Market Newsdesk

September 9, 2021 7:33 am

Independent Proxy Advisory Firm ISS Recommends LSB Industries, Inc. Stockholders Vote “FOR” Exchange Transaction

Independent Proxy Advisory Firm ISS Recommends LSB Industries, Inc. Stockholders Vote “FOR” Exchange Transaction

LSB Urges Stockholders to Vote “FOR” ALL Transaction-Related Proposals

Stockholders Needing Assistance in Voting Should Contact

LSB’s Proxy Solicitor, Okapi Partners LLC, at (877) 869-0171 or [email protected]

OKLAHOMA CITY–(BUSINESS WIRE)–
LSB Industries, Inc. (NYSE:LXU) (“LSB” or the “Company”) today announced that independent proxy advisory firm, Institutional Shareholder Services (“ISS”), has recommended that LSB shareholders vote “FOR” all of the proposals in the Definitive Proxy Statement filed by the Company on August 26, 2021 relating to the Company’s agreement (the “Exchange Agreement”) with LSB Funding LLC, an affiliate of Eldridge Industries, LLC (“Eldridge”), to exchange the shares of LSB Series E-1 and Series F-1 Redeemable Preferred Stock held by Eldridge for shares of LSB common stock.

In its September 7, 2021 report, ISS emphasized the merits of the Exchange Agreement by stating, “Although the preferred share conversions into common stock would have a dilutive impact on existing shareholders, the apparent benefits of this proposal outweigh such concerns. Specifically, the conversion price of the preferred stock was set at a premium, approval of this proposal could improve the company’ ability to raise future capital, unaffiliated shareholders will receive a special dividend as part of the proposed share conversions, and the market reaction has been positive indicating shareholders may view the proposed conversions, favorably. As such, support for this proposal is warranted.”

Commenting on the ISS recommendation, Mark Behrman, LSB’s President and CEO, stated, “We view the favorable disposition of ISS towards our proposed exchange transaction as further validation of our belief that this transaction will be beneficial to LSB’s shareholders in that it will lower our cost of capital and provide us with greater financial flexibility to pursue growth initiatives. We strongly urge LSB stockholders to follow the ISS recommendation and vote `FOR’ the transaction today.”

Transaction Highlights:

Eliminates the current financial impact and repayment of the accrued compounding preferred stock and future accruing dividends at 14.5% (increasing to 16.0% in April 2023) unburdening the Company and unlocking shareholder value.
The Special Committee, Board of Directors and LSB management believe this could lead to a rating upgrade potentially allowing the Company to refinance its senior secured notes at a lower interest rate and on improved terms, which would reduce its cash interest expense and overall cost of capital.
Improves the Company’s financial flexibility allowing it to pursue organic growth initiatives, including in green ammonia and clean energy and accretive M&A opportunities.
Preserves the Company’s significant tax attributes, including approximately $620 million of federal net operating losses, thereby protecting potentially significant future cash savings and stockholder value.

LSB will hold a Special Meeting of LSB stockholders that will be conducted virtually via live webcast at 8:30 am Central Daylight Time on September 22, 2021, which can be accessed by visiting www.proxydocs.com/LXU. The Company’s proxy statement is available at https://investors.lsbindustries.com/financial-information/sec-filings and www.sec.gov. Stockholders of record at the close of business on August 2, 2021 will be entitled to vote their shares at the Special Meeting. Stockholders who have questions, or need assistance in voting their shares should contact LSB’s proxy solicitor, Okapi Partners LLC, at (877) 869-0171 or via email at [email protected].

About LSB Industries, Inc.

LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers primarily throughout the United States. Additional information about the Company can be found on its website at www.lsbindustries.com.

About Eldridge Industries, LLC

Eldridge Industries, LLC invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge Industries, LLC is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. Additional information about Eldridge Industries, LLC can be found on its website at www.eldridge.com.

Forward-Looking Statements

Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance including the effects of the COVID-19 pandemic and anticipated performance based on our growth and other strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or actual achievements to differ materially from the results, level of activity, performance or anticipated achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, our ability to consummate the exchange transaction on the terms described herein and in the definitive proxy statement referred to herein or at all, business and market disruptions related to the COVID-19 pandemic, market conditions and price volatility for our products and feedstocks, as well as global and regional economic downturns, including as a result of the COVID-19 pandemic, that adversely affect the demand for our end-use products; disruptions in production at our manufacturing facilities; and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2020.

Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended, or an exemption from the registration requirements thereof.

Additional Information about the Exchange Transaction and Where to Find It

In connection with the proposed transaction, LSB has filed with the SEC a proxy statement for the special meeting of LSB stockholders and may also file other relevant documents with the SEC regarding the proposed transaction. This communication is not a substitute for the proxy statement or any other document that LSB may file with the SEC. The definitive proxy statement was mailed to LSB stockholders commencing on August 26, 2021. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT LSB AND THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement and other documents containing important information about LSB and the proposed transaction, once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by LSB may be obtained free of charge on LSB’s website at www.lsbindustries.com or by contacting Michael Foster, General Counsel and Secretary by email at [email protected] or by phone at 405-510-3596.

Participants in the Solicitation

LSB and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of LSB, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in LSB’s proxy statement for its 2021 Annual Meeting of Stockholders, which was filed with the SEC on April 19, 2021 and its proxy statement for the special meeting of stockholders, which was filed with the SEC on August 26, 2021, and LSB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 25, 2021. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the proxy statement and other relevant materials filed with the SEC regarding the proposed transaction. Investors should read the proxy statement carefully before making any voting or investment decisions. You may obtain free copies of these documents from LSB using the sources indicated above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005177/en/

Company Contact:

Cheryl Maguire, Executive Vice President & CFO

(405) 510-3524

Fred Buonocore, CFA, Vice President of Investor Relations

(203) 947-3019

[email protected]

Shareholder Contact:

Okapi Partners LLC

(877) 869-0171

[email protected]

KEYWORDS: Oklahoma United States North America

INDUSTRY KEYWORDS: Chemicals/Plastics Manufacturing

MEDIA:

September 9, 2021 7:33 am

Janus Henderson Launches Five Actively Managed Sustainable Exchange Traded Funds

Janus Henderson Launches Five Actively Managed Sustainable Exchange Traded Funds

DENVER–(BUSINESS WIRE)–
Janus Henderson Group plc (NYSE/ASX: JHG) today announced the launch of five actively managed sustainable exchange-traded funds (ETFs) for investors in the U.S.

Janus Henderson’s Sustainable ETF Solutions include three equity and two fixed income ETFs, including:

U.S. Sustainable Equity ETF (SSPX),
International Sustainable Equity ETF (SXUS),
Net Zero Transition Resources ETF (JZRO),
Sustainable Corporate Bond ETF (SCRD), and
Sustainable & Impact Core Bond ETF(JIB).

Actively managed by four established teams across three continents, the new ETFs draw on the firm’s 30-year heritage of sustainable investing and commitment to providing differentiated ETF solutions. This launch is a part of Janus Henderson’s significant efforts over the last two years to more centrally engage in a wide range of environmental, social and governance (ESG) related efforts within the firm’s investment teams and client-facing professionals, as well as from a corporate perspective, and to grow its offering of actively managed ETFs.

The Portfolio Managers for the funds include Hamish Chamberlayne, CFA; Aaron Scully, CFA; Daniel Sullivan; Darko Kuzmanovic; Tal Lomnitzer, CFA; Tim Gerrard; Michael Keough; Brad Smith; Greg Wilensky, CFA; and Nick Childs, CFA.

