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Circle to go public through a business combination with Concord Acquisition Corp, supported by over $1.1B in capital

– Circle to become public via a business combination with Concord Acquisition Corp (NYSE: CND), a publicly-traded special purpose acquisition corporation with $276 million in trust.

– The transaction values Circle at $4.5 billion. Upon completion of the transaction, existing Circle shareholders will maintain approximately 86% ownership of the public entity.

– In conjunction with the transaction, investors have committed $415 million in PIPE financing, which when combined with cash in trust and Circle’s recently closed convertible note financing will provide Circle with over $1.1 billion in gross proceeds upon the close of the transaction.

– The PIPE was supported by leading institutional investors including Marshall Wace LLP, Fidelity Management & Research Company LLC, Adage Capital Management LP, accounts advised by ARK Investment Management LLC (“ARK”) and Third Point.

– Circle is the principal operator of blockchain-based USD Coin (USDC), which has become the fastest growing, regulated, fully reserved dollar digital currency in the world.

– Circle’s co-founder, Jeremy Allaire, will remain CEO of the company.

– Bob Diamond, Chairman of Concord Acquisition Corp and CEO of Atlas Merchant Capital will join the board.

– The transaction is anticipated to close in Q4 2021.

PR Newswire

BOSTON, July 8, 2021 /PRNewswire/ — Circle, a global financial technology firm that provides payments and treasury infrastructure for internet businesses, announced today that it has entered into a definitive business combination agreement with Concord Acquisition Corp (“Concord“) (NYSE: CND), a publicly traded special purpose acquisition company. Under the terms of the agreement, a new Irish holding company (the “Company”) will acquire both Concord and Circle and become a publicly-traded company, expected to trade on the NYSE under the symbol “CRCL”. The transaction values Circle at an enterprise value of $4.5 billion.

Circle’s mission of raising global economic prosperity through the frictionless exchange of financial value is being met through a series of internet-native, digital currency powered, transaction and treasury services that help businesses and financial institutions globally to take advantage of the shift to a digital currency and blockchain powered global financial system.  Circle is the principal operator of the fastest growing dollar digital currency, USD Coin (USDC), which has grown to more than $25 billion in circulation and has supported more than $785 billion in on-chain transactions.  In 2021, USDC in circulation has grown in excess of 3400%, fueling a broadening array of use cases for high-trust, low-friction internet-native payments and settlements. 

Bob Diamond, Chairman of Concord Acquisition Corp and CEO of Atlas Merchant Capital, noted “Circle is the true pioneer of trusted digital currencies, an increasingly critical part of the global financial system. The firm has earned its exceptionally strong reputation building highly innovative blockchain-enabled products and services within the regulatory perimeter.  Circle’s world-class leadership team, its track record of delivery, and extraordinary ambition help position the firm as one of the most exciting companies in the transformation of finance.”

Jeremy Allaire, Circle’s co-founder and CEO commented “Circle was founded with a mission to transform the global economic system through the power of digital currencies and the open internet.  We’ve made huge strides towards realizing this vision, and through this strategic transaction and ultimate public debut, we are taking an even bigger step forward, with the capital and relationships needed to build a global-scale internet financial services company that can help businesses everywhere to connect into a more open, inclusive and effective global economic system. We are thrilled to partner with Concord’s executive and investment team, drawing on their decades of operating experience growing financial services businesses around the world.”

Transaction Overview

The business combination is supported by $415 million of capital commitments at $10.00 per share, with participation from top-tier institutional investors including Marshall Wace LLP, Fidelity Management & Research Company LLC, Adage Capital Management LP, accounts advised by ARK Investment Management LLC (“ARK”) and Third Point. Including the contribution of up to $276 million of cash held in Concord Acquisition Corp’s trust account (assuming no redemptions), the transaction is expected to deliver up to $691 million of gross proceeds to the combined company.

Upon consummation of the transaction, existing Circle shareholders will maintain approximately 86% ownership interest in the combined company. Proceeds of the transaction will support Circle’s continued growth through ongoing product development in close collaboration with its initial customers. Existing Circle equity holders have the potential to receive an earnout of additional shares of the Company, if certain stock price targets are met as set forth in the definitive business combination agreement. Current shareholders of Concord will also become shareholders of the Company and will exchange their shares of Concord common stock for equity of the Company on a share for share basis.

The transaction, which has been unanimously approved by the board of directors of both Concord Acquisition Corp and Circle, and is expected to close in the fourth quarter of 2021, is subject to approval by shareholders of Concord and Circle and other customary closing conditions, including any applicable regulatory approvals.

Additional information about the transaction will be provided in a Current Report on Form 8-K that will contain an investor presentation to be filed with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov. In addition, the Company intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement/prospectus of Concord, and will file other documents regarding the proposed transaction with the SEC. 

Advisors
Goldman Sachs & Co. LLC is serving as the exclusive financial advisor to Concord. Goldman Sachs & Co. LLC and Citi acted as placement agents for Concord in connection with the PIPE transaction. Greenberg Traurig is serving as legal counsel to Concord and Goodwin Procter is serving as counsel to Circle. Cowen Inc. is serving as lead capital markets advisor to Concord. Blueshirt Capital Advisors is serving as investor relations advisor to Circle.

