Market Newsdesk

January 6, 2021 8:48 am

Snow Lake Capital Sends Letter to MGM Resorts’ Board of Directors

Snow Lake Capital Sends Letter to MGM Resorts’ Board of Directors

Urges Board to Sell 20% of MGM China to a Chinese Company as a Strategic Investor

Believes Transaction Will Create Significant Shareholder Value for MGM Resorts International

HONG KONG–(BUSINESS WIRE)–
Snow Lake Capital Limited, a leading Asian alternative investment management firm with over US$3 billion in assets under management, today sent a letter to the MGM Resorts International (NYSE: MGM) (“MGM” or the “Company”) Board of Directors urging them to sell 20% of their MGM China Holdings Limited (HKEX: 2282 HK) (“MGM China”) business to a Chinese company as a strategic investor.

Snow Lake beneficially owns 7.5% of the outstanding shares.

Snow Lake’s letter to the MGM Board of Directors can be found below and linked here: https://www.snowlakecap.com/Letters.

Open Letter to Board of Directors, MGM Resorts International

January 6, 2021

Attn: Board of Directors

MGM Resorts International

3600 S Las Vegas Blvd

Bellagio Hotel & Casino

Las Vegas, NV 89109

Dear MGM Resorts International Board of Directors,

Snow Lake Capital is an Asian investment management firm with over US$3 billion in assets. We invest capital on behalf of global institutional clients, including university endowments, foundations, family offices, sovereign wealth funds and pensions. Funds managed by Snow Lake Capital beneficially own 285.4 million common shares of MGM China Holdings Limited (HKEX: 2282 HK), constituting approximately 7.5% of the outstanding shares. These holdings place Snow Lake Capital as the largest public shareholder of MGM China.

We have been long-term investors in the Macau gaming industry. We think it is in MGM Resorts International’s (NYSE: MGM) best interest to introduce a leading Chinese consumer internet or travel & leisure company as a 20% strategic shareholder in MGM China. As discussed previously with MGM Resorts International Chief Executive Officer, William Hornbuckle, we believe such a transaction will create a win-win transaction for all parties involved and deliver significant shareholder value to both companies.

There are six main reasons:

1. The new strategic investor will bring significant non-gaming resources to both MGM China and Macau, which is a crucial factor for the gaming concession re-tendering in 2022;

2. The potential partnership between MGM China Co-Chairman Pansy Ho and the new strategic investor can play a significant role in Macau’s diversification and Greater Bay Area integration;

3. With a more certain outlook of securing a new gaming concession, MGM China will be rerated and unlock value for all shareholders;

4. The transaction provides MGM Resorts International enough capital to fully commit to its Osaka, Japan gaming integrated resort project as the only U.S. operator;

5. MGM Resorts International can be an important partner for the strategic shareholder’s future internationalization efforts, especially in outbound consumer services to the U.S. and Japan;

6. The MGM China stake provides MGM Resorts International financial flexibility to pursue M&A in the secular growth market of online sports betting and gaming.

1.Introducing a leading Chinese consumer internet or travel & leisure company as a 20% strategic investor will significantly increase MGM China’s exposure to non-gaming and can be instrumental in diversifying Macau’s tourism economy

In 2002, the Macau government ended the gaming monopoly and granted three operating concessions to Galaxy Entertainment Group (HKEX: 27 HK), SJM Holdings (HKEX: 880 HK) and Wynn Macau (HKEX: 1128 HK). Three subconcessions were subsequently authorized by the Macau government to Las Vegas Sands (NYSE: LVS), Melco Crown (NASDAQ: MLCO) and MGM China. The six concessions will expire in June 2022.

The Macau government plans to start revising Macau’s gaming law by the first quarter of 2021, and to complete the task by the fourth quarter of the same year. A finalized draft bill will be submitted to the Legislative Assembly and is necessary for a public re-tender process of the gaming concessions. Macau’s Chief Executive Ho Iat Seng has already publicly announced that there will no longer be subconcessions.

As one of the six concessionaries and one of the three majority-owned by a U.S. parent company, MGM China needs to consider all options to maximize its chance of obtaining a new concession in 2022. A scenario of not being able to achieve this goal will be disastrous for both MGM China and MGM Resorts International.

China’s State Council published “Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area” in February 2019 and clearly articulated the long-term goal of developing Macau into a global world-class travel and leisure destination. Chief Executive Ho Iat Seng has reiterated the goal of accelerating the development of a moderately diversified economy. The six gaming concessionaries have also been consistently evaluated based on their non-gaming contributions. For MGM China, having a leading Chinese consumer internet or travel & leisure company as a significant shareholder and business partner will be a key differentiating factor.

We see several suitable candidates as their businesses are highly synergistic with Macau’s tourism industry as well as MGM China specifically, including Chinese travel and local service focused internet platforms such as Meituan and Trip.com, leading Chinese hotel chains such as Huazhu Group, and leading culture & tourism project operators such as Sunac China.

Meituan (HKEX: 3690 HK; Market Capitalization: HK$1.7 trillion)

Meituan runs one of China’s largest consumer services internet platforms. It offers over 200 service categories including dine-in, on-demand delivery, hotel booking, bike-sharing, car-hailing and other entertainment and lifestyle services across 2,800 cities and counties in China. In the 12 months prior to June 30th, 2020, Meituan’s annual transacting customers have reached 460 million, and active merchants on its platforms reached 6.3 million.

Trip.com Group (NASDAQ: TCOM; Market Capitalization: US$19.8 billion)

Trip.com is China’s most successful online travel agency. It is the go-to internet platform for Chinese consumers to plan a trip, book tickets and hotel rooms, and share their travel experiences. It also has the highest market share in high-end and luxury hotel booked room nights in China.

Huazhu Group Limited (NASDAQ: HTHT; Market Capitalization: US$14.4 billion)

Huazhu Group is the best and one of the fastest growing multi-brand hotel group in China. As of June 30, 2020, the company has 6,187 hotels in operation and is developing an additional 2,375 hotels. It has accumulated 153 million loyal and engaged members in the largest hotel loyalty program in China. It has also built industry-leading technology infrastructure that enhances customer experience and increases operational efficiency.

Sunac China Holdings Limited (HKEX: 1918 HK; Market Capitalization: HK$133.6 billion)

Sunac China is a top-4 property developer in China and the largest holder and operator of culture & tourism projects. It purchased 13 mega scale projects from Wanda Group for over RMB 50 billion in 2017-2018. At the end of 2019, Sunac Culture & Tourism operates 10 projects, 4 tourist resorts, 12 cultural & tourism towns, 39 theme parks, 24 commercial properties and 70 high-end hotels across China.

With established consumer service scale in mainland China, any of the above-mentioned enterprises will be able to directly contribute to Macau’s tourism recovery through its industry-leading customer base and leisure demand traffic. Introducing one of China’s top consumer internet platforms as a significant strategic shareholder for MGM China creates a win-win transaction, as it distinguishes MGM China by bringing non-gaming capabilities and resources to Macau at the industry’s post COVID-19 low.

On the other hand, these companies will also benefit from the strategic investment in MGM China. Macau is the well-positioned to possibly surpass Hong Kong and become the top destination for China’s outbound tourism, given Hong Kong’s recent struggles with protests and the pandemic. Chinese tourists accounted for 27.9 million visitations to Macau in 2019, growing at 8.1% compound annual growth rate since 2015. Macau is the second largest tourist destination for mainland Chinese, while Hong Kong is the largest at 43.8 million visitations in 2019, down 14.2% from 2018.

It’s clear that the Macau government understands how critically important its tourism industry is: it took immediate and decisive actions from the get-go when COVID-19 virus emerged, including shutting down all the casino resorts for 15 days in early February 2020. Cumulatively, Macau only had 46 COVID-19 cases with 0 deaths and hasn’t had any locally transmitted case since April 2020.