“The launch of this comprehensive suite of sustainable ETFs is designed to showcase Janus Henderson’s intention to help investors embrace sustainability in an authentic way, without sacrificing a commitment to robust investment results. These ETFs also represent the intersection of two very significant growth opportunities for Janus Henderson, our ETF franchise, and the surge in client demand for robust ESG solutions,” said Nick Cherney, Head of Exchange Traded Products of Janus Henderson.

Investors are increasingly considering how their route to achieving financial goals impacts the world around them. Janus Henderson’s Sustainable ETF Solutions seek to deliver strong, risk-adjusted returns by identifying companies supportive of positive ESG change.

“To us, sustainability is a logical and critical component of a robust investment process. And it is our belief that addressing complex and nuanced factors such as climate change and social issues in a meaningful way requires an active and engaged investment approach. It is through detailed analysis and regular interaction with companies that we believe true progress and sound investment decisions can be made,” said Paul LaCoursiere, Global Head of ESG Investments.

Janus Henderson’s pioneering Global Sustainable Equities franchise has an extensive track record in sustainable investing with its first product launch in 1991, and the firm was a founding signatory of the UN Principles for Responsible Investment in 2006. With this launch, the firm is building on that commitment by expanding a global ESG framework, which supports the investment teams behind these ETFs.

Notes to editors

About Janus Henderson

Janus Henderson Group (JHG) is a leading global active asset manager dedicated to helping investors achieve long-term financial goals through a broad range of investment solutions, including equities, fixed income, quantitative equities, multi-asset and alternative asset class strategies.

At 30 June 2021, Janus Henderson had approximately US$428 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. Headquartered in London, the company is listed on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX).

Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results. There is no assurance the stated objective(s) will be met.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus Henderson at 800.668.0434 or download the file from janushenderson.com/info. Read it carefully before you invest or send money.

Equity and fixed income securities are subject to various risks including, but not limited to, market risk, credit risk and interest rate risk.

Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets.

Securitized products, such as mortgage- and asset-backed securities, are more sensitive to interest rate changes, have extension and prepayment risk, and are subject to more credit, valuation and liquidity risk than other fixed-income securities.

Natural resources industries can be significantly affected by changes in natural resource supply and demand, energy and commodity prices, political and economic developments, environmental incidents, energy conservation and exploration projects.

Environmental, Social and Governance (ESG) or sustainable investing considers factors beyond traditional financial analysis. This may limit available investments and cause performance and exposures to differ from, and potentially be more concentrated in certain areas than, the broader market.

Actively managed portfolios may fail to produce the intended results. No investment strategy can ensure a profit or eliminate the risk of loss.

Not all products or services are available in all jurisdictions.

Janus Capital Management LLC is the investment adviser and ALPS Distributors, Inc. is the distributor. ALPS is not affiliated with Janus Henderson or any of its subsidiaries.

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005174/en/

Media:

Sarah Johnson, +1 720-364-0708

[email protected]

Investor Relations:

Jim Kurtz, 303-336-4529

[email protected]

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

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Posted on September 9, 2021 7:32 am
ExxonMobil Announces Discovery at Pinktail, Offshore Guyana

ExxonMobil Announces Discovery at Pinktail, Offshore Guyana

Discovery will add to previous recoverable resource estimate of approximately 9 billion oil equivalent barrels

Extensive well program testing play extensions and new concepts

Liza Unity set sail from Singapore, production startup anticipated early 2022

IRVING, Texas–(BUSINESS WIRE)–ExxonMobil today said it made a discovery at Pinktail in the Stabroek Block offshore Guyana. The Pinktail well encountered 220 feet (67 meters) of net pay in high quality hydrocarbon bearing sandstone reservoirs. In addition to successful appraisal of the Turbot discovery, the Turbot-2 well encountered 43 feet (13 meters) of net pay in a newly identified, high quality hydrocarbon bearing sandstone reservoir separate from the 75 feet (23 meters) of high quality, oil bearing sandstone reservoir pay encountered in the original Turbot-1 discovery well. This follows the additional pay in deeper reservoirs encountered at the previously announced Whiptail discovery. These results will be incorporated into future developments.

“These discoveries are part of an extensive well program in the Stabroek Block utilizing six drillships to test play extensions and new concepts, evaluate existing discoveries and complete development wells for the Liza Phase 2 and Payara projects,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “Our exploration successes continue to increase the discovered resource and will generate value for both the Guyanese people and our shareholders.”

Separately, the Liza Unity floating production storage and offloading (FPSO) vessel set sail from Singapore to Guyana in early September. The FPSO will be utilized for the Liza Phase 2 development and is expected to begin production in early 2022, with a capacity to produce approximately 220,000 barrels of oil per day. ExxonMobil anticipates at least six projects online by 2027 and sees potential for up to 10 projects to develop its current discovered recoverable resource base. The Liza Destiny FPSO vessel is currently producing approximately 120,000 barrels of oil per day.

The Pinktail discovery is located approximately 21.7 miles (35 kilometers) southeast of the Liza Phase 1 project, which began production in December 2019, and 3.7 miles (6 kilometers) southeast of Yellowtail-1. Pinktail was drilled in 5,938 feet (1,810 meters) of water by the Noble Sam Croft. The Turbot-2 discovery is located approximately 37 miles (60 kilometers) to the southeast of the Liza phase one project, and 2.5 miles (4 kilometers) from the Turbot-1 discovery announced in October 2017. Turbot-2 was drilled in 5,790 feet (1,765 meters) of water by the Noble Sam Croft.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited holds 25 percent interest.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.

Follow us on Twitter and LinkedIn.

Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, schedules, capacities, production rates, and resource recoveries could differ materially due to: changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments including obtaining necessary regulatory permits; restrictions in trade, travel or other government responses to current or future outbreaks of COVID-19; reservoir performance; the outcome of future exploration efforts; timely completion of development and construction projects; technical or operating factors; the outcome of commercial negotiations; unexpected technological breakthroughs or challenges; and other factors cited under the caption “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com and under Item 1A. Risk Factors in our annual report on Form 10-K and quarterly reports on Form 10-Q. References to “recoverable resources,” “oil-equivalent barrels,” and other quantifies of oil and gas include estimated quantities that are not yet classified as proved reserves under SEC definitions but are expected to be ultimately recoverable. The term “project” can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005223/en/

ExxonMobil Media Relations

(972) 940-6007

KEYWORDS: United States Singapore South America North America Asia Pacific Guyana Texas

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

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Posted on September 9, 2021 7:31 am
Notice Of Investor Event Date

PR Newswire

NEW YORK, Sept. 9, 2021 /PRNewswire/ — Burford Capital Limited, the leading global finance and asset management firm focused on law, today announces that it will hold an investor event on Tuesday November 2, 2021 at 10.00am-12.30pm EDT / 2.00-4.30pm GMT / 3.00-5.30pm CET.

The investor event will be hosted by Christopher Bogart, Chief Executive Officer and Co-Founder, and Jonathan Molot, Chief Investment Officer and Co-Founder, as well as other members of the senior management team. For institutional investors and analysts, the event will take place in person at the New York Stock Exchange, followed by a reception. There will be a simultaneous online real-time video webcast, from which registered participants will have the functional capability to put questions to the management team. Further details, including registration and participation, will be announced in due course.

About Burford Capital
Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its principal offices in New York, London, Chicago, Washington, Singapore and Sydney.

For more information, please visit www.burfordcapital.com.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.