Investor Conference Call

Management of Circle and Concord Acquisition Corp will host a recorded investor conference call on July 8, 2021 to discuss the proposed transaction and review an investor presentation. An audio webcast of the call will be available on: https://www.circle.com/investors

About Concord Acquisition Corp
Concord Acquisition Corp is a special purpose acquisition company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the financial services or financial technology industries. It is sponsored by Atlas Merchant Capital, an investment firm that offers debt and equity investment strategies, seeking long-term value through differentiated expertise in financial services and credit markets.

Concord raised $276 million in its initial public offering in December 2020 and is listed on the NYSE under the symbol “CND”.

About Circle
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the principal operator of USD Coin (USDC), which has become the fastest growing, regulated, fully reserved dollar digital currency. USDC in circulation is greater than $25 billion and has supported over $785 billion in on-chain transactions. Today, Circle’s transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through programmable internet commerce. Additionally, Circle operates SeedInvest, one of the largest equity crowdfunding platforms in the U.S., which is a registered broker dealer.

Learn more at https://circle.com

Important Information and Where to Find It

A full description of the terms of the proposed transactions (collectively, the “Transactions”) will be provided in a registration statement on Form S-4 to be filed with the SEC by the Company that will include a proxy statement for the stockholders of Concord that will also constitute a prospectus of the Company. Concord, Circle and the Company urge investors, stockholders and other interested persons to read, when available, the preliminary proxy statement/prospectus as well as other documents filed with the SEC because these documents will contain important information about Concord, Circle and the Transactions. After the registration statement is declared effective, the definitive proxy statement/prospectus to be included in the registration statement will be mailed to stockholders of Concord as of a record date to be established for voting on the Transactions. Stockholders will also be able to obtain a copy of the proxy statement/prospectus, without charge, by directing a request to: Concord Acquisition Corp, 477 Madison Avenue, New York, NY 10022. The preliminary and definitive proxy statement/prospectus to be included in the registration statement, once available, can also be obtained, without charge, at the SEC’s website (www.sec.gov).

Participants in the Solicitation

Concord, Circle and the Company and their respective directors and executive officers may be considered participants in the solicitation of proxies with respect to the Transactions under the rules of the SEC. Information about the directors and executive officers of Concord is set forth in Concord’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 31, 2021 and amended on May 20, 2021. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders in connection with the Transactions will be set forth in the proxy statement/prospectus when it is filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

Non-Solicitation

This document is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transactions and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Concord, Circle or the Company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

Forward-Looking Statements

This document includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected proceeds of the Transactions to the combined company, Circle’s anticipated future growth, and Circle and Concord’s ability to consummate the Transactions within the time period expected, or at all. These statements are based on various assumptions and on the current expectations of Concord’s and Circle’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Concord and Circle. These forward looking statements are subject to a number of risks and uncertainties, including general economic, political and business conditions; applicable taxes, inflation, interest rates and the regulatory environment in which Circle operates; the outcome of legal proceedings or other disputes to which Circle, Concord and/or the Company is or may become a party; the inability of the parties to consummate the Transactions; the risk that the approval of the stockholders of Concord or Circle for the Transactions is not obtained; failure to realize the anticipated benefits of the Transactions, including as a result of a delay in consummating the Transactions; the risk that the announcement and/or consummation of the Transactions disrupt current plans and operations of Circle; the risk that any of the conditions to closing are not satisfied in the anticipated manner or on the anticipated timeline; the ability to maintain the listing of the combined company’s securities on the New York Stock Exchange; the inability to complete the private placement proposed to be consummated in connection with the Transactions; the amount of redemption requests made by Concord’s stockholders; those factors discussed in Concord’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the heading “Risk Factors,” and other documents of Concord filed, or to be filed, with the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Concord, Circle and the Company presently do not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Concord’s and Circle’s expectations, plans or forecasts of future events and views as of the date of this press release. Concord and Circle anticipate that subsequent events and developments will cause their assessments to change. However, while Concord and Circle may elect to update these forward-looking statements at some point in the future, Concord and Circle specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Concord’s or Circle’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

 

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SOURCE Circle Internet Financial, Inc.

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Fazoli’s Grows Online Sales by 3.6x with Yext-powered Digital Transformation

The restaurant chain and longtime Yext customer is making information easily accessible to customers with Yext’s AI search on its website.

PR Newswire

NEW YORK, July 8, 2021 /PRNewswire/ — Yext, Inc. (NYSE: YEXT), the AI Search Company, and Fazoli’s, a leading Italian restaurant chain, today announced their joint work to advance Fazoli’s digital transformation with AI search.

The restaurant chain has worked with Yext for several years to leverage its Marketing Answers solution set, which includes local listings optimization and reputation management. Given the success of those efforts, Fazoli’s recently decided to launch Yext’s AI-powered site search to make it easier for customers to get accurate answers to questions about its menu, locations, online ordering, and more on its website. Powered by multiple advanced natural language processing (NLP) algorithms, Yext’s site search can understand complex questions and return results in dynamic forms, like maps and call-to-action buttons.

