Market Newsdesk

MONTREAL, Aug. 01, 2023 (GLOBE NEWSWIRE) — Vision Marine Technologies Inc. (NASDAQ: VMAR) (“Vision Marine” or the “Company”), a global leader and innovator within the performance electric recreational boating industry, today announced that it has entered into a definitive agreement with investors for the issuance and sale of 493,832 of its common shares for a price of $4.05 per share, for gross proceeds of approximately $2 million, in a registered direct offering.

Additionally, Vision Marine will issue to the investors in a concurrent private placement warrants to purchase up to 493,832 common shares, which represents 100% of the number of common shares issued in the registered direct offering. The warrants will have an exercise price of $4.05 per share, will be exercisable six (6) months following the issuance date and will expire three (3) years following the issuance date.

Bancroft Capital served as placement agent for the transaction. The offering is expected to close on August 2, 2023, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.

The shares described above are being offered by Vision Marine pursuant to a registration statement (File No. 333-267893) previously filed with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”). A prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov.

The warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and, along with the common shares underlying the warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the warrants and underlying common shares may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained, when available, from Bancroft Capital, LLC, 501 Office Center Drive, Suite 130, Fort Washington, PA 19034, (484) 546-8000, or by accessing the SEC’s website, www.sec.gov.

About Vision Marine Technologies Inc.

Vision Marine Technologies Inc. (Nasdaq: VMAR), strives to be a guiding force for change and an ongoing driving factor in fighting the problems associated with waterway pollution by disrupting the traditional boating industry with electric power, in turn directly contributing to zero pollution, zero emission and a noiseless environment. Our Flagship E-Motion™ 180E electric marine powertrain is the first fully electric purpose-built outboard powertrain system that combines an advanced battery pack, inverter, and high efficiency motor with proprietary union assembly between the transmission and the electric motor design utilizing extensive control software. Our E-Motion™ and related technologies used in this powertrain system are uniquely designed to improve the efficiency of the outboard powertrain and, as a result, enhance both range and performance. Vision Marine continues to design, innovate, manufacture, and sell handcrafted, environmentally friendly, electric recreational boats to customers. The design and technology applied to our boats results in far greater enhanced performance in general, higher speeds, and longer range. Simply stated, a smoother ride than a traditional internal combustion engine (ICE) motorboat.

Forward-Looking Statements

Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. For example, when Vision Marine discusses the expected closing of the registered direct offering and the concurrent private placement; anticipated use of proceeds of the registered direct offering and the concurrent private placement; and the Company’s ability to obtain the requisite approvals and confirmations noted herein, it is using forward-looking statements. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory and other factors, many of which are outside of Vision Marine’s control. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Vision Marine’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (SEC) for the year ended August 31, 2022, as such factors may be updated from time to time in Vision Marine’s periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Vision Marine undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. https://visionmarinetechnologies.com.

Investor and Company Contact: Bruce Nurse

303-919-2913 or

[email protected]

BURLINGTON, Mass., Aug. 01, 2023 (GLOBE NEWSWIRE) — Minerva Neurosciences, Inc. (Nasdaq: NERV), a clinical-stage biopharmaceutical company focused on the development of therapies to treat central nervous system disorders, today reported business updates and financial results for the second quarter ended June 30, 2023.   

“In the second quarter, we completed an equity financing of $20.0 million, further strengthening our cash position. This investment from Boehringer Ingelheim and Federated Hermes Kaufman Funds comes as we continue to interact with the FDA in support of their review of our New Drug Application (NDA) for roluperidone for the treatment of negative symptoms of schizophrenia.”

“We remain committed to bringing roluperidone to patients and physicians, as we believe it has the potential to improve patients’ quality of life and expand the treatment options physicians can offer their patients. Roluperidone, if approved, would be the first medication for negative symptoms of schizophrenia, a recognized unmet clinical need,” said Dr. Remy Luthringer, Executive Chairman and Chief Executive Officer of Minerva.  

Q2 2023 Business Highlights

• On June 30, 2023, the Company completed a private investment in public equity financing of $20 million in gross proceeds from Boehringer Ingelheim, a global biopharmaceutical company with a growing mental health pipeline that includes schizophrenia, and Federated Hermes Kaufmann Funds.
• On May 8, 2023, the FDA confirmed that they had assigned a Prescription Drug User Fee Act (PDUFA) goal date of February 26, 2024.
• On April 27, 2023, the FDA confirmed the filing of Minerva’s NDA for roluperidone for the treatment of negative symptoms in patients with schizophrenia.

Second Quarter 2023 Financial Results

• Research and development (“R&D”) expense: R&D expense was $1.9 million and $4.5 million for the three and six months ended June 30, 2023, respectively, as compared to $4.1 million and $9.1 million for the three and six months ended June 30, 2022, respectively. The decrease of $2.2 million and $4.6 million in R&D expense for the three and six months ended June 30, 2023 versus the prior year periods was primarily due to lower non-cash stock compensation costs and lower consultant fees related to the preparation of the Company’s NDA for roluperidone, which was submitted during 2022, partially offset by higher professional service fees and staffing related expenses during 2023. Non-cash stock compensation costs included in R&D expense was $0.3 million and $0.5 million for the three and six months ended June 30, 2023, respectively, as compared to $0.5 million and $1.0 million for the three and six months ended June 30, 2022, respectively.
• General and administrative (G&A) expense: G&A expense was $2.6 million and $5.3 million for the three and six months ended June 30, 2023, respectively, as compared to $2.8 million and $5.9 million for the three and six months ended June 30, 2022, respectively. The decrease of approximately $0.2 million and $0.6 million for the three and six months ended June 30, 2023 versus the prior year periods was primarily due to lower non-cash stock compensation expense and insurance costs, partially offset by higher staffing related expenses during 2023. Non-cash stock compensation costs included in G&A expense was $0.3 million and $0.5 million for the three and six months ended June 30, 2023, respectively, as compared to $0.6 million and $1.1 million for the three and six month periods ended June 30, 2022, respectively.
• Non-cash interest expense: For the three and six months ended June 30, 2023, we recognized non-cash interest expense of $2.0 million and $4.0 million, respectively, as compared to $1.8 million and $3.6 million for the three and six months ended June 30, 2022, respectively. The increase in non-cash interest expense for both periods was primarily due to an increase in the carrying value of the liability related to the sale of future royalties for seltorexant to Royalty Pharma, for which upfront milestone payments are being amortized under the interest method over the estimated life of the agreement.
• Net loss: Basic and diluted net loss for the three and six months ended June 30, 2023 was $6.2 million and $13.2 million, or a loss per share of $1.12 and $2.43, respectively, as compared to a net loss for the three and six months ended June 30, 2022 of $8.7 million and $18.5 million or a loss per share of $1.63 and $3.46, respectively.
• Cash Position: Cash, cash equivalents, and restricted cash as of June 30, 2023, were approximately $51.9 million, as compared to $36.2 million as of December 31, 2022. In June 2023, we issued approximately 1.4 million shares of common stock and approximately 0.6 million pre-funded warrants to purchase common shares to two investors for gross proceeds to the Company of $20.0 million.

