The Real Brokerage Inc. Broadens Its Tech-Powered Real Estate Brokerage to Wisconsin with the Addition of Top Real Estate Group and Agents

PR Newswire

TORONTO and NEW YORK, March 15, 2021 /PRNewswire/ — The Real Brokerage Inc. (Real) (TSXV: REAX) (OTCQX: REAXF), a national, technology-powered real estate brokerage in the United States, today announced its expansion to Wisconsin with the addition of a leading real estate group, Inventure Realty Group, and other top agents in the Madison and Milwaukee metro areas.

“We look at Real as a great opportunity for the agents, one that we could never offer them.”

Inventure Realty Group is a 90-agent Madison-based real estate group sold 960 homes in 2020 worth US $283 million in closed volume. Local entrepreneur and UW-Madison alum Kenneth Kaiser founded Inventure in 2007 after learning the business from his parents and later making his mark as a top newcomer at Keller Williams. In 2014, his former colleague and fellow alum Kathleen “Sona” Olson joined him at Inventure as managing broker. Sona has over 20 years of  experience as a broker in Wisconsin and is a third generation REALTOR®. She spent the first 12-years of her career working with her father, a residential real estate developer, learning about land development and the residential market.

Driven by its family roots in the business, Inventure’s mission is to return as much value as possible to agents with the belief that well-supported agents provide the best service to clients. In 2021, Real presented an opportunity to expand on Inventure’s education platform and its mission to provide their agents with the best support possible. The next-generation brokerage that Real presents is an “opportunity we cannot afford to lose for our agents or our company,” said Kaiser, who will be taking on the role of Wisconsin growth leader at Real.

“The question we had was how do you keep growing when the model for real estate is changing?” said Kaiser. “We look at Real as a great opportunity for the agents, one that we could never offer them, with additional financial opportunities, technology and national footprint. It gives our agents a way to build other revenue sources and be associated with something bigger.”

“Real is shaking up the traditional models in our industry.  It’s exciting that we can be involved and help build a foundation here for our agents,” said Olson, who has signed on to be Real’s Designated Managing Broker in Wisconsin.

“We are excited to launch Real in Wisconsin with Inventure Realty Group’s local recognition for extraordinary service and the shared desire to provide agents in the Badger State with the best platform for growth possible,” said Real co-founder and CEO Tamir Poleg.

Additional agents who joined in Real’s launch in Wisconsin include the following:

  • John Glassbrenner with Newfangled Realty in the Chippewa Valley
  • Jacqueline Knight and Guy Lofts in Verona
  • Danice Kalscheur with NextHome Metro in Madison
  • Mary Lausted in Eau Claire and Chippewa Falls
  • Leah Marsh in Appleton
  • Omar Ortiz with Flamboyant Real Estate Group in Milwaukee
  • Brian Redlich and Mike Lu with the Real Estate By Redlich Team in Milwaukee.

Guy Lofts served as associate broker for Real’s Wisconsin launch. Lofts brings over 20 years of experience to the role, including leadership positions at eXp Realty and Keller Williams. He is known for identifying talent, providing vision, recruiting, training and motivating agents.

“At Real I look forward to helping both customers and agents achieve the American dream through best-in-class technology and the most compelling opportunities for agents with competitive splits, stock purchase programs and revenue sharing,” said Lofts.

About Real

Real (www.joinreal.com) is a technology-powered real estate brokerage operating in 25 U.S. states and the District of Columbia. Real is building the brokerage of the future, together with agents and their clients. Real creates financial opportunities for agents through better commission splits, best-in-class technology, revenue sharing and equity incentives.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act)

Forward-looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as ” seek”, ” anticipate”, ” believe”, ” plan”, ” estimate”, ” expect”, ” likely” and ” intend” and statements that an event or result ” may”, ” will”, ” should”, ” could” or ” might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, Information relating to Real’s future growth plans and strategy, and eligibility of agents to receive performance-based or equity incentives as part of Real’s incentive program.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQX has neither approved nor disapproved the contents of this press release.

Contact: 
Lynda Radosevich
917-922-7020
[email protected]

 

 

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SOURCE The Real Brokerage Inc.

Ferrellgas, L.P. Announces Proposed Senior Notes Offering

OVERLAND PARK, Kan., March 15, 2021 (GLOBE NEWSWIRE) — Ferrellgas, L.P. (OTC: FGPRQ) (the “Company”) and its wholly-owned subsidiary Ferrellgas Finance Corp. (“Finance Corp.” and, together with the Company, the “Issuers”) announced that, subject to market conditions, the Company’s wholly-owned direct subsidiary, Ferrellgas Escrow, LLC (the “Escrow LLC Issuer”), and Finance Corp.’s wholly-owned direct subsidiary, FG Operating Finance Escrow Corp. (the “Escrow Corp. Issuer”), intend to offer $1,475.0 million aggregate principal amount of senior notes due 2026 (the “2026 Notes”) and senior notes due 2029 (together with the 2026 Notes, the “Notes”).

The offering of the Notes is part of a series of refinancing transactions being undertaken by the Company in connection with the restructuring of Ferrellgas Partners, L.P., the Company’s parent, and Ferrellgas Partners Finance Corp., to be effected through a plan of reorganization under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) substantially on the terms of the Second Amended Prepackaged Joint Chapter 11 Plan of Reorganization of Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. (the “Plan”) approved by the Bankruptcy Court on March 5, 2021.

If the Notes are issued prior to satisfaction of certain escrow release conditions, which includes the occurrence of the effective date of the Plan (the “Effective Date”), an amount equal to the gross proceeds of the offering for each series of Notes and an amount sufficient to pay all of the interest that would accrue on the Notes through April 1, 2021 will be deposited into an escrow account for the Notes (the “Escrow Account”). The funds in the Escrow Account will be pledged as security for the benefit of the holders of the Notes. If the Effective Date occurs at the consummation of this offering of Notes, the escrow procedures will be foregone and the Notes will instead be initially issued by the Issuers. On the Effective Date, the Escrow LLC Issuer will merge with and into the Company and the Escrow Corp Issuer will merge with and into Ferrellgas Finance Corp and the Issuers will assume their obligations under the Notes.

From and after the Effective Date, the Notes will be senior obligations of the Issuers and will be guaranteed on a senior unsecured basis by Ferrellgas, Inc., certain future general partners of the Company and each existing and future subsidiary of the Company, subject to certain exceptions. On the Effective Date, the Issuers intend to use the net proceeds received from the offering of the Notes, together with cash on hand and the proceeds from the sale of new senior preferred units of the Company, to redeem all of the Issuers’ existing notes, and to pay related fees, premiums and accrued and unpaid interest on such notes.

The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The Notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, the Notes or any other securities, nor shall there be any offer or sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale is unlawful. This press release does not constitute a notice of redemption under the indentures governing the Issuers’ existing notes.

About Ferrellgas

Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico.

Forward Looking Statements

Statements included in this press release may constitute forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. These statements often use words such as “anticipate,” “believe,” “intend,” “plan,” “projection,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” or the negative of those terms or other variations of them or comparable terminology. These statements often discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future and are based upon the beliefs and assumptions of our management and on the information currently available to them. There can be no assurances that the offering, issuance and sale of the Notes will be completed.

Ferrellgas continues to experience financial, business, operational and reputational risks that could materially affect our present expectations and projections. In addition, the effectiveness of the Plan is conditioned on certain requirements such as the Company completing its refinancing. There is no assurance that the Plan will become effective or that the refinancing transactions will be consummated, and the outcome of our debt reduction strategy continues to remain uncertain. For additional information regarding known material factors that could cause our actual results to differ from those contained in or implied by forward-looking statements, please see the section entitled “Risk Factors” in the Ferrellgas Entities’ Annual Report on Form 10-K for the year ended July 31, 2020 and in subsequent reports filed under the Securities Exchange Act of 1934, as amended.

You are cautioned not to place undue reliance on forward-looking statements, which are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Investor Relations
[email protected]



Shawcor Ltd. Announces Conditional Award for North Sea Development Project

TORONTO, March 15, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (TSX: SCL) announced today that its pipe coating division has secured a firm contract, pending project sanction, to provide a wet insulation coating system utilizing its proprietary ULTRA™ technology for a Development Project located in the North Sea.

The conditional award was secured following a technology development program to extend Shawcor’s ULTRA™ platform. The value of the award is in the range of C$40-$45 million, pending final investment decision which is expected to occur in the third quarter of 2021. The work is expected to be executed from Shawcor’s Okanger, Norway facility commencing in the third quarter of 2022.

Shawcor Ltd. is a global company serving various sectors of the Infrastructure, Energy and Transportation markets through three reporting segments:  Pipeline and Pipe Services, Composite Systems and Automotive and Industrial. The Company operates through a global network of fixed and mobile manufacturing and service facilities and is valued for its integrity, technology and proven capability to execute the most complex projects in its industry.

This news release contains forward-looking information within the meaning of applicable securities laws. Words such as “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “predict”, “estimate” or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company’s experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.

For further information, please contact:

Meghan MacEachern
External Communications & ESG, Director
Telephone: 437.341.1848
Email: [email protected]
shawcor.com

Source: Shawcor Ltd.



MINDCURE Names Tarik Lebbadi as Chief Operating Officer

PR Newswire

An accomplished international operator, Mr. Lebbadi led the medical division for Johnson & Johnson and has successfully scaled several high-growth companies

VANCOUVER, BC, March 15, 2021 /PRNewswire/ – Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) (FRA: 6MH) (“MINDCURE” or the “Company”) a leader in advanced proprietary technology for psychedelic therapy, is pleased to announce that it has named Tarik Lebbadi as the Company’s new Chief Operating Officer, effective immediately. Mr. Lebbadi steps in to assume the role previously held by President & CEO Kelsey Ramsden. He is an accomplished international executive and operator with extensive experience in healthcare and technology, having served in a leadership position at Johnson & Johnson and at several high-growth technology companies. Most recently, he served in a strategic operational capacity at Aurora Cannabis through the industry’s legalization.

