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ImmunityBio and NantKwest Begin Dosing Participants in Global Trials for Novel COVID-19 Vaccine; Subcutaneous Route in South Africa, Oral and Sublingual in the U.S.

ImmunityBio and NantKwest Begin Dosing Participants in Global Trials for Novel COVID-19 Vaccine; Subcutaneous Route in South Africa, Oral and Sublingual in the U.S.

  • One vaccine, three routes for activating the entire immune system and providing T cell, B cell memory, and mucosal protection
  • The first COVID-19 vaccine trials designed to deliver both S and N SARS-CoV-2 viral proteins via multiple routes—subcutaneous, sublingual, and oral
  • Oral capsule stimulates immunity to both S and N proteins and could potentially serve as a universal boost to other S-based (antibody-based) vaccines and reduce transmission
  • T-cell vaccine could potentially address escape mutant variants to S proteins

CULVER CITY & EL SEGUNDO, Calif.–(BUSINESS WIRE)–ImmunityBio, Inc., a privately-held immunotherapy company, and NantKwest, Inc. (NASDAQ: NK), a clinical-stage, natural killer cell-based therapeutics company, today announced the first cohorts of their South Africa and U.S. COVID-19 vaccine trials have received their initial doses of the company’s T-cell-based COVID-19 vaccine candidate, hAd5. This candidate is unique in targeting both the spike (S) and nucleocapsid (N) proteins of the SARS-CoV-2 virus. These trials will determine which route combination provides the strongest immune response and long-term immunity, as well as the vaccine candidate’s effectiveness against the growing number of mutated variants of the virus.

In the three trials, the hAd5 vaccine candidate is being administered in a subcutaneous, oral, or sublingual formulation. The Phase I trial in Cape Town, South Africa is using subcutaneous administration and nine participants have been dosed to date. It is expected to be followed by sublingual delivery and room temperature-stable oral capsule trials. The two U.S. Phase Ib trials are studying a combination of subcutaneous/sublingual and subcutaneous/oral formulations; six participants have been dosed in each trial to date. In total, 140 participants will be enrolled in the South African and U.S. trials.

“Current COVID-19 vaccines only target the S protein, the primary source of virus mutations. These mutations may render existing vaccines less effective, so we have designed our vaccine differently and are driving T cells to both S and N. Thus, the immune system could clear the infected cell rather than merely block the virus from entering the cell. This novel design could address the multiple mutations occurring globally today,” said Patrick Soon-Shiong, M.D., Executive Chairman of ImmunityBio and NantKwest.

Cape Town, South Africa Trial

The Phase I trial is being conducted at the Wellcome Centre for Infectious Diseases Research in Africa (CIDRI-Africa) Khayelitsha Clinical Research Site. Participants will receive two subcutaneous injections of the vaccine candidate 21 days apart and will be closely monitored for safety outcomes and immune responses generated. The evaluation of this novel COVID-19 vaccine, designed to be formulated in a room-temperature-stable capsule and can be administered sublingually, is a critical step for South Africa in the fight against the pandemic. The capsule and sublingual formulations protocol will be evaluated in a follow-on trial.

U.S. Oral and Sublingual Vaccine Trials

The oral trial is a new study (NCT04732468) and the sublingual trial is the cohort C expansion to the Phase I subcutaneous trial (NCT04591717), which was initiated in October 2020. Based on the findings of these trials, the optimal combination of administration route and dose will be determined and entered into the Phase II/III design.

NantKwest Transaction

As previously announced on December 21, 2020, ImmunityBio entered into an agreement to combine in a stock-for-stock transaction with NantKwest. The combination, which is expected to close in the first half of 2021, will create a leading immunotherapy and cell therapy company focused on oncology and infectious disease.

About ImmunityBio

ImmunityBio, Inc. is a late-clinical-stage immunotherapy company developing next-generation therapies that drive immunogenic mechanisms for defeating cancers and infectious diseases. The company’s immunotherapy platform activates both the innate (natural killer cell and macrophage) and adaptive (T cell) immune systems to create long-term “immunological memory.” This novel approach is designed to eliminate the need for high-dose chemotherapy, improve upon the outcomes of current CAR-T-cell therapies, and extend beyond checkpoint inhibitors.

ImmunityBio’s platform is based on the foundation of three separate modalities: Antibody cytokine fusion proteins, synthetic immunomodulators, and second-generation human adenovirus (hAd5) vaccine technologies.

Anktiva™ (ImmunityBio’s lead cytokine infusion protein) is a novel interleukin-15 (IL-15) superagonist complex and has received Breakthrough Therapy and Fast Track Designations from the U.S. Food and Drug Administration (FDA) for BCG-unresponsive CIS non-muscle invasive bladder cancer (NMIBC). The company is also in Phase I or III trials for indications such as first- and second-line lung cancer, triple-negative breast cancer, metastatic pancreatic cancer, recurrent glioblastoma, and soft tissue sarcoma in combination with the company’s synthetic immune modulator (Aldoxorubicin).

ImmunityBio is also developing therapies, including vaccines, for the prevention and treatment of HIV, influenza, and the coronavirus SARS-CoV-2 with its second-generation human adenovirus (hAd5) vaccine technologies.

About NantKwest

NantKwest (NASDAQ: NK) is an innovative, clinical-stage, immunotherapy company focused on harnessing the power of the innate immune system to treat cancer and infectious diseases. NantKwest is the leading producer of clinical dose forms of off-the-shelf natural killer (NK) cell therapies. The activated NK cell platform is designed to destroy cancer and virally-infected cells. The safety of these optimized, activated NK cells—as well as their activity against a broad range of cancers—has been tested in Phase I clinical trials in Canada and Europe, as well as in multiple Phase I and II clinical trials in the United States. By leveraging an integrated and extensive genomics and transcriptomics discovery and development engine, together with a pipeline of multiple, clinical-stage, immuno-oncology programs, NantKwest’s goal is to transform medicine by bringing novel NK cell-based therapies to routine clinical care. NantKwest is a member of the NantWorks ecosystem of companies. For more information, please visit www.nantkwest.com.