About Minerva Neurosciences

Minerva Neurosciences, Inc. (Nasdaq: NERV) is a clinical-stage biopharmaceutical company focused on developing product candidates to treat central nervous system (CNS) diseases. Our goal is to transform the lives of patients with improved therapeutic options. Minerva’s portfolio of compounds includes roluperidone (MIN-101), for negative symptoms of schizophrenia, and MIN-301, for Parkinson’s disease. For more information, please visit our website.

Forward-Looking Safe Harbor Statement

This press release contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts, reflect management’s expectations as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include, but are not limited to, statements herein with respect to the regulatory progress and therapeutic potential of roluperidone for the treatment of negative symptoms in patients with schizophrenia. These forward-looking statements are based on our current expectations and may differ materially from actual results due to a variety of factors including, without limitation, whether the FDA will require additional trials or data which may significantly delay and put at risk our efforts to obtain regulatory approval; whether the FDA may meet expected review timelines for our NDA; whether roluperidone will be successfully marketed if approved; management’s ability to successfully achieve its goals; our ability to raise additional capital to fund our operations and corporate objectives on terms acceptable to us; general economic conditions; and other factors that are described under the caption “Risk Factors” in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 8, 2023, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. Copies of reports filed with the SEC are posted on our website at

http://ir.minervaneurosciences.com/

.
The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

Contact:

Investor inquiries:

Frederick Ahlholm
Chief Financial Officer
Minerva Neurosciences, Inc.
[email protected]

Media inquiries:

Helen Shik
Principal
Shik Communications LLC
[email protected]

CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in thousands)
	June 30, 2023			December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents	$	51,797		$	36,094
Restricted cash		100			100
Refundable regulatory fee		–			3,117
Prepaid expenses and other current assets		329			848
Total current assets		52,226			40,159
Equipment & capitalized software, net		44			59
Goodwill		14,869			14,869
Total Assets	$	67,139		$	55,087
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Current Liabilities:
Accounts payable	$	298		$	969
Accrued expenses and other current liabilities		1,610			408
Total current liabilities		1,908			1,377
Long-Term Liabilities:
Liability related to the sale of future royalties		77,742			73,734
Total liabilities		79,650			75,111
Stockholders’ (Deficit) Equity:
Common stock		1			1
Additional paid-in capital		367,461			346,785
Accumulated deficit		(379,973	)		(366,810	)
Total stockholders’ (deficit) equity		(12,511	)		(20,024	)
Total Liabilities and Stockholders’ (Deficit) Equity	$	67,139		$	55,087

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended June 30, (in thousands, except per share amounts)							Six Months Ended June 30 (in thousands, except per share amounts)
			2023			2022				2023			2022
Operating expenses:
Research and development		$	1,887		$	4,132			$	4,541		$	9,092
General and administrative			2,633			2,833				5,327			5,862
Total operating expenses			4,520			6,965				9,868			14,954
Loss from operations			(4,520	)		(6,965	)			(9,868	)		(14,954	)
Foreign exchange (losses) gains			(7	)		2				(16	)		(2	)
Investment income			365			72				730			80
Non-cash interest expense for the sale of future royalties			(2,030	)		(1,827	)			(4,008	)		(3,606	)
Net loss		$	(6,192	)	$	(8,718	)		$	(13,162	)	$	(18,482	)
Net loss per share, basic and diluted		$	(1.12	)	$	(1.63	)		$	(2.43	)	$	(3.46	)
Weighted average shares outstanding, basic and diluted			5,511			5,340				5,426			5,340

HOUSTON, Aug. 01, 2023 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) and ADNOC today announced that they will evaluate investment opportunities in Direct Air Capture (DAC) facilities and carbon dioxide (CO₂) sequestration hubs in the United States and the United Arab Emirates (UAE) as a pathway toward the development of carbon management platforms to accelerate the net-zero goals of both companies.

The strategic collaboration between global energy leaders Occidental and ADNOC demonstrates how the companies can work together on the potential deployment of carbon capture, utilization and sequestration technology at scale in the United States and the Middle East and to help hard-to-abate industries achieve their net-zero targets through the purchase of carbon dioxide removal credits alongside emissions reduction programs.

Under the terms of the Memorandum of Understanding (MOU), ADNOC may evaluate participation in DAC plants and CO₂ sequestration hubs under development in the United States by Occidental subsidiary, 1PointFive. Occidental and ADNOC and may also evaluate jointly developing one or more UAE-located CO₂ sequestration hubs and consider commencing feasibility and pre-front-end engineering and design studies for a 1 million tonne-per-year DAC plant, which together would provide emissions reduction solutions for carbon-intensive industrial emitters and other hard-to-abate sectors within the UAE, including aviation and maritime operations.

Through the collaboration, the companies will also consider opportunities to incorporate innovative CO₂-based technologies into the UAE. This includes technologies in which Occidental has made investments, such as emissions-free power and sustainable fuels.

