Market Newsdesk

April 1, 2021 8:02 am

Lantern Pharma Expands Portfolio of Cancer Opportunities for LP-184 with ATRT Pediatric Brain Tumor Collaboration with Johns Hopkins

– Initiates studies in collaboration with pediatric brain cancer expert, Dr. Eric Raabe, M.D., Ph.D

– Collaboration will leverage Dr. Raabe’s large panel of brain cancer cell lines and xenografts

– ATRT may qualify under the Rare Pediatric Disease Designation which Lantern will pursue

PR Newswire

DALLAS, April 1, 2021 /PRNewswire/ — Lantern Pharma Inc. (NASDAQ: LTRN), a clinical stage biopharmaceutical company using its proprietary RADR^® artificial intelligence (“A.I.”) platform to transform oncology drug discovery and development, today announced a collaboration with Johns Hopkins Pediatric Oncology Division of The Sidney Kimmel Comprehensive Cancer Center and Dr. Eric Raabe, M.D., Ph.D. focused on Lantern’s drug candidate LP-184 in the area of brain tumors, and specifically in Atypical Teratoid Rhabdoid Tumors (“ATRT”), an ultra-rare and fast-growing cancerous tumor of the brain that presents primarily in children.

“As we enriched our RADR^® A.I. platform for additional cancer indications, we began to discover common molecular pathways that drive response to our drug candidate, LP-184, across multiple additional CNS cancers,” stated Panna Sharma, President and CEO of Lantern Pharma. “Chief among these newly identified CNS cancers was ATRT, an ultra-rare and fast-growing cancerous tumor of the brain that presents primarily in children with no effective therapies. The urgency of directing LP-184 towards helping children battle this particularly aggressive cancer was self-evident, as was the opportunity to collaborate with the Johns Hopkins’ pediatric oncologist, Dr. Eric Raabe, who has devoted his career to studying pediatric brain cancers, including ATRT.”

Rhabdoid tumors (RTs) can emerge in the brain, kidneys, liver and all compartments of the central nervous system (“CNS”). Approximately 66% of RTs occur in the CNS and are called ATRTs. ATRTs predominantly affect infants and young children, with up to 15% of ATRTs arising in the brain. Incidence of ATRT is between 1.4 and 3.0 per million, and the survival rate is between 10% and 15% depending on the age at diagnosis. Pediatric brain cancer is the second-leading cause of pediatric cancer death with the incidence rate growing at ~2.7% per year in the United States.

Dr. Eric Raabe, M.D., Ph.D., is assistant professor of oncology in the Division of Pediatric Oncology at Johns Hopkins and a co-principal investigator at the Pacific Pediatric Neuro-Oncology Consortium. A physician-scientist, Dr. Raabe has devoted his career to the pursuit of treatment options for the most high-risk pediatric brain cancers, including ATRT where Dr. Raabe uses a unique and highly curated panel of cell lines and xenografts in preclinical studies for drug development and research. These models have had extensive molecular and genomic profiling including biomarker studies to help better understand the ATRT and other related CNS cancers.

Over 90% of cases of ATRT are caused by a mutation which drives a partial or whole loss of chromosome 22, resulting in the inactivation of the SMARCB1 gene (Switch/sucrose nonfermentable [SWI/SNF] related, Matrix-associated, Actin-dependent Regulator of Chromatin, subfamily B1). SMARCB1 is a protein encoding and tumor suppressor gene which drives downstream production of the SMARCB1 protein and other SWI/SNF protein subunits which are thought to act as tumor suppressors. While ATRT is diagnosed with standard immunochemistry staining to detect loss of the respective protein(s), no standard of care currently exists for ATRT and ATRT in the brain is typically unresectable. Treatment options are typically limited to only chemotherapy agents since radiotherapy is not advised in children.

“To support the discovery and development of innovative medicines that may help children diagnosed with rare diseases, the U.S. FDA has created a Rare Pediatric Disease Designation. We believe that the rarity of incidence of ATRT in the U.S and its prevalence in children supports the potential for LP-184 to qualify in the future for a possible grant by the US. FDA for a Rare Pediatric Disease Designation for use of LP-184 for ATRT,” continued Mr. Sharma. “Moreover, if we are successful in receiving a Rare Pediatric Disease Designation, we believe LP-184, if it receives ultimate approval, may possibly qualify for the granting by the U.S. FDA of a Rare Pediatric Disease Priority Review Voucher (“PRV”). We believe the award of a PRV would represent a significant value enhancing milestone for Lantern Pharma.”

Lantern Pharma plans on continuing to use RADR^®to potentially uncover and develop other indications in brain and CNS cancers where LP-184 has the potential to show efficacy.

Contact

Marek Ciszewski, JD
Director, Investor Relations
628-777-3167
[email protected]

About Lantern Pharma
Lantern Pharma (LTRN) is a clinical-stage biopharmaceutical company leveraging its proprietary RADR^®A.I. platform and machine learning to discover biomarker signatures that identify patients most likely to respond to its pipeline of genomically-targeted cancer therapeutics. RADR® A.I. platform is among the world’s largest A.I. oncology datasets. Once a drug candidate is identified and validated in silico, our collaborator-centered business model seeks out industry partners and leading scientific advisors to capital-efficiently develop genetically-targeted cancer therapeutics in areas of high unmet clinical need. Lantern is currently developing four drug candidates and an ADC program across seven disclosed tumor targets, including two phase 2 programs. By targeting drugs to patients whose genomic profile identifies them as having the highest probability of benefiting from the drug, Lantern’s approach represents the potential to deliver best-in-class outcomes. More information is available at: www.lanternpharma.com and Twitter @lanternpharma.

About LP-184
LP-184 is currently in multiple research studies in collaboration with leading cancer research institutions. With the assistance of our RADR^® A.I. platform, LP-184’s mechanism of action has been well-characterized through numerous in silico and in vivo studies and described in published peer-reviewed articles. With observed nanomolar potency and blood brain barrier permeability, LP-184 is an alkylating agent that works by causing DNA damage in tumor cells. As shown by CRISPR gene editing techniques, LP-184 activity is dependent upon the expression of Prostaglandin Reductase 1 (“PTGR1”), which transforms LP-184 into its bioactive form by the oxidoreductase activity of PTGR1. Additional information on LP-184 is available at: Oncology Drug Development Pipeline – Lantern Pharma.

Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements relating to: future events or our future financial performance; the potential advantages of our RADR^® platform in identifying drug candidates and patient populations that are likely to respond to a drug candidate; our strategic plans to advance the development of our drug candidates and antibody drug conjugate (ADC) development program; estimates regarding the development timing for our drug candidates and ADC development program; our research and development efforts of our internal drug discovery programs and the utilization of our RADR^® platform to streamline the drug development process; our intention to leverage artificial intelligence, machine learning and genomic data to streamline and transform the pace, risk and cost of oncology drug discovery and development and to identify patient populations that would likely respond to a drug candidate; estimates regarding potential markets and potential market sizes; sales estimates for our drug candidates and our plans to discover and develop drug candidates and to maximize their commercial potential by advancing such drug candidates ourselves or in collaboration with others. Any statements that are not statements of historical fact (including, without limitation, statements that use words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions) should be considered forward-looking statements. There are a number of important factors that could cause our actual results to differ materially from those indicated by the forward-looking statements, such as (i) the impact of the COVID-19 pandemic, (ii) the risk that our research and the research of our collaborators in the area of ATRT may not be successful; (iii) the risk that we may never receive a Rare Pediatric Disease Designation for LP-184 in ATRT and may never qualify for the grant of a Rare Pediatric Disease Priority Review Voucher (iv) the risk that none of our product candidates has received FDA marketing approval, and we may not be able to successfully initiate, conduct, or conclude clinical testing for or obtain marketing approval for our product candidates; (v) the risk that no drug product based on our proprietary RADR A.I. platform has received FDA marketing approval or otherwise been incorporated into a commercial product, and (vi) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 10, 2021. You may access our Annual Report on Form 10-K for the year ended December 31, 2020 under the investor SEC filings tab of our website at www.lanternpharma.com or on the SEC’s website at www.sec.gov. Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this press release represent our judgment as of the date hereof, and, except as otherwise required by law, we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in our expectations.

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SOURCE Lantern Pharma

April 1, 2021 8:00 am

S&P Global Platts Launches Tanker TCE Assessments for Europe

First Regional High and Low Sulfur Prices Reflect Vessel Revenues on Key Routes

PR Newswire

LONDON, April 1, 2021 /PRNewswire/ — S&P Global Platts (“Platts”), the leading independent provider of information, analytics and benchmark prices for the commodities and energy markets, has launched new daily Time Charter Equivalent (TCE) assessments on four key Aframax routes originating in Europe, effective April 1, 2021.

Peter Norfolk, Editorial Director, Global Shipping & Freight, S&P Global Platts said
: “The European tanker market has lacked relevant pricing that reflects the market fundamentals of net daily revenues of crude vessels operating on the key routes in the region. We are pleased to launch these world-first assessments in response to growing interest from market participants wanting transparency on tanker earnings on the main European shipping routes”.

TCE assessments reflect the net daily revenue of vessels operating on key dirty tanker routes in the European shipping market and are published in US dollars/day.

TCE assessments have been launched for the 100kt Baltic-UK Continent, 80kt UK Continent-UK Continent, 80kt Ceyhan-Mediterranean, and 80kt Black Sea-Mediterranean routes.

Platts will publish two sets of TCEs for each route: one for scrubber-fitted vessels, reflecting the use of 3.5% marine bunker fuel, and one for non-scrubber fitted vessels, reflecting the use of 0.5% marine bunker fuel. This reflects the significant share of vessels fitted with scrubbers to comply with IMO 2020 regulations.

In recognition that bunker fuel is often purchased one to two weeks ahead of vessel loading, Platts will publish three sets of prices for each route, reflecting bunker fuel costs at various periods: on the day of assessment, one week prior to the day of assessment and two weeks prior to the day of assessment.

The new assessments are derived from existing Platts spot freight rate and bunker assessments, on a $/mt basis, for the respective routes.

More details can be found in the subscriber note here.

About S&P Global Platts
At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We’re the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil, gas, LNG, power, petrochemicals, metals, agriculture and shipping.

S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.platts.com.

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SOURCE S&P Global Platts

April 1, 2021 7:58 am

Helios Fairfax Partners Announces Closing of Portfolio Insurance Arrangement With Fairfax Financial Holdings Limited

Not for distribution to U.S. news wire services or dissemination in the United States.

TORONTO, April 01, 2021 (GLOBE NEWSWIRE) — Helios Fairfax Partners Corporation (TSX: HFPC.U) (“HFP”) announces the closing of its previously-announced portfolio insurance arrangement with Fairfax Financial Holdings Limited (“Fairfax”).

Under the terms of the transaction, certain of Fairfax’s affiliates have subscribed for 3.0% unsecured debentures of HFP (the “Debentures”) on a private placement basis for an aggregate subscription price of US$100 million (the “Principal Amount”). The Debentures will mature three years from March 31, 2021 (the “Closing Date”) or, at the option of Fairfax, on either of the first two anniversary dates of the Closing Date. The “Redemption Price” for the Debentures is equal to the Principal Amount, plus any accrued and unpaid interest, less the amount, if any, by which the fair value of HFP’s investments in AGH, Philafrica and the PGR2 Loan (collectively, the “Reference Investments”) is lower than US$102.6 million (representing the fair value of the Reference Investments as of June 30, 2020).

In addition, certain of Fairfax’s affiliates have subscribed for 3 million warrants of HFP (“Warrants”), allowing Fairfax to purchase HFP subordinate voting shares (“SVS”) at an exercise price of US$4.90. The Warrants are exercisable at any time prior to the fifth anniversary of the Closing Date. The Warrants include customary anti-dilution provisions. If all of the Warrants are exercised, the aggregate SVS issued would represent approximately 5.3% of the SVS then outstanding and 2.7% of all HFP shares then outstanding (HFP multiple voting shares (“MVS”) and SVS).