As a result, Macau has decoupled from Hong Kong and was able to establish a travel bubble with mainland China, first with Guangdong province in August 2020 and then with the rest of the Individual Visit Scheme cities in September 2020. Within the next several years, we project Macau’s mainland visitations to potentially exceed Hong Kong, elevating its tourism industry to a new level. Investing in the premium integrated resort assets of MGM China at the cycle bottom makes strategic sense for these four companies too.

2.MGM China will be well-positioned to leverage on the potential partnership between its Co-Chairman Pansy Ho and the new strategic investor to play a significant role in Macau’s diversification and contribute to the development of the Greater Bay Area

MGM China’s Co-Chairman, Ms. Pansy Ho, owns 22.5% of the company and had been instrumental in securing a subconcession for MGM China back in 2005. She has been a long-term advocate for Macau’s transformation from a small gaming village to a global travel and leisure destination. From 1998 to 2001, she spearheaded the development of the 338-meter tall Macau Tower Convention and Entertainment Center (Macau Tower), the very first major diversification project in Macau. Under her management, MGM China has been actively involved in art exhibitions showcasing both local and China talents. She is also the Chairman of Shun Tak Group, whose ferry business remains a vital part of the transportation infrastructure across the Greater Bay Area.

Ms. Ho likely will again play a critical role in MGM China’s bidding of a new concession in 2022. It was enormously helpful that she had publicly spoken out against Hong Kong’s political protests in the United Nations in September 2019, depicting the real situation in Hong Kong to the world. She has also prominent and active roles in societal committees such as the Hong Kong Federation of Women, Chinese People’s Political Consultative Conference and All-China Federation of Industry and Commerce.

The strategic investor can provide both the company and Ms. Ho the technology and resources required to achieve the long-term vision of Macau’s economic diversification and Greater Bay Area integration. Internet platforms like Meituan and Trip.com can accelerate Macau’s digitalization and enhance the tourism industry’s global competitiveness. Huazhu Group and Sunac China can work with MGM China to bring in their tourism and leisure operating leadership and elevate customer experience.

A fruitful cooperation between one of the leading Chinese companies and one of the six Macau concessionaries run by a visionary owner/manager, such as Ms. Ho, sets a great example for China’s Greater Bay Area development initiative. Coupled with the non-gaming boost discussed previously, MGM China’s probability of securing a new concession will be greatly enhanced, which is the single most important event that will determine the company’s long-term future.

3.MGM China’s valuation is 20% to 30% lower than Macau’s local operators due to the 2022 gaming concession overhang, the rerating from the disposal will result in a significant gain in market value of MGM China that offsets the sale

Among the six concessionaries, three operators are majority-owned and consolidated by U.S. listed companies: Sands China (HKEX: 1928 HK) is 70% owned by Las Vegas Sands, Wynn Macau is 72.2% owned by WYNN Resorts (NASDAQ: WYNN), and MGM China is 55.9% owned by MGM Resorts International. The capital markets have already started to reflect the concerns on U.S. owned concessionaries through trading performance and valuation.

SJM and Galaxy are the best performers in 2020. SJM’s EV/2019 EBITDA are at 15.0X, the highest in the sector. On the other hand, Sands China, which had always had a sizable valuation premium over the other operators due to its mass business market share, scale advantage, and high profitability, now has a current valuation lower than Galaxy, after declining 16% in 2020.

Meanwhile, Wynn Macau and MGM China EV/2019 EBITDA valuations are at the bottom of the sector and trading at a significant discount to their local peers. Melco Resorts is the only Macau operator listed in the U.S. and has about 20% of EBITDA contribution from the Philippines, which has been valued much lower than its Macau business historically.


US$billion*	Enterprise Value	Market Capitalization	2019 EBITDA	EV/2019 EBITDA	2020 share performance
Galaxy	28.4	33.1	2.1	13.4	4.9%
SJM	8.1	6.5	0.5	15.0	3.2%
MGM China	7.9	5.6	0.8	10.2	-8.7%
Sands China	41.3	35.3	3.2	13.0	-16.1%
Melco Resorts	13.9	9.1	1.6	8.9	-22.0%
Wynn Macau	12.4	8.9	1.4	9.0	-30.4%
Total / average	112	99	9.5	11.6
* Calculated using December 2020 average share price

The new 20% strategic Chinese partner will significantly enhance MGM China’s outlook of securing a new concession in 2022, triggering a rerating of the stock. If MGM China trades to just the sector average of 11.6X EV/2019 EBITDA, the upside is 13%, and if it trades to Galaxy’s multiple of 13.4X, the upside will be 32%.

MGM Resorts International will remain the largest single shareholder, while Ms. Pansy Ho and the new strategic investor will be the second and third largest. MGM Resorts International will still be able to participate in the earnings recovery of MGM China through equity method accounting as Macau’s tourism industry recovers from the COVID-19 pandemic.

4.With the proceeds from selling the 20% stake in MGM China, MGM Resorts International will have enough cash cushion to fully commit to the integrated resort opportunity in Osaka, Japan, and become the biggest winner of the Japanese gaming opportunity

Japan started the process of legalizing gaming in 2018. The initial plan was to issue 3 licenses, and the prospective cities to build the integrated resorts included Osaka, Yokohama, Nagasaki, and Wakayama. The Japanese government was scheduled to release the basic policies on the license by January 2020, and the prospective cities would select the integrated resort operator by 2H2020 and submit the final proposal by 1H2021, after which the official licenses would be issued.

However, the entire process has been delayed due to the bribery scandal at the end of 2019 and the subsequent outbreak of COVID-19. Our understanding is that the official policy document will be further delayed by 6-12 months from today. Meanwhile, Las Vegas Sands and WYNN Resorts have officially dropped out of the competition for a gaming license in Japan. Currently, Galaxy, Melco and Genting remain active as the Yokohama project’s potential operator.

MGM Resorts International had formed a consortium with Orix Corporation in March 2019 to bid for the Osaka project, and became the only accepted bidder for the project in February 2020. According to the most recent estimate from Orix, the integrated resort’s total projected cost will be around US$12 billion, 50%-50% financed by equity and debt. Orix and MGM Resorts will each take 40% equity stake while a consortium of local companies takes up the remaining 20%. The 3 large Japanese banks have agreed to the project financing with MGM Resorts International’s 40% participation as a pre-condition. The project’s total GFA will be 1.3 million square meters, with 4 hotel towers totaling 3600 rooms, and a 3% area for gaming. With a 5-year construction period, its opening date should be around 2027 to 2028.

MGM Resorts International will need to invest US$2.4 billion equity into the Osaka project, if the total project cost is indeed US$12 billion. Selling 20% of MGM China will generate US$1.3 billion cash at current stock price, providing MGM Resorts with additional financing to fully commit to the Osaka opportunity. The Japanese government has always favored the top U.S. operators as the ideal partners for its integrated resorts, and with LVS and WYNN having pulled out, MGM Resorts will be the only game in town. It’s fair to say that MGM’s commitment is crucial to the success of the Osaka project, and possibly also to the success of the development of the whole Japanese gaming industry.

MGM Resorts’ negotiation power will likely also be significantly enhanced, if it were to stay committed to Japan despite the negative impact on its domestic operations due to the virus. It will likely gain a tremendous amount of goodwill both from central/local governments, as well as its Japanese partners. It’s possible that it can even gain an upper hand in the overall industry policy formulation. The initial parameters on the license include a 3% cap on gaming space, a 10-year license period including construction time, and potentially a 30% gaming tax plus corporate profit tax. Post COVID-19, these parameters might be re-examined given the long-term impacts on consumer and business behaviors, and the potential changes can be favorable to the return on investment of the Osaka project.

