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

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

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

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

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-

Boundary terms for eleven-dimensional supergravity and M-theory

A new action for eleven dimensional supergravity on a manifold with boundary is presented. The action is a possible low energy limit of $M$-theory. Previous problems with infinite constants in the action are overcome and a new set of boundary conditions relating the behaviour of the supergravity fields to matter fields are obtained. One effect of these boundary conditions is that matter fields generate gravitational torsion.Comment: 4 pages;with reference

Benchmarking of three-dimensional multicomponent lattice Boltzmann equation

We present a challenging validation of phase field multi-component lattice Boltzmann equation (MCLBE) simulation against the Re = 0 Stokes flow regime Taylor-Einstein theory of dilute suspension viscosity. By applying a number of recent advances in the understanding and the elimination of the interfacial micro-current artefact, extending to 3D a class of stability-enhancing multiple relaxation time collision models (which require no explicit collision matrix, note) and developing new interfacial interpolation schemes, we are able to obtain data which show that MCLBE may be applied in new flow regimes. Our data represent one of the most stringent tests yet attempted on LBE-one which received wisdom would preclude on grounds of overwhelming artefact flow

Total loss of MHC class I is an independent indicator of good prognosis in breast cancer

Tumours can be recognised by CTL and NK cells. CTL recognition depends on expression of MHC Class I loaded with peptides from tumour antigens. In contrast, loss of MHC Class I results in NK activation. In our study a large set of samples from patients with primary operable invasive breast cancer was evaluated for the expression of MHC Class I heavy and light by immunohistochemical staining of 439 breast carcinomas in a tissue microarray. Forty-seven percent (206 of 439) of breast carcinomas were considered negative for HLA Class I heavy chain (HC10), whereas lack of anti-β2m-antibody staining was observed in 39% (167 of 424) of tumours, with only 3% of the β2m-negative tumours expressing detectable HLA Class I heavy chain. Correlation with patient outcome showed direct relationship between patient survival and HLA-negative phenotype (log rank = 0.004). A positive relationship was found between the intensity of expression of MHC Class I light and heavy chains expression and histological grade of invasive tumour (p < 0.001) and Nottingham Prognostic Index (p < 0.001). To investigate whether HLA Class I heavy and light chains expression had independent prognostic significance, Cox multivariate regression analysis, including the parameters of tumour size, lymph node stage, grade and intensity of HC10 and anti-β2m staining, was carried out. In our analysis, lymph node stage (p < 0.001), tumour grade (p = 0.005) and intensity of MHC Class I light and heavy chains expression were shown to be independent prognostic factors predictive of overall survival (p-values HC10 = 0.047 and β2m = 0.018)

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

HST Observations of Giant Arcs: High Resolution Imaging Of Distant Field Galaxies.

We present HST imaging of eight spectroscopically-confirmed giant arcs, pairs and arclets. These objects have all been extensively studied from the ground and we demonstrate the unique advantages of HST imaging in the study of such features by a critical comparison of our data with the previous observations. In particular we present new estimates of the core radii of two clusters (Cl0024+16, A370) determined from lensed features which are identifiable in our HST images. Although our HST observations include both pre- and post-refurbishment images, the depth of the exposures guarantees that the majority of the arcs are detected with diffraction-limited resolution. A number of the objects in our sample are multiply-imaged and we illustrate the ease of identification of such features when working at high resolution. We discuss the morphological and scale information on these distant field galaxies in the light of HST studies of lower redshift samples. We conclude that the dominant population of star-forming galaxies at z=1 is a factor of 1.5-2 times smaller than the similar group in the local field. This implies either a considerable evolution in the sizes of star-forming galaxies within the last $\sim$10 Gyrs or a shift in the relative space densities of massive and dwarf star-forming systems over the same timescale.Comment: 9 pages (no figures), uuencoded, compressed Postscript. Postscript text, tables and figures (803 Kb) available via anonymous ftp in at ftp://ociw.edu//pub/irs/pub/hstarcs.tar.