Forward-Looking Statements

This communication contains forward-looking statements relating to the proposed transaction involving NantKwest, Inc. (“NantKwest”) and ImmunityBio, Inc. (“ImmunityBio”), including financial estimates and statements as to the expected timing, completion and effects of the proposed transaction and statements relating to NantKwest and ImmunityBio’s future success in improving the treatment of various diseases and illnesses, including, but not limited to COVID-19 and cancer. Statements in this communication that are not statements of historical fact are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are usually identified by the use of words such as “anticipates,” “believes,” “continues”, “could”, “estimates,” “expects,” “intends,” “may,” “plans,” “potential”, “predicts”, “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. These forward-looking statements are neither forecasts, promises nor guarantees, and are based on the current beliefs of NantKwest’s management and ImmunityBio’s management as well as assumptions made by and information currently available to NantKwest and ImmunityBio. Such statements reflect the current views of NantKwest and ImmunityBio with respect to future events and are subject to known and unknown risks, including business, regulatory, economic and competitive risks, uncertainties, contingencies and assumptions about NantKwest and ImmunityBio, including, without limitation, (i) inability to complete the proposed transaction because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived, (ii) uncertainty as to the timing of completion of the proposed transaction, (iii) potential adverse effects or changes to relationships with employees, suppliers or other parties resulting from the announcement or completion of the proposed transaction, (iv) the outcome of any legal proceedings that may be instituted against the parties and others related to the potential transaction between NantKwest and ImmunityBio, (v) possible disruptions from the proposed transaction that could harm NantKwest’s or ImmunityBio’s respective business, including current plans and operations, (vi) unexpected costs, charges or expenses resulting from the proposed transaction, (vii) uncertainty of the expected financial performance of the combined company following completion of the proposed transaction, including the possibility that the expected synergies and value creation from the proposed transaction will not be realized or will not be realized within the expected time period, (viii) the ability of each of NantKwest or ImmunityBio to continue its planned preclinical and clinical development of its respective development programs, and the timing and success of any such continued preclinical and clinical development and planned regulatory submissions, (ix) inability to retain and hire key personnel, and (x) the unknown future impact of the COVID-19 pandemic delay on certain clinical trial milestones and/or NantKwest’s or ImmunityBio’s operations or operating expenses. More details about these and other risks that may impact NantKwest’s business are described under the heading “Risk Factors” in NantKwest’s most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) and in subsequent filings made by NantKwest with the SEC, which are available on the SEC’s website at www.sec.gov. NantKwest and ImmunityBio caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. NantKwest and ImmunityBio do not undertake any duty to update any forward-looking statement or other information in this communication, except to the extent required by law. No representation is made as to the safety or effectiveness of these product candidates for the therapeutic use for which such product candidates are being studied.

Certain information contained in this communication relates to or is based on studies, publications, surveys and other data obtained from third-party sources and NantKwest’s and ImmunityBio’s own internal estimates and research. While NantKwest and ImmunityBio believe these third-party sources to be reliable as of the date of this communication, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this communication involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while NantKwest and ImmunityBio each believes its own internal research is reliable, such research has not verified by any independent source.

No Offer or Solicitation

This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, 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 offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Additional Information and Where to Find It

In connection with the proposed transaction, NantKwest filed with the SEC a registration statement on Form S-4, which included a prospectus and joint proxy / solicitation statement of NantKwest and ImmunityBio (the “solicitation statement/prospectus”). The registration statement was declared effective on February 1, 2021 and the solicitation statement/prospectus was first mailed to stockholders of NantKwest on or about February 5, 2021. NantKwest may also file other documents regarding the proposed transaction with the SEC. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This communication is not intended to be, and is not, a substitute for such filings or for any other document that NantKwest may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND SOLICITATION STATEMENT / PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders are able to obtain free copies of the registration statement and solicitation statement/prospectus and other documents once they are filed with the SEC by NantKwest through the website maintained by the SEC at www.sec.gov. In addition, investors and security holders are able to obtain free copies of the prospectus and other documents filed with the SEC on NantKwest’s website at www.ir.nantkwest.com.

Participants in the Solicitation

NantKwest and certain of its respective directors and executive officers may be deemed to be participants in the solicitation of proxies from stockholders of NantKwest in connection with the proposed transaction under the rules of the SEC. Investors may obtain information regarding the names, affiliations and interests of directors and executive officers of NantKwest in NantKwest’s proxy statement for its 2020 annual meeting of stockholders, which was filed with the SEC on April 24, 2020, as well as its other filings with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are included in the registration statement, solicitation statement / prospectus and other relevant materials to be filed with the SEC by NantKwest regarding the proposed transaction (if and when they become available). You may obtain free copies of these documents at the SEC’s website at www.sec.gov. Copies of documents filed with the SEC will also be available free of charge from NantKwest using the sources indicated above.

Investors

Sarah Singleton

NantKwest, Inc.

844-696-5235, Option 5

Media

Amy Jobe, Ph.D.

LifeSci Communications

315-879-8192

[email protected]

KEYWORDS: California Africa United States South Africa North America

INDUSTRY KEYWORDS: Health Infectious Diseases Other Health General Health Clinical Trials Pharmaceutical Biotechnology

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PICO Holdings, Inc. Announces Change of Name to Vidler Water Resources, Inc. and Results for the Fourth Quarter Of 2020

PICO Holdings, Inc. Announces Change of Name to Vidler Water Resources, Inc. and Results for the Fourth Quarter Of 2020

CARSON CITY, Nev.–(BUSINESS WIRE)–
PICO Holdings, Inc. announced that its Board of Directors has amended the Company’s Certificate of Incorporation and Bylaws and changed the name of the Company to Vidler Water Resources, Inc. with effect from March 8, 2021. The Company also announced, concurrent with the change of name of the corporation, it has changed its ticker symbol to VWTR on the Nasdaq Global Market, effective March 9, 2021. The Company also announced its reported results for the fourth quarter ended December 31, 2020. Our reported shareholders’ equity was $178.3 million ($9.59 per share) at December 31, 2020, compared to $178.3 million ($9.01 per share) at December 31, 2019.

Fourth Quarter Results of Operations

Our fourth quarter results of operations were as follows (in thousands):

 

Three Months Ended December 31,

 

2020

2019

Total revenue

$

3,466

$

10,360

Total cost and expenses

 

2,703

 

5,779

Gain from operations before income taxes

 

763

 

4,581

Benefit for federal and state income taxes

 

9,333

 

—

Net income attributable to PICO Holdings, Inc.