This release does not constitute an offer of any Burford fund. Burford Capital Investment Management LLC (“BCIM”), which acts as the fund manager of all Burford funds, is registered as an investment adviser with the U.S. Securities and Exchange Commission. The information provided herein is for informational purposes only. Past performance is not indicative of future results. The information contained herein is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities (including, without limitation, interests or shares in the funds). Any such offer or solicitation may be made only by means of a final confidential Private Placement Memorandum and other offering documents.

Forward-looking statements
This announcement contains “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934 regarding assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as “forward-looking statements”. In some cases, predictive, future-tense or forward-looking words such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “may”, “plan”, “potential”, “predict”, “projected”, “should” or “will” or the negative of such terms or other comparable terminology are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, we and our representatives may from time to time make other oral or written statements which are forward-looking statements, including in our periodic reports that we file with the US Securities and Exchange Commission, other information sent to our security holders, and other written materials. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that our actual results of operations, including our financial condition and liquidity and the development of the industry in which we operate, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this announcement. Significant factors that may cause actual results to differ from those we expect include those discussed under “Risk Factors” in our Annual Report on Form 20-F filed with the US Securities and Exchange Commission on March 24, 2021. In addition, even if our results of operations, including our financial condition and liquidity and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods.

Except as required by law, we undertake no obligation to update or revise the forward-looking statements contained in this announcement, whether as a result of new information, future events, a change in our views or expectations or otherwise.

View original content:https://www.prnewswire.com/news-releases/notice-of-investor-event-date-301372339.html

SOURCE Burford Capital

Posted on September 9, 2021 7:28 am
Parsons to Present at the Morgan Stanley Virtual 9th Annual Laguna Conference

CENTREVILLE, Va., Sept. 09, 2021 (GLOBE NEWSWIRE) — Parsons Corporation (NYSE: PSN) will present at the Morgan Stanley Virtual 9th Annual Laguna Conference. Carey Smith, President and CEO, and George Ball, CFO, will participate in a fireside chat question and answer session on Tuesday, September 14, 2021, at approximately 4:30 p.m. Eastern Time.

This presentation will be available live via webcast on the investor relations section of Parsons’ website (investors.parsons.com). A replay of the webcast will also be available on the website for approximately six months.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Media Contact:
Bryce McDevitt
+1 703.851.4425
[email protected]

Investor Relations Contact:
Dave Spille
+ 1 571.655.8264
[email protected]

Posted on September 9, 2021 7:28 am
Burford Capital Reports Record New Business In First Half 2021 Results

PR Newswire

NEW YORK, Sept. 9, 2021 /PRNewswire/ — Burford Capital Limited, the leading global finance and asset management firm focused on law, today announces its financial results for the six-month period ended June 30, 2021 (“1H 2021”). All figures in this disclosure are unaudited and presented on a Burford-only basis, unless otherwise stated. Burford’s complete 1H 2021 interim report and IFRS accounts are available at www.burfordcapital.com/shareholders. Definitions, reconciliations and information additional to those set out below are also available on the Burford website and in our Interim Report 2021.

Highlights

Record new business, with Group-wide capital provision-direct new commitments up 334% to $503 million (1H 2020: $116 million) and deployments up 229% to $398 million (1H 2020: $121 million)

Portfolio grew to $4.8 billion Group-wide (Dec 31, 2020: $4.5 billion) driven by new business growth

Portfolio return on invested capital from capital provision-direct assets increased to 95% (Dec 31, 2020: 92%), despite limited case progress and realizations due in part to Covid-related delays

Net realized gains of $77 million

Realized losses of $5 million represented a loss rate of 0.5%

US GAAP conversion under consideration for yearend reporting

Net accounting loss after tax of $67 million given previously disclosed non-cash accruals

Adjusted for non-cash fair value adjustments and expense accruals, profit after tax of $17 million

More than $430 million of cash assets on hand

Receivable of $103 million fully collected since period-end

Declared interim 2021 dividend of 6.25¢ per share payable on December 2, 2021 to shareholders of record on November 12, 2021

Hugh Steven Wilson, Chairman of Burford Capital, commented:

“Burford has made significant progress in the first half of 2021 in returning to pre-pandemic levels of new business, laying the foundation for future potential income. I would like to congratulate our people for their contribution to Burford’s exciting momentum and also to thank our other stakeholders for their continued support as we strive to become a larger and more highly valued company.”

Christopher Bogart, Burford Capital’s Chief Executive Officer, commented:

“These first-half results show our current portfolio is strong and well positioned. Two of our matters that resolved in the first half produced returns on invested capital of more than 200%. Our level of new business reached a new high for a half-year period, despite the pandemic-driven slowdown in the progress of many cases. Our confidence in our ongoing portfolio modeling and valuation methodology has continued to increase, as more cases have concluded and we have further validation of our predictive models in general and across asset types. We plan to discuss our modeling and valuation methodology in greater detail at our upcoming investor event. “

Financial Summary

A financial summary of Burford’s non-IFRS results is set out below. This Burford-only summary is presented without third-party interests in Burford’s consolidated entities in order to assist understanding of the underlying performance of the Company. Burford’s complete interim report and accounts are available at www.burfordcapital.com/shareholders.

6 months ended
30 June 2021

6 months ended
30 June 2020

% change

$’000

$’000

Capital provision income

68,509

251,127

Asset management income

11,722

7,629

Services and other income

264

(5,906)

Total income

80,495

252,850

-68%

Operating expenses*

(120,317)

(45,211)

Operating (loss)/profit*

(39,822)

207,639

-119%

Finance costs*

(27,708)

(19,766)

(Loss)/profit before tax*

(67,530)

187,873

-136%

Taxation

450

(36,422)

(Loss)/profit after tax*

(67,080)

151,451

-144%

*
1H 2021 operating expenses, operating loss, loss before tax and loss after tax include non-cash accruals amounting to $79 million.
1H 2020 operating expenses include amortization of an intangible asset of $5 million. 1H 2021 finance costs include a $2 million loss on debt buyback.

Investor and Analyst Conference Call

Burford will host a conference call for investors and analysts at 10.00am (EDT) / 3.00pm (BST) / 4.00pm (CEST) on Thursday September 9, 2021.

Burford encourages investors and analysts to pre-register for dedicated audio webcast access via: https://www.investis-live.com/burfordcapital/60e6e2d60ed69a0a00368d92/mfld.

The dial-in number for the earnings call is +1 646 664 1960 (US local) / +44 (0)20 3936 2999 (UK local) / +44 (0)20 3936 2999 (all other locations) and the access code is 360239. To minimise the risk of delayed access, participants who have not pre-registered are urged to dial into the earnings call by 9.45am (EDT) / 2.45pm (BST) / 3.45pm (CEST).

An accompanying interim 2021 results presentation for investors and analysts will also be made available on the Burford Capital website: http://www.burfordcapital.com/shareholders.

Following the earnings call, a replay facility will be available until Thursday September 23, 2021 by dialling +1 845 709 8569 (US local) / +44 (0)20 3936 3001 (UK local) / +44 (0)20 3936 3001 (all other locations) and using the replay access code 714574.

Definitions and use of alternative performance measures

We report our financial results under International Financial Reporting Standards (“IFRS”). IFRS requires us to present financials that consolidate some of the limited partner interests in funds we manage as well as assets held by our balance sheet where we have a partner or minority investor. We therefore refer to various presentations of our financial results, and funding configuration, as:

Consolidated refers to assets, liabilities and activities that include those third-party interests, partially owned subsidiaries and special purpose vehicles that we are required to consolidate under IFRS accounting. This presentation conforms to the presentation of Burford on a consolidated basis in our financials. The major entities where there is also a third-party partner in or owner of those entities include the Strategic Value fund, BOF-C and several entities in which Burford holds investments where there is also a third-party partner in or owner of those entities. Note that in our financial statements, our consolidated presentation is referred to as Group.