Gaming was illegal in Japan before 2018, but the existing pachinko industry has around 4 million pachinko machines that generated about US$31 billion revenue (a similar concept to gross gaming revenue), compared to US$36.2 billion gross gaming revenue from Macau in 2019. The long-term market potential for the gaming industry in Japan is likely very significant. From the examples of the Venetian in Macau and Marina Bay Sands in Singapore, the first integrated resort to open in a large, untapped market enjoys significant first-mover advantages in terms of occupying consumer mind share and establishing brand power.

5.MGM Resorts International can be an important partner for the strategic investor’s internationalization efforts, especially in outbound consumer services to the U.S. and Japan; the cooperation between the two sides will be a great fit and mutually beneficial

MGM Resorts International is a world leading gaming operator in terms of hotel rooms in integrated resorts. It has 45,000 rooms across 19 properties in U.S. and Macau, including 9 in Las Vegas and 8 in other parts of the U.S. It also operates the largest number of hotel rooms in Las Vegas (over 36,000 incl. CityCenter).

9.6 million Chinese tourists visited Japan in 2019, accounting for 30% of Japan’s total in-bound visitations. Since the Japanese government relaxed its visa policy in 2015, Chinese visitations has grown at a 5-year compound annual growth rate of 31.8%. The integrated resort in Osaka, one of the must-visit cities in Japan, is very well positioned to become a must-visit destination.

A deeper cooperation with MGM Resorts International makes great sense for any of the four Chinese companies, since their core focus is on the travel, leisure and entertainment demand of Chinese consumers. The large customer base matches very well with MGM Resorts International’s resources in dining, boarding, entertainment and MICE in U.S. and Japan.

6.MGM Resorts International will benefit from the financial flexibility provided by capitalizing on its MGM China stake and could use the proceeds to make a more attractive bid for Entain PLC, its joint-venture partner in U.S. online sports betting and gaming business and help MGM Resorts International pursue M&A in a secular growth market

MGM Resorts International and Entain PLC launched a 50/50 joint venture, BetMGM, in July 2018. BetMGM has been doing exceedingly well in the U.S., gaining significant market shares in both online iGaming and online sports betting. It currently has secured market access in 20 states and is live in 11 states.

The U.S. sports betting and online gaming market is projected to be worth over US$20 billion by 2025, and BetMGM is expecting to obtain a 15%-20% overall market share. BetMGM is run separately by a management team from Entain PLC, which is one of the world’s largest online sports betting and gaming groups. Entain PLC operates multiple brands across more than 20 countries and has about 6% global online market share.

At the end of 2020, Entain PLC was valued at US$9.1 billion (GBP 6.6 billion). Media reported that MGM Resorts International recently made an US$10 billion all-cash offer and subsequently an all-stock offer at US$11.1 billion to acquire Entain PLC. Both were rejected by Entain PLC.

We think an acquisition of Entain PLC makes tremendous sense for MGM Resorts International as the U.S. online market represents a key long-term growth opportunity. Entain PLC’s in-house technology platform meshes very well together with MGM Resorts International’s prime resorts assets and 34 million M Life Rewards database. MGM Resorts International’s largest shareholder, InterActiveCorp., is also actively supporting the transaction as BetMGM was one of the key reasons it had invested US$1 billion to acquire a 12% ownership stake in MGM Resorts International. The proceeds from reducing MGM China stake will provide MGM Resorts International with much-needed cash to aggressively pursue the M&A and reduce the potential dilution MGM Resorts International shareholders will face. With a successful deal, MGM Resorts International can position itself well in a secular growth market.

For the aforementioned reasons, we strongly urge MGM Resorts’ Board and management team to seriously pursue a strategic transaction with a leading Chinese consumer internet or travel & leisure company to best position the MGM Resorts shareholders for future success in Macau.

Very truly yours,

Sean Ma

Founder & Chief Investment Officer

Disclaimer

Snow Lake Capital (HK) Limited, together with its affiliates (collectively, “Snow Lake”) is an investment manager and adviser to funds and managed accounts that are in the business of providing investment management and advisory services which include buying and selling securities and other financial instruments. Snow Lake currently holds type 4 (Advising on Securities) and type 9 (Asset Management) licences granted by the Hong Kong Securities and Futures Commission.

Snow Lake currently has a long position in MGM China securities (stocks, bonds and/or options, swaps, and other derivatives related to such stocks or bonds).

Snow Lake may profit if the trading price of MGM China securities goes up and may lose money if the trading price of securities of MGM China decreases.

Snow Lake may change its views about or its investment positions in MGM China at any time, for any reason or no reason. Snow Lake may buy, sell, cover or otherwise change the form or substance of its MGM China investment. Snow Lake disclaims any obligation to notify the market of any such changes.

The information, analysis and opinions expressed in this presentation (the “Presentation”) are based on, among other things, publicly available information about MGM China and MGM Resorts International, third-party buy-side or sell-side research, our own due diligence, and inferences and deductions through our analysis. Snow Lake does not guarantee in any way that it is providing all of the information that may be available. Snow Lake recognizes that there may be non-public information in the possession of MGM China, MGM Resorts International or others that could lead MGM China, MGM Resorts International or others to disagree with Snow Lake’s analyses, conclusions and opinions.

The Presentation may include forward-looking statements, estimates, projections and opinions prepared with respect to, among other things, certain legal and regulatory issues MGM China faces and the potential impact of those issues on its future business, financial condition and results of operations, as well as, more generally, MGM China’s anticipated operating performance, access to capital markets, market conditions, assets and liabilities, as well as of those of MGM Resorts International. Such statements, estimates, projections and opinions may prove to be substantially inaccurate and are inherently subject to significant risks and uncertainties beyond Snow Lake’s control.

Although Snow Lake believes the Presentation is substantially accurate in all material respects and does not omit to state material facts necessary to make the statements therein not misleading, Snow Lake makes no representation or warranty, express or implied, as to the accuracy or completeness of the Presentation or any other written or oral communication it makes with respect to MGM China or MGM Resorts International, and Snow Lake expressly disclaims any liability relating to the Presentation or such communications (or any inaccuracies or omissions therein). Thus, shareholders and others should conduct their own independent investigation and analysis of the Presentation and of MGM China, MGM Resorts International and other companies mentioned. Snow Lake recommends that every investor conduct its own due diligence before buying or selling any security.

The Presentation is not investment advice or a recommendation or solicitation to buy or sell any securities. Except where otherwise indicated, the Presentation speaks as of the date hereof, and Snow Lake undertakes no obligation to correct, update or revise the Presentation or to otherwise provide any additional materials. Snow Lake also undertakes no commitment to take or refrain from taking any action with respect to MGM China, MGM Resorts International or any other company.

As used herein, except to the extent the context otherwise requires, Snow Lake includes its affiliates and its and their respective partners, directors, officers and employees.

About Snow Lake Capital

Snow Lake Capital (HK) Limited is a leading Asian alternative investment management firm with over US$3 billion in assets under management. The firm was founded in 2009 and has offices in Hong Kong and Beijing. With a firmwide headcount of more than 50 professionals, Snow Lake manages capital mainly for global institutional clients including university endowments, foundations, family offices, sovereign wealth funds and pensions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210106005469/en/

Media Contacts:

Jonathan Gasthalter/Kevin FitzGerald

Gasthalter & Co.

