Corporate Report: June 24

Ceelox awarded patent for secure media messages
Tampa-based Ceelox Inc. was recently issued a patent for its technique for securely sending a message and media. The patent, U.S. Patent Number 7,945,520 is known as a “System and Method for Secure and/or Interactive Dissemination of Information.”

The patents discuss a system to associate message content with a media element, such as an advertisement, sending the message to a designated recipient, and presenting the media content only after the “unwrapping” of the message through the use of biometric authentication.

The company says the patent adds a new dimension to online advertising and marketing, allowing advertisers to encrypt unique messages inside electronic images or “wrappers” such as online ads, photographs or artwork, video files, instant messages and MP3 files. The message is secure; can be delivered via email or through websites; and gives a user the power to decrypt hidden messages or create their own.

“This is a significant milestone for our company, and we are very proud of our development team,” Gerry Euston, Ceelox's CEO, says in a press release.
Ceelox Inc. is a developer of biometric security and encryption software solutions for financial institutions, healthcare companies, utilities, government agencies and others.

Tigris Pharmaceuticals starting cancer-drug study
Bonita Springs-based Tigris Pharmaceuticals Inc. has started enrolling its first patients in a clinical trial of the anti-cancer agent AFP-464 (aminoflavone prodrug) for estrogen receptor-positive breast cancer patients. Patients are also being profiled for biometric markers showing a sensitivity to AFP-464.

It is estimated that roughly 70% of breast-cancer patients are estrogen receptor-positive.

Joanne Blum, M.D., Ph.D., director of the Hereditary Cancer Risk Program at Baylor-Sammons Cancer Center in Dallas, is leading the trial.

“This study is exciting in that it may have the potential to improve our ability to deliver targeted cancer therapy at the outset of treatment providing another option for these patients,” Blum says in a press release. Additionally, this agent may help to overcome endocrine resistance, one of the major problems for patients with ER positive metastatic disease.”

Pre-clinical studies have shown that some types of cancer tumors (breast, ovarian, pancreatic and renal) are sensitive to AFP-464.

Tigris Pharmaceuticals Inc. is a privately held biopharmaceutical company that acquires, develops and commercializes specialty care therapies for oncology, pain, inflammation and acute and supportive care.

Brown & Brown subcompany buys Connecticut firm's assets
Brown & Brown of Connecticut Inc., a subsidiary of Tampa- and Daytona Beach-based Brown & Brown Inc., purchased certain assets of Corporate Benefit Consultants LLC of Durham, Conn.

Sonia Kaminsky and Dr. Joseph “Joe” Fields founded Corporate Benefit Consultants in 1997. With combined annualized revenues of $3 million, the firm provides specialty employee benefits brokerage and consulting services for clients throughout the northeastern United States. The firm has extensive experience in negotiating group and Taft-Hartley Act health care plans with public employee unions on behalf of public entities. The company will join Brown & Brown's offices in Rocky Hill, Conn.

“Sonia and Joe bring extensive expertise and experience in designing, negotiating and implementing employee benefit plans,” J. Scott Penny, regional president and chief acquisitions officer of Brown & Brown, says in a press release.

Brown & Brown Inc. offers insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care and Medicare set-aside services and programs.

Odyssey Marine Exploration hires Russian ship for UK shipwreck
Odyssey Marine Exploration Inc. of Tampa has reached a charter agreement to use the Russian Research Vessel Yuzhmorgeologiya to conduct search operations for the SS Gairsoppa.

The Yuzhmorgeologiya is a 104-meter ice-class ship capable of stable operations in extreme conditions.

A German U-Boat torpedoed the Gairsoppa in February 1941 when the Gairsoppa was transporting goods for the United Kingdom Ministry of War Transport. Research and official documents indicate that the ship was carrying as much as 437,500 tons of silver. In 2010, the United Kingdom Government Department for Transport awarded Odyssey the exclusive salvage contract for the cargo of the SS Gairsoppa. Under the salvage contract, Odyssey will retain 80% of the bullion value of the cargo after expenses.

Odyssey expects to start in July.

“We look forward to beginning work with the R/V Yuzhmorgeologiya, an impressive ship that can withstand the extreme weather conditions in the search area,” Greg Stemm, CEO of Odyssey Marine Exploration, says in a press release.

In addition, Odyssey Marine Exploration Inc. has priced an underwritten public offering of 4.8 million shares of common stock at $3.05 per share. The underwriters have the option to purchase up to an additional 720,000 shares at the same price per share to cover overallotments, if any. The offering was scheduled to close on June 21.

The underwriters for this offering are Craig-Hallum Capital Group LLC and B. Riley & Co. LLC.