Market Newsdesk

November 25, 2024 8:18 am

Stadium Capital Management Issues Letter to Sleep Number Shareholders Regarding the Need for a Reconstituted Board and Independent CEO Search

Stadium Capital Management Issues Letter to Sleep Number Shareholders Regarding the Need for a Reconstituted Board and Independent CEO Search

Calls on Sleep Number to Collaborate with its Largest Shareholder to Add New Directors to the Board, Appoint an Executive Chairman and Ensure a Wholly Independent CEO Search Process to Identify the Company’s Next Leader

Encourages Shareholders to Make Their Concerns with Sleep Number’s Unacceptable Performance and Self-Preservation Tactics Known by Communicating Them to the Company

Intends to Nominate Exceptionally Qualified Directors Should the Board Remain Unwilling to Work with Stadium on Changes Necessary to Unlock the Tremendous Value Trapped in Sleep Number’s Shares

NEW CANAAN, Conn.–(BUSINESS WIRE)–
Stadium Capital Management, LLC today sent the below letter to shareholders of Sleep Number Corporation (NASDAQ: SNBR).

***

November 25, 2024

Fellow Sleep Number Shareholders:

Stadium Capital Management, LLC (together with certain of its affiliates, “Stadium Capital” or “we”) is the largest shareholder of Sleep Number Corporation (“Sleep Number” or the “Company”), owning approximately 11.7% of the Company’s outstanding shares. We hold our position because we remain convinced that there is enormous upside in the value of the Company if certain fundamental changes occur.

Our successful and nearly three-decade investment strategy is typically based on close, friendly collaboration with our concentrated portfolio of companies, anchored in deep research and a long-term investment horizon. We strongly prefer to keep engagement private and are nothing if not patient, but after a decade of diligent work on Sleep Number and over 15 meetings with the Company’s management and Board of Directors (the “Board”), our frustration with current leadership, who has overseen massive shareholder value destruction, reached a tipping point last year. As a result, we were compelled to take the rare step of publicly expressing our concerns regarding Sleep Number’s leadership and governance last year.¹ This ultimately led to the appointment of two highly qualified new directors to the Board pursuant to a Cooperation Agreement between Stadium Capital and the Company (the “Cooperation Agreement”).

On October 30, 2024, a mere four days before our one-year Cooperation Agreement expired, the Board announced several management and governance changes, including the retirement of the CEO, President and Chair of the Board, Shelly Ibach, and a gradual de-classification and shrinking of the Board. While on the surface these changes represent forward progress, it is clear to us that they are the bare minimum, insufficient and wholly inadequate given the gravity and urgency of the situation Sleep Number finds itself in today – thanks to this Board. In our view, these changes reflect the current Board’s efforts to cling to the status quo and maintain control.

Now, Sleep Number’s shareholders are being asked to entrust this Board to hire the Company’s next CEO, which is, without any doubt, the most critical decision facing the Company over the next decade. Given that these are the same directors who have overseen massive value destruction and failed to hold Ms. Ibach accountable for far too long, shareholders cannot trust the Board as currently constructed to get this decision right, a decision that will define the future of Sleep Number.

Before deciding to make our concerns public, we worked tirelessly and in good faith to persuade the Board to collaborate privately with us to improve its flawed CEO search process. As with most of our suggestions, the Board summarily rejected our proposals. While shareholders cannot trust the current Board to hire Sleep Number’s next CEO, we also believe that shareholders cannot trust this Board, which is still populated with many long-tenured directors who presided over a truly colossal destruction of shareholder value, to oversee the crucial capital allocation decisions facing the Company. A meaningfully reconstituted Board will be better positioned to identify a great CEO, create the best incentives for that CEO and instill long overdue accountability into Sleep Number’s corporate culture, all of which would help unlock the tremendous value that exists within this Company. It is well past time to put an end to this relentless and extraordinary value destruction, and fix Sleep Number’s leadership and governance.

We have spoken to many Sleep Number shareholders following the filing of our Schedule 13D on November 4, 2024 and the feedback we received was unanimous – more and urgent change is desperately needed. We are urging our fellow shareholders to express their views directly to the Board, whether publicly or privately, so the Board can grasp just how widespread shareholder dissatisfaction remains. For those shareholders with whom we have not already spoken, please know that our line is open and we welcome the opportunity to hear your thoughts as well.

Significant Value Destruction Underscores the Urgent Need for Shareholder-Driven Change

The immense shareholder value destruction that has occurred at Sleep Number makes blatantly obvious the need for real change at the Company. Sleep Number has been a serial underperformer, both in absolute and relative terms, over any relevant measurable period during Ms. Ibach’s tenure. The table below includes total shareholder returns for various time periods compared to Sleep Number’s closest peer, Tempur Sealy International, Inc. (“Tempur Sealy”). The performance disconnect between two direct competitors is staggering and indisputable.²

	Total Return Data (as of 11/22/2024)
					Ibach
	1-year	3-year	5-year	10-year	Tenure
Sleep Number Corporation	23%	-85%	-74%	-52%	-52%
Tempur Sealy International, Inc.	40%	29%	172%	311%	430%

Relative Underperformance	-17%	-114%	-246%	-364%	-482%

This comparison to Sleep Number’s closest peer is starkly informative because Tempur Sealy went through a shareholder-driven leadership change in 2015. Consider the performance results between Tempur Sealy and Sleep Number before and after this change:³

	Total Return Data
	Pre-Change	Post-Change
Sleep Number Corporation.	24%	-61%
Tempur Sealy International, Inc.	29%	311%

Relative Underperformance	-5%	-372%

During Ms. Ibach’s tenure, the Board has unequivocally failed in its two primary responsibilities: (i) ensuring the Company hires, incentivizes and holds accountable the right CEO, and (ii) allocating capital.⁴ It is time for real change.

