Market Newsdesk

VANCOUVER, British Columbia, Dec. 09, 2020 (GLOBE NEWSWIRE) — Further to its press release of March 9, 2020, Almaden Minerals Ltd. (“Almaden” or “the Company”; AMM: TSX; AAU: NYSE American) is pleased to announce that the irrigation dam developed by the Company in partnership with the Federal Government water authority (“CONAGUA”) and a local irrigation group from the community of Zacatepec, is now in operation.

Since the completion of construction in March, the reservoir has filled with water, additional equipment including pipelines and filters have been added, and the first crops are now being grown. On December 8^th, the water users of Zacatepec hosted an event marking the success of this project to which they invited representatives of CONAGUA and the Company.

This reservoir is one of the social investment projects identified by the Company and its consultants which could bring immediate benefits to the local area even prior to Ixtaca development.

Almaden has been supporting local initiatives for many years and is pleased to do so particularly when it can be as impactful as enhancing access to fresh water and expanding local irrigation capacity. As the Ixtaca project advances we look forward to additional projects we can support in partnership with local communities and authorities which enhance and diversify economic development opportunities in the region of the Ixtaca project.

A video describing this project and including interviews with the local users is available at the following URL https://www.youtube.com/watch?v=-mhnTl0dOoM&t=20s.

Photos of the reservoir are attached below, and additional information regarding Almaden’s interaction with this and other local communities is available on its website and in its 2019 report on Corporate Social Responsibility.

Background to the
Ixtaca
Project and Water Management

Almaden’s active engagement with communities local to the Ixtaca project continues. The Company has now hosted 57 community dialogue and technical sessions locally with subject matter experts where appropriate, and offered opportunities to local people tour active mines with 500 people participating to date. The Company has had over 20,000 recorded interactions and has visited 35 communities with a mobile information module while holding nine large information meeting attended by over 4,100 people since 2012.

Almaden’s long-standing consultation with communities local to the Ixtaca project was formalized in 2017 under the highly structured social engagement mechanism known in Mexico by its acronym, “EVIS” (Trámite Evaluación de Impacto Social). This effort has given the Company a deep appreciation for the immediate needs and concerns of local people and generated valuable input to Ixtaca project design. Understanding areas of concern that can be mitigated in mine development, and also identifying opportunities which can be leveraged in mine planning, has enhanced the project’s potential to permanently boost the quality of life and economic opportunities in local areas.

For example, this engagement was one of the key reasons for the Company to adopt dry-stack filtered tailings, as laid out in the 2019 Feasibility Study. It has also helped to crystallize planning around the construction of a large water reservoir (different from the one announced today in Zacatepec) which will be built during construction and will serve the mine and local communities during mine operations. This reservoir will be built as a permanent structure and made available to local governments at no charge upon mine closure to permanently enhance local agriculture and community water access. Currently, communities in Ixtaca lack the infrastructure to fully benefit from surface water and the majority of this resource is lost or underused without the type of reservoir planned as part of the mine development.

The data necessary for planning the water reservoir has been collected since 2014 by Almaden, with independent engineering oversight. Together with our consultants we have maintained a detailed water monitoring program to measure the pre-mining water quality conditions and to establish a baseline against which potential future impacts to surface water and groundwater from mining activity can be evaluated.

The program includes 8 groundwater monitoring wells and 12 surface water monitoring stations. Rainfall in the Ixtaca vicinity falls primarily during a relatively short rainy season. With no local water storage facilities, as noted the flash flows of water are currently lost to the local communities.

In the 2019 Feasibility Study, a larger water reservoir to be built at the time of mine development is engineered to store 1.8 million cubic meters of water, and during operations is anticipated to supply in excess of 2,000 cubic meters of water per day to local areas, with a minimum of 500 cubic meters per day.

John A. Thomas, P. Eng., VP Project Development of Almaden, and a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”), has reviewed and approved the scientific and technical contents of this news release. For further information on the Ixtaca Project, see the Technical Report entitled “Ixtaca Gold-Silver Project, Puebla State, Mexico, NI 43-101 Technical Report on the Feasibility Study”, with an effective date of January 24, 2019, which is available on SEDAR.

About Almaden

Almaden Minerals Ltd. owns 100% of the Ixtaca project in Puebla State, Mexico, subject to a 2.0% NSR royalty held by Almadex Minerals Ltd. The Ixtaca Gold-Silver Deposit was discovered by Almaden in 2010.

On Behalf of the Board of Directors

“Morgan Poliquin”
                
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Almaden Minerals Ltd.

Forward Looking Statements

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the outcome of the Amparo proceedings; the outcome of the challenge by the Company to the applicable Mexican Authorities’ currently position that the Original Concessions are active and owned by Almaden and the New Concessions are left without effect; the outcome of the Company’s formal request for SEMARNAT to suspend the MIA; and the prospects for raising production financing and preparing for construction in connection with the
Ixtaca
Project.