Since launching Yext’s site search on its website in the spring of 2020, Fazoli’s has seen a 21% reduction in bounce rate on the restaurant’s website compared to the same period of the prior year. 88% of searches have returned direct results from Fazoli’s knowledge graph (the restaurant’s official database of facts, also powered by Yext), which has improved user experience and streamlined the online path to conversion.

All told, Fazoli’s has seen 3.6x growth in online sales since starting work with Yext.

“Yext has always been there to support us with whatever we’ve needed to grow our business,” said Will Hanrahan, Senior Manager of Digital Marketing at Fazoli’s. “It really does feel like an extension of our own marketing department. We have a pretty small team where we’re trying to get a lot done with limited resources, so being able to leverage the power of Yext has been huge.”

“It’s been incredible to witness the digital transformation of Fazoli’s as a Yext champion over the past few years,” said David Rudnitsky, President and Chief Revenue Officer at Yext. “With each solution of the Yext platform that Fazoli’s has tapped into, the restaurant chain has been able to supercharge its customer search experience in new and powerful ways — from optimized listings to reviews to an on-site search experience — and see a significant lift in revenue and traffic as a result. It’s a shining example to all restaurants who want to succeed in this digital-first world.”


Learn more about Fazoli’s success with Yext here.

About Yext


Yext
 (NYSE: YEXT) is the AI Search Company and is on a mission to transform the enterprise with AI search.

With the explosion of information and data online, search has never been more important. However, while the world of consumer search has innovated over time, enterprise search has not. In fact, the majority of enterprise search is powered by outdated keyword search technology that only scans for keywords and delivers a list of hyperlinks rather than actually answering questions.

Yext, the AI Search Company, offers a modern, AI-powered Answers Platform that understands natural language so that when people ask questions about a business online they get direct answers – not links.

Brands like Verizon, Vanguard, Subway and Marriott — as well as organizations like the U.S. State Department and World Health Organization — trust Yext to radically improve their business with answers-led AI search.

About Fazoli’s
Founded in 1988 in Lexington, Ky., Fazoli’s owns and operates nearly 220 restaurants in 28 states, making it the largest premium QSR Italian chain in America. Fazoli’s prides itself on serving premium quality Italian food, fast, fresh and friendly. Menu offerings include freshly prepared pasta entrees, Submarinos® sandwiches, salads, pizza and desserts – along with its unlimited signature breadsticks.

Contact:

Amanda Kontor

[email protected]

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/fazolis-grows-online-sales-by-3-6x-with-yext-powered-digital-transformation-301327576.html

SOURCE Yext, Inc.

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Aclaris Therapeutics to Participate in the William Blair Biotech Focus Conference 2021

WAYNE, Pa., July 08, 2021 (GLOBE NEWSWIRE) — Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a clinical-stage biopharmaceutical company focused on developing novel drug candidates for immuno-inflammatory diseases, today announced that Dr. Neal Walker, President and CEO of Aclaris, will participate in a virtual panel discussion at the William Blair Biotech Focus Conference 2021 titled “Novel Targets for Autoimmune Diseases,” on Thursday, July 15, 2021 at 11:00 a.m. ET. Management will be available July 15th throughout the day for virtual one-on-one meetings.

A live webcast of the panel discussion may be accessed through the “Events” page of the “Investors” section of Aclaris’ website, www.aclaristx.com. The webcast will be archived for at least 30 days on the Aclaris website.

About Aclaris Therapeutics, Inc.

Aclaris Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing a pipeline of novel drug candidates to address the needs of patients with immuno-inflammatory diseases who lack satisfactory treatment options. The company has a multi-stage portfolio of drug candidates powered by a robust R&D engine exploring protein kinase regulation. For additional information, please visit www.aclaristx.com.

Aclaris Contact

[email protected]

 



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View, Inc. Acquires IoTium, a Pioneer in Secure Edge-Cloud Infrastructure for Smart Buildings

MILPITAS, Calif., July 08, 2021 (GLOBE NEWSWIRE) — View, Inc. (Nasdaq: VIEW) (“View”), the leader in smart building platforms and smart windows, today announced it has acquired IoTium, the leading provider of secure, cloud-managed, software-defined IoT networks. IoTium’s easy-to-deploy solutions enable building owners to quickly achieve enterprise-grade security, reduce operating costs, and gain real-time visibility into their entire real estate portfolios.

“View’s smart building platform makes it easy to securely deploy a wide variety of smart building applications,” said Nitesh Trikha, Chief Product Officer at View. “IoTium’s edge-cloud solution makes the deployment process even easier, especially in existing buildings with legacy networks and systems. It is the most reliable, easiest-to-deploy and most economical solution to implement enterprise-grade security and a converged edge infrastructure in buildings. Incorporating this into View’s smart building platform will accelerate the digital transformation of real estate.”

Real estate owners recognize the need to make their existing buildings secure and smart; however, they face a difficult tradeoff. Upgrading legacy networks to achieve best-in-class security and converged connectivity requires significant upfront investment, while leaving those networks as-is exposes building owners and their tenants to security threats. IoTium solves this dilemma. The company’s secure, edge-cloud solution works with both new and existing operations technology (OT) networks, is easy to deploy and dramatically reduces operational costs by virtually eliminating on-site service visits. IoTium’s solution is currently deployed in over 800 buildings at several Fortune 500 clients.