(212) 257-4170

KEYWORDS: China Asia Pacific

INDUSTRY KEYWORDS: Lodging Professional Services Travel Finance

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January 6, 2021 8:48 am

UMB Announces Conference Call to Discuss Fourth Quarter and Full-Year 2020 Results

UMB Announces Conference Call to Discuss Fourth Quarter and Full-Year 2020 Results

KANSAS CITY, Mo.–(BUSINESS WIRE)–UMB Financial Corporation (Nasdaq: UMBF), a financial services company, will release earnings results for the fourth quarter and full-year 2020 after market hours on Tuesday, January 26, 2021. The company plans to host a conference call to discuss these results on Wednesday, January 27, 2021 at 8:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 877-267-8760 or (international) 412-542-4148 and requesting to join the UMB Financial call. The live call may also be accessed by visiting investorrelations.umb.com or by using the following the link:

UMB Financial 4Q 2020 Conference Call

A replay of the conference call may be heard through February 10, 2021 by calling (toll-free) 877-344-7529 or (international) 412-317-0088. The replay access code required for playback is 10150814. The call replay may also be accessed at investorrelations.umb.com.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, and serves business and institutional clients nationwide. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank. For information about UMB’s operations, approach and relief measures during the COVID-19 pandemic, please visit umb.com/COVID-19.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210106005210/en/

Stephanie Hague, 816.860.5088

[email protected]

KEYWORDS: Missouri United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

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January 6, 2021 8:48 am

Seelos Therapeutics Announces Year End 2020 Business Update

-Highlights of Continued Execution of Plans for Multiple Clinical Programs and Upcoming Catalysts

-Additions to the Clinical, Operational and Regulatory Teams

PR Newswire

NEW YORK, Jan. 6, 2021 /PRNewswire/ — Seelos Therapeutics, Inc. (Nasdaq: SEEL), a clinical-stage biopharmaceutical company focused on the development of therapies for central nervous system disorders and rare diseases, today announced its year end 2020 business update.

“This past year marked the most significant 12 months in Seelos Therapeutics’ history despite being an otherwise challenging year due to the COVID-19 pandemic. We completed our safety trial for the intranasal ketamine program and began opening centers for our pivotal trial for Acute Suicidal Ideation and Behavior in patients with major depressive disorder. The trehalose program’s pivotal study in ALS was accepted into the HEALEY ALS Platform Trial at Harvard and we began our first in vivo studies of SLS-004 and SLS-007, our gene therapy Parkinson’s programs. Seelos received additional patents around the world, orphan drug designations in the US and Europe for various programs plus a Rare Pediatric Disease Designation for SLS-005,” remarked Raj Mehra Ph.D., Chairman and CEO of Seelos. “We look forward to 2021 as we embark on clinical studies in two unmet needs, namely imminent suicidality and ALS. We have expanded the Seelos team by adding several experienced industry veterans as full-time Seelos employees to efficiently execute clinical and preclinical programs.”

Seelos Team Update

Over the past six months, Seelos expanded its team with the hiring of four full-time employees and the addition of a consultant to aid in the development of key programs.

In addition, Tim Whitaker, MD will now serve as Chief Medical Officer (CMO) for Seelos, formerly serving as Head of Research and Development, and Warren W. Wasiewski, M.D., F.A.A.P. will now serve as Senior Neuro Advisor.

Jessica Kardish, Kimberly Farrand, Lucas Pilipski and Manira Rayamajhi, have all accepted full-time positions at Seelos as follows:

Jessica Kardish joined Seelos in January 2021 as Seelos’ VP, Clinical Development and Operations. Ms. Kardish has over 25 years of drug development and operations experience in mid-size and small pharma companies, primarily in CNS and rare disease spaces. During her 11 years at Shire Pharmaceuticals, Ms. Kardish had a successful track record which included five global regulatory approvals. She holds a Bachelor of Science from Dickinson College and a Master’s in Public Health from The Johns Hopkins University.
Kimberly Farrand joined Seelos in July 2020 as Seelos’ Senior Director, Clinical Development and Operations. Ms. Farrand possesses over 20 years of experience in the industry and spent over 17 years at Shire Pharmaceuticals prior to its acquisition by Takeda Pharmaceutical Company. She holds a Bachelor of Science in Chemistry from Penn State and a Master’s in Public Health in Epidemiology from The George Washington University.
Lucas Pilipski joined Seelos in December 2020 as Seelos’ Executive Director of Clinical Operations. Mr. Pilipski has over 17 years of industry experience and spent over four years at Sanofi S.A. and eight years at Shire Pharmaceuticals. He holds a Bachelor of Science in Biology from William Patterson University and a Master’s of Science in Biology from Villanova University.
Manira Rayamajhi, Ph.D., joined Seelos in July 2020 as Seelos’ Associate Director, Global Regulatory Affairs. She has 10 years of experience spanning multiple therapeutic areas and in all phases of development. She was a Postdoctoral Research Fellow at the University of North Carolina at Chapel Hill for 5 years and previously worked at Carmago Pharmaceutical Services, Syneos Health, and MMS Holdings in various capacities. Dr. Rayamajhi holds a Bachelor of Arts in Biology and Chemistry from Wesleyan College and a Ph.D. in Immunology from the University of Colorado Denver.

David M. Biondi, DO, FAAN has also joined Seelos as a consultant with an extensive background in medical practices and the pharmaceutical industry. Dr. Biondi served as a neurologist in the United States Navy and later in community and academic practice settings. He held medical affairs and clinical development roles at Janssen Pharmaceuticals, Johnson & Johnson, and Alder Biopharmaceuticals. He most recently served as Executive Director for Clinical Programs at Cohen Veterans Bioscience and currently sits on their Board of Directors. Dr. Biondi holds a Bachelor of Science in Pharmacy from Long Island University, a Doctor of Osteopathic Medicine from The University of New England and served his Neurology Residency at the US National Naval Medical Center in Bethesda, MD.

Seelos Business Update

In 2020, Seelos Therapeutics achieved several major milestones and continued to make progress on its multiple clinical stage development programs.

SLS-002 (intranasal racemic ketamine)

In March, completed a Type C meeting with the FDA for advice on a regulatory pathway and two-part pivotal trial design
In the second quarter, released final safety data of Phase I pharmacokinetics/pharmacodynamics study showing a safe and well tolerated side effect profile at the highest dose levels
In the fourth quarter, initiated trial sites in screening and dosing patients for the open-label 16 patient Part A study
Received a new patent in Japan for anxiety due to phobic disorders

SLS-005 (IV trehalose)

In the third quarter, received a “may proceed” notice from FDA to initiate pivotal Phase IIb/III trial in ALS
In December, SLS-005 was selected for the HEALEY ALS Platform Trial led by Harvard Medical School at Massachusetts General Hospital
SLS-005 received US Orphan Drug Designation (ODD) in ALS and Sanfilippo syndrome and European ODD for Sanfilippo syndrome
Granted Rare Pediatric Disease Designation for SLS-005 in Sanfilippo syndrome
Received multiple patents in US and Israel

SLS-004 and SLS-007 (Parkinson’s disease gene therapy programs)

In the second quarter, initiated preclinical in vivo studies of both SLS-004 and SLS-007 in Parkinson’s disease
In September, announced a sponsored research agreement with Duke University for gene therapy studies of SLS-004
In October, received a patent covering composition of matter for SLS-007

Upcoming Catalysts

SLS-002 (intranasal racemic ketamine)

Potentially pivotal Proof of Concept study commenced in December, and Seelos is continuing to open trial sites for screening and dosing
First data readout upon completion of the first 16 patients in the Part A open-label portion

SLS-005 (IV trehalose)

Pivotal Phase IIb/III trial in ALS to begin in the first half of 2021 in the HEALEY ALS Platform Trial

SLS-004 and SLS-007 (Parkinson’s disease gene therapy programs)

SLS-007 Preclinical data on delivery and target engagement expected in Q1 2021
SLS-004 Preclinical data expected mid-2021