“I am thrilled to welcome Tarik to MINDCURE today,” said Kelsey Ramsden, President & CEO, MINDCURE. “With his diverse and relevant operational experience, he is the right leader to step in and drive our commercial team forward. His specific experience with Johnson & Johnson gives him an understanding of healthcare and the pace at which it operates, and he has significant hands-on experience with high-growth teams as well.”

Mr. Lebbadi began his career as a software engineer and has extensive operational experience with technology platforms. “Tarik’s specific software and technology experience will also be invaluable, both as an engineer and operator,” continued Mrs. Ramsden. “His experience with Johnson & Johnson aligns with MINDCURE’s strategy to be an integrated provider, from drug discovery through production and therapeutic support, with iSTRYM. His ability to drive strategy and execution across the board is a rare asset and one we are thrilled to have on our team.”

“I could not be more excited to join the MINDCURE team today,” said Tarik Lebbadi, COO, MINDCURE. “The company has an impressive vision and strategy in place, and I look forward to providing the commercial direction alongside Mrs. Ramsden. I have operated companies through all growth stages, from start-ups in technology to healthcare, and most recently in the cannabis industry through legalization. I believe that leading MINDCURE successfully will require lessons learned from all three, with our focus on proprietary technology, the importance of trust and science within healthcare, and establishing a culture of efficiency, focus, and compliance through growth and legalization. Perhaps most importantly, I am a passionate advocate of psychedelic medicines and believe in their potential to transform mental health care.”

About Tarik Lebbadi:

An accomplished executive within the healthcare and technology sectors, Mr. Lebbadi has over 13 years of international operational experience. He started his career as a software engineer but then moved to the business world to lead the medical division of Johnson & Johnson in Morocco. He later found a passion for scaling and structuring rapidly growing companies, and his most recent experience was in a strategic operational capacity at Aurora Cannabis through the industry’s legalization.

He holds a BA in Mathematics and Computer Science from Ripon College and an MBA from IESE Business School in Barcelona, Spain.

About Mind Cure Health (MINDCURE) Inc.

MINDCURE exists as a response to the current mental health crisis and urgent calls for effective treatments. MINDCURE believes in the need to reinvent the mental health care model for patients and practitioners to allow psychedelics to advance into common and accepted care.

MINDCURE is focused on identifying and developing pathways and products that ease suffering, increase productivity, and enhance mental health. MINDCURE is interested in exploring diverse therapeutic areas beyond psychiatry, including digital therapeutics, neuro-supports, and psychedelics, all to improve mental health.

On Behalf of the Board of Directors
Kelsey Ramsden, President & CEO
Phone: 1-888-593-8995

Forward-Looking Information

Certain statements in this news release may constitute “forward-looking information” within the meaning of applicable securities laws (also known as forward-looking statements). Forward-looking information involves known and unknown risks, uncertainties and other factors, and may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “feel”, “intend”, “may”, “plan”, “predict”, “project”, “subject to”, “will”, “would”, and similar terms and phrases, including references to assumptions. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: Mr. Lebbadi driving MINDCURE’s commercial team forward; Mr. Lebbadi being the right leader for MINDCURE and his intended impact on MINDCURE; and Mr. Lebbadi helping to further the development and commercialization of iSTRYM.

Forward-looking information is based on a number of key expectations and assumptions made by MINDCURE, including, without limitation: the COVID-19 pandemic impact on the Canadian economy and MINDCURE’s business, and the extent and duration of such impact; no change to laws or regulations that negatively affect MINDCURE’s business; there will be a demand for MINDCURE’s products in the future; no unanticipated expenses or costs arise; MINDCURE will be able to continue to identify products that make them ideal candidates for providing solutions for treating mental health; that the functional mushroom industry will continue to grow; Mr. Lebbadi will help MINDCURE to achieve its goals as expected; and MINDCURE will be able to operate its business as planned. Although the forward-looking information contained in this news release is based upon what MINDCURE believes to be reasonable assumptions, it cannot assure investors that actual results will be consistent with such information.

Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information involves significant risks and uncertainties and should not be read as a guarantee of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking information. Those risks and uncertainties include, among other things, risks related to: the impacts of the COVID-19 pandemic on the Canadian economy, MINDCURE’s industry and MINDCURE’s business, which may negatively impact, and may continue to negatively impact, MINDCURE and may materially adversely affect MINDCURE’s investments, results of operations, financial condition, and MINDCURE’s ability to obtain additional equity or debt financing, and satisfy its financial obligations; general economic conditions; future growth potential; competition for mental health and wellness investments; Mr. Lebbadi may not help MINDCURE to achieve its goals as expected; Mr. Lebbadi may not help the development and commercialization of iSTRYM; and changes in legislation or regulations. Management believes that the expectations reflected in the forward-looking information contained herein are based upon reasonable assumptions and information currently available; however, management can give no assurance that actual results will be consistent with such forward-looking information. Additional information on the risk factors that could affect MINDCURE can be found under “Risk Factors” in MINDCURE’s final prospectus which is available on SEDAR at www.sedar.com.

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to MINDCURE. The forward-looking information is stated as of the date of this news release and MINDCURE assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

The CSE has neither approved nor disapproved the contents of this press release and the CSE does not accept responsibility for the adequacy or accuracy of this release.

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SOURCE Mind Cure Health Inc.

Agenus Corporate Update and Fourth Quarter & Full Year 2020 Financial Report

  • Completion of balstilimab BLA filing on target for 1H 2021
  • New clinical data for AGEN1181 to be presented at AACR
  • TIGIT bispecific AGEN1777 IND to be filed in 2Q 2021
  • iNKT cell therapy cancer trials to commence in 1H 2021

LEXINGTON, Mass., March 15, 2021 (GLOBE NEWSWIRE) —  Agenus Inc. (NASDAQ: AGEN), an immuno-oncology company with an extensive pipeline of checkpoint antibodies, cell therapies, adjuvants, and vaccines designed to activate immune response to cancers and infections, today provided a corporate update and reported financial results for the fourth quarter and full year 2020.

“2020 was a pivotal year for Agenus, marking the beginning of our transition to a commercial company with the initiation of our rolling BLA filing for balstilimab monotherapy. We also reported positive data on multiple programs,” said Garo Armen, PhD, Chief Executive Officer of Agenus. “We expect 2021 to be even more impactful, with the expected completion of our balstilimab monotherapy BLA filing in the first half. This filing, followed by an anticipated commercialization, will provide a solid foundation to support the development of our next-generation pipeline. Our best-in-class pipeline reveals true differentiation potential, notably our next-generation anti-CTLA-4 AGEN1181 and our anti-TIGIT bispecific AGEN1777.”

Balstilimab (anti-PD-1): BLA completion expected in first half of 2021

  • Balstilimab accelerated approval in second line cervical cancer expected to be a significant milestone in the transition to a commercial company and a key inflection point for Agenus’ combinations strategy both with its own pipeline agents and with partnered products
  • Balstilimab shows differentiation from commercial PD-1s and achieves response rates of 19% in PD-L1 positive tumors with 14% in all tumors (PD-L1 positive and negative) and a median duration of response of 15.4 months in a Phase 2 trial. Data presented at the European Society for Medical Oncology (ESMO) Virtual Congress 2020 and in an Oncogene editorial
  • Balstilimab + zalifrelimab Phase 2 trial in second line cervical cancer achieves response rates of 27% in PD-L1 positive tumors with 22% in all tumors (PD-L1 positive and negative) with a median duration of response not yet reached; data presented at ESMO 2020. Responses continue to improve as data matures
  • Discussions with the FDA regarding accelerated BLA filing for balstilimab plus zalifrelimab ongoing; additional guidance and updated response rate data to be provided upon FDA acceptance of balstilimab monotherapy BLA

AGEN1181: Clinical data points to superior next-generation anti-CTLA-4 agent

  • As of our February 9th report, six confirmed objective clinical responses were achieved in Phase 1/2 trial of AGEN1181 out of 46 evaluable patients: 1 confirmed response among 24 treated with monotherapy, and 5 confirmed responses among 22 treated with AGEN1181 in combination with balstilimab
  • New clinical data to be presented at the American Association for Cancer Research (AACR) Annual Meeting 2021
  • Optimized Fc-enhanced design differentiates AGEN1181 as a more active next-generation anti-CTLA-4
    • Responses seen in patients who do not generally respond to first-generation anti-CTLA-4 due to a genetic polymorphism, thus potentially expanding benefit to 3x more patients
    • Further, responses seen in cold tumor settings (microsatellite stable) and in indications that are generally not responsive to immunotherapy, including colorectal, endometrial, and ovarian
    • No complement-mediated toxicities typically seen with first-generation anti-CTLA-4 agents
    • First anti-CTLA-4 to demonstrate clinical depletion of Tregs, immunosuppressive T cells whose depletion can allow for an improved antitumor immune response
  • Phase 2 trial in colorectal cancer initiated; registrational trials targeted to commence in 2021 with focus on indications enabling a rapid path to BLA filing

AGEN1777 (Anti-TIGIT bispecific): Best-in-class potential; slated for IND filing in 2Q 2021

  • Superior antibody candidate for bispecific targeting and Fc enhancement, designed for best-in-class performance
    • Optimized antibody designed to improve upon limited monotherapy activity of other anti-TIGITs
    • Potential to broaden clinical benefit to additional 40% of patients versus other TIGIT antibodies by expanding benefit to patients with a genetic polymorphism
    • Bispecific design enables dual blockade of tumor growth, cutting off a potential cancer escape mechanism to TIGIT blocking
  • IND planned for the second quarter of 2021; Phase 1 study to commence in the third quarter

iNKTs – Intelligent cell therapy: Trial underway in patients with COVID-19; cancer trials to commence in 1H 2021