“Kilroy easily deployed IoTium’s solutions across our entire portfolio,” said Khanh Nguyen, Vice President of IT at Kilroy Realty Corporation. “IoTium provided us with a plug-and-play, highly secure, unified infrastructure for all of our smart building applications, streamlining our day-to-day engineering tasks and reducing network operating costs by 75 percent. We look forward to working with View to make our buildings even smarter, healthier and more energy-efficient.”

“We are thrilled to join View and are excited by View’s mission to reimagine the human experience in buildings, mitigate climate change and make buildings smarter,” said Dhawal Tyagi, co-founder & CEO of IoTium.


About View


View is the leader in smart building platforms and smart windows that transform buildings to improve human health and experience, reduce energy consumption and carbon emissions, and generate additional revenue for building owners. View Smart Windows use artificial intelligence to automatically tint in response to the sun, eliminating the need for blinds and increasing access to natural light. Every View installation includes a cloud-connected smart building platform that can easily be extended to improve indoor cellular coverage, enhance building security and reimagine the occupant experience. View is installed and designed into 75 million square feet of buildings including offices, hospitals, airports, educational facilities, hotels and multi-family residences. For more information, please visit: www.view.com. 


About IoTium


IoTium is the leading provider of secure edge-cloud Infrastructure for smart buildings. IoTium’s highly scalable and secure infrastructure is used by Fortune 500 customers to rapidly enable digital transformation across their portfolio. IoTium’s cloud-delivered IoT service allows customers to easily connect their building assets to cloud applications, remotely access these assets and deploy cloud-native applications at the building edge, resulting in significant operational cost reductions. For more information, please visit: www.iotium.io


Contacts:


For Investors:

Samuel Meehan
View, Inc.
Investor Relations
[email protected]
408-493-1358

For Media:


Treble


Michael Kellner
[email protected]



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EcoChain, Inc. to Report Monthly Site Level Financials on July 14th

ALBANY, N.Y., July 08, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — EcoChain, Inc. (“EcoChain”), a wholly-owned subsidiary of Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), a cryptocurrency mining business powered by renewable energy, today announced due to the July 4th holiday it now plans to release site level results for the month of June 2021 on July 14th.

About EcoChain, Inc.

EcoChain, Inc., a wholly-owned subsidiary of Mechanical Technology, Incorporated, is engaged in developing and operating ultra-low cost green data centers focused on cryptocurrency mining. For more information about EcoChain, please visit www.ecochainmining.com.

Forward Looking Statement

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this communication, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company’s business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission.

Contact Information:

Lisa Brennan

[email protected]

Investor Relations:

Kirin Smith, President

PCG Advisory, Inc.

646.823.8656


[email protected]



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XPO Logistics Introduces Major New Benefits for Driver Trainees

Students receive full compensation and benefits during seven-week training, in addition to 100% paid tuition

GREENWICH, Conn. , July 08, 2021 (GLOBE NEWSWIRE) — XPO Logistics, Inc. (NYSE: XPO), a leading global provider of transportation and logistics solutions, has unveiled a roster of new benefits for participants in its driver training programs, effective immediately. XPO, a top three less-than-truckload (LTL) carrier in North America, has been providing professional driver training nationally for more than 35 years.

The company’s recent enhancements to student compensation and training options are designed to provide industry-best career paths, with access to schools in approximately 30 states and the flexibility to arrange local attendance. XPO driver trainees realize substantial value, including:

  • Comprehensive training in just seven weeks: five weeks of professional classroom instruction and two weeks of on-the-job experience with a mentor in the cab
  • Free tuition and a guaranteed wage paid for all 180 hours of classroom instruction and on-the-job training — a $10,000 value — plus the opportunity for paid dock work during the course of the program
  • A generous benefits package from day one of training, including full health insurance (medical, dental and vision), 401(k), life insurance, disability and more
  • An XPO job offer for students who successfully complete the program requirements
  • An accelerated compensation path for driver graduates in 85 US markets, ensuring a top pay rate after just one year of CDL-A experience

Josephine Berisha, chief human resources officer for XPO Logistics, said, “Our recent investments in LTL training will give more students an edge in becoming highly skilled drivers. We welcome all applicants with an interest in driving for XPO as an industry leader, including our non-driver employees who want to pursue a career behind the wheel.”

XPO trains over 700 student drivers on average each year, and expects to grow the number of graduates in 2021. The company is currently hiring to fill open positions for over 2,000 LTL drivers and dockworkers for its national service center network. Job opportunities and driver school openings can be found online at the XPO’s Careers Site.

About XPO Logistics

XPO Logistics, Inc. (NYSE: XPO) provides cutting-edge supply chain solutions to the most successful companies in the world, with two business segments: transportation and logistics. The company helps more than 50,000 customers manage their supply chains most efficiently, using a network of 1,621 locations in 30 countries and approximately 140,000 team members, including 108,000 employees and 32,000 temporary workers. The company’s corporate headquarters are in Greenwich, Conn., USA. Visit xpo.com for more information, and connect with XPO on Facebook, Twitter, LinkedIn, Instagram and YouTube.