We believe that corporate governance improvements and shareholder-driven reform can make a big difference.

Recent Governance Changes are Insufficient

It is clear to us (and the many shareholders we have spoken with) that the recent changes announced by the Company are insufficient. Sleep Number is on a path to de-classify the Board, separate the Chair and CEO roles and slowly shrink the Board. Normally, we would applaud these moves, as it would signal that a board has committed to better governance by making itself more independent from management and more accountable to shareholders.

In this case, however, these corporate governance “improvements” should be viewed as wholly inadequate self-preservation measures. The below provides some relevant context:

What the Board Says:⁵	The Reality:
“These changes reflect the Board’s ongoing commitment to progressive and effective corporate governance and accountability to shareholders.”	After almost a year of inaction, Sleep Number waited until two business days before the expiration of the Cooperation Agreement to announce these changes. We have suggested that the Board implement these standard, common sense governance practices for over a year, and many of these changes should have been implemented at the Company’s 2024 Annual Meeting of Shareholders. The Company advised us that this year’s class of directors will yet again be nominated for three-year terms, meaning that the declassification process will not actually begin until 2026.

“While we value the contributions of each of our talented directors, we believe that strategically reducing the size of the Board at the appropriate time will enhance our governance.”	The Board has not committed to an accelerated departure date for Stephen Gulis or Brenda Lauderback. The Board’s claim that time is needed to transition committee chair roles is an absurd excuse. These over-tenured, under-performing directors who have served on the Board since 2005 and 2004, respectively, should never have been nominated for re-election in 2024 in the first place. Sleep Number’s directors are cumulatively paid almost 50% more than those of Tempur Sealy despite the Company having 3% the market capitalization and revenue that is 40% lower. On top of this, Sleep Number’s former Chairman, who departed the Board in May 2023, continued to receive director fees through the first three quarters of 2024.⁶ In our view, this extended transition has not only been costly to shareholders, but it is also insulting to all Sleep Number employees who have suffered pay cuts and/or lost their jobs as part of urgent cost-cutting initiatives. The long-tenured directors on the Board – the people as responsible for this harm as anyone – have not been held accountable.

“The Board has unanimously determined its intent to appoint Michael Harrison as independent Chair following the 2025 Annual Meeting.”	The Board’s choice of a new Chair is totally unacceptable and suggests that, collectively, the current directors do not understand the importance of moving on from the disastrous Ibach era. Sleep Number has several more highly qualified, shorter-tenured directors with fewer ties to the failed Ibach era who are clearly more appropriate for the role.

The Current CEO Search Process is Flawed

We have spoken with a large and diverse group of market and industry participants to gather perspectives regarding Sleep Number and its CEO search. The overwhelming consensus is that, to be successful, a search process must be fully and unequivocally independent from the outgoing CEO.

In recent conversations with the Board, we learned several deeply concerning facts. First, Ms. Ibach was involved in drafting the specifications for her successor and will interview the candidates. Second, the executive search team leading the process has close ties to the Ibach era, having led past searches for directors and senior leadership roles. Finally, and perhaps most disturbingly, social media activity indicates that the executive search partner leading this search appears to have a close relationship with Ms. Ibach. Given these dynamics, it is impossible to believe this process is truly independent of Ms. Ibach.

We would note that the current process might indeed be appropriate in a situation where a successful CEO is retiring. At Sleep Number, however, the Board is replacing a CEO whose failed leadership of the Company resulted in significant underperformance and massive value destruction during her lengthy tenure. Successful succession planning in this case requires an acknowledgement of past failings and a clean break from the past. While this is completely obvious to all market participants with whom we engaged, somehow, the Board does not seem to understand this.

This Board Cannot be Trusted to Hire Sleep Number’s Next CEO

How big a failure was the Ibach era? Operationally, from 2012 to 2024, Sleep Number’s unit market share did not increase despite increasing the store count by almost 60%, increasing the advertising budget by more than 50% and deploying hundreds of millions of dollars into R&D and technology acquisition. Margins consistently fell short of expectations. The Company began the Ibach era with over $175 million in excess cash, generated over $800 million in free cash flow and paid zero dividends during Ms. Ibach’s tenure.⁷ Sleep Number’s market capitalization is currently less than $300 million and its stock is down an astonishing 91% from its peak.⁸

The Chair of the Management Development and Compensation Committee (Ms. Lauderback) – the committee chartered with succession planning and thus leading the CEO search – has been on the Board for over 20 years. The incoming Board Chair (Mr. Harrison), who also sits on the search committee, has been on the Board for the entirety of, and thus enabled, Ms. Ibach’s nearly 13-year tenure as CEO. One other search committee member (Deborah Kilpatrick) has been on the Board for over six years and regularly lavishes public praise on Ms. Ibach. Another director up for re-election this year (Barbara Matas) has stridently expressed her great admiration for Ms. Ibach, insisting on a call this past spring to us that Ms. Ibach “is going to be our CEO” and that shareholders had better accept that. In the face of overwhelming and completely damning evidence, the Board simply refuses to see the obvious – Sleep Number urgently needs a clean break from the failed Ibach era.

On November 12, 2024, we made a proposal to the Company that was intended to be a non-disruptive and collaborative solution to the current situation.⁹ We offered to support the Board at the Company’s upcoming annual meeting if the Board committed to a truly independent CEO search process that excluded Ms. Ibach and either changed the search committee structure or formally involved a Stadium Capital principal in the process. The Board rejected this non-escalatory, constructive proposal on the grounds that changing the committee purportedly would disrupt the ongoing process. Given Sleep Number’s poor governance and the fact that, as the Company’s largest shareholder, we had expressed that the Board does not have our support absent these kinds of changes, we thought this proposal would improve the process, expand the pool of interested and qualified candidates, and potentially satisfy other shareholders who were apparently considering raising their own concerns publicly. The Board’s grave miscalculation in rejecting our recent proposal confirmed for us that shareholders, the true owners of the Company, need more and substantive change, now.