Immediately prior to the Closing Date, Fairfax beneficially owned, and exercised control or direction over (i) 7,629,308 SVS, representing 14.2% of the total SVS outstanding; and (ii) 30,000,000 MVS, representing 54.1% of the total MVS outstanding. Fairfax’s aggregate ownership, control and direction of the SVS and MVS prior to the Closing Date represented an approximate 34.5% equity interest and an approximate 53.3% voting interest in HFP. As of the Closing Date, Fairfax beneficially owned, and exercised control or direction over (i) assuming the exercise of all of the Warrants, 10,629,308 SVS, representing 18.8% of the total SVS outstanding; and (ii) 30,000,000 MVS, representing 54.1% of the total MVS outstanding. Fairfax’s aggregate ownership, control and direction of the SVS and MVS as of the Closing Date represented an approximate 36.2% equity interest and an approximate 53.4% voting interest in HFP.

Fairfax acquired the Debentures and Warrants for investment purposes and, in the future, it may discuss with management and/or the board of directors of HFP any of the transactions listed in clauses (a) to (k) of item 5 of Form F1 of National Instrument 62-103 – The Early Warning System and Related Take-over Bid and Insider Reporting Issues and, subject to the provisions of the securityholders agreement of HFP, it may further purchase, hold, vote, trade, dispose or otherwise deal in the securities of HFP, in such manner as it deems advisable to benefit from changes in market prices of HFP’s securities, publicly disclosed changes in the operations of HFP, its business strategy or prospects or from a material transaction of HFP. An early warning report will be filed by Fairfax in accordance with applicable securities laws and will be available on SEDAR at www.sedar.com or may be obtained directly from Fairfax upon request at 416-367-4941 (Attention: John Varnell) or at Fairfax Financial Holdings Limited, 95 Wellington Street West, Suite 800, Toronto, Ontario M5J 2N7.

Helios Fairfax Partners Corporation is an investment holding company whose investment objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in Africa and African businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, Africa.

For further information, contact:

Helios Fairfax Partners Corporation

Keir Hunt
General Counsel and Corporate Secretary
+1-416-646-4180

April 1, 2021 7:57 am

LAVA Therapeutics Appoints Karen J. Wilson to its Board of Directors

UTRECHT, The Netherlands and PHILADELPHIA, April 01, 2021 (GLOBE NEWSWIRE) — LAVA Therapeutics N.V. (Nasdaq: LVTX), a biotechnology company focused on applying its expertise in bispecific gamma-delta T cell engagers (bsTCEs) to transform cancer therapy, today announced that Karen J. Wilson has been appointed to its Board of Directors and as chair of its Audit Committee. Ms. Wilson brings more than three decades of finance and leadership experience in the life sciences industry.

“I am delighted to welcome Karen to our Board of Directors,” said Stephen Hurly, Chief Executive Officer and President. “She joins us at an exciting time for our company as our first gamma-delta bsTCE candidates progress towards the clinic. Her deep experience leading finance organizations across both clinical- and commercial-stage public life science companies will be invaluable to LAVA as we advance our pipeline aimed at improving patient outcomes and creating value for our shareholders.”

Ms. Wilson is a biopharmaceutical finance executive and board member with experience in life science companies across finance, strategy, and risk management. She currently serves on the Board of Directors of Angion Biomedica, Connect Biopharma, and Vaxart, Inc. She was most recently Senior Vice President of Finance at Jazz Pharmaceuticals plc until September 2020 after serving as Vice President of Finance and Principal Accounting Officer. Prior to joining Jazz Pharmaceuticals in February 2011, Ms. Wilson served as Vice President of Finance and Principal Accounting Officer at PDL BioPharma, Inc. She also previously served as a Principal at the consulting firm of Wilson Crisler LLC, Chief Financial Officer of ViroLogic, Inc., Chief Financial Officer and Vice President of Operations for Novare Surgical Systems, Inc., and as a consultant and auditor for Deloitte & Touche LLP. Ms. Wilson is a Certified Public Accountant and received a B.S. in Business from the University of California, Berkeley.

“With two candidates expected to enter the clinic in 2021 following a successful IPO, I am thrilled to join LAVA’s Board,” Ms. Wilson said. “I am very excited about the potential of the LAVA platform to potentially transform the cancer treatment landscape. I look forward to working with the rest of the Board and management team to build on LAVA’s success and optimize the value of its unique gamma-delta T cell engager platform in oncology.”

About LAVA

LAVA Therapeutics N.V. is a biotechnology company developing a portfolio of bispecific gamma-delta T cell engagers (gamma-delta bsTCEs) for the treatment of solid tumors and hematologic malignancies based on its proprietary platform. The company’s innovative approach leverages bispecific antibodies to activate Vγ9Vδ2 T cells upon binding to membrane-expressed tumor associated antigens. Activated Vγ9Vδ2 T cells are engaged for direct, selective tumor cell killing. The company’s lead program, LAVA-051, is expected to enter a Phase 1/2a clinical study in hematologic malignancies in the first half of 2021. The company has established a highly experienced research and development team located in Utrecht, the Netherlands and Philadelphia, USA.

LAVA’s Cautionary Note on Forward-Looking Statements

This press release contains forward-looking statements, including in respect of the company’s anticipated growth and clinical developments plans, including the timing of clinical trials. Words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate,” “potential” 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 LAVA’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the progress, timing, clinical development and scope of clinical trials and the reporting of clinical data for LAVA’s product candidates, and the potential use of our product candidates to treat various tumor targets. Many factors may cause differences between current expectations and actual results including unexpected safety or efficacy data observed during preclinical trials, changes in expected or existing competition, changes in the regulatory environment, the COVID-19 pandemic may disrupt our business and that of the third parties on which we depend, including delaying or otherwise disrupting our clinical trials and preclinical studies, manufacturing and supply chain, or impairing employee productivity, failure of LAVA’s collaborators to support or advance collaborations or product candidates and unexpected litigation or other disputes, among others. LAVA assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

Contact

Keely Zipp

[email protected]

April 1, 2021 7:53 am

LexaGene’s Provides Corporate Update

BEVERLY, Mass., April 01, 2021 (GLOBE NEWSWIRE) — LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”), a molecular diagnostics company that develops fully automated rapid pathogen detection systems, is pleased to provide a corporate update from LexaGene’s CEO and Founder Dr. Jack Regan.

Dear shareholders and other interested parties,

In late 2020, the Company crossed a major milestone by securing sales in the contract drug and vaccine manufacturing market and in veterinary medicine. Both sales were the result of successful technology demonstrations.