Media Contact

XPO Logistics, Inc. 
Joe Checkler 
+1-203-423-2098 
[email protected] 



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VBL Therapeutics Appoints Alison Finger and Michael Rice to its Board of Directors

TEL AVIV, Israel, July 08, 2021 (GLOBE NEWSWIRE) — VBL Therapeutics (Nasdaq: VBLT) today announced the appointments of Alison Finger and Michael Rice to its Board of Directors, effective July 7, 2021. Professor Ruth Arnon has stepped down from her role as a member of VBL’s Board of Directors, effective July 6, 2021. She will continue her engagement with VBL as a scientific consultant and a member of its Scientific Advisory Board.

“We are pleased to welcome Alison and Michael as the newest members of our Board of Directors,” said Bennett Shapiro, M.D., Chairman of VBL’s Board of Directors. “Alison’s extensive experience commercializing products globally at bluebird bio and Bristol-Myers Squibb and Michael’s expertise in healthcare capital markets will be invaluable to us as we approach disclosure of topline data from the OVAL clinical trial of VB-111 in platinum resistant ovarian cancer and, if successful, planning and execution of our strategic and operational objectives to bring VB-111 to patients who would benefit from it. We also owe a debt of gratitude to Prof. Ruth Arnon for her significant contributions to our development over 14 years of dedicated service on the Board.”

About Alison Finger

Ms. Finger has nearly three decades of biotech and pharmaceutical leadership experience building and optimizing brands and portfolios in the areas of genetic medicine, cell therapy, oncology, neurology, virology and metabolics. She has commercialized products in the U.S., Europe, Asia and other geographies. Most recently, Ms. Finger was Chief Commercial Officer at bluebird bio (bluebird), where she built the commercial infrastructure for Europe and the U.S. in advance of bluebird’s first gene and cell therapy product launches. Prior to bluebird, Ms. Finger spent 21 years at Bristol-Myers Squibb (BMS) leading the hematology/oncology, neurology, and virology franchises. In these roles, she led portfolio planning, brand and franchise commercial strategy, and supported Research and Development and Corporate Business Development decisions. Ms. Finger also served as Managing Director of BMS Australia/New Zealand and has managed country, regional, and global P&Ls. Previously, she was chair of the Alliance for Regenerative Medicine Gene Therapy Section and served on the Executive Board of the Alliance for Regenerative Medicine Foundation. She also was a member of the board for The Medicines Australia Industry Association, and a member of the Pharmaceutical Strategic Working Group for the Australia Senator for Industry and Innovation. Ms. Finger earned her B.A. from St. Lawrence University and an M.B.A. from Duke University’s Fuqua School of Business.

About Michael Rice

Mr. Rice has deep experience in portfolio management, investment banking, and capital markets. He is a Founding Partner at LifeSci Partners. Prior to founding LifeSci, Michael was the co-head of Health Care Investment Banking at Canaccord Adams, where he was involved in debt and equity financing. Mr. Rice was also a Managing Director at Think Equity Partners, where he was responsible for managing Healthcare Capital Markets, which included structuring and executing numerous transactions. Prior to that, he served as a Managing Director at Bank of America serving large hedge funds and private equity healthcare funds while working closely with Investment Banking. Previously, he was a Managing Director at JP Morgan/Hambrecht & Quist. He graduated from the University of Maryland and currently sits on the board of 9 Meters Biopharma Inc.

About the OVAL
S
tudy
(
NCT03398655
)
OVAL is an international Phase 3 randomized pivotal registration enabling clinical trial that compares a combination of VB-111 and paclitaxel to placebo plus paclitaxel, in patients with platinum resistant ovarian cancer. The study is planned to enroll approximately 400 patients. OVAL is conducted in collaboration with the GOG Foundation, Inc., an independent international non-profit organization with the purpose of promoting excellence in the field of gynecologic malignancies.


About VB-111 (ofranergene obadenovec)
VB-111 is an investigational anti-cancer gene-therapy agent that is being developed to treat a wide range of solid tumors. VB-111 is a unique biologic agent that is designed to use a dual mechanism to target solid tumors. Its mechanism combines blockade of tumor vasculature with an anti-tumor immune response. VB-111 is administered as an IV infusion once every 6-8 weeks. It has been observed to be well-tolerated in >300 cancer patients and demonstrated activity signals in an “all comers” Phase 1 trial as well as in three tumor-specific Phase 2 studies. VB-111 has received an Orphan Designation for the treatment of ovarian cancer from the European Commission. VB-111 has also received orphan drug designation in both the US and Europe, and fast track designation in the US, for prolongation of survival in patients with recurrent glioblastoma. VB-111 demonstrated proof-of-concept and survival benefit in Phase 2 clinical trials in radioiodine-refractory thyroid cancer and recurrent platinum-resistant ovarian cancer (NCT01711970).