Burford-only or similar terms, including “balance sheet”, refers to assets, liabilities and activities that pertain only to Burford on a proprietary basis, excluding any third-party interests and the portions of jointly owned entities owned by others.

Group-wide refers to Burford and its managed funds taken together, including those portions of the funds owned by third parties and including funds that are not consolidated into Burford’s consolidated financials. In addition to the consolidated funds, Group-wide includes the Partners funds, Burford Opportunity Fund and Burford Alternative Income Fund and its predecessor.

We refer to our capital provision assets in two categories:

Direct, which includes all our legal finance assets (including those generated by asset recovery and legal risk management activities) that we have made directly (i.e., not through participation in a fund) from our balance sheet. We also include direct (not through a fund) complex strategies assets in this category.

Indirect, which includes our balance sheet’s participations in one of our funds. Currently, this category is comprised entirely of our position in the Burford Strategic Value fund.

We also use certain Alternative Performance Measures (“APMs”), which are not presented in accordance with IFRS, to measure the performance of certain of our assets including:

Return on invested capital (ROIC) means the absolute amount of realizations from a concluded asset divided by the amount of expenditure incurred in funding that asset, expressed as a percentage figure. ROIC is a measure of our ability to generate absolute returns on our assets. In this release, when we refer to our concluded case ROIC, we are referring to the ROIC on concluded and partially concluded capital provision direct assets on Burford’s balance sheet since the inception of the company until the current date.

IRR is a discount rate that makes the net present value of a series of cash flows equal to zero and is expressed as a percentage figure. We compute IRR on concluded (including partially concluded) legal finance assets by treating that entire portfolio (or, when noted, a subset thereof) as one undifferentiated pool of capital and measuring actual and, if necessary, estimated inflows and outflows from that pool, allocating investment cost appropriately. IRRs do not include unrealized gains.

Compound annual growth rate (CAGR) is the annual rate of return that would be required for a sum to grow from its beginning balance to its end balance, assuming reinvestment at the end of each year.

Profit after tax if considered on a cash basis is a non-IFRS measure comprising profit after tax removing all non-cash items, including but not limited to unrealized gains or losses arising from fair value adjustments and non-cash compensation expense accruals.

Our business activities include:

Legal finance, which includes our traditional core litigation finance activities in which we provide capital against the future value of legal claims. It also encompasses our asset recovery and legal risk management activities.

Complex strategies encompasses our activities providing capital as a principal in legal-related assets, often securities, debt and other financial assets where a significant portion of the expected return arises from the outcome of legal or regulatory activity. Most of our complex strategies activities over the past several years have been conducted through our Strategic Value fund.

Post-settlement finance includes our financing of legal-related assets in situations where litigation has been resolved, such as financing of settlements and law firm receivables.

Asset management includes our activities administering the funds we manage for third-party investors.

Other terms we use include:

Cash receipts provide a measure of the cash that Burford’s capital provision assets generate during a given year as well as cash from certain other fees and income. In particular, cash receipts represent the cash generated from capital provision assets, including cash proceeds from realized assets and related hedging assets, if any, plus cash income from asset management fees, services and other income, before any deployments into funding existing or new assets.

Commitment is the amount of financing we agree to provide for a legal finance asset. Commitments can be definitive (requiring us to provide funding on a schedule, or more often, when certain expenses are incurred) or discretionary (allowing us to provide funding after reviewing and approving a future matter). Unless otherwise indicated, commitments include deployed cost and undrawn commitments.

Deployment refers to the funding provided for an asset, which adds to Burford’s invested cost in that asset. We use the term interchangeably with addition.

Deployed cost is the amount of funding we have provided for an asset as of the applicable point in time.

Cash assets refers to the amount of cash and cash management assets on our balance sheet.

Portfolio refers to the total amount of our capital provision and post-settlement assets, valued at deployed cost plus any fair value adjustments and any undrawn commitments.

Realization: A legal finance asset is realized when the asset is concluded (when litigation risk has been resolved). A realization will result in Burford receiving cash or, occasionally, some other asset or recognizing a due from settlement receivable, reflecting what Burford is owed on the asset. We use the term interchangeably with recovery.

Realized gain/loss refers to the total amount of gain or loss generated by a legal finance asset when it is realized, calculated simply as realized proceeds less deployed funds, without regard for any previously recognized fair value adjustment.

YPF-related assets refers to our Petersen and Eton Park legal finance assets, which are two claims relating to Argentina’s nationalization of YPF, the Argentine energy company.

For additional information, including reconciliations of our non-IFRS financial measures to the corresponding IFRS figures, see our Interim Report 2021 for the six months ended June 30, 2021 filed with the US Securities and Exchange Commission on September 9, 2021 under cover of Form 6-K and available on our website.

About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its principal offices in New York, London, Chicago, Washington, Singapore and Sydney.

For more information, please visit www.burfordcapital.com.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.

This release does not constitute an offer of any Burford fund. Burford Capital Investment Management LLC (“BCIM”), which acts as the fund manager of all Burford funds, is registered as an investment adviser with the U.S. Securities and Exchange Commission. The information provided herein is for informational purposes only. Past performance is not indicative of future results. The information contained herein is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities (including, without limitation, interests or shares in the funds). Any such offer or solicitation may be made only by means of a final confidential Private Placement Memorandum and other offering documents.

Forward-looking statements

This announcement contains “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934 regarding assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as “forward-looking statements”. In some cases, predictive, future-tense or forward-looking words such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “may”, “plan”, “potential”, “predict”, “projected”, “should” or “will” or the negative of such terms or other comparable terminology are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, we and our representatives may from time to time make other oral or written statements which are forward-looking statements, including in our periodic reports that we file with the US Securities and Exchange Commission, other information sent to our security holders, and other written materials. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that our actual results of operations, including our financial condition and liquidity and the development of the industry in which we operate, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this announcement. Significant factors that may cause actual results to differ from those we expect include those discussed under “Risk Factors” in our Annual Report on Form 20-F filed with the US Securities and Exchange Commission on March 24, 2021. In addition, even if our results of operations, including our financial condition and liquidity and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods.

Except as required by law, we undertake no obligation to update or revise the forward-looking statements contained in this announcement, whether as a result of new information, future events, a change in our views or expectations or otherwise.

View original content:https://www.prnewswire.com/news-releases/burford-capital-reports-record-new-business-in-first-half-2021-results-301372334.html

SOURCE Burford Capital

Posted on September 9, 2021 7:18 am
SmartRent Announces Integration With AppFolio Property Manager

SmartRent Announces Integration With AppFolio Property Manager

SmartRent comprehensive IoT platform operates seamlessly with property management software

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–SmartRent (NYSE: SMRT), provider of smart home and smart building automation for property owners, managers, developers, homebuilders and residents, announced today it now integrates with AppFolio Property Manager, an innovative cloud-based solution designed to enable property management businesses to digitally transform their business, address critical business operations and enable exceptional customer service.

The integration for customers of AppFolio Property Manager Plus, designed for larger businesses with more complex needs, enables the automated synchronization of units, leases, residents and service orders from AppFolio Property Manager with SmartRent’s Internet of Things (IoT) smart home technology.

“At AppFolio we are continually looking for new ways to deliver efficiency gains that allow our customers to focus on what matters most – managing and growing their business,” said Shane Trigg, General Manager, Real Estate for AppFolio. “This integration will allow AppFolio Property Manager customers to leverage the power of smart home automation across their portfolio.”