THE path forward

Sleep Number should collaborate with its largest shareholder to refresh the Board and ensure the CEO search process is completely independent.

We are already aware of at least two highly qualified potential CEO candidates who were reluctant to get involved because of Sleep Number’s ineffective and dysfunctional Board. That is extremely concerning to us, as it should be to all owners. We are calling on the Board to collaborate with us immediately to refresh the Board and improve the CEO search process. Time is of the essence. Our suggested path forward is as follows:

Announce the immediate retirement of Mr. Gulis and Ms. Lauderback from the Board.
Replace incoming Chairman Harrison and Ms. Matas with a Stadium Capital principal and another highly qualified independent director.
Reconstitute the CEO search committee by fully excluding Ms. Ibach from the process, shifting the composition towards shorter-tenured directors with public company CEO experience and including a Stadium Capital principal.
Appoint an Executive Chairman to help run the Company during Ms. Ibach’s transition period. If one of the current qualified and relatively short-tenured Sleep Number directors is willing to fill this role, they would have our support. If there is no internal candidate, we can provide a ready, willing and highly capable external candidate.

It is nonsensical for shareholders and offensive to Sleep Number’s employees for the Board to continue wasting shareholder money to pay advisors to “defend” the Board against an outcome that owners prefer during this critical period of cost-cutting. To reiterate, if our fellow shareholders agree with our views, we encourage you to express that to the Board in short order. If the Board listens to its business owners’ views, we see a quick path to creating an excellent Board that will be capable of hiring an outstanding CEO for Sleep Number and all its stakeholders.

Should our requests and concerns continue to fall on deaf ears, we will be compelled to nominate several exceptionally qualified directors for election at Sleep Number’s 2025 Annual Meeting of Shareholders. We believe that a large portion of the Company’s shareholders would support our efforts. While a protracted public battle may potentially delay the CEO transition, we are confident that the eventual result of our successful campaign would be a high integrity search process, the hiring of the best possible CEO and an improved Board. With these elements in place at Sleep Number, we believe shareholders will be positioned to realize enormous upside over the next several years, and all stakeholders will benefit from a healthier culture based on accountability. We know what is possible at Sleep Number, which is why we are committed to taking the necessary actions for the Company to make good on its immense potential.

Sincerely,

The Investment Committee of Stadium Capital Management LLC

***

¹https://www.businesswire.com/news/home/20230913488935/en/Stadium-Capital-Management-Issues-Letter-to-Sleep-Number%E2%80%99s-Board-of-Directors-Regarding-the-Urgent-Need-for-Shareholder-Driven-Change

² Source of share price performance data used throughout is Capital IQ.

³The pre-change period is from June 1, 2012 (the start of Ms. Ibach’s tenure) to February 16, 2015, the day H Partners Management initiated a campaign that led to shareholder-driven board and CEO change at Tempur Sealy. The post-change period is from February 16, 2015 to November 22, 2024.

⁴ Many of these mistakes are highlighted in our 2023 letter to the Board.

⁵https://www.sec.gov/Archives/edgar/data/827187/000082718724000087/a2024-q3ex991skyway.htm

⁶ Company Securities and Exchange Commission filings.

⁷ Company Securities and Exchange Commission filings.

⁸ As of November 22, 2024.

⁹ Feel free to reach out to us if you would like a copy of this letter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241125024731/en/

Longacre Square Partners

Greg Marose / Charlotte Kiaie, 646-386-0091

[email protected] / [email protected]

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Home Goods Other Retail Retail Professional Services Other Professional Services

MEDIA:

November 25, 2024 8:18 am

IMUNON Announces Results from its End-of-Phase 2 Meeting with the FDA for its Lead IMNN-001 Clinical Program in Advanced Ovarian Cancer

FDA Project Team supports the company’s proposed Phase 3 trial strategy, including overall trial design, target patient population, treatment schedule, and primary endpoint

Final Protocol submission on track for December, supporting initiation of Phase 3 registrational trial in Q1 2025

LAWRENCEVILLE, N.J., Nov. 25, 2024 (GLOBE NEWSWIRE) — IMUNON, Inc. (NASDAQ: IMNN), a clinical-stage company in late-stage development with its DNA-mediated immunotherapy, today announced the outcome of its recent End-of-Phase 2 in-person meeting with the U.S. Food and Drug Administration (FDA), supporting the advancement of its investigational interleukin-12 (IL-12) immunotherapy IMNN-001 for the treatment of advanced ovarian cancer into a Phase 3 pivotal study. IMUNON remains on track to initiate the 500-patient Phase 3 trial in the first quarter of 2025.

“The collaborative End-of-Phase 2 meeting with the FDA represents another important milestone in our IMNN-001 clinical program, and we are very pleased that the Agency is aligned with the potential for IMNN-001 to address a significant unmet need in ovarian cancer treatment and our Phase 3 plans,” said Stacy Lindborg, Ph.D., president and chief executive officer of IMUNON. “We are encouraged by the robust safety and efficacy data from our Phase 2 OVATION 2 Study, including the positive survival results recently presented in a late-breaking session at the SITC Annual Meeting. IMNN-001 is the first immunotherapy to achieve a clinically effective response in ovarian cancer, including benefits in both progression-free and overall survival in frontline treatment.”

“Our goal is to replicate these remarkable results in a Phase 3 trial, which would be transformative for the current standard of care, substantially improving overall survival and giving hope to thousands of women with advanced ovarian cancer who continue to experience disease progression,” Dr. Lindborg added.