As we scaled up manufacturing in late 2020 and early 2021, we spent considerable efforts ensuring consistency in microfluidic operations across MiQLab™ systems. Now that we have reached our expectations for consistency, we are again ramping up manufacturing. As of today, we have built 20 MiQLab systems and have enough parts in-house or on order to build an additional 70 systems. Through a partnership with an FDA-compliant contract manufacturer, we have the capacity to rapidly scale the manufacturing of our consumables to meet demand.

We continue to invest resources in supporting the veterinary diagnostics market, where we are designing and validating new assays that will help veterinarians better detect disease-causing pathogens and antimicrobial resistance markers to make evidence-based treatment decisions.

I am happy to report that on April 14^th, we will be hosting a seminar for a select group of veterinarians, during which a key opinion leader who is using our technology will present on collected data. We anticipate providing further details via a press release on the morning of the seminar.

The open-access market continues to be a focus for us, specifically contract drug manufacturing organizations (CDMOs), pharmaceutical companies, and cosmetic manufacturers. We are aggressively developing new tests for these industries that will further increase the value of our product as a quality control tool to help keep vaccines, biologics, and consumer products safe.

Due to our increased confidence in the stability of our manufacturing process and very positive interactions with key opinion leaders in veterinary medicine and CDMOs, over the next six weeks, we anticipate hiring 4 – 6 sales representatives to improve our coverage across the United States. In support of our sales staff, our marketing team continues to generate collateral needed to help the sales team educate prospective customers. A video on the MiQLab user workflow was recently completed and can be viewed on the company website at https://lexagene.com/miqlab-training-video/.

Over the last three months, we have made substantial progress on FDA requirements for software and hardware testing which are pre-requisites to complete the COVID-19 EUA application.

On the biology side, our preliminary limit-of-detection (LoD) tests for SARS-CoV-2 suggest the MiQLab sensitivity is competitive with the best point-of-care molecular systems on the market today. We plan to continue the additional work needed for the COVID-19 EUA application as soon as we complete the validation work necessary for the MiQLab’s software, signal processing algorithm, and microfluidic scripts. The FDA study involves multiple additional analytical studies, which we need to complete prior to starting the point-of-care clinical study. At this time, it is difficult to predict the length of time we will need to complete this work.

As is standard practice, until the FDA grants LexaGene’s instrument EUA for COVID-19 testing, all work using LexaGene instruments is classified as Research Use Only and cannot be used for human clinical diagnostics. To date, there is no FDA approved device that is designed for point-of-care usage and is open-access.

The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time.

Thank you for your continued support.

To be added to the LexaGene email list, please subscribe on the Company website.

On Behalf of the Board of Directors

Dr. Jack Regan

Chief Executive Officer & Chairman

About LexaGene Holdings Inc.

LexaGene is a molecular diagnostics company that develops molecular diagnostic systems for pathogen detection and genetic testing for other molecular markers for on-site rapid testing in veterinary diagnostics, food safety and for use in open-access markets such as clinical research, agricultural testing and biodefense. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, enter sample ID and press ‘go’. The MiQLab™ system delivers excellent sensitivity, specificity, and breadth of detection and can return results in approximately one hour. The unique open-access feature is designed for custom testing so that end-users can load their own real-time PCR assays onto the instrument to target any genetic target of interest.

For further information, please contact:

Media Contact

Nicole Ridgedale
Director of Corporate Marketing, LexaGene
800.215.1824 ext 206
[email protected]

Investor Relations

Jay Adelaar
Vice President of Capital Markets, LexaGene
800.215.1824 ext 207
[email protected]

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors — including the availability of funds, the results of financing efforts, the success of technology development efforts, the cost to procure critical parts, performance of the instrument, market acceptance of the technology, regulatory acceptance, and licensing issues — that could cause actual results to differ materially from the Company’s expectations as disclosed in the Company’s documents filed from time to time on SEDAR (see

www.sedar.com

). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

April 1, 2021 7:48 am

Goodyear Announces Pricing Of $1 Billion Of Senior Notes

PR Newswire

AKRON, Ohio, April 1, 2021 /PRNewswire/ — The Goodyear Tire & Rubber Company (NASDAQ: GT) today announced that it has priced its public offering of $550 million aggregate principal amount of senior notes due 2031 (the “2031 notes”) and $450 million aggregate principal amount of senior notes due 2033 (the “2033 notes,” and together with the 2031 notes, the “notes”). The notes will be senior unsecured obligations of the company.

The 2031 notes will be offered to the public at a price of 100% of their principal amount and will bear interest at a rate of 5.250% per annum. The 2033 notes will be offered to the public at a price of 100% of their principal amount and will bear interest at a rate of 5.625% per annum. Goodyear expects the offering to close on April 6, 2021, subject to customary closing conditions.

Goodyear intends to use the net proceeds from this offering, together with its current cash and cash equivalents, to redeem in full its outstanding $1 billion 5.125% senior notes due 2023 following, and subject to, the completion of this offering, at a redemption price equal to par plus accrued and unpaid interest to the redemption date.

Citigroup Global Markets Inc.; Barclays Capital Inc.; BNP Paribas Securities Corp.; BofA Securities, Inc.; Credit Agricole Securities (USA) Inc.; Deutsche Bank Securities Inc.; Fifth Third Securities, Inc.; Goldman Sachs & Co. LLC; J.P. Morgan Securities LLC; MUFG Securities Americas Inc.; PNC Capital Markets LLC; SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC are acting as the joint-bookrunning managers for the offering. BBVA Securities Inc.; BMO Capital Markets Corp.; Capital One Securities, Inc.; Citizens Capital Markets, Inc.; Huntington Securities, Inc.; KeyBanc Capital Markets Inc. and Regions Securities LLC are acting as co-managers for the offering.

The offering will be made under an effective shelf registration statement that was filed with the U.S. Securities and Exchange Commission on May 13, 2020. The offering of the notes may be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from:

Citigroup Global Markets Inc.	The Goodyear Tire & Rubber Company
c/o Broadridge Financial Solutions	Investor Relations Department
1155 Long Island Avenue	200 Innovation Way
Edgewood, NY 11717	Akron, OH 44316
Attention: Prospectus Department	Telephone: 330-796-3751
Telephone: 1-800-831-9146
Email: [email protected]

This news release shall not constitute a notice of redemption under the optional redemption provisions of the indenture governing the 5.125% senior notes due 2023. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these 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.