  • Preliminary Phase 1 data suggest iNKTs can be dosed with no safety concerns and may demonstrate early signals of activity. Trial expansion is underway
  • Dose escalation expected to be completed in the first half of 2021 for initiation into a Phase 2 trial
  • Dosing in Phase 1 study to treat hematologic cancers and solid tumors expected to commence in the first half of 2021

Partnered program MK-4830: Phase 2 initiated; milestone received

  • MK-4830 (antibody targeting ILT4 licensed to Merck) advanced into Phase 2 in patients with PD-L1 positive advanced non-small cell lung cancer
  • $10M milestone payment received; Agenus is eligible for up to an additional $85M in potential milestone payments plus royalties. Agenus retains 90% of all milestones from Merck and 67% of future royalties under its Royalty Purchase Agreement with XOMA LLC
  • MK-4830 positive Phase 1 data presented at ESMO 2020

Enhancing talent density to drive key initiatives

  • Dr. Steven O’Day, pioneer in I-O and anti-CTLA-4 therapy, joins as Chief Medical Officer to drive clinical trial development especially for AGEN1181
  • Andy Hurley, a seasoned commercial executive, joins as Chief Commercial Officer to head Agenus’ efforts as it prepares for anticipated balstilimab commercialization
  • Marc Wiles, an expert in new product approvals, joins as Vice President of Regulatory Affairs
  • Jason Paragas, leader in AI and pandemic surveillance, joins as Divisional Vice President of Strategic Initiatives

Agenus initiatives in adjuvants, biomarker platforms, and predictive AI

  • First QS-21 milestone payment of $15.1M based on SHINGRIX sales received from Healthcare Royalty Partners; process for large-scale production of renewable raw source of QS-21 advancing to GMP scale-up
  • Proprietary VISION platform, along with artificial intelligence, designed to allow for discovery of novel biomarkers and design of optimal treatment protocols for patients
  • Updates on AGEN2373, our anti-CD137 antibody, and AGEN1223, our novel bispecific, will be presented at future scientific and medical conferences

Strategic partnerships expand potential of Agenus molecules

  • Betta Pharmaceuticals licensing agreement for balstilimab and zalifrelimab in Greater China; Agenus received $35M in cash and equity and is eligible for up to $100M in milestones plus royalties
  • Rottapharm Biotech access program for balstilimab in combination with CR6086, a potent and selective prostaglandin EP4 receptor antagonist, in patients with advanced metastatic colorectal cancer
  • Nelum Pharmaceuticals clinical collaboration for zalifrelimab in combination with NLM-001, Nelum’s small molecule hedgehog inhibitor, and chemotherapy for first-line advanced pancreatic cancer

Fourth Quarter and Full Year 2020 Financial Results

For the year ended December 31, 2020, we recognized revenue of $88 million which includes revenue related to the upfront license fee from our transaction with Betta plus non-cash royalties and milestones earned. For the year ended 2019 we recorded revenue of $150 million which included revenue related to the upfront license fee from our transaction with Gilead and milestones earned, in addition to non-cash royalties earned.

Net loss for the fourth quarter was $38 million or $0.20 per share compared to a net loss for the same period in 2019 of $31 million, or $0.22 per share. Net loss for the year ended 2020 was $183 million or $1.05 per share compared to a net loss for the year ended 2019 of $112 million or $0.80 per share.

Fiscal year end 2020 cash balance was $100 million as compared to $62 million at fiscal year end 2019.

Financial Highlights          
(in thousands, except per share data)          
(unaudited)          
                         
          December 31,          
            2020       2019            
                         
Cash and cash equivalents     $ 99,871     $ 61,808            
                         
                         
          Three months ended December,   Year ended December 31,  
            2020       2019       2020       2019    
                         
Revenues, research and development   $ 11,632     $ 18,824     $ 35,915     $ 99,845    
Revenues, non-cash royalty and milestones   17,595       352       47,545       30,424    
Revenues, royalty sales milestone           15,100             15,100    
Revenues, other         2,038       226       4,710       4,679    
  Total Revenue         31,265       34,502       88,170       150,048    
                         
                         
Research and development expenses     35,571       36,834       142,617       168,339    
General and administrative expenses     20,030       12,319       59,218       46,041    
Cost of service revenue       804             2,349          
Other expense (income)       101       (209 )     2,907       (778 )  
Non-cash interest expense       15,920       11,784       60,029       42,201    
Loss on modification of debt                   2,720          
Non-cash contingent consideration fair value adjustment   (3,431 )     4,625       1,221       5,805    
Net loss         $ (37,730 )   $ (30,851 )   $ (182,891 )   $ (111,560 )  
                         
Net loss per share attributable to Agenus Inc. common stockholders $ (0.20 )   $ (0.22 )   $ (1.05 )   $ (0.80 )  
                         
Cash used in operations     $ (35,590 )   $ (31,780 )   $ (139,096 )   $ (18,682 )  
                         



Conference Call

Dial-in numbers: (833) 614-1394 (US) or (914) 987-7115 (International); Conference ID: 2339028.

Webcast
A live webcast and replay of the conference call will be accessible from the Events & Presentations page of the Company’s website at https://investor.agenusbio.com/events-and-presentations and via https://edge.media-server.com/mmc/p/3f7iind8.


About Agenus

Agenus is a clinical-stage immuno-oncology company focused on the discovery and development of therapies that engage the body’s immune system to fight cancer. The Company’s vision is to expand the patient populations benefiting from cancer immunotherapy by pursuing combination approaches that leverage a broad repertoire of antibody therapeutics, adoptive cell therapies (through its AgenTus Therapeutics subsidiary), and proprietary cancer vaccine platforms. The Company is equipped with a suite of antibody discovery platforms and a state-of-the-art GMP manufacturing facility with the capacity to support clinical programs. Agenus is headquartered in Lexington, MA. For more information, please visit www.agenusbio.com and our Twitter handle @agenus_bio. Information that may be important to investors will be routinely posted on our website and Twitter.


Forward-Looking Statements


This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding clinical development and regulatory plans and timelines, anticipated corporate milestones, new clinical data and program updates to be presented at AACR, and the anticipated commercial launch of balstilimab. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the factors described under the Risk Factors section of our most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K filed with the Securities and Exchange Commission. Agenus cautions investors not to place considerable reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this press release, and Agenus undertakes no obligation to update or revise the statements, other than to the extent required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.


Contact


Agenus Investor Relations
Jan Medina, CFA
Agenus
781-674-4490
[email protected]

Agenus Media Relations
Kimberly Ha
KKH Advisors
917-291-5744
[email protected]



Cummins and Hino Trucks Announce Medium and Heavy-Duty Engine Offering

Cummins and Hino Trucks Announce Medium and Heavy-Duty Engine Offering

COLUMBUS, Ind.–(BUSINESS WIRE)–
During the virtual 2021 NTEA Work Truck Show, Hino Trucks announced their intent to produce medium- and heavy-duty Hino trucks with Cummins engines for sale in North America. As a result of this announcement, Hino intends to offer Cummins B6.7™ and L9™ engines in Hino’s L and XL Series models by the end of 2021.

“We are thrilled to offer Cummins’ proven B6.7 and L9 engines,” stated Hino’s Bob Petz, Senior VP of Vehicle and Parts Sales. “The reliability, performance and durability presented with Cummins engines coupled with the award-winning Hino conventional cab will provide our customers the Ultimate Ownership Experience.”

“The Cummins B6.7 and L9 have an unmatched legacy in the medium-duty space, with nearly 80 years of combined production history,” said Amy Boerger, Cummins’ Vice President and General Manager, North America On Highway. “We are confident Hino customers with Cummins engines will continue to enjoy low cost of operation ownership with our combined offering.”

As part of Hino’s Work Truck Show announcement, Hino plans to redirect engineering and other resources to accelerate Project Z, the company’s development path to zero emission vehicles (ZEV) and move up its production schedule. The company had previously announced plans to develop and produce a full range of class 4 through 8 Battery Electric Trucks and a class 8 Fuel Cell Electric

Truck, powered by Toyota’s fuel cell system, by 2024. It is now planning to begin low volume production in the fourth quarter of 2022, ramping up to full production by the end of 2023.

“Our industry is in the midst of a generational shift from traditional vehicles to Zero Emission Vehicles,” noted Hino’s Glenn Ellis, Senior VP of Customer Experience. “This new partnership is in line with the recent shift we have seen among other OEMs who are looking to strong industry partners to help offset their growing R&D investments into new ZEVs.”

Hino will begin production of Cummins powered trucks at the West Virginia and the Woodstock plant in October 2021, using engines built by Cummins at their Rocky Mount Engine Plant in North Carolina. The company plans to make the Cummins B6.7 engine available in the L Series by the end of 2021, initially offering the engine in two ratings: 240 HP and 260 HP. The B6.7 will be paired with Allison’s 2000 and 3000 Series transmissions. Starting in 2022, the Cummins L9 engine will be available in Hino’s XL Series model, initially in three ratings: 300 HP, 330 HP and 360 HP. The L9 can be paired with Allison’s 3000 or 3500 Series transmission or an Eaton manual.

Hino and Cummins will continue to evaluate additional opportunities to collaborate on powertrain strategies in the future.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,825 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.

About Hino Trucks:

Hino Trucks, a Toyota Group Company, manufactures, sells, and services a lineup of Class 4-8 commercial trucks in the United States. Headquartered in Novi, Michigan, Hino has a network of over 240 dealers nationwide committed to achieving excellence in the ultimate ownership experience. Learn more about Hino Trucks at http://www.hino.com or follow us on Facebook, LinkedIn, Twitter and YouTube.

