Archive for July, 2017
Transaction Provides Oaktree with BDC Platform with Scale
Oaktree Capital Group, LLC (NYSE: OAK) (“OCG”) today announced that Oaktree Capital Management, L.P. (“Oaktree”) has signed a definitive asset purchase agreement under which Oaktree will become the new investment adviser to two business development companies (“BDCs”): Fifth Street Finance Corp. (NASDAQ: FSC) (“FSC”) and Fifth Street Senior Floating Rate Corp. (NASDAQ: FSFR) (“FSFR”). Oaktree will pay $320 million in cash to Fifth Street Management LLC (“FSM”) upon the close of the transaction. The parties expect the transaction to be completed in the fourth quarter of 2017.
“We are excited about the opportunity to serve as the investment adviser for FSC and FSFR,” said Jay Wintrob, Chief Executive Officer of Oaktree. “These BDCs are a clear strategic fit with Oaktree’s direct lending expertise, and the completion of this transaction will create a BDC platform with scale that leverages our deep credit expertise, loan origination capabilities and underwriting skills. Importantly, Oaktree has the investment experience and acumen to manage these portfolios effectively and to pursue new investment opportunities to maximize value for BDC investors over time.”
Oaktree portfolio manager Edgar Lee is expected to serve as CEO of both BDCs, which together have approximately $2.5 billion of assets under management across first lien, second lien, uni-tranche and mezzanine credits. Following the transaction, FSC will change its name to Oaktree Specialty Lending Corporation, and will trade under the ticker symbol OCSL; FSFR will change its name to Oaktree Strategic Income Corporation, and will trade under the ticker symbol OCSI.
“Oaktree has a foundation built on deep expertise in credit and we have significant experience investing across market cycles. We will seek to apply our rigorous credit underwriting process for the benefit of the shareholders of the BDCs by helping stabilize and improve the performance of both BDC portfolios as well as leverage our broad, global credit platform to source quality investments,” said Edgar Lee.
Following the closing of the transaction, Oaktree will replace FSM as the investment adviser to the BDCs, and an Oaktree affiliate will become their administrator. Oaktree’s proposed investment advisory agreements are more aligned with BDC shareholders as the management fee rate for FSC will be reduced from 1.75% to 1.50%, and the incentive fee will be reduced from 20.0% to 17.5% with respect to both income and capital gains. The incentive fee for FSFR will also be reduced from 20.0% to 17.5% with respect to both income and capital gains. The current FSFR management fee rate of 1.0% will remain unchanged. OCG expects the transaction to be immediately accretive to its adjusted net income.
The new advisory agreements, which have been unanimously approved by the independent directors of the boards of directors of FSC and FSFR, are subject to approval by the stockholders of FSC and FSFR. The FSC and FSFR boards of directors unanimously recommended that the stockholders of each BDC vote in favor of the new investment advisory agreement with Oaktree and related corporate governance matters, including the election of new directors. Fifth Street Holdings L.P. and Leonard Tannenbaum, Chairman and Chief Executive Officer of Fifth Street Asset Management Inc., have agreed to vote their shares in favor of the proposed investment advisory agreements and the new director nominees.
Following the closing of the transaction, all current FSC board members except Richard P. Dutkiewicz, and all current FSFR board members except Richard W. Cohen, have agreed to resign. Each BDC board has nominated Marc H. Gamsin, Craig Jacobson, Richard G. Ruben and Bruce Zimmerman as new independent directors and John Frank, Vice Chairman of Oaktree, as a new interested director of the board, each of whom would take office upon approval of the stockholders and the closing of the transaction. Mr. Frank is expected to serve as Chairman of each BDC board. The executive officers of FSC and FSFR will resign and will be replaced with individuals affiliated with Oaktree at the closing of the transaction.
Consummation of the transaction contemplated by the asset purchase agreement is subject to FSAM stockholder approval, approval of the new investment advisory agreements and new director nominees by the stockholders of both BDCs, Hart-Scott-Rodino antitrust clearance and other customary closing conditions.
Bank of America Merrill Lynch is serving as financial advisor and Simpson Thacher & Bartlett LLP is serving as legal advisor to Oaktree.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $100 billion in assets under management as of March 31, 2017. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at oaktreecapital.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, which reflect the current views of OCG with respect to, among other things, its future results of operations and financial performance. In some cases, you can identify forward-looking statements by words such as “anticipate,” “approximately,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “seek,” “should,” “will” and “would” or the negative version of these words or other comparable or similar words. These statements identify prospective information. Because forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed or implied and include, but are not limited to, those discussed in OCG’s filings with the SEC (including the factors listed in the item captioned “Risk Factors” in OCG’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 1, 2017, which is accessible on the SEC’s website at www.sec.gov), and (i) the satisfaction of certain closing conditions specified in the definitive agreements relating to the proposed transaction, (ii) the parties’ ability to successfully close the proposed transaction and the timing of such closing, (iii) the impact of transaction expenses and potential litigation contingencies, (iv) that the proposed transaction may disrupt current plans and operations of the BDCs and (v) the possibility that competing offers or acquisition proposals related to the proposed transaction will be made.
Forward-looking statements speak only as of the date of this press release. Except as required by law, OCG does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Investor Relations:
Oaktree Capital Group, LLC
Andrea D. Williams, 213-830-6483
investorrelations@oaktreecapital.com
or
Media Relations:
Sard Verbinnen & Co
John Christiansen / David Millar
(415) 618-8750 / (212) 687-8080
mediainquiries@oaktreecapital.com
Core Operations Transitioned to Phytocannabinoid-Based Therapy Development Targeting Large Market Indications
BETHESDA, Md., July 14, 2017 — India Globalization Capital, Inc. (NYSE MKT:IGC) announces financial results for the fiscal year ended March 31, 2017.
“In fiscal 2017, our major accomplishments include the advancement of our phytocannabinoid patent filing portfolio to large market indications. And in order to keep this focus on the medical cannabis industry, we disposed of our low-margin iron ore and electronic trading businesses, and retired about 10% of our outstanding common stock; thus reducing revenue, PP&E, and stockholder’s equity. We firmly believe that this planned strategic move positions our Company for growth in one of the fastest growing industries in America,” said Ram Mukunda, CEO.
Total revenue was approximately $0.58 million for FYE 2017, as compared to approximately $6.37 million for the FYE 2016. Exiting the electronic business contributed to the decrease in revenue.
As a result of our decision to exit the iron ore business segment, our FYE 2017 Property, Plant and Equipment, net of depreciation decreased by approximately $6.1 million to approximately $0.95 million, and that also largely led to the decrease in stockholder’s equity to about $7.3 million from about $13.9 million in fiscal 2016.
Selling, general and administrative expenses were about $1.88 million for fiscal 2017, inclusive of one time expenses associated with the disposition of businesses lines, and non-cash expenses, as compared to about $2.70 million for fiscal 2016, an improvement of 30.6%. Fiscal 2017 reflects a steep cut in expenses associated with a further aligning of resources to focus on phytocannabinoid therapies.
Loss from operations was approximately $2.05 million in fiscal year 2017, as compared to approximately $2.91 million in fiscal year 2016. The improvement in operating loss year over year is mostly attributed to lower SG&A. At the end of fiscal year 2017, the Company has approximately $0.54 million in cash and cash equivalents and working capital of approximately $2.30 million.
Financial Tables to Follow
|
| INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
(Audited)
|
(All amounts in USD, except number of shares and per share amounts)
|
|
|
31-March-17 |
|
|
31-March-16 |
|
|
|
(audited) |
|
|
(audited) |
|
| ASSETS |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
538,029 |
|
|
$ |
1,490,693 |
|
| Accounts receivable, net of allowances |
|
|
752,926 |
|
|
|
962,658 |
|
| Inventories |
|
|
– |
|
|
|
162,091 |
|
| Prepaid expenses and other current assets |
|
|
410,408 |
|
|
|
1,226,507 |
|
| Short-term investments |
|
|
1,880,000 |
|
|
|
– |
|
| Total current assets |
|
$ |
3,581,363 |
|
|
$ |
3,841,949 |
|
| Goodwill |
|
|
198,169 |
|
|
|
1,180,951 |
|
| Intangible Assets |
|
|
– |
|
|
|
113,321 |
|
| Property, plant and equipment, net |
|
|
953,936 |
|
|
|
7,074,437 |
|
| Investments in affiliates |
|
|
773,111 |
|
|
|
609,148 |
|
| Investments-others |
|
|
5,238,003 |
|
|
|
5,175,392 |
|
| Deferred Income taxes |
|
|
– |
|
|
|
356,684 |
|
| Other non-current assets |
|
|
539,720 |
|
|
|
507,300 |
|
| Total long-term assets |
|
$ |
7,702,939 |
|
|
$ |
15,017,233 |
|
| Total assets |
|
$ |
11,284,302 |
|
|
$ |
18,859,182 |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Short -term borrowings |
|
|
– |
|
|
|
27,762 |
|
| Trade payables |
|
|
416,532 |
|
|
|
330,631 |
|
| Accrued expenses |
|
|
181,465 |
|
|
|
300,111 |
|
| Loans – others |
|
|
– |
|
|
|
189,680 |
|
| Notes payable |
|
|
– |
|
|
|
1,800,000 |
|
| Other current liabilities |
|
|
691,714 |
|
|
|
550,877 |
|
| Total current liabilities |
|
$ |
1,289,711 |
|
|
$ |
3,199,061 |
|
| Long -term borrowings |
|
|
452,080 |
|
|
|
801,467 |
|
| Loans – others |
|
|
392,226 |
|
|
|
– |
|
| Notes payable |
|
|
1,800,000 |
|
|
|
– |
|
| Other non-current liabilities |
|
|
– |
|
|
|
910,583 |
|
| Total long-term liabilities |
|
$ |
2,644,306 |
|
|
$ |
1,712,050 |
|
| Total liabilities |
|
$ |
3,934,017 |
|
|
$ |
4,911,111 |
|
| Stockholders’ equity: |
|
|
|
|
|
|
|
|
| Common stock — $.0001 par value; 150,000,000 shares authorized; 23,265,531 issued and outstanding as of March 31, 2016 and 28,272,667 issued and outstanding as of March 31, 2017. |
|
$ |
2,827 |
|
|
$ |
2,327 |
|
| Additional paid-in capital |
|
|
61,413,533 |
|
|
|
65,885,243 |
|
| Accumulated other comprehensive income |
|
|
(2,047,780 |
) |
|
|
(2,269,357 |
) |
| Retained earnings (Deficit) |
|
|
(52,009,459 |
) |
|
|
(50,142,199 |
) |
| Total equity attributable to Parent |
|
$ |
7,359,121 |
|
|
$ |
13,476,014 |
|
| Non-controlling interest |
|
$ |
(8,836 |
) |
|
$ |
472,057 |
|
| Total stockholders’ equity |
|
$ |
7,350,285 |
|
|
$ |
13,948,071 |
|
| Total liabilities and stockholders’ equity |
|
$ |
11,284,302 |
|
|
$ |
18,859,182 |
|
|
|
|
|
|
|
|
|
|
These financial statements should be read in connection with the accompanying notes on Form 10-K for fiscal 2017
filed with the SEC on July 13, 2017.
| INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Audited) |
(All amounts in USD, except number of shares and per share amounts)
|
|
|
Year ended March 31, |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
580,372 |
|
|
$ |
6,366,550 |
|
| Cost of revenues (excluding depreciation) |
|
|
(362,135 |
) |
|
|
(5,523,256 |
) |
| Selling, general and administrative expenses |
|
|
(1,875,344 |
) |
|
|
(2,702,753 |
) |
| Depreciation |
|
|
(396,346 |
) |
|
|
(728,741 |
) |
| Loss on investments / associates /joint ventures |
|
|
(932 |
) |
|
|
(317,510 |
) |
| Operating income (loss) |
|
$ |
(2,054,385 |
) |
|
$ |
(2,905,710 |
) |
| Interest expense |
|
|
(223,464 |
) |
|
|
(213,928 |
) |
| Interest income |
|
|
1,744 |
|
|
|
2,085 |
|
| Profit on investments/associates and Joint Ventures |
|
|
317,742 |
|
|
|
– |
|
| Other income, net |
|
|
119,933 |
|
|
|
284,186 |
|
| Income before income taxes and minority interest attributable to non-controlling interest |
|
$ |
(1,838,430 |
) |
|
$ |
(2,833,367 |
) |
| Income taxes benefit/ (expense) |
|
|
(14,431 |
) |
|
|
(579 |
) |
| Net income/(loss) |
|
$ |
(1,852,861 |
) |
|
$ |
(2,833,946 |
) |
| Non-controlling interests in earnings of subsidiaries |
|
|
14,399 |
|
|
|
(25,702 |
) |
| Net income / (loss) attributable to common stockholders |
|
$ |
(1,867,260 |
) |
|
$ |
(2,808,244 |
) |
| Earnings/(loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(0.07 |
) |
|
$ |
(0.17 |
) |
| Diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.17 |
) |
| Weighted-average number of shares used in computing earnings per share amounts: |
|
|
|
|
|
|
|
|
| Basic |
|
|
25,658,544 |
|
|
|
16,387,290 |
|
| Diluted |
|
|
25,658,544 |
|
|
|
16,387,290 |
|
These financial statements should be read in connection with the accompanying notes on Form 10-K for fiscal 2017
filed with the SEC on July 13, 2017.
About IGC
India Globalization Capital is engaged in the development of cannabis-based combination therapies to treat Alzheimer’s, pain, nausea, eating disorders, several end points of Parkinson’s, and epilepsy in humans, dogs and cats. In support of this effort, IGC has assembled a portfolio of patent filings and four lead product candidates addressing these conditions. The company is based in Bethesda, Maryland.
For more information visit www.igcinc.us
Follow us on Twitter @IGCIR and Facebook.com/IGCIR/
Forward-looking Statements
Please see forward-looking statements as discussed in detail in IGC’s Form 10-K for fiscal year ended March 31, 2017, and in other reports filed with the U.S. Securities and Exchange Commission.
Contact Info:
Claudia Grimaldi
301-983-0998
SEATTLE, July 13, 2017 — CTI BioPharma Corp. (NASDAQ and MTA: CTIC) today announced that European Medicines Agency (EMA) has validated the Marketing Authorization Application (MAA) for pacritinib for the treatment of patients with myelofibrosis who have thrombocytopenia (platelet counts less than 100,000 per microliter). Validation confirms that the submission is complete and initiates the centralized review process by the EMA’s Committee for Medicinal Products for Human Use (CHMP). The CHMP review period is 210 days, excluding question or opinion response periods, after which the CHMP opinion is reviewed by the European Commission, which usually issues a final decision on EU authorization within three months. If authorized, pacritinib would be granted a marketing license valid in all 28 EU member states.
“The MAA validation is a significant milestone for CTI BioPharma as we seek to bring pacritinib to patients with myelofibrosis who have thrombocytopenia that could benefit from its unique profile,” said Adam R. Craig, M.D., Ph.D., President and CEO of CTI BioPharma. “We look forward to working with the CHMP/EMA during their review of this application.”
The MAA is primarily supported by data from two randomized Phase 3 clinical trials, PERSIST-1 and PERSIST-2, that evaluated pacritinib in patients with myelofibrosis.
About Pacritinib
Pacritinib is an investigational oral kinase inhibitor with specificity for JAK2, FLT3, IRAK1 and CSF1R. The JAK family of enzymes is a central component in signal transduction pathways, which are critical to normal blood cell growth and development, as well as inflammatory cytokine expression and immune responses. Mutations in these kinases have been shown to be directly related to the development of a variety of blood-related cancers, including myeloproliferative neoplasms, leukemia and lymphoma. In addition to myelofibrosis, the kinase profile of pacritinib suggests its potential therapeutic utility in conditions such as acute myeloid leukemia, or AML, myelodysplastic syndrome, or MDS, chronic myelomonocytic leukemia, or CMML, and chronic lymphocytic leukemia, or CLL, due to its inhibition of c-fms, IRAK1, JAK2 and FLT3.