These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions, including assumptions in respect of both Almaden’s and the applicable Mexican Authorities’ legal positions, that, while considered reasonable by the Company, are inherently subject to significant legal, regulatory, business, operational and economic uncertainties and contingencies, and such uncertainty generally increases with longer-term forecasts and outlook. These assumptions include: stability and predictability in Mexico’s mineral tenure, mining, environmental and agrarian laws and regulations, as well as their application and judicial decisions thereon; continued respect for the rule of law in Mexico; prices for gold, silver and base metals remaining as estimated; currency exchange rates remaining as estimated; availability of funds; capital, decommissioning and reclamation estimates; mineral reserve and resource estimates; prices for energy inputs,
labour
, materials, supplies and services (including transportation); no
labour
-related disruptions; all necessary permits, licenses and regulatory approvals being received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; community support in the
Ixtaca
Project; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release. Such risks and other factors include, among others, risks related to: political risk in Mexico; crime and violence in Mexico; corruption; environmental risks, including environmental matters under Mexican laws and regulations; impact of environmental impact assessment requirements on the Company’s planned exploration and development activities on the
Ixtaca
Project; certainty of mineral title and the outcome of litigation; community relations; governmental regulations and the ability to obtain necessary
licences
and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; changes in mining, environmental or agrarian laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; as well as those factors discussed the section entitled “Risk Factors” in Almaden’s Annual Information Form and Almaden’s latest Form 20-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions,
events
or results to differ materially from those described in forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that our forward-looking statements or information will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements or information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking
statements or information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact Information:

Almaden Minerals Ltd.
Tel. 604.689.7644
Email: [email protected]
http://www.almadenminerals.com/

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/4f28fc97-48ab-4440-892d-c8cf4273f3c2

https://www.globenewswire.com/NewsRoom/AttachmentNg/12a77181-4f25-4640-9747-3cc8eb8edc26

https://www.globenewswire.com/NewsRoom/AttachmentNg/0f0f2424-c0c5-4ed5-9f6d-f344e3960d66

DENVER, Dec. 09, 2020 (GLOBE NEWSWIRE) — Today, ANGI Homeservices (NASDAQ: ANGI), a leading digital marketplace connecting millions of homeowners with home service professionals across the globe, announced that Chief Financial Officer Jamie Cohen will step down effective January 1, 2021 to pursue an outside opportunity. IAC Chief Financial Officer Glenn H. Schiffman will also assume the role of interim ANGI Homeservices Chief Financial Officer as the company conducts a search for a permanent replacement. Mr. Schiffman previously served as Chief Financial Officer of ANGI Homeservices from September 2017 through March 2019 when Ms. Cohen was announced as his successor.

“Over nearly a decade, Jamie has been key in building a strong financial foundation that has allowed us to scale as we’ve grown into a global, publicly-traded company,” said Brandon Ridenour, Chief Executive Officer, ANGI Homeservices. “I am truly grateful for all Jamie’s contributions to our success and wish her the best of luck in her next pursuit.”

Ms. Cohen will remain in her current role as Chief Financial Officer of ANGI Homeservices through the end of the year before moving to an advisor role for the next few months to ensure a smooth transition.

About ANGI
Homeservices
Inc.

ANGI Homeservices Inc. (NASDAQ: ANGI) turns home improvement jobs imagined into jobs well-done. People throughout North America and Europe rely on us to book quality home service pros across 500 different categories, from repairing and remodeling to cleaning and landscaping. Over 230,000 domestic service professionals actively seek consumer matches, complete jobs or advertise through ANGI Homeservices’ platforms and consumers turn to at least one of our brands to find a pro for more than 25 million projects each year. We’ve established category-transforming products through brands such as HomeAdvisor®, Angie’s List®, Handy and Fixd Repair – as well as international brands such as HomeStars, MyHammer, MyBuilder, Instapro, Travaux and Werkspot. Our marketplaces have enabled more than 150 million consumer-to-pro connections, meaningfully redefining how easily and effectively home pros are discovered and hired.  The Company is headquartered in Denver, Colorado. Learn more at www.angihomeservices.com. 

Contacts:

IAC/ANGI
Homeservices
Investor Relations

Mark Schneider
(212) 314-7400

ANGI
Homeservices
Corporate Communications

Mallory Micetich
(303) 963-8352

IAC Corporate Communications

Valerie Combs
(212) 314-7361

WILMINGTON, N.C., Dec. 09, 2020 (GLOBE NEWSWIRE) — nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced financial results for the third quarter of fiscal year 2021, ended October 31, 2020.

“We are very pleased with nCino’s third quarter performance as we again exceeded expectations while successfully rolling out numerous product updates across the nCino Bank Operating System®,” said Pierre Naudé, CEO of nCino. “We continue to see strong global demand for our platform from financial institutions of all sizes, with several significant deal signings in the third quarter, along with numerous go-lives in the U.S. and international markets. With the pandemic further accelerating the demand for digital transformation of financial institutions, our pipeline continues to grow and we are raising our full year guidance. We are excited about the increasing adoption of our cloud-based software across the global financial services industry to meet this demand.”

Financial Highlights

• Revenues: Total revenues for the third quarter were $54.2 million, a 43% increase from $37.9 million in the third quarter of fiscal 2020. Subscription revenues for the third quarter were $43.3 million, up from $27.7 million one year ago, an increase of 56% year- over- year.
• Loss from Operations: GAAP loss from operations was ($8.8) million compared to ($6.7) million in the third quarter of fiscal 2020. Non-GAAP operating loss was ($2.7) million compared to ($4.9) million in the third quarter of fiscal 2020.
• Net Loss Attributable to nCino
  : GAAP net loss attributable to nCino was ($9.1) million compared to ($6.0) million in the third quarter of fiscal 2020. Non-GAAP net loss attributable to nCino was ($3.0) million compared to ($4.2) million in the third quarter of fiscal 2020.
• Net Loss Attributable to nCino per Share: GAAP net loss attributable to nCino was ($0.10) per share compared to ($0.08) per share in the third quarter of fiscal 2020. Non-GAAP net loss attributable to nCino was ($0.03) per share compared to ($0.05) per share in the third quarter of fiscal 2020.
• Cash: Cash and cash equivalents were $378.6 million as of October 31, 2020.