Jon Mills

Cummins Inc.

Phone: 317-658-4540

Email: [email protected]

KEYWORDS: United States North America Indiana

INDUSTRY KEYWORDS: General Automotive Performance & Special Interest Automotive Alternative Vehicles/Fuels

MEDIA:

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Albemarle Announces Upsize and Early Results of Cash Tender Offers

PR Newswire

CHARLOTTE, N.C., March 15, 2021 /PRNewswire/ — Albemarle Corporation (the “Company“) (NYSE: ALB) today announced the upsize and early results of the previously announced cash tender offers by the Company and two of its wholly-owned subsidiaries, Albemarle Wodgina Pty Ltd (ACN 630 509 303) (“Wodgina“) and Albemarle New Holding GmbH (“New Holding,” and together with the Company and Wodgina, the “Issuers“).

The Issuers are amending the tender offers to (i) increase the maximum aggregate principal amount of the outstanding senior notes listed in Table I below (the “Dollar Securities“) that will be accepted for purchase in the tender offer for such securities (the “Dollar Tender Offer“) from $100,000,000 to $128,388,000 (the “Dollar Security Maximum Amount“) and (ii) increase the maximum aggregate principal amount of the outstanding notes listed in Table II below (the “Euro Securities” and, together with the Dollar Securities, the “Securities“) that will be accepted for purchase in the tender offer for such securities (the “Euro Tender Offer” and, together with the Dollar Tender Offer, the “Tender Offers” and each, a “Tender Offer“) from €100,000,000 to €122,871,000 (the “Euro Security Maximum Amount“).  All other terms and conditions of the Tender Offers as previously announced in the Offer to Purchase (defined below), as amended and supplemented from time to time, remain unchanged.

Approximately $276,775,000 and €333,345,000 in aggregate principal amount of Dollar Securities and Euro Securities, respectively, were validly tendered and not validly withdrawn on or prior to 5:00 p.m., New York City time, on March 12, 2021 (the “Early Participation Date“).  Withdrawal rights for the Tender Offers expired at 5:00 p.m., New York City time, on March 12, 2021, and, accordingly, Securities validly tendered in the Tender Offers may no longer be withdrawn except where additional withdrawal rights are required by law.

The tables below summarize certain information regarding the Securities and the Tender Offers, including the aggregate principal amount of each series of Securities that were validly tendered and not validly withdrawn on or prior to the Early Participation Date, and the order of priority in accordance with which the Securities will be accepted for purchase.


Table I: Dollar Securities Subject To The Dollar Tender Offer


Title of Security


Security
Identifier(s)


Issuer


Principal
Amount
Outstanding

 
(millions)


Acceptance
Priority Level


Principal Amount
Tendered as of Early
Participation Date


Principal
Amount
Accepted


Proration
Factor(1)

3.450% Senior
Notes due 2029


CUSIP:

01273P AB8,

01273P AA0,

Q0171Y AA8


ISIN:

US01273PAA03, USQ0171YAA84

Albemarle
Wodgina Pty Ltd
(ACN 630 509 303)

$300

1

$128,388,000

$128,388,000

100%

4.150% Senior
Notes due 2024


CUSIP:

012725AC1


ISIN:

US012725AC13

Albemarle
Corporation

$425

2

$148,387,000

$0

N/A

Total

$725


Table II: Euro Securities Subject To The Euro Tender Offer


Title of Security


Security
Identifier(s)


Issuer


Principal
Amount
Outstanding

 
(millions)


Acceptance
Priority Level


Principal Amount
Tendered as of Early
Participation Date


Principal
Amount
Accepted


Proration
Factor(1)

1.125% Notes
due 2025*


Common Code:

208314696


ISIN:

XS2083146964

Albemarle New
Holding GmbH

€500

1

€199,782,000

€122,871,000

59.4%

1.625% Notes
due 2028*


Common Code:

208314734


ISIN:

XS2083147343

Albemarle New
Holding GmbH

€500

2

€133,563,000

€0

N/A

Total

€1,000

 

*    

Admitted to trading on the Global Exchange Market, which is the exchange-regulated market of Euronext Dublin.

(1)

Proration Factor is rounded to the nearest tenth of one percent.

 

With respect to each Tender Offer, the Securities accepted for purchase will be accepted in accordance with their Acceptance Priority Levels (with 1 being the highest Acceptance Priority Level and 2 being the lowest Acceptance Priority Level) (collectively, the “Acceptance Priority Levels“), subject to the limitations that (i) the aggregate principal amount purchased pursuant to the Dollar Tender Offer will not exceed the Dollar Security Maximum Amount and (ii) the aggregate principal amount purchased pursuant to the Euro Tender Offer will not exceed the Euro Security Maximum Amount.  In accordance with the Dollar Security Maximum Amount and the Euro Security Maximum Amount, Securities validly tendered and not validly withdrawn prior to or at the Early Participation Date will be subject to proration as further described in the Offer to Purchase.  Based on information received from D.F. King & Co., Inc., the Information and Tender Agent for the Tender Offers, as of the Early Participation Date, Wodgina expects to accept for purchase $128,388,000 of its 3.450% Senior Notes due 2029 using a proration factor of 100% and New Holding expects to accept for purchase €122,871,000 of its 1.125% Notes due 2025 using a proration factor of 59.4%.  The Issuers do not anticipate accepting for purchase any Securities validly tendered after the Early Participation Date because the aggregate principal amount of Dollar Securities and Euro Securities tendered would exceed the Dollar Security Maximum Amount and the Euro Security Maximum Amount, respectively.

The settlement date for the Securities that were validly tendered on or prior to the Early Participation Date and accepted for purchase is expected to be March 16, 2021, assuming all conditions to the applicable Tender Offer have been satisfied or waived.

The Tender Offers are being made pursuant to an Offer to Purchase, dated March 1, 2021, as amended and supplemented from time to time (the “Offer to Purchase“), which sets forth the terms and conditions of the Tender Offers.

The Tender Offers are subject to the satisfaction or waiver of certain conditions specified in the Offer to Purchase.  The Tender Offers are not conditioned on any minimum amount of Securities being tendered.

Information Relating to the Tender Offers

J.P. Morgan Securities LLC is acting as the dealer manager in connection with the Dollar Tender Offer and J.P. Morgan AG is acting as the dealer manager in connection with the Euro Tender Offer (together, the “Dealer Managers“).  The information and tender agent is D.F. King (the “Information and Tender Agent“).  Copies of the Offer to Purchase and related offer materials are available by contacting D.F. King at +1 (877) 283-0323 or +1 (212) 269-5550 (banks and brokers).  Questions regarding the Tender Offers should be directed to J.P. Morgan Securities LLC at +1 (866) 834-4666 (U.S. toll-free) or +1 (212) 834-3424 (collect) or J.P. Morgan AG at [email protected], as applicable.

None of the Issuers or their affiliates, their respective boards of directors or managing members, the Dealer Managers, D.F. King or the trustee or fiscal agent with respect to any series of Securities is making any recommendation as to whether holders of Securities should tender any Securities in response to any of the Tender Offers, and neither the Issuers nor any such other person has authorized any person to make any such recommendation.  Holders of Securities must make their own decision as to whether to tender any of their Securities and, if so, the principal amount of Securities to tender.

This press release is for informational purposes only and shall not constitute an offer to purchase securities or a solicitation of an offer to sell any securities.  The Tender Offers are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.

This press release must be read in conjunction with the Offer to Purchase.  The full details of the Tender Offers, including complete instruction on how to tender Securities, are included in the Offer to Purchase.  The Offer to Purchase contains important information that should be read carefully by holders of Securities before making a decision to tender any Securities.  The Offer to Purchase may be obtained from the Information and Tender Agent, free of charge, by calling toll-free at +1 (800) 820-2415 or +1 (212) 269-5550 (banks and brokers).

None of the Dealer Managers, the Information and Tender Agent or any of their respective directors, officers, employees, agents or affiliates assumes any responsibility for the accuracy or completeness of the information concerning the Issuers, the Securities or the Tender Offers contained in this press release or in the Offer to Purchase.  None of the Dealer Managers, the Information and Tender Agent or any of their respective directors, officers, employees, agents or affiliates is acting for any Holder, or will be responsible to any Holder for providing any protections which would be afforded to its clients or for providing advice in relation to the Tender Offers, and accordingly none of the Dealer Managers, the Information and Tender Agent and any of their respective directors, officers, employees, agents or affiliates assumes any responsibility for any failure by the Issuers to disclose information with regard to the Issuers or the Securities which is material in the context of the Tender Offers and which is not otherwise publicly available.

About Albemarle

Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, N.C., is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We think beyond business-as-usual to power the potential of companies in many of the world’s largest and most critical industries, such as energy, electronics, and transportation. We actively pursue a sustainable approach to managing our diverse global footprint of world-class resources. In conjunction with our highly experienced and talented global teams, our deep-seated values, and our collaborative customer relationships, we create value-added and performance-based solutions that enable a safer and more sustainable future.