Pacritinib was evaluated in two Phase 3 clinical trials, known as the PERSIST program, for patients with myelofibrosis, with one trial in a broad set of patients without limitations on platelet counts, the PERSIST-1 trial; and the other in patients with low platelet counts, the PERSIST-2 trial. The PERSIST-1 trial met its primary endpoint of spleen volume reduction (35 percent or greater from baseline to Week 24 by MRI/CT scan). The PERSIST-2 trial met one of its co-primary endpoints, that of spleen volume reduction. The co-primary endpoint of reduction of Total Symptom Score (TSS) was not achieved but trended toward improvement in TSS.
Clinical studies under the investigational new drug (IND) for pacritinib were subject to a full clinical hold issued by the FDA in February 2016. In January 2017, the FDA removed the full clinical hold and stated that clinical trials may resume. CTI BioPharma is initiating a Phase 2 dose exploration study that was a condition of the clinical hold being removed.
About Myelofibrosis and Myeloproliferative Neoplasms
Myelofibrosis is one of three main types of myeloproliferative neoplasms (MPN), which are a closely related group of progressive blood cancers. The three main types of MPNs are primary myelofibrosis (PMF), polycethemia vera (PV) and essential thrombocythemia (ET).1
Myelofibrosis is a serious and life-threatening bone marrow disorder caused by the accumulation of malignant bone marrow cells that triggers an inflammatory response and scars the bone marrow. The replacement of bone marrow with scar tissue limits its ability to produce red blood cells, prompting the spleen and liver to take over this function. Symptoms that arise from this disease include enlargement of the spleen, anemia, extreme fatigue and pain.
The estimated prevalence of MPNs suggest there are approximately 300,000 people living with the disease in the U.S., of which myelofibrosis accounts for approximately 18,000 patients.2 In Europe, there is a wide variation of prevalence observed across data sources. Myelofibrosis has a median age of 64 at the time of diagnosis3 and is a progressive disease with approximately 20 percent of patients eventually developing acute myeloid leukemia (AML).4 The median survival for high-risk myelofibrosis patients is less than 1.5 years, while the median survival for patients with myelofibrosis overall is approximately 6 years.4
About CTI BioPharma Corp.
CTI BioPharma Corp. is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. CTI BioPharma has a late-stage development pipeline, including pacritinib for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington. For additional information and to sign up for email alerts and get RSS feeds, please visit www.ctibiopharma.com.
Forward-Looking Statements
This press release includes forward-looking statements, which are within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations with respect to the potential therapeutic utility of pacritinib, including pacritinib’s potential to achieve treatment goals across patients with myelofibrosis, and expectations with respect to our ability to be able to interpret clinical trial data and results despite not satisfying the pre-specified minimum evaluable patient goal for the PERSIST-2 clinical trial and expectations with respect to the potential therapeutic utility of pacritinib. Such statements are subject to a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the trading price of the issuers’ securities, including risks related to the satisfaction of regulatory and other requirements; the actions of regulatory bodies and other governmental authorities; other clinical trial results; changes in laws and regulations; product quality, product efficacy, study protocol, data integrity or patient safety issues; product development risks; and other risks identified in each of the issuer’s most recent filings on Forms 10-K and 10-Q and other Securities and Exchange Commission filings.
- MPN Research Foundation. Accessed June 2017. Available at www.mpnresearchfoundation.org.
- Based on Mesa R, ASH 2012 poster.
- Cervantes F, et al., New prognostic scoring system for primary myelofibrosis based on a study of the International Working Group for Myelofibrosis Research and Treatment. Blood. 2009; 113:2895-2901.
- Vannucchi, A. Management of Myelofibrosis. ASH Education Book. 2011; 1:222-230.
CTI BioPharma Contacts:
Ed Bell
+1 206-272-4345
ebell@ctibiopharma.com
Korean Approval Received by Kolon Life Science, TissueGene’s Exclusive Licensee
BOTHELL, Wash., July 13, 2017 — BioLife Solutions, Inc. (NASDAQ: BLFS), the leading supplier of pre-formulated, clinical grade cell and tissue hypothermic storage and cryopreservation freeze media (“BioLife”), today announced that Kolon Life Science, TissueGene’s exclusive licensee for Asia, including Korea, has received marketing approval for Invossa-K Inj., the world’s first cell and gene therapy for degenerative arthritis from the Korea Ministry of Food and Drug Safety (MFDS).
The manufactured Invossa cell and gene therapy will be frozen and shipped in BioLife’s CryoStor cell freeze media to extend the shelf life until arrival at the clinic for injection into the patient.
Invossa is a first-in-class cell and gene therapy drug designed to conveniently and effectively treat osteoarthritis of the knee through a single intra-articular injection. Clinical trials completed in Korea and on-going in the US have demonstrated pain relief, increased mobility, and potentially game-changing improvements in joint structure – offering substantial relief and convenience for osteoarthritis patients who would otherwise be in need of surgery.
In December 2016, BioLife executed a ten year supply agreement with TissueGene to supply clinical grade CryoStor for use in the Invossa manufacturing process. Kolon Life Science filed for a Biologics License Application (BLA) for Invossa-K Inj. with the MFDS in August 2016 based on efficacy results from its Phase III clinical trials conducted at 12 major university hospitals in Korea.
Mike Rice, BioLife CEO, commented, “This initial geographic approval of Invossa in Korea is a major accomplishment for TissueGene and Kolon. We are very pleased that our CryoStor cell freeze media is integrated into the storage and distribution protocol for this approved cell-mediated gene therapy. This approval confirms the value of our regenerative medicine customer base and the enabling role our proprietary products play in helping to commercialize novel cell and tissue based therapies. Furthermore, we anticipate that additional customers will receive regulatory marketing approvals in the near future, which we anticipate will increase demand for our proprietary, clinical grade biopreservation media products.”
Worldwide, an estimated 150 million people suffer from knee osteoarthritis. BioLife estimates that just 1% of the worldwide addressable patient population represents at least $5 million in revenue.
In November last year, Kolon Life Science signed a license agreement with Mitsubishi Tanabe Pharmaceutical Corporation, and Mitsubishi Tanabe Pharma is proceeding with the preparation of clinical trials through its exclusive development and commercialization rights in Japan. Through its national US Phase III clinical trials, TissueGene will be using the results to seek a Disease Modifying Osteoarthritis Drug (DMOAD) designation for Invossa™ from the US Food and Drug Administration (FDA), potentially making Invossa™ the first and only cell and gene therapy for osteoarthritis of the knee.
About BioLife Solutions
BioLife Solutions develops, manufactures and markets biopreservation media products and smart shipping containers connected to a cloud hosted cold chain management app to improve the quality of delivery logistics for cells, tissues, and organs. The Company’s proprietary HypoThermosol® and CryoStor® platform of solutions are highly valued in the biobanking, drug discovery, and regenerative medicine markets. BioLife’s biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. BioLife’s enabling technology provides commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function of cells, tissues, and organs. For more information please visit www.biolifesolutions.com, and follow BioLife on Twitter.
This press release contains forward-looking statements, including, but not limited to, statements, concerning the company’s anticipated business and operations, and expected revenue growth from customer regulatory approvals or approved therapies. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including among other things, uncertainty regarding market adoption of products; uncertainty regarding third party market projections; market volatility; competition; litigation; and those other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.
Media & Investor Relations
Roderick de Greef
Chief Financial Officer
(425) 686-6002
rdegreef@biolifesolutions.com
First Step in Broad Adoption of Duplex™ Technology by Industry Leading Refiner
SEATTLE, July 13, 2017 — ClearSign Combustion Corporation (NASDAQ: CLIR), a leading provider of industrial combustion technologies that deliver unmatched reduction of pollutant emissions while improving operational costs, today announced that they have received a purchase order to qualify the company’s revolutionary Duplex™ combustion technology as a precursor to an installation at a super major oil refinery.
Qualification testing will occur at ClearSign’s facility in Seattle, WA and involves evaluating the company’s Duplex technology under a variety of fuel compositions and process conditions that mirror the customer’s operations. The global oil giant is funding the testing to determine Duplex’s suitability for a variety of refinery process heaters and conditions in a test expected to conclude later this year. The customer plans to continue testing at one of the oil giant’s refineries. Following this qualification, the customer has indicated interest in standardizing the Duplex technology to existing heaters within the US and abroad where the Duplex platform is suited for deployment.
ClearSign’s Chairman and CEO, Stephen Pirnat stated, “Our Duplex technology has been proven to the extent that a global supermajor refiner is willing to pay for qualification. This is substantial validation of the hard working scientists and engineers at ClearSign that have worked diligently to create game-changing technology that solves difficult air pollution problems in a cost-effective manner.”
About ClearSign Combustion Corporation
ClearSign Combustion Corporation designs and develops products and technologies for the purpose of improving key performance characteristics of combustion systems, including emissions and operational performance, energy efficiency and overall cost-effectiveness. Our patented Duplex™ and Electrodynamic Combustion Control™ platform technologies enhance the performance of combustion systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, and power industries. For more information, please visit www.clearsign.com.
Cautionary note on forward-looking statements
All statements in this press release that are not based on historical fact are “forward-looking statements.” While management has based any forward-looking statements included in this press release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to, general business and economic conditions, the performance of management and our employees, our ability to obtain financing, competition, whether our technology will be accepted and other factors that are to be detailed in our periodic and current reports available for review at www.sec.gov. Furthermore, we operate in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
HVE’s Datrium ready nodes and 3D GFX vGPU appliances, along with Datrium DVX NetShelf, come together to provide a predictable cost model and the ability to scale to 1000’s of users
SAN JOSE, Calif., July 13, 2017 — Sphere 3D Corp. (NASDAQ:ANY), a containerization, virtualization, and data management solutions provider, is pleased to announce that its HVE ConneXions has been awarded a contract with the University of North Alabama (UNA) to deploy next-generation desktop virtualization solutions. UNA’s technology staff went through an eight-month process to evaluate multiple vendors, and ultimately chose HVE ConneXions as it provides the most robust, cost effective and proven solution to meet their requirements.
Howard Technologies, a partner for over three years, presented to UNA both the HVE technology and an overall architecture that included leading edge technology integrated with HVE’s VDI appliances to support their overall desktop virtualization footprint. UNA implemented two HVE-202-Ds (Datrium Ready VDI Nodes for 200 Users) and two HVE-3DGFX vGPU VDI appliances, coupled with an OpenConverged Datrium DVX NetShelf solution. This architecture will allow the UNA virtualization environment to scale from a few hundred to thousands of sessions while maintaining a predictable cost model and increase performance as the consumption grows.
HVE’s turnkey solution was implemented, and training completed, within a week at UNA. Also, as part of the solution, HVE and Datrium are providing 24×7 proactive monitoring and support, which is a unique offering when compared to other providers, and an additional deciding factor for UNA.
Stephen Putman, Chief Information Officer for UNA, said, “The decision to go with VDI at UNA had been debated for many years. After deciding to pursue VDI initially for labs and classrooms, we quickly realized finding the right technology was a challenge. We contacted several technology providers and were overwhelmed with the number of available solutions. HVE ConneXions was presented to us by Howard Technologies and we quickly realized HVE was very knowledgable and had put much research and development into providing a highly optimized VDI solution.”
Putman added, “HVE coupled with Datrium provided the most comprehensive long-term solution with outstanding performance and overall viability. Also, their track record in education is excellent, and their responsiveness to quickly address any technology challenges in the implementation was impeccable. This purchase allows our staff and academic community to reap the benefits of VDI by delivering applications more rapidly than in the past and allows the ITS department to provide UNA with predictable performance and a cost-effective model for expansion.”
Greg Horsleyl, Senior Account Executive for Datrium stated, “HVE and Datrium provide a best of breed solution through their purpose built compute and storage specifically designed for VDI that scales to meet any requirement. Architected, implemented, and monitored by HVE ConneXions and Datrium, we are able to provide UNA white glove customer service from start to finish.”
Dave Harmon, VP of Virtualization for Sphere 3D said, “HVE, Howard and Datrium technology staff went through a comprehensive process of environment analysis, VDI infrastructure requirements, and onsite interviews with UNA staff to determine their goals and expectations of a desktop virtualization solution.We were told that other vendors were focused on meeting the budget and failed to address the unique requirements at hand for UNA.”
Harmon added, “We believe it was HVE’s overall end-to-end solution that encompasses all aspects of VDI, our high-level of customer satisfaction and virtualization competency, that set us apart for this win. It’s a great partnership with UNA, Howard, Datrium and HVE that will prove to be beneficial for UNA‘s technology education objectives long-term.”
About University of North Alabama
University of North Alabama (UNA), located in Florence, Alabama is listed in “US News and World Report America’s Best Colleges” as an institution that offers a quality education at an affordable price. UNA is one of the oldest higher education institutions in the United States, founded in 1830. UNA offers fully-accredited programs in over 100 different undergraduate or graduate options in four different colleges. For more information on UNA, visit www.una.edu.
About Howard Technologies
Howard Technology Solutions, a value-added reseller, based out of Ellisville, Mississippi, strives to bring to market cutting-edge, reliable, high-quality technology equipment at affordable prices. Visit www.howardcomputers.com/education for more information on Howard Technology solutions for education.
About Datrium
Datrium is the leader in Open Convergence for private clouds. Datrium converges storage and compute in a radical new way—modeled on public cloud IaaS versus traditional converged infrastructure or hyper-convergence—for vastly simpler performance and predictability. The company is led by the founders and early top architects of Data Domain and VMware. Datrium has been named to Gartner’s Cool Vendors in Storage Technologies, 2016. For more information, visit www.datrium.com and follow @datriumstorage on Twitter.
About HVE
HVE ConneXions, recently acquired by Sphere 3D, is a fast-growing technology provider of next generation converged and hyperconverged infrastructure. Its engineering philosophy is dedicated to creating Manageable, Scalable, Reproducible, and Predictable (MSRP) solutions based on proven virtualization technologies running on high-performance, next generation platforms. For more information and technical specifications on the HVE product line, visit www.hveconnexions.com.
About Sphere 3D
Sphere 3D Corp. (NASDAQ:ANY) delivers containerization, virtualization, and data management solutions via hybrid Cloud, Cloud and on-premises implementations through its global reseller network and professional services organization. Sphere 3D, along with its wholly owned subsidiaries Overland Storage, and Tandberg Data, has a strong portfolio of brands, including HVE ConneXions and UCX ConneXions, dedicated to helping customers achieve their IT goals. For more information, visit www.sphere3d.com. Follow us on Twitter @Sphere3D and @ovltb.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties, including the market adoption, actual performance and functionality of our products, both on a stand-alone and integrated basis; our inability to comply with the covenants in our credit facilities or to obtain additional debt or equity financing; any increase in our future cash needs; our ability to successfully integrate the UCX and HVE ConneXions business with Sphere 3D’s other businesses; our ability to regain compliance with the NASDAQ minimum closing bid price requirement between now and July 31, 2017; our inability to take other actions to regain compliance with the NASDAQ minimum closing bid price requirement; our ability to maintain compliance with other NASDAQ Capital Market listing requirements; unforeseen changes in the course of Sphere 3D’s business or the business of its wholly-owned subsidiaries, including, without limitation, Overland Storage and Tandberg Data; the level of success of our collaborations and business partnerships; possible actions by customers, partners, suppliers, competitors or regulatory authorities; and other risks detailed from time to time in Sphere 3D’s periodic reports contained in our Annual Information Form and other filings with Canadian securities regulators (www.sedar.com) and in prior periodic reports filed with the United States Securities and Exchange Commission (www.sec.gov). Sphere 3D undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
Sphere 3D Press Contact:
Tina Brown
Tel: +1 408-283-4731
media.relations@sphere3d.com
Sphere 3D Investor Contact:
The Blueshirt Group
Mike Bishop
Tel: +1 415-217-4968
mike@blueshirtgroup.com
Nationwide Roster of Top O&P Practices Supports MyoPro® Powered Orthosis
Myomo®, Inc. (NYSE MKT: MYO) (“Myomo” or the “Company”), a commercial stage medical robotics company, today announced the launch of its Center of Excellence (CoE) program, which recognizes top orthotics and prosthetics (“O&P”) practices in the U.S. that support its MyoPro® line of powered orthoses. MyoPro is the only lightweight wearable device that can restore function in the paralyzed or weakened arms and hands of individuals who have suffered a stroke, spinal cord or nerve injury, or other neuromuscular disability. With the orthosis, a paralyzed individual can perform activities of daily living including feeding themselves, carrying objects and doing household tasks, and many are able to return to work.