Forward Looking Statements

Statements made in this press release, which are not historical in nature, constitute forward-looking statements for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements include, among others, those regarding Seelos’ ability to complete clinical studies for product candidates for imminent suicidality and ALS, Seelos’ ability to efficiently execute clinical and pre-clinical programs, the hiring of certain employees and consultants, including their ability to aid in the development of key programs, the safety profile of SLS-002, the final safety data of SLS-002, the potential pivotal proof of concept study for SLS-002, opening additional trial sites for screening and dosing for the pivotal proof of concept study for SLS-002, the commencement of the pivotal Phase IIb/III trial of SLS-005 for ALS in the HEALEY ALS Platform Trial, the expected timing for preclinical data regarding the delivery and target engagement of SLS-007, and the expected timing for preclinical data for SLS-004. These statements are based on Seelos’ current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Risks associated with Seelos’ business include, but are not limited to, the risk of not successfully executing its preclinical and clinical studies and not gaining marketing approvals for its product candidates, the risk that prior test results may not be replicated in future studies and trials, the risks that clinical study results may not meet any or all endpoints of a clinical study and that any data generated from such studies may not support a regulatory submission or approval, the risks associated with the implementation of a new business strategy, the risks related to raising capital to fund its development plans and ongoing operations, risks related to Seelos’ current stock price, risks related to the global impact of COVID-19, as well as other factors expressed in Seelos’ periodic filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contact Information:

Anthony Marciano

Head of Corporate Communications
Seelos Therapeutics, Inc. (Nasdaq: SEEL)
300 Park Ave., 12th Fl
New York, NY 10022
(646) 293-2136
[email protected]
https://seelostherapeutics.com/
https://twitter.com/seelostx
https://www.linkedin.com/company/seelos

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SOURCE Seelos Therapeutics, Inc.

January 6, 2021 8:48 am

Everest Medicines Initiates Submission of New Drug Application in Singapore for Sacituzumab Govitecan-Hziy for the Treatment of Metastatic Triple-Negative Breast Cancer

PR Newswire

SHANGHAI, Jan. 6, 2021 /PRNewswire/ — Everest Medicines (HKEX 1952.HK), a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Greater China and other parts of Asia, announced today that it has initiated the submission of a New Drug Application (NDA) to the Health Sciences Authority (HSA) of Singapore for sacituzumab govitecan-hziy for the treatment of patients with metastatic triple-negative breast cancer (mTNBC) who have received at least two prior therapies for metastatic disease.

“Breast Cancer is Singapore’s number one leading cause of cancer death in women and TNBC accounts for 15-20% of all breast cancer in Singapore. This milestone marks the first of a series of planned NDA submissions for sacituzumab govitecan-hziy in Everest’s licensed territory, which also includes Greater China, South Korea, and certain additional Southeast Asian countries/regions,” said Yang Shi, Chief Medical Officer for Oncology at Everest Medicines. “We look forward to making progress towards approval of sacituzumab govitecan-hziy in Singapore as we simultaneously advance our clinical development and regulatory programs in other parts of the territory in an effort to make this innovative treatment available to patients with this devastating disease across a broad range of emerging Asia Pacific.”

“We are excited to achieve this important submission, which supports our larger business strategy to build a strong commercial presence in international markets in and outside of China as we work to connect and accelerate global pharmaceutical innovation for patients in the Asia Pacific region,” said Kerry Blanchard, MD, PhD, CEO of Everest Medicines.

About Sacituzumab Govitecan
-Hziy

Sacituzumab govitecan-hziy is a first-in-class, antibody-drug conjugate (ADC) directed at TROP-2, a membrane antigen that is over-expressed in many common epithelial cancers. Sacituzumab govitecan-hziy was granted accelerated approval by the U.S. FDA in April 2020 for the treatment of patients with metastatic triple-negative breast cancer (mTNBC) who have received at least two prior therapies for metastatic disease. According to data from the pivotal Phase 3 ASCENT trial, treatment with sacituzumab govitecan-hziy reduced the risk of death by 52% (p <0.0001), reduced the risk of disease progression by 59% (p <0.0001) and increased median overall survival (12.1 vs. 6.7 months) compared with chemotherapy. Under a licensing agreement with Gilead Sciences, Inc., Everest Medicines has exclusive rights to develop, register, and commercialize sacituzumab govitecan-hziy for all cancer indications in Greater China, South Korea, and certain Southeast Asian countries.

In October 2020, sacituzumab govitecan-hziy was included in the updated 2020 China Guidelines for the Standardized Diagnosis and Treatment of Advanced Breast Cancer, compiled by the Breast Cancer Expert Committee of the National Cancer Control Center, the Breast Cancer Professional Committee of the Chinese Anti-Cancer Association, and the Cancer Drug Clinical Research Professional Committee of the Chinese Anti-Cancer Association.

About Triple-Negative Breast Cancer

Triple-Negative Breast Cancer (TNBC) is a highly aggressive disease and accounts for approximately 15-20% of all breast cancer types worldwide.^i-iiiThe median age of breast cancer diagnoses tends to be younger in China than western countries, and the percentage of the TNBC molecular subtype has been increasing in the past 10 years. TNBC cells lack sufficient estrogen, progesterone or HER2 receptor expression to benefit from the use of hormonal or HER2-directed therapy. Overall survival among patients with this form of breast cancer has not changed in the past 20 years, which highlights the need for advances in therapeutic options for these patients.^iv-viii

About Everest Medicines

Everest Medicines is a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Greater China and other Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record of high-quality clinical development, regulatory affairs, CMC, business development and operations both in China and with leading global pharmaceutical companies. Everest Medicines has built a portfolio of eight potentially global first-in-class or best-in-class molecules, many of which are in late stage clinical development. The Company’s therapeutic areas of interest include oncology, autoimmune disorders, cardio-renal diseases and infectious diseases. For more information, please visit its website at www.everestmedicines.com.

For further information, please contact:

Everest Medicines
Media in US and Europe:
Darcie Robinson
Vice President
Westwicke PR
(203) 919-7905
[email protected]

Media in China:
Edmond Lococo
Managing Director
ICR Asia
+86 (10) 6583-7510
[email protected]

i. DeSantis CE, Fedewa SA, Goding Sauer A, Kramer JL, Smith RA, Jemal A. Breast cancer statistics, 2015: convergence of incidence rates between black and white women. CA Cancer J Clin 2016;66:31-42.

ii. 4. Plasilova ML, Hayse B, Killelea BK, Horowitz NR, Chagpar AB, Lannin DR. Features of triple-negative breast cancer: analysis of 38,813 cases from the National Cancer Database. Medicine (Baltimore) 2016;95(35):e4614.

iii. Kohler BA, Sherman RL, Howlader N, et al. Annual report to the nation on the status of cancer, 1975-2011, featuring incidence of breast cancer subtypes by race/ ethnicity, poverty, and state. J Natl Cancer Inst 2015;107(6):djv048.

iv. Khosravi-Shahi P, Cabezón-Gutiérrez L, Custodio-Cabello S. Metastatic triple negative breast cancer: optimizing treatment options, new and emerging targeted therapies. Asia Pac J Clin Oncol 2018;14: 32-9.

v. Brufsky A, Valero V, Tiangco B, et al. Second-line bevacizumab-containing therapy in patients with triple-negative breast cancer: subgroup analysis of the RIBBON-2 trial. Breast Cancer Res Treat 2012;133: 1067-75.

vi. Perez EA, Patel T, Moreno-Aspitia A. Efficacy of ixabepilone in ER/PR/HER2- negative (triple-negative) breast cancer. Breast Cancer Res Treat 2010;121:261-71.

vii. Park IH, Im SA, Jung KH, et al. Randomized open label phase III trial of irinotecan plus capecitabine versus capecitabine monotherapy in patients with metastatic breast cancer previously treated with anthracycline and taxane: PROCEED trial (KCSG BR 11-01). Cancer Res Treat 2019; 51:43-52.

viii. Twelves C, Awada A, Cortes J, et al. Subgroup analyses from a phase 3, openlabel, randomized study of eribulin mesylate versus capecitabine in pretreated patients with advanced or metastatic breast cancer. Breast Cancer (Auckl)
2016;10:77- 84.