Business Highlights

• Signed the $398 billion U.K. subsidiary of a global bank and a challenger bank in APAC for our nCino IQ, or nIQ, Automated Spreading solution.
• Added an over $50 billion bank in the U.S. for our Online Lending solution to improve their client experience.
• Signed a new customer in the agricultural lending space, a niche market in the U.S. with $365 billion in assets, and announced that another agricultural lender, Texas Farm Credit (TFC), went live on our Commercial Banking, Customer Portal and Online Application solutions.
• Took a top ten Canadian credit union and a top-six Canadian bank live on our Commercial Banking solution.
• Sold additional seats to 15 U.S. financial institutions to manage the Forgiveness portion of the Paycheck Protection Program (PPP).
• Launched the Fall 2020 product release with updates and enhancements across the nCino Bank Operating System, including the integration of nIQ.

Financial Outlook

nCino is providing guidance for its fiscal fourth quarter ending January 31, 2021 as follows:

• Total revenues between $53 million and $53.5 million.
• Non-GAAP operating loss between ($8.0) million and ($8.5) million.
• Non-GAAP net loss attributable to nCino per share of ($0.08) to ($0.09).

nCino is providing guidance for its fiscal year 2021 ending January 31, 2021 as follows:

• Total revenues between $200.7 million and $201.2 million.
• Non-GAAP operating loss between ($14.7) million and ($15.2) million.
• Non-GAAP net loss attributable to nCino per share of ($0.16) to ($0.17).

Conference Call

nCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook with the investment community.   The conference call will be available via live webcast and replay at the Investor Relations section of nCino’s website: https://investor.ncino.com/news-events/events-and-presentations. 

About nCino

nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. The nCino Bank Operating System® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino’s single digital platform enhances the employee and client experience to enable financial institutions to more effectively onboard new clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino works with more than 1,200 financial institutions globally, whose assets range in size from $30 million to more than $2 trillion. For more information, visit: www.ncino.com. 

Forward-Looking Statements

This press release contains forward-looking statements about nCino’s financial and operating results, which include statements regarding nCino’s future performance, outlook, and guidance, the assumptions underlying those statements, the benefits from the use of nCino’s solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino’s historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to: (i) risks associated with the impact   of the COVID-19 pandemic, including the impact to the financial services industry, the impact on general economic conditions and the impact of government responses, restrictions, and actions; (ii) breaches in our security measures or unauthorized access to our customers’ or their clients’ data; (iii) the accuracy of management’s assumptions and estimates; (iv) our ability to attract new customers and succeed in having current customers expand their use of our solutions; (v) competitive factors, including pricing pressures, consolidation among competitors, entry of new competitors, the launch of new products and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (vi) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (vii) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (viii) our ability to manage our growth effectively including expanding outside of the United States; (ix) adverse changes in our relationship with Salesforce; (x) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xi) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xii) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xiii) our ability to maintain our corporate culture and attract and retain highly skilled employees; (xiv) adverse changes in the financial services industry, including as a result of customer consolidation; (xv) adverse changes in economic, regulatory, or market conditions; and (xvi) threatened or future legal proceedings and related expenses.

Additional risks and uncertainties that could affect nCino’s business and financial results are included in our reports filed with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC’s web site at www.sec.gov). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time.

¹Includes stock-based compensation expense as follows:

Non-GAAP Financial Measures

In nCino’s public disclosures, nCino has provided non-GAAP measures, which are measurements of financial performance that have not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, nCino uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. For the reasons set forth below, nCino believes that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures.

• Stock-Based Compensation Expenses. nCino excludes stock-based compensation expenses primarily because they are non-cash expenses that nCino excludes from our internal management reporting processes. nCino’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, nCino believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.
• Amortization of Purchased Intangibles. nCino incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Because these costs have already been incurred, cannot be recovered, are non-cash, and are affected by the inherent subjective nature of purchase price allocations, nCino excludes these expenses for our internal management reporting processes. nCino’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Although nCino excludes amortization expense for purchased intangibles from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by nCino’s management about which items are adjusted to calculate its non-GAAP financial measures. nCino compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. nCino encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.

EL SEGUNDO, Calif. and COEUR D’ALENE, Idaho, Dec. 09, 2020 (GLOBE NEWSWIRE) — A-Mark Precious Metals, Inc. (NASDAQ:AMRK), a leading full-service provider of products and services to the global precious metals market, today announced that it recently acquired a 31.1% interest in Sunshine Minting, Inc. (SMI), a leading manufacturer of precious metals mint products and a long-standing supplier and counterparty of A-Mark.

Through its three state-of-the-art minting facilities around the world, SMI is the industry leader for the supply of high-quality blanks, coins and medallions, as well as a wide array of custom minted products possessing various finishes for some of the largest sovereign governments, major marketing companies, financial institutions, corporations, and private groups globally.

“We’re excited to expand on our long-standing relationship with a meaningful acquisition stake in SMI,” said A-Mark CEO Greg Roberts. “For over 30 years, there has been a strong business relationship between A-Mark and SMI, and this arrangement will provide us with the resources to continue to execute on our longer-term growth plans and maximize a number of identified synergies. I have admired the business acumen of Tom Power, President & CEO of SMI, for many years, and I have complete confidence in his and his team’s ability to take SMI to the next level of growth.”