As a Myomo CoE, an O&P practice participates in joint marketing and receives training and patient support from Myomo and its network of clinical partners. Seven O&P practice organizations with a combined 31 locations across the U.S. have now met the training, quality and patient support qualifications to be recognized as a Myomo CoE. These are:
- LimbLab, headquartered in Rochester, Minn., with clinics in Mankato and La Crosse, Wis.;
- Handspring, with clinics in Manhattan and Middletown, N.Y., Atlanta, Denver, Los Angeles, Salt Lake City and Tampa, Fla.;
- Valley Institute of Prosthetics and Orthotics in Bakersfield and Santa Clarita, Calif.;
- biodesigns serving Los Angeles, Ventura and Santa Barbara counties, CA;
- United Prosthetics, with clinics in the Boston area;
- Ability Prosthetics & Orthotics, with ten clinics near Baltimore, Philadelphia, Harrisburg-Hershey Region, PA, Charlotte and Asheville, NC, and Washington, DC; and
- Geauga Rehabilitation Engineering (GRE), with clinics in the Cleveland area.
“MyoPro is one of the most exciting and unique products to come along to the O&P industry in the last decade,” said Thomas Kirk, member of the Myomo board of directors, former president of the American Orthotics and Prosthetics Association (AOPA), and former CEO of Hanger, Inc., the largest provider of O&P services in the U.S. “For those patients in the middle, where they had impaired functionality but still had the limb in place, there was no alternative and no answer. MyoPro, however, enables O&P practices to offer a highly functional upper extremity product that fills the gap between a passive orthosis and a prosthetic for amputees. As CoEs, O&P practitioners can treat a broader range of patients.”
“We look forward to working with these organizations who have demonstrated the product knowledge, skills supporting patients and revenue potential to qualify as Myomo Centers of Excellence,” said Paul R. Gudonis, Chairman and CEO of Myomo. “We are already planning joint continuing education courses for clinicians, joint media outreach and other joint activities with several of them, while also recruiting additional O&P firms across the U.S. to become Centers of Excellence.”
Myomo CoEs partner with physicians and therapists at leading U.S. rehabilitation hospitals, who recommend and prescribe MyoPro as well as train new MyoPro users. These rehabilitation hospitals include Presbyterian Hospital, Hospital for Special Surgery, Helen Hayes Rehabilitation Hospital and Burke Rehabilitation Hospital in New York; Mayo Clinic in Minnesota; The Kennedy Krieger Institute/Johns Hopkins Hospital in Baltimore; MedStar National Rehabilitation Hospital in Washington, D.C.; Cleveland Clinic, University Hospitals, Lake Health and MetroHealth in the Cleveland area; HealthSouth Braintree Rehabilitation Hospital, Spaulding Rehabilitation Hospital and Massachusetts General Hospital in the Boston area; Loma Linda University Medical Center, Stanford University Medical Center and Centre for Neuro Skills in California; University of Kansas Medical Center; Washington University Medical Center in St. Louis; Rehabilitation Institute of Chicago; Northwestern Memorial Hospital in Chicago; University of Wisconsin Hospital; and University of Miami Hospital.
In addition, Myomo distribution partner Ottobock, based in Germany and a world market leader in technical orthopedics, is marketing the MyoPro product line to Veterans Administration (VA) medical centers across the U.S. VA medical centers receive the same type of clinical training and support as commercial O&P practices in the CoE program.
About Myomo
Myomo, Inc. is a commercial stage medical robotics Company that offers expanded mobility for those suffering from neurological disorders and upper limb paralysis. Based on patented technology developed at MIT and the Company, Myomo develops and markets the MyoPro® product line of lightweight, non-invasive, powered arm braces to restore function in the paralyzed or weakened arms and hands of individuals that have suffered a stroke, spinal cord or nerve injury such as brachial plexus injury, or other neuromuscular disability such as amyotrophic lateral sclerosis (ALS) or multiple sclerosis (MS). It is provided through clinical relationships with VA medical centers, leading rehabilitation hospitals, and Orthotics and Prosthetics (“O&P”) practices. Several hundred have been successfully used by patients. It is the only device that, sensing a patient’s own neurological signals through non-invasive sensors on the arm, can restore their ability to use their arms and hands so that they can return to work, live independently and reduce their cost of care. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals across the U.S. For more information, please visit www.myomo.com.
Forward Looking Statements
This press release contains forward-looking statements regarding the trading of the Company’s common stock on the NYSE, the Company’s plans for the use of proceeds and advancing its product line, increasing its sales and marketing efforts and growing its business, and the Company’s future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. Other risks and uncertainties include, among others, risks related to the Company’s liquidity and financial position, the trading of its common stock, its new products, services, and technologies, government regulation and taxation, and fraud. More information about factors that potentially could affect Myomo’s business and financial results are included in Myomo’s filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
KING OF PRUSSIA, Pa., July 12, 2017 — Trevena, Inc. (NASDAQ:TRVN) today announced that it will host an Analyst Day on Thursday, July 20, 2017, in New York City. Presentations will begin at 12:00 p.m. EDT and will be simultaneously webcast. The event is expected to conclude by 3:00 p.m.
The presentations will focus on the Company’s clinical portfolio and will feature members of the Trevena management team and leading external experts in acute pain management in the hospital, including:
- Eugene R. Viscusi, M.D. Chief of Pain Medicine, Director of Acute Pain Management, Sidney Kimmel Medical College, Thomas Jefferson University; President-Elect, The American Society of Regional Anesthesia and Pain Medicine,
- Peter Whang, M.D., FACS. Associate Professor, Department of Orthopaedics & Rehabilitation, Yale University School of Medicine,
- Michael H. Bourne, M.D. Orthopaedic Surgeon, Salt Lake Orthopaedic Clinic; Chairman, Division of Orthopaedic Surgery, St. Mark’s Hospital; ATHENA investigator, and
- Hadi Najafian, D.O., FACS, FASCRS. Colon & Rectal Surgeon, West Valley Colon & Rectal Surgery Center.
To join the live audio webcast of the presentation, please visit the Investor section of the Company’s website. Following the conclusion of the presentation, the webcast will be available for replay for 30 days.
About Trevena
Trevena, Inc. is a biopharmaceutical company developing innovative therapies based on breakthrough science to benefit patients and healthcare providers confronting serious medical conditions. The Company’s lead program is OLINVO™ (oliceridine injection), which has completed two successful Phase 3 trials for the management of moderate-to-severe acute pain. Trevena has discovered four novel and differentiated drug candidates, including OLINVO. Trevena also has discovered TRV250, in early clinical development for the treatment of acute migraine. The Company maintains an early stage portfolio of drug discovery programs.
Contacts
Trevena, Inc.
Investors:
Jonathan Violin, Ph.D.
Vice President, Corporate Strategy & Investor Relations
610-354-8840 x231
jviolin@trevena.com
or
Media:
Public Relations
PR@trevena.com
Expands Long Island Iced Tea(R) into Target, Stew Leonard’s, City Fresh Market, Cherry Valley Marketplace and Fairway Market
HICKSVILLE, NY–(Jul 12, 2017) – Long Island Iced Tea Corp. (NASDAQ: LTEA) (the “Company”), a growth-oriented company focused on the non-alcohol ready-to-drink (“NARTD”) tea segment in the beverage industry, today announced new and expanded partnerships in the New York Metro area with Target, Stew Leonard’s, City Fresh Market, Cherry Valley Marketplace and Fairway Market.
Long Island Iced Tea® will now be available in:
- 13 initial Target locations in Long Island and New York City (18oz bottles)
- Stew Leonard’s in Farmingdale, New York (18oz bottles)
- All 24 City Fresh Market and Cherry Valley Marketplace locations (18oz and gallon bottles)
- All 15 Fairway Market locations (18oz and gallon bottles, demand driven expansion from 18oz bottles only)
Philip Thomas, Chief Executive Officer of the Company, commented, “We are excited to be announcing these new and expanded partnerships, demonstrating our continued growth within our existing geographic footprint, as well as into new territories. Our brand has its roots in the Northeast and these partnerships will further strengthen our presence across this market.”
About Target:
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,803 stores and at www.target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals more than $4 million a week. For more information, visit www.target.com/pressroom. For a behind-the-scenes look at Target, visit www.target.com/abullseyeview or follow @TargetNews on Twitter.
About Stew Leonard’s:
Stew Leonard’s began as a small dairy store founded in 1969 with just seven employees. Today, Stew Leonard’s is still family-owned and operated, but has grown to become a nearly $400 million business with more than 2,000 employees. The company has received worldwide acclaim for excellence in customer service and quality and was selected to FORTUNE magazine’s “100 Best Companies to Work for in America” list for ten consecutive years. In addition to the headquarters in Norwalk, Connecticut, Stew Leonard’s has stores in Danbury and Newington, Connecticut, Yonkers and Farmingdale, New York.
About City Fresh Market:
City Fresh Market can proudly claim to be a supermarket. It offers more than just the basics of what customers would expect to find at a grocery store. Beyond the standard departments every shopper needs, it also offers ways to shop organic, for prepared meals and salads, easy meals, daily specials and so much more. At the end of the day City Fresh Market strives to make it simple as could be to take care of what its customers need. Employees are trained to help answer any questions customers may have regarding products. The company’s goal is to provide customers with the highest quality food, helpful employees and a pledge to stand behind every sale.
About Fairway Market:
Fairway Market is a growth-oriented food retailer offering customers a differentiated one-stop shopping experience “Like No Other Market”. Fairway has established itself as a leading food retailing destination in the Greater New York City metropolitan area, with stores that emphasize an extensive selection of fresh, natural and organic products, prepared foods and hard-to-find specialty and gourmet offerings, along with a full assortment of conventional groceries. Fairway is headquartered in New York, NY. Customers can visit one of Fairway Market’s 15 stores in New York, New Jersey and Connecticut or Manhattan residents can shop online at shop.fairwaymarket.com. For general information, please visit www.fairwaymarket.com.
About Long Island Iced Tea Corp.
Headquartered in Long Island, NY, Long Island Iced Tea Corp. operates in the non-alcohol ready-to-drink segment of the beverage industry. The Company’s flagship brand ‘The Original Long Island Brand Iced Tea®‘, together with ‘The Original Long Island Brand Lemonade™’ are marketed as premium beverages made with non-GMO ingredients. The company also imports and markets ‘ALO Juice®‘ a functional Aloe Vera based beverage. The Company’s portfolio of premium brands sits within the ‘better-for-you’ category of the beverage industry, and are offered to consumers at an affordable price, reflecting the Company’s mission. Its beverages are sold primarily through a network of regional chains and distributors primarily on the East Coast and the Midwest of the United States, as well as Canada and Latin America. The Company’s website is www.longislandicedtea.com.
Forward Looking Statements
This press release includes statements of the Company’s expectations, intentions, plans and beliefs that constitute “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of the Company’s business strategies and its expectations concerning future operations, margins, sales, new products and brands, potential joint ventures, potential acquisitions, expenses, profitability, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements include any statement that does not directly relate to a historical or current fact. You can also identify these and other forward-looking statements by the use of such words as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “thinks,” “estimates,” “seeks,” “predicts,” “could,” “projects,” “potential” and other similar terms and phrases, including references to assumptions. These forward looking statements are made based on expectations and beliefs concerning future events affecting the Company and are subject to uncertainties, risks and factors relating to its operations and business environments, all of which are difficult to predict and many of which are beyond its control, that could cause its actual results to differ materially from those matters expressed or implied by these forward looking statements. These risks include its history of losses and expectation of further losses, its ability to expand its operations in both new and existing markets, its ability to develop or acquire new brands, its relationships with distributors, the success of its marketing activities, the effect of competition in its industry and economic and political conditions generally, including the current economic environment and markets. More information about these and other factors are described in the reports the Company files with the Securities and Exchange Commission, including but not limited to the discussions contained under the caption “Risk Factors.” When considering these forward looking statements, you should keep in mind the cautionary statements in this press release and the reports the Company files with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and the Company cannot predict those events or how they may affect it. The Company assumes no obligation to update any forward looking statements after the date of this press release as a result of new information, future events or developments, except as required by the federal securities laws.
Ceragon, with its multicore technology, enables fast nationwide 4G network coverage and capacity expansions by removing spectrum bottlenecks
LITTLE FALLS, New Jersey, July 12, 2017 / —
Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist, today announced that, during Q2, it has received orders totaling more than $9 million for its IP-20 Platform and related services from a tier 1 multiservice operator in India. This long-standing customer has placed orders totaling over $13 million during the first half of 2017 to increase 4G LTE network capacity and enhance subscriber experience across the nation.
The tier 1 operator needs to accelerate macrocells deployment to provide more capacity in order to meet its subscribers’ growing demands and achieve better coverage – both key to ensuring a competitive service. To cope with limited fiber availability to macrocells, the operator is accelerating wireless backhaul rollout – a challenging mission in spectrum-congested India, using FibeAir IP-20 multicore technology. With FibeAir IP-20, the operator uses as little as one quarter of the spectrum otherwise needed to deliver 1Gbps backhaul capacity to 4G macrocells and earns the added benefit of reducing energy consumption.
“India is experiencing a dramatic rise in wireless data usage and internet penetration rates, coupled with fierce competition for market share among operators,” said Ira Palti, president and CEO of Ceragon. “This is accompanied by the rapid decline in wireless and internet data costs over the past several years, allowing a very large part of the population to cross the digital divide. These factors pose significant challenges, depending on the carrier’s unique position in the market. The scope of our success in India can be attributed to our ability to meet a wide variety of scenarios. We are working together with this customer to rapidly expand capacity and improve existing coverage, while also ensuring the most efficient use of backhaul spectrum and significantly reducing operational costs.”
About Ceragon Networks Ltd.
Ceragon Networks Ltd. (NASDAQ: CRNT) is the #1 wireless backhaul specialist. We help operators and other service providers worldwide increase operational efficiency and enhance end customers’ quality of experience with innovative wireless backhaul solutions. Our customers include wireless service providers, public safety organizations, government agencies and utility companies, which use our solutions to deliver 4G, mission-critical multimedia services and other applications at high reliability and speed. Ceragon’s unique multicore technology provides highly reliable, high-capacity 4G wireless backhaul with minimal use of spectrum, power and other resources. It enables increased productivity, as well as simple and quick network modernization. We deliver a range of professional services that ensure efficient network rollout and optimization to achieve the highest value for our customers. Our solutions are deployed by more than 460 service providers, as well as hundreds of private network owners, in more than 130 countries.
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Safe Harbor
Ceragon Networks® and FibeAir® are registered trademarks of Ceragon Networks Ltd. in the United States and other countries. CERAGON ® is a trademark of Ceragon Networks Ltd., registered in various countries. Other names mentioned are owned by their respective holders.
This press release contains statements concerning Ceragon’s future prospects that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Ceragon’s management. Examples of forward-looking statements include: projections of revenues, net income, gross margin, capital expenditures and liquidity, competitive pressures, growth prospects, product development, financial resources, cost savings and other financial matters. You may identify these and other forward-looking statements by the use of words such as “may”, “plans”, “anticipates”, “believes”, “estimates”, “targets”, “expects”, “intends”, “potential” or the negative of such terms, or other comparable terminology. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including risks associated with a decline in revenues; the risk of a decrease in the amount of business coming from a certain geographic region, from which a significant portion of Ceragon‘s business is generated; the risk associated with the a change in Ceragon‘s gross margin as a result of changes in the geographic mix of revenues; the risk associated with the loss of a single customer or customer group, which represents a significant portion of Ceragon‘s revenues; the risk associated with Ceragon‘s failure to effectively compete with other wireless equipment providers; the risk relating to the concentration of Ceragon’s business in India, Latin America, Africa, and in developing nations and the political, economic and regulatory risks from doing business in those regions, including potential currency restrictions; and other risks and uncertainties detailed from time to time in Ceragon’s Annual Report on Form 20-F and Ceragon’s other filings with the Securities and Exchange Commission that represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.
