Eleme Medical plans to take its laser and light energy cellulite zapping technology into commercial application after receiving $18 million of investment capital and the backing of a couple big names. Hambrecht & Quist Capital Management has joined forces with L Capital Partners in backing Eleme in its efforts to smooth the thighs and buttocks of the world.

The new system is called the SmoothShapes cellulite treatment, and the FDA has given it aapproval. The company's website however, sheds little light on how the device actually works. It would seem that the SmoothShapes laser and light energy system, in combination with suction and kneading of the tissue, causes restoration of certain skin cells which are important in the restructuring and maintenance of a smooth butt.

If you ask me, the whole thing sounds like a 3 a.m. Thigh Master commercial tucked in between episodes of Murder She Wrote. But if venture capitalists choose to place their bets on the possibility that there really is a new and effective method for enhancing the appearance of cellulite, who am I to question it? If the device has true potential, the venture partners might think about getting a celebrity to use it and endorse it. Then, all that will be needed is for Eleme to convince the insurance industry that cellulite maintenance treatments are a necessary medical procedure. Oh yes, one can just hear the cash registers ringing at the thought.

Gary Sattler is a freelance blogger. He does not knowingly have financial interest in the companies mentioned in this blog post.

ImClone (NASDAQ: IMCL) implied volatility elevated prior to positive Erbitux data.

• IMCL, an oncology care company, is recently trading up $11.05 to $48.98 in pre-open trading.
  
• Merck KGaA & IMCL announced that Erbitux met the primary endpoint outcomes from the FLEX trial (a phase 3 study of 1000 patients with previously untreated non-small cell lung cancer).
  
• Goldman Sachs says, "Erbitux data in lung cancer positive for IMCL, Minor neg for DNA."
  
• IMCL October option implied volatility of 46 is above its 26-week average of 40 according to Track Data, suggesting larger price risks.

Genentech (NYSE: DNA) September volatility at 21 prior to IMCL's NCSCLC data.

• DNA is recently trading at $76 in pre-open trading, below its close of $79.15.
  
• Merck KGaA & IMCL announced that Erbitux met the primary endpoint outcomes from the FLEX trial (a phase 3 study of 1000 patients with previously untreated non-small cell lung cancer (NSCLC).
  
• DNA September option implied volatility is at 21; October is at 25. DNA's average option implied volatility over the last 26-weeks is 24 according to Track Data, suggesting non-directional near term price fluctuations.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Monday July 23

• PDUFA date for Wyeth's (NYSE: WYE) Pristiq, a treatment for depression.
• Halliburton Co (NYSE: HAL) to report Q2 earnings; conference call at 10am.
• Target Corporation (NYSE: TGT) to hold July sales conference call at 4:30pm.

Tuesday July 24

• United Parcel Service (NYSE: UPS) to report Q2 earnings; conference call at 8:30am.
• AT&T Inc (NYSE: T) to report Q2 earnings; conference call at 10am.
• Amazon.com Inc (NASDAQ: AMZN) to report Q2 earnings; conference call at 5pm.

Wednesday July 25

• The Boeing Company (NYSE: BA) to report Q2 earnings; conference call at 10:30am.
• Apple Inc (NASDAQ: AAPL) to report Q3 earnings; conference call at 5pm.

Thursday July 26

• PDFUA Date for Sanofi-Aventis's (NYSE: SNY) Acomplia, a new prescription anti-obesity drug.
• Level 3 Communications Inc (NASDAQ: LVLT) to report Q2 earnings; conference call at 10am.
• Amgen Inc (NASDAQ: AMGN) to report Q2 earnings; conference call at 5pm.

Friday July 27

• PDUFA Date for K-V Pharmaceutical Co's (NYSE: KV.A)/VIVUS Inc's (NASDAQ: VVUS) Evamist, a patented new-generation of transdermal spray delivery system.

For some people, Viagra and other ED drugs are considered to be scandalous. For others, it's just the beginning to the tremendous potential for the treatment of sex-related "illnesses." But that's where the problem has come for Johnson & Johnson (NYSE: JNJ) - the definition of illness. In recent years, J&J has pursued a medicinal treatment for premature ejaculation.