Goodyear is one of the world’s largest tire companies. It employs about 62,000 people and manufactures its products in 46 facilities in 21 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry.

Certain information contained in this press release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: the impact on us of the COVID-19 pandemic; our success in completing our pending acquisition of Cooper Tire & Rubber Company, and our ability to achieve the expected benefits of such acquisition; our ability to implement successfully our strategic initiatives; actions and initiatives taken by both current and potential competitors; deteriorating economic conditions or an inability to access capital markets; increases in the prices paid for raw materials and energy; a labor strike, work stoppage or other similar event; foreign currency translation and transaction risks; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

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SOURCE The Goodyear Tire & Rubber Company

April 1, 2021 7:48 am

PyroGenesis Appoints European Investor & Corporate Relations Advisor

MONTREAL, April 01, 2021 (GLOBE NEWSWIRE) — PyroGenesis Canada Inc. (TSX: PYR) (NASDAQ: PYR) (FRA: 8PY) (the “Company” or “PyroGenesis”), a high-tech Company that designs, develops, manufactures and commercializes plasma atomized metal powder, environmentally friendly plasma waste-to-energy systems and clean plasma torch products, has appointed DGWA, the German Institute for Asset and Equity Allocation and Valuation (“Deutsche Gesellschaft für Wertpapieranalyse GmbH”, “DGWA”), a German investment banking boutique, as its Investor and Corporate Relations advisor in Europe, effective as April 1^st, 2021 for a period of twelve (12) months.

In consideration of the services to be provided, the Company has agreed to pay DGWA a monthly retainer fee payable on the 15^th business day (Germany) of each month. The Company may terminate the Agreement with DGWA, at any time, upon presentation of a forty-five (45) days’ notice. DGWA does not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest.

DGWA’s management team has a 25-year track record in trading, investing, and analyzing SMEs around the world. Based in Frankfurt and Berlin, Germany, the company has been involved in more than 250 IPOs, financings, bond issues, dual listings, and corporate finance transactions as well as road shows and awareness campaigns.

PyroGenesis has appointed DGWA to help increase awareness of PyroGenesis’ proprietary advanced plasma technology both within the European financial community as well as with the industry.

“We are delighted to be working with DGWA to increase our visibility within the European financial markets, and also raise awareness of our product offerings amongst potential clients in Europe,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “Our sales growth and momentum in backlog, which should drive near-term profitability, paired with our commitment to green manufacturing while helping mining and metallurgical companies meet their carbon-neutrality goals, matches the expectations of sustainability conscious European investors and stakeholders.”

“We are excited to introduce the PyroGenesis investment opportunity and product offerings to European shareholders and industry players alike.”, adds Mr. Stefan Müller, CEO of DGWA. “The commitment of the company to sustainable development, paired with the booming demand in high-quality, stock exchange listed 3D printing companies are in the favour of growth driven retail as well as institutional investors in Europe.”

About PyroGenesis Canada Inc.

PyroGenesis Canada Inc., a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and products. The Company provides its engineering and manufacturing expertise and its turnkey process equipment packages to customers in the defense, metallurgical, mining, advanced materials (including 3D printing), and environmental industries. With a team of experienced engineers, scientists and technicians working out of its Montreal office and its 3,800 m² and 2,940 m² manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The Company’s core competencies allow PyroGenesis to provide innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified. For more information, please visit www.pyrogenesis.com.

This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward- looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation’s current expectation and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation’s ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at
www.sec.gov.
Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required
by applicable securities laws. Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the NASDAQ Stock Market, LLC accepts responsibility for the adequacy or accuracy of this press release.

SOURCE PyroGenesis Canada Inc.

For further information please contact:
Rodayna Kafal, Vice President, IR/Comms. and Strategic BD
Phone: (514) 937-0002, E-mail: [email protected]

RELATED LINK: http://www.pyrogenesis.com/

DGWA
Stefan Müller, CEO
Kaiserhofstraße 13
60313 Frankfurt am Main
Germany
E-Mail: [email protected]
Website: www.DGWA.org

April 1, 2021 7:48 am

Eloxx Pharmaceuticals Acquires Zikani Therapeutics

Combined Company to be Leader in Ribosomal RNA-Targeted Genetic Therapy Bringing Together Complementary Platforms

Maximizes Potential for ELX-02 for Cystic Fibrosis in Phase 2 Development

Adds Preclinical Stage Pipeline in Rare Diseases and Oncology Targeting RNA
and Ribosomal Mutations

Expects to File IND for First Oral Drug to Treat Patients with
R
ecessive Dystrophic
and Junctional Epidermolysis Bullosa (RDEB and JEB)

Sumit Aggarwal, Zikani President and CEO, to Lead the Combined Company

Eloxx to Issue Approximately 7.6 Million Shares to Zikani Stockholders

Company to Host Investor Call at 8:30 a.m. ET, April 1

WALTHAM, Mass. and WATERTOWN, Mass., April 01, 2021 (GLOBE NEWSWIRE) — Eloxx Pharmaceuticals, Inc. (NASDAQ: ELOX) today announced it has acquired Zikani Therapeutics, Inc. in an all-stock transaction, with the potential to create a leader in ribosomal RNA-targeted therapies for treatment of rare diseases and oncology. Sumit Aggarwal, previously the President and Chief Executive Officer of Zikani, has been named President and Chief Executive Officer of Eloxx, and Vijay Modur, M.D., Ph.D., who was Zikani’s Chief Scientific and Medical Officer, has been named Eloxx’s Head of Research and Development.

“With the strength of our ELX-02 program for cystic fibrosis, this acquisition provides us with the opportunity to amplify the potential of our innovative science by developing a new class of therapies to treat diseases with limited to no treatment options under the stewardship of leaders with a proven ability to translate technology into treatments for patients,” said Tomer Kariv, Eloxx Chairman.