Media Contact:
Tanya Solomon
Ceragon Networks
Tel: +972-3-543-1163
tanyas@ceragon.com
Investor Contact:
Claudia Gatlin
Tel. +1-212-830-9080
claudiag@ceragon.com
Update Letter to Shareholders Summarizes Recent Corporate Events
MIAMI, FL–(Jul 12, 2017) – Net Element, Inc. (NASDAQ: NETE) (“Net Element” or the “Company”), a global financial technology and value-added solutions group that supports electronic payments acceptance in an omni-channel environment spanning across point-of-sale (POS), e-commerce and mobile devices, today released the following letter to shareholders from the Company’s chief executive officer, Oleg Firer:
Dear Fellow Shareholders,
As we begin the second half of 2017, I would like to take this opportunity to recap our achievements for the first half of the year and discuss recent corporate events that contribute to our future.
To date, our focus has been on growing our business and creating an efficient, well-functioning company by laying the foundation for a scalable business. In this regard, we established the following priorities:
- Generate sales and expand our distribution network
- Create a scalable infrastructure
- Develop disruptive product offerings and further development of our technology
I am pleased to say that we have been successful in the execution of these priorities and that we are growing our business both domestically and internationally. We have re-organized our international operations and expect to see cost reductions beginning in the third quarter of 2017.
Unfortunately, our business success is not being reflected in our stock price. I fully understand that many of our shareholders are disappointed by the declining share price in 2017. I am personally a Net Element shareholder, and together with the members of senior management team have invested a significant amount of capital into the Company during 2016. In short, I understand your frustration. Be assured that we are working diligently to create a perpetual and sustainable cycle of growth that over time we hope will result in a gain for all our shareholders.
As evident from our public filings, on July 5 we received a notice from NASDAQ stating that our stock does not meet the requirements for continued listing. We have a hearing scheduled with NASDAQ on August 10, 2017, to present our plan to regain compliance. Delisting of our stock is stayed pending the outcome of the hearing. We will make every attempt to remain listed on NASDAQ, but under any and all circumstances we intend to remain a public entity.
As for liquidity, we recently obtained a subordinated $2.5 million credit line and we are working diligently to obtain a larger credit facility to replace our main existing credit facility at more favorable rates and terms.
We will continue communicating our developments to the investment community, and encourage shareholders and potential investors to visit our website and follow our social media channels, such as Facebook (https://www.Facebook.com/NetElement) and Twitter (https://Twitter.com/NeteInc), to stay informed and fully aware of new developments as they occur.
I continue to be excited and encouraged about Net Element’s potential and its future.
Sincerely,
Oleg Firer
Chief Executive Officer
Net Element, Inc.
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the US and selected emerging markets. In the US it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant and retail point-of-sale solution Aptito. Internationally, Net Element’s strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions such as UAE, Kazakhstan, Kyrgyzstan and Azerbaijan where initiatives have been recently launched. Net Element was named in 2016 by South Florida Business Journal as one of the fastest growing technology companies. Further information is available at www.netelement.com.
Forward-Looking Statements
Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to whether the Company will be successful in its delisting appeal with Nasdaq, its expansion and growth endeavors and in entering into new partnerships; and even if it is successful in any or all of these endeavors, whether this will positively impact the Company or result in improved shareholder value. Additional examples of such risks and uncertainties are : (i) Net Element’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element’s ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element’s ability to successfully expand in existing markets and enter new markets; (iv) Net Element’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element’s business; (viii) changes in government licensing and regulation that may adversely affect Net Element’s business; (ix) the risk that changes in consumer behavior could adversely affect Net Element’s business; (x) Net Element’s ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
The company’s primary focus is to be a business to business supplier, offering major online travel distribution companies access to its instant booking Vacation Rentals properties by way of its API or a white label solution. This allows well established travel distribution partners immediate entry into the rapidly growing Alternative Lodging Rental (ALR) space. Monaker’s vacation rental products are formatted and bookable within the parameters of the travel distributors’ website. This low cost marketing solution delivers Monaker products to websites that already have millions of travel shoppers as opposed to spending significant marketing money to attract consumers to their website. The Company is in final stages of integration with its first major travel distributor to offer Monaker’s ALR inventory through their channels and anticipates several additional contracts this year.The company also recently launched its NextTrip website, which features 1.4 million vacation rental properties for instant booking of Alternative Lodging Rentals as well as providing consumers comprehensive travel services including hotel, cruise, car rental and tour bookings through its own consumer facing website and app.
Highlights
– Monaker Group’s 1.4 million instantly bookable vacation rentals expected to grow to over 2 million as it processes already contracted inventory.
– Approximately 65 percent of equity is held by insiders and directors, who have mostly funded the company’s travel business and technology build, inspiring more confidence for retail investors.
Monaker Group Inc. (OTC: MKGI) is a logistic company, expanding its portfolio through the integration of technology and tourism. The company presents an interesting investment opportunity as it gears to carve a niche in the online tourism market. It recently launched its proprietary booking engine and secured substantial inventory for instant booking of vacation rental properties. It further plans to introduce Artificial Intelligence to smoothen the process of online travel booking. The stock has shown solid growth in the recent past, which is expected to grow further as the Monaker Group goes ahead with its plans.
The online tourism market is expected to be worth over $817 billion by 2020 while the global vacation rental market is likely to touch $193.89 billion by 2021.
The market is still in a nascent stage and with the launch of its website, and pending integration with its first major distribution partner, Monaker Group is strategically positioning itself in the growing market. The company has also taken the initiative of making all its ALRs instantly bookable.
With 1.4 million instantly bookable ALRs, Monaker Group has surged past the industry veteran Airbnb which has only a million instantly bookable listings, putting the company in good stead. However, unlike Airbnb, Monaker Group is not restricted to merely ALRs, it also offers 200,000 hotels, 400 airlines, all major car rental companies, and 10,000 tourist activities, making it a one-stop shop for all your travel needs through its NextTrip.com website. Monaker Group is also neck to neck with another industry major Booking.com, which claims to have 1.3 million bookable accommodations (a mixture of vacation rentals, Bed & Breakfasts and conventional hotels) on its website. As mobile net surfing is gaining ground, the company has also launched its app for both Android and iOS operating systems. The simultaneous launch of the website and the app will help Monaker Group in gaining synergies. Monaker Group expects its total ALRs listings to jump from 1.2 million to more than 2 million as it is still in the process of uploading and certifying its additional inventory from secured contracts.
The company plans to further boost its position in the ALRs segment as it intends to launch Phase II in late summer this year. Under this phase, it is expected to launch group planning, cruise booking as well as restaurant reservations. This strategy will help Monaker Group in differentiating itself from other ALRs players such as Airbnb as the company now provides a whole gamut of travel services. Its upcoming NextTrip planner will also let the users import their bookings from other websites, adding further to the user experience. Such comprehensive portfolio of services is expected to increase customer stickiness and thus boost the overall customer base for the company.
Monaker Group is also working on its technology front as tourism industry evolves in the digital age. The company introduced its Monaker Booking Engine (MBE) last year, which allows the users to carry out customized search for ALRs on the website. It is also collaborating with industry partners to promote the use of MBE on their booking platforms. Monaker Group has already signed with one such partner and the numbers are likely to increase this fiscal. It further plans to augment the search function with the integration of the search engine with Artificial Intelligence (AI). The integration will likely result in smoother functioning and reduced decision- making time.
Apart from operational innovation and technological advancements, Monaker Group is also working on the financial front. It changed its corporate structure which resulted in $40 million worth deferred tax credit, which the company will be eligible to set off against its future earnings. It also raised $3 million and $1.6 million through two separate equity issues this year. Currently, over 65 percent of the company’s equity is held by directors and insiders, ensuring that the major stakeholders do their best to increase their equity price. The company’s efforts to boost its position in the online travel market have shown their impact on its market price as well. In the past six months, the stock price has gained over 12 percent. It shows a zig zag pattern where every dip offers a good investment point. As the company moves ahead with its plans, the stock is expected to move closer to its 52 week highs. However, there are certain risks attached to the company as well. The stock has shown volatility in the past, which may continue in the future as well. Thus, the stock is recommended to investors with a medium to high risk appetite. Another risk factor is related to the operational area of the company, where it is expected to face stiff competition from established players in the market such as Priceline.com (NASDAQ:PCLN), TripAdvisor Inc. (NASDAQ:TRIP), Expedia (NASDAQ:EXPE), HomeAway (AWAY) bought by Expedia, and Airbnb. Such competition may strain the company’s potential margins. However, Monaker Group is likely to use technological innovation to gain an edge over its competitors and reduce the impact of competition. Overall, Monaker Group remains an attractive investment opportunity for medium term investors.
Disclaimer:
Except for the historical information presented herein, matters discussed in this release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance, or achievements expressed or implied by such statements. WFM, Inc. is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. For full disclosure, please visit: http://wwfinancial.com/legal-disclaimer/.
Contact:
WFM, Inc.
http://wwfinancial.com/
Phone: 954.360.9998
WARREN, N.J., July 11, 2017 — Roka Bioscience, Inc. (NASDAQ: ROKA), is very pleased to announce it has received the prestigious AOAC Performance Tested MethodsSM certification from the AOAC Research Institute (AOAC-RI) for an 18 to 24-hour Listeria spp. enrichment using FoodChek Systems’ ActeroTM ELITE Listeria Enrichment Media (“Actero™ Listeria Media”) for environmental samples.
The Atlas® Listeria Environmental (LE) Detection Assay is now approved for the detection of Listeria spp. from environmental surfaces (stainless steel grade 316, plastic (PVC), and sealed concrete) after an 18 to 24-hour enrichment. Independent laboratory study testing was conducted by Q Laboratories, Inc., as part of the AOAC-RI independent third-party evaluation and validation processes.
“Actero™ Listeria Media’s faster enrichment times not only provide more flexibility for the laboratory, but also enable companies to have a more rapid response to environmental Listeria. With the increase in regulation and FDA swabathons, Listeria environmental control has become paramount to the food processors. The Atlas® System in combination with Actero™ Listeria Media enable companies to have better control of their food safety programs,” said Dr. Erin Dreyling, Roka’s Vice President, Research & Scientific Affairs.
William Hogan, President and CEO of FoodChek stated, “We are pleased and proud to be partnered with Roka in their outstanding AOAC PTM Certification. Together, the Atlas® System and Actero™ Listeria Media have lifted the bar to new standards for Listeria testing in speed, accuracy and cost effectiveness. This will give all processors and food safety laboratory facilities significant technical and economic bottom line benefits.”
About FoodChek
FoodChek (www.foodcheksystems.com) specializes in the development and commercialization of proprietary, rapid, accurate and cost-effective food safety products. FoodChek’s industry-leading proprietary ELITE Actero™ Enrichment Media is the foremost recovery process of stressed organisms in the sample enrichment media phase for the detection of pathogens in food and environmental samples.
About Roka Bioscience
Roka Bioscience is a molecular diagnostics company focused on developing and commercializing advanced testing solutions for the food safety testing market. Our Atlas® Detection Assays incorporate our advanced molecular technologies and are performed on our “sample-in, result out” Atlas® System that automates all aspects of molecular diagnostic testing on a single, integrated platform. The Atlas System and Detection Assays are designed to provide our customers with accurate and rapid test results with reduced labor costs and improved laboratory efficiencies. For more information, visit http://rokabio.com.
For Investor or Media Related Inquires Please Contact:
Roka Bioscience, Inc.
ir@rokabio.com
855-ROKABIO (855-765-2246)
HONG KONG, July 11, 2017 — Cleantech Solutions International, Inc. (“Cleantech Solutions” or “the Company”) (NASDAQ: CLNT) today announced that it has launched a global bike sharing app service and joined together with local sharing bike operators in Hong Kong.
Cleantech Solutions’ one-stop solution allows consumers to locate and pay for sharing bikes using a single platform, without having to download separate apps and create separate payment accounts for each individual bike-sharing operator. Using the Company’s platform, consumers will be able to locate and rent the closest sharing bike on a cross-city and cross-region basis. Featuring a single registration, deposit and payment system, bike locking and tracking technology, the Company expects its platform to provide a seamless and compelling user experience. The infotainment system provides consumers with real-time riding stats, navigation, and rider assistance while providing bicycle owners additional security via GPS tracking along with opportunities for monetization from in-app advertising. The Company has partnered with Hong Kong-based Xiao Sun Bike and Ketch’up Bike, and plans to add more regional bicycle operators to the platform. The platform will open up opportunities for individuals and small bike rental companies to join, by installing a specific bike locking and location system.
According to a Roland Berger Strategy Consultants study, the global bike sharing market is expected to be worth up to 5.3 billion euros by 2020. Roland Berger expects digitization and strategic partnerships will shape the market.
“China’s bike-sharing market is booming and expected to grow from $1.5 billion in 2017 to $3.5 billion by 2019, contributing a large part in the development of the global bike sharing market, thanks to its low cost, flexibility, and environmentally friendly nature. We envision our platform as a place where smaller operators and even individual owners, can participate in the bike sharing economy. Integrating with ECrent.com, our bike sharing partners and individual bike owners will have access to the sharing economy platform’s 30 million unique users per month from around the world. We believe our new bike sharing platform will appeal to bike sharing operators and consumers alike,” said Parkson Yip, COO of Cleantech Solutions.
About Cleantech Solutions International
Cleantech Solutions, through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry. The Company’s latest business initiatives are focused on targeting the technology and sharing economy markets in China.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary and affiliated companies and certain potential transactions that they may enter into. These forward looking statements are often identified by the use of forward looking terminology such as “believes,” “expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website, including factors described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K for the year ended December 31, 2016 and in our Form 10-Q for the quarter ended March 31, 2017. All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
Company Contacts:
Cleantech Solutions International, Inc.
Parkson Yip, COO
E-mail: parkson.yip@cleantechsolutionsinternational.com
+852-31060372
Web: www.cleantechsolutionsinternational.com
Compass Investor Relations
Elaine Ketchmere, CFA
Email: eketchmere@compass-ir.com
+1-310-528-3031
Web: www.compassinvestorrelations.com
Trial is enrolling patients refractory to standard of care, including ibrutinib
ArQule, Inc. (Nasdaq: ARQL) today announced that the first patient has been dosed in a phase 1a/b trial with its BTK inhibitor, ARQ 531, in patients with B-cell malignancies refractory to other approved therapies. The trial can enroll up to 120 patients. ARQ 531 is an investigational, orally bioavailable, potent and reversible inhibitor of both wild type and C481S-mutant Bruton’s tyrosine kinase (BTK).
The phase 1 trial is designed to enroll patients with B-cell malignancies including B-cell lymphomas, chronic lymphocytic leukemia, and Waldenstrom’s macroglobulinemia. The phase 1a portion of the trial will be a dose escalation study open to all refractory patients, with the aim of establishing a recommended dose. Upon completion of the phase 1a trial, the company plans to begin the phase 1b portion of trial that will consist of a number of expansion cohorts including patients with the C481S mutation who are refractory to other approved therapies. The goal of the phase 1b portion would be to establish proof of concept and early signs of activity.
“There is a clear clinical need to address the refractory population in B-cell malignancies, particularly those with the BTK C481S mutation,” said Dr. Brian Schwartz, M.D., Head of Research and Development and Chief Medical Officer at ArQule. “Our clinical strategy is to rapidly identify a recommended dose and then begin to enroll a number of expansion cohorts including one dedicated to patients with the C481S mutation.”