“We look forward to building on our longstanding partnership with ADNOC as we advance our plans to globally deploy DAC technology and engage partners who are committed to developing carbon solutions at climate-relevant scale,” said Vicki Hollub, Occidental President and CEO. “Partnerships like this one are essential to helping the world reach its climate goals and ensure it has the resources it needs to thrive through the energy transition. We look forward to working with ADNOC on our shared vision of establishing a global net-zero ecosystem.”

The agreement is enabled by the UAE-U.S. Partnership for Accelerating Clean Energy (PACE), which was launched in November 2022 and is expected to mobilize $100 billion in clean energy and carbon management projects, including CCS and DAC by 2035.

Amos Hochstein, White House Senior Advisor to the President for Energy and Investment said: “The world is going to need a host of technologies, including DAC and CCUS, to meet our global climate objectives. This important announcement is a great example of what the U.S.- UAE Partnership for Accelerating Clean Energy (PACE) can help enable. I look forward to what this agreement yields.”

In January 2023, an expert body was formed to govern PACE, co-chaired by His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and Amos Hochstein, White House Senior Advisor to the President for Energy and Investment.

Musabbeh Al Kaabi, Executive Director of Low Carbon Solutions and International Growth at ADNOC said: “This agreement highlights how the UAE-U.S. Partnership for Accelerating Clean Energy is driving innovative climate technologies to decarbonize the energy sector. The need to significantly reduce carbon emissions to address climate change is clear and urgent and carbon capture is an important technology that can be scaled up to decarbonize across all industries.

“ADNOC’s is a pioneer in carbon management, exemplified by our industry leading low-carbon intensity and our operation of Al Reyadah, the region’s first commercial scale carbon capture facility. As ADNOC accelerates its net zero ambition to 2045 and decarbonizes our operations, partnerships like this offer the potential to transform the systems that will be vital to provide the lower-carbon energy the world needs for the energy transition.”

1PointFive is currently constructing what is expected to be the world’s largest DAC plant, named STRATOS, in Texas. The facility, which will use technology provided by Canada-based Carbon Engineering, is designed to capture up to 500,000 tonnes of CO₂ from the atmosphere each year when fully operational. The DAC plant being evaluated by the companies in the UAE, if built, would use the same technology and could be the first megaton-scale facility of its kind outside of the United States.

About Occidental

Occidental
is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

About ADNOC

ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification. To find out more, visit: www.adnoc.ae

Forward Looking Statement

This news release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including those relating to the agreement’s benefits and related impact on carbon emissions and Occidental’s and 1PointFive’s deployment and use of DAC technology, which are based on Occidental’s current expectations, beliefs, plans, estimates, and forecasts. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. Words such as “will,” “may,” “expect,” “plan,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Occidental does not undertake any obligation to update, modify, or withdraw any forward-looking statements as a result of new information, future events, or otherwise.

These statements are not guarantees of future performance as they involve assumptions that may prove to be incorrect and risks and uncertainties, including those that are beyond Occidental’s control. Factors that may cause actual results to differ materially from forward-looking statements include Occidental’s and 1PointFive’s ability to access necessary technology, to develop and employ existing or new technology on a commercial scale, to access capital, to collaborate with third parties and customers, and to receive approvals from regulatory bodies, as well as market conditions, geopolitical events, and scientific developments. Additional factors that may affect Occidental’s and 1PointFive’s ability to deploy DAC technology can be found in Occidental’s public disclosure and its filings with the U.S. Securities and Exchange Commission (SEC), which may be accessed at Occidental’s website at oxy.com or the SEC’s website at sec.gov. Information included herein is not necessarily material to an investor in Occidental’s securities.

Contacts

Media		Investors
Eric Moses 713-497-2017 [email protected]		Neil Backhouse 713-552-8811 [email protected]

DETROIT, Aug. 01, 2023 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced second quarter 2023 reported net income of $91 million, or $0.93 per diluted share. For the second quarter of 2023, operating earnings were $91 million, or $0.93 per diluted share. Adjusted EBITDA for the quarter was $224 million.

Reconciliations of operating earnings and adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

The company also announced that the DT Midstream Board of Directors declared a $0.69 per share dividend on its common stock payable October 15, 2023 to stockholders of record at the close of business September 18, 2023.

“We had another strong quarter, and the business continues to perform in-line with our full-year plan,” said David Slater, President and CEO. “We continue to make great progress advancing organic opportunities across our traditional and energy transition business platforms.”

Slater noted the following accomplishments:

• Reached a final investment decision on a new greenfield investment opportunity in the Ohio Utica
• Filed a Class V characterization well permit application for our carbon capture and sequestration project in Louisiana
• Published our annual Corporate Sustainability Report, highlighting our progress on ESG initiatives

“Our second quarter financial results give us confidence in meeting our financial goals,” said Jeff Jewell, Executive Vice President and CFO. “We are in a strong position to achieve our goals in 2023 and beyond.”

The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.330.2022, and the toll number is 646.960.0690; the passcode is 8347152. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com. 

Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

Forward-Looking Statements

This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and the impact of inflation on our business; competitive conditions in our industry; global supply chain disruptions; actions taken by third-party operators, processors, transporters and gatherers; changes in expected production from Southwestern Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; competition from the same and alternative energy sources; our ability to successfully implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; energy efficiency and technology trends; changing laws regarding cyber security and data privacy, and any cyber security threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to climate change and greenhouse gas emissions; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the ongoing conflict between Russia and Ukraine, including resulting commodity price volatility and risk of cyber-based attacks; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; the effects of existing and future laws and governmental regulations; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; the qualification of the spin-off of DT Midstream from DTE Energy (“the Spin-Off”) as a tax-free distribution; the allocation of tax attributes from DTE Energy in accordance with the agreement that governs the respective rights, responsibilities and obligations of DTE Energy and DT Midstream after the Spin-Off with respect to all tax matters; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2022 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2022, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings (non-GAAP)
			Three Months Ended
			June 30,												March 31,
				2023												2023
			Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments				Income Taxes (1)			Operating Earnings
			(millions)
		Adjustments				$	—		$	—								$	—			$	—
		Net Income Attributable to DT Midstream	$	91		$	—		$	—		$	91		$	81		$	—			$	—		$	81
			Six Months Ended
			June 30,												June 30,
				2023												2022
			Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments				Income Taxes (1)			Operating Earnings
			(millions)
		Gain on sale				$	—		$	—								$	(17	)	A	$	5
		Net Income Attributable to DT Midstream	$	172		$	—		$	—		$	172		$	172		$	(17	)		$	5		$	160
(1	)	Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
Adjustments Key
A		Gain on sale of certain assets in the Utica shale region — recorded in Assets (gains) losses and impairments, net