$

10,096

$

4,581

 

 

 

Net income per share

$

0.54

$

0.23

Full Year Results of Operations

Our full year results of operations were as follows (in thousands):

 

Year Ended December 31,

 

2020

2019

Total revenue

$

9,612

$

29,398

Total cost and expenses

 

8,944

 

17,872

Gain from operations before income taxes

 

668

 

11,526

Provision for federal and state income taxes

 

9,333

 

—

Net income attributable to PICO Holdings, Inc.

$

10,001

$

11,526

 

 

 

Net income per share

$

0.52

$

0.57

Vidler Water Resource’s President and Chief Executive Officer, Dorothy Timian – Palmer, commented:

“Our 2020 results were, as in 2019, driven by sales transactions closed in all our service areas and reflect the demand in these high growth and water – scarce regions for long – term sustainable water resources. Our aggregate revenue of $9.6 million in 2020 was comprised mainly from sales of our water rights inventory in northern Nevada and New Mexico. Further sales in the first quarter of 2021, that have either occurred or will shortly close, from our water assets at Dodge Flat, Nevada and the Middle Rio Grande, New Mexico, totaling $2.6 million, means that we have now sold all of our assets in these two locations.

“As evidenced by the reduction in year over year revenue, our sales transactions can vary significantly across reporting periods. However, we believe our portfolio of sustainable water assets throughout the Southwest U.S. can provide residential and commercial developers with one of the few available assured water supplies they require to advance their projects in an environmentally conscious manner. We believe that it is important that the developments that bring growth and economic benefits to local communities are done using sustainable resources. Given the continued growth in demand throughout the Southwest U.S. for assured water supplies – arising from population and economic growth – we believe the continued monetizations of our water assets portfolio will provide an attractive return to investors through a stream of cash flows returned to shareholders. In addition, it appears that our real estate properties in Arizona, have the potential to become alternative energy sites due to their location near existing transmission, fiber optic, and natural gas lines as well as transportation corridors. We continue to explore these opportunities which may provide additional sources of on-going future cash flows.

“Furthermore, due to our existing net operating losses as of December 31, 2020 of $155.3 million, we believe the corporate tax on earnings we generate from future assets sales can be offset by loss carry forwards for the next several years. This will be particularly valuable in the future if the corporate tax rate is increased from the current rate. These savings provide more capital that can be returned to our shareholders as we intend to do under our current business plan. We have generated cumulative book income over the past three years and, given our outlook for future transactions, as of December 31, 2020 we released a portion of our total deferred tax valuation allowance and recorded a deferred tax asset on our balance sheet of $9.3 million.

“Our total costs, excluding cost of sales, for 2020 were $7 million compared to $9.4 million for 2019. These costs include all our acquisition, selling and project costs, including significant legal fees incurred in 2020 as a result of protecting our water rights and applications in Kane Springs, Lincoln County in southern Nevada. These costs also include the costs of operating Fish Springs Ranch in northern Nevada. Clearly, our main focus at Fish Springs Ranch is the sale of our sustainable water rights to developers in the North Valleys region of Reno, Nevada. However, we have been successful in generating different income streams from Fish Springs Ranch to help offset our operating costs and in 2020, in addition to our traditional agricultural income from the ranch, we entered in to a long – term lease of some of our property with an alternative energy provider. We are also exploring opportunities to lease or sell a small portion of our total inventory of water rights at Fish Springs Ranch to Truckee Meadows Water Authority (“TMWA”) as well as other governmental agencies and private water users in the region outside of our service area in the North Valleys. We believe this arrangement, if finalized, demonstrates the benefit of the deep relationships we have with the stakeholders in the Reno community. If we are successful, this arrangement would not only allow us to facilitate the delivery of water to consumers beyond our current service area in the North Valleys but also assist TMWA and other governmental agencies to establish a more certain supply of water to the region for both environmental and growth purposes, as well as a back-up supply for dry years. Our aim is to keep our annual net operating costs (which we define as all costs not directly associated with asset monetizations or acquisitions net of operating income such as agricultural and lease income) as low as possible while we monetize and develop our water asset portfolio over the next several years. Our budget for net operating costs in 2021 is $5.2 million compared to actual net operating costs of $5.6 million in 2020.

“Our capital allocation in 2020 was exclusively focused on repurchasing shares and reflects our Board’s belief that, at current market prices, our stock is significantly undervalued from our estimates of its intrinsic value and, consequently, repurchases should be beneficial to our continuing shareholders. In 2020 we repurchased a total of 1,199,357 shares for $10.4 million ($8.65 per share). From inception of the repurchase program (March 2017) to date we have repurchased a total of 4,702,464 shares for $49.2 million ($10.47 per share). This year’s repurchases are partly responsible for our book value per share increasing to $9.59 at December 31, 2020 from $9.01 at December 31, 2019 despite overall shareholders’ equity essentially remaining unchanged in 2020.

“Finally, our operations are, and have been for a few years, solely focused on the development and sale of our sustainable water assets portfolio at Vidler Water Company. To better reflect the Company’s mission, brand and business plan, the Board has changed the name of the Company to Vidler Water Resources, Inc. and our Nasdaq ticker symbol will change to VWTR. We believe this name change will better highlight our long-standing environmental, social and governance (ESG) principles. Our mission, and indeed the laws under which we operate, require that our assets are sustainable and provide a beneficial use to the citizens of the regions we serve.”

About Vidler Water Resources, Inc.

As of December 31, 2020, our primary holding was Vidler Water Company, Inc. (“Vidler”), a water resource and water storage business, with assets and operations primarily in the Southwestern U.S.

Our business is to source, develop and provide sustainable potable water resources to fast-growing communities throughout the Southwest U.S. that lack, or are running short of, available water resources.

We conduct our business by working closely with many constituents in these communities: regulators, utilities, Native North American tribes, community leaders, residential and commercial developers and alternative energy companies. We ensure the water resources we develop and sell are sustainable and provide benefit to the citizens of the communities and regions we serve.

Currently, we believe the highest potential return to shareholders is from a return of capital. As we monetize our water and real estate assets, rather than reinvest the proceeds, we intend to return capital to shareholders through a stock repurchase program or by other means such as special dividends. Nonetheless, we may, from time to time, reinvest a portion of proceeds from asset monetizations in further development of existing assets, if we believe the returns on such reinvestment outweigh the benefits of a return of capital.

OTHER INFORMATION

At December 31, 2020, we had a market capitalization of $173.8 million, and 18,583,366 shares outstanding.