B-cell malignancies, like chronic lymphocytic leukemia, Waldenstrom’s macroglobulinemia, diffuse large B-cell lymphoma and mantle cell lymphoma are driven by BTK. The only approved BTK inhibitor, ibrutinib, is irreversible and makes a covalent bond with the C481 residue of the targeted protein. Although ibrutinib has demonstrated excellent responses in patients with elevated B-cell receptor signaling, clinical resistance has been observed, and the BTK C481S mutation is emerging as a predominant mechanism of resistance. As a reversible inhibitor, ARQ 531 does not require interaction with the C481 residue, a binding site essential for irreversible ibrutinib binding to BTK, thus positioning ARQ 531 as a targeted therapy for patients harboring C481S-mutant BTK who have developed resistance to irreversible BTK inhibitors.
About BTK and ARQ 531
ARQ 531 is an investigational, orally bioavailable, potent and reversible Bruton’s tyrosine kinase (BTK) inhibitor. Biochemical and cellular studies have shown that ARQ 531 inhibits both the wild type and C481S-mutant forms of BTK. The C481S mutation is a known emerging resistance mechanism for first generation irreversible BTK inhibitors. In preclinical studies ARQ 531 has demonstrated high oral bioavailability as well as good ADME, pharmacokinetic and metabolic properties. A phase 1 trial commenced in the third quarter of 2017. BTK is a therapeutic target that has been clinically proven to inhibit B-cell receptor signaling in blood cancers.
About ArQule
ArQule is a biopharmaceutical company engaged in the research and development of targeted therapeutics to treat cancers and rare diseases. ArQule’s mission is to discover, develop and commercialize novel small molecule drugs in areas of high unmet need that will dramatically extend and improve the lives of our patients. Our clinical-stage pipeline consists of five drug candidates, all of which are in targeted, biomarker-defined patient populations, making ArQule a leader among companies our size in precision medicine. ArQule’s proprietary pipeline includes: ARQ 087, a multi-kinase inhibitor designed to preferentially inhibit the fibroblast growth factor receptor (FGFR) family, in phase 2 for iCCA and in phase 1b for multiple oncology indications; ARQ 092, a selective inhibitor of the AKT serine/threonine kinase, in a phase 1/2 company sponsored study for Overgrowth Diseases, in a phase 1 study for ultra-rare Proteus syndrome conducted by the National Institutes of Health (NIH), as well as in multiple oncology indications; ARQ 751, a next generation AKT inhibitor, in phase 1 for patients with AKT1 and PI3K mutations; and ARQ 761, a β-lapachone analog being evaluated as a promoter of NQO1-mediated programmed cancer cell necrosis, in phase 1/2 in multiple oncology indications in partnership with the University of Texas Southwestern Medical Center. In addition, we have advanced ARQ 531, an investigational, orally bioavailable, potent and reversible inhibitor of both wild type and C481S-mutant BTK, in phase 1 for patients with B-cell malignancies refractory to other therapeutic options. ArQule’s current discovery efforts are focused on the identification and development of novel kinase inhibitors, leveraging the Company’s proprietary library of compounds. You can follow us on Twitter and LinkedIn.
Forward Looking Statements
This press release contains forward-looking statements regarding preclinical experiments and clinical trials with ARQ 531. These statements are based on the Company’s current beliefs and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially. Positive information about pre-clinical results does not ensure that clinical trials will be successful. For example, ARQ 531 may not demonstrate promising therapeutic effect in man; in addition, it may not exhibit an adequate safety profile in planned or later stage or larger scale clinical trials as a result of known or as yet unanticipated side effects. The results achieved in later stage trials may not be sufficient to meet applicable regulatory standards or to justify further development. Problems or delays may arise during clinical trials or in the course of developing, testing or manufacturing ARQ 531 that could lead the Company to discontinue development. Even if later stage clinical trials are successful, unexpected concerns may arise from subsequent analysis of data or from additional data. Obstacles may arise or issues may be identified in connection with review of clinical data with regulatory authorities. Regulatory authorities may disagree with the Company’s view of the data or require additional data or information or additional studies. Drug development involves a high degree of risk. Only a small number of research and development programs result in the commercialization of a product. For more detailed information on the risks and uncertainties associated with the Company’s drug development and other activities, see the Company’s periodic reports filed with the Securities and Exchange Commission. The Company does not undertake any obligation to publicly update any forward-looking statements.
ArQule, Inc.
Dawn Schottlandt, 781-994-0300
Vice President, Investor Relations/Corp. Communications
www.ArQule.com
Data Deemed Sufficient to Support NDA Submission
NDA Submission Targeted for 4Q17
Conference Call Today at 8:30am ET
CRANBURY, N.J., July 11, 2017 — Amicus Therapeutics (NASDAQ:FOLD) plans to submit a new drug application (NDA) to the U.S. FDA for the oral precision medicine migalastat for Fabry disease in the fourth quarter of 2017. Based on a series of discussions with and written communication received from the FDA, the Agency has informed Amicus that it may now submit an NDA for migalastat.
Amicus is preparing the NDA submission under Subpart H, which provides for accelerated approval. Amicus intends to base its NDA on existing data, including reduction in disease-causing substrate (GL-3), as well as the totality of data from completed clinical studies. Progressive accumulation of GL-3 is believed to lead to the morbidity and mortality of Fabry disease, including pain, kidney failure, heart disease and stroke. An additional Phase 3 study previously requested by the Agency to assess Gastrointestinal (GI) symptoms is no longer required prior to an NDA submission.
“This guidance from the FDA marks a tremendous step forward for thousands of people living with Fabry disease in the United States,” stated John F. Crowley, Chairman and Chief Executive Officer of Amicus Therapeutics. “We are moving ahead expeditiously with our NDA submission and accelerating the U.S. pathway for migalastat. Today is a seminal moment in the development of migalastat and a testament to the dedication and perseverance of the patients, physicians and employees who have worked so hard on the development of this precision medicine.”
Jay Barth, M.D., Chief Medical Officer of Amicus Therapeutics, stated, “The data from our clinical trials, including the two largest pivotal studies ever completed in Fabry disease, have already supported approvals for migalastat in the EU, Israel and Switzerland, as well as our pending regulatory submissions in Japan, Canada and Australia. The FDA’s willingness to review migalastat data reflects what we believe is the gold standard in science-based, data-driven, patient-centric therapeutic development. We believe that we have a robust data package for this NDA submission, and we look forward to advancing toward a planned pathway for U.S. approval for migalastat.”
An estimated 3,000 people in the U.S. are currently diagnosed with Fabry disease. The U.S. represents the single largest geography for Amicus to positively impact the lives of people with Fabry who have amenable mutations.
“I am very pleased that Amicus plans to submit the NDA for migalastat in the fourth quarter,” said Jack Johnson, Founder and Executive Director of the Fabry Support & Information Group (FSIG). “With significant unmet needs and a lack of treatment choices for people living with Fabry disease in the U.S., we may be one step closer to a new oral therapy. Amicus has been a true partner for the Fabry community for more than a decade, and I look forward to potentially having a new oral precision medicine available to patients with amenable mutations in the U.S.”
Migalastat is an oral precision medicine intended to treat Fabry disease in patients who have amenable genetic mutations. Migalastat works by stabilizing the body’s own dysfunctional enzyme, so it can clear the accumulated disease substrate in patients who have amenable mutations. An amenable mutation is one that is responsive to therapy with migalastat based on a proprietary in vitro assay. Amicus estimates that 35%-50% of Fabry patients globally may have amenable genetic mutations.
The European Commission (EC) has granted full approval for migalastat under the trade name Galafold® as a first line therapy for long-term treatment of adults and adolescents aged 16 years and older with a confirmed diagnosis of Fabry disease and who have an amenable mutation. Marketing applications have also been approved in several countries outside the EU, including Switzerland and Israel. Regulatory submissions are under review in additional countries including Japan, Canada and Australia.
Conference Call and Webcast
Amicus Therapeutics will host a conference call and webcast today, July 11, 2017 at 8:30 a.m. ET. Interested participants and investors may access the conference call by dialing 877-303-5859 (U.S./Canada) or 678-224-7784 (international); conference ID 52498209. An audio webcast can also be accessed via the Investors section of the Amicus Therapeutics corporate web site at http://ir.amicusrx.com/events.cfm, and will be archived for 30 days. Web participants are encouraged to go to the web site 15 minutes prior to the start of the call to register, download and install any necessary software. A telephonic replay of the call will be available for nine days beginning at 11:30 a.m. ET today. Access numbers for this replay are 855-859-2056 (U.S./Canada) and 404-537-3406 (international); conference ID 52498209.
About Galafold™ and Amenable Mutations
Galafold® (migalastat) is a first-in-class chaperone therapy approved in the European Union as a monotherapy for Fabry disease in patients with amenable mutations. Galafold works by stabilizing the body’s own dysfunctional enzyme, so it can clear the accumulation of disease substrate in patients who have amenable mutations. A proprietary in vitro assay (Galafold Amenability Assay) was used to classify more than 800 known GLA mutations as “amenable” or “not amenable” to treatment with Galafold. The EU label includes 331 GLA mutations that have been identified and determined to be amenable based on the Galafold Amenability Assay, which represent between 35% and 50% of the currently diagnosed Fabry population.
Healthcare providers in the EU may access the website www.Galafoldamenabilitytable.com to quickly and accurately identify which mutations are categorized as “amenable” or “not amenable” to Galafold. Amicus expects to submit additional updates to the EU label as additional GLA mutations are identified and tested in the Galafold Amenability Assay.
EU Important Safety Information
Treatment with Galafold should be initiated and supervised by specialists experienced in the diagnosis and treatment of Fabry disease. Galafold is not recommended for use in patients with a non-amenable mutation.
- Galafold is not intended for concomitant use with enzyme replacement therapy.
- Galafold is not recommended for use in patients with Fabry disease who have severe renal impairment (<30 mL/min/1.73 m2). The safety and efficacy of Galafold in children 0–15 years of age have not yet been established.
- No dosage adjustments are required in patients with hepatic impairment or in the elderly population.
- There is very limited experience with the use of this medicine in pregnant women. If you are pregnant, think you may be pregnant, or are planning to have a baby, do not take this medicine until you have checked with your doctor, pharmacist, or nurse.
- While taking Galafold, effective birth control should be used. It is not known whether Galafold is excreted in human milk.
- Contraindications to Galafold include hypersensitivity to the active substance or to any of the excipients listed in the PRESCRIBING INFORMATION.
- It is advised to periodically monitor renal function, echocardiographic parameters and biochemical markers (every 6 months) in patients initiated on Galafold or switched to Galafold.
- OVERDOSE: General medical care is recommended in the case of Galafold overdose.
- The most common adverse reaction reported was headache, which was experienced by approximately 10% of patients who received Galafold. For a complete list of adverse reactions, please review the SUMMARY OF PRODUCT CHARACTERISTICS.
- Call your doctor for medical advice about side effects.
For further important safety information for Galafold, including posology and method of administration, special warnings, drug interactions and adverse drug reactions, please see the European SmPC for Galafold available from the EMA website at www.ema.europa.eu.
About Fabry Disease
Fabry disease is an inherited lysosomal storage disorder caused by deficiency of an enzyme called alpha-galactosidase A (alpha-Gal A), which is the result of mutations in the GLA gene. The primary biological function of alpha-Gal A is to degrade specific lipids in lysosomes, including globotriaosylceramide (referred to here as GL-3 and also known as Gb3). Lipids that can be degraded by the action of alpha-Gal A are called “substrates” of the enzyme. Reduced or absent levels of alpha-Gal A activity lead to the accumulation of GL-3 in the affected tissues, including the central nervous system, heart, kidneys, and skin. Progressive accumulation of GL-3 is believed to lead to the morbidity and mortality of Fabry disease, including pain, kidney failure, heart disease, and stroke. The symptoms can be severe, differ from patient to patient, and begin at an early age. All Fabry disease is progressive and may lead to organ damage regardless of the time of symptom onset.
About Amicus Therapeutics
Amicus Therapeutics (NASDAQ:FOLD) is a global biotechnology company at the forefront of therapies for rare and orphan diseases. The Company has a robust pipeline of advanced therapies for a broad range of human genetic diseases. Amicus’ lead programs in development include the small molecule pharmacological chaperone migalastat as a monotherapy for Fabry disease, SD-101 for Epidermolysis Bullosa (EB), as well as novel enzyme replacement therapy (ERT) and biologic products for Fabry disease, Pompe disease, and other rare and devastating diseases.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 relating to the clinical development, regulatory approval pathway, and prospects and timing of regulatory submission and approval of our product candidates for the treatment of Fabry disease. Any express or implied statements contained in this press release that are not statements of historical fact, including interpretation of guidance given by the U.S. FDA may be deemed forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by us that any of our plans will be achieved in a timely manner or at all. Any or all of the forward-looking statements in this press release may turn out to be wrong and can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. For example, with respect to statements regarding the goals, progress, timing, and outcomes of discussions with regulatory authorities, actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in our business, including, without limitation, changes in FDA guidance for regulatory approval, risks regarding the FDA’s interpretation of our clinical trial results, including the risk that results from completed clinical trials that supported approval by regulators in other jurisdictions will not be sufficient for U.S. FDA purposes, the risk that the FDA will require additional studies or data, the risk that the timing of an NDA will be delayed or not be accepted by the FDA, the potential that regulatory authorities, including the FDA, EMA, and PMDA, may not grant or may delay approval for our product candidate and the potential that we may not be successful in commercializing our product candidates for Fabry disease in Europe or any other country in which approval is ultimately obtained, if any. In addition, all forward-looking statements are subject to other risks detailed in our Annual Report on Form 10-K for the year ended December 31, 2016 and the Quarterly Report for the quarter ended March 31, 2017. The FDA guidance described in this release was given as of a specific date and the FDA could change its position on the clinical end points or other standards for review and/or approval. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to revise or update this news release to reflect events or circumstances after the date hereof.
FOLD–G
CONTACTS:
Investors/Media:
Amicus Therapeutics
Sara Pellegrino, IRC
Senior Director, Investor Relations
spellegrino@amicusrx.com
(609) 662-5044
Media:
W2O Group
Brian Reid
breid@w2ogroup.com
(212) 257-6725
SAN DIEGO, July 11, 2017 — Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) today announced that it intends to offer and sell, subject to market and other conditions, $150.0 million of shares of its common stock in an underwritten public offering. Arena expects to grant the underwriters an option to purchase up to an additional $22.5 million of shares of its common stock at the public offering price, less the underwriting discounts and commissions. All of the shares are being offered by Arena. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Citigroup, Leerink Partners, Cantor Fitzgerald & Co. and UBS Investment Bank are acting as joint book-running managers for the offering. JMP Securities is acting as a co-manager for the offering.
The shares of common stock described above are being offered by Arena pursuant to a shelf registration statement filed by Arena with the Securities and Exchange Commission (SEC) that became automatically effective on July 11, 2017. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering, when available, may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146; or from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525 ext. 6132, or by email at syndicate@leerink.com; or from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by telephone at (212) 829-7122, or by email at prospectus@cantor.com; or from UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, or by telephone at (888) 827-7275.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Arena Pharmaceuticals
Arena Pharmaceuticals is a biopharmaceutical company focused on developing novel, small molecule drugs with optimized receptor pharmacology designed to deliver broad clinical utility across multiple therapeutic areas. Our proprietary pipeline includes potentially first- or best-in-class programs for which we own global commercial rights. Our three most advanced investigational clinical programs are ralinepag (APD811) which has completed Phase 2 evaluation for pulmonary arterial hypertension (PAH), etrasimod (APD334) in Phase 2 evaluation for multiple autoimmune indications including ulcerative colitis (UC), and APD371 in Phase 2 evaluation for the treatment of pain associated with Crohn’s disease. In addition, Arena has collaborations with the following pharmaceutical companies: Eisai Co., Ltd. and Eisai Inc. (commercial stage), Axovant Sciences (Phase 2 candidate), and Boehringer Ingelheim International GmbH (preclinical candidate).
Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. These statements may be identified by introductory words such as “may,” “expects,” “plan,” “believe,” “will,” “achieve,” “anticipate,” “would,” “should,” “subject to” or words of similar meaning, or by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements include statements regarding Arena’s expectations with respect to its proposed public offering. For such statements, Arena claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Arena’s expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed offering; and those factors disclosed in Arena’s filings with the SEC, including our Form 10-Q for the quarter ended March 31, 2017. These forward-looking statements represent Arena’s judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.