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SOURCE Everest Medicines

January 6, 2021 8:46 am

Allegro’s New ACS37800 IC Integrates Power, Voltage, and Current Monitoring with Reinforced Isolation

Single-chip solution simplifies industrial and home automation applications seeking to reduce board space and optimize energy efficiency

Manchester, NH, Jan. 06, 2021 (GLOBE NEWSWIRE) — Allegro MicroSystems, a global leader in power and sensing for motion control and energy-efficient systems, announced the launch of the ACS37800, a Hall-effect power monitoring IC for single-phase AC and DC solutions in a small PCB footprint. Another industry-first innovation, Allegro’s ACS37800 is an integrated power monitoring chip that allows simultaneous measurement of power, voltage, and current for AC and DC signals with an isolation rating of up to 1480 Vpk in a small SOIC16W package, reducing the solution BOM size, cost, and complexity.

“Our newest power monitoring chip is a gamechanger for IoT devices, smart lighting, data centers, and telecom applications, in particular,” says Shaun Milano, Business Unit Director for Current Sensors at Allegro. “We’ve improved on our first-generation integrated solution by adding the ability to measure voltage, current and power in AC as well as DC at the same time – and with reinforced isolation, our customers can eliminate many expensive components on their PCBs. The ACS37800 dramatically simplifies measuring power in a unique single-chip solution.”

The new ACS37800 allows devices to easily track power consumption and to optimize energy use by detecting reduced power efficiency for predictive maintenance. This makes the ACS37800 ideal for motor control, building automation, and a variety of green industrial applications.

Extensive integration and power triangle calculations simplify BOM and shrink time to market

Offered in an efficient SOIC16 footprint, the ACS37800 further reduces PCB size and significantly reduces bill of materials (BOM) cost and complexity by eliminating the need for many components that competitive solutions require in similar conditions. For example, the integrated 517 Vrms reinforced isolation enables current sensing without expensive opto-isolators, Rogowski coils, oversized current transformers, isolated operational amplifiers, or shunt resistors.

Thanks to its onboard regulator, the ACS37800 can be powered from the same voltage supply as the system microprocessor (5 V or 3.3 V).

The ACS37800 simplifies common power triangle measurements by calculating parameters such as the active, reactive, and apparent power as well as instantaneous and RMS values of the current, voltage, or power. Furthermore, the ACS37800 is able to average these parameters with many instantaneous measurements over a one minute period, avoiding inaccuracies when waveforms are asymmetric. These features reduce the reliance on microcontroller unit (MCU) resources for critical calculations.

The right balance of programmability for a broad range of applications

Thanks to impressive levels of flexibility and configurability, users can program the ACS37800 to fit a variety of unique application needs. The device allows designers to choose from a factory-programmed I2C or SPI interface, depending on whether the user prefers low noise or multiple addressing—and in I2C mode, it provides zero-crossing detection pinout, making LED dimming control easy. Users can also program thresholds for under/overvoltage, current/voltage gain and offset, and overcurrent trip point via EEPROM, allowing them to optimize their system from ±30 A to ±180 A and from –40°C to 125°C.

Combining Allegro’s factory programming of sensitivity and offset with vast user programmability allows designers to balance between time-to-market and customization in the increasingly competitive energy-efficient applications, such as:

Smart lighting
Smart appliances and smart plugs
Industrial motor control
Server and telecom power supplies

Allegro has two decades of experience in developing market-leading current sensor technology, offering reliable Hall-based and giant magnetoresistance (GMR) magnetic current sensors that meet industrial and automotive customers’ evolving needs.

For datasheets and more details on Allegro’s innovative current sensor family, including the ACS37800, please visit allegromicro.com/currentsensors. Contact your local sales office for more information and to request samples today.

About Allegro MicroSystems

Allegro MicroSystems is redefining the future of sensing and power technologies. From green energy to advanced mobility and motion control systems, our team is passionate about developing intelligent solutions that move the world forward and give our customers a competitive edge. With global engineering, manufacturing and support, Allegro is a trusted partner to both large enterprises and regional market leaders worldwide. Visit www.allegromicro.com.

Attachments

Lori Lundergan
Allegro MicroSystems
6033141507
[email protected]

January 6, 2021 8:46 am

International Land Alliance Announces Completion of Stage One Construction at Valle Divino

PR Newswire

SAN DIEGO, Jan. 6, 2021 /PRNewswire/ — International Land Alliance, Inc. (OTCQB: ILAL) announced today that it has completed its first stage of construction at Valle Divino, an eco-friendly development in Ensenada, Baja California, roughly 50 miles south of San Diego. This includes survey and engineering, as well as preliminary infrastructure consisting of cutting of interior roads for Phase I (184 homesites).

The Company broke ground on this new community in July 2020, which will ultimately feature 650 homesites, is part of a master planned residential community overlooking the internationally renowned Bajamar Ocean Front Hotel and Golf Resort, as well as the Pacific Ocean. Valle Divino also sits on the western edge of the Guadalupe Valley, Baja’s premier wine region with over 175 wineries. The Company recently completed a second “Test Vineyard” with 14 different grapes, including Malbec, Cabernet Sauvignon, Merlot, Tempranillo, Syrah, Mourvèdre, Petit Verdot, Viognier, Nebbiolo, Pino Noir and Zinfandel. Test Vineyards are planted in an effort to see how different grape varieties grow in the same location.

Residential lot prices start at $49,000 with a variety of financing options. The started residential lot pre-sales in 2020. Interested buyers and brokers are encouraged to visit: https://ila.company/valle-divino-resort/ to speak to a sales representative and make an appointment to tour the community.

About International Land Alliance, Inc.:

International Land Alliance, Inc. (OTCQB:ILAL) is an international land investment and development firm based in San Diego, California. As its’ core mission, the Company has embraced technology for sustainable and socially responsible solutions, in addition to using proptech and construction tech advanced applications to meet these goals. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, which provide a diversity of investment and living options. Please visit: www.ila.company.

Safe Harbor Statement

The press release may include certain statements that are not descriptions of historical facts but are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as “may,” “expects,” “believes,” “anticipates,” “intends,” “projects,” or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectation and actual results may vary (perhaps materially) from certain of the results anticipated herein.

CONTACT:
Investor Relations:
Renmark Financial Communications Inc.
Steve Hosein: [email protected]
Tel.: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com

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SOURCE International Land Alliance, Inc.

January 6, 2021 8:41 am

Envestnet | PMC Enhances Tax Overlay Services, Enabling Advisors to Apply Holistic Tax Management to More Client Assets

Advisors Can Set Personalized Annual Capital-Gains Budgets to Manage Low-Cost Basis Holdings Over a Period of Several Years

PR Newswire

CHICAGO, Jan. 6, 2021 /PRNewswire/ — Envestnet, Inc. (NYSE: ENV) announces that Envestnet | PMC (PMC) has rolled out an update to its Tax Overlay Services offering. With this enhancement, financial advisors can apply customized, ongoing tax-optimization approaches to the bulk of client assets within a unified managed account (UMA), dramatically increasing the assets eligible to be diversified out of low-cost-basis shares.