The partnership allows SmartRent to deliver its smart home and property technology to a new segment of the housing market while aligning with a technology provider similarly known for its customer-centric approach.

“We’re excited to integrate with AppFolio Property Manager, which shares our focus on delivering innovative solutions to the real estate industry,” said Mitch Karren, Chief Product Officer for SmartRent. “Through this integration, we are extending our ability to serve owners and operators across multifamily and single-family properties, and we’re excited to broaden the SmartRent footprint in the industry.”

To learn more about AppFolio’s property management solutions, visit appfolio.com.

About SmartRent

Founded in 2017, SmartRent is an enterprise smart home automation platform company for property managers and renters. The SmartRent solution is designed to provide property managers with seamless visibility and control over all their assets while delivering additional revenue opportunities through all-in-one home control offerings for residents. For more information, please visit smartrent.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005373/en/

Marlena DeFalco

[email protected]

KEYWORDS: Arizona United States North America

INDUSTRY KEYWORDS: Technology Residential Building & Real Estate Software Construction & Property Networks Building Systems Internet

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Posted on September 9, 2021 7:18 am
ADC Therapeutics to Participate in Morgan Stanley’s 19th Annual Global Healthcare Conference

ADC Therapeutics to Participate in Morgan Stanley’s 19^th Annual Global Healthcare Conference

LAUSANNE, Switzerland–(BUSINESS WIRE)–
ADC Therapeutics SA (NYSE: ADCT), a commercial-stage biotechnology company improving the lives of those affected by cancer with its next-generation, targeted antibody drug conjugates (ADCs) for patients with hematologic malignancies and solid tumors, announced today that Joseph Camardo, MD, Chief Medical Officer, and Jennifer Herron, Chief Commercial Officer, will participate in a fireside chat at Morgan Stanley’s 19^th Annual Global Healthcare Conference on Tuesday, September 14^th at 8:45 a.m. ET.

A live webcast of the presentation will be available via the Events & Presentations page in the Investors section of ADC Therapeutics’ website, ir.adctherapeutics.com. A replay of the webcast will be available for approximately 30 days.

About ADC Therapeutics

ADC Therapeutics (NYSE: ADCT) is a commercial-stage biotechnology company improving the lives of those affected by cancer with its next-generation, targeted antibody drug conjugates (ADCs). The Company is advancing its proprietary PBD-based ADC technology to transform the treatment paradigm for patients with hematologic malignancies and solid tumors.

ADC Therapeutics’ CD19-directed ADC ZYNLONTA® (loncastuximab tesirine-lpyl) is approved by the FDA for the treatment of relapsed or refractory diffuse large b-cell lymphoma after two or more lines of systemic therapy. ZYNLONTA is also in development in combination with other agents. Cami (camidanlumab tesirine) is being evaluated in a late-stage clinical trial for relapsed or refractory Hodgkin lymphoma and in a Phase 1b clinical trial for various advanced solid tumors. In addition to ZYNLONTA and Cami, ADC Therapeutics has multiple PBD-based ADCs in ongoing clinical and preclinical development.

ADC Therapeutics is based in Lausanne (Biopôle), Switzerland and has operations in London, the San Francisco Bay Area and New Jersey. For more information, please visit https://adctherapeutics.com/ and follow the Company on Twitter and LinkedIn.

ZYNLONTA® is a registered trademark of ADC Therapeutics SA.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005165/en/

Investors

Eugenia Litz

ADC Therapeutics

[email protected]

+44 7879 627205

Amanda Hamilton

ADC Therapeutics

[email protected]

+1 917-288-7023

EU Media

Alexandre Müller

Dynamics Group

[email protected]

+41 (0) 43 268 3231

USA Media

Mary Ann Ondish

ADC Therapeutics

[email protected]

Tel.: +1 914-552-4625

KEYWORDS: Switzerland Europe

INDUSTRY KEYWORDS: Biotechnology Health Pharmaceutical Clinical Trials Oncology

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Posted on September 9, 2021 7:15 am
Moderna Announces Significant Advances Across Industry-Leading mRNA Portfolio at 2021 R&D Day

Moderna Announces Significant Advances Across Industry-Leading mRNA Portfolio at 2021 R&D Day

New development candidate for combination respiratory COVID-19 booster + seasonal flu booster vaccine

New pediatric combination development candidate for RSV + hMPV vaccine

Interim Phase 1 data from RSV vaccine candidate in older adults significantly boosted neutralizing antibody titers above baseline

New infectious disease therapeutic vaccine candidate, to complement Epstein-Barr virus prophylactic vaccine

Phase 2 randomized, placebo-controlled study of personalized cancer vaccine fully enrolled; primary endpoint is recurrence free survival at 12 months

Company continues to scale with 37 programs in development, including 22 in ongoing clinical studies

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Moderna, Inc. (Nasdaq: MRNA), a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines, today announced significant advances across its portfolio of mRNA pipeline programs being presented at the Company’s fifth annual R&D Day today.

“I am proud of the progress that the Moderna team has made in advancing our best-in-class mRNA pipeline while addressing the global COVID-19 pandemic. We believe our mRNA platform can solve the world’s greatest health challenges, from diseases impacting millions, to ultra-rare diseases impacting dozens, to medicines personalized down to the individual level,” said Stéphane Bancel, Chief Executive Officer of Moderna. “Today we are announcing the first step in our novel respiratory vaccine program with the development of a single dose vaccine that combines a booster against COVID-19 and a booster against flu. We are making progress on enrolling patients in our rare disease programs, and we are fully enrolled in our personalized cancer vaccine trial. We believe this is just the beginning of a new age of information-based medicines.”

Updates and recent progress include:

COVID-19 Vaccine Development

Moderna completed the rolling submission process for a Biologics License Application (BLA) for its COVID-19 vaccine (mRNA-1273) in the U.S.

Robust antibody responses have been observed in a Phase 2 study of a third dose/booster of mRNA-1273

New Development Candidates

Combination vaccine candidate (mRNA-1073) that combines Moderna’s COVID-19 vaccine and flu vaccine candidate

Pediatric combination vaccine candidate (mRNA-1365) that combines Moderna’s RSV vaccine candidate with its hMPV vaccine candidate

EBV therapeutic vaccine candidate (mRNA-1195)

Ultra-rare disease, Crigler-Najjar Syndrome Type 1 (mRNA-3351); Moderna to provide investigational mRNA CN-1 therapy to the nonprofit Institute for Life Changing Medicines (ILCM) free of charge

Infectious Diseases

Phase 1 study of quadrivalent seasonal flu vaccine candidate (mRNA-1010) fully enrolled

Positive interim data from Phase 1 study of RSV vaccine candidate (mRNA-1345) from older adult cohort (ages 65-79 years)

Preparing for a global Phase 2/3 study with approximately 34,000 participants of RSV vaccine candidate (mRNA-1345); expected to begin by the end of 2021

Oncology

Phase 2 randomized, placebo-controlled study of personalized cancer vaccine (PCV) (mRNA-4157)in combination with Merck’s pembrolizumab (KEYTRUDA®), compared to pembrolizumab alone, for the adjuvant treatment of high-risk resected melanoma is fully enrolled

Cardiovascular

Phase 2a study of AZD8601 VEGF-A, being developed for patients with ischemic heart disease undergoing coronary artery bypass grafting surgery with moderately impaired systolic function, led by AstraZeneca, has completed recruitment after enrollment of the low dose cohort

Rare Diseases

Enrollment of the first cohort in Propionic Acidemia (mRNA-3927) Phase 1/2 Paramount study is complete

Investigational New Drug application (IND) open and Orphan Drug Designation granted by U.S. FDA for GSD1a program (mRNA-3745)

Corporate Update

Moderna Genomics (MGX) will leverage Moderna’s current mRNA and lipid nanoparticle (LNP) platform and will pursue novel technology within nucleic acids

Moderna continues to scale, now with 37 programs in development across 34 development candidates¹, including 22 in ongoing clinical studies. The Company’s updated pipeline can be found at www.modernatx.com/pipeline. Moderna and collaborators have published more than 80 peer-reviewed manuscripts.