The interaction with the FDA included an extensive review of data generated to date, including 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. The OVATION 2 Study results demonstrated that IMNN-001 immunotherapy plus standard-of-care chemotherapy resulted in approximately a one-year (35%) improvement in overall survival compared to treatment with standard-of-care chemotherapy alone. Treatment was also generally well tolerated, with no reports of cytokine release syndrome or any other serious immune related adverse events.

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.

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. Additionally, the Company has entered a first-in-human study of its COVID-19 booster vaccine (IMNN-101). 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. 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 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 of 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
212-253-8881	443-213-0505
[email protected]	[email protected]

November 25, 2024 8:18 am

Contineum Therapeutics to Attend the 7th Annual Evercore HealthCONx Conference

Contineum Therapeutics to Attend the 7^th Annual Evercore HealthCONx Conference

SAN DIEGO–(BUSINESS WIRE)–
Contineum Therapeutics, Inc. (NASDAQ: CTNM) (Contineum or the Company), a clinical stage biopharmaceutical company focused on discovering and developing novel, oral small molecule therapies that target biological pathways associated with specific clinical impairments in the treatment of neuroscience, inflammation and immunology (NI&I) indications, today announced that management is scheduled to participate in a fireside chat at the 7th Annual Evercore HealthCONx Conference in Miami on Wednesday, December 4, 2024 at 11:15 a.m. ET.

An audio webcast of the fireside chat can be accessed on the Investors section of Contineum’s website. A webcast replay will also be available.

About Contineum Therapeutics

Contineum Therapeutics (Nasdaq: CTNM) is a clinical stage biopharmaceutical company focused on discovering and developing novel, oral small molecule therapies for NI&I indications with high unmet need. Contineum is focused on targeting biological pathways associated with specific clinical impairments, that Contineum believes, once modulated, may demonstrably impact the course of disease. Contineum has a pipeline of internally-developed programs to address multiple NI&I disorders. Contineum has two drug candidates in clinical trials, PIPE-791, an LPA1 receptor antagonist in clinical development for idiopathic pulmonary fibrosis, progressive multiple sclerosis and chronic pain, and PIPE-307, a selective inhibitor of the M1 receptor in clinical development for relapsing-remitting multiple sclerosis. PIPE-307 is being developed pursuant to a global license and development agreement between Contineum and Janssen Pharmaceutica NV, a Johnson & Johnson company, who has also announced plans to initiate a Phase 2 trial of PIPE-307 in depression in 2024. For more information, please visit www.contineum-tx.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241125236974/en/

Steve Kunszabo

Contineum Therapeutics

Senior Director, Investor Relations & Corporate Communications

858-649-1158

[email protected]

KEYWORDS: United States North America California Florida

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health Neurology

MEDIA:

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November 25, 2024 8:17 am

Catalyst Pharmaceuticals Recognized as One of North America’s Fastest-Growing Companies on the 2024 Deloitte Technology Fast 500™ List

Attributes 234% Revenue Growth to Operational Excellence and Strong Commercial Execution

CORAL GABLES, Fla., Nov. 25, 2024 (GLOBE NEWSWIRE) — Catalyst Pharmaceuticals, Inc. (“Catalyst” or “Company”) (Nasdaq: CPRX), today announced it ranked number 452 on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 30^th year. The 2024 Deloitte Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023, for which Catalyst grew 234% during this period.

Catalyst’s President and Chief Executive Officer, Richard J. Daly, credits the team’s operational excellence and strong commercial execution for the 234% revenue growth. He said, “It’s an honor to be recognized as one of the fastest-growing companies in North America across industry sectors. We remain confident in our ability to execute against our strategy, which includes capitalizing on new opportunities to broaden our rare orphan portfolio with innovative and differentiated products, and we remain steadfast in enhancing our growth potential while prioritizing the needs of our patient communities.”

“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, Vice Chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”

“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, Partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”

Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 153,625% over the three-year time frame, with an average growth rate of 1,981% and median growth rate of 460%.

About the 2024 Deloitte Technology Fast 500

Now in its 30^th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US $50,000, and current-year operating revenues of at least US $5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

About Catalyst Pharmaceuticals
Catalyst Pharmaceuticals, Inc. (Nasdaq: CPRX) is a biopharmaceutical company committed to improving the lives of patients with rare diseases. With a proven track record of bringing life-changing treatments to the market, we focus on in-licensing, commercializing, and developing innovative therapies. Guided by our deep commitment to patient care, we prioritize accessibility, ensuring patients receive the care they need through a comprehensive suite of support services designed to provide seamless access and ongoing assistance. Catalyst maintains a well-established U.S. presence while actively seeking to expand its global commercial footprint through strategic partnerships. Catalyst is headquartered in Coral Gables, FL., and was recognized on the Forbes 2024 list as one of America’s most successful small-cap companies.

For more information, please visit Catalyst’s website at www.catalystpharma.com.

About Deloitte

Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.

Forward-Looking Statements

This press release contains forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Catalyst’s actual results in future periods to differ materially from forecasted results. A number of factors, including those factors described in Catalyst’s Annual Report on Form 10-K for the fiscal year 2023 and its other filings with the U.S. Securities and Exchange Commission (“SEC”), could adversely affect Catalyst. Copies of Catalyst’s filings with the SEC are available from the SEC, may be found on Catalyst’s website, or may be obtained upon request from Catalyst. Catalyst does not undertake any obligation to update the information contained herein, which speaks only as of this date.

Source: Catalyst Pharmaceuticals, Inc.