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings per diluted share (2) (non-GAAP)
			Three Months Ended
			June 30,												March 31,
				2023												2023
			Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments				Income Taxes (1)			Operating Earnings
			(per share)
		Adjustments				$	—		$	—								$	—			$	—
		Net Income Attributable to DT Midstream	$	0.93		$	—		$	—		$	0.93		$	0.84		$	—			$	—		$	0.84
			Six Months Ended
			June 30,												June 30,
				2023												2022
			Reported Earnings			Pre-tax Adjustments			Income Taxes (1)			Operating Earnings			Reported Earnings			Pre-tax Adjustments				Income Taxes (1)			Operating Earnings
			(per share)
		Gain on sale				$	—		$	—								$	(0.17	)	A	$	0.04
		Net Income Attributable to DT Midstream	$	1.76		$	—		$	—		$	1.76		$	1.77		$	(0.17	)		$	0.04		$	1.64
(1	)	Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
(2	)	Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
Adjustments Key
A		Gain on sale of certain assets in the Utica shale region — recorded in Assets (gains) losses and impairments, net

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP)
			Three Months Ended								Six Months Ended
			June 30,				March 31,				June 30,				June 30,
				2023				2023				2023				2022
		Consolidated	(millions)
		Net Income Attributable to DT Midstream	$	91			$	81			$	172			$	172
		Plus: Interest expense		35				38				73				64
		Plus: Income tax expense		30				39				69				58
		Plus: Depreciation and amortization		44				43				87				84
		Plus: Loss from financing activities		—				—				—				13
		Plus: EBITDA from equity method investees(1)		67				75				142				100
		Plus: Adjustments for non-routine items(2)		—				—				—				(17	)
		Less: Interest income		(1	)			—				(1	)			(1	)
		Less: Earnings from equity method investees		(41	)			(50	)			(91	)			(71	)
		Less: Depreciation and amortization attributable to noncontrolling interests		(1	)			(1	)			(2	)			(1	)
		Adjusted EBITDA	$	224			$	225			$	449			$	401
(1	)	Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
			Three Months Ended								Six Months Ended
			June 30,				March 31,				June 30,				June 30,
				2023				2023				2023				2022
			(millions)
		Earnings from equity methods investees	$	41			$	50			$	91			$	71
		Plus: Depreciation and amortization attributable to equity method investees		20				21				41				24
		Plus: Interest expense attributable to equity method investees		6				4				10				5
		EBITDA from equity method investees	$	67			$	75			$	142			$	100
(2	)	Adjusted EBITDA calculation excludes certain items we consider non-routine. For the six months ended June 30, 2022, adjustments for non-routine items included a $17 million gain on sale of certain assets in the Utica shale region.

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment (non-GAAP)
			Three Months Ended								Six Months Ended
			June 30,				March 31,				June 30,				June 30,
				2023				2023				2023				2022
		Pipeline	(millions)
		Net Income Attributable to DT Midstream	$	64			$	57			$	121			$	100
		Plus: Interest expense		13				16				29				26
		Plus: Income tax expense		21				28				49				35
		Plus: Depreciation and amortization		17				16				33				31
		Plus: Loss from financing activities		—				—				—				6
		Plus: EBITDA from equity method investees(1)		67				75				142				100
		Less: Interest income		(1	)			—				(1	)			—
		Less: Earnings from equity method investees		(41	)			(50	)			(91	)			(71	)
		Less: Depreciation and amortization attributable to noncontrolling interests		(1	)			(1	)			(2	)			(1	)
		Adjusted EBITDA	$	139			$	141			$	280			$	226
(1	)	Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
			Three Months Ended								Six Months Ended
			June 30,				March 31,				June 30,				June 30,
				2023				2023				2023				2022
			(millions)
		Earnings from equity methods investees	$	41			$	50			$	91			$	71
		Plus: Depreciation and amortization attributable to equity method investees		20				21				41				24
		Plus: Interest expense attributable to equity method investees		6			$	4				10				5
		EBITDA from equity method investees	$	67			$	75			$	142			$	100

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment (non-GAAP)
			Three Months Ended						Six Months Ended
			June 30,			March 31,			June 30,			June 30,
				2023			2023			2023			2022
		Gathering	(millions)
		Net Income Attributable to DT Midstream	$	27		$	24		$	51		$	72
		Plus: Interest expense		22			22			44			38
		Plus: Income tax expense		9			11			20			23
		Plus: Depreciation and amortization		27			27			54			53
		Plus: Loss from financing activities		—			—			—			7
		Plus: Adjustments for non-routine items(1)		—			—			—			(17	)
		Less: Interest income		—			—			—			(1	)
		Adjusted EBITDA	$	85		$	84		$	169		$	175
(1	)	Adjusted EBITDA calculation excludes certain items we consider non-routine. For the six months ended June 30, 2022, adjustments for non-routine items included a $17 million gain on sale of certain assets in the Utica shale region.

