After successful launch, NASA probe heads to the moon

Computerworld - After a successful lift off late Friday night, NASA's lunar orbiter is powered up, communicating and on its way to the moon.

NASA's Lunar Atmosphere and Dust Environment Explorer (LADEE) observatory lifted off at 11:27 p.m. ET atop a U.S. Air Force Minotaur V rocket, which started out as a ballistic missile but was converted into a space launch vehicle. It was the first NASA mission to launch from the Wallops Flight Facility on Wallops Island, Va.

LADEE's ascent into space could be seen up and down the East Coast, even as far away as Maine.

NASA's lunar orbiter blasted off Friday night atop a U.S. Air Force Minotaur V rocket. The spacecraft now is headed to the moon. (Image: NASA)

The observatory separated from its rocket, powered up and began communicating with ground controllers soon after liftoff, according to the space agency.

It is expected to reach the moon in about 30 days and then enter lunar orbit and begin its work.

The launch wasn't without a glitch, however.

NASA reported that during technical checkouts soon after the launch, the spacecraft commanded itself to shut down its reaction wheels, which are used to position and stabilize the spacecraft. Engineers are working on the problem and feel they have plenty of time to get the reaction wheels working again before LADEE enters lunar orbit.

A normal spacecraft checkout takes a couple of days, and this anomaly may add a couple more days to the process, NASA said.

"The LADEE spacecraft is working as it was designed to under these conditions. There's no indication of anything wrong with the reaction wheels or spacecraft," said S. Pete Worden, Ames center director, in a written statement. "The LADEE spacecraft is communicating and is very robust. The mission team has ample time to resolve this issue before the spacecraft reaches lunar orbit. We don't have to do anything in a rush."

He added that this is not an unusual event for a spacecraft.

The orbiting observatory is expected to study the moon's atmosphere, giving scientists information that should help them better understand Mercury, asteroids and the moons orbiting other planets. However, that's not the spacecraft's only mission.

About a month after launch, it is scheduled to begin a limited test of a high-data-rate laser communication system. If that system works as planned, similar systems are expected to be used to speed up future satellite communications, as well as deep space communications with robots and human exploration crews.

This will be the space agency's first test of laser communications, though in 2017, NASA is expected to launch a Laser Communications Relay Demonstration, which is expected to run tests for two to five years.

Using a laser for communications, instead of radio systems, would enable robots -- similar to the Mars rover Curiosity -- as well as astronauts to send and receive far greater data loads, whether they're in orbit around Earth, on the moon or on a distant asteroid.

The two-way laser communications system can deliver six times more data with 25% less power than the best radio systems.

Sharon Gaudin covers the Internet and Web 2.0, emerging technologies, and desktop and laptop chips for Computerworld. Follow Sharon on Twitter at  @sgaudin, on Google+ or subscribe to Sharon's RSS feed . Her email address is sgaudin@computerworld.com.

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If you sell 36 million Samsung or Apple smartwatches, are you successful?

Network World - Sales of so-called "smartwatches" will surge from 1 million to 36 million in five years, according to a speculative new report from Juniper Research. But whether that defines "success" remains an open question.

Yet despite the frenzy of expectation around the rumored Samsung Gear and Apple "iWatch," even Juniper acknowledges smartwatches "will only appeal to a niche demographic when compared to tablet and smartphone for example and hence the market potential will be comparatively limited." There are two reasons for that limitation.

One is that the utility and even usability of smartwatches hinges on their wireless connections with companion smartphones or tablets. Another is that most of the apps touted for the smartwatches appeal to a relatively small subset of consumers, such as heart rate monitors and calorie counters for fitness enthusiasts.

[NEWS:Samsung lays ground for a 'Galaxy Gear' smart watch

MORE:Inside look at the Apple iWatch

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The full market study is available only for purchase, but Juniper posted a "white paper" that summarizes some of conclusions.A

Juniper defines a smart watch as "a smart wearable appcessory that can be worn on a user's wrist, offering a range of smart functionalities in conjunction with an external platform, such as the smartphone or tablet." Those functions include displaying call, text and email alerts, accessing stock and weather information or "any fitness, sports or commerce applications such as heart rate monitoring, payments or ticketing."

One category of smart watch is what Juniper calls the "dashboard/console watch," which is simply a "dumb terminal" acting as a display for information and data from another companion device. One example is the CooKoo watch, with the CooKoo Connected App for iOS. It uses Bluetooth 4.0 LE wireless technology to connect with Bluetooth SMART READY devices including iPhone 5, iPhone 4S, iPad mini, and 3rd, 4th, and 5th generation iPads.

