Report: Apple buys Embark, yet another mapping app

Apple is reportedly acquiring mapping app developer Embark, in a move that could lend more real-time navigation features for public transit to Apple's own Maps app.

The acquisition, which was first reported by tech journalist Jessica Lessin, follows several other recent mapping purchases for Apple: HopStop, another maker of apps for public transit directions; and Locationary, which provides data about local businesses; and WifiSLAM, an indoor location and mapping company.

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Apple did not directly confirm its acquisition of Embark, but in an emailed statement said, "Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans."

Apple declined to comment further on the deal.

Apple has faced some serious challenges over the past year in providing a consistently solid mapping product with its Maps app. Last September Apple CEO Tim Cook was forced to publicly apologize for a series of issues plaguing the company's Maps app in Apple's iOS 6 operating system.

Embark is a company based in the San Francisco Bay Area that makes a mobile mapping app designed to help people navigate mass transit systems. The company's app provides "tailored trips" specific to the user's region, along with notifications for late-running trains and other advisories and closures.

Embark's technology, if it does find its way into a future Apple product, could enhance Apple's mapping products and make the company a stronger competitor to rivals like Google. Google's Maps app already offers real-time public transit navigation features, as do some smaller players like iTransitBuddy.

Embark's app is available for free on the iPhone for 10 transit systems including Boston's MBTA, Chicago's L, the New York City Subway, and San Francisco's BART and Caltrain systems, with more on the way, according to Embark's website.

It is not clear whether Embark's app will be shut down as part of the acquisition. The app was still available in Apple's App Store at the time of this article's posting.

Embark's team could not be immediately reached to comment on the deal.

Google, meanwhile, has been rolling out a series of enhancements to its Maps app in recent weeks. The service got more real-time traffic alerts just this week, based on Google's recent acquisition of crowdsourced mapping developer Waze. Separately, the Google Maps app received some other navigation tools last month, which came from other data providers such as TomTom.

Zach Miners covers social networking, search and general technology news for IDG News Service. Follow Zach on Twitter at @zachminers. Zach's e-mail address is zach_miners@idg.com.

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Upcoming Catalyst Could Spark Another Run For Insmed

Written by Scott Matusow and Kyle Dennis. Both authors hold long positions in the company featured in this article.

Sometimes in the biotechnology sector one company can provide investors with multiple opportunities to make money while limiting risk. This week, we have decided to revisit a very successful trade that we covered a couple of months ago. With a catalyst data approaching and the stock undergoing some consolidation, we feel it is ready to run again.

Insmed Incorporated (INSM) is a biopharmaceutical company that discovers and develops targeted inhaled therapies for those suffering from orphan lung diseases, such as cystic fibrosis patients with non-tuberculosis mycobacterial (NTM) lung infections. We covered the company in early May 2013 for a catalyst run up into the Phase III clinical trial results for ARIKACE in treating pseudomonas aeruginosa in cystic fibrosis patients. From our $8.50 call, the stock rallied to 52-week highs to $14.30 after several analyst upgrades and institutional buying. Afterwards, Insmed reported positive Phase III results and also did an offering to raise cash for future clinical trials. ARIKACE met the primary endpoint of non-inferiority to Novartis' (NVS) drug TOBI. We believe it is time to revisit this successful trade because new catalysts are approaching for different indications.

Insmed's lead product ARIKACE is in clinical trials for several indications. The company is working on treatments for patients with pseudomonas aeruginosa lung infections in cystic fibrosis, nontuberculous mycobacteria lung infections and pseudomonas aeruoginosa lunch infections in non-cystic fibrosis bronchiectasis. ARIKACE uses amikacin, which is a Food and Drug Administration (FDA) approved antibiotic for gram-negative infections. For a detailed explanation of ARIKACE and the Insmed platform, we would like to direct you to our previous article that highlights it in great detail.

The most pertinent indication is for patients with NTM lung infections. According to the Insmed presentation, there are about 50,000 patients diagnosed in the United States, growing at a rate of 8% per year. Even though these infections are quite prevalent, no approved treatments are available.

NTM lung infections can be quite serious. Patients require 7.6 courses of antibiotics and 40% of patients over 65 die from the infection. Since this is an unmet need, the FDA granted ARIKACE orphan status for this indication. ARIKACE also has Fast Track Designation and Qualified Infectious Disease Product (QIDP) for this indication. Insmed would have a long period of exclusivity because QIDP grants the drug 5 years of exclusivity and Orphan Status another 7 years. Since regulatory exclusivity is additive, Insmed would have 12 years of exclusivity on the market.