Investor Contact
Mary Coleman, Catalyst Pharmaceuticals, Inc.
(305) 420-3200
[email protected]  

Media Contact
David Schull, Russo Partners
(858) 717-2310
[email protected]

November 25, 2024 8:17 am

Safe Pro’s Airborne Response Awarded Purchase Order for Drone Aerial Inspections of Telecom Towers in South Florida

Safe Pro’s Airborne Response Awarded Purchase Order for Drone Aerial Inspections of Telecom Towers in South Florida

Q4 2024 Drone Services Revenue Increasing, Driven by Completion of Over 500 Miles of Critical Power Infrastructure Inspections Following Hurricane Milton

AVENTURA, Fla.–(BUSINESS WIRE)–
Safe Pro Group Inc. (Nasdaq: SPAI) (“Safe Pro” or the “Company”), a leading provider of artificial intelligence (AI) solutions specializing in drone imagery processing, today announced that its Mission Critical Unmanned Solutions® subsidiary, Airborne Response (Airborne), has received a purchase order for a multi-site drone inspection project to be executed in 2025 from a multinational telecommunications firm (the “telecommunications customer”).

Under the terms of the purchase order, Airborne’s uncrewed aircraft systems (UAS) teams will conduct enhanced drone-based aerial inspections and asset management services on behalf of the telecommunications customer. Airborne Response will perform aerial inspections utilizing Skydio, Inc. drones to inspect multiple radio towers used by a municipal South Florida fire & rescue department.

“This award further demonstrates the trust our customers place in our Airborne Response business unit to monitor and ensure the reliability of Florida’s critical infrastructure,” said Dan Erdberg, Chairman and CEO of Safe Pro Group. “Highlighted by the recent completion of over 500 miles of powerline inspections for Florida’s largest electric utility following hurricane Milton, we are pleased by the strong growth in our drone services business in the fourth quarter and look forward to supporting the needs of our customers in 2025.”

Airborne Response customers include leading energy, telecommunications, and insurance firms across Florida. Its flight teams utilize sUAS to help assess the condition of Florida’s power grid and evaluate storm damage to residences. Its emergency drone flight crews were recently deployed by multiple Florida enterprise customers to support the massive hurricane Milton recovery efforts.

A video introduction to Safe Pro Groups business units can be found here.

For more information about Airborne Response, please visit airborneresponse.com. If you are a remote pilot available for work, please visit pilots.airborneresponse.com and if you are interested in purchasing a Skydio system or have questions about adding drones to your operations, you can contact Airborne’s team of drone specialists at https://airborneresponse.com/skydio-reseller-new-form/.

To learn more about Safe Pro Group, its subsidiaries, and technologies, please visit https://safeprogroup.com and connect with us on LinkedIn, Facebook and X.

About Safe Pro Group Inc.

Safe Pro Group is a leading provider of artificial intelligence (AI) solutions specializing in drone imagery processing leveraging commercially available “off-the-shelf” drones with its proprietary machine learning and computer vision technology to enable rapid identification of explosives threats, providing a much safer and more efficient alternative to traditional human-based analysis methods. Built on a cloud-based ecosystem and powered by Amazon Web Services (AWS), Safe Pro Group’s scalable platform is targeting multiple markets that include commercial, government, law enforcement and humanitarian sectors where its Safe Pro AI software, Safe-Pro USA protective gear and Airborne Response drone-based services can work in synergy to deliver safety and operational efficiency. For more information on Safe Pro Group Inc., please visit https://safeprogroup.com/.

Forward-Looking Statements

Some of the statements in this press release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements relate to future events, future expectations, plans and prospects. Although Safe Pro Group believes the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Safe Pro Group has attempted to identify forward-looking statements by terminology including ”believes,” ”estimates,” ”anticipates,” ”expects,” ”plans,” ”projects,” ”intends,” ”potential,” ”may,” ”could,” ”might,” ”will,” ”should,” ”approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including market and other conditions. 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 filings with the Securities and Exchange Commission (the “SEC”), copies of which may be obtained from the SEC’s website at www.sec.gov. Any forward-looking statements contained in this press release speak only as of its date. Safe Pro Group undertakes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241125356100/en/

Media Relations for Safe Pro Group Inc.:

[email protected]

Investor Relations for Safe Pro Group Inc.:

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Software Internet Hardware Robotics Data Management Technology Drones Defense Artificial Intelligence Government Technology Air Transport Telecommunications

MEDIA:

Logo

November 25, 2024 8:17 am

STMicroelectronics Announces Status of Common Share Repurchase Program

STMicroelectronics Announces Status of

Common Share Repurchase Program

Disclosure of Transactions in Own Shares – Period from Nov 18, 2024 to Nov 22, 2024

AMSTERDAM – November 25, 2024 — STMicroelectronics N.V. (the “Company” or “STMicroelectronics”), a global semiconductor leader serving customers across the spectrum of electronics applications, announces full details of its common share repurchase program (the “Program”) disclosed via a press release dated June 21, 2024. The Program was approved by a shareholder resolution dated May 22, 2024 and by the supervisory board.

STMicroelectronics N.V. (registered with the trade register under number 33194537) (LEI: 213800Z8NOHIKRI42W10) announces the repurchase (by a broker acting for the Company) on the regulated market of Euronext Paris, in the period between Nov 18, 2024 to Nov 22, 2024 (the “Period”), of 468,800 ordinary shares (equal to 0.05% of its issued share capital) at the weighted average purchase price per share of EUR 23.2951 and for an overall price of EUR 10,920,729.99.

The purpose of these transactions under article 5(2) of Regulation (EU) 596/2014 (the Market Abuse Regulation) was to meet obligations arising from share option programmes, or other allocations of shares, to employees or to members of the administrative, management or supervisory bodies of the issuer or of an associate company.

The shares may be held in treasury prior to being used for such purpose and, to the extent that they are not ultimately needed for such purpose, they may be used for any other lawful purpose under article 5(2) of the Market Abuse Regulation.

Below is a summary of the repurchase transactions made in the course of the Period in relation to the ordinary shares of STMicroelectronics (ISIN: NL0000226223), in detailed form.