The CooKoo displays incoming calls, missed calls, Facebook messages and posts, Twitter mentions, Google Voice SMS, email notification and more. Press a button and you can check-in to Facebook, remotely snap photos or record video, and control music played on your phone or tablet, and tag your location on the CooKoo Connected App map.

By contrast, according to Juniper, "multi-function" smart watches can do a bunch of things on their own, in addition to working with the phone or tablet. Juniper didn't give an example but the Pebble E-Paper Watch, a Kickstarter darling, is certainly one, offering "beautiful downloadable watchfaces and useful internet-connected apps," according to the website spiel. "Pebble connects to iPhone and Android smartphones using Bluetooth, alerting you with a silent vibration to incoming calls, emails and messages." Another is the Italian-designed i'm Watch.A

Reprinted with permission from NetworkWorld.com. Story copyright 2012 Network World, Inc. All rights reserved.

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Intrexon: Successful Public Offering For A Potentially Revolutionary Company

Intrexon (XON) made its public debut on Thursday, August the 8th. Shares of the leader in the field of synthetic biology ended their first day with gains of 54.6% at $24.73 per share.

Given the sky high valuation, based on the hope of future product revenues and earnings, I remain on the sidelines. While the company's products and processes could be revolutionary, Intrexon still has a lot to prove.

The Public Offering

Intrexon focuses on synthetic biology which is an emerging discipline to apply engineering principles to biological systems. The company uses its own technologies to build and regulate gene programs, or DNA sequences which control cellular functions and systems.

As such, Intrexon hopes to develop improved product and manufacturing processes for healthcare, food, energy and environmental markets. Intrexon hopes to create more effective and less costly solutions which are also sustainable.

Intrexon sold 10.0 million shares for $16 apiece, thereby raising $160 million in gross proceeds. All shares will be sold by the company with no shares being offered by selling shareholders.

The public offering values the equity of the firm at $1.50 billion. The offering took place at the high end of the preliminary $14-$16 offer range. Given the strong demand Intrexon boosted the offer size from a planned 8.3 million shares to 10.0 million shares as well.

Some 9% of the total shares were offered in the public offering. At Friday's closing price of $29.09 per share, the firm is valued at $2.7 billion.

The major banks that brought the company public were JPMorgan (JPM), Barclays, Griffin Securities and Mizuho Securities.

Valuation

Intrexon is working with collaborators to create superior solutions which can be provided through current industry processes. The company's business model is to commercialize technologies through exclusive channel collaborations, in which partners will bring the potential processes and products to the market.

For the year of 2012, Intrexon generated annual revenues of $13.9 million, up 71% on the year before. Net losses attributable to common shareholders increased slightly to $103.9 million.

First quarter revenues were up by 145% to $4.0 million. Net losses more than doubled to $42.7 million.

Intrexon operates with $143.5 million in cash and equivalents and no outstanding debt or preferred stock investments. Including the $160 million in gross proceeds from the public offering, Intrexon will operate with a net cash position of around $285 million.

Given the lack of operating revenues, as most revenues are the result of collaborations, any valuation multiples based on past performance are meaningless.

Investment Thesis

As noted above, the offering of Intrexon has been a huge success. Shares were offered at the high end of the preliminary offering range. On top of that came opening day returns of 55%, followed by a strong session on Friday. At Friday's close, shares are trading some 94% above the midpoint of the preliminary offer range.

Intrexon is an interesting case. The company has been around for fifteen years and has been reporting large losses on the back of a lack of real product or process revenues. At the current loss rate of over $150 million per annum, the company will run out of cash within two years, despite the successful public offering. As such, dilution or bankruptcy are key risks.

To generate future product revenues, Intrexon has engaged in nine exclusive channel collaborations (ECCs), in the field of healthcare and food. The most prominent collaboration is formed with Elanco, the animal health division of Eli Lilly (LLY). Yet none of these collaborations have resulted in a revenue generating products or processes yet, and it could take a while as gene therapies need FDA approval.

Given the significant losses, the long development trajectory, and the high valuation of almost $3 billion, I am hesitant to jump on the bandwagon. On the other hand, Intrexon is trying something really new which could be the start of a revolutionary process and turn the company into an absolute global leader in the future. Yet the $3 billion price tag is quite a high valuation. In comparison, current industry leaders like Amazon.com (AMZN), Microsoft (MSFT) or Wal-Mart (WMT), had a much more modest valuation when they went public.

Therefore I stay on the sidelines. The company could become a long term success, thereby destroying all those who might initiate a short position. Yet I see few reasons to initiate a long position on the back of the high valuation and the high uncertainty for product revenues going forward.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. (More...)

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