In order to get some indication of how ARIKACE would work against strains of NTM bacteria, Insmed did several studies before entering Phase II trials. Insmed conducted two different studies, one in vitro (taking place in a test tube) and one in vivo (in an organism).

From above, we can see that ARIKACE has produced positive results for In Vitro studies. ARIKACE was tested against amikacin for 5 different strains of the NTM bacterium M. Avium complex (MAC). At an equivalent concentration, ARIKACE showed greater activity against all 5 strains. Additionally, ARIKACE did not show any toxicity.

(click to enlarge)

From above, we can again see that ARIKACE produced positive results for In Vivo studies. It was found that ARIKACE administered every other day was superior to a 25% higher dose of amikacin injection. This demonstrates that ARIKACE could have a better efficacy profile, as a lower dose is needed to achieve the desired result.

After this consolidation period, Insmed has set up to run again into Phase II clinical trial results in patients with NTM lung infections in the United States. On March 18, 2013 the company stated:

"Insmed's Phase 3 registrational study of ARIKACE in Europe and Canada completed enrollment and the company expects top-line clinical results in mid-2013. Insmed's U.S. Phase 2 clinical trial in patients with NTM is well underway with clinical results expected in late 2013."

With no approved treatment on the market and a long period of exclusivity, positive trial results would be a significant milestone for the company.

Several reputable analysts are all bullish on Insmed. Canaccord Genuity, Lazard Capital, Leerink Swaan, UBS and Webush Securities cover Insmed. These analysts are very bullish on the future of Insmed and all have price targets higher than the current stock price. Recent analyst upgrades include:

On May 15, 2013, Lazard Capital initiated coverage on Insmed with a buy and a price target of $21.On May 22, 2013, Canaccord Genuity raised its price target on Insmed from $12 to $17.On May 22, 2013, Leerink Swann raised its price target from $13 to $22.On June 18, 2013, UBS initiated covered on Insmed with a buy rating and a price target of $17.50.

A consensus of bullish analyst sentiment is always a good sign for a company's future. These four analysts predict a price anywhere between $17 and $22, which would represent about a $6 to $10 gain from current prices.

We saw this kind of bullish analyst consensus in Trius Therapeutics (TSRX). Trius Therapeutics is a biopharmaceutical company that focuses on the discovery, development and commercializing of antibiotics for serious infections. At the time of our coverage, analysts were predicting a price anywhere between $14 and $20 when the stock was priced at $7.50. Trius was recently bought out for $13.50 a share with a $2.00 contingent value right (CVR).

Cash Position

On July 15, 2013, Insmed did a public offering of common stock, which raised about $60M. The company now reports having $81.61M in cash and burns about $36.61M. This should leave the company with enough cash to fund its operations in the near term. Additionally, the public offering was received very well, as the stock has since rallied.

One company that had an offering received very well is AcelRx Pharmaceuticals (ACRX). AcelRx is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of acute and breakthrough pain. On July 19, 2013, AcelRx offered 570,000 shares priced at $11.65. Investors aggressively bought the offering and the stock now sits at $11.96 per share. We covered AcelRx this year when it was about $6.50 per share. It reached highs since of $13.50, which effectively makes it more than a double.

Keryx Biopharmaceuticals (KERX) is another company which did an offering that was received very well by investors. Keryx is a company that works on developing and commercializing novel therapies for the treatment of renal disease. On January 30, 2013, Keryx offered 8,234,000 shares priced at $8.49 per share. The offering was quickly bought by investors and continued to run higher.

Chart

(click to enlarge)

The Insmed chart is setting up for another run. The chart is making a longer-term flagging continuation pattern and is making a higher low. After the offering, we can see through the accumulation/distribution line that the stock was aggressively acquired. Additionally, we can see that the money flow is wedging higher and the MACD is about to cross positive. With a catalyst approaching and a bullish chart, it is highly likely that the stock begins a new run through the end of the year.

Insmed has been a big winner for investors over the past year, as the stock ran from $2.86 to $14.30. We feel that this recent offering and pullback has given investors another chance to renter the stock for a continued run throughout the year. We expect that Insmed takes out its 52-week high of $14.30 and continues higher into its 4Q data release.