Select Program Highlights

Core Modalities

Prophylactic Vaccines: Moderna is developing vaccines against viral diseases where there is unmet medical need – including vaccines against acute respiratory infections, vaccines against persistent infections, as well as vaccines against threats to global public health.

Vaccines against acute respiratory infections

COVID-19 vaccine development

Moderna COVID-19 Vaccine (mRNA-1273): The World Health Organization (WHO) and health agencies in more than 50 countries have granted emergency use authorization or emergency use listingfor the use of the Moderna COVID-19 vaccine in adults. In addition, Moderna has received authorization for use of its COVID-19 vaccine in adolescents ages 12 and up in the European Union and other jurisdictions.On August 25, 2021, Moderna completed the rolling submission process for a Biologics License Application (BLA) for the vaccine in the U.S. Moderna is working with additional health agencies on the authorization and/or approval of its vaccine in additional jurisdictions². Moderna retains worldwide rights to develop and commercialize the Moderna COVID-19 Vaccine.

Final Analysis of Phase 3 COVE Study: In the final analysis of the Phase 3 COVE study, the Moderna COVID-19 Vaccine showed 93% efficacy (95% CI), with the efficacy remaining durable through six months after administration of the second dose. In this analysis, the Moderna COVID-19 vaccine showed 98.2% efficacy against severe COVID-19 disease and 100% efficacy against death caused by COVID-19. Sub-group analyses were consistent across different populations and the safety profile based on extended safety follow-up was consistent with the Phase 3 COVE study primary results.

Addressing Variants of Concern: Moderna has four development candidates against SARS-CoV-2 variants of concern, including three which have been administered in a Phase 2/3 clinical trial. Initiation of a clinical cohort with the fourth candidate is planned in the coming weeks.The Company’s strategy is to develop booster vaccines against current variants of concern and against potential future variants of concern.

mRNA-1273.351: Variant-specific candidate against the Beta variant

mRNA-1273.617: Variant-specific candidate against the Delta variant

mRNA-1273.211: Multivalent candidate combining the Beta-specific variant and mRNA-1273

mRNA-1273.213: Multivalent candidate combining the Beta-specific and Delta-specific candidates

Booster (Third) Dose: Moderna has submitted for a booster (third) dose of mRNA-1273 at the 50 µg dose level for the following: Emergency Use Authorization (EUA) with the U.S. FDA, Conditional Marketing Approval (CMA) with the European Medicines Agency (EMA) and to additional regulatory agencies. In the amended Phase 2 study, a booster dose of mRNA-1273 at the 50 µg dose level boosted neutralizing titers significantly above the Phase 3 benchmark. After a third dose, a similar level of neutralizing titers was achieved across age groups, notably in older adults (ages 65 and above). The safety profile following dose 3 was similar to that observed previously for dose 2 of mRNA-1273. An additional analysis showed that a booster dose of mRNA-1273 at the 50 µg dose level induced robust antibody responses and significantly increased geometric mean titers (GMT) for all variants of concern including importantly, Delta (B.1.617.2) by 42.3-fold.

Additional Clinical Studies of mRNA-1273

Phase 2/3 “TeenCOVE” study of mRNA-1273 in adolescents: The Phase 2/3 study of mRNA-1273 in adolescents ages 12-17 years showed that no cases of COVID-19 were observed after two doses of vaccine using the primary case definition, consistent with a vaccine efficacy of 100%. Generally well tolerated, the majority of adverse events were mild or moderate in severity. The most common solicited local adverse event was injection site pain. The most common solicited systemic adverse events after the second dose of mRNA-1273 were headache, fatigue, myalgia and chills. The Conditional Marketing Authorization (CMA) for Spikevax³ in the European Union (EU) has been expanded to include adolescents 12 years of age and older. In addition, the Japanese Ministry of Health, Labor and Welfare, Health Canada, as well as other regulatory agencies around the world have also authorized Moderna’s COVID-19 vaccine for ages 12 to 17. Moderna has filed for an EUA for adolescents with the U.S. FDA.

Phase 2 “KidCOVE” study of mRNA-1273 in young children: The Phase 2 study of mRNA-1273 in pediatric population ages 6 months to 11 years is ongoing. The Company selected the 50 µg dose for expanded enrollment in the 6 to <12 years old cohort which is now fully enrolled (N=4,000). Dose selection studies are still underway for 2 years to <6 years old and 6 months to <2 years old age groups.

Phase 3 “COVE Transplant” study of mRNA-1273: The Phase 3 study of mRNA-1273 in adults with a kidney or liver transplant is ongoing, including the evaluation of the safety and immunogenicity of a third vaccine dose to these immunocompromised participants.

Next-generation vaccine against COVID-19 (mRNA-1283): The Phase 1 study of mRNA-1283 is fully enrolled.mRNA-1283 is a next-generation vaccine candidate against COVID-19 that encodes for the portions of the SARS-CoV-2 spike protein critical for neutralization, specifically the Receptor Binding Domain (RBD) and N-terminal Domain (NTD). It is being developed as a potential refrigerator stable mRNA vaccine that will facilitate easier distribution and administration by healthcare providers.

Additional vaccines against acute respiratory infections

Seasonal influenza vaccine (mRNA-1010): The Phase 1/2 study evaluating safety and reactogenicity of three different dose levels of mRNA-1010 in adults ages 18-49 years and above 50 years is fully enrolled (N=180). mRNA-1010 encodes for hemagglutinin (HA) glycoproteins of 4 flu strains and targets lineages recommended by the World Health Organization (WHO) for the prevention of influenza, including seasonal influenza A H1N1, H3N2 and influenza B Yamagata and Victoria.

COVID-19 and flu combination vaccine (mRNA-1073): mRNA-1073 encodes for the COVID-19 spike protein and the Flu HA glycoproteins. Moderna owns worldwide commercial rights to mRNA-1073.

Respiratory syncytial virus (RSV) vaccine (mRNA-1345): mRNA-1345 is a vaccine against RSV encoding for a prefusion F glycoprotein, which elicits a superior neutralizing antibody response compared to the postfusion conformation. RSV is the leading cause of severe respiratory illness in young children and older adults (65+). The Phase 1 study of mRNA-1345 to evaluate the tolerability and reactogenicity of mRNA-1345 in younger adults, women of child-bearing age, older adults and seropositive toddlers is ongoing. All four cohorts of younger adults (ages 18-49 years) and all four cohorts of older adults (ages 65-79 years) are fully enrolled. Today, the Company is sharing Phase 1 interim data from the older adult cohort. Neutralizing antibodies were confirmed to be present at baseline in all participants, as expected. The data showed that a single mRNA-1345 vaccination of 50 µg, 100 µg or 200 µg boosted neutralizing antibody titers against RSV-A by approximately 14-fold and against RSV-B by approximately 10-fold. Data were pooled across dose levels because there was not a significant difference between doses. A single vaccination of 50 µg, 100 µg or 200 µg was well-tolerated in older adults through month 1. Moderna is preparing for a Phase 2/3 study of RSV in older adults (ages older than 60 years) and expects to begin this study by the end of 2021. The Company expects this Phase 2/3 study will be a global study conducted in locations influenced by the epidemiology of RSV and expects to enroll approximately 34,000 participants, subject to agreement with regulatory authorities. The FDA has granted Fast Track designation for mRNA-1345 in adults older than 60 years of age. There is no approved vaccine to prevent RSV. Moderna owns worldwide commercial rights to mRNA-1345.