We remind all of our stockholders that questions regarding our operations may be submitted to [email protected], and, if appropriate, we will post on our website responses to these questions.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains statements that may constitute forward-looking statements, which are based on information currently available, usually identified by words such as “anticipates,” “believes,” “estimates,” “plans,” “projects,” “expects,” “hopes,” “intends,” “strategy,” ”focus,” “outlook,” “will,” “could,” “should,” “may,” “continue,” or similar expressions, which speak only as of the date the statement was made. Such statements are forward-looking statements and are 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, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical or current fact, are statements that could be deemed forward-looking statements, including without limitation statements regarding our business objectives, our ability to monetize our water resources, the future demand for our water resources, our ability to reduce net operating cash use, our ability to source additional revenue streams, our ability to preserve and utilize NOLs to offset taxable income and reduce our federal income liability, and our ability to monetize assets and return capital to shareholders through stock repurchases or through other means. The forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties.

A number of other factors may cause actual results to differ materially from our expectations, such as: any slow down or downturn in the housing or in the real estate markets in which Vidler operates; fluctuations in the prices of water and water rights; physical, governmental and legal restrictions on water and water rights; a downturn in some sectors of the stock market; general economic conditions; the impacts of the COVID-19 global pandemic on the demand for real estate, the pace of real estate development, and demand for water resources to support residential and commercial real estate development; prolonged weakness in the overall U.S. and global economies; the performance of the businesses in which Vidler operates; the continued service and availability of key management personnel; and potential capital requirements and financing alternatives.

For further information regarding risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, copies of which may be obtained by contacting us at (775) 885-5000 or at http://vidlerwater.com.

We undertake no obligation to (and we expressly disclaim any obligation to) update our forward-looking statements, whether as a result of new information, subsequent events, or otherwise, in order to reflect any event or circumstance which may arise after the date of this press release, except as may otherwise be required by law. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Dorothy Timian-Palmer

President and Chief Executive Officer

(775) 885-5000

KEYWORDS: United States North America Nevada

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property Utilities Alternative Energy Energy Other Natural Resources Agriculture Natural Resources Residential Building & Real Estate

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Travelers Partners with Westhill to Enhance Claim Experience

Travelers Partners with Westhill to Enhance Claim Experience

Innovative technology platform creates seamless connection between claim professionals, contractors and customers

HARTFORD, Conn.–(BUSINESS WIRE)–
The Travelers Companies, Inc. (NYSE: TRV) today announced it is enhancing its claim process with the introduction of an innovative technology solution designed by Westhill. Travelers customers who file property claims in select states will now have access to Westhill’s digital platform, which will allow them to communicate with reputable contractors in their area, easily select the best contractors for their needs and track key milestones during the repair process.

“Our goal is always to provide the best possible service throughout the entire claim experience, from the time the claim is reported through the completion of repairs,” said Jim Wucherpfennig, Vice President of Property Claims at Travelers. “Westhill’s unique platform helps us give our customers an even more transparent and convenient process. We’re pleased to be working with Westhill’s team and are looking forward to expanding our use of their service.”

This improvement follows others that Travelers has made in recent years to enhance its claim experience, such as providing virtual inspections, real-time video chats and electronic payment options to customers and claimants. The company has also developed artificial intelligence solutions to assess property damage in a way that expedites the claim process while keeping its employees safe.

Kevin Reilley, Chief Executive Officer of Westhill, said, “Travelers has a long history of implementing innovative solutions to take care of its customers. We’re excited to work with them to bring our technology to a broader market and help expedite the recovery process for Travelers customers.”

For more information about Travelers’ Claim Services, visit travelers.com/claims.

About Westhill

Westhill Global, Inc. provides digital solutions for the property & casualty insurance industry, focused on delivering an exceptional claim experience. Westhill leverages smart technology to connect insurance carriers, contractors and policyholders, providing customer choice and removing inefficiencies from the claims process. Advocates in the power of connection, Westhill believes all successful experiences need a foundation grounded in transparency and shared value, principles that are woven throughout each facet of Westhill’s business model. For more information, visit westhillglobal.com.

About Travelers

The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $32 billion in 2020. For more information, visit Travelers.com.

Media:

Courtney Garro, 860.277.8719

[email protected]

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Professional Services Data Management Technology Other Professional Services Other Technology Insurance

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Mastercard Accelerates Deployment of Digital First Solutions

Mastercard Accelerates Deployment of Digital First Solutions

Mastercard Engage platform expansion provides customers with fast and easy access to new set of qualified technology partners

PURCHASE, N.Y.–(BUSINESS WIRE)–
Mastercard is expanding the Engage platform, offering customers easy access to a growing network of qualified technology and fintech partners that can quickly deploy Mastercard Digital First solutions. These solutions will enable customers to provide entirely digital payment experiences for consumers, from acquisition and card usage to management and engagement, with a physical card option.

“The expansion of Mastercard Engage is happening at a critical time when financial institutions and digital players are seeking to fulfill consumer demand for digital experiences but may not have all of the in-house capabilities to do so,” said Andrea Scerch, President, Consumer Products for Issuers. “Instead of merely supporting physical cards with digital experiences, we are powering consumer choice by building a robust network of qualified enablers that can help our customers quickly launch digital products from the ground up.”

The Mastercard Engage network includes partnersthat provide various components and integration capabilities across the Digital First customer journey to deliver a frictionless payment experience, including Signzy to support digital onboarding and instant eKYC services, Provenir to provide real-time risk decisioning, issuer processors such as Galileo, i2c and Marqeta, and end-to-end Digital First enablers Thales and Verestro.

Mastercard has a long history of working with technology and fintech partners to build the future of payments. The evolution of the Mastercard Engage platform demonstrates the company’s continued commitment to enabling customers in building out their digital first consumer journey.

The Mastercard Engage program is now open to support Digital First deployment, provide on-the-ground assistance as well as training through the Mastercard Academy, and promotion to Mastercard’s extensive customer base. Visit the Mastercard Engage website for more information.

QUOTE SHEET:

“The COVID-19 pandemic has necessitated business continuity solutions and seamless digital customer experiences that require minimal interaction,” said Arpit Ratan, Co-Founder and Business Head at Signzy. “We’re proud to continue our partnership with Mastercard through the Engage program to support digital onboarding for digital first solutions.”