Corporate Contact:
Kevin R. Lind
Arena Pharmaceuticals, Inc.
Executive Vice President and
Chief Financial Officer
klind@arenapharm.com
858.210.3636
Media Contact:
Matt Middleman, M.D.
LifeSci Public Relations
matt.middleman@lifescipublicrelations.com
646.627.8384
– 50% Quarter-over-Quarter Growth in Contracted Backlog – Second Quarter Results Conference Call to be Held on or before August 14, 2017
NEW YORK, July 11, 2017 — Pareteum Corporation (NYSE MKT: TEUM) (“Pareteum” or the “Company”), a leading communications technology provider to global Mobile, MVNO, Enterprise and IoT markets, today announced that the Company expects to report revenues exceeding analyst expectations of $3 million for the second quarter ended June 30, 2017.
The Company’s contracted backlog stands at approximately $60 million, to date. This contractual backlog is generated by each of the Company’s Managed Services customers who have entered into multi-year Software-as-a-Service agreements with Pareteum and consists of guaranteed minimum monthly recurring fees, as well as contractually forecasted subscribers and their resulting monthly recurring revenue.
“We believe the estimated revenue for the second quarter, coupled with our rapidly growing contracted backlog signify an important inflection point in the business,” said Hal Turner, Executive Chairman of Pareteum. “Over the course of 2017 and 2018, we expect continued top-line improvement to be driven by our committed backlog revenue as it is converted into earned revenue in an escalating manner. Pareteum’s approximate $60 million 36 month revenue backlog at the end of the second quarter is almost triple the number at the beginning of 2016. More importantly, because of five new sales agreements, including additions for our large existing customers, and new customers, we have increased by almost 50% the backlog since I first reported it at $44 million during our Q1 Town Hall call. This is a clear leading indicator of customers seeking the value that we bring to them from our software and solutions. We expect continued growth of our revenue backlog, which will be reflected in our reported top line revenues.”
The Company’s Second Quarter 2017 earnings conference call is expected to be held on or before August 14, 2017.
About Pareteum Corporation:
Pareteum Corporation and its subsidiaries provide a complete mobility cloud platform, utilizing messaging and security capabilities for the global Mobile, MVNO, Enterprise, Software-as-a-Service and IoT markets. The Company’s software solutions allow any organization to harness the power of a wirelessly connected world by delivering seamless connectivity and subscriber management capabilities that provides end-to-end control of millions of connected devices. Mobile Network Operator (MNO) customers include Vodafone, the world’s second largest mobile operator by customer count, Zain, one of the largest mobile operators in the Middle East, as well as MVNO customers such as Lebara and Lowi. For more information please visit: www.pareteum.com.
Forward-Looking Statements:
Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to Pareteum’s plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about Pareteum’s industry, management’s beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of Pareteum may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, Pareteum also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from those projected or suggested in Pareteum’s filings with the Securities and Exchange Commission, copies of which are available from the SEC or may be obtained upon request from Pareteum.
Investor Relations Contact:
Ted O’Donnell
Chief Financial Officer
(212) 984-1096
InvestorRelations@pareteum.com
AUSTIN, Texas, July 10, 2017 — Aeglea BioTherapeutics, Inc., (NASDAQ:AGLE) a biotechnology company committed to developing enzyme-based therapeutics in the field of amino acid metabolism to treat rare genetic diseases and cancer, today announced that it has appointed James Wooldridge, M.D. to the position of chief medical officer.
Dr. Wooldridge joins Aeglea from Eli Lilly & Company, where he served as chief scientific officer for immuno-oncology clinical development. Since 2006, he held a number of other roles at Eli Lilly, including senior medical director for oncology, U.S. medical affairs and clinical development. Prior to his time at Eli Lilly, Dr. Wooldridge was assistant professor at the Holden Comprehensive Cancer Center Division of Hematology, Oncology Blood & Marrow Transplantation at the University of Iowa Hospitals and Clinics.
“We are pleased that Jim has decided to join our team in this critical role. His impressive clinical background will be a welcome addition as we execute on our clinical strategy for AEB1102 and continue advancing our pipeline,” said David G. Lowe, Ph.D., chief executive officer of Aeglea. “With his expertise in drug development and translational medicine, we look forward to the insights and leadership he will bring to help advance the AEB1102 program with the ongoing Phase 1/2 trial for Arginase 1 Deficiency and the anticipated initiation of expansion arms of our oncology clinical trials. We are also grateful to Dr. Anthony Quinn for his support and leadership as our interim chief medical officer over the last several months and look forward to continuing our work with him as a member of Aeglea’s board of directors.”
“I look forward to working with the Aeglea team to unlock the potential of engineered human enzymes, with the goal of introducing new treatment options for patients with rare genetic diseases or cancer who currently have very limited therapeutic options,” said Dr. Wooldridge. “Aeglea has a dynamic pipeline and an encouraging lead product candidate in AEB1102. From the unanticipated preclinical data suggesting the prospect of combination therapy in cancer, to the Phase 1 clinical data in Arginase 1 Deficiency showing promise for helping patients with this rare disease, I believe there is great potential for Aeglea’s pipeline of product candidates.”
Dr. Wooldridge holds a bachelor’s degree in chemistry and philosophy from William Jewell College, received his M.D. from Tulane University and has authored numerous manuscripts, book chapters, and congress disclosures.
About Aeglea BioTherapeutics
Aeglea is a biotechnology company committed to developing enzyme-based therapeutics in the field of amino acid metabolism to treat rare genetic diseases and cancer. The company’s engineered human enzymes are designed to modulate the extremes of amino acid metabolism in the blood to reduce toxic levels of amino acids in inborn errors of metabolism or target tumor metabolism for cancer treatment. AEB1102, Aeglea’s lead product candidate, is currently being studied in two ongoing Phase 1 clinical trials in patients with advanced solid tumors and acute myeloid leukemia/myelodysplastic syndrome (AML/MDS). Additionally, Aeglea is recruiting patients into its ongoing Phase 1/2 trial of AEB1102 for the treatment of patients with Arginase 1 Deficiency. The company is building a pipeline of additional product candidates targeting key amino acids, including AEB4104, which degrades homocystine, a target for an inborn error of metabolism, as well as two potential treatments for cancer, AEB3103, which degrades cysteine, and its oxidized form cystine, and AEB2109, which degrades methionine.
For more information, please visit http://aegleabio.com.
Safe Harbor / Forward Looking Statements
This press release contains “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Examples of forward-looking statements include, among others, statements we make regarding the potential therapeutic benefits and economic value of our lead product candidate or other product candidates. Further information on potential risk factors that could affect our business and its financial results are detailed in our most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 filed with the Securities and Exchange Commission (SEC), and other reports as filed with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Media Contact:
Kelly Boothe, Ph.D.
Pure Communications
415.946.1076
media@aegleabio.com
Investor Contact:
Charles N. York II
Chief Financial Officer
Aeglea BioTherapeutics
investors@aegleabio.com
DynaSys, a leading provider of demand and supply chain planning solutions, today announced that Gartner, Inc. has named DynaSys a Challenger in Gartner’s May 2017 Magic Quadrant for Sales and Operations Planning Systems of Differentiation. DynaSys is a division of QAD Inc. (Nasdaq:QADA) (Nasdaq:QADB).
“We are delighted to enter into the 2017 Sales and Operations Planning Systems of Differentiation Magic Quadrant in the Challengers position and to be recognized by Gartner as one of the worldwide S&OP players,” said DynaSys President, Ariel Weil.
According to the report, “This Gartner Magic Quadrant examines the main vendors that provide Sales and Operations Planning (S&OP). Supply chain leaders in IT can use this report when evaluating and selecting such a system to help enable S&OP maturity for their business.”
DynaSys has been innovating for more than 30 years to provide end to end and integrated demand and supply chain planning solutions based on the DynaSys Single Click Collaborative® technology platform. “Our native in-memory, cloud based solution supports sales and operations planning and integrated business planning and helps our customers to improve service levels, optimize their planning processes and improve supply chain visibility,” said Weil.
Gartner Disclaimer:
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About DynaSys – Effective Enterprise Demand and Supply Chain Planning
DynaSys, a division of QAD Inc., (Nasdaq: QADA) (Nasdaq: QADB), provides Demand and Supply Chain Planning solutions. With 30 years of experience, DynaSys provides an integrated and collaborative planning solution that allows businesses to optimize their supply chains, including sales and operations planning, demand planning, network and inventory and business resources optimizations. DynaSys software enables customers and partners in the food and beverage, consumer packaged goods, life sciences, apparel, luxury, high tech, automotive, distribution and retail verticals to meet their goals of better managing Demand and Supply Chain Planning, and becoming more Effective Enterprises.
For more information about DynaSys, visit www.dys.com or email contact@dys.com.
Pour plus d’information sur DynaSys : www.dys.com ou par courriel contact@dys.com.
About QAD – The Effective Enterprise
QAD Inc. (NASDAQ:QADA) (NASDAQ:QADB), is a leading provider of enterprise software and services designed for global manufacturing companies. For more than 35 years, QAD has provided global manufacturing companies with QAD Enterprise Applications, an enterprise resource planning (ERP) system that supports operational requirements, including financials, manufacturing, demand and supply chain planning, customer management, business intelligence and business process management. QAD Enterprise Applications is offered in flexible deployment models in the cloud, on-premises or in a blended environment. With QAD, customers and partners in the automotive, consumer products, food and beverage, high technology, industrial products and life sciences industries can better align daily operations with their strategic goals to meet their vision of becoming more Effective Enterprises.
For more information about QAD, call +1 805-566-6000, visit www.qad.com.
“QAD” is a registered trademark of QAD Inc. All other products or company names herein may be trademarks of their respective owners.
Note to Investors: This press release contains certain forward-looking statements made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding projections of revenue, income and loss, capital expenditures, plans and objectives of management regarding the Company’s business, future economic performance or any of the assumptions underlying or relating to any of the foregoing. Forward-looking statements are based on the company’s current expectations. Words such as “expects,” “believes,” “anticipates,” “could,” “will likely result,” “estimates,” “intends,” “may,” “projects,” “should,” “would,” “might,” “plan” and variations of these words and similar expressions are intended to identify these forward-looking statements. A number of risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements. These risks include, but are not limited to: risks associated with our cloud service offerings, such as defects and disruptions in our services, our ability to properly manage our cloud service offerings, our reliance on third-party hosting and other service providers, and our exposure to liability and loss from security breaches; demand for the company’s products, including cloud service, licenses, services and maintenance; pressure to make concessions on our pricing and changes in our pricing models; protection of our intellectual property; dependence on third-party suppliers and other third-party relationships, such as sales, services and marketing channels; changes in our revenue, earnings, operating expenses and margins; the reliability of our financial forecasts and estimates of the costs and benefits of transactions; the ability to leverage changes in technology; defects in our software products and services; third-party opinions about the company; competition in our industry; the ability to recruit and retain key personnel; delays in sales; timely and effective integration of newly acquired businesses; economic conditions in our vertical markets and worldwide; exchange rate fluctuations; and the global political environment. For a more detailed description of the risk factors associated with the company and factors that may affect our forward-looking statements, please refer to the company’s latest Annual Report on Form 10-K and, in particular, the section entitled “Risk Factors” therein, and in other periodic reports the company files with the Securities and Exchange Commission thereafter. Management does not undertake to update these forward-looking statements except as required by law.
Ideal Power Sundial™ Series PV String Inverter and Stabiliti™ Power Conversion System to be Integrated Into NEXTracker’s NX Fusion Plus™ Solar-Plus-Storage Solution
AUSTIN, Texas, July 10, 2017 — Ideal Power Inc., (NASDAQ:IPWR), an innovative power conversion technology company, today announced that it has signed a master purchase agreement with NEXTracker, a Flex company and global leader in solar tracker technology. Ideal Power will supply NEXTracker with its 30 kilowatt (kW) SunDial storage-enabled multi-port photovoltaic (PV) string inverter, its 30 kW Stabiliti power conversion system, and a custom NEXTracker-exclusive 15 kW SunDial. NEXTracker will integrate the systems into its NX Fusion Plus solar-plus-storage product and deploy them to various commercial, industrial and utility sites throughout North America.
“Ideal Power’s system is compact and versatile, enabling the seamless integration of solar-plus-storage in one inverter package,” said NEXTracker CTO Alex Au. “Now, project developers and system integrators have a solution for rapid installation, scalability and maximum energy output. We’re pleased to be working with Ideal Power to drive the adoption of integrated solar and storage.”
NEXTracker’s NX Fusion Plus may include either the SunDial, Stabiliti or both, depending on the specific needs of each project, and will come fully equipped, pre-wired, pre-assembled and ready to power up with the systems in place. Ideal Power’s SunDial inverter includes full galvanic isolation and is field upgradeable anytime with a plug-and-play bidirectional direct current (DC) power port kit. The inverter also eliminates the complicated alternating current (AC) coupling that has been traditionally prominent in the industry. Ideal Power’s Stabiliti series is a grid-resilient power conversion system that brings many of the benefits of the SunDial plus grid forming capabilities for microgrid applications.
“NEXTracker’s solar-plus-storage product helps safeguard against the reduction or elimination of net metering incentives for new solar installations happening across North America, while providing a higher return on investment than solar alone,” said Ideal Power CEO Dan Brdar. “Customers should also be able to access the 30 percent federal investment tax credit available for storage installed with new solar. We are pleased to partner with NEXTracker to deliver this superior product.”
“This agreement establishes our relationship with a successful and fast growing global supplier to the solar market,” said Ideal Power Chairman Lon Bell. “Further, it allows us to focus on energy storage markets which we believe benefit from our proprietary multi-port and microgrid-capable products.”
Ideal Power will be selling product initially, before transitioning to licensing. A licensing agreement with Flex for the NX Fusion Plus is already in place.
About Ideal Power Inc.
Ideal Power (NASDAQ:IPWR) is a power conversion technology company that delivers efficient and compact solutions to system integrators and project developers connecting distributed energy resources to the grid. Ideal Power’s products offer enhanced performance for battery-enabled applications at a competitive cost backed by first-rate customer service. With its patented power conversion technology, Ideal Power supports a broad set of growing markets, including solar photovoltaics, battery energy storage, mobile power and microgrids. For more information, visit www.IdealPower.com.
About NEXTracker
NEXTracker, a Flex company, advances the power plant of the future with solar tracker and energy storage innovations to increase performance and reduce costs for power plants of all sizes. As the #1 tracker supplier worldwide with over 9 GW delivered, NEXTracker is globally recognized for delivering the most advanced photovoltaic solutions for hundreds of projects across five continents. Headquartered in the San Francisco Bay Area, the Company has offices in China, India, Spain, Latin America, and Australia. For more information, visit: NEXTracker.com and follow the Company on Twitter @NEXTracker.
Safe Harbor Statement
All statements in this release that are not based on historical fact are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, whether our partnership with NEXTracker will be successful under the Master Purchase Agreement, whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, whether a demand for energy storage products will grow, whether demand for our products, which we believe are disruptive, will develop and whether we can compete successfully with other manufacturers and suppliers of energy conversion products, both now and in the future, as new products are developed and marketed. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements.
Ideal Power Media Contact:
Antenna
www.antennagroup.com
Kalena Gravina
idealpower@antennagroup.com
1.201.465.8013
Ideal Power Investor Relations Contact:
MZ North America
www.mzgroup.us
Chris Tyson
IPWR@mzgroup.us
1.949.491.8235
Combined product portfolio strengthens Cesca’s position as a leading developer of systems for automated manufacturing of cell-based therapeutics in immuno-oncology and other indications
RANCHO CORDOVA, Calif., July 10, 2017 — Cesca Therapeutics Inc. (NASDAQ:KOOL), a market leader in automated cell processing and point-of-care, autologous cell-based therapies, today announced that its wholly-owned subsidiary, ThermoGenesis Corp., has entered into an asset acquisition agreement (the “Agreement”) with SynGen Inc., a privately-held Sacramento, CA-based technology company active in the cellular processing field.
