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Camden National Corporation Reports First Quarter 2025 Earnings

PR Newswire

Camden National Reaches $7.0 Billion in Total Assets as it Successfully Completes
the Acquisition of Northway Financial, Inc. in the First Quarter


CAMDEN, Maine
, May 6, 2025 /PRNewswire/ — Camden National Corporation (NASDAQ: CAC; “Camden National” or the “Company”) reported earnings for the quarter ended March 31, 2025 of $7.3 million and diluted earnings per share (“EPS”) of $0.43. Reported earnings include the effects of the acquisition of Northway Financial, Inc. (“Northway”) and its subsidiary, Northway Bank, that was completed on January 2, 2025, in an all-stock transaction through the issuance of 2.3 million shares of Camden National common stock. On a non-GAAP basis, adjusted net income increased 6% and adjusted diluted EPS decreased 8% for the quarter ended March 31, 2025, compared to the fourth quarter of 2024. Our reported non-GAAP adjusted financial results exclude the financial impact of certain non-recurring transactions associated with the acquisition of Northway.

“I am very pleased with our first quarter financial results, which demonstrate our franchise’s continued strength,” said Simon Griffiths, President and Chief Executive Officer of Camden National. “We reported adjusted net income of $16.0 million for the quarter as our net interest margin expanded to 3.04%, including the impact of purchase accounting. More importantly, our core net interest margin expanded 11 basis points to 2.68% for the quarter. Combining our core net interest margin momentum with the benefit of cost savings to come from the acquisition, we believe we are positioned well for solid earnings growth moving forward.”

With the integration of Northway completed in mid-March 2025, the Company is on track to achieve its previously reported annual cost savings goal and meet its merger costs target. The Company expects these cost savings to begin to materialize in the second quarter of 2025 and for merger costs to continue over the coming quarters. 

Asset quality of the combined organization was strong at March 31, 2025, reflecting the ongoing credit quality of Camden National and the acquired Northway loan portfolio.

Griffiths added, “In the first quarter, we proudly joined forces with our neighbors at Northway Bank, welcoming over 100 new team members to Camden National. In mid-March, we successfully completed our systems and branch integration, bringing more than 28,000 new customers into our network. Expanding our footprint across Maine and New Hampshire allows us to better serve our customers by leveraging the power of our technology investments and resources with the personalized service and local decision-making our customers value.”


FIRST QUARTER 2025 HIGHLIGHTS

  • Successfully completed the acquisition of Northway on January 2, 2025, and the full customer integration of Northway Bank systems and branches in mid-March 2025.
  • Fully deployed our new online account opening platform, streamlining the deposit account opening process and supporting expansion into new markets.
  • GAAP return on average assets was 0.43% and GAAP return on average equity was 4.75% for the first quarter of 2025. On a non-GAAP basis, our adjusted return on average assets was 0.94% and our adjusted return on average tangible equity was 16.40% for the same period.
  • Net interest margin for the first quarter of 2025 reached 3.04%, compared to 2.57% for the fourth quarter of 2024. On a non-GAAP basis, our core net interest margin was 2.68% for the first quarter of 2025, compared to 2.57% for the fourth quarter of 2024.
  • Asset quality continues to be very strong, highlighted by loans 30-89 days past due of 0.07% of total loans and non-performing loans of 0.15% of total loans at March 31, 2025.
  • Regulatory capital ratios continue to be well in excess of required levels. As of March 31, 2025, the common equity ratio was 9.19% and, on a non-GAAP basis, tangible common equity ratio was 6.49%, compared to 9.15% and 7.64%, respectively, at December 31, 2024. The decrease in capital between periods was driven by the acquisition of Northway during the first quarter of 2025.


NORTHWAY ACQUISITION

The Company acquired Northway and its subsidiary, Northway Bank, by merger on January 2, 2025 (“Acquisition Date”), in an all-stock transaction valued at $96.5 million through the issuance of 2.3 million shares of its common stock. The Company recorded the acquired assets and liabilities at their estimated provisional fair value, with limited exceptions, as of the Acquisition Date in accordance with GAAP. The merger with Northway provides the Company with an expanded branch network throughout New Hampshire, additional scale through the acquisition of assets, a strong, low-cost core deposit franchise, and the ability to create revenue and cost synergies.

As of the Acquisition Date, after provisional purchase accounting adjustments, the Northway merger resulted in an increase in the Company’s assets of $1.2 billion, including $775.7 million in loans and $230.0 million in investments, and an increase in liabilities, including deposits of $971.6 million, which includes $799.1 million in non-maturity deposits, and an increase in borrowings of $127.6 million. Additionally, core deposit intangible (“CDI”) assets provisionally estimated at $48.1 million, or 5.9% of core deposits, were created as of the Acquisition Date. In total, $59.1 million of goodwill was generated, subject to the Company finalizing its purchase accounting for the acquisition over the coming quarters.

The Company designated $103.0 million, or 12%, of the acquired loans as purchase credit deteriorated (“PCD”), and the remaining loans were designated as non-PCD as of the Acquisition Date. The Company established loan loss reserves on the PCD loans within the allowance for credit losses (“ACL”) on loans totaling $3.1 million, and a $6.3 million provision for credit losses was recognized as loan loss reserves on the non-PCD loans within the ACL on loans as of the Acquisition Date.

The Company is on track to achieve its previously reported annual cost savings goal of 35% of Northway’s operating expenses, of which 75% is to be realized during 2025.

During the first quarter of 2025, the Company incurred pre-tax acquisition-related costs of $7.5 million. Through March 31, 2025, the Company, including the costs Northway had incurred prior to the merger, has incurred pre-tax acquisition-related costs totaling $10.8 million and is on track to achieve its previously reported merger costs target of $13.5 million.

The Company’s financial results for any period ended prior to January 2, 2025, reflect Camden National’s results on a standalone basis. As a result, the Company’s financial results for the first quarter of 2025 may not be directly comparable to prior reported periods.


FINANCIAL CONDITION

As of March 31, 2025, total assets were $7.0 billion, an increase of $1.2 billion since December 31, 2024, primarily due to the assets acquired in the Northway merger.

Investments totaled $1.4 billion on March 31, 2025, an increase of 21% since December 31, 2024, primarily due to the $227.4 million of securities acquired in the Northway merger. Shortly after the Acquisition Date, the Company sold certain low-yield, longer duration available-for-sale (“AFS”) investment securities acquired from Northway. These investment securities were sold at their fair value of $56.0 million, and, as such, the sale did not result in any gain or loss. The Company used the cash proceeds from the sale and additional cash on hand to purchase $76.7 million of securities at current market rates to enhance future earnings and manage the duration risk within its investment portfolio. As of March 31, 2025 and December 31, 2024, the duration of the Company’s total investment portfolio was 5.3 years and 5.2 years, respectively.

Loans totaled $4.9 billion on March 31, 2025, an increase of $769.8 million, or 19%, since December 31, 2024, primarily due to the acquisition of Northway. At March 31, 2025, our committed loan pipeline totaled $106.4 million, an increase of 53% over December 31, 2024. We continue to sell the majority of our residential mortgage production. For the first quarter of 2025, we sold 58% of our residential mortgage production.

Asset quality continues to be a strength of the Company’s financial position. On March 31, 2025, loans 30-89 days past due were 0.07% of total loans and annualized net charge-offs for the first quarter of 2025 were 0.08% of average loans. The Company’s ACL on loans was 0.96% as of March 31, 2025, compared to 0.87% as of December 31, 2024. The increase of 9 basis points resulted from the loans acquired from Northway and the change in our macroeconomic outlook. On March 31, 2025, the ACL on loans was 6.4 times total non-performing loans, compared to 5.5 times as of December 31, 2024.

Deposits totaled $5.6 billion on March 31, 2025, an increase of $964.3 million, or 21%, primarily due to the Northway acquisition. Organic deposit balances decreased $7.4 million during the first quarter of 2025, which included the expected drawdown from one large customer relationship of $61.8 million. As of March 31, 2025, our loan-to-deposit ratio was 87%, compared to 89% at December 31, 2024.

Borrowings were $628.7 million as of March 31, 2025, an increase of $83.8 million, or 15%, driven by repurchase agreements and subordinated debentures acquired in the Northway merger. Shortly after the Acquisition Date, the Company pre-paid all of Northway’s Federal Home Loan Bank borrowings totaling $45.0 million to optimize its earnings and the balance sheet.

As of March 31, 2025, the Company’s common equity Tier 1 risk-based capital ratio was 10.78%, Tier 1 risk-based capital ratio was 12.09%, total risk-based capital ratio was 13.13% and Tier 1 leverage ratio was 8.58%. Each of these regulatory capital ratios continue to be well in excess of regulatory capital requirements.

The Company announced a cash dividend of $0.42 per share, representing an annualized dividend yield of 4.15%, based on the Company’s closing share price of $40.47 as reported by NASDAQ on March 31, 2025. The dividend will be payable on April 30, 2025, to shareholders of record on April 15, 2025.


FINANCIAL OPERATING RESULTS (Q1 2025 vs. Q4 2024)

Net income for the first quarter of 2025 was $7.3 million, a decrease of $7.3 million, or 50%, compared to the fourth quarter of 2024. The decrease between periods was driven by an increase in expenses associated with the acquisition of Northway, including (1) acquisition-related costs of $5.8 million, after tax, and (2) the recognition of $5.0 million, after tax, of provision expense to record the ACL on loans for acquired non-PCD loans. Partially offsetting these costs was a one-time decrease in income tax expense of $2.4 million upon revaluation of our deferred tax assets as our presence in New Hampshire grew due to the acquisition of Northway. Excluding the items noted above, on a non-GAAP basis, the Company reported adjusted net income for the first quarter of 2025 of $16.0 million, an increase of $961,000, or 6%, over the fourth quarter of 2024.