“Agility and innovation are key in a digital-first market and businesses need purpose-built technology designed to outpace market evolution,” said Larry Smith, Founder and CEO at Provenir. “We’re excited to bring Provenir’s real-time risk decisioning technology to the Mastercard Engage network to help deploy best-in-class solutions.”

“Today’s consumers expect frictionless digital payments experiences, and Galileo is meeting this demand by making it easy for their financial services providers to be digital-first and even digital-only with great features like push provisioning to mobile wallets, virtual cards and more,” said Clay Wilkes, CEO at Galileo. “As a partner on the Mastercard Engage platform, we’re providing businesses with digital payment capabilities they can build on to heighten their customers’ payments convenience, access and security.”

“Enabling seamless digital experiences is central to modern financial life and so we’re thrilled to help Mastercard customers in their pursuit of Digital First programs,” said Jim McCarthy, President at i2c. “i2c has been at the forefront of digital transformation and our highly-configurable, single global platform is uniquely qualified to support these deployments – we’re genuinely excited to be recognized as a Mastercard Engage provider.”

“Consumers have come to expect seamless digital experiences and want to be able to manage all parts of their financial life through digital channels. We’re thrilled to help Mastercard customers more easily launch Digital First programs that speak to these demands,” said Salman Syed, SVP and GM, North America at Marqeta. “We look forward to our modern card issuing technology delivering value for tomorrow’s innovators and are excited to be a qualified provider on the Mastercard Engage platform.”

“We are thrilled to be qualified as an early Digital First partner on the Mastercard Engage platform,” said François Chaffard, VP, Digital Banking & Payment at Thales. “Our end-to-end digital issuance solution enables Financial Institutions to leverage their existing assets and offer an optimized mobile-first digital experience to their customers.”

“Frictionless digital first solutions are made possible through end-to-end API platforms,” said Krzysztof Drzyzga, CEO at Verestro. “As part of the Mastercard Engage platform, we provide enablement capabilities across the entire digital first journey for banks and fintech partners looking to deploy digital solutions quickly.”

About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com

Jen Langione

+1 (917) 408-2941

[email protected]

Global Communications

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Finance Banking Professional Services Mobile/Wireless Technology

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More Women Report Prioritizing Day-to-Day Expenses Over Their Financial Future Because of the Pandemic

More Women Report Prioritizing Day-to-Day Expenses Over Their Financial Future Because of the Pandemic

Men Are More Focused on Strategic Long-Term Financial Issues, Reinforcing the Need for Increased Financial Advice and Education Among Women

RADNOR, Pa.–(BUSINESS WIRE)–
One-third of women say they are struggling to make ends meet, according to new research from Lincoln Financial Group (NYSE: LNC). The company’s January 2021 Consumer Sentiment Tracker found that while men are more focused on financial issues like the impact of taxes, stock market volatility and long-term-care expenses, women report the pandemic has resulted in a greater focus on their day-to-day finances (71%) rather than planning for the future.

Mastering the Financial Balancing Act

The events of the last year have caused a change in mindset for all Americans. However, the Lincoln study found the COVID-19 crisis has hit women harder financially with more frequent job impacts than men (35% vs. 28%), driving their top concerns of covering day-to-day expenses (34%) and a lack of emergency savings (45%). As men are taking on more strategic long-term financial actions like meeting with a financial advisor, women are enduring financial hardships in order to make necessary and immediate financial decisions. They are delaying major purchases like cars and homes (24%) and drawing from their emergency funds (21%).

“The research demonstrates that the pandemic has accentuated the gender income gap,” said Kristen Phillips, senior vice president, Corporate Marketing, Communications and Strategy. “Millions of women left the workforce in the last year not only due to job loss, but because of caregiving responsibilities at home. As a result, many are living paycheck-to-paycheck with minimal savings, unsure of how to prioritize retirement and their long-term financial outlook too. As an industry, we have an opportunity to help provide women with the tools and knowledge that will enable them to create more positive outcomes.”

Strengthening Financial Confidence

One area where women could use a boost is feeling more empowered about their financial future. Lincoln’s research found that women are more than twice as likely to be unfamiliar with financial planning and investments than men, who are increasingly reading and learning about financial markets and investing. Men are also currently working with a financial professional in greater numbers than women (42% vs. 26%). The WISE Group (Women Inspiring, Supporting and Education) has been striving to better support the unique needs of female financial advisors and their clients since it was formed by Lincoln Financial Network—the retail wealth management affiliate of Lincoln Financial Group—in 2015. Anita Grossman, president and founder of Grossman Financial Planning Group and a representative of Lincoln Financial Advisors, is a WISE member.

“It’s so important for women to feel confident in making financial decisions – that’s why one of our top objectives at The WISE Group is educating female clients on the importance of comprehensive financial planning, so they are better prepared to take charge of their financial lives,” said Grossman. “Women tend to approach personal finance a little differently, which is why we develop educational materials specifically for women, as well as make them available to our male counterparts. We are committed to ensuring all our advisors have the resources to best serve the wider female marketplace.”

Helping Women Take Action

While there is still more to be done to close the financial gender gap, the good news is that 70% of women want to better protect themselves and their families financially. As part of Lincoln’s ongoing effort to raise financial awareness among women, Grossman recommends these three tips to help achieve that goal:

  1. Create a financial plan. Consider hiring a financial advisor who specializes in financial planning or maximize online budgeting tools,calculators and other resources to get an accurate financial snapshot. Be sure to put goals in writing. Leverage any employer-sponsored financial wellness programs to create a personalized action plan that addresses issues like building an emergency fund and paying down debt. Tap into employer-sponsored benefits including voluntary solutions like accident and critical illness insurance, as well as retirement plans. Women have longer life expectancies than men. Plan for that longevity. Save more for retirement now to fund extra years of retirement later.
  2. Take financial ownership. Review retirement and other account balances to determine areas of progress and any parts needing improvement. Make a plan to fill any gaps and determine income projections. Women should initiate regular conversations with loved ones to discuss retirement and their financial future. Tap into educational materials and conduct online research to proactively understand the benefits of various financial products and solutions.
  3. Meet with a financial professional. Women, as well as men, benefit from personalized guidance. A financial advisor can help women take a holistic view of their finances, from the accumulation period to and through the distribution phase, while considering asset protection strategies. They can help women think through “what-if scenarios” because life can bring unexpected situations.