Transactions in Period

Dates of transaction	Number of shares purchased	Weighted average purchase price per share (EUR)	Total amount paid (EUR)	Market on which the shares were bought (MIC code)
18-Nov-24	106,500	23.8398	2,538,938.70	XPAR
19-Nov-24	89,500	23.2365	2,079,666.75	XPAR
20-Nov-24	90,800	23.1068	2,098,097.44	XPAR
21-Nov-24	91,000	22.8518	2,079,513.80	XPAR
22-Nov-24	91,000	23.3463	2,124,513.30	XPAR
Total for Period	468,800	23.2951	10,920,729.99

Following the share buybacks detailed above, the Company holds in total 13,045,041 treasury shares, which represents approximately 1.4% of the Company’s issued share capital.

In accordance with Article 5(1)(b) of the Market Abuse Regulation and Article 2(3) of Commission Delegated Regulation (EU) 2016/1052, a full breakdown of the individual trades in the Program are disclosed on the ST website (https://investors.st.com/stock-and-bond-information/share-buyback).

About STMicroelectronics

At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

For further information, please contact:

INVESTOR RELATIONS:
Jérôme Ramel
EVP Corporate Development & Integrated External Communication
Tel: +41.22.929.59.20
[email protected]

MEDIA RELATIONS:
Alexis Breton
Corporate External Communications
Tel: +33.6.59.16.79.08

[email protected]

Attachment

C3298C — Nov 25 2024 — Disclosure of transactions in Own Shares PR_FINAL FOR PUBLICATION

November 25, 2024 8:17 am

Graphjet Technology Receives ISO Certifications for Sustainable Graphite and Graphene Production; Strengthens IP Position

Secures three ISO certifications for the eco-friendly manufacturing of graphite and graphene from biomass waste

Awarded patent further enhances competitive moat in the production of green graphite and graphene from palm kernel shells

KUALA LUMPUR, Malaysia, Nov. 25, 2024 (GLOBE NEWSWIRE) — Graphjet Technology (“Graphjet” or “the Company”) (Nasdaq:GTI), a leading manufacturing company focusing on carbon-based materials, producing artificial graphite from biomass waste residues from the process of palm oil, today announced the Company has received ISO (International Organization for Standardization) certifications for the manufacturing of graphite and graphene from biomass waste from ARES International, a verification services provider.

The scope of the ISO certifications covered the manufacturing of biomass waste (palm kernel shell and composite material) to produce artificial graphite and graphene:

ISO 14001:2015
ISO 9001:2015
ISO 45001:2018

These ISO certifications showcase Graphjet Technology’s commitment to excellence in environmental, quality, and health & safety management, which is expected to drive operational, financial, and reputational gains. The certifications also demonstrate that the Company compliance is in line with global standards and are expected to enhance its reputation and improve its market access, customer satisfaction and loyalty, cost efficiency and sustainability, and operational efficiency.

“On the heels of opening the world’s first and largest green graphite facility, receiving these ISO certifications is a testament to the strength of our patented technology,” said Aiden Lee, CEO and Co-Founder of Graphjet. “These certifications provide third-party validation of our technology and demonstrate to our customers and other stakeholders the opportunities ahead for our green graphite production process. As we continue to scale, we aim to meet the growing demand for this strategic material in semiconductors and electric vehicle batteries.”

Awarded Key Graphene Patent

In addition, Graphjet has been granted an important patent in Malaysia, further solidifying its industry-leading position in the production of green graphite and graphene. The patent, which builds on Graphjet’s existing IP protection for palm-based synthetic graphite production, covers the company’s unique and innovative process for producing palm-based graphene. It is the only patent of its kind in Malaysia. The Company is also pursuing patents in the United States to expand its leading global IP position.

“We are pleased to have been granted a significant patent for our graphene production process. This achievement further fortifies our leading IP position in the global graphite and graphene industries,” continued Aiden Lee.

Graphjet’s patented, sustainable and cost-effective technology produces green graphite directly from palm kernel shells. This technology reduces the Company’s operational carbon footprint by up to 83% and reduces costs by up to 80% compared to traditional processes. Per kg of graphite produced, Graphjet produces only 2.95 kg CO2 emissions, compared to 16.8 kg CO2 emissions and 17 kg CO2 emissions from natural and synthetic graphite production, respectively, in China. Graphjet’s technology is expected to have the lowest carbon footprint of any graphite production process in the world.

About Graphjet Technology Sdn. Bhd.
Graphjet Technology Sdn. Bhd. (Nasdaq: GTI) was founded in 2019 in Malaysia as an innovative graphene and graphite producer. Graphjet Technology has the world’s first patented technology to recycle palm kernel shells generated in the production of palm seed oil to produce single layer graphene and artificial graphite. Graphjet’s sustainable production methods utilizing palm kernel shells, a waste agricultural product that is common in Malaysia, will set a new shift in graphite and graphene supply chain of the world. For more information, please visit https://www.graphjettech.com/.

Cautionary Statement Regarding Forward-Looking Statements

The information in this press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Graphjet competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Graphjet will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) Graphjet is beginning the commercialization of its technology and it may not have an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Graphjet’s industry and market size; (v) financial condition and performance of Graphjet, including the anticipated benefits, the implied enterprise value, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Graphjet; (vi) Graphjet’s ability to develop and manufacture its graphene and graphite products; and (vii) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the documents to be filed by Graphjet from time to time 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 while Graphjet may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Graphjet does not give any assurance that Graphjet will achieve its expectations.

Graphjet Technology Contacts

Investors
[email protected]

Media
[email protected]

November 25, 2024 8:16 am

Vast Receives $30M from Australian Renewable Energy Agency for Green Technology to Decarbonise Australia’s Grid and Power Green Fuels Production

SYDNEY, Nov. 25, 2024 (GLOBE NEWSWIRE) — Vast Renewables Limited (“Vast”) (Nasdaq: VSTE) today announced it has signed an updated funding agreement to access up to $30 million of its existing $65 million grant from the Australian Renewable Energy Agency (“ARENA”). The funding will support Vast’s green technology manufacturing and project development activities as it deploys its next generation concentrated solar thermal power (CSP) solution to deliver the clean, dispatchable power and heat that the world needs.