Net interest income for the first quarter of 2025 was $48.9 million, an increase of $13.4 million, or 38%, compared to the fourth quarter of 2024. The increase between periods was driven by net interest margin expansion of 47 basis points between periods to 3.04% for the first quarter of 2025, and an increase in average earning assets of $965.8 million, or 18%, primarily driven by the acquisition of Northway. The increase in net interest margin was driven by continued expansion of our core net interest margin between periods, which increased 11 basis points between periods to 2.68% for the first quarter, and by net fair value mark accretion on acquired interest-earning assets and liabilities, which totaled $5.0 million before taxes, contributing 36 basis points to our reported net interest margin for the first quarter of 2025.

Provision expense of $9.4 million was recorded for the first quarter of 2025, consisting of provision for loan losses of $8.9 million and provision for unfunded commitments of $556,000. The increase for the provision for loan losses was driven by the $6.3 million provision for non-PCD loans acquired and the change in our macroeconomic forecast between periods.

Non-interest income for the first quarter of 2025 was $11.2 million, a decrease of $970,000, or 8%, compared to the fourth quarter of 2024. The benefit to non-interest income from the acquisition of Northway and higher brokerage income of $256,000 was offset by the timing and volatility of certain revenue streams, including: (1) a decrease in mortgage banking income of $425,000 between periods primarily driven by the negative change in fair value on loans held for sale and residential mortgage loan pipelines, (2) timing of recognition of our annual debit card bonus of $407,000 in the fourth quarter of 2024, and (3) lower derivative income on back-to-back loan swaps and other investment income between periods of $663,000.

Non-interest expense for the first quarter of 2025 was $44.5 million, an increase of $16.1 million, or 57%, compared to the fourth quarter of 2024. The increase in non-interest expense between periods reflects the acquisition of Northway and operating two franchises for the entirety of the quarter. The Company anticipates cost savings to increase beginning in the second quarter of 2025, resulting from the completion of the Northway integration in mid-March 2025. Additionally, the Company had higher costs between periods due to an increase in acquisition-related costs of $7.1 million and an increase in amortization of CDI assets of $1.3 million as the Company recorded a CDI asset of $48.1 million with the acquisition of Northway.

The company recorded a benefit of income taxes for the quarter of $1.2 million in the first quarter, a decrease of $4.9 million in income tax expense from the fourth quarter of 2025. The Company’s estimated normalized effective tax rate is 20.6%. However, upon the acquisition of Northway, the Company’s estimated deferred tax rate increased, resulting in a one-time revaluation of its deferred tax assets that resulted in a tax benefit in the first quarter of 2025 of $2.4 million.


2025 ANNUAL MEETING OF SHAREHOLDERS

Camden National has scheduled its annual meeting of shareholders (“Annual Meeting”) for Tuesday, May 20, 2025, at 9:00 a.m., Eastern Daylight Time. The Annual Meeting will be held virtually via a live audio webcast at www.virtualshareholdermeeting.com/CAC2025 and in person at Camden National’s Hanley Center, Fox Ridge Office Park, 245 Commercial Street, Rockport, Maine 04856. We encourage all shareholders as of the March 26, 2025 record date to attend the Annual Meeting.


Q1 2025 CONFERENCE CALL

Camden National Corporation will host a conference call and webcast at 2:00 p.m., Eastern Time, Tuesday, May 6, 2025 to discuss its first quarter 2025 financial results and outlook. Participants should dial into the call 10 – 15 minutes before it begins. Information about the conference call is as follows:

Live dial-in (Domestic):                                 

(833) 470-1428

Live dial-in (All other locations):                   

(929) 526-1599

Participant access code:                               

893714

Live webcast:                                                 


https://events.q4inc.com/attendee/128697402 

A link to the live webcast will be available on Camden National’s website under “About — Investor Relations” at CamdenNational.bank before the meeting, and a replay of the webcast will be available on Camden National’s website following the conference call. The conference call transcript will also be available on Camden National’s website approximately two days after the conference call.


ABOUT CAMDEN NATIONAL CORPORATION

Camden National Corporation (NASDAQ: CAC) is Northern New England’s largest publicly traded bank holding company, with $7.0 billion in assets. Founded in 1875, Camden National Bank has 73 branches in Maine and New Hampshire, is a full-service community bank offering the latest digital banking, complemented by award-winning, personalized service. Additional information is available at CamdenNational.bank. Member FDIC. Equal Housing Lender.

Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management.


FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including certain plans, expectations, goals, projections, and other statements, which are subject to numerous risks, assumptions, and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures; inflation; ongoing competition in labor markets and employee turnover; deterioration in the value of Camden National’s investment securities; changes in consumer spending and savings habits; changes in the interest rate environment; changes in general economic conditions, including as a result of tariffs and retaliatory tariffs; operational risks including, but not limited to, cybersecurity, fraud, pandemics and natural disasters; legislative and regulatory changes that adversely affect the business in which Camden National is engaged; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions which could affect Camden National’s ability to attract and retain depositors, and could affect the ability of financial services providers, including the Company, to borrow or raise capital; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; changes to regulatory capital requirements; changes in the securities markets and other risks and uncertainties disclosed from time to time in Camden National’s Annual Report on Form 10-K for the year ended December 31, 2023, as updated by other filings with the Securities and Exchange Commission (“SEC”). Further, statements regarding the potential effects of notable and global current events on the Company’s business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond the Company’s control. Camden National does not have any obligation to update forward-looking statements.


USE OF NON-GAAP MEASURES

In addition to evaluating the Company’s results of operations in accordance with generally accepted accounting principles in the United States (“GAAP”), management supplements this evaluation with certain non-GAAP financial measures such as: adjusted net income; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average equity; pre-tax, pre-provision income; adjusted pre-tax, pre-provision income; return on average tangible equity and adjusted return on average tangible equity; the efficiency and tangible common equity ratios; tangible book value per share; core deposits and average core deposits and core net interest margin. Management utilizes these non-GAAP financial measures for purposes of measuring our performance against our peer group and other financial institutions and analyzing our internal performance. We also believe these non-GAAP financial measures help investors better understand the Company’s operating performance and trends and allow for better performance comparisons to other financial institutions. In addition, these non-GAAP financial measures remove the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for GAAP operating results, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other financial institutions. Reconciliations to the comparable GAAP financial measures can be found in this document.


ANNUALIZED DATA

Certain returns, yields and performance ratios are presented on an “annualized” basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Annualized data may not be indicative of any four-quarter period and is presented for illustrative purposes only.


Selected Financial Data


(unaudited)  


At or For The


Three Months Ended


(In thousands, except number of shares and per share data)


March 31,

2025


December 31,

2024


March 31,

2024


Financial Condition Data

Loans

$  4,885,086

$   4,115,259

$   4,121,040

Total assets

6,964,785

5,805,138

5,794,785

Deposits

5,597,478

4,633,167

4,551,524

Shareholders’ equity

640,054

531,231

501,577


Operating Data and Per Share Data

Net income

$         7,326

$        14,666

$        13,272

Adjusted net income (non-GAAP)(1)

16,047

15,086

12,553

Pre-tax, pre-provision income (non-GAAP)(1)

15,603

19,211

14,233

Adjusted pre-tax, pre-provision income (non-GAAP)(1)

23,128

19,643

14,233

Diluted EPS

0.43

1.00

0.91

Adjusted diluted EPS (non-GAAP)(1)

0.95

1.03

0.86


Profitability Ratios

Return on average assets

0.43 %

1.01 %

0.93 %

Adjusted return on average assets (non-GAAP)(1)

0.94 %

1.04 %

0.88 %

Return on average equity

4.75 %

10.99 %

10.77 %

Adjusted return on average equity (non-GAAP)(1)

10.40 %

11.30 %

10.19 %

Return on average tangible equity (non-GAAP)(1)

8.09 %

13.50 %

13.46 %

Adjusted return on average tangible equity (non-GAAP)(1)

16.40 %

13.88 %

12.74 %

GAAP efficiency ratio

74.02 %

59.62 %

65.78 %

Efficiency ratio (non-GAAP)(1)

58.72 %

58.22 %

65.21 %

Net interest margin (fully-taxable equivalent)

3.04 %

2.57 %

2.30 %

Core net interest margin (fully-taxable equivalent) (non-GAAP)(1)

2.68 %

2.57 %

2.30 %


Asset Quality Ratios

ACL on loans to total loans

0.96 %

0.87 %

0.86 %

Non-performing loans to total loans

0.15 %

0.12 %

0.14 %

Loans 30-89 days past due to total loans

0.07 %

0.05 %

0.05 %

Annualized net charge-offs to average loans

0.08 %

0.04 %

0.02 %


Capital Ratios

Common equity ratio

9.19 %

9.15 %

8.66 %

Tangible common equity ratio (non-GAAP)(1)

6.49 %

7.64 %

7.12 %

Tier 1 leverage capital ratio

8.58 %

9.90 %

9.59 %

Total risk-based capital ratio

13.13 %

15.11 %

14.52 %

(1)  This is a non-GAAP measure, please see “Reconciliation of non-GAAP to GAAP Financial Measures (unaudited).”