About VBL
Therapeutics

Vascular Biogenics Ltd., operating as VBL Therapeutics, is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class treatments for areas of unmet need in cancer and immune/inflammatory indications. VBL Therapeutics has developed three platform technologies: a gene-therapy based technology for targeting newly formed blood vessels with focus on cancer, an antibody-based technology targeting MOSPD2 for anti-inflammatory and immuno-oncology applications, and the Lecinoxoids, a family of small-molecules for immune-related indications. VBL Therapeutics’s lead oncology product candidate, ofranergene obadenovec (VB-111), is an investigational, first-in-class, targeted anti-cancer gene-therapy agent that is being developed to treat a wide range of solid tumors. VB-111 is currently being studied in a VBL Therapeutics-sponsored Phase 3 potential registration trial for platinum-resistant ovarian cancer.

CONTACT:

Burns McClellan for VBL Therapeutics

Lee Roth (investors) / Ryo Imai (media)
[email protected] / [email protected]  
+1-212-213-0006



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Ikena Oncology to Participate in Targeted Oncology Panel at the William Blair Biotech Focus Conference 2021

BOSTON, July 08, 2021 (GLOBE NEWSWIRE) — Ikena Oncology, Inc. (Nasdaq: IKNA), a targeted oncology company focused on developing therapies targeting key signaling pathways that drive the formation and spread of cancer, today announced that Dr. Mark Manfredi, CEO of Ikena Oncology, will participate in a panel discussing next-generation approaches to targeted oncology at the upcoming virtual William Blair Biotech Focus Conference.

Details on the panel webcast can be found below.

        Date: Thursday, July 15, 2021
        Time: 9:00 – 9:45 a.m. ET
        Webcast Link: Register

The panel will be webcast live and can be accessed by visiting the Investors & Media section of the company’s website at www.ikenaoncology.com. The webcast will be archived for a period of 30 days following the conclusion of the live event.

About Ikena Oncology

Ikena Oncology is a targeted oncology company focused on developing cancer therapies targeting key signaling pathways that drive the formation and spread of cancer. Ikena is advancing five programs that include four product candidates in either clinical development or IND-enabling studies: IK-930, a TEAD inhibitor targeting the Hippo signaling pathway; an ERK5 inhibitor program targeting the KRAS signaling pathway; IK-175, an AHR antagonist; IK-412, a kynurenine-degrading enzyme; and IK-007, an EP4 receptor antagonist. Ikena has entered into a global strategic collaboration with Bristol-Myers Squibb Company for its IK-175 and IK-412 programs. To learn more visit www.ikenaoncology.com or follow us on Twitter and LinkedIn.

Media Contact:

Gwen Schanker
LifeSci Communications
[email protected]

Investor Contact:
Rebecca Cohen
Ikena Oncology
[email protected]



Posted on

Laredo Petroleum Provides Second-Quarter 2021 Operational Update and Revised 2021 Capital Budget and Production Guidance

TULSA, OK, July 08, 2021 (GLOBE NEWSWIRE) — Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo” or the “Company”) today provided preliminary production results and an operational update for the second quarter of 2021 and its revised capital budget and production guidance for full-year 2021 in association with the closing of the acquisition of the Howard County leasehold of Sabalo Energy, LLC (“Sabalo”) and the divestiture of legacy proved developed producing reserves.

Second-Quarter 2021 Operational Update
In the second quarter of 2021, Laredo produced approximately 85.9 thousand barrels of oil equivalent (“BOE”) per day, including oil production of approximately 26.4 thousand barrels of oil per day (“BOPD”), growing both total and oil production by 9% versus first-quarter 2021.

In mid-to-late June, the Company’s production operations in Howard County were impacted by a combination of delayed third-party connections to tank batteries, downtime at third-party facilities due to weather-related events and lost power in the field. For approximately 10 days, Laredo chose to curtail production to minimize flaring rather than continue producing crude oil at maximum rates and flaring excessive amounts of wet gas. Laredo estimates that the curtailments and shut-ins reduced second-quarter 2021 total production by approximately 900 BOE per day, including approximately 700 BOPD of oil production. The midstream infrastructure and field electrical issues have been addressed and production operations in Howard County have returned to normal.

Incurred capital expenditures in the second quarter of 2021 were approximately $100 million, excluding non-budgeted acquisitions and a $10 million leasehold expenditure. Laredo completed 16 wells during second-quarter 2021, three more than anticipated, as reductions in the time to drill and complete wells pulled activity from the third quarter of 2021 into the second quarter. The 13-well Davis package was put on production during the second half of the quarter and the three additional completions are part of the 12-well West package, with the remaining nine wells in the West package expected to begin flowing back during the third quarter of 2021.

Revised Full-Year 2021 Capital Budget and Production Guidance
The Company’s revised full-year 2021 capital budget is driven by the integration of Sabalo’s operations into Laredo’s low-cost operational structure paired with continued efficiency gains. The revised budget achieves a 22% increase in completed wells and a 24% increase in completed lateral feet versus the previous budget while investing only 17% more capital. Revised production guidance reflects the sale of approximately 25,000 BOE (23% oil) per day of gas-weighted production from the Company’s legacy leasehold and the purchase of approximately 13,600 BOE (89% oil) per day of production from Sabalo, as of July 1, 2021.