Tom Power added: “Over the past few years, I have had numerous discussions with various entities that approached SMI to become a minority equity partner. The company’s key requirement was to bring in the right partner with the right values that will support our growth trajectory in the global marketplace. A-Mark Precious Metals is the perfect partner for us. In addition to our over three decades of trade affiliation, since 2012, A-Mark has been our exclusive distributor of our SMI Branded bullion products containing our exclusive MintMark SI™ Anti-Counterfeit technology. This arrangement has grown our SMI bullion to be one of the most sought-after private brands in the world. We are pleased to announce we have added Greg Roberts, to our Board of Directors. We are looking forward to this next chapter of growth and development of the SMI brand utilizing the mutual benefit this new investment brings with it.”

About Sunshine Minting

Sunshine Minting Inc., (SMI) was established in 1979 and Tom and Patricia Power acquired 100% of the operations in 2007. The company is a leading domestic and global supplier of precious metal mint products with manufacturing facilities in Nevada, Idaho, as well as a joint venture in Shanghai, China. SMI’s primary customers are sovereign governments, financial institutions, corporations, major marketing companies, other businesses, and private groups. The company’s commitment to excellence in customer service is evident in all facets of their business, as demonstrated by its Quality Management Systems ISO 9001:2015 certification. SMI’s success is based on customer trust and respect, backed by its highly trained staff and utilization of the most modern melting, casting, rolling, and minting equipment available. Its dedication to continuous improvements is what enables SMI to meet the exacting requirements of their customers now, and in the future. For more information, visit www.sunshinemint.com.

About A-Mark Precious Metals

Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company’s global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers, financial institutions, industrial users, investors, collectors, and e-commerce and other retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending, and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Storage, Logistics, and the Mint (as more fully described below). Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. Through its Transcontinental Depository Services subsidiary, A-Mark provides customers with a variety of managed storage options for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including receiving, handling, inventorying, processing, packaging and shipping of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint (Mint), which designs and produces minted silver products which provide greater product selection to customers, price stability within the supply chain as well as more secured access to silver during volatile market environments.

The company operates its Secured Lending segment through its wholly owned subsidiaries, Collateral Finance Corporation (CFC) and AM Capital Funding, LLC (AMCF). Founded in 2005, CFC is a licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors, and collectors.  AMCF was formed in 2018 for the purpose of securitizing eligible secured loans of CFC. 

A-Mark operates its Direct Sales segment primarily through its wholly owned subsidiary Goldline Inc. (Goldline), a direct retailer of precious metals for the investor community. Goldline markets A-Mark’s precious metal products through various channels, including radio, television, and the Internet.

A-Mark is headquartered in El Segundo, California, with offices and facilities in Los Angeles, California, Vienna, Austria, Las Vegas, Nevada, and Winchester, Indiana. For more information, visit www.amark.com.

Important
Cautions
Regarding Forward
–
Looking Statements

Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: the failure to execute our growth strategy as planned; greater than anticipated costs incurred to execute this strategy; changes in the current international political climate which has favorably contributed to demand and volatility in the precious metals markets; increased competition for our higher margin services, which could depress pricing; the failure of our business model to respond to changes in the market environment as anticipated; general risks of doing business in the commodity markets; and other business, economic, financial and governmental risks as described in in the company’s public filings with the Securities and Exchange Commission.

The words “should,” “believe,” “estimate,” “expect,” “intend,” “anticipate,” “foresee,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Company Contact:                                                
Thor Gjerdrum, President                                        
A-Mark Precious Metals, Inc.                                        
1-310-587-1414                                                        
[email protected]                                                
                                                                
Investor Relations Contact :                                        
Matt Glover                                                        
Gateway Investor Relations
1-949-574-3860
[email protected]        

SMI
Strategic Consultant
Contact:

Rudy R. Miller, President & CEO
The Miller Group
(602) 255-0505
[email protected]
www.themillergroup.net

–Strength in E-commerce in all Brands–

–Announces Exit of Legacy Lanier Apparel Business–

–Declares Dividend of $0.25 per share–

ATLANTA, Dec. 09, 2020 (GLOBE NEWSWIRE) — Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its third quarter of fiscal 2020, ended October 31, 2020. Consolidated net sales were $175 million compared to $241 million in the third quarter of fiscal 2019. For the third quarter of fiscal 2020, the Company reported a loss of $0.64 per share on a GAAP basis and an adjusted loss per share of $0.44. This compares with earnings per share of $0.10 on both a GAAP and adjusted basis in the third quarter of fiscal 2019.

The Company also announced its decision to exit the Lanier Apparel business, which is expected to be complete in the second half of fiscal 2021. The Company expects the wind down of Lanier Apparel to be cash flow positive.

The Company’s third quarter fiscal 2020 adjusted results exclude a $10 million pre-tax charge related to the Lanier Apparel exit as well as a LIFO accounting credit of $6 million, among other items.

Thomas C. Chubb III, Chairman and CEO, commented, “I am encouraged by our third quarter results as each of our branded businesses exceeded our internal plans.  During our historically smallest quarter of the year, our full price e-commerce business grew 51%, helping partially offset the headwinds in other channels due to COVID-19.  Our sustained digital success this year underscores the power of our brands and their strong consumer connections and is a great indication that our business is positioned for success in the post-pandemic environment.” 

“Our priorities during much of fiscal 2020 have been focused on protecting our people and customers, supporting our brands, and preserving liquidity,” continued Mr. Chubb. “These have been basic and important defensive measures and we have executed well on all fronts. As we were carefully navigating this unprecedented environment, we also took steps to reinforce and build upon the strengths of Tommy Bahama, Lilly Pulitzer and Southern Tide, as well as our smaller brands like The Beaufort Bonnet Company and Duck Head. As our brands become more digitally-focused, mobile-centric, and omni-channel, they continue to add capabilities that create personalized and seamlessly integrated digital and bricks and mortar shopping experiences that serve our customers well. Key technology initiatives across the various businesses such as enhanced CRM tools, sophisticated enterprise order management capabilities, website re-design and improved SEO, enrich the customer experience and add efficiencies to our operations.”