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP)
			Three Months Ended								Six Months Ended
			June 30,				March 31,				June 30,				June 30,
				2023				2023				2023				2022
			(millions)
		Net Income Attributable to DT Midstream	$	91			$	81			$	172			$	172
		Plus: Interest expense		35				38				73				64
		Plus: Income tax expense		30				39				69				58
		Plus: Depreciation and amortization		44				43				87				84
		Plus: Loss from financing activities		—				—				—				13
		Plus: Adjustments for non-routine items(1)		(371	)			—				(371	)			(17	)
		Less: Earnings from equity method investees		(41	)			(50	)			(91	)			(71	)
		Less: Depreciation and amortization attributable to noncontrolling interests		(1	)			(1	)			(2	)			(1	)
		Plus: Dividends and distributions from equity method investees		427				82				509				88
		Less: Cash interest expense		(63	)			(6	)			(69	)			(55	)
		Less: Cash taxes		(18	)			—				(18	)			(7	)
		Less: Maintenance capital investment(2)		(8	)			(3	)			(11	)			(7	)
		Distributable Cash Flow	$	125			$	223			$	348			$	321
(1	)	Distributable Cash Flow calculation excludes certain items we consider non-routine. For the three and six months ended June 30, 2023, adjustments for non-routine items included the $371 million NEXUS financing distribution. For the six months ended June 30, 2022, adjustments for non-routine items included a $17 million gain on sale of certain assets in the Utica shale region.
(2	)	Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.

 

Investor Relations

Todd Lohrmann, DT Midstream, 313.774.2424
[email protected]

GAITHERSBURG, Md., Aug. 01, 2023 (GLOBE NEWSWIRE) — Altimmune, Inc. (Nasdaq: ALT), a clinical-stage biopharmaceutical company, today announced that it has enrolled the first subject in the Phase 2b IMPACT trial evaluating the efficacy and safety of pemvidutide in subjects with non-alcoholic steatohepatitis (NASH). Pemvidutide is a novel, investigational GLP-1/glucagon dual receptor agonist under development for the treatment of obesity and NASH.

This randomized, placebo-controlled biopsy-driven trial is being conducted at approximately 60 sites in the United States, with Dr. Stephen Harrison, Medical Director, Pinnacle Research, and Adjunct Professor of Medicine, Oxford University, serving as the Principal Investigator. The trial is expected to enroll approximately 190 subjects with and without diabetes randomized 1:2:2 to receive either 1.2 mg, 1.8 mg pemvidutide or placebo weekly for 48 weeks. The key efficacy endpoints are NASH resolution and fibrosis improvement at 24 weeks of treatment, with subjects followed for an additional 24 weeks to a total of 48 weeks for safety and biomarker responses. Top-line results are expected in Q1 2025.

Results from a blinded, 24-week Phase 1b trial of pemvidutide in subjects with non-alcoholic fatty liver disease (NAFLD) showed a greater than 75% relative reduction in liver fat and 19% relative reduction in liver volume, with over 50% of the subjects achieving normalization of liver fat at the 1.8 mg dose. In addition, significant reductions in serum alanine aminotransferase (ALT) and MRI-based corrected T1 (cT1) were observed, both established markers of liver inflammation. Glycemic control was maintained, with trends toward improvements in fasting glucose and HbA1c in subjects with diabetes. Subjects on 1.8 mg pemvidutide also achieved a mean weight loss of 6.2%, with continuing weight loss at the end of treatment. Preclinical studies have shown pemvidutide to have anti-fibrotic effects in animal studies.

“Initiation of the IMPACT Phase 2b trial represents an important milestone in the development of pemvidutide for NASH,” said Scott Harris, M.D., Chief Medical Officer of Altimmune. “We are encouraged by the robust reductions of liver fat, inflammatory markers, serum lipids and body weight in our Phase 1b trial and anti-fibrotic effects in preclinical studies of pemvidutide and are excited about the prospect of achieving impressive rates of NASH resolution and fibrosis improvement in our IMPACT trial.”

About Pemvidutide
Pemvidutide is a novel, investigational, peptide-based GLP-1/glucagon dual receptor agonist in development for the treatment of obesity and NASH. Activation of the GLP-1 and glucagon receptors is believed to mimic the complementary effects of diet and exercise on weight loss, with GLP-1 suppressing appetite and glucagon increasing energy expenditure. Glucagon is also recognized as having direct effects on hepatic fat metabolism, leading to rapid reductions in levels of liver fat. Pemvidutide incorporates the EuPort^TM domain, a proprietary technology that increases its serum half-life for weekly dosing while likely slowing the entry of pemvidutide into the bloodstream, which may improve its tolerability.

About Altimmune
Altimmune is a clinical-stage biopharmaceutical company focused on developing innovative next-generation therapeutics for the treatment of patients with liver diseases and obesity. The Company’s lead product candidate, pemvidutide, is a GLP-1/glucagon dual receptor agonist that is being developed for the treatment of obesity and NASH. In addition, Altimmune is developing HepTcell™, an immunotherapeutic designed to achieve a functional cure for chronic hepatitis B. For more information, please visit www.altimmune.com.

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Forward-Looking Statement

Any statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other financial and business matters, including without limitation, the timing of key milestones for our clinical assets, the timing of the data readout of the Phase 2b IMPACT trial of pemvidutide in NASH and the prospects for the utility of, regulatory approval, commercializing or selling any product or drug candidates, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to Altimmune, Inc. may identify forward-looking statements. The Company cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward looking statements or historical experience include risks and uncertainties, including risks relating to: delays in regulatory review, manufacturing and supply chain interruptions, access to clinical sites, enrollment, adverse effects on healthcare systems and disruption of the global economy; the reliability of the results of studies relating to human safety and possible adverse effects resulting from the administration of the Company’s product candidates; the Company’s ability to manufacture clinical trial materials on the timelines anticipated; and the success of future product advancements, including the success of future clinical trials. Further information on the factors and risks that could affect the Company’s business, financial conditions and results of operations are contained in the Company’s filings with the U.S. Securities and Exchange Commission, including under the heading “Risk Factors” in the Company’s most recent annual report on Form 10-K and our other filings with the SEC, which are available at www.sec.gov.

Altimmune Investor & Media Contact:

Rich Eisenstadt
Chief Financial Officer
Phone: 240-654-1450
[email protected]

YAVNE, Israel, Aug. 01, 2023 (GLOBE NEWSWIRE) — MediWound Ltd. (Nasdaq: MDWD), a fully integrated biopharmaceutical company focused on next-generation enzymatic therapeutics for tissue repair, today announced that its strategic partner, Kaken Pharmaceutical Co. Ltd, launched NexoBrid^® in Japan for the treatment of deep partial thickness and full thickness burns in adults and pediatric patients. Kaken Pharmaceutical, a top ranked Japanese pharmaceutical company, has the exclusive marketing and distribution rights for NexoBrid in Japan.