    FY-21E Revised   FY-21E Previous
Production and capital:        
Total production (MBOE per day)     77.0 – 80.0       80.0 – 85.0  
Oil production (MBOPD)     30.5 – 31.5       27.3 – 29.3  
Incurred capital expenditures, excluding non-budgeted acquisitions ($ MM)   $ 420     $ 360  
         
Selected activity metrics:        
Spuds     64       53  
Completions     67       55  
Working interest     100 %     100 %
Average lateral length (feet)     10,000       9,800  
                 

Preliminary 2022 Operational Plan
By the second quarter of 2022, Laredo expects to return to a highly-efficient operational cadence of two rigs and one completions crew. Current plans are for total capital expenditures, including infrastructure and other capitalized costs, excluding non-budgeted acquisitions, of approximately $380 million and to complete approximately 60 wells with an average lateral length of approximately 11,500 feet during full-year 2022. This activity level is expected to generate oil production of 36,000 to 38,000 BOPD for full-year 2022, holding oil production approximately flat versus the expected fourth-quarter 2021 exit rate. Total production is expected to average 75,000 to 78,000 BOE per day, a slight decline in total production versus full-year 2021. At current 2022 commodity prices, the Company expects this plan to generate $225 million to $250 million of Free Cash Flow1.

“During the second quarter, Laredo again executed on its Howard County development plan,” stated Jason Pigott, President and Chief Executive Officer. “Our team quickly made up lost time from the storms in the first quarter and got ahead of schedule by the end of the second quarter. When we experienced some production issues associated with our third-party midstream and electrical providers, we took the necessary steps to curtail production and demonstrated our commitment to minimizing flaring and properly stewarding our resources.”

“As we integrate Sabalo’s operations, we have budgeted a moderate increase in activity and capital levels for the remainder of 2021, primarily driven by the drilling and completion of an eight-well package that was already in process at the closing of the transaction,” continued Mr. Pigott. “We remain committed to a disciplined development pace and expect to return to operating two drilling rigs and one completions crew in early 2022. At this pace, the capital efficiency of our Howard County acreage is expected to drive significant, sustainable Free Cash Flow1 generation while keeping oil production relatively flat with our 2021 exit rate. We expect to utilize our Free Cash Flow1 to reduce debt and push our leverage down to 1.5 times by the end of 2022.”


Forward-Looking Statements


This press release and any oral statements made regarding the subject of this release contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Laredo assumes, plans, expects, believes, intends, projects, indicates, enables, transforms, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Such statements are not guarantees of future performance and involve risks, assumptions and uncertainties.

General risks relating to Laredo include, but are not limited to, the decline in prices of oil, natural gas liquids and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, the ability of the Company to execute its strategies, including its ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to its financial results and to successfully integrate acquired businesses, assets and properties, oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries (“OPEC+“), the outbreak of disease, such as the coronavirus (“COVID-19“) pandemic, and any related government policies and actions, changes in domestic and global production, supply and demand for commodities, including as a result of the COVID-19 pandemic and actions by OPEC+, long-term performance of wells, drilling and operating risks, the increase in service and supply costs, tariffs on steel, pipeline transportation and storage constraints in the Permian Basin, production curtailment, hedging activities, possible impacts of litigation and regulations, the impact of repurchases, if any, of securities from time to time and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2020, its Current Report on Form 8-K filed on May 11, 2021 and those set forth from time to time in other filings with the SEC. These documents are available through the SEC’s Electronic Data Gathering and Analysis Retrieval System at www.sec.gov. Any of these factors could cause Laredo’s actual results and plans to differ materially from those in the forward-looking statements. Therefore, Laredo can give no assurance that its future results will be as estimated. Laredo does not intend to, and disclaims any obligation to, update or revise any forward-looking statement. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.



1



Free Cash Flow (Unaudited)


Free Cash Flow is a non-GAAP financial measure that the Company defines as net cash provided by operating activities (GAAP) before changes in operating assets and liabilities, net, less costs incurred, excluding non-budgeted acquisitions. Free Cash Flow does not represent funds available for future discretionary use because it excludes funds required for future debt service, capital expenditures, acquisitions, working capital, income taxes, franchise taxes and other commitments and obligations. However, management believes Free Cash Flow is useful to management and investors in evaluating operating trends in its business that are affected by production, commodity prices, operating costs and other related factors. There are significant limitations to the use of Free Cash Flow as a measure of performance, including the lack of comparability due to the different methods of calculating Free Cash Flow reported by different companies.

Investor Contact:
Ron Hagood
918.858.5504
[email protected]



Posted on

Exicure Announces Upcoming Neuroscience Pipeline Update at Virtual R&D Day

Exicure Announces Upcoming Neuroscience Pipeline Update at Virtual R&D Day

CHICAGO & CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Exicure, Inc. (NASDAQ: XCUR), a pioneer in gene regulatory drugs utilizing spherical nucleic acid (SNA™) technology, will host a virtual R&D Day on Thursday, July 15, 2021 from 10:00 am to 11:00 am ET. The event will showcase Exicure’s neuroscience pipeline, including its lead program for Friedreich’s Ataxia (FA), XCUR-FXN, which is designed to address the underlying molecular cause of FA.