“Through a series of acquisitions and divestitures over many years, Oxford has migrated from being a private label and licensed manufacturer servicing department stores and big box retailers, to owning a portfolio of compelling, direct to consumer lifestyle brands.  Throughout that time, our legacy Lanier Apparel business has been well run by an exceptional group of people.  That said, Lanier’s business model does not fit our long-term vision for the enterprise and the challenges presented by the pandemic have amplified the misalignment.  Exiting this business will result in a portfolio that is completely in synch with our strategy.  I want to personally thank the dedicated employees of Lanier Apparel for their contributions to Oxford over the years.”

Mr. Chubb concluded, “As they have throughout the year, our people continue to rise to the occasion. We look forward to a solid finish to this year and a return to profitability in fiscal 2021 and I am confident that we will emerge from this pandemic with a bright, long-term future.”

Third Quarter Fiscal 2020 Summary of Results

• Consolidated net sales decreased 27% in the third quarter of fiscal 2020 compared to the third quarter last year. Full price e-commerce sales grew 51% in the third quarter with growth in all the Company’s branded businesses. The growth in full-price e-commerce was offset by decreases in other channels of distribution.
   — The Company, which temporarily closed its retail stores and restaurants in March, began a gradual reopening of locations in the second quarter. At the time of this release, substantially all stores and restaurants are open, but operating under varying degrees of restricted conditions for the safety of employees and customers.
  — Full price retail sales and restaurant sales were 45% and 30% lower, respectively, and the wholesale channel decreased 37% year over year.
  — Lilly Pulitzer’s e-commerce summer clearance event is typically a single event held in the third quarter in September. In 2020, this sale was separated into two events, one of which was held in the second quarter. As a result, Lilly Pulitzer’s e-commerce clearance event this September was 41% lower than last year, with the combined events 7% higher year over year.
• Gross margin was comparable with last year at 55%. Increased gross margin at Lilly Pulitzer and the impact of a favorable LIFO credit were offset by inventory markdown charges and decreased gross margin in the other businesses.
• SG&A decreased 15% or $21 million to $114 million as cost savings measures were taken, primarily related to employment costs and occupancy costs partially offset by $4 million of SG&A charges related to the exit of Lanier Apparel.
• The effective tax rate was a benefit of 25% compared to a charge of 34% in the third quarter of fiscal 2019.
• The Company reported a loss per share of $0.64 and, on an adjusted basis, a loss per share of $0.44.

Balance Sheet and Liquidity

Inventory decreased 4% to $149 million at the end of the third quarter compared to $154 million in the prior year.

As of October 31, 2020, the Company had a strong liquidity position with $53 million of cash and cash equivalents and $35 million of borrowings outstanding under its revolving credit agreement. Unused availability was $287 million at the end of the third quarter. In the prior year, the Company had $22 million of cash and cash equivalents and no borrowings outstanding.

The Company believes its strong liquidity position will satisfy ongoing cash requirements for the foreseeable future. These cash requirements generally consist of working capital and other operating activity needs, dividend payments, and capital expenditures, which are expected to be approximately $30 million in fiscal 2020.

Dividend

The Board of Directors declared a quarterly cash dividend of $0.25 per share, payable on January 29, 2021 to shareholders of record as of the close of business on January 15, 2021. The Company has paid dividends every quarter since it became publicly owned in 1960.

Fiscal 2020 Outlook

Due to the significant uncertainty created by the COVID-19 pandemic, the Company is not providing a financial outlook for fiscal 2020.

Conference Call

The Company will hold a conference call with senior management to discuss its financial results at 4:30 p.m. ET today. A live webcast of the conference call will be available on the Company’s website at www.oxfordinc.com. A replay of the webcast will be available on the Company’s website and will also be available by telephone through December 23, 2020 by dialing (412) 317-6671 access code 13713066.

About Oxford

Oxford Industries, Inc., a leader in the apparel industry, owns and markets the distinctive Tommy Bahama®, Lilly Pulitzer® and Southern Tide® lifestyle brands, as well as other owned brands. Oxford also produces certain licensed and private label apparel products in its Lanier Apparel business. Oxford’s stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more information, please visit Oxford’s website at www.oxfordinc.com.

Basis of Presentation

All per share information is presented on a diluted basis.

Non-GAAP Financial Information

The Company reports its consolidated financial statements in accordance with generally accepted accounting principles (GAAP).  To supplement these consolidated financial results, management believes that a presentation and discussion of certain financial measures on an adjusted basis, which exclude certain non-operating or discrete gains, charges or other items, may provide a more meaningful basis on which investors may compare the Company’s ongoing results of operations between periods.  These measures include adjusted earnings, adjusted earnings per share, adjusted gross profit, adjusted gross margin, adjusted SG&A, and adjusted operating income, among others.

Management uses these non-GAAP financial measures in making financial, operational and planning decisions to evaluate the Company’s ongoing performance. Management also uses these adjusted financial measures to discuss its business with investment and other financial institutions, its board of directors and others.  Reconciliations of these adjusted measures to the most directly comparable financial measures calculated in accordance with GAAP are presented in tables included at the end of this release.