“Female advisors have the power to motivate and support each other, then share that contagious empowerment with the women who seek our advice and guidance,” said Grossman. “It is so rewarding to watch our female clients light up when they experience the positive outcomes resulting from their financial vision.”

Visit www.lincolnfinancial.com for more tools, resources and other tips on how to protect the ones you love the most.

About Lincoln Financial Group

Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $303 billion in end-of-period account values as of December 31, 2020. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes’ World’s Best Employers, Best Large Employers, Best Employers for Diversity, and Best Employers for Women, and Newsweek’s Most Responsible Companies. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

Anita Grossman is a registered representative of, and Grossman Financial Planning Group is a marketing name for registered representatives of, Lincoln Financial Advisors. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker-dealer and registered investment advisor, member SIPC.

LCN-3475409-030221

Media:

Holly Fair

Lincoln Financial Group

484-583-1632

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Professional Services Other Professional Services Consumer Women Finance Consulting Banking

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BlackRock Announces Closing of Reorganizations of Five Municipal Closed-End Funds

BlackRock Announces Closing of Reorganizations of Five Municipal Closed-End Funds

NEW YORK–(BUSINESS WIRE)–
BlackRock Advisors, LLC today announced that the reorganizations of each of BlackRock Municipal Income Investment Quality Trust (“BAF”, CUSIP: 09250G102) BlackRock Municipal Bond Trust (“BBK”, CUSIP: 09249H104), BlackRock MuniHoldings Fund II, Inc. (“MUH”, CUSIP: 09253P109), BlackRock MuniHoldings Quality Fund, Inc. (“MUS”, CUSIP: 09254A101) with and into BlackRock MuniHoldings Fund, Inc. (“MHD”, CUSIP: 09253N104 and together with BAF, BBK, MUH and MUS, the “Funds”) (the “Reorganizations”) is effective as of the opening for business of the New York Stock Exchange on Monday, March 8, 2021.

In the Reorganizations, common shareholders of BAF, BBK, MUH and MUS received an amount of MHD common shares equal to the aggregate net asset value of their holdings of BAF, BBK, MUH and MUS common shares as determined at the close of business on March 5, 2021. Fractional shares of MHD common shares were not issued in the Reorganizations and consequently cash will be distributed for any such fractional shares.

Relevant details pertaining to the Reorganizations are as follows:

Fund

Ticker

NAV/Share

($)

Share Conversion Ratio

BlackRock MuniHoldings Fund, Inc.

MHD

16.9927

N/A

BlackRock Municipal Income Investment Quality Trust

BAF

15.2503

0.89746185

BlackRock Municipal Bond Trust

BBK

16.4314

0.96696817

BlackRock MuniHoldings Fund II, Inc.

MUH

15.7316

0.92578578

BlackRock MuniHoldings Quality Fund, Inc.

MUS

13.8681

0.81612104

In addition, BAF, BBK, MUH and MUS preferred shareholders received on a one-for-one basis MHD preferred shares in an amount equal to the aggregate preferred share liquidation preference held by BAF, BBK, MUH and MUS preferred shareholders immediately prior to the Reorganizations.

This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the BlackRock funds, including MHD, the surviving fund in the Reorganization. Investors should consider MHD’s investment objective, risks, charges and expenses carefully and consider in its entirety the Joint Proxy Statement/Prospectus relating to the Reorganizations, which contains important information regarding the investment objectives and policies, risks, charges, expenses and other important information about MHD.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

Availability of Fund Updates

BlackRock will update performance and certain other data for the BlackRock closed-end funds on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release.

Forward-Looking Statements

This press release, and other statements that BlackRock or the Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Funds’ or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in the Funds’ net asset value; (2) the relative and absolute investment performance of the Funds and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Funds or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.

Annual and Semi-Annual Reports and other regulatory filings of the Funds with the SEC are accessible on the SEC’s website at www.sec.govand on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.

BlackRock Closed-End Funds

1-800-882-0052

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

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Baxter BioPharma Solutions and Moderna Announce Agreement for Fill/Finish Manufacturing of the Moderna COVID-19 Vaccine in the U.S.

Baxter BioPharma Solutions and Moderna Announce Agreement for Fill/Finish Manufacturing of the Moderna COVID-19 Vaccine in the U.S.

  • Agreement to perform fill/finish services for approximately 60–90 million doses in the U.S. this year
  • Manufacturing will take place at Baxter BioPharma Solutions’ Indiana facility

DEERFIELD, Ill., AND CAMBRIDGE, Mass..–(BUSINESS WIRE)–
Baxter International Inc. (NYSE: BAX), a global leader in sterile medication production and delivery, and Moderna, Inc. (Nasdaq: MRNA), a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines, today announced that they have entered into an agreement for Baxter BioPharma Solutions to provide fill/finish sterile manufacturing services and supply packaging for approximately 60-90 million doses of the Moderna COVID-19 Vaccine in 2021. Baxter’s BioPharma Solutions business is a premier contract manufacturing organization that specializes in parenteral (injectable) pharmaceuticals, including vaccines.

“We have seen a remarkable demonstration of scientific and health care expertise in the effort to develop vaccines for COVID-19,” said Marie Keeley, vice president, Baxter BioPharma Solutions. “Baxter is honored to provide our deep expertise in vaccine manufacturing to help partners like Moderna bolster the supply of their vaccine.”

The manufacturing of the Moderna COVID-19 vaccine will take place at the BioPharma Solutions fill/finish sterile manufacturing facilities located in Bloomington, Ind. The site has capabilities and expertise in parenteral delivery systems and clinical and commercial vaccine manufacturing, including preventive and seasonal vaccines for global markets. In addition, Bloomington offers a range of production and commercialization services, including clinical development, formulation, packaging and commercial launch capabilities. Baxter BioPharma Solutions has operated in Bloomington for approximately 20 years and employs more than 700 individuals on its 600,000 square foot campus.

“We welcome the opportunity to work with Baxter BioPharma Solutions on fill/finish manufacturing for the Moderna COVID-19 Vaccine in the U.S.,” said Juan Andres, Moderna’s Chief Technical Operations and Quality Officer. “This additional production will help us continue to scale up our manufacturing capacity in the United States.”

Additional details of the agreement were not disclosed.