 


Consolidated Statements of Condition Data


(unaudited)


(In thousands)


March 31,

2025


December 31,

2024


March 31,

2024


% Change
Mar 2025
vs. Dec
2024


% Change
Mar 2025
vs. Mar
2024


ASSETS

Cash, cash equivalents and restricted cash

$          219,414

$          214,963

$          176,719

2 %

24 %

Investments:

Trading securities

4,860

5,243

4,847

(7) %

— %

Available-for-sale securities, at fair value

836,130

593,749

601,576

41 %

39 %

Held-to-maturity securities, at amortized cost

516,682

517,778

540,349

— %

(4) %

Other investments

26,284

22,514

16,392

17 %

60 %

Total investments

1,383,956

1,139,284

1,163,164

21 %

19 %

Loans held for sale, at fair value

11,059

11,049

9,524

— %

16 %

Loans:

Commercial real estate

2,067,098

1,711,964

1,702,952

21 %

21 %

Commercial

487,409

382,785

397,395

27 %

23 %

Residential real estate

2,028,062

1,752,249

1,762,482

16 %

15 %

Consumer and home equity

302,517

268,261

258,211

13 %

17 %

Total loans

4,885,086

4,115,259

4,121,040

19 %

19 %

      Less: allowance for credit losses on loans

(46,723)

(35,728)

(35,613)

31 %

31 %

       Net loans

4,838,363

4,079,531

4,085,427

19 %

18 %

Goodwill and core deposit intangible assets

200,770

95,112

95,529

111 %

110 %

Other assets

311,223

265,199

264,422

17 %

18 %


Total assets


$       6,964,785


$       5,805,138


$       5,794,785


20 %


20 %


LIABILITIES AND SHAREHOLDERS’ EQUITY


Liabilities

Deposits:

Non-interest checking

$       1,132,648

$          925,571

$          929,314

22 %

22 %

Interest checking

1,714,944

1,483,589

1,503,045

16 %

14 %

Savings and money market

1,828,332

1,511,589

1,379,437

21 %

33 %

Certificates of deposit

703,873

532,424

585,786

32 %

20 %

Brokered deposits

217,681

179,994

153,942

21 %

41 %

Total deposits

5,597,478

4,633,167

4,551,524

21 %

23 %

Short-term borrowings

567,436

500,621

601,499

13 %

(6) %

Junior subordinated debentures

61,290

44,331

44,331

38 %

38 %

Accrued interest and other liabilities

98,527

95,788

95,854

3 %

3 %


Total liabilities


6,324,731


5,273,907


5,293,208


20 %


19 %


Commitments and Contingencies


Shareholders’ Equity

Common stock, no par value

213,589

116,425

116,449

83 %

83 %

Retained earnings

508,720

509,452

488,143

— %

4 %

Accumulated other comprehensive loss:

Net unrealized loss on debt securities, net of tax

(89,613)

(104,015)

(111,357)

(14) %

(20) %

Net unrealized gain on cash flow hedging derivative
     instruments, net of tax

6,953

8,958

8,587

(22) %

(19) %

Net unrecognized loss on postretirement plans, net of tax

405

411

(245)

(1) %

(265) %

Total accumulated other comprehensive loss

(82,255)

(94,646)

(103,015)

(13) %

(20) %


Total shareholders’ equity

640,054

531,231

501,577

20 %

28 %


Total liabilities and shareholders’ equity


$       6,964,785


$       5,805,138


$       5,794,785


20 %


20 %

 


Consolidated Statements of Income Data


(unaudited)


For The


Three Months Ended


(In thousands, except per share data)


March 31,

2025


December 31,

2024


March 31,

2024


% Change
Mar 2025 vs.
Dec 2024


% Change
Mar 2025 vs.
Mar 2024


Interest Income

Interest and fees on loans

$            66,549

$            54,035

$            51,709

23 %

29 %

Taxable interest on investments

9,772

6,925

7,027

41 %

39 %

Nontaxable interest on investments

468

461

465

2 %

1 %

Dividend income

520

408

312

27 %

67 %

Other interest income

1,086

1,662

670

(35) %

62 %


Total interest income

78,395

63,491

60,183

23 %

30 %


Interest Expense

Interest on deposits

24,621

23,408

23,178

5 %

6 %

Interest on borrowings

4,018

4,134

5,198

(3) %

(23) %

Interest on junior subordinated debentures

898

540

534

66 %

68 %


Total interest expense

29,537

28,082

28,910

5 %

2 %


Net interest income

48,858

35,409

31,273

38 %

56 %


Provision (credit) for credit losses

9,429

809

(2,102)

N.M.

N.M.


Net interest income after provision (credit) for credit
     losses

39,429

34,600

33,375

14 %

18 %


Non-Interest Income

Debit card income

3,233

3,553

2,866

(9) %

13 %

Service charges on deposit accounts

2,318

2,136

2,027

9 %

14 %

Income from fiduciary services

1,838

1,834

1,749

— %

5 %

Brokerage and insurance commissions

1,697

1,441

1,239

18 %

37 %

Bank-owned life insurance

660

720

683

(8) %

(3) %

Mortgage banking income, net

508

933

808

(46) %

(37) %

Other income

942

1,549

950

(39) %

(1) %


Total non-interest income

11,196

12,166

10,322

(8) %

8 %


Non-Interest Expense

Salaries and employee benefits

20,243

15,973

15,954

27 %

27 %

Merger and acquisition costs

7,525

432

—

N.M.

N.M.

Furniture, equipment and data processing

4,731

3,660

3,629

29 %

30 %

Net occupancy costs

3,033

1,971

2,070

54 %

47 %

Debit card expense

1,690

1,344

1,264

26 %

34 %

Consulting and professional fees

1,498

786

860

91 %

74 %

Amortization of core deposit intangible assets

1,473

139

139

N.M.

N.M.

Regulatory assessments

986

804

857

23 %

15 %

Other real estate owned and collection costs, net

90

50

10

80 %

N.M.

Other expenses

3,182

3,205

2,579

(1) %

23 %


Total non-interest expense

44,451

28,364

27,362

57 %

62 %


Income before income tax (benefit) expense

6,174

18,402

16,335

(66) %

(62) %


Income Tax (Benefit) Expense

(1,152)

3,736

3,063

(131) %

(138) %


Net Income


$              7,326


$            14,666


$            13,272


(50) %


(45) %


Per Share Data

Basic earnings per share

$                0.43

$                 1.01

$                 0.91

(57) %

(53) %

Diluted earnings per share

$                0.43

$                 1.00

$                 0.91

(57) %

(53) %

N.M. = Not meaningful

 


Quarterly Average Balance and Yield/Rate Analysis


(unaudited)


Average Balance


Yield/Rate


For The Three Months Ended


For The Three Months Ended


(Dollars in thousands)


March 31,

2025


December 31,

2024


March 31,

2024


March 31,

2025


December 31,

2024


March 31,

2024


Assets


Interest-earning assets:

Interest-bearing deposits in other banks
     and other interest-earning assets

$          84,211

$       130,405

$          44,487

4.44 %

4.49 %

4.34 %

Investments – taxable

1,375,818

1,150,351

1,187,699

3.04 %

2.61 %

2.53 %

Investments – nontaxable(1)

62,485

61,929

62,385

3.79 %

3.77 %

3.78 %

Loans(2):

Commercial real estate

2,065,534

1,707,914

1,682,599

5.69 %

5.36 %

4.94 %

Commercial(1)

409,037

359,954

390,019

6.37 %

6.29 %

6.05 %

Municipal(1)

90,554

15,237

14,653

6.17 %

5.30 %

4.40 %

Residential real estate

2,034,024

1,766,143

1,773,077

4.71 %

4.45 %

4.41 %

Consumer and home equity

303,147

267,065

257,305

7.39 %

7.52 %

7.89 %

     Total loans 

4,902,296

4,116,313

4,117,653

5.45 %

5.19 %

5.00 %


Total interest-earning assets

6,424,810

5,458,998

5,412,224

4.91 %

4.61 %

4.44 %

Other assets

477,556

315,181

305,756


Total assets


$     6,902,366


$    5,774,179


$     5,717,980


Liabilities & Shareholders’ Equity


Deposits:

Non-interest checking

$     1,107,398

$       948,015

$        933,321

— %

— %

— %

Interest checking

1,703,056

1,449,281

1,490,185

1.85 %

2.29 %

2.53 %

Savings

894,803

726,179

599,791

0.98 %

1.06 %

0.20 %

Money market

918,637

779,893

764,585

2.63 %

3.09 %

3.29 %

Certificates of deposit

706,851

537,922

582,806

3.72 %

3.67 %

3.77 %


Total deposits

5,330,745

4,441,290

4,370,688

1.70 %

1.91 %

1.97 %


Borrowings:

Brokered deposits

196,510

170,638

133,385

4.62 %

4.93 %

5.31 %

Customer repurchase agreements

236,437

182,017

182,487

1.29 %

1.58 %

1.60 %

Junior subordinated debentures

61,282

44,331

44,331

5.94 %

4.84 %

4.85 %

Other borrowings

348,402

325,000

401,683

3.80 %

4.17 %

4.40 %


Total borrowings

842,631

721,986

761,886

3.44 %

3.74 %

3.96 %


Total funding liabilities

6,173,376

5,163,276

5,132,574

1.94 %

2.16 %

2.27 %

Other liabilities

103,201

80,144

89,893

Shareholders’ equity

625,789

530,759

495,513


Total liabilities & shareholders’ equity


$     6,902,366


$    5,774,179


$     5,717,980


Net interest rate spread (fully-taxable equivalent)


2.97 %


2.45 %


2.17 %


Net interest margin (fully-taxable equivalent)


3.04 %


2.57 %


2.30 %


Core net interest margin (fully-taxable equivalent)(3)


2.68 %


2.57 %


2.30 %

(1)  Reported on a tax-equivalent basis calculated using the federal corporate income tax rate of 21%, including certain commercial loans.