“Investors file their taxes once a year, but taxes should be managed throughout the year,” said Erik Preus, CFA, Managing Director of Envestnet | PMC. “Our Tax Overlay Services make it possible for advisors to holistically manage most or all of a client’s assets in a tax-smart manner throughout the year, with the goal of addressing that client’s tax concerns and capital-gains tax budget across the portfolio.”

Tax Overlay Services had traditionally enabled an advisor to manage a UMA in accordance with the individual client’s long-term capital-gains tax budget, and minimize exposure to short-term capital gains, while tightly adhering to the intended manager/UMA model by limiting tracking error.

To accommodate advisors with clients whose portfolios are unable to meet these tracking error requirements, and may contain significant holdings that are not included in their intended manager/UMA model, PMC has developed the Portfolio Diversification Service. This innovation enables the PMC platform to apply Tax Overlay Services to UMAs with a higher degree of deviation from their models, as long as the assets are held within the Quantitative Portfolios (QPs) managed by Envestnet’s Quantitative Research Group (QRG) team.

These portfolios are low-cost, indexed strategies with a large number of holdings, which gives PMC the ability to hold a greater percentage of non-model holdings and manage tracking error to more reasonable levels. As a result, UMAs can transition into the target model over the course of seven years, giving the advisor the flexibility to spread out tax consequences for the client.

“Clients for whom tax mitigation is more important than matching a particular model benefit because they can apply Tax Overlay Services to more of their assets,” said Dana D’Auria, CFA, Co-Chief Investment Officer of Envestnet. “By harnessing our tax management innovations, advisors can add even more essential value to their advice and engagement.”

The Portfolio Diversification Service also makes this capability available to clients who are transitioning low-cost-basis equity mutual funds and exchange-traded funds (ETFs) to new models. By holding out-of-model equity mutual funds and ETFs in the QP sleeves, PMC is able to sell them over multiple tax years rather than liquidating them at the account’s inception.

“For high-net-worth individuals, short-term capital gains can sometimes be taxed at twice the rate of long-term capital gains. Our Tax Overlay Services empower advisors to mitigate short-term gains throughout client portfolios all year long, in alignment with every client’s individual goals,” said Michael Pescatore, CIMA^®, Senior Vice President and Overlay Services Director at Envestnet | PMC. “To truly help clients improve outcomes, advisors must be able to manage tax realization in ways that address a client’s precise needs and concerns. We look forward to working alongside more advisors to help clients achieve financial wellness through holistic tax management.”

To learn more about the PMC Tax Overlay and its enhancements, please visit https://www.investpmc.com/solutions/portfolios/overlays.

About Envestnet

Envestnet, Inc. (NYSE: ENV) is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. Over 105,000 advisors across more than 5,100 companies—including 17 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies—leverage the Envestnet platform to grow their businesses and client relationships.

For more information on Envestnet | PMC, please visit www.investpmc.com.

Neither Envestnet, Envestnet | PMC^™ nor its representatives render tax, accounting or legal advice. Any tax statements contained herein are not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state, or local tax penalties. Taxpayers should always seek advice based on their own particular circumstances from an independent tax advisor.

Media Contact:

Dana Taormina

JConnelly for Envestnet
973.647.4626
[email protected]

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SOURCE Envestnet, Inc.

January 6, 2021 8:38 am

Zoomd launches its Intelligent Self-Serve SaaS Campaign Management Platform

Zoomd’s self-serve SaaS model enables advertisers to save time by managing their numerous user acquisition campaigns on premium media channels in a clear and transparent manner, under a single united dashboard

PR Newswire

VANCOUVER, British Columbia, Jan. 6, 2021 /PRNewswire/ — Zoomd Technologies Ltd. (TSXV: ZOMD) (OTC: ZMDTF), (https://www.zoomd.com) and its wholly-owned subsidiary Zoomd Ltd. (collectively, “Zoomd” or the “Company“), the marketing tech (MarTech) user-acquisition and engagement platform, is pleased to announce the launch of its self-serve SaaS version of its platform, with Tangelo Games, La-Mark, and MuvMobile (a WPP company) being the first three companies on-boarded onto it. The platform, which Zoomd views as a resource- and time-saver for its users in the ad buying and optimization process, units all of a user’s advertising campaigns under a single central dashboard and equips advertisers with Zoomd’s full user acquisition capabilities across numerous premium digital channels – including the popular platform TikTok. The platform is driven by artificial intelligence (AI), machine learning, and prediction and automation technologies.

The Company is of the view that the year 2020 has accelerated the digital transformation of the marketing world. A Gartner survey of CMOs in Western Europe and the U.S. found that they spent 80 percent of marketing budgets on digital channels and this is likely to rise over the coming years. Zoomd’s experience is that many advertisers find themselves spending too much time manually managing campaigns across several channels and losing a portion of their budget to ad fraud and inefficient work. Zoomd’s experience suggests that a sizable portion of these issues stem from a lack of transparency and synchronization. Zoomd is taking a leading stance in the movement for more transparency and efficiency with its new SaaS subscription-based model.

Zoomd’s new self-served, license-based, SaaS platform allows advertisers, both large and small, to easily and conveniently access, operate, and monitor all user acquisition campaigns themselves, all on a single dashboard. The core objectives of the new platform allows advertisers to spend their budgets more efficiently and effectively. The platform offers a number of premium media channels to advertise on, including Facebook, TikTok, Instagram, Twitter, Snapchat, Twitter, Apple Search, and Google – with each channel already incorporating built-in mechanisms to prevent ad fraud. Campaigns across all the channels can be managed succinctly on the unified dashboard, eliminating the need for advertisers to manage the campaign processes separately for each media channel, potentially saving both time and financial resources. Moreover, the platform provides transparency to advertisers on the entire ad buying and placement process for all the media channels and optimizes it by offering suggestions and automated rules on how to reallocate budgets based on campaign performances.

“We are thrilled to add a new license-based model in a software-based world, which was our vision when we decided to take the company public,” says Amit Bohensky, Zoomd Chairman and Co-Founder. “With larger digital budgets looming amid the pandemic’s continuing, we want to stress the importance of delivering efficiency, something that advertisers of all sizes value when they are running digital campaigns. This is the way of the future, and we are proud to be a part of the movement for transparency and efficiency.”

“Zoomd’s new SaaS platform puts Tangelo Games on the right track to accomplish the goals we had for user acquisition by providing us total transparency and convenience across the premium global media channels,” says Dany Kashti, operating principal at Third Eye Capital and CEO of Tangelo Games Corp. “It’s refreshing to see a platform that saves you time and provides the kind of transparency that the industry sorely needs, and we are excited to be one of the pioneers to utilize the new SaaS model.”

The Zoomd platform, in its current form, is now available to all sizes of advertisers and advertising agencies that wish to have full transparency and save time in their user acquisition strategies and campaigns. Zoomd expects that more companies will be on-boarded in the coming weeks.

About Zoomd:

Zoomd (TSXV: ZOMD, OTC: ZMDTF), founded in 2012 and began trading on the TSX Venture Exchange in September 2019, offers a site search engine to publishers, and a mobile app user-acquisition platform, integrated with a majority of global digital media, to advertisers. The platform unifies more than 600 media sources into one unified dashboard. Offering advertisers, a user acquisition control center for managing all new customer acquisition campaigns using a single platform. By unifying all these media sources onto a single platform, Zoomd saves advertisers significant resources that would otherwise be spent consolidating data sources, thereby maximizing data collection and data insights while minimizing the resources spent on the exercise. Further, Zoomd is a performance-based platform that allows advertisers to advertise to the relevant target audiences using a key performance indicator-algorithm that is focused on achieving the advertisers’ goals and targets.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer IN REGARD TO Forward-looking statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to Zoomd’s ability to successfully grow the number of users using its new SaaS platform and the overall future success of the product offering. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, technological, legal, privacy matters, political and social uncertainties (including the impacts of the COVID-19 pandemic), the extent and duration of which are uncertain at this time on Zoomd’s business and general economic and business conditions and markets. There can be no assurance that any of the forward-looking 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. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.

