Ontvang nu dagelijks onze kooptips!

word abonnee
Van beleggers
voor beleggers
Uitgebreid zoeken

Beurscodes, betekenis en hulp bij zoeken

Europa

AEX
Euronext Amsterdam
BRU
Euronext Brussels
PSE
Euronext Paris
LIS
Euronext Lissabon
CHX
CBOE Europe, grote(re) EU aandelen
NAV
Investment Funds (NAV)

Noord-Amerika

NYS
New York Stock Exchange
OTC
CBOE BZX Exchange (US)
TSE
Toronto Stock Exchange

Kunt u een instrument niet vinden?

Zoek dan via de zogenaamde ISIN code. Elk instrument, aandeel etc. heeft een unieke code.

Kies vervolgens - wanneer er meerdere resultaten zijn - de notering op de beurs van uw keuze.

Waar vind ik die ISIN code?

Google de naam van het instrument, aandeel etc. met de toevoeging 'ISIN'.

Als zoeken op ISIN code geen resultaten oplevert hebben wij het instrument of aandeel niet in onze koersendatabase.

desktop iconMarkt Monitor
  • Word abonnee

  • Inloggen

    • Geen account? Registreren

    Wachtwoord vergeten?
Markt vandaag Koersen Forum Premium IEX Expert
Home  /  Forum  /  BioPharma  /  INSM - Insmed - Deel 11

BioPharma« Terug naar discussie overzicht

INSM - Insmed - Deel 11

Volgen
1.161 Posts
Pagina: «« 1 2 3 4 5 6 ... 59 »» | Laatste | Omlaag ↓
  3. [verwijderd] 11 december 2006 20:42
    S&P initiates coverage on INSM

    trimurl.com/9SX

    Standard & Poor's Initiates Factual Stock Report Coverage on Insmed, Inc.

    Last Update: 2:31 PM ET Dec 11, 2006



    NEW YORK, Dec 11, 2006 (BUSINESS WIRE) -- Standard & Poor's announced today that it has commenced Factual Stock Report coverage on Insmed, Inc.
    Insmed, Inc. (INSMinsmed inc com new
    News , chart, profile, more

    Delayed quote dataAdd to portfolio
    Analyst
    Create alertInsider
    Discuss
    Financials
    Sponsored by:
    INSM ) is a biopharmaceutical company focused on the development and commercialization of drugs to treat metabolic diseases and endocrine disorders within niche markets that have unmet medical needs.
    The company's development and commercial activities are focused on drugs that modulate Insulin-like Growth Factor-1 (IGF-1) activity in the human body. Its lead product, IPLEX, is the only FDA approved, once-daily IGF-1 replacement therapy. IPLEX was approved in December 2005 for the treatment of growth failure in children with severe primary IGF-1 deficiency or with growth hormone gene deletion who have developed neutralizing antibodies to growth hormone. As an Orphan Drug, IPLEX is entitled to seven years of marketing exclusivity in the treatment of Severe Primary IGFD in the U.S.
    This report will also be accessible on an ongoing basis to a wide audience of the investment community ---- scores of buy-side institutions and sell-side firms that utilize S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts.
    About Standard & Poor's Factual Stock Reports
    This S&P service provides factual research coverage enabling companies to reach a wide investor audience of Buy and Sell-side investors, helping them understand the fundamentals and business prospects. Many of these companies are not widely covered by Wall Street analysts. Currently profiling over 1,000 issuers, S&P Factual Stock Reports increase market awareness for companies in the investment community with insightful commentary and key statistics/information. Updated weekly with the latest pricing, trading volume and other data, the reports include recent developments, an income statement analysis and financial review, key operating information, performance charts, business summary, fundamental data, industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, and news. Because coverage of these reports is sponsored by the issuer, S&P does not offer investment opinions concerning the advisability of investing in these stocks.
    Standard & Poor's Factual Stock Reports are produced separately from any other analytic activity of Standard & Poor's. Standard & Poor's Factual Report research has no access to non-public information received by other units of Standard & Poor's. Standard & Poor's does not trade on its own account.
    Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P's STARS research) are eligible to obtain this coverage.
    About Standard & Poor's
    Standard & Poor's, a division of The McGraw-Hill Companies (MHPThe McGraw-Hill Companies, Inc
    News , chart, profile, more