Human metapneumovirus (hMPV) and parainfluenza type 3 (PIV3) vaccine (mRNA-1653): Moderna is enrollingseropositive pediatric participants (12-36 months of age) in the Phase 1 study of hMPV/PIV3 study (mRNA-1653). The first cohort in this study is fully enrolled. Moderna owns worldwide commercial rights to mRNA-1653.

Pediatric RSV and hMPV combination vaccine (mRNA-1365): mRNA-1365 encodes for the RSV prefusion F glycoprotein and the hMPV F protein. Moderna owns worldwide commercial rights to mRNA-1365.

Systemic Secreted & Cell Surface Therapeutics: In this modality, mRNA is delivered systemically to create proteins that are either secreted or expressed on the cell surface.

Relaxin (mRNA-0184): mRNA-0184 encodes for the relaxin fusion protein. The mRNA sequence of mRNA-0184 is engineered to increase protein expression and prolong half-life. Moderna is planning for a Phase 1 study in participants with chronic heart failure. The Company expects that mRNA-0184 will be administered after heart failure decompensation to bridge patients through the vulnerable period. Moderna owns worldwide commercial rights to mRNA-0184.

Exploratory Modalities

Cancer Vaccines: These programs focus on stimulating a patient’s immune system with antigens derived from tumor-specific mutations to enable the immune system to elicit a more effective anti-tumor response.

Personalized cancer vaccine (PCV) (mRNA-4157): The randomized, placebo-controlled Phase 2 study investigating a 1 mg dose of mRNA-4157 in combination with Merck’s pembrolizumab (KEYTRUDA®), compared to pembrolizumab alone, for the adjuvant treatment of high-risk resected melanoma is fully enrolled (n=150). The primary endpoint of the Phase 2 study is recurrence-free survival at 12 months. The Phase 1 in multiple cohorts is ongoing and the expanded head and neck cohort is recruiting additional patients. Moderna shares worldwide commercial rights to mRNA-4157 with Merck.

Localized Regenerative Therapeutics: Localized production of proteins has the potential to be used as a regenerative medicine for damaged tissues.

VEGF-A (AZD8601): The Phase 2a study of AZD8601 VEGF-A, which is being developed for patients with ischemic heart disease undergoing coronary artery bypass grafting surgery with moderately impaired systolic function, led by AstraZeneca, has completed recruitment after enrollment of the low dose cohort (n=11). Moderna has licensed worldwide commercial rights to AZD8601 to AstraZeneca.

Systemic Intracellular Therapeutics: These programs aim to deliver mRNA into cells within target organs as a therapeutic approach for diseases caused by a missing or defective protein.

Propionic acidemia (PA) (mRNA-3927): The Phase 1/2 Paramount study of mRNA-3927 is ongoing and enrollment of the first cohort is complete. Moderna owns worldwide commercial rights to mRNA-3927.

Methylmalonic acidemia (MMA) (mRNA-3705): The Phase 1/2 Landmark study to evaluate the safety and pharmacology of mRNA-3705 in patients 1 year of age and older with methylmalonic acidemia (MMA) is ongoing and the first participant has been dosed. Moderna received rare pediatric designation for mRNA-3705. Moderna owns worldwide commercial rights to mRNA-3705.

Glycogen storage disease type 1a (GSD1a) (mRNA-3745): The U.S. FDA has granted mRNA-3745 Orphan Drug Designation and completed its review of the IND application allowing it to proceed to clinic. Individuals with GSD1a have a deficiency in glucose-6-phosphatase resulting in pathological blood glucose imbalance.mRNA-3745 is an IV-administered mRNA encoding human G6Pase enzyme, designed to restore the deficient or defective intracellular enzyme activity in patients with GSD1a. Moderna owns worldwide commercial rights to mRNA-3745.

Crigler-Najjar Syndrome Type 1 (CN-1)(mRNA-3351): mRNA-3351 encodes for the human UGT1A1 and is designed to restore the missing or dysfunctional proteins that causes Crigler-Najjar Syndrome Type 1. mRNA-3351 has been granted Rare Pediatric Disease designation by the U.S. FDA. Moderna will provide investigational mRNA-3351 to the nonprofit Institute for Life Changing Medicines (ILCM) free of charge. ILCM will be responsible for the clinical development of mRNA-3351 and plans to initiate clinical studies of mRNA-3351 in 2022.

Corporate Update

Moderna Genomics (MGX) will leverage Moderna’s current mRNA and lipid nanoparticle (LNP) platform but will also pursue novel technology within nucleic acids. The MGX vision is to be a leader in large, complex genomic editing. Eric Huang, Ph.D.will serve as the Chief Scientific Officer of Moderna Genomics.

Moderna announces a cash position as of August 31, 2021 of approximately $15 billion.

Information about each development candidate in Moderna’s pipeline can be found at investors.modernatx.com. The R&D Day program can be accessed here beginning today at 8:00 am ET.

About Moderna

In 10 years since its inception, Moderna has transformed from a science research-stage company advancing programs in the field of messenger RNA (mRNA), to an enterprise with a diverse clinical portfolio of vaccines and therapeutics across six modalities, a broad intellectual property portfolio in areas including mRNA and lipid nanoparticle formulation, and an integrated manufacturing plant that allows for both clinical and commercial production at scale and at unprecedented speed. Moderna maintains alliances with a broad range of domestic and overseas government and commercial collaborators, which has allowed for the pursuit of both groundbreaking science and rapid scaling of manufacturing. Most recently, Moderna’s capabilities have come together to allow the authorized use of one of the earliest and most effective vaccines against the COVID-19 pandemic.

Moderna’s mRNA platform builds on continuous advances in basic and applied mRNA science, delivery technology and manufacturing, and has allowed the development of therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases and auto-immune diseases. Moderna has been named a top biopharmaceutical employer by Science for the past six years. To learn more, visit www.modernatx.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including regarding: the Company’s development of the Moderna COVID-19 Vaccine (mRNA-1273); its efforts to continue developing vaccines against variant strains of SARS-CoV-2 and for booster doses; the ability of the Moderna COVID-19 Vaccine and booster doses to provide protection against COVID-19 over time and to trigger an antibody response against variants of concern; the safety profile associated with COVID-19 booster candidates; the Company’s plans to submit for a Biologics License Application for mRNA-1273 and other approvals; the enrollment, conduct and timing of clinical trials for programs in the Company’s pipeline, including its vaccine candidates against COVID-19, seasonal flu, CMV, and RSV; plans to develop combination respiratory vaccines; the ability to expand the Company’s portfolio of development programs; the potential to combine different vaccines into a single dose; the ability to use mRNA to enable combination therapeutics personalized for individual tumors and patients; the potential for mRNA medicines to address various diseases with unmet medical need; and the scalability of the Company and its ability to bring potential medicines to market. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna’s control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include those other risks and uncertainties described under the heading “Risk Factors” in Moderna’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) and in subsequent filings made by Moderna with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna’s current expectations and speak only as of the date hereof.