CSP is an obvious technology to deploy in Australia’s energy transition in one of the sunniest countries on earth. By capturing and storing the sun’s energy as heat, CSP can power homes, industry and transport with green, reliable and affordable energy. The technology’s dispatchable capacity will be a critical complement to intermittent solar PV and wind in Australia’s energy mix, delivering longer-lasting power that’s cost effective when the sun isn’t shining and the wind isn’t blowing.

Vast has pioneered the next generation of proprietary CSP technology, promising superior performance at lower cost and risk. It has a global pipeline of projects that will help to decarbonise electricity generation and power the production of green methanol and sustainable aviation fuels. Proven at its grid-connected pilot project in New South Wales, Vast’s leading technology is set to be deployed at utility-scale at Vast Solar 1 (“VS1”), a 30MW power plant with 8 hours of storage located in the Port Augusta Green Energy Hub, South Australia.

Vast’s Port Augusta utility-scale CSP project will generate clean, dispatchable electricity which will be sold into the National Electricity Market, and it will help to power a world-first co-located green methanol production facility, Solar Methanol 1 (“SM1”), also being developed by Vast. A real world, in-demand application for hydrogen, green methanol has the potential to decarbonise shipping and is already being used to power major container vessels.

Vast’s internationally awarded, Australian-made technology is currently produced at its Queensland facility. ARENA’s funding will see Vast scale up its Australian green technology manufacturing to supply VS1 and future projects. The $30 million funding will also support Vast in the final project development activities ahead of Final Investment Decision (FID) on VS1 in early 2025. Vast’s Australian projects and manufacturing facility are anticipated to create dozens of green manufacturing and construction jobs, and long-term plant operations roles.

The support of the Australian Government has been key for Vast, which has the potential to be a catalyst for a domestic CSP industry and expects to export its green technology around the world to its global pipeline of projects, according to Vast CEO Craig Wood.

Wood said, “Unlocking this funding helps accelerate our Australian green technology manufacturing and the final stages of development for our first utility-scale project. ARENA’s backing has been pivotal, getting us to a point where we are garnering significant interest from investors, industry and international governments keen to explore how our technology can play a key role in decarbonising hard-to-abate sectors including electricity, industry and fuels.

“With the continued support of the Australian Government and our investors, we are looking forward to building our next projects, and to helping Australia become an export powerhouse for this next generation of green technology.”

The $30 million non-dilutive grant will be released from $65 million of funding announced in February 2023 by the Minister for Climate Change and Energy, Hon Chris Bowen MP, and ARENA. Construction of VS1 is anticipated to begin in Q2 2025, with capital expenditures estimated to be in the range of AUD360 million – AUD390 million.

Vast’s 1.1MW demonstration project in Forbes, New South Wales

About Vast
Vast is a renewable energy company that has CSP systems to generate, store, and dispatch carbon-free, utility-scale electricity, industrial heat, or a combination to enable the production of green fuels. Vast’s CSP v3.0 approach utilises a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products.

On December 19, 2023, Vast listed on the Nasdaq under the ticker symbol “VSTE”, while remaining headquartered in Australia.

Visit www.vast.energy for more information.

Contacts
For Investors:
Caldwell Bailey
ICR, Inc.
[email protected]

For US media:
Matt Dallas
ICR, Inc.
[email protected]

For Australian media:
Nick Albrow
Wilkinson Butler
[email protected]

‍Forward Looking Statements
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding VS1, Vast’s future financial performance, Vast’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “project,” “should,” “will,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast’s ability to obtain financing on commercially acceptable terms or at all; Vast’s ability to manage growth; Vast’s ability to execute its business plan, including the completion of the Port Augusta project (including VS1), at all or in a timely manner and meet its projections; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast, including in relation to Vast’s recent business combination; the inability to recognize the anticipated benefits of Vast’s recent business combination; costs related to that business combination; changes in applicable laws or regulations and general economic and market conditions impacting demand for Vast’s products and services. Additional risks are set forth in the section titled “Risk Factors” in the Annual Report on Form 20-F for the year ended June 30, 2024, dated September 9, 2024, as amended on November 7, 2024, and other documents filed, or to be filed with the SEC by Vast. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Vast’s expectations can be found in Vast’s periodic filings with the SEC. Vast’s SEC filings are available publicly on the SEC’s website at www.sec.gov

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/943211e9-90bd-492d-b33b-c3c83fb5ebc5

November 25, 2024 8:15 am

Cue Biopharma to Participate in Fireside Discussion at the Piper Sandler 36th Annual Healthcare Conference

BOSTON, Nov. 25, 2024 (GLOBE NEWSWIRE) — Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage biopharmaceutical company developing a novel class of therapeutic biologics to selectively engage and modulate disease-specific T cells for the treatment of cancer and autoimmune disease, announced today that it will take part in an unplugged fireside discussion at the Piper Sandler 36th Annual Healthcare Conference being held in New York, NY, Dec 3-5, 2024.

During the fireside discussion, Cue Biopharma will provide an overview highlighting recent clinical and preclinical program updates as well as strategic business and partnering model objectives.

Presentation Details

Date and Time: Wednesday, December 4, 2024, from 9 a.m. EST – 9:25 a.m. EST
Webcast Link:https://event.webcasts.com/starthere.jsp?ei=1697351&tp_key=a82c532edc
Presenter: Daniel Passeri, M.Sc., J.D., chief executive officer, Cue Biopharma

A live and archived webcast of the fireside discussion will be available on the Events page in the Investors and Media section of the Company’s website at

www.cuebiopharma.com

. The webcast will be archived for 30 days.

