Hydrogenics Corporation (NASDAQ: HYGS) announced Tuesday that it has entered into a strategic alliance with communications cable maker CommScope, that calls for the development and distribution of specialized fuel cell power systems and includes an equity investment in Hydrogenics. Under the terms of the agreement, CommScope and Hydrogenics will jointly develop next-generation power modules for telecom-related backup power applications, to be incorporated by CommScope in its products sold to customers worldwide. Also, CommScope will purchase from Hydrogenics common shares in four tranches, up to a maximum of 2.18 million shares for a maximum aggregate purchase price of $8.5 million. Shares of Hydrogenics Corp surged more than 6% in pre-market trading.
SunPower Corp. (NASDAQ: SPWRA) said Tuesday that it has signed an agreement with Arizona Public Service to design and construct a 15-megawatt solar photovoltaic power system at Luke Air Force Base in Glendale, Arizona. Scheduled for completion in the summer of 2011, it is expected to be the largest solar power installation at a U.S. government facility.
YM BioSciences Inc. (AMEX: YMI) on Tuesday announced that the Office of Orphan Products Development of the U.S. Food and Drug Administration has granted Orphan Drug Designation to the Company's highly-selective JAK1/2 inhibitor, CYT387, for the treatment of myelofibrosis, a chronic debilitating unmet medical need, in which a patient's bone marrow is replaced by scar tissue, and for which treatment options are limited or unsatisfactory. Orphan Drug Designation is granted to novel drugs or biologics that treat a rare disease or condition affecting fewer than 200,000 patients in the U.S. The designation provides the drug developer with a seven-year period of U.S. marketing exclusivity upon marketing approval for the designated indication, as well as with tax credits for clinical research costs, the ability to apply for annual grant funding, clinical research trial design assistance and the waiver of Prescription Drug User Fee Act filing fees.
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