“We are excited about the potential of ELX-02 and combining the companies opens the door to build a leadership position in genetic therapy by rapidly developing treatments that can restore functional proteins in patients with nonsense mutations in their RNA,” said Aggarwal. “The combined capabilities of Eloxx and Zikani in chemistry, biology, regulatory and drug development, including Zikani’s TURBO-ZM^TM synthetic chemistry platform for designing macrolide-based Ribosome Modulating Agents (RMAs), along with a committed leadership team and talented employees, will further accelerate our ability to impact the lives of those who have rare diseases with the type of urgency and novel thinking that they deserve,” added Aggarwal.

ELX-02 is currently in Phase 2 clinical trials in Cystic Fibrosis (CF) patients affected by nonsense mutations in the cystic fibrosis transmembrane conductance regulator (CFTR) gene. The investigational therapy has shown strong activity across a full range of mutations in CF preclinical models. In Phase 1 testing, ELX-02 was generally well- tolerated and demonstrated high bioavailability with consistent pharamacokinetics across both single and multiple-dose studies.

“The Phase 2 trials are designed to validate the safety of ELX-02 and assess its biological activity. We look forward to completing enrollment in the first four treatment arms by mid-year and reporting data from these treatment arms in the second half of this year,” said Dr. Modur.

In addition to CF, the company plans to file an IND in 2022 for what could potentially become the first oral therapy for protein restoration for patients with nonsense mutations in Recessive Dystrophic Epidermolysis Bullosa (RDEB) and Junctional Epidermolysis Bullosa (JEB). RDEB is an incurable, extremely painful and often fatal skin blistering condition caused by a lack of collagen type VII that is estimated to affect more than 3,000 people worldwide. JEB is the most severe form of EB, with most patients dying in infancy.

By extending the application of ribosomal RNA modulation to the readthrough of nonsense mutations in tumor suppressor genes, the company is also rapidly advancing preclinical research for familial adenomatous polyposis (FAP), an inherited pre-cancerous colorectal disease frequently caused by nonsense mutations in the adenomatous polyposis coli (APC) gene.

Nonsense mutations cause approximately 10-12 percent of rare inherited diseases. ELX-02 along with the TURBO-ZM™ library of compounds are anticipated to significantly expand to include the treatment of many other rare diseases and certain cancers.

Acquisition Terms

Under the terms of the merger agreement, stockholders of Zikani received approximately 7.6 million Eloxx common shares and own approximately 16 percent of the combined company.

Board and Management Changes

In connection with the acquisition, Silvia Noiman, Ph.D., and Martijn Kleijwegt have stepped down from the Eloxx Board. Alan Walts, Ph.D., and Raj Parekh, Ph.D., who have both served as Zikani directors, were appointed to fulfill the vacancies and serve out the remaining terms of office.

“We’re pleased to welcome Sumit and Vijay to the Eloxx leadership team. They demonstrated their ability to transform Zikani by following the science and pursuing the creation of a new class of therapies on behalf of patients with unmet medical need. We want to extend our thanks and appreciation to Dr. Greg Williams for his stewardship of Eloxx and his commitment to advancing the critical work of the company. We are pleased that Greg will continue to advise Eloxx to facilitate a smooth transition,” said Kariv.

Conference Call Information

Date: Thursday, April 1, 2021

Time: 8:30 a.m. ET

Domestic Dial-in Number: (866) 913-8546

International Dial-in Number: (210) 874-7715

Conference ID: 8180169

Live Webcast: accessible from the Company’s website at www.eloxxpharma.com under Events and Presentations or by clicking here. A replay of this conference call will be available on the Eloxx and Zikani websites.

Leadership Profiles

Sumit Aggarwal

Sumit Aggarwal served as Zikani’s President and CEO. He has led the transformation of Zikani from an early-stage technology company to a development-stage rare disease and oncology-focused organization. Under Aggarwal’s leadership, Zikani has concentrated its focus on demonstrating pre-clinical proof of efficacy across several disease states using its TURBO-ZM™ technology platform.

In his more than 20 years in pharmaceutical and biotechnology commercial operations, investment management and management consulting, Aggarwal has been successful in transforming companies by re-invigorating innovation, growth and profitability, and raising capital for promising technology companies.

Prior to joining Zikani, he reinvigorated growth and profitability at Progenity, raised $125 million in capital and built a novel drug delivery-based GI pipeline. He also held leadership roles in healthcare and biotechnology at Adage Capital and as an Associate Partner at McKinsey & Company in its healthcare practice.

Aggarwal has an MBA with distinction from the Johnson School, Cornell University, and a Bachelor of Technology with Honors in Chemical Engineering from the Indian Institute of Technology, Kharagpur.

Vijay Modur, M.D., Ph.D.

Vijay Modur, M.D., Ph.D., served as Zikani’s Chief Scientific and Medical Officer and has led the scientific efforts to transform medicines based on ribosomal modulation using Zikani’s proprietary TURBO-ZM™ technology platform.

In his more than 20 years in pharmaceutical and diagnostic roles in R&D, he has successfully translated research discovery efforts into products that have impacted medical practice.

Prior to joining Zikani, Dr. Modur led the venglustat rare disease program at Sanofi across multiple rare disease indications into Phase 2 and Phase 3 clinical development along with leading other early development programs. Prior to Sanofi, he held leadership roles in HTG Molecular, Novartis Oncology and Merck Research Labs.

Dr. Modur obtained his MBBS from Karnatak University and his Ph.D. from the University of Utah. He was a resident in Clinical Pathology at Washington University School of Medicine where he also completed his post-doctoral fellowship.

About Eloxx Pharmaceuticals

Eloxx Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing novel RNA-modulating drug candidates (designed to be eukaryotic ribosomal selective glycosides) that are formulated to treat rare and ultra-rare premature stop codon diseases. Premature stop codons are point mutations that disrupt protein synthesis from messenger RNA. As a consequence, patients with premature stop codon diseases have reduced or eliminated protein production from the mutation bearing allele accounting for some of the most severe phenotypes in these genetic diseases. These premature stop codons have been identified in over 1,800 rare and ultra-rare diseases. Read-through therapeutic development is focused on extending mRNA half-life and increasing protein synthesis by enabling the cytoplasmic ribosome to read through premature stop codons to produce full-length proteins. Eloxx’s lead investigational product candidate, ELX-02, is a small molecule drug candidate designed to restore production of full-length functional proteins. ELX-02 is in the early stages of clinical development focusing on cystic fibrosis. ELX-02 is an investigational drug that has not been approved by any global regulatory body. Eloxx’s preclinical candidate pool consists of a library of novel drug candidates designed to be eukaryotic ribosomal selective glycosides identified based on readthrough potential. Eloxx also has preclinical programs focused on kidney diseases including autosomal dominant polycystic kidney disease, as well as rare ocular genetic disorders. Eloxx is headquartered in Waltham, MA, with operations in Rehovot, Israel, and Morristown, NJ. For more information, please visit www.eloxxpharma.com.