    Delayed quote dataAdd to portfolio
    Analyst
    Create alertInsider
    Discuss
    Financials
    Sponsored by:

    MHP ) , is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With approximately 6,300 employees located in 20 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit www.standardandpoors.com.
    SOURCE: Standard & Poor's
    Insmed, Inc. Jody M. LoMenzo, 804-565-3041 jlomenzo@insmed.com or Standard & Poor's Customer Contact: Maria Cruz, 212-438-3671 maria_cruz@standardandpoors.com or Media Relations: Michael Privitera, 212-438-6679 michael_privitera@standardandpoors.com Copyright Business Wire 2006 ********************************************************************** As of Thursday, 12-07-2006 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated an UPTREND on 06-26-2006 for INSM @ $1.75. For more information on Comtex SmarTrend® Alert, contact your market data provider or go to www.CSTADirect.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright © 2004-2006 Comtex News Network, Inc. All rights reserved.

    voor wat waard is
  9. [verwijderd] 11 december 2006 22:08
    quote:

    crackedtooth schreef:

    S&P initiates coverage on INSM

    trimurl.com/9SX

    Standard & Poor's Initiates Factual Stock Report Coverage on Insmed, Inc.

    Last Update: 2:31 PM ET Dec 11, 2006



    NEW YORK, Dec 11, 2006 (BUSINESS WIRE) -- Standard & Poor's announced today that it has commenced Factual Stock Report coverage on Insmed, Inc.
    Insmed, Inc. (INSMinsmed inc com new
    News , chart, profile, more

    Delayed quote dataAdd to portfolio
    Analyst
    Create alertInsider
    Discuss
    Financials
    Sponsored by:
    INSM ) is a biopharmaceutical company focused on the development and commercialization of drugs to treat metabolic diseases and endocrine disorders within niche markets that have unmet medical needs.
    The company's development and commercial activities are focused on drugs that modulate Insulin-like Growth Factor-1 (IGF-1) activity in the human body. Its lead product, IPLEX, is the only FDA approved, once-daily IGF-1 replacement therapy. IPLEX was approved in December 2005 for the treatment of growth failure in children with severe primary IGF-1 deficiency or with growth hormone gene deletion who have developed neutralizing antibodies to growth hormone. As an Orphan Drug, IPLEX is entitled to seven years of marketing exclusivity in the treatment of Severe Primary IGFD in the U.S.
    This report will also be accessible on an ongoing basis to a wide audience of the investment community ---- scores of buy-side institutions and sell-side firms that utilize S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts.
    About Standard & Poor's Factual Stock Reports
    This S&P service provides factual research coverage enabling companies to reach a wide investor audience of Buy and Sell-side investors, helping them understand the fundamentals and business prospects. Many of these companies are not widely covered by Wall Street analysts. Currently profiling over 1,000 issuers, S&P Factual Stock Reports increase market awareness for companies in the investment community with insightful commentary and key statistics/information. Updated weekly with the latest pricing, trading volume and other data, the reports include recent developments, an income statement analysis and financial review, key operating information, performance charts, business summary, fundamental data, industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, and news. Because coverage of these reports is sponsored by the issuer, S&P does not offer investment opinions concerning the advisability of investing in these stocks.
    Standard & Poor's Factual Stock Reports are produced separately from any other analytic activity of Standard & Poor's. Standard & Poor's Factual Report research has no access to non-public information received by other units of Standard & Poor's. Standard & Poor's does not trade on its own account.
    Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P's STARS research) are eligible to obtain this coverage.
    About Standard & Poor's
    Standard & Poor's, a division of The McGraw-Hill Companies (MHPThe McGraw-Hill Companies, Inc
    News , chart, profile, more

    Delayed quote dataAdd to portfolio
    Analyst
    Create alertInsider
    Discuss
    Financials
    Sponsored by:

    MHP ) , is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With approximately 6,300 employees located in 20 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit www.standardandpoors.com.
    SOURCE: Standard & Poor's
    Insmed, Inc. Jody M. LoMenzo, 804-565-3041 jlomenzo@insmed.com or Standard & Poor's Customer Contact: Maria Cruz, 212-438-3671 maria_cruz@standardandpoors.com or Media Relations: Michael Privitera, 212-438-6679 michael_privitera@standardandpoors.com Copyright Business Wire 2006 ********************************************************************** As of Thursday, 12-07-2006 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated an UPTREND on 06-26-2006 for INSM @ $1.75. For more information on Comtex SmarTrend® Alert, contact your market data provider or go to www.CSTADirect.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright © 2004-2006 Comtex News Network, Inc. All rights reserved.

    voor wat waard is
    Toch een goed teken dat steeds meer analisten INSM gaan volgen. Hoe meer artikels hoe meer bekendheid voor het aandeel.
  10. [verwijderd] 12 december 2006 09:17
    Post of the week so far (from Ihub) (2 Ratings) 11-Dec-06 11:47 pm Thanks speedrunner
    *******

    As mentioned before, for injunction to be granted Supreme Court has ruled that the following 4 tests must be overcome by the plaintiff:
    (1) that it has suffered an irreparable injury;
    (2) that remedies available at law are inadequate to compensate for that injury;
    (3) that considering the balance of hardships between the plaintiff and defendant, a remedy in equity is warranted; and
    (4) that the public interest would not be disserved by a permanent injunction.

    Plaintiff has failed the 4 "tests" for following reasons.:
    1) TRCA will not suffer "irreparable" injury. There are clear remedies that can repair the damages "such as royalty payments" or other reparations..
    2) Remedies are available to adequately compensate for the injury suffered; that is royalty payment of 15 or 20 % more than fairly adequately compensates for the injury. This was what the jury ruled and the ruling was not unreasonable IMO. Infact many would argue that it was too harsh.
    3) In considering the balance of hardships between the plaintiff and defendant, the injuction would completely tip the balance against the defendant and will lkely lead to bankruptcy and closure of INSM. As given as example in the past, when faced with this type of situation, courts have required royalty payments in favor of injunction.
    4) Most importantly, there are clear advantages of IPLEX to Increlex. There are less side effects (related to seizure and hypoglycemia) but may be just as important it is much more convenient to use in that it only requires 365 painful injections per year (to a small child) versus 730 injections per year for increlex. Public interest will be greatly disserviced by not allowing kids to have fewer injections.

    All 4 tests must be met for injunction to be granted. No reasonable individual can rule for injuction. Certainly, a public servant- such as highly qualified judge, a guardian of law and public interest- will require royalty payment in favor of injuction.

    In regards to your statement about the finacial condition of the company, I generally agree that INSM is in deep finacial trouble and will require additional financing and "dilution" of stock. This is an important area of concern. But, there are many potential positives that can lift the stock price over the next 6 month.
    1. Injuction not being granted (IMO greater than 90 %) will greatly lift the stock price.
    2. Positive ruling in favor of inequitable conduct on 151 (IMO 45% chance).
    3. Positive P2 data on MMD showing clear benefit. Major increase in share price (~ 90,000 patients in US and Europe, 1 to 2 bill market). (IMO- very likely)
    4. Positive data on Noonan's. (IMO- very likely) Again 1 to 2 bill market.
    5. Data on AIDs lipodytrophy.

    If any of the above come to pass, we could have a marked increase in share price (especially the P2 studies with MMD and Noonan's). With higher share price, although necessary financing shouldn't be as painful. Also, with the positive results, there is a dramatic increase in potential partnership with company like PFE.

    I am a firm believer that based on pathophysiology of diseases MMD and Noonan's, IPLEX is highly likely to be effective in these disease states and that is the main reason why I own this stock. If the P2 data is positive, then the P3 studies can be quickly completed (within 2 years) and data submitted for orphan drug approval (<200,000 patients). The drug can be submitted to FDA by late 2008, most likely in 2009. Assuming worst scenerio in the courts, INSM will pay royalty payments till 2010, patents 151 and 272 expire in 2010; IGF will be made via eukayotic process (plant cells) by Phyton Biotech by 2010 and patent 414 will no longer apply.