Forward-Looking Statements

Some of the information presented in this press release, including, without limitation, statements regarding the proposed Tender Offers, the expected timing, size and other terms of each Tender Offer, our ability to complete each Tender Offer and information related to product development, production capacity, committed volumes, market trends, pricing, expected growth, earnings and demand for our products, input costs, surcharges, tax rates, stock repurchases, dividends, cash flow generation, costs and cost synergies, capital projects, economic trends, outlook and all other information relating to matters that are not historical facts, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed. Factors that could cause actual results to differ materially from the outlook expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; changes in financial and operating performance of our major customers and industries and markets served by us; the timing of orders received from customers; the gain or loss of significant customers; competition from other manufacturers; changes in the demand for our products or the end-user markets in which our products are sold; limitations or prohibitions on the manufacture and sale of our products; availability of raw materials; increases in the cost of raw materials and energy, and our ability to pass through such increases to our customers; changes in our markets in general; fluctuations in foreign currencies; changes in laws and government regulation impacting our operations or our products; the occurrence of regulatory actions, proceedings, claims or litigation; the occurrence of cyber-security breaches, terrorist attacks, industrial accidents, natural disasters or climate change; hazards associated with chemicals manufacturing; the inability to maintain current levels of product or premises liability insurance or the denial of such coverage; political unrest affecting the global economy, including adverse effects from terrorism or hostilities; political instability affecting our manufacturing operations or joint ventures; changes in accounting standards; the inability to achieve results from our global manufacturing cost reduction initiatives as well as our ongoing continuous improvement and rationalization programs; changes in the jurisdictional mix of our earnings and changes in tax laws and rates; changes in monetary policies, inflation or interest rates that may impact our ability to raise capital or increase our cost of funds, impact the performance of our pension fund investments and increase our pension expense and funding obligations; volatility and uncertainties in the debt and equity markets; technology or intellectual property infringement, including through cyber-security breaches, and other innovation risks; decisions we may make in the future; the ability to successfully execute, operate and integrate acquisitions and divestitures; uncertainties as to the duration and impact of the coronavirus (COVID-19) pandemic; and the other factors detailed from time to time in the reports we file with the SEC, including those described under “Risk Factors” in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release. We assume no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

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SOURCE Albemarle Corporation

Kirkland Lake Gold Reports New Wide, High-Grade Intersections in Saddle Zone at Detour Lake, Confirms Continuity of Mineralization Between Main and West Pits

  • Drilling in Central Saddle Zone intersects exceptional grades and widths; confirms continuity of mineralized corridor (800 m along strike and 800 m to depth) between Main and West pits; highlights potential to add significant new open-pit and underground Mineral Resources and Mineral Reserves

    • Key intercepts: 13.95 grams per tonne (“gpt”) over 26.9 metres (“m”), including 108.94 gpt over 2.8 m; 3.63 gpt over 58.0 m, including 14.19 gpt over 10.2 m; 1.27 gpt over 80.3 m; 1.40 gpt over 64.0 m; 1.67 gpt over 50.8 m; 1.19 gpt over 50.0 m, including 17.11 gpt over 2.4 m; 0.98 gpt over 73.0 m; 0.99 gpt over 66.8 m; 2.68 gpt over 36.0 m;1.05 gpt over 23.8 m
  • Drilling in Eastern portion of Saddle Zone confirms continuity of mineralization to the west and below Main Pit reserve and resource pit shells

    • Key intercepts: 1.21 gpt over 105.9 m, 1.10 gpt over 120.3 m; 1.01 gpt over 118.0 m; 1.09 gpt over 57.0 m, including 14.38 gpt over 2.0 m; 2.17 gpt over 39.0 m; 2.26 gpt over 27.0 m, including 13.83 gpt over 2.0 m
  • Drilling below West Pit reserve shell intersects broad zones of mineralization extending to depth 

    • Key intercepts: 1.47 gpt over 119.0 m; 0.92 gpt over 128.0 m; 0.82 gpt over 138.0 m; 1.49 gpt over 59.0 m; 1.09 gpt over 35.0 m and 0.99 gpt over 48.0 m
  • Drilling west of West Pit extends mineralization 300 m west of current Mineral Reserves 

    • Key intercepts: 2.34 gpt over 11.3 m, including 11.5 gpt over 2.0 m.


(1) True widths are unknown at this time and intervals are reported using core lengths intersected in the holes.

TORONTO, March 15, 2021 (GLOBE NEWSWIRE) — Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today announced results from 30 holes (21,928 m) of drilling at the Detour Lake property. The new holes being reported are the fourth batch of results from the recently announced 250,000 m exploration program, which is targeted for completion by the end of 2021. The program is being completed to collect information for an updated, and potentially expanded, Mineral Reserve and to support the completion of a new production plan, expected to be released in early 2022. The new holes announced today are mainly from drilling in the Saddle Zone, located between the Main and West pit locations, which has been underexplored and has no Mineral Reserves and only limited Mineral Resources. Several new holes are also being announced from the area west of the West Pit, which also contains limited past drilling.

Tony Makuch, President and CEO of Kirkland Lake Gold, commented: “With today’s results, we are increasingly confident that a large continuous deposit is situated along the Detour Mine Trend (“DMT”) that extends from the Main Pit, through the Saddle Zone and continues beyond the West Pit location. We are also extremely encouraged by the wide, high-grade intersections being reported at depth across the Saddle Zone, which confirm the potential for strong growth in Mineral Resources and Mineral Reserves in support of future open-pit and as well as underground mining. We are already introducing significant enhancements to the Detour Lake operation through re-interpretations of previous work and project improvements, with our progress to date highlighted in a new NI 43-101 technical report to be filed by the end of this month. This report will include production results consistent with our previously-released guidance of 680,000 – 720,000 ounces per year for 2021 – 2023, with production to increase to approximately 800,000 ounces in 2025. This report will not include any of the new drilling we have done since the acquisition. The exploration success we are achieving will be part of a completely new mine plan and technical report to be issued early next year, which we believe will clearly demonstrate the substantial value upside we have through our extensive commitment to exploration drilling at Detour Lake Mine.”    


Central Portion of the Saddle Zone

Drilling in the central portion of the Saddle Zone included nine holes (7,672 m) and targeted the DMT approximately midway between, and 400 m below, the Main and West Mineral Reserve pit shells.

Significant results from the drilling include: 13.95 gpt over 26.9 m, including 108.94 gpt over 2.8 m, 2.43 gpt over 12.7 m, 0.83 gpt over 74.0 m, 1.26 gpt over 13.0 m, 1.53 gpt over 29.0 m, 1.02 gpt over 19.8 m and 23.19 gpt over 2.3 m from hole DLM-20-052A; 3.63 gpt over 58.0 m, including 14.19 gpt over 10.2m and 1.03 gpt over 49.5 m from hole DLM-20-057; 1.27 gpt over 80.3 m, 1.40 gpt over 64.0 m and 1.89 gpt over 19.0 m from hole DLM-20-070B; 1.67 gpt over 50.8 m, 2.68 gpt over 36.0 m and 1.78 gpt over 19.5 m from hole DLM-20-075; 1.19 gpt over 50.0 m, including 17.11 gpt over 2.4 m from hole DM-20-065; 0.99 gpt over 66.8 m, 0.92 gpt over 49.0 m, 1.06 gpt over 26.0 m and 2.21 gpt over 24.0 m from hole DLM 058C and 0.98 gpt over 73.0 m, 0.93 gpt over 67.0 m, 1.38 gpt over 18.0 m and 1.05 gpt over 23.8 m from hole DLM-20-033A which targeted the DMT between 200 and 400 m below surface. The new results from hole DLM-20-33A, DLM-20-52A and DLM-20-58C are located near the lower limit of the pit shell for current resources and  between 75 and 100 m above previously reported results from hole DLM-20-016 which included 1.10 gpt over 142.0 m (see press release dated September 9, 2020). The new result from DLM-20-057 is centered 60 m below and to the east of DLM-20-016.

Results from all new holes in this area are considered extremely encouraging as they continue to confirm the presence of a broad corridor of mineralization extending between the West and Main pits ( a distance of over 800 m) with the overall style of mineralization and gold tenor being very similar to that found in the West and Main pits. Particularly encouraging is the identification of wide, high-grade mineralization near the lower limits of the current resource pit shell, which indicates that a potential exists to expand the pit shell to depth and to add significant new open-pit resources as well as to define underground resources below the pit.


East Portion of Saddle Zone

Drilling in the east portion of the Saddle Zone included eight holes (8,105 m) and targeted areas along the Detour Mine Trend (“DMT”) directly below and to the west of the Main Pit Mineral Reserve shell.

Significant results from the drilling including: 1.21 gpt over 105.9 m, 1.10 gpt over 120.3 m, 2.17 gpt over 39.0 m, 1.61 gpt over 29.0 m, 1.61 gpt over 29.6 m and 0.80 gpt over 51.0 m, from hole DLM-21-089B; 1.01 gpt over 118.0 m and 0.83 gpt over 26.0 m, from hole DLM-20-47W2,1.09 gpt over 57.0 m, including 14.38 gpt over 2.0 m and 0.78 gpt over 26.8 mfrom hole DLM-20-062. All of these new holes were designed to intersect the DMT between 400 and 600 m below surface and strongly confirmed the continuation of the DMT to the west and below the current Main pit reserve and resource pit shells. 

The new results from hole DLM-20-089B and DLM-20-47W2 are centered approximately 475 meters below surface and 75 to 125 meters below previously reported results from hole DLM-20-014A which included 1.42 gpt over 78.0 m, 1.08 gpt over 51.0 m, 1.21 gpt over 43.0 m and 0.90 gpt over 51.0 m (see press release dated September 9, 2020). Results from hole DLM-20-062 are centered near the 575 m level.


Below West Pit

Drilling below the west pit included five holes (4,059 m) which targeted the DMT directly east of the West pit between 350 and 500 m below surface. 

Significant results from the drilling include: 1.47 gpt over 119.0 m, 0.71 gpt over 57.0 m and 1.64 gpt over 19.7 m from DLM-20-024A; 0.92 gpt over 128.0 m, 1.09 gpt over 35.0 and 9.14 gpt over 4.0 m from hole DLM-20-050B; 0.95 gpt over 100.1 m from hole DLM-20-056B and 0.99 gpt over 48.0 m, 1.73 gpt over 13.4 m and 13.92 gpt over 2.0 m from hole DLM-20-064. The new intercepts in DLM-20-24A, DLM-20-20-50B and DLM-20-56B are located approximately 180 m west of previously reported DLM-20-004 which included results of 1.41 gpt over 121.0 m and 1.03 gpt over 14.08 m (see press release dated June 29, 2020). The results for holes DLM-20-64 are 375 meters west of DLM-20-04. 