NexoBrid is indicated for the removal of eschar in deep partial and full thickness thermal burns. The current standard of care is primarily based on non-selective, expensive, and potentially disfiguring surgical excisions. NexoBrid offers burn specialists with an alternative of a single 4-hour topical treatment, after which the dissolved eschar is removed, leaving a clean wound bed ready for healing.

“As one of the top healthcare markets worldwide, Japan holds special strategic importance. Over 6,000 patients are treated for severe burns in Japan every year, with a majority of these patients undergoing eschar removal as a critical first step. NexoBrid can now be a non-surgical treatment option for these patients,” stated Ofer Gonen, Chief Executive Officer of MediWound. “We are proud to have Kaken Pharmaceutical, a trusted and valuable partner, leading the commercialization of NexoBrid in this key market. Kaken Pharmaceutical is a major drug manufacturer in Japan with a unique core marketing competency for both drugs and medical devices, which is critical in promoting a product like NexoBrid.”

Hiroyuki Horiuchi, President and Representative Director of Kaken Pharmaceutical stated, “We are excited to introduce this drug to the Japanese market. The prospects are excellent for it becoming the new standard-of-care for serious and life-threatening burns, bringing significant benefits to providers and patients alike. Given our long-term relationship with MediWound, we have been anticipating this moment. Our experience selling products in the burn treatment area along with our existing relationships in the hospital systems prepares us to transform NexoBrid into the standard of care for severe burns.”

About NexoBrid
NexoBrid^® (concentrate of proteolytic enzymes enriched in bromelain) is a topically administered biological product that enzymatically removes nonviable burn tissue, or eschar, in patients with deep partial and full-thickness thermal burns within four hours of application without harming viable tissue. NexoBrid is approved in over 40 countries, including in the United States and in the European Union where it has been designated as an orphan biologic drug. Development of NexoBrid is supported by the U.S. Biomedical Advanced Research and Development Authority (BARDA). The pivotal Phase 3 U.S. clinical study (DETECT) of NexoBrid in adult patients with deep partial-and full-thickness thermal burns up to 30% of total body surface area met its primary endpoint of complete eschar removal compared to gel vehicle as well as all secondary endpoints compared to standard of care (SOC), including shorter time to eschar removal, a lower incidence of surgical eschar removal and less blood loss during eschar removal.

About Kaken Pharmaceutical Co., Ltd.

Kaken Pharmaceutical Co., Ltd. (TSE: 4521) is a specialty pharmaceutical company in Japan with strong experience in developing and commercializing novel pharmaceuticals in the fields of orthopedics and dermatology. Kaken Pharmaceutical concentrates its R&D resources in the areas of immune system, nervous system and infectious diseases. https://www.kaken.co.jp/english/

About MediWound Ltd.

MediWound Ltd. (Nasdaq: MDWD) is the global leader in next-generation enzymatic therapeutics focused on non-surgical tissue repair. Specializing in the development, production and commercialization of solutions that seek to replace existing standards of care, the Company is committed to providing rapid and effective biologics that improve patient experiences and outcomes, while reducing costs and unnecessary surgeries.

MediWound’s first drug, NexoBrid^®, is an FDA-approved orphan biologic for eschar removal in severe burns that can replace surgical interventions and minimize associated costs and complications. Utilizing the same core biotherapeutic enzymatic platform technology, MediWound has developed a strong R&D pipeline including the Company’s lead drug under development, EscharEx^®. EscharEx is a Phase III-ready biologic for debridement of chronic wounds with significant advantages over the $300 million monopoly legacy drug and an opportunity to expand the market. MediWound’s pipeline also includes MW005, a topical therapeutic for the treatment of basal cell carcinoma that has demonstrated positive results in a recently completed Phase I/II study.

For more information visit www.mediwound.com and follow the Company on LinkedIn.

Cautionary Note Regarding Forward-Looking Statements

MediWound cautions you that all statements other than statements of historical fact included in this press release that address activities, events, or developments that we expect, believe, or anticipate will or may occur in the future are forward-looking statements. Although we believe that we have a reasonable basis for the forward-looking statements contained herein, they are based on current expectations about future events affecting us and are subject to risks, assumptions, uncertainties, and factors, all of which are difficult to predict and many of which are beyond our control. Actual results may differ materially from those expressed or implied by the forward-looking statements in this press release. These statements are often, but are not always, made through the use of words or phrases such as “anticipates,” “intends,” “estimates,” “plans,” “expects,” “continues,” “believe,” “guidance,” “outlook,” “target,” “future,” “potential,” “goals” and similar words or phrases, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions.

Specifically, this press release contains forward-looking statements concerning commercial potential of our products and product candidates including NexoBrid^®. Among the factors that may cause results to be materially different from those stated herein are the inherent uncertainties associated with the uncertain,; the approval of regulatory submission to the FDA, the European Medicines Agency, Japanese Pharmaceuticals and Medical Devices Agency or by any other regulatory authority, our ability to obtain marketing approval of our products and product candidates in Japan, the U.S. or other markets;; our ability to maintain adequate protection of our intellectual property; competition risks; the impact of government laws and regulations and the impact of the current global macroeconomic climate on our ability to source supplies for our operations or our ability or capacity to manufacture, sell and support the use of our products and product candidates in the future.

These and other significant factors are discussed in greater detail in MediWound’s prospectus supplement, the annual report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 16, 2023, Quarterly Reports on Form 6-K and other filings with the SEC from time-to-time. These forward-looking statements reflect MediWound’s current views as of the date hereof and MediWound undertakes, and specifically disclaims, any obligation to update any of these forward-looking statements to reflect a change in their respective views or events or circumstances that occur after the date of this release except as required by law.