Safe Harbor

This press release includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which typically are not historical in nature. We intend for all forward-looking statements contained herein, in our press releases or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation, the impact of the current coronavirus (COVID-19) pandemic, including uncertainties about its depth and duration (including resurgence), future store closures or other restrictions (including reduced hours and capacity) due to government mandates, and the effectiveness of store re-openings and reduction initiatives (including our ability to effectively renegotiate rent obligations), any or all of which may affect many of the following risks; demand for our products, which may be impacted by competitive conditions and/or evolving consumer shopping patterns; macroeconomic factors that may impact consumer discretionary spending for apparel and related products; the impact of any restructuring initiatives we may undertake in one or more of our business lines, including the process, timing, costs, uncertainties and effects of our announced exit of the Lanier Apparel business; costs of products as well as the raw materials used in those products; expected pricing levels; costs of labor; the timing of shipments requested by our wholesale customers; expected outcomes of pending or potential litigation and regulatory actions; changes in international, federal or state tax, trade and other laws and regulations, including the potential imposition of additional duties; the ability of business partners, including suppliers, vendors, licensees and landlords, to meet their obligations to us and/or continue our business relationship to the same degree in light of current or future financial stress, staffing shortages, liquidity challenges and/or bankruptcy filings exacerbated by the pandemic; weather; fluctuations and volatility in global financial markets; retention of and disciplined execution by key management; the timing and cost of store and restaurant openings and remodels, technology implementations and other capital expenditures; acquisition and disposition activities, including our ability to timely recognize expected synergies from acquisitions; access to capital and/or credit markets; the impact of the CARES Act and other legislation; changes in accounting standards and related guidance; and factors that could affect our consolidated effective tax rate, including estimated Fiscal 2020 taxable losses eligible for carry back to pre-U.S. Tax Reform periods. Forward-looking statements reflect our expectations at the time such forward-looking statements are made, based on information available at such time, and are not guarantees of performance. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to, those described in Part I, Item 1A. contained in our Annual Report on Form 10-K for the period ended February 1, 2020 under the heading “Risk Factors” and those described from time to time in our future reports filed with the SEC, including our Quarterly Report on Form 10-Q for the fiscal quarter ended May 2, 2020. You should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made.  We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

NEW YORK, Dec. 09, 2020 (GLOBE NEWSWIRE) — At the end of the settlement date of November 30, 2020, short interest in 2,550 Nasdaq Global Market^SM securities totaled 8,129,866,207 shares compared with 8,236,111,320 shares in 2,541 Global Market issues reported for the prior settlement date of November 13, 2020. The end-of-October short interest represent 2.85 days average daily Nasdaq Global Market share volume for the reporting period, compared with 3.03 days for the prior reporting period.

Short interest in 1,229 securities on The Nasdaq Capital Market^SM totaled 1,350,913,480 shares at the end of the settlement date of November 30, 2020 compared with 1,357,772,939 shares in 1,184 securities for the previous reporting period. This represents a 1.0 day average daily volume; the previous reporting period’s figure was 1.68.

In summary, short interest in all 3,779 Nasdaq^® securities totaled 9,480,779,687 shares at the November 30, 2020 settlement date, compared with 3,725 issues and 9,593,884,259 shares at the end of the previous reporting period. This is 2.07 days average daily volume, compared with an average of 2.72 days for the previous reporting period.

The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

For more information on Nasdaq Short interest positions, including publication dates, visit http://www.nasdaq.com/quotes/short-interest.aspx or http://www.nasdaqtrader.com/asp/short_interest.asp.

About Nasdaq: 

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. 

NDAQO

Media Contact:
Matthew Sheahan
[email protected]

A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a2ec9dd2-d56f-4ffc-85a4-fb1a9052e869

SAN DIEGO, Dec. 09, 2020 (GLOBE NEWSWIRE) — Genasys Inc.(NASDAQ:GNSS), the global leader in critical communications systems and solutions, today announced record fiscal fourth quarter and fiscal year revenues and net income in its financial results for the Company’s fiscal year ended September 30, 2020.

“Strong LRAD^® revenues fueled record fiscal fourth quarter and fiscal year revenues,” said Richard S. Danforth, Chief Executive Officer of Genasys Inc. “Fiscal fourth quarter revenues were $14.0 million and fiscal year revenues totaled $43.0 million, the best in the Company’s history.”

Fiscal
Fourth
Quarter
2020
Financial Summary

Fiscal 2020 fourth quarter revenues were $14.0 million, an increase of 80% from $7.7 million in the same period last year. Higher backlog entering the fourth quarter of fiscal 2020, compared to the prior year period, contributed to the record revenues.

Gross profit margin was 54.0%, compared with 46.2% in the fourth quarter of fiscal 2019. The increase was primarily due to higher revenues, which further leveraged the Company’s fixed operating expenses.

Operating expenses were $4.5 million, an increase of 16% from $3.9 million in the same period a year ago. The increase was primarily due to higher selling, general and administrative expenses to support the higher revenue and future revenue growth opportunities.

Net income in the quarter was $9.4 million, or $0.27 per diluted share, compared with a net loss of $0.1 million, or $(0.00) per share, in the fourth quarter of fiscal 2019. The increase was primarily due to higher revenue and gross profit, and a non-cash income tax benefit of $6.4 million during the quarter ended September 30, 2020, which resulted from the $7.1 million release of a portion of the valuation allowance against deferred tax assets.

Fiscal Year 2020
Financial Summary

Revenues for fiscal 2020 were $43.0 million, an increase of 16% from $37.0 million in fiscal 2019. Higher backlog entering fiscal 2020, compared to the prior year, contributed to the record fiscal year revenues.

Gross profit margin of 52.6% was 23% higher than last fiscal year. Gross profit increased primarily due to higher revenues, which further leveraged the Company’s fixed operating expenses.