Exicure will present new and previously unreleased preclinical data and discuss progress with XCUR-FXN, which is on track for IND filing in late Q4 2021. Additionally, Exicure will discuss its perspective on XCUR-FXN’s competitive differentiation in FA and the program’s path to clinical validation.

Also, Exicure will provide an update on its expanding pipeline across several rare neurodegenerative diseases of high unmet need and highlight progress with two preclinical programs targeting SCN9A (Nav1.7) for neuropathic pain and CLN3 for Batten Disease.

“We believe that our SNA platform is ideally suited to address neurological disorders based on the demonstrated ability of SNAs in nonclinical studies to achieve higher cellular uptake in all key cell types and broad biodistribution in the CNS, including deep brain regions,” says Dr. David Giljohann, Exicure’s CEO. “We are excited to translate our platform’s capabilities to potential benefits for patients as demonstrated by our bi-specific SNA, XCUR-FXN for Friedreich’s Ataxia, anticipated to enter the clinic in the first half of 2022.”

A live webcast will be available in the Events and Presentations section of Exicure’s website on July 15, 2021 at 10:00 am ET. An archived version will be available on the company website following the event. Additional information can be found here: https://event.on24.com/wcc/r/3305687/FA6C43097DA849A64659B1FB63A8C259

About Friedreich’s Ataxia

Friedreich’s Ataxia is the most commonly inherited ataxia, a degenerative neuromuscular disease leading to progressive loss of coordination and causing severe childhood disability and early mortality, in most cases before age 40. It is a monogenic disorder caused by mutations in the FXN gene resulting in reduced levels of frataxin protein. FA affects about 13,500 people in the US, Europe, Canada, and Australia combined. There are currently no approved therapies for Friedreich’s Ataxia patients.

About SCN9A

SCN9A is the gene encoding Nav1.7, a trans-membrane sodium channel, that plays a critical role in pain signal signaling. Nav1.7 is strongly expressed in dorsal root ganglion (DRG) neurons, which mediate transmission of peripheral pain signals to the brain. Nav1.7’s critical role for pain signaling has been biologically validated by human gain-of-function mutations leading to severe pain conditions such as Inherited Erythromelalgia and Small Fiber Neuropathy and human loss-of-function mutations lead to congenital insensitivity to pain. Nav1.7-targeting therapies could provide a novel treatment option for neuropathic pain conditions in which currently available therapies are largely ineffective.

About CLN3 Batten Disease

CLN3 Batten Disease is a monogenic, autosomal recessive, lysosomal storage disorder caused by mutations in the CLN3 gene resulting in batten protein deficiency. Affected individuals experience childhood blindness, pediatric dementia syndrome, seizures, and early death between age 20 and 30. CLN3 Batten is estimated to affect greater than 1,800 individuals in the United States and Europe. There are currently no approved therapies for these patients.

About Exicure, Inc.

Exicure, Inc. is a clinical-stage biotechnology company developing therapeutics for neurology, immuno-oncology, inflammatory diseases and other genetic disorders based on our proprietary Spherical Nucleic Acid, or SNA technology. Exicure believes that its proprietary SNA architecture has distinct chemical and biological properties that may provide advantages over other nucleic acid therapeutics and may have therapeutic potential to target diseases not typically addressed with other nucleic acid therapeutics. Exicure is in preclinical development of XCUR-FXN an SNA–based therapeutic candidate, for the treatment of Friedreich’s ataxia (FA). Exicure’s drug candidate cavrotolimod (AST-008) is currently in a Phase 2 clinical trial in patients with advanced solid tumors. Exicure is in Chicago, IL and has an office in Cambridge, MA.

For more information, visit Exicure’s website at www.exicuretx.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact could be deemed forward looking including, but not limited to, statements regarding the advancement of the Company’s clinical programs and its expansion into neuroscience; its clinical development of XCUR-FXN including developmental and regulatory submission timelines and anticipated data read-outs; and the timing and success of its preclinical programs including a program targeting SCN9A for neuropathic pain and a program targeting CLN3 Batten Disease. The forward-looking statements in this press release speak only as of the date of this press release, and the company undertakes no obligation to update these forward-looking statements. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the risks that the ongoing COVID-19 pandemic may disrupt the company’s business and/or the global healthcare system more severely than it has to date or more severely than anticipated, which may have the effect of impacting or delaying the company’s ongoing Phase 1b/2 clinical trial; unexpected costs, charges or expenses that reduce the company’s capital resources; the company’s preclinical or clinical programs do not advance or result in approved products on a timely or cost effective basis or at all; the results of early clinical trials are not always being predictive of future results; the cost, timing and results of clinical trials; that many drug candidates do not become approved drugs on a timely or cost effective basis or at all; the ability to enroll patients in clinical trials; possible safety and efficacy concerns; regulatory developments; and the ability of the company to protect its intellectual property rights. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the company’s actual results to differ from those contained in the forward-looking statements, see the section titled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2020, as updated by the company’s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the company undertakes no duty to update this information, except as required by law.

For Media:

Karen Sharma

MacDougall

781-235-3060

[email protected]

KEYWORDS: United States North America Illinois Massachusetts

INDUSTRY KEYWORDS: Science Other Science Research Pharmaceutical Oncology Health Genetics Other Health

MEDIA:

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