ThermoGenesis acquired substantially all of SynGen’s operating assets, including its proprietary cell processing platform technology. In exchange, ThermoGenesis granted SynGen 20% of its common stock and paid a one-time cash payment of $1 million. Philip H. Coelho, co-founder and chief technology officer of SynGen, has joined ThermoGenesis in the same chief technology officer role, effective immediately. The acquisition closed on July 7, 2017. Immediately prior to the acquisition, Cesca contributed the assets of its blood and bone-marrow processing device business to ThermoGenesis. Cesca will operate its device business (together with the acquired business) through its ThermoGenesis subsidiary. A representative of SynGen’s majority shareholder, Bay City Capital, has joined the Board of Directors of ThemoGenesis.
“The acquisition of SynGen’s portfolio of commercial products and intellectual property solidifies ThermoGenesis’ position as a leading developer of automated cellular processing systems,” said Dr. Chris Xu, chairman and interim chief executive officer of Cesca Therapeutics. “Significant medical advancements are being made with autologous cell-based therapies, particularly in the area of immuno-oncology applications. With the integrated product pipeline, ThermoGenesis can now offer a comprehensive suite of automated manufacturing solutions to CAR-T developers. We can also expand our ThermoGenesis portfolio of point-of-care and laboratory-based systems that have become essential tools in this rapidly-growing field of medicine.”
“The continued evolution of personalized medicine, especially promising new oncology treatments such as CAR-T therapies, demand that target cell populations be harvested with increasing speed, purity and efficiency,” said Mr. Coelho. “I am very pleased to join the ThermoGenesis team to further advance our combined portfolio of automated cell processing solutions that we believe will underpin many of medicine’s most significant future advancements.”
This press release is not intended to describe this transaction in its entirety. Please refer to the SEC form 8-K and related exhibits to be filed by Cesca for a complete description of this transaction.
About Cesca Therapeutics Inc.
Cesca is a leading regenerative medicine company that develops, commercializes and markets a range of automated technologies for cell-based therapeutics. Its device division, ThermoGenesis, provides a full suite of solutions for automated clinical biobanking, point-of-care applications, and automation for immuno-oncology. Cesca is also leveraging its proprietary AutoXpress® technology platform to develop autologous stem cell-based therapies that address significant unmet needs in the vascular, cardiology and orthopedic markets.
Cesca is majority owned by an affiliate of the BoyaLife Group, a China-based industry research alliance encompassing top research institutions for stem cell and regenerative medicine.
Company Contact: Cesca Therapeutics Inc.
ir@cescatherapeutics.com
Investor Contact:
Rx Communications
Paula Schwartz
917-322-2216
pschwartz@rxir.com
– Primary efficacy analysis successful – significant improvement in pulmonary vascular resistance – Safety data consistent with other drugs acting through the prostacyclin receptor-mediated effects – Management to host conference call and webcast today at 4:30 p.m. EDT
SAN DIEGO, July 10, 2017 — Arena Pharmaceuticals, Inc. (NASDAQ: ARNA), today announced positive Phase 2 results for ralinepag, an investigational, long-acting, orally administered prostacyclin receptor agonist under development for the treatment of pulmonary arterial hypertension (PAH). In this 61-patient study, the primary efficacy analysis demonstrated a statistically significant absolute change from baseline in pulmonary vascular resistance (PVR) compared to placebo. Ralinepag also demonstrated numerical improvement in 6-minute walk distance (6MWD).
Ralinepag improved median PVR by 163.9 dyn.s.cm-5 from baseline compared to a 0.7 dyn.s.cm-5 worsening from baseline in the placebo arm (P=0.02). Patients treated with ralinepag had a 29.8% improvement in PVR compared to the placebo arm (P=0.03) and a 20.1% improvement in PVR compared to baseline. Additionally, adverse events observed in the study were consistent with other prostacyclin treatments for the management of PAH, with headache, nausea, diarrhea, jaw pain and flushing being the most commonly reported adverse events. The company plans to present full study results at future medical congresses.
“The positive outcome of this Phase 2 trial in a contemporary PAH patient population is an important milestone in the development of ralinepag for the treatment of patients suffering from this grievous illness,” stated Preston Klassen, M.D., MHS, Executive Vice President, Research and Development and Chief Medical Officer of Arena. “It is exciting to see the positive nonclinical pharmacological profile translating into potentially the first oral prostacyclin therapy that may approach consistent therapeutic levels without the complexity of parenteral (IV) therapy. These data give us confidence to move expeditiously toward a Phase 3 clinical program.”
Vallerie McLaughlin, M.D., Kim A. Eagle MD Endowed Professor of Cardiovascular Medicine at the University of Michigan and Director of the Pulmonary Hypertension Program, added, “PAH is a complex and serious disease, often with a poor prognosis despite the use of currently available treatments. New therapeutic options to manage patients with PAH are needed. The results of this Phase 2 study of ralinepag, in patients already receiving, in most cases, multiple background therapies, showed a clinically meaningful improvement in PVR, a well-established indicator of treatment benefit, believed to be correlated with long-term clinical outcomes in patients with PAH.”
Conference Call & Webcast Information
The Arena management team will host a conference call and live webcast with slides with the investment community today, Monday, July 10, 2017, at 4:30 p.m. EDT to discuss the information in this press release.
When: July 10, 2017, 4:30 p.m. EDT
Dial-in: (877) 643-7155 (United States) or (914) 495-8552 (International)
Conference ID: 52490461
Please join the conference call at least 10 minutes early to register.
You can access the live webcast under the investor relations section of Arena’s website at: www.arenapharm.com. A replay of the conference call will be archived under the investor relations section of Arena’s website for 30 days shortly after the call.
About the Trial
The Phase 2 study was a randomized, double-blind, placebo-controlled, dose-ranging study in 61 adult patients with PAH, WHO/NYHA functional class II-IV. Study medication was titrated over 9 weeks, followed by a 13-week treatment period. The primary efficacy analysis was absolute change from baseline in pulmonary vascular resistance (PVR) at week 22. Additional endpoints included change from baseline in 6-minute walk test, proportion of subjects who exhibit clinical worsening and safety and tolerability. Patients who completed week 22 could transition to an open-label ralinepag extension study.
About Ralinepag
Ralinepag (APD811) is an oral, next-generation, selective IP receptor agonist targeting the prostacyclin pathway and intended for the treatment of pulmonary arterial hypertension (PAH). Arena discovered and developed this drug candidate internally. Ralinepag’s potency on vasodilation, inhibition of proliferation of vascular smooth muscle cells, and inhibition of platelet aggregation, combined with an extended half-life support its application as a potentially best-in-class agent for the treatment of PAH. Ralinepag is an investigational compound that is not approved for any use in any country.
About Pulmonary Arterial Hypertension
Pulmonary Arterial Hypertension (PAH) is a rare, chronic, progressive, life-threatening disorder characterized by increased pressure in the arteries that carry blood from the heart to the lungs. The increased pressure strains the heart, which can limit physical activity, result in heart failure and reduce life expectancy. Current treatment of PAH falls within four distinct therapeutic classes: endothelin receptor antagonists (ERAs), phosphodiesterase-5 (PDE-5) inhibitors, prostacyclin analogues and soluble guanylate cyclase (SGc) stimulators. The available therapies have positive effects in PAH, but they do not provide a cure, and in many patients the disease will progress despite treatment.
About Arena Pharmaceuticals
Arena Pharmaceuticals is a biopharmaceutical company focused on developing novel, small molecule drugs with optimized receptor pharmacology designed to deliver broad clinical utility across multiple therapeutic areas. Our proprietary pipeline includes potentially first- or best-in-class programs for which we own global commercial rights. Our three most advanced investigational clinical programs are ralinepag (APD811) which has completed Phase 2 evaluation for pulmonary arterial hypertension (PAH), etrasimod (APD334) in Phase 2 evaluation for multiple autoimmune indications including ulcerative colitis (UC), and APD371 in Phase 2 evaluation for the treatment of pain associated with Crohn’s disease. In addition, Arena has collaborations with the following pharmaceutical companies: Eisai Co., Ltd. and Eisai Inc. (commercial stage), Axovant Sciences (Phase 2 candidate), and Boehringer Ingelheim International GmbH (preclinical candidate).
Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. These statements may be identified by introductory words such as “may,” “expects,” “plan,” “believe,” “will,” “achieve,” “anticipate,” “would,” “should,” “subject to” or words of similar meaning, or by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements include statements regarding the importance of ralinepag’s Phase 2 data, ralinepag’s potential and plans for ralinepag’s Phase 3 development; and Arena’s focus, goals, strategy and clinical programs. For such statements, Arena claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Arena’s expectations. Factors that could cause actual results to differ materially from the forward-looking statements include: top-line data may not accurately reflect the complete results of a particular study or trial; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; clinical and nonclinical data is voluminous and detailed, and regulatory agencies may interpret or weigh the importance of data differently and reach different conclusions than Arena or others, request additional information, have additional recommendations or change their guidance or requirements; the timing and outcome of research, development and regulatory review is uncertain; we expect to need additional funds to advance all of our programs, and you and others may not agree with the manner we allocate our resources; our drug candidates may not advance in development or be approved for marketing; risks related to developing, seeking regulatory approval and commercializing drugs; unexpected or unfavorable new data; Arena’s and third parties’ intellectual property rights; clinical trials and other studies may not proceed at the time or in the manner expected or at all; data and information related to our programs may not meet regulatory requirements or otherwise be sufficient for further development, regulatory review, partnering or approval; competition; risks related to commercializing drugs, including regulatory, manufacturing, supply and marketing issues and their availability and use; reimbursement and pricing decisions; risks related to relying on partners and other third parties; and satisfactory resolution of litigation or other disagreements; and those factors disclosed in Arena’s filings with the Securities and Exchange Commission, including our Form 10-Q for the quarter ended March 31, 2017. These forward-looking statements represent Arena’s judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.
Corporate Contact:
Kevin R. Lind
Arena Pharmaceuticals, Inc.
Executive Vice President and
Chief Financial Officer
klind@arenapharm.com
858.210.3636
Media Contact:
Matt Middleman, M.D.
LifeSci Public Relations
matt.middleman@lifescipublicrelations.com
646.627.8384
Frontier Communications Corporation (NASDAQ:FTR) today announced the completion of its 1-for-15 reverse stock split of the issued shares of common stock, which became effective as of the beginning of trading today. Frontier common stock will continue to trade on the Nasdaq Global Select Market under the symbol “FTR” with a new CUSIP number (35906A 306). In addition, and at the same time, the total number of shares of common stock that Frontier is authorized to issue changed from 1,750,000,000 shares to 175,000,000 shares.
As previously disclosed, at the effective time, each fifteen shares of Frontier common stock were automatically converted into one share of common stock, without any change in the par value per share. No fractional shares were issued as a result of the reverse stock split. Any stockholders who otherwise would be entitled to a fractional share will receive, in lieu thereof, a cash payment (without interest) in an amount equal to the market value of the fractional share to which the stockholder would otherwise be entitled. The process to be used to implement the payment of cash for fractional shares is set forth under the heading “Treatment of Fractional Shares” on pages 70 – 71 in Frontier’s 2017 proxy statement, filed with the SEC on March 28, 2017.
Stockholders who hold their shares in brokerage accounts or “street name” are not required to take any action to effect the exchange of their shares. Holders of share certificates will soon receive instructions from Frontier’s transfer agent, Computershare Investor Services, regarding the process for exchanging their shares. Computershare Investor Services can be reached at (877) 770-0496 or http://www-us.computershare.com/investor/contact.
About Frontier Communications
Frontier Communications Corporation (NASDAQ:FTR) is a leader in providing communications services to urban, suburban, and rural communities in 29 states. Frontier offers a variety of services to residential customers over its fiber-optic and copper networks, including video, high-speed internet, advanced voice, and Frontier Secure® digital protection solutions. Frontier Business Edge™ offers communications solutions to small, medium, and enterprise businesses. More information about Frontier is available at www.frontier.com.
Frontier Communications Corporation
INVESTORS:
Luke Szymczak, 203-614-5044
Vice President, Investor Relations
luke.szymczak@ftr.com
or
MEDIA:
Brigid Smith, 203-614-5042
AVP, Corp. Comm.
brigid.smith@ftr.com
NewStar has agreed to acquire Fifth Street’s middle market CLO management business
- Signed definitive agreement to acquire Fifth Street CLO Management LLC (“FSCM”), including contracts to manage two middle market CLOs and certain retained interests in the CLOs required to comply with risk retention rules
- FSCM was established in 2015 to specialize in credit-oriented investment strategies focused on middle market bank loans held in funds employing leverage through the issuance of CLOs
- Acquisition will add $726 million to assets under management, increasing total pro forma AUM to approximately $7.3 billion
- Transaction is expected to close in the third quarter of 2017 and be accretive to earnings per share in 2017
BOSTON, July 07, 2017 — NewStar Financial, Inc. (Nasdaq:NEWS) (“NewStar” or the “Company”) announced today that it has agreed to acquire Fifth Street CLO Management LLC (“FSCM”), a wholly-owned subsidiary of Fifth Street Holdings L.P., an affiliate of Fifth Street Asset Management, Inc. (“Fifth Street” or “FSAM”) (NASDAQ:FSAM), a publicly-traded credit-focused asset management firm based in Greenwich, Connecticut. The estimated purchase price is approximately $16 million, net of $13 million of assumed indebtedness and will be subject to adjustment up or down based on certain working capital items as of the closing of the transaction. The acquisition will add approximately $726 million to NewStar’s assets under management, increasing total pro forma AUM to approximately $7.3 billion. The transaction is expected to close in the third quarter of 2017, subject to certain investor consents and other closing conditions set forth in the purchase agreement between Fifth Street Holdings L.P. and NewStar. The transaction is expected to be accretive to NewStar’s earnings per share in 2017.
FSCM was formed in 2015 by Fifth Street to manage its middle market CLO business. FSCM currently manages two CLOs backed by middle market loans and holds certain interests in its sponsored CLOs primarily to comply with regulatory risk retention requirements.
Over the past eighteen months, NewStar has focused on expanding its asset management platform by launching new managed funds, acquiring investment management platforms and increasing its investment activity. This transaction is the Company’s second acquisition adding to its managed assets and represents another important step in that strategy. The acquisition is highly complementary to the Company’s existing middle market direct lending business and provides balance to its overall asset management platform, increasing pro forma fee-paying AUM to $4 billion, split evenly between its middle market and liquid credit strategies platforms. The transaction also adds significantly to the Company’s lending capacity, allowing it to better meet the needs of its private equity clients and compete more effectively to lead new direct lending opportunities.
FSCM will become a wholly-owned subsidiary of NewStar and the funds will be managed by NewStar’s middle market investment team. The transaction is expected to add more than $2.5 million to the Company’s run-rate fee revenue and will serve as a further catalyst to the growth of NewStar’s asset management activities.
“This acquisition is consistent with our strategy to expand our asset management activities in ways that add to our value proposition for institutional investors and leverage our core strengths in direct lending, securitization and credit management. This transaction also provides an attractive way to diversify our business mix, adding to fee revenue and accelerating improvement in equity returns,” said NewStar’s Chairman and Chief Executive Officer Tim Conway.
“The transaction is expected to be accretive to earnings in 2017, adding predictable fee revenue derived from long-term CLO management contracts” added John Bray, NewStar’s Chief Financial Officer. “We were able to complete thorough due diligence and the terms of the transaction worked well for all parties.”
Seward & Kissel LLP served as legal counsel and GreensLedge Capital Markets LLC advised NewStar on the transaction.
About NewStar Financial, Inc.:
NewStar Financial, Inc. (Nasdaq:NEWS) is an internally-managed commercial finance company with $6.6 billion of assets managed across two complementary business lines — middle market direct lending and asset management. The Company’s direct lending activities are focused on meeting the complex financing needs of companies and private investors in the middle markets through specialized lending groups that offer a range of flexible debt financing options to fund working capital, growth strategies, acquisitions and recapitalizations. Through its asset management platforms, NewStar also offers a range of investment products employing credit-oriented strategies focused on middle market loans and liquid, tradeable credit. NewStar is headquartered in Boston MA and has regional offices in Chicago IL, Darien CT, and New York NY. Please visit our website at www.newstarfin.com for more detailed information.