Operating expenses were $16.6 million, an increase of 8% from $15.3 million in the same period a year ago. The increase was primarily due to higher selling, general and administrative expenses to support the higher revenue and future revenue growth opportunities.

Net income for fiscal year 2020 was $11.9 million, or $0.35 per diluted share, compared with $2.8 million, or $0.08 per diluted share, for fiscal 2019. The increase was due to higher revenue and gross profit, and a non-cash income tax benefit of $5.7 million during the fiscal year ended September 30, 2020, which resulted from the release of a portion of the valuation allowance against deferred tax assets.

Cash and cash equivalents totaled $23.3 million on September 30, 2020, up from $18.8 million on September 30, 2019.

Working capital totaled $29.8 million on September 30, 2020, compared with $24.8 million on September 30, 2019.

The Company generated $6.9 million in cash from operating activities in fiscal 2020.

“The Company’s record fiscal year performance under unprecedented societal and business conditions is a testament to the professionalism and dedication of Genasys team members in San Diego and throughout the world,” Mr. Danforth stated.

Select Fiscal
Year
20
20
Operating and Business Highlights

• Awarded multi-year contracts from mobile network operators to power the delivery of emergency alerts in Australia

• Received $14.5 million in LRAD 450XL systems and accessories orders from the U.S. Army to meet its critical communications and scalable escalation of force requirements

• Announced the acquisition of enterprise software provider, Amika Mobile

• Awarded $4.3 million U.S. Navy IDIQ contract

• Received $4.2 million in international border, homeland security and critical infrastructure protection orders

• Awarded $1.4 million in PSMN systems orders from Newport Beach and Laguna Beach, CA

• LRAD systems deployed by domestic and international public safety and law enforcement agencies for COVID-19 responses and crowd communications

“While our business pipeline continued to grow to record levels, bookings for fiscal 2020 were $36.0 million, a decrease of 22% from fiscal 2019 as COVID-19-related shutdowns pushed out anticipated government and municipality orders,” continued Mr. Danforth. “The fundamentals of our business remain positive with expected record fiscal first quarter bookings that will put us on track for record fiscal 2021 revenues.”

“With the recent acquisition and ongoing integration of enterprise software provider, Amika Mobile, now Genasys Communications Canada, and our software contract awards in Australia, we expect software bookings to grow significantly in fiscal 2021,” Mr. Danforth added. “Combined with our growing defense, public safety and law enforcement LRAD business, Genasys is well-positioned for another year of higher revenues.”

We include in this press release Non-GAAP operational metrics of bookings, which we believe provide helpful information to investors with respect to evaluating the Company’s performance. We consider bookings as leading indicators of future revenues and use these metrics to support production planning. Bookings is an internal, operational metric that measures the total dollar value of customer purchase orders executed in a period, regardless of the timing of the related revenue recognition.

Webcast and Conference Call Details
Management will host a conference call to discuss the fiscal year 2020 financial results this afternoon at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. To access the conference call, dial toll-free (888) 390-3967, or international at (862) 298-0702. A webcast will also be available at the following link:

https://www.webcaster4.com/Webcast/Page/1375/38972

Questions to management may be submitted before the call by emailing them to: [email protected]. A replay of the webcast will be available approximately four hours after the presentation on the Events & Presentations page of the Company’s website.

About Genasys Inc.
Genasys™ is a global provider of critical communications systems and solutions to help keep people safe. Genasys provides a multi-channel approach to deliver geo-targeted alerts, notifications, instructions and information before, during and after public safety threats and critical business events. The Company’s unified critical communications platform includes Genasys Emergency Management (GEM) applications, National Emergency Warning Systems (NEWS), LRAD^® long-range voice broadcast systems and more.

Genasys systems are in service in 72 countries and in more than 450 U.S. cities in a range of diverse applications, including public safety, emergency warning, mass notification, critical event management, defense, law enforcement, homeland security and many more. For more information, visit genasys.com.

Forward-Looking Statements
Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, including without limitation the business impact of health crises or outbreaks of disease, such as epidemics or pandemics, and other risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. Risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management’s expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended September 30, 2020. Genasys Inc. disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.

Investor Relations Contacts
Jim Fanucchi and Satya Chillara
Darrow Associates, Inc.
ir@genasys.com

• LAIR1, through interactions with tumor-associated collagens, may form a stromal checkpoint that imposes signaling-based immune suppression and impedes anti-tumor immunity
• NGM plans to initiate first-in-human testing of NGM438 in 4Q21
• NGM featured NGM438 today at its first R&D Day, along with its diverse pipeline of drug candidates for liver and metabolic diseases, retinal diseases and cancer

SOUTH SAN FRANCISCO, Calif., Dec. 09, 2020 (GLOBE NEWSWIRE) — NGM Biopharmaceuticals, Inc. (NGM) (Nasdaq: NGM), a biotechnology company focused on discovering and developing transformative therapeutics for patients, today disclosed its third oncology development candidate, NGM438, a novel antagonist antibody that inhibits Leukocyte-associated immunoglobulin-like receptor 1 (LAIR1). NGM438 was featured earlier today during NGM’s first R&D Day. The event highlighted the company’s diverse portfolio of therapeutic candidates for liver and metabolic disease, retinal diseases and cancer. All presentations from the R&D Day can be found in the Investors & Media section of NGM’s website here.