About Zikani Therapeutics

Zikani Therapeutics is an emerging leader in the science of ribosome modulation, leveraging its innovative TURBO-ZM™ chemistry technology platform to develop novel Ribosome Modulating Agents (RMAs) as therapeutics for people with limited treatment options. Zikani’s TURBO-ZM™ platform allows rapid synthesis of novel compounds that can be optimized to modulate the ribosome in a disease specific manner. As the company evolves its focus from early-stage to clinical-stage research, Zikani is actively moving into pre-clinical development to target select rare diseases including inherited diseases and cancers caused by nonsense mutations. For more information, visit zikani.com.

Forward-Looking Statements

This press release contains forward-looking statements, which are generally statements that are not historical facts. Forward-looking statements can be identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “will,” “outlook” and similar expressions. Forward-looking statements are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. We undertake no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, including: the development of the Company’s readthrough technology; the approval of the Company’s patent applications; the Company’s ability to successfully defend its intellectual property or obtain necessary licenses at a cost acceptable to the Company, if at all; the successful implementation of the Company’s research and development programs and collaborations; the Company’s ability to obtain applicable regulatory approvals for its current and future product candidates; the acceptance by the market of the Company’s products should they receive regulatory approval; the timing and success of the Company’s preliminary studies, preclinical research, clinical trials, and related regulatory filings; the ability of the Company to consummate additional financings as needed; the impact of global health concerns, such as the COVID-19 global pandemic, on our ability to continue our clinical and preclinical programs and otherwise operate our business effectively, including successfully integrating the combined companies; as well as those discussed in more detail in our Annual Report on Form 10-K and our other reports filed with the Securities and Exchange Commission.

Contact

Investors
John Woolford
[email protected]
443.213.0506

Media
Laureen Cassidy
[email protected]

SOURCE: Eloxx Pharmaceuticals, Inc.

April 1, 2021 7:47 am

iQIYI Co-Produced Chinese Version of “HACHIKO” to Premiere This New Year’s Eve

PR Newswire

BEIJING, April 1, 2021 /PRNewswire/ — iQIYI Inc. (NASDAQ: IQ) (“iQIYI” or the “Company”), an innovative market-leading online entertainment service in China, is pleased to announce that it has partnered with Lajin Entertainment Network Group Limited to co-produce HACHIKO, a Chinese version of the classic Japanese screenplay Hachiko Monogatari.

HACHIKO will be distributed by Hengye Pictures and premiere nationwide on December 31, 2021, making it the first movie to be scheduled for New Year’s Eve 2021. Shooting for HACHIKOhas commenced, and is led by director Xu Ang and supervised by Yeh Jufeng.

Set in a local small family, HACHIKO is about human-dog companionship and the importance of family. At HACHIKO‘s announcement ceremony, Gong Yu, the film’s producer and iQIYI Founder and CEO, said that he believes that the film will resonate with audiences through its depiction of the sincere emotional connections between people and animals. Prior to shooting, lead actor Feng Xiaogang already formed a close bond with his four-legged co-stars and at the ceremony, he expressed his appreciation for the dogs ‘cooperation and his participation in such a moving film.

The world-renowned tale explores the touching relationship between an old man and his loyal dog, with the 2009 U.S. remake winning the hearts of global audiences and enhancing the image of Hachi as a cultural symbol. The Chinese version of HACHIKO is based on the Japanese screenplay Hachiko Monogatari written by Kaneto Shindo. After acquiring the rights to produce the adaptation, iQIYI retained the original’s emotional and artistic value while adding some local elements to create a Chinese version. For example, the dog will be played by a Chinese Field Dog named Batong, meaning eight dots, a Mahjong tile.

HACHIKO tells the moving story of Batong, who waits in the same place for his owner, played by Feng, to return ten years after his death.

Besides adapting it for a more local Chinese context, the film also features a star-studded cast and production team. The director has previously helmed highly-acclaimed films such as 12 Citizens and Medical Examiner Dr. Qin. The former was nominated for the Director’s Debut Award at the 30th Golden Rooster Awards and won the Best Film Award in the Contemporary Film section of the 9th Rome International Film Festival. The supervisor, Yeh, has overseen films such as Red Cliff, The Wayward Cloud, and Godspeed. Another highlight is Feng, who takes a leading role for the first time in six years following his performance in 2015’s Mr. Six. In contrast with his image of a Beijing street punk in Mr. Six, in HACHIKO, he plays a kind and warmhearted old man who loves his dog. The female lead, played by Joan Chen, is a candid and fiery mahjong-loving landlady, which also contrasts sharply with the capable police inspector role of her previous movie, Sheep Without a Shepherd.

Crossroad Bistro, Feng’s first directorial effort for a web drama that is also produced by iQIYI- will be exclusively aired on the platform. Among the films produced by iQIYI, Break Through The Darkness, a realistic drama starring Jiang Wu and Zhang Songwen about China’s campaign against gang crime and Hovering Blade, a crime movie featuring Wang Qianyuan and Wang Jingchun, are both expected to hit big screens across the country this year. Moreover, upcoming movies such as PING-PONG OF CHINA, Hello Hero, Raid on the Lethal Zone, Man On The Edge, In Our Prime, The Apprentice of Mensa, and The Big Band have commenced production. HACHIKO and the planned slate of new releases once again demonstrate the Company’s commitment to producing high-quality content across a wide range of genres.

ABOUT iQIYI

iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user generated content. The company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce.