(2)  Non-accrual loans and loans held for sale are included in total average loans.

(3)  This is a non-GAAP measure. Please see “Reconciliation of non-GAAP to GAAP Financial Measures (unaudited).”

 


Loan And Deposit Organic Growth Data


 (Unaudited)


(A)


(B)


(C)


(D) = (A) – (B) – (C)


(In thousands)


March 31,


2025


December 31,


2024


Northway
Acquisition
Purchase
Accounting(1)


Three Months Ended


March 31, 2025


Organic Growth


Loans:

Commercial real estate

$          2,067,098

$         1,711,964

$             360,272

$                (5,138)

— %

Commercial

487,409

382,785

106,487

(1,863)

— %

Residential real estate

2,028,062

1,752,249

273,349

2,464

— %

Consumer and home equity

302,517

268,261

35,555

(1,299)

— %


    Total loans


$          4,885,086


$         4,115,259


$             775,663


$               (5,836)

— %


Deposits:

Non-interest checking

$          1,132,648

$            925,571

$             197,320

$                 9,757

1 %

Interest checking

1,714,944

1,483,589

315,891

(84,536)

(6) %

Savings and money market

1,828,332

1,511,589

285,889

30,854

2 %

Certificates of deposit

703,873

532,424

172,573

(1,124)

— %

Brokered deposits

217,681

179,994

—

37,687

21 %

Total deposits


$          5,597,478


$         4,633,167


$             971,673


$               (7,362)

— %

(1)  Represents fair value marks recorded on loans and deposits as of the Acquisition Date, January 2, 2025

 


Asset Quality Data


(unaudited)


(In thousands)


At or for the


Three Months
Ended


March 31,


2025


At or for the


Year Ended


December 31,


2024


At or for the


Nine Months
Ended


September 30,


2024


At or for the


Six Months
Ended


June 30,


2024


At or for the


Three Months
Ended


March 31,


2024


Non-accrual loans:

Residential real estate

$              4,322

$              1,891

$              2,497

$              2,497

$              2,473

Commercial real estate

271

559

130

79

205

Commercial

1,803

1,927

2,057

4,409

1,980

Consumer and home equity

855

452

666

810

1,000


Total non-accrual loans

7,251

4,829

5,350

7,795

5,658

Accruing loans past due 90 days

—

—

—

—

—


Total non-performing loans

7,251

4,829

5,350

7,795

5,658


Other real estate owned

72

—

—

—

—


Total non-performing assets


$              7,323


$              4,829


$              5,350


$              7,795


$              5,658


Loans 30-89 days past due:

Residential real estate

$              1,754

$                 558

$                 216

$                 400

$                 797

Commercial real estate

380

689

239

678

92

Commercial

767

393

578

539

537

Consumer and home equity

440

621

358

628

618


Total loans 30-89 days past due


$              3,341


$              2,261


$              1,391


$              2,245


$              2,044


ACL on loans at the beginning of the period

$            35,728

$             36,935

$            36,935

$            36,935

$            36,935

ACL established on acquired PCD loans

3,071

—

—

—

—

Provision (credit) for loan losses

8,873

53

(693)

(976)

(1,164)

Charge-offs:

Residential real estate

4

—

—

—

—

Commercial real estate

191

—

—

—

—

Commercial

896

1,784

1,157

763

309

Consumer and home equity

29

99

83

55

36

Total charge-offs 

1,120

1,883

1,240

818

345

Total recoveries 

(171)

(623)

(412)

(271)

(187)

Net charge-offs

949

1,260

828

547

158


ACL on loans at the end of the period


$            46,723


$            35,728


$            35,414


$            35,412


$            35,613


Components of ACL:

ACL on loans

$            46,723

$            35,728

$            35,414

$            35,412

$            35,613

ACL on off-balance sheet credit
     exposures(1)

3,362

2,806

2,743

2,787

2,325


ACL, end of period


$            50,085


$            38,534


$            38,157


$            38,199


$            37,938


Ratios:

Non-performing loans to total loans

0.15 %

0.12 %

0.13 %

0.19 %

0.14 %

Non-performing assets to total assets

0.11 %

0.08 %

0.09 %

0.14 %

0.10 %

ACL on loans to total loans

0.96 %

0.87 %

0.86 %

0.86 %

0.86 %

Net charge-offs to average loans
     (annualized):

Quarter-to-date

0.08 %

0.04 %

0.03 %

0.04 %

0.02 %

Year-to-date

0.08 %

0.03 %

0.03 %

0.03 %

0.02 %

ACL on loans to non-performing loans

644.37 %

553.07 %

506.28 %

367.31 %

466.69 %

Loans 30-89 days past due to total loans

0.07 %

0.05 %

0.03 %

0.05 %

0.05 %

(1)  Presented within accrued interest and other liabilities on the consolidated statements of condition.

 


Reconciliation of non-GAAP to GAAP Financial Measures


(unaudited)




Adjusted Net Income; Adjusted Diluted Earnings per Share; Adjusted Return on Average Assets; and Adjusted Return on Average Equity:


For the Three Months Ended


(In thousands, except number of shares, per share data and ratios)


March 31,

2025


December 31,

2024


March 31,

2024



Adjusted Net Income:


Net income, as presented


$             7,326


$           14,666


$           13,272

Adjustments before taxes:

Provision for non-PCD acquired loans

6,294

—

—

Provision for acquired unfunded commitments

249

—

—

Merger and acquisition costs

7,525

432

—

Signature Bank bond recovery

—

—

(910)

Total adjustments before taxes

14,068

432

(910)

Tax impact of above adjustments(1)

(2,926)

(12)

191

Adjustment for deferred tax valuation adjustment(2)

(2,421)

—

—


Adjusted net income


$           16,047


$           15,086


$           12,553



Adjusted Diluted Earnings per Share:


Diluted earnings per share, as presented


$               0.43


$               1.00


$               0.91

Adjustments before taxes:

Provision for non-PCD acquired loans

0.37

—

—

Provision for acquired unfunded commitments

0.01

—

—

Merger and acquisition costs

0.45

0.03

—

Signature Bank bond recovery

—

—

(0.06)

Total adjustments before taxes

0.83

0.03

(0.06)

Tax impact of above adjustments(1)

(0.17)

—

0.01

Adjustment for deferred tax valuation adjustment(2)

(0.14)

—

—


Adjusted diluted earnings per share


$               0.95


$               1.03


$               0.86



Adjusted Return on Average Assets:

Return on average assets, as presented


0.43 %


1.01 %


0.93 %

Adjustments before taxes:

Provision for non-PCD acquired loans

0.37 %

— %

— %

Provision for acquired unfunded commitments

0.01 %

— %

— %

Merger and acquisition costs

0.44 %

0.03 %

— %

Signature Bank bond recovery

— %

— %

(0.06) %

Total adjustments before taxes

0.82 %

0.03 %

(0.06) %

Tax impact of above adjustments(1)

(0.17) %

— %

0.01 %

Adjustment for deferred tax valuation adjustment(2)

(0.14) %

— %

— %


Adjusted return on average assets


0.94 %


1.04 %


0.88 %



Adjusted Return on Average Equity:

Return on average equity, as presented


4.75 %


10.99 %


10.77 %

Adjustments before taxes:

Provision for non-PCD acquired loans

4.08 %

— %

— %

Provision for acquired unfunded commitments

0.16 %

— %

— %

Merger and acquisition costs

4.88 %

0.32 %

— %

Signature Bank bond recovery

— %

— %

(0.74) %

Total adjustments before taxes

9.12 %

0.32 %

(0.74) %

Tax impact of above adjustments(1)

(1.90) %

(0.01) %

0.16 %

Adjustment for deferred tax valuation adjustment(2)

(1.57) %

— %

— %


Adjusted return on average equity


10.40 %


11.30 %


10.19 %

(1)

Assumed a 21% tax rate.

(2)

A One-time Deferred Tax Valuation Adjustment of $2.4 Million Resulted from a Change in the Apportionment of State Income Taxes Due to the Northway Merger.

 




Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income


For the


Three Months Ended


(In thousands)


March 31,

2025


December 31,

2024


March 31,

2024

Net income, as presented

$                7,326

$              14,666

$              13,272

Adjustment for provision (credit) for credit losses

9,429

809

(2,102)

Adjustment for income tax (benefit) expense

(1,152)

3,736

3,063

 Pre-tax, pre-provision income

$              15,603

$              19,211

$              14,233

Adjustment for merger and acquisition costs

7,525

432

—

Adjusted pre-tax, pre-provision income

$              23,128

$              19,643

$              14,233

 




Efficiency Ratio:


For the


Three Months Ended


(Dollars in thousands)


March 31,

2025


December 31,

2024


March 31,

2024

Non-interest expense, as presented

$           44,451

$           28,364

$           27,362

Adjustment for merger and acquisition costs

(7,525)

(432)

—

Adjustment for amortization of core deposit intangible assets

$           (1,473)

$              (139)

$              (139)

Adjusted non-interest expense

$           35,453

$           27,793

$           27,223

Net interest income, as presented

$           48,858

$           35,409

$           31,273

Adjustment for the effect of tax-exempt income(1)

326

162

150

Non-interest income, as presented

11,196

12,166

10,322

Adjusted net interest income plus non-interest income

$           60,380

$           47,737

$           41,745

GAAP efficiency ratio

74.02 %

59.62 %

65.78 %

Non-GAAP efficiency ratio

58.72 %

58.22 %

65.21 %

(1)  Assumed a 21% tax rate.