Disclosure: I am long INSM. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. (More...)

Additional disclosure: Disclaimer: This article is intended for informational and entertainment use only, and should not be construed as professional investment advice. They are my opinions only. Trading stocks is risky -- always be sure to know and understand your risk tolerance. You can incur substantial financial losses in any trade or investment. Always do your own due diligence before buying and selling any stock, and/or consult with a licensed financial adviser.

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Is It Really Okay to Wear White To Another Bride's Wedding?

Wearing white at a wedding when you're not the bride? Our writer recounts her tale of trying the color for a friend's big day

By Kristin Booker - August 5, 2013

I grew up in the South, and there are a few things I learned growing up that are just good, old-fashioned manners. Keep your elbows off the table during meal times, don’t stare, and don’t wear white to a wedding if you’re not the bride. I’ve considered myself a well-mannered sort, and I’ve always stuck pretty close to the rules most of the time. Well, except for this one wedding where the color of my dress came into question.

Some good friends of mine were going all out for a destination wedding at the beach, and my then-boyfriend and I received a “couples invite.” This was the kind of wedding invite you don’t turn down: white sands, delicious food, good friends and, let’s face it: the beach. The downfall is that no one lives close to a destination wedding, which means packing your life into a suitcase and hauling whatever you’re wearing with you, no turning back.

Destination weddings are tricky. You have to dress for the occasion as well as the weather, the time of day and the dress code stated on the invitation, which puts considerable fashion pressure on the guests. I racked through my entire closet in search of “Beachy Formal” and came across three dress options: a red dress (which I considered another no-no, especially since I’d previously dated the groom), a black dress that was sort of meh, and a gorgeous strapless cream-colored dress with a beautiful green belt. I tried them all on, avoided the black and red and went with the cream-colored dress. In the J.Crew catalog, I believe they called the color of the dress “Sand” or “Ecru.” Whatever. It was in the cul-de-sac of white, but not in the same house. I was safe. Furthermore, it had a green belt. GREEN. I knew I was safe.

Cut to the evening of the event. I was getting dressed at the hotel. I asked Then Boyfriend to zip me up, and he uttered the wedding-day-dress equivalent of the wrong answer to the does-this-dress-make-me-look-fat question:

“Are you wearing white to the wedding? Isn’t that a big no-no or something?”

I looked at him in shock. “This isn’t white,” I said haughtily. “This is sand, or ecru, or whatever. I’m not wearing white.”

“Looks white to me,” he muttered. Note to self: get back to New York, and find a more fashion-forward man to bring to weddings with me. Clearly, he was mistaken. “Sand” isn’t white. Ugh. Just to be safe, I tossed a baby blue throw over my sand-colored dress and kept it moving.

I didn’t think about the color of my dress again until the bride came out, wearing a champagne-y, sand-hued duchess satin gown. Then Boyfriend looks at me and whispers, “See? White!” as the bride made her way down the aisle. I could feel myself wishing the floor could swallow me. Somewhere, the spirits of Emily Post and my mother were wagging their fingers at me. Oh, the shame of it. I had worn a white-ish dress to a friend’s wedding.

When it came time to do the receiving line, I decided to own up to the mistake immediately. I decided to just admit that I had come a little close to her blessed hue by accident. I sheepishly hugged her and said, “Such a gorgeous wedding and your dress is gorgeous! I, uh, sort of wore the same color as you, and, um, hee hee, it looks like I wore white to your wedding, and...”

The bride looked at me with an amused expression. “You’re not wearing white. That’s Sand or Ecru or whatever. And the belt is green.” After I smiled in relief, she said, “Relax. I didn’t even wear white to my wedding. You’re fine! Enjoy the chicken!”

And that, friends, was my experience wearing “white” to a wedding. Since then, I’ve attended weddings where the bride insisted everyone wear white (another beach-themed wedding, all guests were photographed together in white garb) and I’ve been to weddings where the bride asked a woman to change her clothes because she was wearing a white sundress. It’s a touchy thing, that white dress at a wedding. For my money, I’ll just stick with Sand and Ecru and colored belts.

But what about you? Do you think it’s okay to wear white to another woman’s wedding or is it just something that isn’t done?

Kristin Booker is a contributing writer on iVillage. Follow her on Twitter and Google +.

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