About Cue Biopharma

Cue Biopharma, a clinical-stage biopharmaceutical company, is developing a novel class of injectable biologics to selectively engage and modulate disease-specific T cells directly within the patient’s body. The company’s proprietary platform, Immuno-STAT™ (Selective Targeting and Alteration of T cells), and biologics are designed to harness the curative potential of the body’s intrinsic immune system through the selective modulation of disease-specific T cells without the adverse effects of broad systemic immune modulation.

Headquartered in Boston, Massachusetts, we are led by an experienced management team and independent Board of Directors with deep expertise in immunology and immuno-oncology as well as the design and clinical development of protein biologics.

For more information please visit www.cuebiopharma.com and follow us on X and LinkedIn.

Investor Contact

Marie Campinell
Senior Director, Corporate Communications
Cue Biopharma, Inc.
[email protected]

Media Contact

Jonathan Pappas
LifeSci Communications
[email protected]

November 25, 2024 8:14 am

iBio Strengthens Board with Appointment of Two New Independent Directors

SAN DIEGO, Nov. 25, 2024 (GLOBE NEWSWIRE) — iBio, Inc. (NYSEA:IBIO), an AI-driven innovator of precision antibody immunotherapies, announced today the appointment of biotech industry veterans David Arkowitz and António Parada to its Board of Directors adding key experience in finance, leadership and antibody discovery.

“These appointments expand and strengthen our board to align with iBio’s vision of becoming a next-generation antibody discovery and development company with a robust clinical pipeline of therapeutic antibodies for cardiometabolic diseases and oncology. As a seasoned CFO, David brings extensive financial experience and industry relationships that will benefit iBio as we expand our investor base. Antonio’s deep knowledge of antibody discovery and development will help shape our strategy as we work to move from preclinical development into the clinic,” said iBio CEO and Chief Scientific Officer Martin Brenner, Ph.D., DVM. “We are honored to welcome these high-caliber executives to our board and look forward to working with them. I’d also like to thank General Tom Hill, whose leadership and guidance has been invaluable to iBio over the last sixteen years.”

David Arkowitz brings extensive financial and operational experience to the Board. He is currently Chief Financial Officer at Alkeus Pharmaceuticals, a private company developing therapies for serious diseases of the eye with high unmet need. Previously, he served as CFO and head of business development of Seres Therapeutics, Inc., CFO of Flexion Therapeutics, Inc., which was acquired by Pacira Biosciences, and Chief Operating Officer and CFO of Visterra, Inc., which was acquired by Otsuka Pharmaceutical Co., where he led finance, business development, corporate planning, and other functions. Mr. Arkowitz currently serves on the board of directors of Kineta, in addition to holding past board member and audit committee chair roles at a number of biotech and life sciences companies.

Antonio Parada is an accomplished leader in antibody drug discovery with a successful track record in fundraising and management. He is the Founder and CEO of FairJourney Biologics, a privately held and leading antibody discovery contract research organization. Prior to FairJourney, Mr. Parada was the general manager of Instituto de Biologia Molecular e Celular (IBMC) in Portugal, manager of the Clinical Trial Unit of IPO Porto – Cancer Hospital in Portugal, and site manager of Ablynx’s “Centre of Excellence in Phage Display,” a subsidiary of Sanofi S.A. (Portugal).

Mr. Parada commented, “I understand the challenges with developing next-generation antibodies and am impressed with the potential of iBio’s technology to overcome these challenges. I look forward to my work on the board and collaborating with the iBio team.” Mr. Arkowitz added, “I’m thrilled to be joining iBio’s board and am excited by the prospects of its drug discovery platform to identify undruggable targets. The combination of machine learning and advanced biological techniques that iBio has built into its drug discovery platform has the potential to address some of the greatest challenges in antibody discovery.”

About iBio, Inc.

iBio is an AI-driven innovator that develops next-generation biopharmaceuticals using computational biology and 3D-modeling of subdominant and conformational epitopes, prospectively enabling the discovery of new antibody treatments for hard-to-target cancers, and other diseases. iBio’s mission is to decrease drug failures, shorten drug development timelines, and open up new frontiers against the most promising targets. For more information, visit www.ibioinc.com.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding driving the Company’s growth and advancing its pipeline of therapeutic antibody candidates for cardiometabolic diseases and oncology, becoming a next-generation antibody discovery and development company with a robust clinical pipeline of therapeutic antibodies for cardiometabolic diseases and oncology, the expected contribution of Mr. Arkowitz and Mr. Parada, moving from preclinical development into the clinic, the potential of the Company’s technology to overcome the challenges with developing next-generation antibodies, using the Company’s drug discovery platform to identify undruggable targets and the combination of machine learning and advanced biological techniques into the Company’s drug discovery platform having the potential to overcome some of the greatest challenges in antibody discovery. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to execute its growth strategy and advance its pipeline of therapeutic antibody candidates for cardiometabolic diseases and oncology; the ability of Mr. Arkowitz and Mr. Parada contribute to the Company as expected, the Company’s ability to obtain regulatory approvals for commercialization of its product candidates, or to comply with ongoing regulatory requirements; regulatory limitations relating to the Company’s ability to promote or commercialize its product candidates for specific indications; acceptance of the Company’s product candidates in the marketplace and the successful development, marketing or sale of products; and whether the Company will incur unforeseen expenses or liabilities or other market factors; and the other factors discussed in the Company’s filings with the SEC including the Company’s Annual Report on Form 10-K for the year ended June 30, 2024 and the Company’s subsequent filings with the SEC on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Contact:

iBio, Inc.
Investor Relations
[email protected]

Susan Thomas
iBio, Inc.
Media Relations
[email protected]