    Like other longterm investor, this verdict has been very painful but there is tremendous amount of hope going forward.

  12. [verwijderd] 12 december 2006 14:06
    quote:

    gismo74 schreef:

    Het belangrijkste op korte termijn zal toch de nieuwe financierings ronde zijn. In mijn opinie de keuze uit Emea partner of nieuwe aandelen uitschrijven...
    Ik ga uit van het laatste....een emissie. Partners zijn nu toch wat huiverig geworden.
    Helaas heb ik nog niet kunnen verkopen boven de
    $ 1.20. Ik stap wel gelijk uit, want de toekomst van dit bedrijf zie ik erg somber in. Sterker nog, het zou me niets verbazen als ze volgend jaar de handdoek in de ring gooien.
  13. positivo73 12 december 2006 14:14
    quote:

    ohmygod schreef:

    [quote=gismo74]
    Het belangrijkste op korte termijn zal toch de nieuwe financierings ronde zijn. In mijn opinie de keuze uit Emea partner of nieuwe aandelen uitschrijven...
    [/quote]

    Ik ga uit van het laatste....een emissie. Partners zijn nu toch wat huiverig geworden.
    Helaas heb ik nog niet kunnen verkopen boven de
    $ 1.20. Ik stap wel gelijk uit, want de toekomst van dit bedrijf zie ik erg somber in. Sterker nog, het zou me niets verbazen als ze volgend jaar de handdoek in de ring gooien.
    Zo te lezen heb je je lekker verdiept in het bedrijf INSMED (niet dus)
  14. [verwijderd] 12 december 2006 14:16
    quote:

    positivo73 schreef:

    [quote=ohmygod]
    [quote=gismo74]
    Het belangrijkste op korte termijn zal toch de nieuwe financierings ronde zijn. In mijn opinie de keuze uit Emea partner of nieuwe aandelen uitschrijven...
    [/quote]

    Ik ga uit van het laatste....een emissie. Partners zijn nu toch wat huiverig geworden.
    Helaas heb ik nog niet kunnen verkopen boven de
    $ 1.20. Ik stap wel gelijk uit, want de toekomst van dit bedrijf zie ik erg somber in. Sterker nog, het zou me niets verbazen als ze volgend jaar de handdoek in de ring gooien.
    [/quote]

    Zo te lezen heb je je lekker verdiept in het bedrijf INSMED (niet dus)
    Ach PosiWillem, in ieder geval heeft ohmygod de handdoek in de ring gegooid.

    Psycho
  15. [verwijderd] 12 december 2006 14:24
    quote:

    psycho-pharma schreef:

    [quote=positivo73]
    [quote=ohmygod]
    [quote=gismo74]
    Het belangrijkste op korte termijn zal toch de nieuwe financierings ronde zijn. In mijn opinie de keuze uit Emea partner of nieuwe aandelen uitschrijven...
    [/quote]

    Ik ga uit van het laatste....een emissie. Partners zijn nu toch wat huiverig geworden.
    Helaas heb ik nog niet kunnen verkopen boven de
    $ 1.20. Ik stap wel gelijk uit, want de toekomst van dit bedrijf zie ik erg somber in. Sterker nog, het zou me niets verbazen als ze volgend jaar de handdoek in de ring gooien.
    [/quote]

    Zo te lezen heb je je lekker verdiept in het bedrijf INSMED (niet dus)
    [/quote]

    Ach PosiWillem, in ieder geval heeft ohmygod de handdoek in de ring gegooid.