¹ Includes separate COVID-19 Vaccine (mRNA-1273) programs in development for adults, pediatrics & adolescents and separate RSV vaccine (mRNA-1345) programs in development for adults and pediatrics

² BARDA, part of the Office of the Assistant Secretary for Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services (HHS), partially supported the research and development of the Moderna COVID-19 Vaccine with federal funding under Contract no. 75A50120C00034.

³Spikevax is the trade name authorized by the European Medicines Agency (EMA) for the Moderna COVID-19 vaccine.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005497/en/

Moderna

Media:

Colleen Hussey

Director, Corporate Communications

617-335-1374

[email protected]

Investors:

Lavina Talukdar

Senior Vice President & Head of Investor Relations

617-209-5834

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Science Biotechnology Research Pharmaceutical Oncology Health Infectious Diseases Clinical Trials

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Posted on September 9, 2021 7:10 am
Natural Grocers® Officially Introduces The good4u Meal Deal Program As Part Of Its Efforts To Fight Food Insecurity And Bring Nutritious Meals To Everyone

Program offers a menu of rotating healthy, simple, and affordable meal options to cook at home

PR Newswire

LAKEWOOD, Colo., Sept. 9, 2021 /PRNewswire/ — Showcasing that eating healthy does not need to be expensive and reflecting its Founding Principles to provide its communities with groceries that are healthy, high quality and affordable, Natural Grocers officially introduces the addition of its Natural Grocers good4u^SM Meal Deal program. As part of its broader effort to fight food insecurity, the Natural Grocers good4u Meal Deals were introduced in April 2020 to provide customers with simple, affordable, and nutritious recipes for themselves and their families. The program has evolved into a mainstay for the organic and natural grocery retailer.

Natural Grocers officially introduces its good4u Meal Deal program, part of its broader effort to fight food insecurity.

“A lot of people think that healthy means expensive. But at Natural Grocers that is not true, and it has never been the case. We are committed to supporting the health and wellbeing of our communities with food and supplements at an Always Affordable Price℠. We always look for creative ways to give our customers even more value and avenues to support their health and wellbeing,” explained Natural Grocers’ Co-President, Kemper Isely. “When the pandemic hit, we knew finances would get tighter for our communities and our goal was to help ensure that our customers could afford to feed their families with nutritious, satisfying meals that were easy to whip up in their kitchens. With the positive response the program has received, we decided to keep it as part of our good4u commitment to our communities.”

Members of {N}power®, Natural Grocers’ free loyalty program, can choose from a rotating selection of meals and price points, all of which include protein and only organic vegetables to maximize nutritional value. The program launch featured a whole chicken Meal Deal, accompanied by organic seasonal vegetables, which remains part of the rotating meal selections. The following Meals Deals are available at Natural Grocers now through October 31, 2021ⁱ:

Feed your family of four a Grilled Chicken Meal for under $13: Mary’s Free Range® and humanely raised whole chicken, with organic russet potatoes and seasonal vegetables: organic zucchini through September 30, changing to organic carrots in October.

Feed your family of four a Burger Meal for under $12: Sustainably sourced and humanely raised Thousand Hills^TM Grass Fed 80/20 Ground Beef, Rudi’s® hamburger buns or Canyon Bakehouse® gluten-free buns, organic red & green leaf lettuce, and organic beefsteak tomatoes. Customers can make it vegan for under $16 by replacing the ground beef with Beyond Meat® beef free burgers.

Feed your family of six a Frittata Meal for under $12: Natural Grocers Brand pasture raised organic eggs, Niman Ranch® pork breakfast sausage or Field Roast™ Apple & Maple plant-based breakfast sausage, and Organicgirl® baby spinach.

Feed your family of four a Chicken Drumstick Dinner for under $8: Mary’s Free Range and humanely raised chicken drumsticks, organic carrots and organic russet potatoes.

Feed your family of four a Sausage & Veggie Bake for under $10: Pederson’s® kielbasa, fresh organic cauliflower and broccoli or Natural Grocers Brand frozen organic cauliflower florets and broccoli florets. Customers can make it vegan for under $13 by replacing the kielbasa with Beyond Sausage®, original or hot Italian.

Isely explains further, “To us, family means all of you, our customers. We deliberately chose the name “Feed Your Family” because of its significance to us – family extends beyond the traditional meaning of the word. We want to make it easy to feed the ones you love, whether they are your actual family, your friends, your neighbors, your pets, etc. All of our customers and good4u Crew members are part of our extended family and we have worked hard every day for the past 66 years to give “Our Family” the best food options at the best prices possible. Meal Deals are just another way we are able to do this. If you haven’t already, come join our family and have a delicious meal with your family – whoever they may be!”

Past Natural Grocers Good4u Meal Deals have included chili, lentil soup, tacos, enchiladas, quinoa bowls, with special editions for Mother’s Day brunch and Movie Night at Home. Select accompanying recipes can be found in Natural Grocers’ extensive recipe library.

Serving its Communities

Since Natural Grocers first opened its doors in 1955, it has had a successful track record of making healthy food more affordable and combating food insecurity in the communities it serves. In addition to the new Meal Deals program, the company is committed to helping community members gain access to nutritious food options:

Food Banks: In the early days, co-founder Margaret Isely kept a community food cabinet at the first store from which she would share the ingredients for a nutritious meal with families in need. Since then food bank fundraisers have become a lynchpin of company-wide programs throughout the year, including a 5-cent donation every time customers purchase a reusable bag or bring their own.

Loyalty Program: The {N}power program was recently updated, making it easier for members to earn reward points and take advantage of discounts, digital coupons, and other members-only features. The program also offers special pricing on popular items such as free-range eggs, avocados, whole chickens, almond butter, Natural Grocers Brand Vitamins & Supplements, and more. {N}power is free to join by filling out a quick form or by texting ‘organic’ to 72345ⁱⁱ.

Always Affordable Prices: As a Founding Principle, Natural Grocers has always worked diligently to provide the best possible pricing to help make a healthy and balanced lifestyle achievable for everyone.

Natural Grocers Brand Products: Launched in 2018, the line now has more than 750 premium quality products, including a large pre-bagged Bulk Department and a recently expanded Natural Grocers Brand Vitamins & Supplements offering, which features a comprehensive range of more than 100 vitamins, herbs, minerals, and precision formulas. The in-house product line makes it possible for the company to offer these products at even more affordable prices.

About Natural Grocers by Vitamin Cottage

Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) is an expanding specialty retailer of natural and organic groceries, body care products, and dietary supplements. The products sold by Natural Grocers must meet strict quality guidelines and may not contain artificial colors, flavors, preservatives or sweeteners, or partially hydrogenated or hydrogenated oils. The Company sells only USDA certified organic produce and exclusively pasture-raised, non-confinement dairy products, and free-range eggs. Natural Grocers’ flexible smaller-store format allows it to offer affordable prices in a shopper-friendly, safe, and convenient retail environment. The Company also provides extensive free science-based Nutrition Education programs to help customers make informed health and nutrition choices. The Company, founded in 1955, has 161 stores in 20 states.

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{N}power offers available to {N}power members only and are subject to program terms and conditions. Quantity limited to stock on hand; no rain checks. Pricing excludes tax and is subject to change without notice. We reserve the right to correct errors. Void where prohibited by law. Enter your phone number at checkout to redeem. This is a limited time offer: go to www.naturalgrocers.com/mealdeals for details.

ⁱⁱ Message and data rates may apply. See naturalgrocers.com/privacy for our Privacy Policy and naturalgrocers.com/terms for the {N}Power terms of use.

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SOURCE Natural Grocers by Vitamin Cottage, Inc.

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