For most people it is pretty obvious that erectile disfunction is a classifiable illness. However, premature ejaculation is much more controversial. In fact, the FDA even rejected the first premature ejaculation treatment in 2005 because "regulators questioned whether helping men last longer during sex was a clear medical benefit," according to a recent AP article. But this is not preventing J&J from advancing the development of its premature ejaculation treatment, in fact the company hasn't ruled out re-applying for FDA approval of the drug, although it does plan on focusing on European and Canadian markets.

In my opinion, if a treatment for any issue is able to make a patient happier, I don't see the necessity to define the illness, as long as the side effects are well-understood and well-stated. While premature ejaculation isn't going to hurt anyone on a physical level like a disease, on a psychological level I'd argue that it certainly has its ramifications. in addition, if we're defining an illness, what are the physical results of erectile disfunction - in my opinion, it also seems like a much more psychologically-painful and lifestyle-inhibiting illness.

Seagate (NYSE: STX) -- July calls active at Elevated volatility on renewed Speculation. STX designs, manufactures and markets rigid disc drives. STX is up $0.09 cents to $20.94 on renewed LBO chatter. STX has a market cap of $11.2 billion and long-term debt of $1.7 billion. STX reported annual 2006 revenue of $9.2 billion. Brean Murray has a Hold rating on STX. STX call option volume of 17,889 contracts compares to put volume of 2,862 contracts. STX July option implied volatility of 41 is above its 26-week average of 34 according to Track Data, suggesting larger price risks.

Neurochem (NASDAQ: NRMX) option implied volatility suggests Risk into Data. NRMX is recently down $0.13 to $6.68. PIPR lowered its price target to $4.00 from $6.50. NRMX first phase three study of its Alzheimer treatment drug, Alzhemed is expected to be release between now and the end of the quarter. NRMX July option implied volatility is above 215 according to Track Data, indicating large price fluctuations. NRMX puts are more expensive than calls because NRMX is difficult to borrow.

Option volume leaders today are: Neurochem, Apple (NASDAQ: AAPL), Newmont Mining (NYSE: NEM) and Target (NYSE: TGT).

Daily Option Update is provided by Stock Options Specialist Paul Foster of theflyonthewall.com

No doubt by now you have heard the good news regarding Pfizer Inc. (NYSE:PFE) and the shield it has in place for Celebrex. You can get some more insight on that by reading Douglas McIntyre's post.

Now the time is ripe for Pfizer to do something powerful. If it can accomplish one or two block buster product releases before mid-year, it'll be off to the races once again. In pursuit of that goal, Pfizer has a large stable of potential ground shakers in development. Here's an encapsulated view of what Pfizer has going right now in R&D:

I counted 49 formulations that Pfizer has in PHASE I of development. Of those compounds, ten are intended cancer treatments, eight are for inflammation and / or pain, including arthritis, 11 are directed towards cardiology, metabolic and endocrine conditions. Pfizer also has six compounds in PHASE I that are indicated for infectious diseases. Phase one drug testing focuses on compound safety rather than drug effectiveness.

There's a very interesting feature over at The Motley Fool and I find it very useful . The CAPS community stock rating pages give highly understandable insight plus gems of investor feedback which help to bring the knowledge about individual stocks to a layman's level. Investment players like me benefit from this feature.

La Jolla Pharmaceutical Company (NASDAQ:LJPC) has the CAPS number one spot this weekend based on a 43.1% stock value spike fueled by moderately positive interim results in a phase III study of its number one product Riquent. The drug in question shows promise in the treatment of Lupus, a chronic inflammatory disease that can cause organ malfunction. However, analysts are skeptical regarding the value of this phase III test result as a basis for developing a strong position in the company.

Even those investors who express a positive mood, unwittingly show reservations about whether or not the LJPC spike can be supported. Analyst consensus is "hold" on LJPC stock and neutral on the company. It is worthy of note that an Associated Press news release regarding the LJPC test results states: "Several drug makers are in advanced stage trials for lupus drugs. To date, no specific lupus drug has been approved in the United States."(emphasis mine)

I myself expect LJPC share value to recede quickly and I would base my choices on that belief. I see nothing else of interest in the company's fundamentals... at least not to the positive side. If I had shares of JLPC which I purchased at bargain, I'd be tempted to unload half of them immediately to reap some of the current gain. If I had bought those shares for a higher price, I'd be comfortable holding on to them for a while just to see what develops.