Forward-Looking Statements:
This press release contains forward-looking statements. These forward-looking statements involve a number of risks and uncertainties. Such risks and uncertainties include, but are not limited to, the likelihood that the transaction is consummated on a timely basis or at all, including whether the conditions required to complete the transaction will be met, realization of the expected benefits of the transaction, and NewStar’s expected return and planned growth for the asset management business following the closing of the transaction. Among the important factors that could cause actual results to differ materially from those results indicated in the forward‑looking statements include uncertainties relating to future events that could affect FSCM’s investment performance and level of fee-paying assets under management. Additional information about the economic, competitive, regulatory and other factors that may affect NewStar’s operations is set forth in Item 1A, “Risk Factors” in its Annual Report on Form 10‑K for the year ended December 31, 2016, as supplemented by any “Risk Factors” contained in its Quarterly Reports on Form 10-Q. NewStar is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
NewStar Financial, Inc.
Robert K. Brown
617.848.2558
rbrown@newstarfin.com
Synchronoss Technologies, Inc. (NASDAQ:SNCR) (the “Company” or “Synchronoss”), the leader in mobile cloud innovation for mobile carriers, enterprises, retailers and OEMs around the world, today announced that its Board of Directors has initiated a process to evaluate potential strategic alternatives to maximize shareholder value. As part of the process, the Board will consider a full range of strategic, operational and financial alternatives, which may include a sale or other transaction.
Synchronoss has retained Goldman Sachs & Co LLC and PJT Partners Inc. as its financial advisors to assist with the strategic review process, and has retained Simpson Thacher & Bartlett LLP and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP as its legal counsel.
As previously disclosed, Synchronoss received a non-binding indication of interest from Siris Capital Group, LLC on June 23, 2017 to acquire the Company. In light of the indication of interest, the Board believes now is an appropriate time to explore a broad range of strategic alternatives that may have the potential to unlock shareholder value.
There can be no assurance that the strategic review process will result in any transaction or strategic alternative, or any assurance as to its outcome or timing. The Company has not set a timetable for completion of the review process and does not intend to disclose developments related to the process unless and until the Board approves a transaction or specific action, or otherwise determines that further disclosure is appropriate or required.
About Synchronoss Technologies, Inc.
Synchronoss (NASDAQ: SNCR) is an innovative software company that helps both service providers and enterprises realize and execute their goals for mobile transformation now. Our simple, powerful and flexible solutions serve millions of mobile subscribers and a large portion of the Fortune 500 worldwide today. For more information, visit us at www.synchronoss.com.
Forward-looking Statements
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts, including statements regarding our exploration and evaluation of strategic alternatives and statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “outlook” or words of similar meanings. These statements are based on the Company’s current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There can be no assurance that the strategic review process will result in any transaction or strategic alternative, or any assurance as to its outcome or timing. Numerous factors, many of which are beyond the Company’s control, could cause actual results to differ materially from those expressed as forward-looking statements. These factors include, but are not limited to, risks associated with the ongoing and uncompleted nature of the Company’s accounting review; fluctuations in the Company’s financial and operating results; integration of the Company’s Intralinks business and execution of the Company’s cost reduction plan; the Company’s substantial level of debt and related obligations, including interest payments, covenants and restrictions; uncertainty regarding increased business and renewals from existing customers; the dependence of the Company’s Intralinks business on the volume of financial and strategic business transactions; disruptions to the implementation of the Company’s strategic priorities and business plan caused by changes in the Company’s senior management team; customer renewal rates and attrition; customer concentration; the Company’s ability to maintain the security and integrity of the Company’s systems; foreign currency exchange rates; the financial and other impact of previous and future acquisitions; competition in the enterprise and mobile solutions markets; the Company’s ability to retain and motivate employees; technological developments; litigation and disputes and the costs related thereto; unanticipated changes in the Company’s effective tax rate; uncertainties surrounding domestic and global economic conditions; other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which is on file with the SEC and available on the SEC’s website at www.sec.gov. Additional factors may be described in those sections of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, to be filed with the SEC as soon as practicable. The Company does not undertake any obligation to update any forward-looking statements contained in this report as a result of new information, future events or otherwise.
Investor and Media:
Synchronoss Technologies, Inc.
Daniel Ives, +1 908-524-1047
daniel.ives@synchronoss.com
or
Joele Frank, Wilkinson Brimmer Katcher
Amy Feng / Scott Bisang / Greg Klassen
+1 212-355-4449
HOUSTON, TX and NEUQUEN CITY, ARGENTINA–(Jul 7, 2017) – Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) (“EcoStim” or the “Company”) announced today that it has closed a private placement with certain existing shareholders for $15 million of its common stock. As part of the offering, the Company sold 10,000,000 shares of its common stock for $1.50 per share and intends to use the proceeds from the offering to finance capital expenditures to support its existing contracts in Oklahoma and Argentina, for working capital and for other general corporate purposes.
About Eco-Stim Energy Solutions, Inc.
Eco-Stim is an environmentally focused oilfield service and technology company providing well stimulation and completion services and field management technologies to oil and gas producers. EcoStim’s methodology and technology offers the potential in high cost regions to decrease the number of stages stimulated in shale plays through a process that predicts high probability production zones while confirming those production zones using the latest generation down-hole diagnostic tools. In addition, EcoStim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions and surface footprint. EcoStim seeks to deliver well completion services with better technology, better ecology and significantly improved economics for unconventional oil and gas producers worldwide.
Forward-Looking Statements:
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate.
Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Registration Status
The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws, and accordingly may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. As part of the transaction, the Company has agreed to register the resale of the new shares of the Company with the Securities and Exchange Commission.
NETANYA, Israel, July 07, 2017 — RADA Electronic Industries Ltd. (Nasdaq:RADA), a defense electronics system house specializing in the design, development, production and sales of advanced electronic systems for airborne and land applications, will visit the Nasdaq MarketSite in Times Square on Monday, July 10. In honor of the occasion, Mr. Dov Sella, Chief Executive Officer, will ring the Opening Bell.
Dov Sella, RADA’s CEO, commented, “RADA is celebrating over-25 years of being publicly traded on Nasdaq. A decade ago we identified a new growth engine – mini-tactical radars for the maneuver force. After significant investments, this product line has now matured to a stage where we have begun selling, and the turnaround of the company is beginning to show. As we move through 2017, we still have significant potential to unleash and we are beginning to unlock it. We believe that the ceremony at Nasdaq very much marks the completion of the turnaround and the start of a new era for RADA’s business.”
Where:
Nasdaq MarketSite – 4 Times Square – 43rd & Broadway – Broadcast Studio
When:
Monday, July 10, 2017 – 9:15 a.m. to 9:30 a.m. ET
Feed Information:
Fiber Line (Encompass Waterfront): 4463
Gal 3C/06C 95.05 degrees West
18 mhz Lower
DL 3811 Vertical
FEC 3/4
SR 13.235
DR 18.295411
MOD 4:2:0
DVBS QPSK
Social Media:
For multimedia features such as exclusive content, photo postings, status updates and video of bell ceremonies, please visit our Facebook page:
http://www.facebook.com/NASDAQ.
For photos from ceremonies and events, please visit our Instagram page:
http://instagram.com/nasdaq
For livestream of ceremonies and events, please visit our YouTube page:
http://www.youtube.com/nasdaq/live
For news tweets, please visit our Twitter page:
http://twitter.com/nasdaq
For exciting viral content and ceremony photos, please visit our Tumblr page:
http://nasdaq.tumblr.com/
Webcast:
A live stream of the Nasdaq Opening Bell will be available at:
https://new.livestream.com/nasdaq/live or http://www.nasdaq.com/about/marketsitetowervideo.asx
Photos:
To obtain a hi-resolution photograph of the Market Open, please go to http://business.nasdaq.com/discover/market-bell-ceremonies and click on the market open of your choice.
About RADA Electronic Industries Ltd.
RADA Electronic Industries Ltd. is an Israel-based defense electronics contractor. The Company specializes in the development, production, and sales of Tactical Land Radars for Force and Border Protection and Avionics Systems (including Inertial Navigation Systems) for fighter aircraft and UAVs.
About Nasdaq
Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to 3,800 total listings with a market value of $11 trillion. To learn more, visit: http://business.nasdaq.com
Contact Information
Rada Company Contact:
Gil Schwartz (VP, BD & Marketing)
Tel: +972-9-892-1111
mrkt@rada.com
www.rada.com
Investor Relations Contact:
GK Investor Relations
Ehud Helft, Partner
Tel: 1 617 318 3096
ehud@gkir.com
Nasdaq MarketSite:
Emily Pan
(646) 441-5120
emily.pan@nasdaq.com
LENEXA, KS–(Jul 7, 2017) – Digital Ally, Inc. (NASDAQ: DGLY) (“Digital” or the “Company”), which develops, manufactures and markets advanced video surveillance products for law enforcement, homeland security and commercial applications, today announces a significant victory in its legal battles against Axon Enterprise, Inc. (“Axon,” formerly known as TASER International, Inc.).
On July 6, 2017, the U.S. Patent Office (the “Patent Office”) denied Axon’s petition for inter partes review (“IPR”) of Digital’s Patent No. 9,253,452 (the “‘452 Patent”). The Patent Office rejected every single ground of invalidity that Axon put forward challenging claims 7-10 and 20. These are the exact claims at issue in Digital’s litigation against Axon. The Patent Office further found that “…the information presented [by Axon] in the Petition does not establish a reasonable likelihood that [Axon] would prevail in showing the unpatentability of any of the challenged claims on the grounds set forth in the Petition.”
The ‘452 Patent generally covers the automatic activation and coordination of multiple recording devices in response to a triggering event such as a law enforcement officer activating the light bar on the vehicle. This pioneering invention eliminates the burden of manually activating multiple recording devices when law enforcement officers are responding to an emergent situation. This invention will help to guarantee that all relevant evidence is captured, even if an officer forgets to activate his cameras.
The Patent Office’s decision yet again confirms the strength and validity of Digital’s patents, as well as the inadequacy of Axon’s invalidity arguments. With this loss, the Company believes that the practical availability of Axon’s litigation defenses is now severely limited, principally leaving infringement and damages to be resolved. Additionally, because Axon waited until nearly the expiration of its one-year time limit within which to file the most recent IPRs, Axon is now barred from filing any further IPRs against the ‘452 Patent, as well as against Digital’s Patent No. 8,781,292 (the “‘292 Patent”).
“We are extremely pleased with the Patent Office’s decision to confirm the validity of our ‘452 Patent,” said Digital’s CEO, Stanton E. Ross. “It is unfortunate that Axon continues to raise these baseless validity arguments to avoid a clear case of willful infringement. We remain committed to defeating Axon’s arguments and ultimately winning this lawsuit. We look forward to restarting our patent infringement litigation in U.S. District Court against Axon, which had been stayed pending the Patent Office IPRs. We will now take the necessary actions to move to a trial where a jury can finally end Axon’s willful infringement and assess damages due to us.”
The Company plans to conduct a conference call on Monday, July 10, 2017. Time and dial-in information will be circulated later today.
About Digital Ally, Inc.
Digital Ally, Inc. develops, manufactures and markets advanced technology products for law enforcement, homeland security and commercial applications. The Company’s primary focus is digital video imaging and storage. The Company is headquartered in Lenexa, Kansas, and its shares are traded on The Nasdaq Capital Market under the symbol “DGLY.” For additional news and information please visit www.digitalallyinc.com or follow us on Twitter @digitalallyinc and Facebook www.facebook.com/DigitalAllyInc.
Follow additional Digital Ally Inc. social media channels here:
LinkedIn: http://www.linkedin.com/company/230831?trk=tyah&trkInfo=clickedVertical:company,idx:1-1-1,tarId:1436374701707,tas:digital%20ally
Instagram: https://www.instagram.com/digitalallyinc/
Google+: https://plus.google.com/u/0/b/106768996895118138587/106768996895118138587/posts/p/pub
Pinterest: https://www.pinterest.com/digitalallyinc/
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. A wide variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the following: the ultimate outcome of the patent infringement litigation between the Company and Axon; whether Axon will seek to have the Patent Office reconsider its IPR decision and whether the Patent Office will do so; competition from larger, more established companies with far greater economic and human resources; the effect of changing economic conditions; and changes in government regulations and similar matters. These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company’s disclosures. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in its annual report on Form 10-K for the year ended December 31, 2016 and Form 10-Q for the three months ended March 30, 2017, as filed with the Securities and Exchange Commission.
For Additional Information, Please Contact:
Stanton E. Ross
CEO
(913) 814-7774
Thomas J. Heckman
CFO
(913) 814-7774
Synchronoss Technologies, Inc. (NASDAQ:SNCR) (the “Company” or “Synchronoss”), the leader in mobile cloud innovation for mobile carriers, enterprises, retailers and OEMs around the world, today announced that its Board of Directors has initiated a process to evaluate potential strategic alternatives to maximize shareholder value. As part of the process, the Board will consider a full range of strategic, operational and financial alternatives, which may include a sale or other transaction.
Synchronoss has retained Goldman Sachs & Co LLC and PJT Partners Inc. as its financial advisors to assist with the strategic review process, and has retained Simpson Thacher & Bartlett LLP and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP as its legal counsel.
As previously disclosed, Synchronoss received a non-binding indication of interest from Siris Capital Group, LLC on June 23, 2017 to acquire the Company. In light of the indication of interest, the Board believes now is an appropriate time to explore a broad range of strategic alternatives that may have the potential to unlock shareholder value.
There can be no assurance that the strategic review process will result in any transaction or strategic alternative, or any assurance as to its outcome or timing. The Company has not set a timetable for completion of the review process and does not intend to disclose developments related to the process unless and until the Board approves a transaction or specific action, or otherwise determines that further disclosure is appropriate or required.
About Synchronoss Technologies, Inc.
Synchronoss (NASDAQ: SNCR) is an innovative software company that helps both service providers and enterprises realize and execute their goals for mobile transformation now. Our simple, powerful and flexible solutions serve millions of mobile subscribers and a large portion of the Fortune 500 worldwide today. For more information, visit us at www.synchronoss.com.
Forward-looking Statements
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts, including statements regarding our exploration and evaluation of strategic alternatives and statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “outlook” or words of similar meanings. These statements are based on the Company’s current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There can be no assurance that the strategic review process will result in any transaction or strategic alternative, or any assurance as to its outcome or timing. Numerous factors, many of which are beyond the Company’s control, could cause actual results to differ materially from those expressed as forward-looking statements. These factors include, but are not limited to, risks associated with the ongoing and uncompleted nature of the Company’s accounting review; fluctuations in the Company’s financial and operating results; integration of the Company’s Intralinks business and execution of the Company’s cost reduction plan; the Company’s substantial level of debt and related obligations, including interest payments, covenants and restrictions; uncertainty regarding increased business and renewals from existing customers; the dependence of the Company’s Intralinks business on the volume of financial and strategic business transactions; disruptions to the implementation of the Company’s strategic priorities and business plan caused by changes in the Company’s senior management team; customer renewal rates and attrition; customer concentration; the Company’s ability to maintain the security and integrity of the Company’s systems; foreign currency exchange rates; the financial and other impact of previous and future acquisitions; competition in the enterprise and mobile solutions markets; the Company’s ability to retain and motivate employees; technological developments; litigation and disputes and the costs related thereto; unanticipated changes in the Company’s effective tax rate; uncertainties surrounding domestic and global economic conditions; other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which is on file with the SEC and available on the SEC’s website at www.sec.gov. Additional factors may be described in those sections of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, to be filed with the SEC as soon as practicable. The Company does not undertake any obligation to update any forward-looking statements contained in this report as a result of new information, future events or otherwise.
Investor and Media:
Synchronoss Technologies, Inc.
Daniel Ives, +1 908-524-1047
daniel.ives@synchronoss.com
or
Joele Frank, Wilkinson Brimmer Katcher
Amy Feng / Scott Bisang / Greg Klassen
+1 212-355-4449