View original content to download multimedia:http://www.prnewswire.com/news-releases/iqiyi-co-produced-chinese-version-of-hachiko-to-premiere-this-new-years-eve-301260601.html

SOURCE iQIYI

April 1, 2021 7:46 am

Progressive Care Announces 2020 Annual and Quarterly Financial and Operational Performance Highlights

MIAMI, FL, April 01, 2021 (GLOBE NEWSWIRE) — via NewMediaWire – Progressive Care Inc. (OTCQB:RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce the filing of the Company’s audited 2020 financial performance data, closing the books on a momentous year that featured strong execution in the face of historic obstacles, the establishment of new executive leadership, the successful establishment of new scalable strategies, and tremendous gains in net cash, EBITDA, and topline results, which have helped to drive shareholder value so far in 2021.

Financial Highlights for Quarter Ended Dec 31, 2020

Consolidated Revenue for the quarter was $10.1 million, representing an increase of 1% compared to Q4 2019.
Prescriptions filled during Q4 totaled approximately 134,000, representing an increase of 1% compared to Q4 2019.
340B revenue was approximately $879k, representing a sharp increase of 200% compared to Q4 2019.
EBITDA increased 104% to $667k in Q4 2020 when compared to the same period in 2019.

Financial Highlights for Fiscal Year Ended Dec 31, 2020

Consolidated Revenue was $40.3 million, representing an increase of 22% compared to fiscal 2019.
Prescriptions filled was approximately 530,000, representing an increase of 16% compared to fiscal 2019.
340B revenue was approximately $2.8 million, representing a sharp increase of over 300% compared to fiscal 2019.
COVID testing revenue was approximately $600K, most of which was earned in Q4 2020.
Realized positive EBITDA of $7K when compared to $479K negative EBITDA in 2019.
Cash provided by operations was $1.1 million in 2020, compared to $600K cash used in 2019.
Net Cash balances as of Dec 31, 2020 was $2.1 million vs $816K compared to 2019.

Operational Highlights for the Year Ended Dec 31, 2020

Fundamental changes in management: Alan Jay Weisberg named CEO; Cecile Munnik named CFO.
Finished year with 5-Star rating earning Humana bonus of approximately $904K.
Paid off note for the building of $300K plus interest.
Generated $700K in third-party administration fees through services provided to 340B Covered Entities.
Strong execution and pro-growth strategic path resulted in shareholder value, with RXMD shares rising more than 300% during 2020.

“We confronted adversity successfully in 2020, and we have hit the ground running in 2021,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care. “In addition to the pandemic and the associated challenges, we adjusted well to a headwind in the form of higher DIR and PBM fees. Over the past year, we have also expanded operations and our overall strategic path to position for a future that leans more heavily on scalable growth opportunities, including data management, telehealth and virtual healthcare services, and technology applications that leverage our built-in market advantages.”

EBITDA and Net Cash Improvements. EBITDA increased by approximately $500K for the year ended December 31, 2020 when compared to the same period in 2019. This increase is primarily attributable to increased interest expenses offset by a favorable change in the fair value of embedded derivative exposure and funding received to cover certain payroll expenses during the pandemic.

Net cash provided by operating activities totaled $1.1 million for the year ended December 31, 2020 compared to net cash used in operating activities of $600K for the year ended December 31, 2019. Operational cash flow was positively impacted by the increase in accounts payable and accrued liabilities for the year ended December 31, 2020, which was largely due to the significant increase in billing activity from 340B contracts. Net cash used in investing activities was $700K for the year ended December 31, 2020, which was attributable to equipment purchases, construction in progress at the Hallandale Beach and Orlando buildings, and leasehold improvements.

Pharmacy Fees. DIR fees and other PBM fees continued to apply significant downward pressure on profitability. DIR fees are PBM clawbacks of reimbursements based on factors that vary from plan to plan. DIR fees are often applied retroactively, which has caused a significant increase in the fees charged. During the year ended December 31, 2020, DIR and other PBM fees were $1.4 million, an increase of over 285% when compared to DIR and other PBM fees of $400K in the same period in 2019.

The increase in DIR and other PBM fees is primarily due to insurance carriers changing PBMs starting at the beginning of 2020, which has resulted in a high concentration of claims being processed by a single PBM with significantly higher DIR and other PBM fees. Management anticipates a positive shift to PBM fees due to imposed regulations on PBMs and changes in policies that can affect rates in the future. Any decrease in fees should have a positive impact on profitability.

Physical Consolidation. In December 2020, the Company completed the move of its PharmCo 901 pharmacy into its new 11,000 square foot pharmacy facility in Hallandale Beach, Florida. PharmCo 901 will continue to operate at an approximately 1,050 square foot location at the North Miami Beach, Florida location.

The consolidation of space is expected to save the Company approximately $130,000 annually in lease and associated occupancy expenses in 2021. In January 2021, we completed our move of our PharmCo 1103 Orlando location into its new 3,700 square foot location in January 2021. Management anticipates this expanded facility in Orlando to drive important performance gains, including advances in productivity, volume, and market reach due to expanded space and associated efficiencies.

Covid-19 Testing and MyVax Operations. During the third quarter of 2020, the Company launched an aggressive expansion of its COVID-19 testing service registered through the FDA under its Emergency Use Authorization (“EUA”) guidelines, featuring Polymerase Chain Reaction (“PCR”) and Antigen testing systems that produces rapid detection of the SARS-CoV-2 virus with market-leading accuracy in 15 to 45 minutes. The Company has successfully tested approximately 5,000 patients, earning a reputation as a preferred provider for in-patient and out-patient COVID-19 Rapid Testing solutions, and driving approximately $600k in related revenues for the year ended December 31, 2020.

In February 2021, the Company entered into a service agreement with EagleForce Health, LLC to integrate its proprietary telehealth platform, “myVax”. This will include a Digital Passport or Digital Wallet that is QR-coded for registration, verification, and documentation of COVID-19 vaccination and/or test results. Management anticipates this platform to be operational in the second quarter of 2021. The MyVax platform will include complete patient scheduling, telehealth, and tele-pharmacy platform services.

For more information about Progressive Care, please visit the company’s website.

Connect and stay in touch with us on social media:

Progressive Care Inc.
https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS

PharmCoRx
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx

ClearMetrX
https://www.clearmetrx.com/
https://www.facebook.com/clearmetrx/

About Progressive Care:

Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, and health practice risk management.

Cautionary Disclosure Regarding Forward-Looking Statements Forward-Looking Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

Public Relations Contact:
Carlos Rangel
[email protected]