 




Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity:


For the


Three Months Ended


(Dollars in thousands)


March 31,

2025


December 31,

2024


March 31,

2024



Return on Average Tangible Equity:

Net income, as presented

$             7,326

$           14,666

$           13,272

Adjustment for amortization of core deposit intangible assets

1,473

139

139

Tax impact of above adjustment(1)

(309)

(29)

(29)

Net income, adjusted for amortization of core deposit intangible assets

$             8,490

$           14,776

$           13,382

Average equity, as presented

$         625,789

$         530,759

$         495,513

Adjustment for average goodwill and core deposit intangible assets

(200,125)

(95,179)

(95,604)

Average tangible equity

$         425,664

$         435,580

$         399,909

Return on average equity

4.75 %

10.99 %

10.77 %

Return on average tangible equity

8.09 %

13.50 %

13.46 %



Adjusted Return on Average Tangible Equity:

Adjusted net income (refer to the “Adjusted Net Income” non-GAAP reconciliation table)

$           16,047

$           15,086

$           12,553

Adjustment for amortization of core deposit intangible assets

1,473

139

139

Tax impact of above adjustment(1)

(309)

(29)

(29)

Adjusted net income, adjusted for amortization of core deposit intangible assets

$           17,211

$           15,196

$           12,663

Adjusted return on average tangible equity

16.40 %

13.88 %

12.74 %

(1)  Assumed a 21% tax rate.

 




Tangible Book Value Per Share and Tangible Common Equity Ratio:


(In thousands, except number of shares, per share data and ratios)


March 31,

2025


December 31,

2024


March 31,

2024




Tangible Book Value Per Share:

Shareholders’ equity, as presented

$         640,054

$         531,231

$         501,577

Adjustment for goodwill and core deposit intangible assets

(200,770)

(95,112)

(95,529)

Tangible shareholders’ equity

$         439,284

$         436,119

$         406,048

Shares outstanding at period end

16,885,571

14,579,339

14,593,830

Book value per share

$             37.91

$             36.44

$             34.37

Tangible book value per share

26.02

29.91

27.82




Tangible Common Equity Ratio:

Total assets

$      6,964,785

$      5,805,138

$      5,794,785

Adjustment for goodwill and core deposit intangible assets

(200,770)

(95,112)

(95,529)

Tangible assets

$      6,764,015

$      5,710,026

$      5,699,256

Common equity ratio

9.19 %

9.15 %

8.66 %

Tangible common equity ratio

6.49 %

7.64 %

7.12 %

 




Core Deposits:


(In thousands)


March 31,

2025


December 31,

2024


March 31,

2024

Total deposits

$         5,597,478

$         4,633,167

$         4,551,524

Adjustment for certificates of deposit

(703,873)

(532,424)

(585,786)

Adjustment for brokered deposits

(217,681)

(179,994)

(153,942)

Core deposits

$         4,675,924

$         3,920,749

$         3,811,796

 




Average Core Deposits:


For the


Three Months Ended


(In thousands)


March 31,

2025


December 31,

2024


March 31,

2024

Total average deposits, as presented(1)

$         5,330,745

$         4,441,290

$         4,370,688

Adjustment for average certificates of deposit

(706,851)

(537,922)

(582,806)

Average core deposits

$         4,623,894

$         3,903,368

$         3,787,882

(1)

Brokered deposits are excluded from total average deposits, as presented on the Average Balance, Interest and Yield/Rate analysis table.

 




Core Net Interest Margin (fully-taxable equivalent):


For the


Three Months Ended


(In thousands)


March 31,

2025


December 31,

2024


March 31,

2024

Net interest income, tax equivalent, as presented

3.04 %

2.57 %

2.30 %

Net accretion income on loans from purchase accounting(1)

(0.30) %

—

—

Net accretion income on investments from purchase accounting(2)

(0.07) %

—

—

Net amortization on time deposits and borrowings from purchase accounting(3)

0.01 %

—

—

Core net interest margin (fully-taxable equivalent)

2.68 %

2.57 %

2.30 %

(1)   Impact from loan fair value mark accretion of $4.3 million.

(2)   Impact from investment fair value accretion of $831,000.

(3)   Impact from time deposits and borrowings amortization of $131,000.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/camden-national-corporation-reports-first-quarter-2025-earnings-302446563.html

SOURCE Camden National Corporation

Posted on

FOXO TECHNOLOGIES INC.’S BEHAVIORAL HEALTH SUBSIDIARY REACHES KEY OPERATIONAL MILESTONES

WEST PALM BEACH, FLORIDA, May 06, 2025 (GLOBE NEWSWIRE) — FOXO Technologies Inc. (NYSE American: FOXO) (“FOXO” or the “Company”) today announced that its behavioral health subsidiary, Myrtle Recovery Centers, Inc., has reached key patient care milestones. Since operations commenced at its Oneida, Tennessee location in August 2023, the facility has seen over 400 patients and has served patients for over 5,000 care days.

Robert Merritt, Chief of Executive Officer of Myrtle stated, “We are excited about reaching these important patient care milestones as they are indicative of the strong presence and reputation our facility has for delivering exemplary care for substance use disorder patients in East Tennessee. We continue to increase our referral sources and believe we will have served 10,000 patient care days by year end 2025 since inception. We look forward to providing care for more residents in the area and are looking to expand our footprint to facilitate an increasing demand for our services.” Seamus Lagan, Chief Executive Officer of parent company, FOXO Technologies Inc., further added, “we are pleased with our investment in Myrtle and how it has ramped up operations and made a significant impact in the rural communities Myrtle serves. We look forward to expanding Myrtle into additional locations and increasing the revenues this subsidiary contributes to FOXO.”

About FOXO Technologies Inc. (“FOXO”)

FOXO owns and operates three subsidiaries.

Rennova Community Health, Inc., owns and operates Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical), a critical access designated (CAH) hospital in East Tennessee.

Myrtle Recovery Centers, Inc., a 30-bed behavioral health facility in East Tennessee. Myrtle provides inpatient services for detox and residential treatment and outpatient services for MAT and OBOT Programs.

FOXO Labs, Inc. is a biotechnology company dedicated to improving human health and life span through the development of cutting-edge technology and product solutions for various industries.

For more information about FOXO, visit www.foxotechnologies.com.

Forward-Looking Statements

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the FOXO’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to the risk of changes in the competitive and highly regulated industries in which FOXO operates; variations in operating performance across competitors or changes in laws and regulations affecting FOXO’s business; the ability to implement FOXO’s business plans, forecasts, and other expectations; the ability to obtain financing; the risk that FOXO has a history of losses and may not achieve or maintain profitability in the future; potential inability of FOXO to establish or maintain relationships required to advance its goals or to achieve its commercialization and development plans; the enforceability of FOXO’s intellectual property, including its patents and the potential infringement on the intellectual property rights of others; and the risk of downturns and a changing regulatory landscape in the highly competitive biotechnology industry or in the markets or industries in which FOXO operates. The foregoing list of factors is not exhaustive. Readers should carefully consider the foregoing factors and the other risks and uncertainties discussed in FOXO’s most recent reports on Forms 10-K and 10-Q, particularly the “Risk Factors” sections of those reports, and in other documents FOXO has filed, or will file, with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FOXO assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:

Sebastien Sainsbury
[email protected]
(561) 485-0151



Posted on

Candel Therapeutics to Present at Upcoming Investor Conferences

NEEDHAM, Mass., May 06, 2025 (GLOBE NEWSWIRE) — Candel Therapeutics, Inc. (Candel or the Company) (Nasdaq: CADL), a clinical stage biopharmaceutical company focused on developing multimodal biological immunotherapies to help patients fight cancer, announced today that management will present and participate in one-on-one meetings with investors at upcoming investor conferences.                                                 

Bank of America Securities 2025 Health Care Conference (Las Vegas, NV)

Presenter: Francesca Barone, MD, PhD, Candel’s Chief Scientific Officer
Date/Time: Wednesday, May 14, 2025, at 4:20 PM PT / 7:20 PM ET
Webcast Link: Bank of America / Candel Presentation

Jefferies Global Healthcare Conference (New York, NY)

Presenter: Paul Peter Tak, MD, PhD, FMedSci, Candel’s President and Chief Executive Officer
Date/ Time: Thursday, June 5, 2025, at 8:40 AM PT / 11:40 AM ET
Webcast Link: Jefferies / Candel Presentation

Live webcasts of the presentations will be available by selecting Events and Presentations under the News & Events tab in the Investors section on www.candeltx.com. A replay of the webcasts will be archived for up to 90 days following the session date.

About Candel Therapeutics

Candel is a clinical stage biopharmaceutical company focused on developing off-the-shelf multimodal biological immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer. Candel has established two clinical stage multimodal biological immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) gene constructs, respectively. CAN-2409 (aglatimagene besadenovec) is the lead product candidate from the adenovirus platform and recently completed successful phase 2a clinical trials in non-small cell lung cancer and borderline resectable pancreatic ductal adenocarcinoma, and a pivotal phase 3 clinical trial in localized prostate cancer. CAN-3110 is the lead product candidate from the HSV platform and is currently in an ongoing phase 1b clinical trial in recurrent high-grade glioma. Finally, Candel’s enLIGHTEN™ Discovery Platform is a systematic, iterative HSV-based discovery platform leveraging human biology and advanced analytics to create new viral immunotherapies for solid tumors.

For more information about Candel, visit: www.candeltx.com.