    Psycho
    Dan zal ik in ieder geval die handdoek snel wassen, dan kunnen we hem weer hergebruiken.
  16. [verwijderd] 12 december 2006 14:34
    Ach,wanneer je weet dat Insmed zèlf in haar grootste doemscenario rekening hield met hooguit 15% royalties, is dat gooien met die handdoek best verdedigbaar.
    Zelfs permanent injunction is nog niet helemaal uitgesloten. Dat de definitieve (future) royalties wellicht lager gaan uitvallen kan meegenomen worden, evenals het feit dat deze zelfs nog hoger vastgesteld kunnen worden. De grote hap Inniesmeden post hier niet, leest wel en is niet gek.(was het wel ben ik bang)
    Groet Beur
  18. [verwijderd] 12 december 2006 15:01
    quote:

    Pump_up_the_Volume_ schreef:

    Bij de huidige koers krijgen we een emissie op 90 cent vermoed ik. Laten ze dan maar gelijk 100 miljoen aandelen uitgeven. De kans dat ze dan 2010 halen (het eerste jaar dat ze winst schijnen te gaan maken) lijkt dan vrij groot.
    Nou ik heb liever eerst update resultaten fase 2 en goedkeuring europa en dan de emissie op 2 dollar.
    Dan hoeven ze er maar 20 miljoen uit te geven. Plus volgend jaar een partner in europa, dan is er daarna geen emissie meer nodig.
  19. [verwijderd] 12 december 2006 15:04
    quote:

    M.A.D.W. schreef:

    [quote=Pump_up_the_Volume_]
    Bij de huidige koers krijgen we een emissie op 90 cent vermoed ik. Laten ze dan maar gelijk 100 miljoen aandelen uitgeven. De kans dat ze dan 2010 halen (het eerste jaar dat ze winst schijnen te gaan maken) lijkt dan vrij groot.
    [/quote]

    Nou ik heb liever eerst update resultaten fase 2 en goedkeuring europa en dan de emissie op 2 dollar.
    Dan hoeven ze er maar 20 miljoen uit te geven. Plus volgend jaar een partner in europa, dan is er daarna geen emissie meer nodig.
    Wie wil dat niet - maar wat is realistisch
  20. positivo73 12 december 2006 15:07
    quote:

    Pump_up_the_Volume_ schreef:

    [quote=M.A.D.W.]
    [quote=Pump_up_the_Volume_]
    Bij de huidige koers krijgen we een emissie op 90 cent vermoed ik. Laten ze dan maar gelijk 100 miljoen aandelen uitgeven. De kans dat ze dan 2010 halen (het eerste jaar dat ze winst schijnen te gaan maken) lijkt dan vrij groot.
    [/quote]

    Nou ik heb liever eerst update resultaten fase 2 en goedkeuring europa en dan de emissie op 2 dollar.
    Dan hoeven ze er maar 20 miljoen uit te geven. Plus volgend jaar een partner in europa, dan is er daarna geen emissie meer nodig.
    [/quote]

    Wie wil dat niet - maar wat is realistisch
    Realistisch is wat Willem zegt. De koers zal m.i. weer oplopen na de update tot misschien wel weer $3 om daarna weer wat terug te zakken door de emissie op $2.
1.161 Posts
Pagina: «« 1 2 3 4 5 6 ... 59 »» | Laatste |Omhoog ↑