Results from all four holes are considered very positive and continue to confirm the continuation of   mineralization through the west portion of the Saddle Zone and into the area under the West Pit.


West Pit Extension

Drilling in the east portion of the Saddle Zone included seven new holes (2,092 m) which targeted areas of the DMT west of the West Pit Mineral Reserve up to 125 m below surface.  

Significant results from the drilling include: 2.34 gpt over 11.3 m, including 11.5 gpt over 2.0 m from hole DLM-20-071; 1.76 gpt over 11.0 m in hole DLM-20-083 and 7.31 gpt over 5.0 m from hole DLM-20-045. All of the new holes intersected the DMT approximately 300 m west of the current Mineral Reserve between 25 and 125 m below surface and appear to have passed through the top of the main structure within this area.

Based on assay results and other observations obtained from the program to date, the outlook for the project continues to look encouraging with there being evidence of a broad and continuous corridor of mineralization extending between the West and Main pits and to a depth of at least 800 m below surface. The work also suggests that mineralization within the corridor is very similar to that found in the West and Main pits and  hosted within broad zones containing variable amounts of quartz and pyrite, which are controlled mainly by east-west trending, moderately north dipping folds and shear structures which plunge at a shallow angle to the west. Given results to date, the potential to identify further extensions to mineralization as well as additions to Mineral Resources and Mineral Reserves between the Main and West pits through additional drilling is considered excellent.

Exploration work at Detour Lake is ongoing with twelve drills current working, and on track to complete approximately 270,000 m by the end of 2021.


Qualified Persons

The Company’s exploration programs at Detour Lake are conducted under the supervision of Eric Kallio, P.Geo., Senior Vice President, Exploration. Mr. Kallio, as well as Keith Green, P.Geo., Director, Exploration, Canada, and Steve Gray, P.Geo, Exploration Superintendent, Detour Lake Mine, are ‘qualified persons’ for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators, and have reviewed and approved the scientific and technical information in this news release.


QA/QC Controls

The Company has implemented a quality assurance and control (“QA/QC”) program to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. Samples are logged and sampled in a secure facility at the Detour mine site and under supervision of Qualified Geologists. NQ sized core is predominantly sawn in half with one half of the core prepared for shipment, the other half of core retained for future assay verification. Certified reference material (CRM) standards and coarse blank material are inserted every 20 samples. Core samples are shipped directly by courier, and tracked via a chain of custody from site to certified off-site analytical laboratories for preparation and assaying. Kirkland Lake Gold utilizes four accredited external laboratories to manage the significant volume of sample submissions. Each lab is certified by the Standards Council of Canada (SCC) which conforms with ASB-RG Mineral Analysis Laboratory for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025: General Requirements for the Competence of Testing and Calibration Laboratories.

Sample preparation includes crushing drill core up to 80% passing 2 mm, riffle splitting 500 grams and pulverizing to 95% passing 105 µm followed by both scheduled and specifically requested silica sand cleaning. Gold Analysis involves Fire Assay – Atomic Absorption (AA) technique from a 50-gram pulp sample with grade ranges between 5 to 10,000 ppb.  Samples greater than 10,000 ppb are analyzed with a gravimetric finish.  Selected high grade samples are also analyzed using the screen metallics procedure.

Contracted laboratories for the Kirkland Lake Gold’s Detour Project include; ALS Global (sample preparation completed in Timmins, Ontario with pulps sent to Vancouver, BC for analysis), Activation Laboratories (sample preparation and analysis completed in Timmins, Ontario), SGS Laboratories (sample preparation and analysis completed in Cochrane, Ontario) and AGAT Laboratories (sample preparation in Timmins and analysis in Mississauga).


About Kirkland Lake Gold Ltd.

Kirkland Lake Gold Ltd. is a senior gold producer operating in Canada and Australia that is targeting 1,300,000 – 1,400,000 ounces of production in 2021. The production profile of the Company is anchored by three high-quality operations, including the Macassa Mine and Detour Lake Mine, both located in Northern Ontario, and the Fosterville Mine located in the state of Victoria, Australia. Kirkland Lake Gold’s solid base of quality assets is complemented by district scale exploration potential, supported by a strong financial position with extensive management expertise.

For further information on Kirkland Lake Gold and to receive news releases by email, visit the website at www.kl.gold.


Cautionary Note Regarding Forward-Looking Information

This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to planned the exploration program at the Detour Lake Mine, costs and expenditures, the ability to potentially expand Mineral Reserves, changes in Mineral Resources and conversion of Mineral Resources to proven and probable reserves, the ability to expand the current pit design of the mine, the new mine plan and anticipated timing of the updated technical report with respect to the Detour Lake Mine and the anticipated benefits thereon, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. These forward-looking statements include, but are not limited to, statements with respect to future exploration potential, project economics, timing and scope of future exploration, anticipated costs and expenditures, changes in Mineral Resources and conversion of Mineral Resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of Mineral Resource. A Mineral Resource that is classified as “Inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an “indicated Mineral Resource” or “Inferred Mineral Resource” will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves.

There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, among others, risks related to international operations, risks related to obtaining the permits required to carry out planned exploration or development work, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2019 and other disclosures of “Risk Factors” by the Company and its predecessors, available on SEDAR. Although Kirkland Lake Gold has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.


Cautionary Note to U.S. Investors – Mineral Reserve and Resource Estimates

This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101-Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”)-CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ from the definitions in SEC Industry Guide 7 under the United States Securities Act of 1993, as amended (the “Securities Act”).

The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Securities Exchange Act of 1934 (“Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) and, following a two-year transition period, the SEC Modernization Rules will replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7. Following the transition period, as a foreign private issuer that files its annual report on Form 40-F with the SEC pursuant to the multi-jurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards. If the Company ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the multi-jurisdictional disclosure system, then the Company will be subject to the SEC Modernization Rules which differ from the requirements of NI 43-101 and the CIM Definition Standards. The SEC Modernization Rules include the adoption of terms describing mineral reserves and mineral resources that are “substantially similar” to the corresponding terms under the CIM Definition Standards. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding CIM Definitions. U.S. investors are cautioned that while the above terms are “substantially similar” to CIM Definitions, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.

U.S. investors are also cautioned that while the SEC will now recognize  “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the “inferred mineral resources” exist. Under Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies, except in rare cases.

FOR FURTHER INFORMATION PLEASE CONTACT

Anthony Makuch, President, Chief Executive Officer & Director
Phone: +1 416-840-7884, E-mail: [email protected]

Mark Utting, Senior Vice President, Investor Relations
Phone: +1 416-840-7884, E-mail: [email protected]