Forward-Looking Statements

This press release includes certain disclosures that contain “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, express or implied statements regarding the timing and advancement of current and future development programs; and expectations regarding the therapeutic benefit of the Company’s platforms. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties related to the timing and advancement of development programs; expectations regarding the therapeutic benefit of the Company’s programs; that final data from the Company’s preclinical studies and completed clinical trials may differ materially from reported interim data from ongoing studies and trials; the Company’s ability to efficiently discover and develop product candidates; the Company’s ability to obtain and maintain regulatory approval of product candidates; the Company’s ability to maintain its intellectual property; the implementation of the Company’s business model, including strategic plans for the Company’s business and product candidates; and other risks identified in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including the Company’s most recent Annual Report on Form 10-K filed with the SEC and any subsequent filings with the SEC. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent the Company’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date.

Investor Contact

Theodore Jenkins
Vice President, Investor Relations, and Business Development
Candel Therapeutics, Inc.
[email protected]

Media Contact

Ben Shannon
Vice President
ICR Healthcare
[email protected]



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IMUNON Announces Data from Phase 1/2 Trial Evaluating Intraperitoneal IMNN-001 in Combination with Neoadjuvant Chemotherapy in Newly Diagnosed Patients with Advanced Epithelial Ovarian Cancer to be Published in Gynecologic Oncology

Data from OVATION 2 trial will also be reviewed in an oral presentation at ASCO Annual Meeting on June 3, 2025

LAWRENCEVILLE, N.J., May 06, 2025 (GLOBE NEWSWIRE) —

IMUNON

, Inc. (NASDAQ: IMNN), a clinical-stage company in late-stage development with its DNA-mediated immunotherapy, today announced that data from the company’s Phase 1/2 OVATION 2 trial evaluating intraperitoneal IMNN-001 in combination with neoadjuvant and adjuvant chemotherapy in newly diagnosed patients with advanced epithelial ovarian cancer will be published in the peer-reviewed journal Gynecologic Oncology.

The review of full data, entitled: OVATION-2: A Randomized Phase I/II study Evaluating the Safety and Efficacy of IMNN-001 (IL-12 gene therapy) with Neo/Adjuvant Chemotherapy in Patients Newly- Diagnosed with Advanced Epithelial Ovarian Cancer, is scheduled for publication on June 3, 2025.

As previously announced, data from the OVATION 2 study will also be reviewed in an oral presentation during the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting on June 3, 2025 in Chicago, Illinois. Premal H. Thaker, M.D., Interim Chief of Gynecologic Oncology, David & Lynn Mutch Distinguished Professor of Obstetrics & Gynecology, Director of Gynecologic Oncology Clinical Research at Washington University School of Medicine, is lead author on the publication and will lead the discussion in the oral presentation at the ASCO meeting.

“We are very pleased that the data from our OVATION 2 study will be presented in the highly esteemed peer-reviewed journal Gynecologic Oncology and in an oral presentation at the ASCO meeting,” said Stacy Lindborg, Ph.D., president and chief executive officer of IMUNON. “Having our data presented in two of the premier global platforms in gynecologic oncology underscores both the critical need to develop new therapies to treat ovarian cancer and the strength and potential of IMUNON’s TheraPlas® platform technology.”

About the Phase 2 OVATION 2 Study

OVATION 2 evaluated the dosing, safety, efficacy and biological activity of intraperitoneal administration of IMNN-001 in combination with neoadjuvant and adjuvant chemotherapy (NACT) of paclitaxel and carboplatin in patients newly diagnosed with advanced epithelial ovarian, fallopian tube or primary peritoneal cancer. Treatment in the neoadjuvant period is designed to shrink the tumors as much as possible for optimal surgical removal after three cycles of chemotherapy. Following NACT, patients undergo interval debulking surgery, followed by three additional cycles of adjuvant chemotherapy to treat any residual tumor. This open-label study enrolled 112 patients who were randomized 1:1 and evaluated for safety and efficacy to compare NACT plus IMNN-001 versus standard-of-care NACT. In accordance with the study protocol, patients randomized to the IMNN-001 treatment arm could receive up to 17 weekly doses of 100 mg/m2 in addition to NACT. As a Phase 2 study, OVATION 2 was not powered for statistical significance. Additional endpoints included objective response rate, chemotherapy response score and surgical response.

About IMNN-001 Immunotherapy

Designed using IMUNON’s proprietary TheraPlas® platform technology, IMNN-001 is an IL-12 DNA plasmid vector encased in a nanoparticle delivery system that enables cell transfection followed by persistent, local secretion of the IL-12 protein. IL-12 is one of the most active cytokines for the induction of potent anticancer immunity acting through the induction of T-lymphocyte and natural killer cell proliferation. IMUNON previously reported positive safety and encouraging Phase 1 results with IMNN-001 administered as monotherapy or as combination therapy in patients with advanced peritoneally metastasized primary or recurrent ovarian cancer and completed a Phase 1b dose-escalation trial (the OVATION 1 Study) of IMNN-001 in combination with carboplatin and paclitaxel in patients with newly diagnosed ovarian cancer. IMUNON previously reported positive results from the recently completed Phase 2 OVATION 2 Study, which assessed IMNN-001 (100 mg/m2 administered intraperitoneally weekly) plus neoadjuvant and adjuvant chemotherapy (NACT) of paclitaxel and carboplatin compared to standard-of-care NACT alone in 112 patients with newly diagnosed advanced ovarian cancer.

About Epithelial Ovarian Cancer

Epithelial ovarian cancer is the sixth deadliest malignancy among women in the U.S. There are approximately 20,000 new cases of ovarian cancer every year and approximately 70% are diagnosed in advanced Stage III/IV. Epithelial ovarian cancer is characterized by dissemination of tumors in the peritoneal cavity with a high risk of recurrence (75%, Stage III/IV) after surgery and chemotherapy. Since the five-year survival rates of patients with Stage III/IV disease at diagnosis are poor (41% and 20%, respectively), there remains a need for a therapy that not only reduces the recurrence rate, but also improves overall survival. The peritoneal cavity of advanced ovarian cancer patients contains the primary tumor environment and is an attractive target for a regional approach to immune modulation.

About IMUNON

IMUNON is a clinical-stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies. IMUNON is developing its non-viral DNA technology across its modalities. The first modality, TheraPlas®, is developed for the gene-based delivery of cytokines and other therapeutic proteins in the treatment of solid tumors where an immunological approach is deemed promising. The second modality, PlaCCine®, is developed for the gene delivery of viral antigens that can elicit a strong immunological response.

The Company’s lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer that has completed Phase 2 development. IMNN-001 works by instructing the body to produce safe and durable levels of powerful cancer-fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site. The Company has completed enrollment for a first-in-human study of its COVID-19 booster vaccine (IMNN-101) which remains ongoing. IMUNON will continue to leverage these modalities and to advance the technological frontier of plasmid DNA to better serve patients with difficult-to-treat conditions, and to further strengthen IMUNON’s balance sheet through attractive business development opportunities. For more information, please visit www.imunon.com.


Forward-Looking Statements

IMUNON wishes to inform readers that forward-looking statements in this news release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, but not limited to, statements regarding the timing for commencement and potential outcome of a Phase 3 trial of IMNN-001, the timing and enrollment of the Company’s clinical trials, the potential of any therapies developed by the Company to fulfill unmet medical needs, the market potential for the Company’s products, if approved, the potential efficacy and safety profile of our product candidates, and the Company’s plans and expectations with respect to its development programs more generally, are forward-looking statements. We generally identify forward-looking statements by using words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances). Readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, uncertainties relating to unforeseen changes in the course of research and development activities and in clinical trials, including the fact that interim results are not necessarily indicative of final results; the uncertainties of and difficulties in analyzing interim clinical data; the significant expense, time and risk of failure in conducting clinical trials; the need for IMUNON to evaluate its future development plans; possible actions by customers, suppliers, competitors or regulatory authorities; and other risks detailed from time to time in IMUNON’s filings with the Securities and Exchange Commission. IMUNON assumes no obligation, except to the extent required by law, to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

Contacts:

Media Investors
CG Life ICR Healthcare
Jenna Urban Peter Vozzo

[email protected]
 		443-213-0505
 
[email protected] 



Posted on

Shareholder Alert: The Ademi Firm investigates whether FARO Technologies, Inc. is obtaining a Fair Price for its Public Shareholders

Shareholder Alert: The Ademi Firm investigates whether FARO Technologies, Inc. is obtaining a Fair Price for its Public Shareholders

MILWAUKEE–(BUSINESS WIRE)–
The Ademi Firm is investigating FARO (Nasdaq: FARO) for possible breaches of fiduciary duty and other violations of law in its transaction with AMETEK.

Click here to learn how to join our investigation and obtain additional information or contact us at [email protected] or toll-free: 866-264-3995. There is no cost or obligation to you.

In the transaction, shareholders of FARO will receive only $44 per share in cash, which represents an enterprise value of approximately $920 million. FARO insiders will receive substantial benefits as part of change of control arrangements.

The transaction agreement unreasonably limits competing transactions for FARO by imposing a significant penalty if FARO accepts a competing bid. We are investigating the conduct of the FARO board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.

We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.

Ademi & Fruchter LLP

Guri Ademi

Toll Free: (866) 264-3995

Fax: (414) 482-8001

KEYWORDS: United States North America Wisconsin

INDUSTRY KEYWORDS: Legal Professional Services

MEDIA:

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Posted on

First Sentier Investors appoints Ashley Conn as Chief Financial and Strategy Officer

PR Newswire


SYDNEY
, May 6, 2025 /PRNewswire/ — Leading global investment manager, First Sentier Investors, today announced the appointment of Ashley Conn as Chief Financial and Strategy Officer. Conn will join in late May.

Conn who will be based in Sydney is a highly experienced Chief Financial Officer (CFO) with a strong background in finance and investment banking, bringing over 25 years of experience to First Sentier Investors.