The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement.

For further information please contact:

Company Media Contacts:

Amit Bohensky

Chairman
Zoomd
[email protected]

Website: www.zoomd.com

Investor relations:

Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
[email protected]

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SOURCE Zoomd Technologies Ltd.

January 6, 2021 8:36 am

NuVasive’s X360 Procedural Approach Validated in Clinical Study Published in The Spine Journal Finding Single-Position Spine Surgery Improves Operative Efficiency While Reducing Complications and Length of Hospital Stay

PR Newswire

SAN DIEGO, Jan. 5, 2021 /PRNewswire/ — NuVasive, Inc. (NASDAQ: NUVA), the leader in spine technology innovation, focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions, today announced the results of the study, “Single position circumferential fusion improves operative efficiency, reduces complications and length of stay compared with traditional circumferential fusion,” in The Spine Journal, validating single-position spine surgery as having significant advantages over traditional, open spinal fusion.

The multi-center, retrospective study included 390 patients who underwent anterior lumbar interbody fusion (ALIF) and/or lateral lumbar interbody fusion (LLIF) surgery with bilateral percutaneous pedicle screw fixation between L2-S1. Two hundred and thirty-seven patients underwent single-position lateral surgery (SPLS) and 153 underwent a “flip” surgery. The study found that SPLS reduced operating time by more than three hours, and led to a reduction in blood loss and intraoperative radiation dosage for the patient. Further, patients who underwent SPLS experienced lower postoperative intestinal blockage (ileus), and their length of stay in the hospital was reduced on average by two days.

“As an early adopter of the NuVasive X360 system, the clinical benefits and operative efficiency of single-position surgery over traditional surgery, that requires patient repositioning, continue to be proven throughout my practice,” said Dr. Aaron Buckland, spine and scoliosis surgeon at Melbourne Orthopaedic Group in Melbourne, Australia. “The results of this study further validate that this practice-changing technique leads to clear benefits for the patient, surgeon and provider.”

The results of this study build upon other clinical evidence validating X360®, NuVasive’s comprehensive approach to lateral single-position surgery that combines XLIF®, XALIF™ and XFixation™ and is clinically proven to provide better outcomes over traditional open spinal fusion, including:

Improved clinical outcomes with >95 percent fusion¹ rates and up to 90 percent reduction in blood loss;¹
Reduced operative time by up to 60 minutes,² resulting in less time under anesthesia and 50 percent shorter length of stay in the hospital;³ and
Enhanced economics with up to a 20 percent increase in case volumes⁴ and as much as $5,000 saved per patient in hospital costs.^11,12

“Clinical results of the X360 surgical system reiterate NuVasive’s proceduralization strategy that enables surgeons to be more efficient in the operating room and deliver better clinical outcomes for their patients,” said Massimo Calafiore, executive vice president, Global Business Units at NuVasive. “Further, it affirms the Company’s continued focus on using data and research to inform its surgeon training and education on the X360 system that will serve as a key growth driver for the company in 2021 and beyond.”

Product Specific Information

For information about the U.S. Food and Drug Administration cleared labeling for the NuVasive medical devices studied and reported upon in The Spine Journal article entitled “Single position circumferential fusion improves operative efficiency, reduces complications and length of stay compared with traditional circumferential fusion,” please visit www.nuvasive.com/resources/electronic-ifu-information. NuVasive devices are only indicated for use with autograft and allograft, and in some instances in the study, were implanted in conjunction with Medtronic’s Infuse bone morphogenetic protein (BMP).

About NuVasive

NuVasive, Inc. (NASDAQ: NUVA) is the leader in spine technology innovation, with a mission to transform surgery, advance care, and change lives. The Company’s less invasive, procedurally integrated surgical solutions are designed to deliver reproducible and clinically proven outcomes. The Company’s comprehensive procedural portfolio includes access, implants and fixation systems, biologics, software for surgical planning, navigation and imaging solutions, magnetically adjustable implant systems for spine and orthopedics, and intraoperative monitoring service offerings. With more than $1 billion in net sales, NuVasive has approximately 2,800 employees and operates in more than 50 countries serving surgeons, hospitals and patients. For more information, please visit www.nuvasive.com.

Forward-Looking Statements

NuVasive cautions you that statements included in this news release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause NuVasive’s results to differ materially from historical results or those expressed or implied by such forward-looking statements. The potential risks and uncertainties which contribute to the uncertain nature of these statements include, among others, risks associated with acceptance of the Company’s surgical products and procedures by spine surgeons, development and acceptance of new products or product enhancements, clinical and statistical verification of the benefits achieved via the use of NuVasive’s products (including the iGA® platform), the Company’s ability to effectually manage inventory as it continues to release new products, its ability to recruit and retain management and key personnel, and the other risks and uncertainties described in NuVasive’s news releases and periodic filings with the Securities and Exchange Commission. NuVasive’s public filings with the Securities and Exchange Commission are available at www.sec.gov. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.

¹Lehmen JA, Gerber EJ. MIS lateral spine surgery: a systematic literature review of complications, outcomes, and economics. Eur Spine J 2015;24(Suppl 3):S287-313.
²Drazin D, Kim TT, Johnson JP. Simultaneous lateral interbody fusion and posterior percutaneous instrumentation: early experience and technical considerations. Biomed Res Int 2015:Article ID 458284.
³Lucio JC, VanConia RB, DeLuzio KJ, et al. Economics of less invasive spinal surgery: an analysis of hospital cost differences between open and minimally invasive instrumented spinal fusion procedures during the perioperative period. Risk Manag Healthc Policy 2012;5:65-74.
⁴Rodgers WB, Gerber EJ, Rodgers JAK. MIS v open spine surgery: the impact on a surgeon’s efficiency. Society of Lateral Access Surgery (SOLAS®) 2010 annual meeting. San Diego, CA.
⁵Macario A. What does one minute of operating room time cost? J Clin Anesth 2010;22(4):233-6.
⁶Shippert RD. A study of time-dependent operating room fees and how to save $100,000 by using time-saving products. Am J Cosmet Surg 2005;22(1):25-34.

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SOURCE NuVasive, Inc.

January 6, 2021 8:36 am

TE Connectivity to report first quarter financial results Jan. 27, 2021

PR Newswire

SCHAFFHAUSEN, Switzerland, Jan. 6, 2021 /PRNewswire/ — TE Connectivity Ltd. (NYSE: TEL) will report financial results for the first quarter of fiscal 2021 before trading begins Jan. 27. The company will hold a conference call for investors at 8:30 a.m. ET. The conference call may be accessed in the following ways:

At TE Connectivity’s website: investors.te.com
By telephone: For both “listen-only” participants and those participants who wish to take part in the question-and-answer portion of the call, the dial-in number in the United States is (866) 211-4092, and for international callers, the dial-in number is (647) 689-6620.
A replay of the conference call will be available on TE Connectivity’s investor website at investors.te.com at 11:30 a.m. ET on Jan. 27.

About TE Connectivity
TE Connectivity Ltd. (NYSE: TEL) is a $12 billion global industrial technology leader creating a safer, sustainable, productive, and connected future. Our broad range of connectivity and sensor solutions, proven in the harshest environments, enable advancements in transportation, industrial applications, medical technology, energy, data communications, and the home. With approximately 80,000 employees, including more than 7,500 engineers, working alongside customers in approximately 140 countries, TE ensures that EVERY CONNECTION COUNTS. Learn more at www.te.com and on LinkedIn, Facebook, WeChat and Twitter.

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SOURCE TE Connectivity Ltd.