Contacts:
Hani Luxenburg	Monique Kosse
Chief Financial Officer	Managing Director, LifeSci Advisors
MediWound Ltd.	212-915-3820
[email protected]	[email protected]

SOUTH SAN FRANCISCO, Calif., Aug. 01, 2023 (GLOBE NEWSWIRE) — Harpoon Therapeutics, Inc. (Nasdaq: HARP), a clinical-stage immuno-oncology company developing novel T cell engagers, today announced the appointment of Haibo Wang as Senior Vice President of Business Development. Mr. Wang brings 15 years of biopharma business development, finance, and mergers and acquisitions (M&A) transaction experience to Harpoon.

“We are pleased to welcome Haibo as Senior Vice President of Business Development at Harpoon,” said Julie Eastland, President and CEO of Harpoon Therapeutics. “Haibo’s extensive experience and strategic acumen will play a pivotal role in driving our business growth and forging impactful partnerships. We are confident that his expertise and understanding of targets such as BCMA and DLL3 will contribute significantly to our mission to transform cancer treatment through the power of T cell engagers.”

Mr. Wang most recently served as Vice President of Business Development at Hummingbird Bioscience where he was responsible for the company’s end-to-end business development activities. Prior to Hummingbird, Mr. Wang was Director of Business Development at Amgen, where he played a major role in the Teneobio and Five Prime Therapeutics acquisitions, the oncology collaboration with BeiGene, and many clinical collaborations to advance Amgen’s oncology pipeline. Prior to Amgen, Mr. Wang was an M&A consultant at Deloitte, advising on numerous transactions in the healthcare and tech sectors in China. He received his M.S. in Biotechnology from Johns Hopkins University, MBA from Duke University, and B.S. from Tsinghua University.

Inducement Award under NASDAQ Listing Rule 5635(c)(4)

In connection with Mr. Wang’s appointment, Harpoon Therapeutics granted him an inducement non-qualified stock option to purchase an aggregate of 200,000 shares of Harpoon’s common stock.

The stock option grant has an exercise price per share equal to $0.78, Harpoon’s closing trading price on Nasdaq on the grant date, July 31, 2023, and will vest over four years, with 1/4 of the underlying shares vesting on the one-year anniversary of the grant date and the remainder of the underlying shares vesting monthly thereafter in equal installments over 36 months, subject to his continued service relationship with Harpoon through the applicable vesting dates.

The independent directors of Harpoon’s Board of Directors approved the award as an inducement material to Mr. Wang’s employment in accordance with Nasdaq Listing Rule 5635(c)(4).

About Harpoon Therapeutics

Harpoon Therapeutics is a clinical-stage immuno-oncology company developing a novel class of T cell engagers that harness the power of the body’s immune system to treat patients suffering from cancer and other diseases. T cell engagers are engineered proteins that direct a patient’s own T cells to kill target cells that express specific proteins, or antigens, carried by the target cells. Using its proprietary Tri-specific T cell Activating Construct (TriTAC^®) platform, Harpoon is developing a pipeline of novel TriTACs initially focused on the treatment of solid tumors and hematologic malignancies. Harpoon has also developed a proprietary ProTriTAC™ platform, which applies a prodrug concept to its TriTAC platform to create a therapeutic T cell engager that remains inactive until it reaches the tumor. Harpoon’s third proprietary technology platform, extended release TriTAC-XR, is designed to mitigate cytokine release syndrome. For additional information about Harpoon Therapeutics, please visit www.harpoontx.com and follow us on Twitter and LinkedIn.

Cautionary Note on Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “continue,” “will” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Harpoon Therapeutics’ expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause Harpoon Therapeutics’ clinical development programs, future results or performance to differ significantly from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements relating to the effects of advancing Harpoon Therapeutics’ platforms, the company’s future business growth and partnerships, expectations regarding strengthening the company’s business team and other statements that are not historical fact. These and other factors that may cause Harpoon Therapeutics’ actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Harpoon Therapeutics’ filings with the U.S. Securities and Exchange Commission, including under “Risk Factors” in Harpoon Therapeutics’ quarterly report on Form 10-Q for the quarter ended March 31, 2023, and future filings by Harpoon Therapeutics. Except as required by law, Harpoon Therapeutics assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

Contacts:

ICR Westwicke:
Robert H. Uhl
Managing Director
858-356-5932
[email protected]

MARKHAM, Ontario, Aug. 01, 2023 (GLOBE NEWSWIRE) — Sangoma Technologies Corporation (TSX: STC; Nasdaq: SANG) (“Sangoma” or the “Company”), a leading global provider of business IT and communication solutions, is pleased to announce the appointment of Charles Salameh as the Company’s new Chief Executive Officer (CEO) and member of the Board of Directors, effective September 1, 2023.

Charles has held senior leadership positions at Bell Canada, Nortel Networks, HP and DXC. His most recent role was at Infosys where, as Global Head of Account Expansion, he was responsible for driving revenue growth and expansion across its nearly $18.2 billion dollar book of business, based on Infosys’ FY 23 reported revenue.

“We are very excited Charles has agreed to join Sangoma. Throughout his career, Charles has demonstrated transformative insight and remarkable creativity in creating new routes to market, all of which have led to significant revenue growth and business success. His leadership and customer-centric approach align seamlessly with Sangoma’s core values and commitment to providing proprietary high value information technology and communication solutions to businesses worldwide,” said Norman Worthington, who served as Interim Executive Chairman and will now resume his prior role as Chairman of the Company’s Board of Directors.

The Board of Directors at Sangoma expressed their confidence in the new CEO, stating, “We are delighted to welcome Charles Salameh as our new CEO. His exceptional leadership skills and proven track record make him the ideal executive to lead Sangoma.”

In his role as CEO, Mr. Salameh will work closely with the executive team to strengthen Sangoma’s commitment to customer satisfaction and solutions innovation, further advancing the Company’s position as a global leader in advanced cloud based communications technologies.

Commenting on his appointment, Mr. Salameh stated, “I am thrilled to join the Sangoma team as the new CEO. Sangoma has built an impressive reputation in the industry, and I am eager to build upon its strong foundation and formidable solutions portfolio. Together with the talented employees at Sangoma and a vast partner ecosystem, we will continue to innovate and deliver cutting-edge solutions that empower businesses to operate efficiently and communicate effectively and seamlessly.”