Conn joins First Sentier Investors from Super Retail Group Ltd, where he served as the Interim General Manager of Group Finance and prior to that was the CFO at ASX listed McMillan Shakespeare Ltd and CSG Ltd. Conn’s career in investment banking included roles at Goldman Sachs and Morgan Stanley, specializing in mergers and acquisitions as well as debt and equity capital raisings. He is a member of Chartered Accountants Australia and New Zealand and holds an MBA from the Wharton School at the University of Pennsylvania.

Mark Steinberg, CEO of First Sentier Investors, commented, “We are delighted to welcome Ashley to our executive team. His extensive experience and strategic advisory roles will be invaluable as we continue to drive growth and deliver value to our stakeholders. Ashley’s proven track record in finance and investment banking will be instrumental in guiding our organization’s financial strategy and operations.”

Conn’s appointment is a significant step for First Sentier Investors as his leadership and expertise will play a crucial role in achieving the company’s strategic priorities and fostering a culture of collaboration across the business.

Conn succeeds Noel O’Brien who served as Interim Chief Financial and Strategy Officer following Suzanne Evans’ departure earlier this year.


Media inquiries 

Stephen Sobey                                                  

Media Relations

E: [email protected]

M: +447836631776

     +44 20 7332 6883 

Margaret Kirch Cohen
Partner, Newton Park PR 
E:[email protected] 

M: +1 847-507-2229

About First Sentier Investors

First Sentier Investors is a global asset management group focused on providing high quality, differentiated and relevant investment capabilities to deliver exceptional investment performance for our clients. Today, across the First Sentier Investors Group, we manage US$129.7 billion* in assets across global and regional equities, cash and fixed income, infrastructure and property, and alternative credit. 

We are home to investment teams and brands such as AlbaCore Capital Group, FSSA Investment Managers, Igneo Infrastructure Partners, RQI Investors, and Stewart Investors. All investment teams operate with discrete investment autonomy, according to their investment philosophies and based on responsible investment principles.  

Our organization was acquired by Mitsubishi UFJ Trust and Banking Corporation, a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc in August 2019. We operate as a standalone global investment management business with offices across Europe, the Americas, and Asia Pacific.  

We are a globally Certified B Corporation and signatory to the UK Stewardship Code.  

*N.B. First Sentier Investors’ gross AUM, inclusive of associated strategic partnership with AlbaCore Capital Group, as of 31 March 2025. 

For more information, visit www.firstsentierinvestors.com  
This press release is intended for information only, aimed solely at the media and should not be further distributed to individual and/or corporate investors, and financial advisers and/or distributors.

This document has been prepared for general informational purposes. It does not purport to be comprehensive or to give advice. This is not an offer document and does not constitute an offer or invitation or investment recommendation to distribute or purchase securities, shares, units or other interests or to enter into an investment agreement.

The information contained within this document has been obtained from sources that we believe to be reliable and accurate at the time of issue but no representation or warranty, express or implied, is made as to the fairness, accuracy, or completeness of the information.

About MUFG

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,500 locations in more than 50 countries. The Group has about 170,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.

For more information, visit mufg.jp/english

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SOURCE First Sentier Investors

Posted on

HOPE Therapeutics, Inc. and NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) to Host Investor Event at Mar-A-Lago Club on May 8, 2025

PR Newswire


MIAMI
, May 6, 2025 /PRNewswire/ — HOPE Therapeutics™, Inc. (“HOPE”), a medical and technology-driven company and wholly-owned subsidiary of NRx Pharmaceuticals, Inc. (“NRx” or the “Company”) (NASDAQ: NRXP), a clinical-stage biopharmaceutical company, today announced that it will host an investor event at the Mar-A-Lago Club in Palm Beach, Florida, on Thursday, May 8, 2025, at the invitation of club members.

This discussion is being held to review previously-disclosed strategic initiatives across HOPE and NRx Pharmaceuticals, including expansion plans for the HOPE network of interventional psychiatry clinics and progress across the NRx clinical pipeline. Current investors who wish to attend are invited to contact the Company.

Key Topics to be Discussed, based on previously disclosed information:

  • Recently announced HOPE clinic acquisitions and potential to scale HOPE’s interventional psychiatry network
  • Plans for integration of digital health solutions, including CRM-based technology and telepsychiatry capabilities, to unify clinical operations across the HOPE network
  • Status of the New Drug Application (NDA) for NRX-100 (preservative-free IV Ketamine), following FDA’s grant of a $4.3 million filing fee waiver, for treating suicidal depression
  • Recent filing of a patent for preservative-free ketamine (NRX-100).  If granted, the patent could provide market exclusivity for NRX-100 into 2045
  • Breakthrough Therapy Designation of NRX-101; currently preparing to file an NDA for Accelerated Approval in patients with bipolar depression and suicidality or akathisia

Dr. Jonathan Javitt, MD, MPH, Founder, Chairman and CEO of NRx Pharmaceuticals and Co-CEO of HOPE Therapeutics will lead the discussion.

“We are excited to continue to meet with our investor community to discuss the significant progress we’ve made recently,” said Dr. Javitt. “Our continued focus on expanding access to innovative treatments and delivering on key regulatory and operational milestones underscores the potential of HOPE and NRx’s leadership in mental health innovation.”

About NRx Pharmaceuticals, Inc.
NRx Pharmaceuticals is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal bipolar depression, chronic pain, and PTSD. The Company is developing NRX-101, an FDA-designated investigational Breakthrough Therapy for suicidal treatment-resistant bipolar depression and chronic pain. NRx plans to file an NDA for Accelerated Approval for NRX-101 in patients with bipolar depression and suicidality or akathisia. NRX-101 additionally has potential to act as a non-opioid treatment for chronic pain, as well as a treatment for complicated UTI.

NRx has recently initiated a New Drug Application filing for NRX-100 (IV ketamine) for the treatment of suicidal depression, based on results of well-controlled clinical trials conducted under the auspices of the US National Institutes of Health and newly obtained data from French health authorities, licensed under a data sharing agreement. NRx was awarded Fast Track Designation for development of ketamine (NRX-100) by the US FDA as part of a protocol to treat patients with acute suicidality.

About HOPE Therapeutics, Inc.

HOPE Therapeutics, Inc. (www.hopetherapeutics.com), a subsidiary of NRx Pharmaceuticals, is a Healthcare delivery company that is building a best-in-class network of interventional psychiatry clinics to offer ketamine, transcranial magnetic stimulation (TMS), and other lifesaving therapies to patients with suicidal depression and related disorders, together with a digital therapeutic-enabled platform designed to augment and preserve the clinical benefit of NMDA-targeted drug therapy.

Notice Regarding Forward-Looking Statements
The information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, among others, statements regarding the satisfaction of closing conditions necessary to consummate the acquisition of Kadima, Neurospa and Dura, and obtaining financing necessary to consummate the acquisitions. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. These statements relate to future events or to the Company’s future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to the Company’s operations, results of operations, growth strategy, liquidity, Hope Therapeutic’s ability to consummate the acquisitions of providers for its national network, the Company’s ability to raise adequate capital to fund such acquisitions, and the Company’s ability to spin-off Hope Therapeutics.  More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. Except as may be required by applicable law, The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, whether as a result of new information, future events or otherwise.



For further information:



Matthew Duffy   




Brian Korb

Co-CEO, Hope Therapeutics, Inc. 

Managing Partner, astr partners

Chief Business Officer, NRx Pharmaceuticals, Inc.

(917) 653-5122


[email protected]   

 [email protected]

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SOURCE NRx Pharmaceuticals, Inc.

Posted on

InMode Granted Injunction Against Counterfeit Sales of Morpheus8 Radio Frequency Microneedling Devices and Needle Cartridges

PR Newswire


IRVINE, Calif.
, May 6, 2025 /PRNewswire/ — InMode Ltd. (Nasdaq: INMD), a leading global provider of innovative medical technologies, reports that the US District Court for the Central District of California granted InMode’s motion for default judgment against the DHGate sellers and awarded InMode a permanent injunction and damages for the defendants’ sales and promotion of counterfeit goods.

The Court’s decision aims to protect safety and uphold InMode’s trademark rights. The injunction includes freezing the assets and halting the listings of the sellers involved in the counterfeit trade. The ruling favors InMode on all claims (trademark infringement, false designation of origin, and California unfair competition), and (1) granted a permanent injunction enjoining the sellers from infringing upon the MORPHEUS® and INMODE® trademarks, and (2) awarded InMode damages per defendant.

“InMode maintains a zero-tolerance policy towards fraudulent business practices including counterfeit goods and for any platforms or sellers who are using, selling, or distributing false products,” says Moshe Mizrahy, CEO of InMode. “We are committed to public safety and will continue to protect consumers from potential harm caused by unauthorized Morpheus8 devices.”

InMode has established a Verified Provider Program for Morpheus8, allowing certified clinics to showcase their authenticity and confirm they use genuine Morpheus8 technology. This initiative helps patients identify safe, authorized providers committed to delivering trusted InMode results.

Patients in the United States of America and Canada seeking top-quality care from an authorized InMode provider using a trademarked Morpheus8 device can visit the Find a Provider tool at www.inmodemd.com.

About InMode 

InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radiofrequency (“RF”) technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode and its wide array of medical technologies, visit www.inmodemd.com.

Press Contact:

Behrman Cesa Communications
[email protected]

Investor Contact:

MS-IR LLC
Miri Segal – Scharia
[email protected]
Tel: 917-607-8654

Logo – https://mma.prnewswire.com/media/1064477/5298285/InMode_Logo.jpg

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SOURCE InMode Ltd.