LAIR1 is a collagen-binding inhibitory receptor expressed on immune cells^1-2 that is implicated in immune suppression. LAIR1 and collagens are upregulated in multiple cancer types^3–7 where collagens are produced by activated stromal cells. These stromal-derived suppressive factors are associated with poor responses to checkpoint inhibitors. For such tumors, formation of the LAIR1-collagen complex may act as a stromal checkpoint to both physically exclude immune cells from the tumor and impose signaling-based immune suppression^8-9. Consequently, inhibiting this stromal checkpoint represents a potentially promising new therapeutic strategy to treat cancer by promoting the remodeling of the tumor architecture that restricts T cell infiltration of the tumor cell mass and reversing immune suppression in the tumor microenvironment.

Designed to inhibit LAIR1 interactions with stromal-derived collagens, NGM438 has the potential to block this stromal checkpoint and restore anti-tumor immune responses. In preclinical studies, NGM438 demonstrated the ability to reprogram collagen-suppressed myeloid cells to a stimulatory phenotype, induce inflammatory cytokine production by myeloid and T cells, and relieve collagen-based suppression of T cell proliferation. Reinvigoration of collagen-suppressed immune cells may address a key resistance mechanism that limits responses to current immunotherapies.

“At NGM’s inaugural R&D Day today, we were excited to showcase NGM’s powerful in-house drug discovery engine. NGM438, a novel immuno-oncology candidate, is yet another example of our team’s biology-driven approach and expertise in tailoring highly-specialized antibodies,” said David J. Woodhouse, Ph.D., Chief Executive Officer at NGM. “NGM438, which inhibits LAIR1, and NGM707, our dual antagonist antibody that inhibits ILT2 and ILT4, are both examples of our strategy to broaden and deepen anti-tumor immune responses for patients through myeloid reprogramming by addressing key resistance mechanisms and reversing stromal and myeloid checkpoints.”

NGM438 joins NGM707 as the second myeloid reprogramming product candidate in the NGM oncology portfolio. NGM707 is a novel dual antagonist antibody that inhibits Immunoglobulin-like transcript 2 (ILT2) and Immunoglobulin-like transcript 4 (ILT4). First-in-human testing for NGM707 is expected to begin in mid-2021. NGM’s third oncology candidate is NGM120, a first-in-class antagonistic antibody that binds glial cell-derived neurotrophic factor receptor alpha-like (GFRAL) and inhibits growth differentiation factor 15 (GDF15) signaling. NGM120 is in an ongoing Phase 1a/1b trial in patients with cancer and cancer anorexia/cachexia syndrome (CACS).

NGM438, NGM707 and NGM120 were discovered by NGM under its strategic collaboration with Merck.

About NGM Biopharmaceuticals, Inc.

NGM is a biopharmaceutical company focused on discovering and developing novel therapeutics based on scientific understanding of key biological pathways underlying liver and metabolic diseases, retinal diseases and cancer. We leverage our biology-centric drug discovery approach to uncover novel mechanisms of action and generate proprietary insights that enable us to move rapidly into proof-of-concept studies and deliver potential first-in-class medicines to patients. At NGM, we aspire to operate one of the most productive research and development engines in the biopharmaceutical industry, with multiple programs in clinical development. Visit us at www.ngmbio.com for more information.

Forward Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “plans,” “implicate,” “potentially,” “promising,” “designed to,” “potential,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These statements include those related to: the therapeutic potential, potential benefits and design of NGM438, including NGM438’s potential to impede anti-tumor immunity by its inhibiting LAIR1; the planned first in-human testing of NGM438 and NGM707 and the anticipated timing thereof; implications of the potential therapeutic advantages of inhibiting a stromal checkpoint to both physically exclude immune cells from the tumor and impose signaling-based immune suppression; the potential for reinvigoration of collagen-suppressed immune cells to address a key resistance mechanism that limits responses to current immunotherapies; NGM’s strategy to broaden and deepen anti-tumor immune responses for patients through myeloid reprogramming by addressing key resistance mechanisms and reversing stromal and myeloid checkpoints; and other statements that are not historical fact. Because such statements deal with future events and are based on NGM’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of NGM could differ materially from those described in or implied by the statements in this press release. These forward-looking statements are subject to risks and uncertainties, including, without limitation, risks and uncertainties associated with the costly and time-consuming pharmaceutical product development process and the uncertainty of clinical success, including risks related to failure or delays in successfully initiating, enrolling or completing clinical studies; the risk that NGM’s ongoing or future clinical studies in humans may show that NGM438, and/or NGM707 are not tolerable and effective treatments for cancer or that the effects of inhibiting LAIR1 interactions with stromal-derived collagens are otherwise different than anticipated; the ongoing COVID-19 pandemic, which has adversely affected, and could materially and adversely affect in the future, NGM’s business and operations, including NGM’s ability to timely supply, initiate, enroll and complete its ongoing and future clinical studies; the time-consuming and uncertain regulatory approval process; NGM’s reliance on third-party manufacturers for NGM438 and NGM707 and its other product candidates; the sufficiency of NGM’s cash, cash equivalents and short-term marketable securities and need for additional capital; and other risks and uncertainties affecting NGM and its development programs, as well as those discussed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in NGM’s quarterly report on Form 10-Q for the quarter ended September 30, 2020 and future filings and reports that NGM makes from time to time with the United States Securities and Exchange Commission. Except as required by law, NGM assumes no obligation to update these forward-looking statements or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

1. Meyaard, Immunity, 1997
2. Guo, Trans Med, 2020
3. Cao, 2015, Biochem Biophys Res Commun
4. Wang, Exp Ther Med, 2016
5. Wu, CP Cancer, 2018
6. Yang, Head & Neck, 2018
7. Jingushi, Onc. Reports, 2018
8. Peng, Nat Comm, 2020
9. Lijun, Oncoimmunology, 2020