshift z=1.86. Taking advantage of the resolved structure around each image and their very blue colours, we have identified a candidate third image of the same source roughly 50 arcsec away. The angular separation of the three images is much larger than previous multiply-imaged systems and indicates a deep gravitational potential in the cluster centre. Resolved multiply-imaged systems, readily recognised with HST, promise to provide unique constraints on the mass distribution in the cores of intermediate redshift clusters.Comment: submitted to ApJ, 6 pages (no figures), uuencoded Postscript, compressed TAR of Postscript figures available via anonymous ftp in users/irs/figs/ac114_figs.tar.gz on astro.caltech.edu. PAL-IRS-

Impaired Insulin Profiles Following a Single Night of Sleep Restriction: The Impact of Acute Sprint Interval Exercise

Experimental sleep restriction (SR) has demonstrated reduced insulin sensitivity in healthy individuals. Exercise is well-known to be beneficial for metabolic health. A single bout of exercise has the capacity to increase insulin sensitivity for up to 2 days. Therefore, the current study aimed to determine if sprint interval exercise could attenuate the impairment in insulin sensitivity after one night of SR in healthy males. Nineteen males were recruited for this randomized crossover study which consisted of four conditions—control, SR, control plus exercise, and sleep restriction plus exercise. Time in bed was 8 hr (2300–0700) in the control conditions and 4 hr (0300–0700) in the SR conditions. Conditions were separated by a 1-week entraining period. Participants slept at home, and compliance was assessed using wrist actigraphy. Following the night of experimental sleep, participants either conducted sprint interval exercise or rested for the equivalent duration. An oral glucose tolerance test was then conducted. Blood samples were obtained at regular intervals for measurement of glucose and insulin. Insulin concentrations were higher in SR than control (p = .022). Late-phase insulin area under the curve was significantly lower in sleep restriction plus exercise than SR (862 ± 589 and 1,267 ± 558; p = .004). Glucose area under the curve was not different between conditions (p = .207). These findings suggest that exercise improves the late postprandial response following a single night of SR

Use of Taus in ATLAS

At the LHC, new particles can be expected that decay to final states involving taus. Examples are given from simulations by the ATLAS experiment showing how such final states can be exploited.Comment: Invited talk at the Seventh International Workshop on Tau Lepton Physics (TAU02), Santa Cruz, Ca, USA, Sept 2002, 6 pages, LaTeX, 4 eps figure

Activation of Akt at T308 and S473 in alcohol, tobacco and HPV-induced HNSCC:is there evidence to support a prognostic or diagnostic role?

BACKGROUND: Tobacco, alcohol and HPV infection are associated with increased risk of HNSCC. However, little is known about the underlying signaling events influencing risk. We aimed to investigate the relationship between these risk factors and Akt phosphorylation, to determine prognostic value. METHOD: VEGF-positive HNSCC biopsies, with known HPV status, were analyzed by immunohistochemistry (IHC) for Akt, phosphorylated at residues S473 and T308. Comparisons between the tissues were carried out using a Mann–Whitney U test. Associations between the variables and continuous immunohistochemical parameters were evaluated with general linear models. Patient characteristics and pAkt IHC score were analyzed for possible association with overall survival by Cox proportional hazard models. RESULTS: Immunohistochemistry revealed that cancer patients had significantly higher levels of pAkt T308 than S473 (P < 0.001). Smoking and alcohol were found to be independent risk factors for Akt phosphorylation at T308 (P = 0.022 and 0.027, respectively). Patients with tumors positive for HPV or pAkt S473 had a poorer prognosis (P = 0.005, and 0.004, respectively). Patients who were heavy drinkers were 49 times more likely to die than non-drinkers (P = 0.003). Patients with low pAkt T308 were more likely to be HPV positive (P = 0.028). Non-drinkers were also found to have lower levels of pAkt T308 and were more likely to have tumors positive for HPV than heavy drinkers (P = 0.044 and 0.007, respectively). CONCLUSION: This study suggests different mechanisms of carcinogenesis are initiated by smoking, alcohol and HPV. Our data propose higher phosphorylation of Akt at T308 as a reliable biomarker for smoking and alcohol induced HNSCC progression and higher phosphorylation of Akt at S473 as a prognostic factor for HNSCC

New physics with the compact linear collider

Probing beyond the established picture of particle physics will require some radical rethinking of accelerator designs. If accelerators are to reach the ever-higher energies that theorists would dearly like to see explored, the technological spin-offs of this engineering feat could be as surprising as the new subatomic physics

Spectroscopy of arcs in the rich cluster Abell 963

Spectra are presented for portions of the two arcs observed close to the dominant cD galaxy in the rich cluster Abell 963 (z = 0.206). The spectrum of the northern arc displays a strong emission line at 6600 Å which is seen along the entire arc. The feature cannot be understood unless the redshift is greater than that of the cluster, the most likely interpretation being [O II] 3727 Å at z = 0.771. The southern arc is considerably fainter and its spectrum shows no obvious features. However, new CCD photometry is consistent with a near-constant blue color ( B – R ~ 0.3) along both arcs, supporting the suggestion that they arise from the gravitationally lensed light of a background object. The optical and infrared color is consistent with a spiral galaxy undergoing strong star formation at this redshift. We discuss briefly the implication of this result, and the possible role lensing surveys may play in the study of high-redshift galaxies