For more information about Sangoma Technologies and its products, please visit www.sangoma.com.

About Sangoma Technologies Corporation

Sangoma is a trusted leader in delivering value-based Communications as a Service (CaaS) and Managed Service Provider (“MSP”) solutions for businesses of all sizes, including Managed Security, Managed SD-WAN and Managed Access. Sangoma’s cloud-based communication services include Unified Communication (UCaaS) business communications, Contact Center as a Service (CCaaS), Video Meetings as a Service (MaaS), Collaboration as a Service (Collab aaS), Communications Platform as a Service (CPaaS), Trunking as a Service (TaaS), Fax as a Service (FaaS), Device as a Service (DaaS), and Access Control as a Service (ACaaS). In addition, Sangoma offers a full line of communications Products, including premise-based UC systems, a full line of desk phones and headsets, and a complete connectivity suite (gateways/SBCs/telephony cards). Sangoma’s products and services are used in leading UC, PBX, IVR, contact center, carrier networks, office productivity, and data communication applications worldwide. Sangoma is also the primary developer and sponsor of Asterisk and FreePBX, the world’s two most widely used open-source communication software projects.

Sangoma Technologies Corporation is publicly traded on the Toronto Stock Exchange (TSX: STC) and Nasdaq (Nasdaq: SANG). Additional information on Sangoma can be found at: www.sangoma.com.

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements, including statements regarding the future success of our business, development strategies and future opportunities. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include statements which are not historical facts. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions indicate forward-looking statements. Although Sangoma believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve inherent risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements, if at all. Forward-looking statements are based on the opinions and estimates of management at the date that the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected, estimated or anticipated in forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other events contemplated by the forward-looking statements will not occur. Although Sangoma believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct as these expectations are, therefore, inherently subject to business, economic and competitive uncertainties and contingencies. Some of the risks and other factors which could cause actual results to differ materially from those expressed or implied in the forward-looking statements contained in its management’s discussion and analysis, annual information form and management information circular (each available on www.sedar.com) include, but are not limited to, risks and uncertainties associated with the integration of NetFortris, the remediation of material weaknesses, the impact of the continuing COVID-19 pandemic, changes in exchange rate between the United States dollar and other currencies, expectations regarding the amount of frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill, delay in project deliveries, changes in technology, changes in the business climate, changes to macroeconomic conditions, including rising interest rates and the occurrence of (or fears of an impending) economic recession, risks related to the COVID-19 (coronavirus) pandemic, changes in the regulatory environment, the imposition of tariffs, the decline in the importance of the PSTN (as hereinafter defined), impairment of goodwill and new competitive pressures, and acts of terrorism and war, hostilities and conflicts, including, but not limited to, Russia’s invasion of Ukraine in February 2022. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Sangoma undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by law.

Sangoma Technologies Corporation
Larry Stock
Chief Financial Officer
[email protected] 

NEW YORK, Aug. 01, 2023 (GLOBE NEWSWIRE) — Anavex Life Sciences Corp. (“Anavex” or the “Company”) (Nasdaq: AVXL), a clinical-stage biopharmaceutical company developing differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental disorders including Alzheimer’s disease, Parkinson’s disease, Rett syndrome and other central nervous system (CNS) diseases, today announced that it will issue financial results for its quarter ended June 30, 2023, on Tuesday August 8, 2023.

Management will host a conference call on Tuesday August 8, 2023, at 8:30 am ET to review financial results and provide an update on the execution of the Company’s growth strategy. Following management’s remarks, there will be a question-and-answer session.

Webcast / Conference Call Information:

The live webcast of the conference call will be available on Anavex’s website at www.anavex.com.

The conference call can be also accessed by dialing 1 929 205 6099 for participants in the U.S. using the Meeting ID# 891 9995 1143 and reference passcode 511901. A replay of the conference call will also be available on Anavex’s website for up to 30 days.

About Anavex Life Sciences Corp.

Anavex Life Sciences Corp. (Nasdaq: AVXL) is a publicly traded biopharmaceutical company dedicated to the development of novel therapeutics for the treatment of neurodegenerative and neurodevelopmental disorders, including Alzheimer’s disease, Parkinson’s disease, Rett syndrome, and other central nervous system (CNS) diseases, pain, and various types of cancer. Anavex’s lead drug candidate, ANAVEX^®2-73 (blarcamesine), has successfully completed a Phase 2a and recently a Phase 2b/3 clinical trial for Alzheimer’s disease, a Phase 2 proof-of-concept study in Parkinson’s disease dementia, and both a Phase 2 and a Phase 3 study in adult patients with Rett syndrome. ANAVEX^®2-73 is an orally available drug candidate that restores cellular homeostasis by targeting sigma-1 and muscarinic receptors. Preclinical studies demonstrated its potential to halt and/or reverse the course of Alzheimer’s disease. ANAVEX^®2-73 also exhibited anticonvulsant, anti-amnesic, neuroprotective, and anti-depressant properties in animal models, indicating its potential to treat additional CNS disorders, including epilepsy. The Michael J. Fox Foundation for Parkinson’s Research previously awarded Anavex a research grant, which fully funded a preclinical study to develop ANAVEX^®2-73 for the treatment of Parkinson’s disease. ANAVEX^®3-71, which targets sigma-1 and M1 muscarinic receptors, is a promising clinical stage drug candidate demonstrating disease-modifying activity against the major hallmarks of Alzheimer’s disease in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid, and tau pathologies. In preclinical trials, ANAVEX^®3-71 has shown beneficial effects on mitochondrial dysfunction and neuroinflammation. Further information is available at www.anavex.com. You can also connect with the company on Twitter,Facebook, Instagram, and LinkedIn.

Forward-Looking Statements

Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks set forth in the Company’s most recent Annual Report on Form 10-K filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Anavex Life Sciences Corp. undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

For Further Information:

Anavex Life Sciences Corp.
Research & Business Development
Toll-free: 1-844-689-3939
Email: [email protected]

Investors:

Andrew J. Barwicki
Investor Relations

Tel: 516-662-9461
Email: [email protected]