Table 1. Detour Lake Mine – Significant Assay Results

Hole Number UTM NAD83 Hole Length (m) Azimuth (°) Dip (°) From (m) To (m) Length (m) Au (gpt) Target
Easting Northing
DLM-20-024A 588886 5541683 822.0 178 -60 565.9 623.0 57.1 0.71 West Saddle
AND           663.0 782.0 119.0 1.47
INCL.           724.0 738.0 14.0 7.21
AND           802.4 822.0 19.7 1.64
DLM-20-033A 589333 5541319 996.0 178 -55 204.0 277.0 73.0 0.98 Central Saddle
AND           310.2 334.0 23.8 1.05
AND           408.0 475.0 67.0 0.93
AND           778.0 796.0 18.0 1.38
DLM-20-040A 589768 5541543 1275.0 181 -56 675.0 700.0 25.0 0.95 East Saddle
AND           856.0 882.0 26.0 1.32
AND           945.0 972.0 27.0 2.26
INCL.           962.0 964.0 2.0 13.83
AND           1003.0 1005.0 2.0 7.62
DLM-20-043A 587289 5541525 384.0 177 -54 nsv West Extension
DLM-20-047W2 589607 5541630 708.0 180 -53 399.0 425.0 26.0 0.83 East Saddle
AND           572.0 690.0 118.0 1.01
INCL.           629.0 631.0 2.0 12.28
DLM-20-049 589849 5541500 663.0 181 -55 489.0 491.0 2.0 9.82 East Saddle
AND           628.0 651.0 23.0 1.70
INCL.           648.0 650.0 2.0 10.78
DLM-20-050B 588887 5541621 818.0 178 -58 151.0 153.0 2.0 10.13 West Saddle
AND           499.0 534.0 35.0 1.09
INCL.           506.0 508.0 2.0 11.79
AND           594.0 722.0 128.0 0.92
INCL.           663.0 722.0 59.0 1.49
INCL.           705.0 709.0 4.0 9.14
AND           781.3 806.7 25.4 0.86
DLM-20-051 589254 5541278 885.0 180 -52 66.0 86.0 20.0 2.09 Central Saddle
AND           198.0 218.1 20.1 1.60
AND           323.0 325.6 2.6 22.60
DLM-20-052A 589330 5541435 726.0 179 -55 231.3 244.0 12.7 2.43 Central Saddle
INCL.           239.0 243.0 4.0 6.48
AND           303.2 323.0 19.8 1.02
AND           375.3 402.2 26.9 13.95
INCL.           389.0 391.0 2.0 28.84
INCL.           398.6 401.4 2.8 108.94
AND           463.0 476.0 13.0 1.26
AND           519.0 548.0 29.0 1.53
INCL.           519.0 524.0 5.0 5.12
AND           574.0 576.3 2.3 23.19
AND           597.0 671.0 74.0 0.83
DLM-20-053A 589929 5541511 1245.0 181 -62 191.0 193.0 2.0 9.31 East Saddle
AND           692.3 747.2 54.9 0.57
DLM-20-054W 589647 5541591 1332.0 180 -62 779.0 805.8 26.8 0.76 East Saddle
AND           878.0 902.0 24.0 0.82
DLM-20-055A 587208 5541548 618.0 177 -55 157.0 162.0 5.0 7.31 West Extension
DLM-20-056B 588884 5541771 873.0 180 -58 627.0 727.1 100.1 0.95 West Saddle
INCL.           627.0 665.0 38.0 1.76
INCL.           627.0 632.0 5.0 6.62
AND           746.0 765.0 19.0 0.77
DLM-20-057 589330 5541435 990.0 180 -62 338.0 352.8 14.0 0.80  
AND           467.0 496.0 29.0 0.70 Central
AND           516.5 566.0 49.5 1.03 Saddle
AND           623.0 681.0 58.0 3.63  
INCL.           624.3 634.5 10.2 14.19  
AND           816.0 860.0 44.0 2.73  
AND           834.0 848.3 14.3 6.70  
DLM-20-058C 589292 5541339 951.0 180 -56 146.0 172.0 26.0 1.06 Central Saddle
AND           239.2 306.0 66.8 0.99
AND           437.0 486.0 49.0 0.92
INCL.           438.0 444.0 6.0 3.98
AND           684.0 686.0 2.0 8.03
AND           784.0 808.4 24.4 2.21
INCL.           801.0 804.0 3.0 13.10
DLM-20-061 590009 5541503 1007.0 183 -57 555.0 567.0 12.0 0.54 East Saddle
AND           586.0 602.0 16.0 0.57
AND           633.1 640.0 6.9 1.15
AND           652.1 669.8 17.7 0.58
AND           692.0 697.0 5.0 1.99
AND           795.7 803.2 7.4 0.56
AND           939.0 949.0 10.0 1.23
DLM-20-062 589647 5541591 1050.0 182 -57 656.0 713.0 57.0 1.09 East Saddle
INCL.           668.0 670.0 2.0 14.38
AND           723.2 750.0 26.8 0.78
AND           994.0 1038.0 44.0 0.65
DLM-20-064 588726 5541668 753.0 180 -55 182.0 184.0 2.0 13.92 West Saddle
AND           407.0 420.4 13.4 1.73
AND           579.0 629.0 50.0 0.60
AND           672.0 720.0 48.0 0.99
DLM-20-065 589334 5541270 450.0 180 -55 31.0 33.0 2.0 8.13 Central Saddle
AND           62.0 112.0 50.0 1.19
INCL.           89.6 92.0 2.4 17.11
INCL.           149.0 192.0 43.0 0.82
DLM-20-066 589336 5541124 813.0 179 -53 30.0 57.0 27.0 0.82 Central Saddle
            595.7 598.0 2.3 8.22
DLM-20-069AW 588645 5541736 793.0 180 -60 542.0 545.0 3.0 4.06 West Saddle
AND           609.0 629.0 20.0 0.72
AND           641.0 655.0 14.0 0.82
AND           666.0 680.0 14.0 1.07
AND           724.9 752.0 27.1 0.73
AND           777.0 790.0 13.0 1.85
INCL.           788.0 790.0 2.0 10.21
DLM-20-070B 589291 5541389 621.0 180 -57 282.0 362.3 80.3 1.27 Central Saddle
AND           482.0 546.0 64.0 1.40
INCL.           489.9 492.0 2.1 11.75
AND           559.0 578.0 19.0 1.89
INCL.           564.9 567.0 2.1 13.10
DLM-20-071 587210 5541478 312.0 177 -54 119.7 131.0 11.3 2.34 West Extension
including           129.0 131.0 2.0 11.50
DLM-20-072 587211 5541419 186.0 179 -56 Nsv
DLM-20-074 589336 5541170 432.0 180 -54 252.6 274.0 21.4 0.69 Central Saddle
DLM-20-075 589170 5541447 808.0 181 -55 223.5 243.0 19.5 1.78 Central Saddle
INCL.           233.9 236.0 2.1 12.85
AND           259.0 295.0 36.0 2.68
INCL.           270.5 272.6 2.1 34.87
AND           387.0 454.0 67.0 0.72
AND           578.3 629.1 50.8 1.67
INCL.           618.0 620.0 2.0 18.31
INCL.           627.0 629.1 2.1 36.50
AND           643.0 697.0 54.0 0.78
DLM-20-076A 587372 5541357 186.0 179 -56 29.0 31.0 2.0 7.92 West Extension
DLM-20-080 587332 5541381 216.0 179 -63 Nsv
DLM-20-083 587292 5541380 190.0 179 -56 28.0 39.0 11.0 1.76
DLM-21-089B 589611 5541321 825.0 180 -65 194.0 245.0 51.0 0.80 East Saddle
AND           403.8 524.1 120.3 1.10
INCL.           477.0 479.0 2.0 10.08
AND           587.6 693.5 105.9 1.21
INCL.           682.0 685.5 3.5 11.57
AND           728.0 767.0 39.0 2.17
INCL.           746.0 749.0 3.0 10.35
AND           795.4 825.0 29.6 1.61

Notes:

  1. Assays are reported uncut
  2. Assay intervals are reported as drill thickness.
  3. Hole DLM-20-22 from 624 m to 987 m was drilled as a wedge.
  4. True widths are unknown at this time and intervals are reported using core lengths intersected in the holes.

Figure 1. Detour Lake Mine – Property Plan View is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/919a67fb-4eec-4d1f-9524-f37f0b194e98

Figure 2. Detour Lake Mine – Longitudinal View is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a67d7dc4-8310-4b1d-9a80-cf5794a24cc8

Figure 3.   Detour Lake Mine – Saddle Zone – Plan View is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f87d5132-ea0a-4e6c-8deb-b8622fd4c920

 



Rubius Therapeutics Reports Initial Clinical Data from Ongoing Phase 1/2 Trial of RTX-240 in Patients with Advanced Solid Tumors, Demonstrating Single-Agent Activity

RTX-240 Generated Partial Responses in Metastatic Anal Cancer and Metastatic Uveal Melanoma Patients; No DLTs or Related Grade 3/4 Adverse Events 

RTX-240 Promoted Trafficking of NK and T Cells into

Tumor Microenvironment

Initial Clinical Data Provide Evidence of Broad Potential of RED PLATFORM

®

Across Pipeline of Cancer and Autoimmune Programs

Company to Host Conference Call Today at 8:00 a.m. EDT

CAMBRIDGE, Mass., March 15, 2021 (GLOBE NEWSWIRE) — Rubius Therapeutics, Inc. (Nasdaq:RUBY), a clinical-stage biopharmaceutical company that is genetically engineering red blood cells to create an entirely new class of cellular medicines called Red Cell Therapeutics™, today announced initial clinical, pharmacodynamic and tumor trafficking data from its ongoing Phase 1/2 clinical trial of RTX-240 in patients with advanced solid tumors. The Company also shared tumor trafficking data from one patient with relapsed/refractory acute myeloid leukemia (AML) in the second Phase 1 arm of the study. The Company believes these data provide initial proof-of-concept of the RED PLATFORM® by providing evidence that red blood cells can be engineered to mimic the human immune system and stimulate adaptive and innate immunity to generate clinical responses in cancer patients with refractory disease.

“These initial data are incredibly exciting and demonstrate that RTX-240 has the potential to generate single-agent activity in patients with solid tumors, including a cold tumor such as metastatic uveal melanoma, where other treatments have failed to induce responses in patients,” said Christina Coughlin, M.D., Ph.D., chief medical officer at Rubius Therapeutics. “The encouraging safety results, including a single event of Grade 1 liver toxicity, and preliminary efficacy data for RTX-240 to date give us the potential to realize the power of immune agonists for the treatment of cancer.”

Initial Efficacy Data

Five (5) dose cohorts were completed in the solid tumor trial at the time of the data cutoff on February 28, 2021 (n=16), with 16 patients evaluable for safety (primary outcome measure) and 15 patients evaluable for efficacy (secondary outcome measure) based on RECIST v1.1.

The study is continuing to enroll patients and despite the fact that dose optimization is still ongoing, RTX-240 generated:

  • A confirmed partial response (PR) with a 54% reduction in the target lesions at the 1e8 dose administered every 4 weeks in a patient with metastatic anal cancer whose disease had progressed on anti-PD-L1 therapy. Treatment of this patient was ongoing 8 months following the first dose at data cutoff;
  • An unconfirmed PR with complete resolution of the target hepatic lesion and resolution of 14/15 hepatic lesions at the 1e10 dose administered every 4 weeks in a patient with metastatic uveal melanoma whose disease had progressed on anti-PD-1 therapy. Treatment of this patient was ongoing 4 months following the first dose at data cutoff; and
  • Stable disease (SD) was observed in 6 patients, including 4 individual patients with stable disease for at least 12 weeks:
    • Non-small cell lung cancer (disease stabilization for 12 weeks with treatment ongoing as of the data cutoff);
    • Soft tissue sarcoma (disease stabilization for 4 months);
    • Pancreatic cancer (disease stabilization for 3 months); and
    • Prostate cancer (disease stabilization for 4 months).

“We believe these data provide clinical validation of our RED PLATFORM® and de-risk our oncology pipeline of Red Cell Therapeutics,” said Pablo J. Cagnoni, M.D., president and chief executive officer. “Given the encouraging initial safety and preliminary efficacy data for RTX-240, we plan to initiate a Phase 2 expansion cohort in the first quarter of 2022, and a new Phase 1 arm of the ongoing RTX-240 clinical trial to evaluate RTX-240 in combination with anti-PD-1 therapy in patients with advanced solid tumors during the second half of 2021.”