About Baxter’s BioPharma Solutions Business

Baxter’s BioPharma Solutions business supports leading pharmaceutical companies in meeting their commercialization objectives by providing scientific expertise, sterile manufacturing solutions, parenteral delivery systems and customized support services needed to meet the unique challenges that parenteral products face. For more information, please visit www.baxterbiopharmasolutions.com.

About Baxter

Every day, millions of patients and caregivers rely on Baxter’s leading portfolio of critical care, nutrition, renal, hospital and surgical products. For more than 85 years, we’ve been operating at the critical intersection where innovations that save and sustain lives meet the healthcare providers that make it happen. With products, technologies and therapies available in more than 100 countries, Baxter’s employees worldwide are now building upon the company’s rich heritage of medical breakthroughs to advance the next generation of transformative healthcare innovations. To learn more, visit www.baxter.com and follow us on Twitter, LinkedIn and Facebook.

About Moderna

In 10 years since its inception, Moderna has transformed from a science research-stage company advancing programs in the promising-but-still-unproven field of messenger RNA (mRNA), to an enterprise with its first medicine having treated millions of people, 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. Today, 24 development programs are underway across these therapeutic areas, with 13 programs having entered the clinic. Moderna has been named a top biopharmaceutical employer by Science for the past six years. To learn more, visit www.modernatx.com.

Baxter Forward-Looking Statements

This release includes forward-looking statements regarding Baxter’s production of the Moderna COVID-19 vaccine, including expectations with regard to the approval of the vaccine, its availability in the United States and the timing and volume thereof. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: satisfaction of regulatory and other requirements; actions of regulatory bodies and other governmental authorities; product quality, manufacturing or supply, or patient safety issues; inability to create additional production capacity in a timely manner or the occurrence of other manufacturing or supply difficulties (including as a result of a natural disaster, public health crises and epidemics/pandemics, regulatory actions or otherwise); changes in law and regulations; and other risks identified in Baxter’s most recent filings on Forms 10-K and 10-Q and other SEC filings, all of which are available on Baxter’s website. Baxter does not undertake to update its forward-looking statements.

Moderna 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: Moderna’s development of a vaccine against the novel coronavirus, and an arrangement pursuant to which Baxter will provide sterile manufacturing services for the Moderna COVID-19 Vaccine. In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “could”, “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. 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, among others: the fact that there has never been a commercial product utilizing mRNA technology approved for use; the fact that the rapid response technology in use by Moderna is still being developed and implemented; the safety, tolerability and efficacy profile of the Moderna COVID-19 Vaccine observed to date may change adversely in ongoing analyses of trial data or subsequent to commercialization; despite having ongoing interactions with the FDA or other regulatory agencies, the FDA or such other regulatory agencies may not agree with Moderna’s regulatory approval strategies, components of our filings, such as clinical trial designs, conduct and methodologies, or the sufficiency of data submitted; Moderna may encounter delays in meeting manufacturing or supply timelines or disruptions in its distribution plans for the Moderna COVID-19 Vaccine; whether and when any biologics license applications and/or emergency use authorization applications may be filed and ultimately approved by regulatory authorities; potential adverse impacts due to the global COVID-19 pandemic such as delays in regulatory review, manufacturing and clinical trials, supply chain interruptions, adverse effects on healthcare systems and disruption of the global economy; and those other risks and uncertainties described under the heading “Risk Factors” in Moderna’s most recent Quarterly Report on Form 10-Q 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.

Baxter is a registered trademark and BioPharma Solutions is a trademark of Baxter International Inc.

Baxter Media Contact

Eric Tatro, (224) 948-5353

[email protected]

Baxter Investor Contact

Clare Trachtman, (224) 948-3020

Moderna Media Contact

Colleen Hussey

Director, Corporate Communications

(617) 335-1374

[email protected]

Moderna Investor Contact

Lavina Talukdar

Senior Vice President & Head of Investor Relations

(617) 209-5834

[email protected]

KEYWORDS: United States North America Illinois Massachusetts

INDUSTRY KEYWORDS: Packaging Health Infectious Diseases Manufacturing Other Manufacturing Pharmaceutical Biotechnology

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State Street ESG Solutions Provides Risk Analytics Enabling Climate-related Risk Disclosures and Reporting

State Street ESG Solutions Provides Risk Analytics Enabling Climate-related Risk Disclosures and Reporting

ESG tools allow clients to report risk disclosures and assessment of metrics for Task Force on Climate-related Financial Disclosures (“TCFD”)

BOSTON–(BUSINESS WIRE)–
State Street (NYSE:STT) today introduced an enhancement to its ESG Solutions, ESG Risk Analytics, which provides clients with the ability to address new global regulatory reporting requirements. Through a single platform, this data coverage brings clients the ability to cover most Principle Adverse Impact (“PAI”) and disclosure requirements.

ESG Risk Analytics is designed to provide risk management, metrics and target reporting capabilities for Task Force on Climate-related Financial Disclosures (“TCFD”) on a platform that allows clients to effectively measure their carbon footprint and intensity, and offers clients monthly, quarterly and annual ESG reporting. In addition, State Street’s suite of ESG solutions will be providing regulatory support and complete data coverage for the EU Sustainable Finance Disclosure Requirements (“SFDR”).

“ESG considerations are increasingly at the forefront of decision-making for investment managers and asset owners and there’s a growing demand for solutions that will provide the necessary data, risk analytics and reporting capabilities at scale,” said Rick Lacaille, senior investment advisor and global ESG lead at State Street. “We continue to support TCFD recommendations and with our new ESG Risk Analytics tools, we are bringing our clients a holistic solution that helps assess ESG portfolios, while also enabling added transparency to meet the evolving global regulatory environment.”

“Through our multi-vendor ESG analytics reporting, State Street clients have the ability to address the new regulatory package of the EU action plan on sustainable finance, requiring financial market participants to disclose extensively their ESG metrics, performance and policies, as well as to integrate ESG considerations in their risk management and investment decisions processes,” added Brenda Lyons, executive vice president and global head of product at State Street.

The 2020 TCFD Status Report indicated the number of organizations expressing support for the TCFD has grown more than 85%, reaching 1,500+ organizations globally, including more than 1,340 companies with a market capitalization of $12.6 trillion and financial institutions responsible for assets of $150 trillion.