Direct naar Forum

Markt Vandaag

Stijgers

instrument koers absoluut verschil relatief verschil
EBUSCO HOLDING 1,006 +0,08 +8,11%
JDE PEET'S 21,060 +0,82 +4,05%
SBM Offshore 16,850 +0,45 +2,74%
TomTom 4,960 +0,13 +2,61%
PostNL 1,224 +0,03 +2,60%
Avantium 2,530 +0,06 +2,43%
Pharming 0,717 +0,02 +2,14%
AMG Critical Materials N.V. 14,330 +0,28 +1,99%
EXOR NV 93,850 +1,40 +1,51%
SIGNIFY NV 21,100 +0,30 +1,44%
INPOST 15,510 +0,21 +1,37%
JUST EAT TAKEAWAY 12,825 +0,17 +1,34%
NN Group 45,600 +0,60 +1,33%
ASML 799,300 +9,80 +1,24%
Sif Holding 12,140 +0,14 +1,17%
WDP 24,860 +0,28 +1,14%
ASR Nederland 44,450 +0,49 +1,11%
Aegon 5,658 +0,06 +1,04%
Kendrion 11,760 +0,12 +1,03%
Fugro 22,240 +0,22 +1,00%
Sligro 12,200 +0,10 +0,83%
Vopak 40,220 +0,30 +0,75%
Fagron 19,120 +0,14 +0,74%
Basic-Fit 21,900 +0,16 +0,74%
Flow Traders 17,420 +0,12 +0,69%
AMX 871,63 +5,85 +0,68%
B&S Group SA 4,620 +0,03 +0,65%
Philips Koninklijke 25,980 +0,16 +0,62%
Van Lanschot Kempen NV 38,950 +0,20 +0,52%
ASCX 1.192,01 +6,01 +0,51%
ASMI 581,600 +2,60 +0,45%
Vastned 23,800 +0,10 +0,42%
Wolters Kluwer 151,300 +0,60 +0,40%
BESI 116,100 +0,45 +0,39%
Heineken 79,760 +0,30 +0,38%
ADYEN NV 1.138,200 +3,80 +0,33%
RELX 41,360 +0,10 +0,24%
SHELL PLC 32,975 +0,08 +0,23%
ACOMO 17,680 +0,04 +0,23%
Ahold Delhaize 29,820 +0,06 +0,20%
UMG 22,150 +0,04 +0,18%
Accsys 0,609 +0,00 +0,16%
AEX 890,24 +1,33 +0,15%
IMCD 138,000 +0,20 +0,15%
Wereldhave 13,980 +0,02 +0,14%
Air France-KLM 7,610 +0,01 +0,11%
Corbion 20,900 +0,02 +0,10%
ALLFUNDS GROUP 5,250 +0,00 +0,10%
Arcadis 62,900 +0,05 +0,08%
ING 15,340 +0,01 +0,07%
BAM 3,562 +0,00 +0,06%
AZERION 1,498 0,00 0,00%
HEIJMANS KON 25,450 0,00 0,00%
NSI 20,200 0,00 0,00%

Dalers

instrument koers absoluut verschil relatief verschil
ABN AMRO BANK N.V. 14,825 -0,54 -3,51%
PROSUS 32,445 -0,77 -2,30%
Alfen N.V. 14,930 -0,30 -1,97%
CM.COM 6,840 -0,09 -1,30%
NX FILTRATION 5,010 -0,06 -1,18%
DSM FIRMENICH AG 116,300 -1,30 -1,11%
Nedap N.V. 56,200 -0,60 -1,06%
Galapagos 22,120 -0,22 -0,98%
OCI 26,260 -0,24 -0,91%
TKH 36,320 -0,30 -0,82%
RENEWI 7,760 -0,06 -0,77%
CTP 16,140 -0,08 -0,49%
Akzo Nobel 53,120 -0,26 -0,49%
Eurocommercial Properties 23,200 -0,10 -0,43%
RANDSTAD NV 41,460 -0,17 -0,41%
AALBERTS NV 33,320 -0,12 -0,36%
ForFarmers 2,795 -0,01 -0,36%
Aperam 24,900 -0,08 -0,32%
ArcelorMittal 19,715 -0,05 -0,25%
FASTNED 16,440 -0,04 -0,24%
Brunel 9,280 -0,02 -0,22%
THEON INTERNAT 11,260 -0,02 -0,18%
KPN 3,588 0,00 -0,06%
UNILEVER PLC 55,280 -0,02 -0,04%
vlag naam koers verschil relatief verschil
AEX 890,24 +1,33 +0,15%
AEX GR 3.470,04 +6,25 +0,18%
Germany40^ 17.901,60 +89,55 +0,50%
FTSE 100 8.281,05 +45,82 +0,56%
EURO50 4.732,86 +26,72 +0,57%
US30^ 40.009,80 +254,20 +0,64%
Nasd100^ 19.017,80 +19,00 +0,10%
US500^ 5.453,20 +20,53 +0,38%
Japan225^ 36.312,50 -120,70 -0,33%
VD-NEW 15,47 -1,47 -8,69%
#/^ Index indications calculated real time, zie disclaimer