Initial Safety Data

The most common treatment-related Grade 1/2 adverse events were fatigue (n=4), chills, nausea, decreased appetite and arthralgias all reported in 3 patients each. There were no treatment-related Grade 3/4 adverse events, no dose-limiting toxicities and a single Grade 1 event of liver toxicity.

Ten (10) immune-related adverse events (irAE) were observed among 5 patients with no reported treatment-related Grade 3/4 irAEs. Grade 2 treatment-related irAEs included pneumonitis (n=1), adrenal insufficiency (n=1) and hypothyroidism (n=1).

Pharmacodynamic Data

In addition to evaluating safety and preliminary efficacy data, the trial is evaluating the pharmacodynamic effects of RTX-240:

  • RTX-240 stimulated innate and adaptive immunity as demonstrated by the activation and/or expansion of NK or memory CD8+ T cells in all patients, with 9/16 patients showing activation and expansion in both cell types. There was an overall trend towards a dose response in absolute NK cell numbers (expansion);
  • Detailed NK cell analysis showed an increased percentage of CD16+CD56dim (mature NK cells) and CD56bright (immature NK cells) across dose levels
    • These cell subtypes are associated with cytotoxicity and cytokine production respectively; and
  • RTX-240 induced expression of key NK cell activation receptors, including NKp30 and the ratio of cells expressing the activation receptor NKG2D versus the inhibitory receptor NKG2A
    • This specific signature of NK cell receptor expression may allow selection of specific tumor types with predicted sensitivity to RTX-240.

Tumor Infiltration Data

Immune cell trafficking into the tumor microenvironment (TME) was assessed by tumor biopsies from participating patients with solid tumors (optional; n=4) and AML (standard of care; n=1).

  • Trafficking of T and NK cells into the TME was observed in 3/5 patients (1.6 to 10-fold increases), including one patient each with metastatic mesothelioma, metastatic soft tissue sarcoma and refractory AML. Tumor infiltration was not observed in patients with ovarian cancer (n=1) and heavily pretreated melanoma (n=1);
  • There was increased expression of PD-L1 observed in 3/4 patients with solid tumors, suggesting an improved immune-permissive TME; and
  • In one patient with AML, trafficking of T and NK cells into the bone marrow was associated with increases in the cellularity of the marrow.

Upcoming Anticipated Milestones

In order to realize the full potential of RTX-240, the Company’s other oncology programs and the RED PLATFORM, in the next 12 months, Rubius plans to execute several critical milestones:

  • Present additional clinical results from the RTX-240 solid tumor Phase 1 clinical trial;
  • Select the recommended RTX-240 Phase 2 dose, schedule and specific solid tumor types that will be pursued in the Phase 2 expansion cohort;
  • Report initial clinical results for the second Phase 1 arm of the RTX-240 clinical trial in relapsed/refractory AML;
  • Initiate the Phase 1 clinical trial of RTX-240 in combination with anti-PD-1 therapy in advanced solid tumors in 2H’21;
  • Report initial Phase 1 clinical results for RTX-321 for the treatment of HPV 16-positive cancers by 1Q’22; and
  • Submit an Investigational New Drug Application for RTX-224 by year-end.

Conference Call

The Company will host a conference call and webcast at 8:00 a.m. EDT to discuss this update. The audio webcast will be available on the Events and Presentations page within the Investors and Media section of the Rubius Therapeutics website. The update may also be accessed by dialing 1-800-289-0045 (domestic) or 1-615-622-8086 (international) five minutes prior to the start of the call and providing the passcode 1294064. An archived webcast will be accessible for 90 days after the event.

About RTX-240

RTX-240 is an allogeneic, off-the-shelf cellular therapy product candidate that is designed to simultaneously present hundreds of thousands of copies of the costimulatory molecule 4-1BB ligand (4-1BBL) and IL-15TP (trans-presentation of IL-15 on IL-15Rα) in their native forms. RTX-240 is expected to broadly stimulate the immune system by activating and expanding both NK and memory T cells to generate a potent anti-tumor response.

About the RTX-240 Clinical Trial

This is a Phase 1/2 open label, multicenter, multidose, first-in-human dose-escalation and expansion study designed to determine the safety and tolerability, pharmacokinetics, maximum tolerated dose and a recommended Phase 2 dose and dosing regimen of RTX-240 in adult patients with relapsed/refractory or locally advanced solid tumors or with relapsed/refractory acute myeloid leukemia. The trial will also assess the pharmacodynamics of RTX-240 measured by changes in T and NK cell number and function relative to baseline and anti-tumor activity. The study will include a monotherapy dose escalation phase followed by an expansion phase in specified tumor types during the Phase 2 portion of the trial. The extent to which the COVID-19 pandemic may impact Rubius’ ability to enroll patients in the trial will depend on future developments.

About RTX-321

RTX-321 is an allogeneic, off-the-shelf artifical antigen-presenting cell therapy product candidate that is designed to express hundreds of thousands of copies of an HPV peptide antigen bound to major histocompatibility complex class I proteins, the costimulatory molecule 4-1BBL and the cytokine IL-12 on the cell surface to mimic human T cell-APC interactions. In preclinical studies, RTX-321 was shown to have a dual mechanism of action by functioning as an antigen-presenting cell to boost HPV 16 antigen-specific T cell responses and promoting broad immune system stimulation of both innate and adaptive immunity.

About RTX-224

RTX-224 is an allogeneic cellular therapy product candidate that is engineered to express hundreds of thousands of copies of 4-1BBL and IL-12 on the cell surface. In contrast to RTX-240, RTX-224 is designed as a broader T cell- agonist, while also retaining the ability to activate and expand NK cells. It is expected to produce a broad and potent anti-tumor T cell response, an innate immune response and show activity in those tumor types with known sensitivity to T cell killing, including tumor types with high mutational burden, PD-L1 expression and prior activity of checkpoint inhibitors.

About Rubius Therapeutics

Rubius Therapeutics is a clinical-stage biopharmaceutical company developing a new class of medicines called Red Cell Therapeutics™. The Company’s proprietary RED PLATFORM® was designed to genetically engineer and culture Red Cell Therapeutics™ that are selective, potent and off-the-shelf allogeneic cellular therapies for the potential treatment of several diseases across multiple therapeutic areas. Rubius’ initial focus is to advance RCT™ product candidates for the treatment of cancer and autoimmune diseases by leveraging two distinct therapeutic modalities — potent cell-cell interaction and tolerance induction. Rubius Therapeutics was recently named among the Top Places to Work in Massachusetts by the Boston Globe, and its manufacturing site was recently named 2020 Top 5 Best Places to Work in Rhode Island among medium-sized companies by Providence Business News. For more information, visit www.rubiustx.com, follow us on Twitter or LinkedIn or like us on Facebook.

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, without limitation, statements regarding our expectations with respect to the therapeutic potential of our pipeline of Red Cell Therapeutics, including RTX-240, our expectations regarding the timing, enrollment, data from and success of the future cohorts and phases of the clinical trial of RTX-240, including the Phase 1/2 clinical trial of RTX-240, our plans to initiate a RTX-240 Phase 2 expansion cohort, an RTX-240 Phase 1 clinical trial in combination with an anti-PD-1 therapy in advanced solid tumors and file an Investigational New Drug application for RTX-224 over the next twelve months, our expectations regarding the biological effects of RTX-240 on innate and adaptive immunity and the related therapeutic benefits, our expectations regarding the initial preliminary data from RTX-240 and the related therapeutic benefits and validation of our RED PLATFORM and our expectations regarding our strategy, business plans and focus. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties related to the development of our Red Cell Therapeutic product candidates and their therapeutic potential and other risks identified in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2020, and subsequent filings with the SEC and risks and uncertainties related to the severity and duration of the impact of COVID-19 on our clinical trials, business and operations. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. We disclaim any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent our views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. We explicitly disclaim any obligation to update any forward-looking statements.

Contacts:

Investors

Elhan Webb, CFA, Vice President of Investor Relations
[email protected]

Media

Marissa Hanify, Director, Corporate Communications
[email protected]

Dan Budwick, 1AB
+1 (973) 271-6085
[email protected]



TriMas Announces Launch of Debt Offering

TriMas Announces Launch of Debt Offering

BLOOMFIELD HILLS, Mich.–(BUSINESS WIRE)–
TriMas Corporation (“TriMas”) (NASDAQ: TRS) today announced that it has initiated an offering, subject to market conditions, of $350 million in aggregate principal amount of senior unsecured notes due 2029 (the “Notes”) in an offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

TriMas intends to use a portion of the net proceeds from the Notes offering to redeem all of its outstanding 4.875% senior unsecured notes due 2025 (the “Existing 2025 Notes”). Any remaining net proceeds will be used for general corporate purposes.

The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S. persons outside of the United States pursuant to Regulation S under the Securities Act. The Notes to be offered have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy such Notes nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. This press release also does not constitute a notice of redemption with respect to the Existing 2025 Notes.

Notice Regarding Forward-Looking Statements

Any “forward-looking” statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; general economic and currency conditions; material and energy costs; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters and public health crises; the potential impact of Brexit; our future prospects; and other risks that are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law.

About TriMas

TriMas is a global manufacturer and provider of products for customers predominantly in the consumer products, aerospace and industrial end markets, with approximately 3,200 dedicated employees in 11 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol “TRS,” and is headquartered in Bloomfield Hills, Michigan.

Sherry Lauderback

VP, Investor Relations & Communications

(248) 631-5506

[email protected]

KEYWORDS: Michigan United States North America

INDUSTRY KEYWORDS: Aerospace Manufacturing Other Manufacturing Packaging Engineering

MEDIA:

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