As interest from investors continues to grow for ESG integration, State Street’s suite of ESG solutions paired with State Street Alpha℠, the company’s open architecture front-to-back investment servicing platform, brings asset owners and asset managers an integrated, fully automated, end-to-end experience while meeting investment and reporting needs across asset classes. This fully integrated offering through State Street Alpha will be available to clients later this year.

To learn more about State Street’s industry leading ESG Solutions, click here.

About State Street

State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $38.8 trillion in assets under custody and/or administration and $3.5 trillion* in assets under management as of December 31, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.

*Assets under management as of December 31, 2020 includes approximately $75 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

© 2021 State Street Corporation – All Rights Reserved

3479374.1.1.GBL.RTL

Ed Patterson

[email protected]

+1 404 213 3106

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Banking Professional Services Environment Finance

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Hudson Pacific Properties to Participate in Citi’s 2021 Virtual Global Property CEO Conference

Hudson Pacific Properties to Participate in Citi’s 2021 Virtual Global Property CEO Conference

LOS ANGELES–(BUSINESS WIRE)–Hudson Pacific Properties, Inc. (NYSE: HPP) today announced that Victor Coleman, Chairman and Chief Executive Officer, and other members of the company’s senior management will participate in a roundtable discussion at Citi’s 2021 Virtual Global Property CEO Conference on Wednesday, March 10, 2021 at 2:00 p.m. ET.

The following is a link to the live, listen-only webcast of the discussion on the company’s website, where a replay will also be available one hour after the event concludes.

Citi 2021 Virtual Global Property CEO Conference Roundtable Discussion Webcast

About Hudson Pacific Properties

Hudson Pacific is a real estate investment trust with a portfolio of office and studio properties totaling nearly 20 million square feet, including land for development. Focused on premier West Coast epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Google, Netflix, Riot Games, Square, Uber and more. Hudson Pacific is publicly traded on the NYSE under the symbol HPP and listed as a component of the S&P MidCap 400 Index. For more information visit HudsonPacificProperties.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by the Company from time to time with the SEC.

Investor Contact

Laura Campbell

Senior Vice President, Investor Relations & Marketing

(310) 622-1702

[email protected]

Media Contact

Laura Murray

Director, Communications

(310) 622-1781

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property REIT

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Intel to Collaborate with Microsoft on DARPA Program

Intel to Collaborate with Microsoft on DARPA Program

SANTA CLARA, Calif.–(BUSINESS WIRE)–What’s New: Intel today announced that it has signed an agreement with Defense Advanced Research Projects Agency (DARPA) to perform in its Data Protection in Virtual Environments (DPRIVE) program. The program aims to develop an accelerator for fully homomorphic encryption (FHE). Microsoft is the key cloud ecosystem and homomorphic encryption partner leading the commercial adoption of the technology once developed by testing it in its cloud offerings, including Microsoft Azure and the Microsoft JEDI cloud, with the U.S. government. The multiyear program represents a cross-team effort across multiple Intel groups, including Intel Labs, the Design Engineering Group and the Data Platforms Group, to tackle “the final frontier” in data privacy, which is computing on fully encrypted data without access to decryption keys.

“Fully homomorphic encryption remains the holy grail in the quest to keep data secure while in use. Despite strong advances in trusted execution environments and other confidential computing technologies to protect data while at rest and in transit, data is unencrypted during computation, opening the possibility of potential attacks at this stage. This frequently inhibits our ability to fully share and extract the maximum value out of data. We are pleased to be chosen as a technology partner by DARPA and look forward to working with them as well as Microsoft to advance this next chapter in confidential computing and unlock the promise of fully homomorphic encryption for all.”

– Rosario Cammarota, principal engineer, Intel Labs, and principal investigator, DARPA DPRIVE program

Why It Matters: Protecting the confidentiality of critical information — whether personal data or corporate intellectual property — is of strategic importance to businesses. Today, many rely on a variety of data encryption methods to protect information while it is in transit, in use and at rest. However, these techniques require that data be decrypted for processing. It is during this decrypted state that data can become more vulnerable for misuse.

Fully homomorphic encryption enables users to compute on always-encrypted data, or cryptograms. The data never needs to be decrypted, reducing the potential for cyberthreats. FHE, when implemented at scale, would enable organizations to use techniques, such as machine learning, to extract full value from large datasets while protecting data confidentiality across the data’s life cycle. Customers across industries such as healthcare, insurance and finance would benefit from new usages made possible by being able to use and extract value from sensitive data to its fullest extent without risk of exposure.

About Democratizing Adoption of Fully Homomorphic Encryption: FHE adoption in the industry has been slow because processing data using fully homomorphic encryption methods on cryptograms is data intensive and incurs a huge “performance tax” even for simple operations.

Under the DARPA DPRIVE program, Intel plans to design an application-specific integrated circuit (ASIC) accelerator to reduce the performance overhead currently associated with fully homomorphic encryption. When fully realized, the accelerator could deliver a massive improvement in executing FHE workloads over existing CPU-driven systems, potentially reducing cryptograms’ processing time by five orders of magnitude.

With its expertise in cloud infrastructure, software stacks and fully homomorphic encryption, Microsoft will be a critical partner in accelerating the commercialization of this technology when ready, enabling free data sharing and collaboration while promoting privacy throughout the data life cycle.

“We are pleased to bring our expertise in cloud computing and homomorphic encryption to the DARPA DPRIVE program, collaborating with Intel to advance this transformative technology when ready into commercial usages that will help our customers close the last-mile gap in data confidentiality —– keeping data fully secure and private, whether in storage, transit or use,” said Dr. William Chappell, chief technology officer, Azure Global, and vice president, Mission Systems, Microsoft.

What’s Next: The multiyear DARPA DPRIVE program will span several phases starting with the design, development and verification of foundational IP blocks that will be integrated into a system-on-chip and a full software stack. Throughout the project, Intel will assess progress against pre-established performance targets on artificial intelligence training and inference workloads using homomorphically encrypted data at scale.1 Beyond the development of the core technologies needed for the design of the accelerator, Intel and Microsoft will work with international standards bodies to develop international standards for FHE. Intel will also continue to invest in ongoing academic research in the field.

More Context:Intel Labs (Press Kit)

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com.

1 Intel technologies may require enabled hardware, software or service activation. No product or component can be absolutely secure.

© Intel Corporation. Intel, the Intel logo and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

Supriya Venkat

503-320-8024

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Technology Contracts Semiconductor Security Software Internet Hardware Data Management Defense

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