Posted on

BRODSKY & SMITH SHAREHOLDER UPDATE: Notifying Investors of the Following Investigations: Lumina Gold Corp. (OTC – LMGDF), Mesa Air Group, Inc. (Nasdaq – MESA), Mr. Cooper Group Inc. (Nasdaq – COOP), ProAssurance Corporation (NYSE – PRA)

BALA CYNWYD, Pa., May 06, 2025 (GLOBE NEWSWIRE) — Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky ([email protected]) or Marc Ackerman ([email protected]) at 855-576-4847. There is no cost or financial obligation to you.

Lumina Gold Corp. (OTC – LMGDF)

Under the terms of the agreement, Lumina will be acquired by CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited (collectively “CMOC”) for $1.27 for each outstanding share of Lumina. The investigation concerns whether the Lumina Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the Company’s shareholders are receiving fair value for their shares.

Additional information can be found at https://www.brodskysmith.com/cases/lumina-gold-corp-otc-lmgdf/.

Mr. Cooper Group Inc. (Nasdaq – COOP)

Under the terms of the Merger Agreement, Mr. Cooper will be acquired by Rocket Companies in an all-stock transaction for $9.4 billion in equity value. Mr. Cooper shareholders will receive a fixed exchange ratio of 11.0 Rocket shares for each share of Mr. Cooper common stock, representing $143.33 per share value based on the closing price as of March 28, 2025. (NYSE – RKT) The investigation concerns whether the Mr. Cooper Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to the Company’s shareholders.

Additional information can be found at https://www.brodskysmith.com/cases/mr-cooper-group-inc-nasdaq-coop/.

ProAssurance Corporation (NYSE – PRA)

Under the terms of the Merger Agreement, PRA will be acquired by The Doctors Company for $25.00 per share in cash at closing. The investigation concerns whether the PRA Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the Company’s shareholders are receiving fair value for their shares.

Additional information can be found at https://www.brodskysmith.com/cases/proassurance-corporation-nyse-pra/

Mesa Air Group, Inc. (Nasdaq – MESA)

Under the terms of the agreement, Mesa will be acquired by Republic Airways Holdings Inc.(“Republic”). On the close of the all-stock transaction, Republic shareholders will own 88% of the combined company’s common shares. Mesa shareholders will own a minimum of 6%, and up to 12% of the combined company dependent upon Mesa’s achievement of certain pre-closing criteria. The investigation concerns whether the Mesa Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to the Company’s shareholders in the combined Company.

Additional information can be found at https://www.brodskysmith.com/cases/mesa-air-group-inc-nasdaq-mesa/.

Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.



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Ardelyx Presents Data Supporting IBSRELA® (tenapanor) at Digestive Disease Week 2025 Conference

Analysis of IBS in America 2024 Real-World Survey Demonstrates that severity of IBS-C correlates with financial hardship and distress

WALTHAM, Mass., May 06, 2025 (GLOBE NEWSWIRE) — Ardelyx, Inc. (Nasdaq: ARDX), a biopharmaceutical company founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs, today announced that the company presented data supporting the company’s first-in-class retainagogue, IBSRELA® (tenapanor), as well as results from the IBS in America 2024 supplemental survey, at the Digestive Disease Week Conference (DDW), now underway in San Diego. IBSRELA is approved by the U.S. Food and Drug Administration to treat irritable bowel syndrome with constipation (IBS-C) in adults.

“Ardelyx is committed to continuing to grow our understanding both of the IBS patient experience and the possible impact that our first-in-class retainagogue, IBSRELA, can have on different patient populations,” said Laura Williams, Chief Patient Officer. “We are especially pleased to continue our partnership with the IBS in America Real-World Survey which helps unveil new insights into the lived experience of patients with IBS, especially as it relates to quality of life. We are also pleased to be able to share data we continue to collect on the safety and tolerability of IBSRELA in other important patient groups.”

Poster #
Mo1257, entitled

“Patient-Reported IBS-C Symptom Severity Correlates Positively With Financial Burden: Results From the IBS in America 2024 Real-World Survey,”
demonstrated that greater IBS-C symptom severity is associated with greater financial hardship and distress, or financial toxicity. Based on data from the IBS in America 2024 Real-World supplemental survey, the Functional Assessment of Chronic Illness Therapy Measure of Financial Toxicity (FACIT-COST®) and Patient-Reported Outcomes Measurement Information System® (PROMIS®) gastrointestinal (GI) symptom scales were used to assess financial toxicity and symptoms, respectively.

Poster #Sa1643, entitled

“Safety and Tolerability of Tenapanor in Pediatric Patients With Irritable Bowel Syndrome With Constipation: An Analysis of Blinded Safety Data from a Phase 3 Study and its Open-Label Extension,”
reports interim, blinded safety results from the Phase 3 R-ALLY study of tenapanor in pediatric patients aged ≥12 to <18 years-old with IBS-C, and its open-label safety extension study. No serious adverse events or unexpected safety signals were reported as part of either study. Diarrhea was the only adverse event related to study drug, which is consistent with tenapanor’s mechanism of action.

Poster #Sa1673, entitled

“Neither Tenapanor nor its Major Metabolite Were Detected in the Breast Milk of Healthy Lactating Females After 4 Days of Dosing: A Phase 1, Open-Label, Pharmacokinetic Study,”
 presents data from a four-day study that was conducted to assess the pharmacokinetics of tenapanor and its primary metabolite, M1, in breast milk, as well as the safety and tolerability of tenapanor in healthy lactating females. The results of the study showed that tenapanor was not present at detectable levels in the breast milk of healthy lactating females after repeated oral administration. Tenapanor and M1 were below the limit of quantitation at all concentrations and all time points, and no unexpected treatment-emergent adverse events were reported.

Poster presentations are now publicly available and can be accessed on demand here.

About IBSRELA® (tenapanor)

IBSRELA (tenapanor) is a locally acting inhibitor of the sodium/hydrogen exchanger 3 (NHE3), an antiporter expressed on the apical surface of the small intestine and colon primarily responsible for the absorption of dietary sodium. By inhibiting NHE3 on the apical surface of the enterocytes, tenapanor reduces absorption of sodium from the small intestine and colon, thus retaining luminal water content, which accelerates intestinal transit time and results in a softer stool consistency. IBSRELA has also been shown to reduce abdominal pain by decreasing visceral hypersensitivity and by decreasing intestinal permeability in animal models. In a rat model of colonic hypersensitivity, tenapanor reduced visceral hyperalgesia and normalized colonic sensory neuronal excitability.

About Irritable Bowel Syndrome with Constipation (IBS-C)

Irritable bowel syndrome with constipation (IBS-C) is a gastrointestinal disorder characterized by both abdominal pain and altered bowel movements, estimated to affect 12 million people in the U.S. IBS-C is associated with significantly impaired quality of life, reduced productivity, and substantial economic burden.

IMPORTANT SAFETY INFORMATION

WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS

IBSRELA is contraindicated in patients less than 6 years of age; in nonclinical studies in young juvenile rats administration of tenapanor caused deaths presumed to be due to dehydration. Avoid use of IBSRELA in patients 6 years to less than 12 years of age. The safety and effectiveness of IBSRELA have not been established in patients less than 18 years of age.

 

CONTRAINDICATIONS

IBSRELA is contraindicated in:

  • patients less than 6 years of age due to the risk of serious dehydration
  • patients with known or suspected mechanical gastrointestinal obstruction

WARNINGS AND PRECAUTIONS

Risk of Serious Dehydration in Pediatric Patients

  • IBSRELA is contraindicated in patients below 6 years of age. The safety and effectiveness of IBSRELA in patients less than 18 years of age have not been established. In young juvenile rats (less than 1 week old; approximate human age equivalent of less than 2 years of age), decreased body weight and deaths occurred, presumed to be due to dehydration, following oral administration of tenapanor. There are no data available in older juvenile rats (human age equivalent 2 years to less than 12 years).
  • Avoid the use of IBSRELA in patients 6 years to less than 12 years of age. Although there are no data in older juvenile rats, given the deaths in younger rats and the lack of clinical safety and efficacy data in pediatric patients, avoid the use of IBSRELA in patients 6 years to less than 12 years of age.

Diarrhea

Diarrhea was the most common adverse reaction in two randomized, double-blind, placebo-controlled trials of IBS-C. Severe diarrhea was reported in 2.5% of IBSRELA-treated patients. If severe diarrhea occurs, suspend dosing and rehydrate patient.

MOST COMMON ADVERSE REACTIONS

The most common adverse reactions in IBSRELA-treated patients (incidence ≥2% and greater than placebo) were: diarrhea (16% vs 4% placebo), abdominal distension (3% vs <1%), flatulence (3% vs 1%) and dizziness (2% vs <1%).

INDICATION

IBSRELA (tenapanor) is indicated for the treatment of Irritable Bowel Syndrome with Constipation (IBS-C) in adults. Please see full Prescribing Information, including Boxed Warning, for additional risk information.

About Ardelyx

Ardelyx was founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs. Ardelyx has two commercial products approved in the United States, IBSRELA® (tenapanor) and XPHOZAH® (tenapanor). Ardelyx has agreements for the development and commercialization of tenapanor outside of the U.S. Kyowa Kirin commercializes PHOZEVEL® (tenapanor) for hyperphosphatemia in Japan. A New Drug Application for tenapanor for hyperphosphatemia has been approved in China with Fosun Pharma. Knight Therapeutics commercializes IBSRELA in Canada. For more information, please visit https://ardelyx.com/ and connect with us on X (formerly known as Twitter), LinkedIn and Facebook.

Investor and Media Contacts:

Lindsey Manuel
[email protected]