Market Newsdesk

VANCOUVER, British Columbia, Dec. 22, 2020 (GLOBE NEWSWIRE) — Lui Franciosi is proud to announce the launch of a new business website for his company, Franciosi Consulting Ltd. Franciosi Consulting advises on the operational and research needs of the pharmaceutical and senior care industries.

Lui Franciosi has 20 years of experience in several different professional capacities, including operations management, clinical research, drug development, and project management.

Franciosi Consulting Ltd. is performance-driven and goal oriented and offers a variety of different services.

Franciosi Consulting can advise or represent clients during dialogue with regulatory authorities in North & South America, the EU and Asia. The company can also prepare review documents for use by in-house teams as well as Investigator’s Brochures, Common Technical Documents, Investigational New Drug applications, and Investigational Medicinal Produce Dossiers for regulatory submission.

The company also offers business improvement in the form of lectures and training presentations and provides strategic advice for pharmaceutical companies that are active in the areas of discovery or formulation.

Lui Franciosi’s experience in the industry allows him to advise pharmaceutical companies on the selections of appropriate CROs.

Finally, Lui Franciosi also has a wide network of independent associates already under CDA to assist when there are questions and concerns outside the company’s areas of expertise.

For more information, please visit https://franciosiconsulting.com/.

About Luigi Franciosi

Dr. Lui Franciosi is a consultant with over 20 years of experience in the pharmaceutical industry. He has worked as a pharmacologist and an executive in the pharmaceutical industry in Canada, Europe, and Asia. He holds a Masters degree and a Doctorate from the University of British Columbia in Vancouver. He also studied business at the University of Warwick in the U.K. He went on to become the COO at Verona Pharma for seven years. Lui Franciosi founded Franciosi Consulting Ltd. in 2015 and is the president and CEO.

Contact

[email protected]

+1.778.998.6260

SAN DIEGO, Dec. 22, 2020 (GLOBE NEWSWIRE) — Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”) today announced that an Emergency Use Authorization (EUA) Application has been submitted to the US Food and Drug Administration for its COVI-STIX rapid diagnostic test for the detection of the SARS-CoV-2 virus nucleocapsid antigen in nasal samples of patients.

In testing conducted to date, COVI-STIX has provided results within 15 minutes, with positive detection as quickly as two minutes for patient samples with high viral load.

About Sorrento Therapeutics, Inc. 

Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to treat cancers. Sorrento’s multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as fully human antibodies (“G-MAB™ library”), clinical stage immuno-cellular therapies (“CAR-T”, “DAR-T™”), antibody-drug conjugates (“ADCs”), and clinical stage oncolytic virus (“Seprehvir^®“). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including COVI-GUARD™, COVI-AMG™, COVI-SHIELD™, Gene-MAb™, COVI-MSC™ and COVI-DROPS™; and diagnostic test solutions, including COVI-TRACK™, COVI-STIX™ and COVI-TRACE™.

Sorrento’s commitment to life-enhancing therapies for patients is also demonstrated by our effort to advance a first-in-class (TRPV1 agonist) non-opioid pain management small molecule, resiniferatoxin (“RTX”), and SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (SEMDEXA™), a novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, and to commercialize ZTlido® (lidocaine topical system) 1.8% for the treatment of post-herpetic neuralgia. RTX has completed a phase IB trial for intractable pain associated with cancer and a phase 1B trial in osteoarthritis patients.  SEMDEXA is in a pivotal Phase 3 trial for the treatment of lumbosacral radicular pain, or sciatica. ZTlido® was approved by the FDA on February 28, 2018.

For more information, visit www.sorrentotherapeutics.com

Forward-Looking Statements

This press release and any statements made for and during any presentation or meeting contain forward-looking statements related to Sorrento Therapeutics, Inc., under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements regarding the potential receipt of any EUA for COVI-STIX; the speed at which COVI-STIX provides results or is able to provide results, including positive detection of the SARS-CoV-2 virus nucleocapsid antigen; the specificity and sensitivity of COVI-STIX; the ease and flexibility of COVI-STIX and the potential for the ease and flexibility thereof to allow for large scale use; Sorrento’s manufacturing capacity and expectations regarding the number of tests that can be produced per month; and Sorrento’s potential position in the diagnostics testing industry. Risks and uncertainties that could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements, include, but are not limited to: risks related to Sorrento’s and its subsidiaries’, affiliates’ and partners’ technologies and prospects and collaborations with partners, including, but not limited to risks related to conducting pre-clinical studies and seeking EUA regulatory approval for COVI-STIX, including the timing for receipt of any such approval; conducting and receiving results of clinical trials; clinical development risks, including risks in the progress, timing, cost, and results of clinical trials and product development programs; risk of difficulties or delays in obtaining regulatory approvals; 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; risks that prior test results may not be replicated in future studies and trials; risks of manufacturing and supplying drug product; risks related to leveraging the expertise of its employees, subsidiaries, affiliates and partners to assist the company in the execution of its COVID-19 therapeutic product candidates strategies; risks related to the global impact of COVID-19; and other risks that are described in Sorrento’s most recent periodic reports filed with the Securities and Exchange Commission, including Sorrento’s Annual Report on Form 10-K for the year ended December 31, 2019, and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, including the risk factors set forth in those filings. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and we undertake no obligation to update any forward-looking statement in this press release except as required by law.

Contact


Alexis Nahama, DVM (SVP Corporate Development)
Email: [email protected]

Sorrento® and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.

G-MAB™, DAR-T™, COVI-GUARD™, COVI-AMG™, COVI-SHIELD™, Gene-MAb™, COVI-DROPS™, COVI-MSC™, COVI-TRACK™, COVI-TRACE™ and COVI-STIX™ are trademarks of Sorrento Therapeutics, Inc.

SEMDEXA™ is a trademark of Semnur Pharmaceuticals, Inc.

ZTlido® is a registered trademark owned by Scilex Pharmaceuticals Inc.

All other trademarks are the property of their respective owners.

©2020 Sorrento Therapeutics, Inc. All Rights Reserved.

NEW YORK, Dec. 22, 2020 (GLOBE NEWSWIRE) — Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) (the “Company” or “FTAI”) announced today the early tender results of its previously announced cash tender offer to purchase up to $300 million aggregate principal amount (the “Maximum Tender Amount”) of its 6.75% senior notes due 2022 (the “Notes”), upon the terms and conditions included in the Offer to Purchase, dated December 9, 2020 (the “Offer to Purchase”).

As of 5:00 p.m., New York City time, on December 22, 2020 (the “Early Tender Deadline”), the aggregate principal amount of Notes that have been validly tendered and not validly withdrawn was $613,401,000, representing 87.63% of the $700,000,000 aggregate outstanding principal amount of the Notes.   The Early Tender Deadline has passed. Accordingly, any validly tendered Notes may no longer be withdrawn or revoked.

The Maximum Tender Amount has been fully subscribed as of the Early Tender Deadline. Accordingly, all Notes validly tendered and not validly withdrawn prior to the Early Tender Deadline will be subject to proration as further described in the Offer to Purchase. Subject to the terms and conditions of the tender offer being satisfied or waived, holders whose notes are accepted for purchase in the early settlement of the tender offer will receive the “Total Consideration” equal to $1,016.00 (inclusive of an “Early Tender Payment” of $30.00) per $1,000 principal amount of Notes accepted for purchase, plus accrued and unpaid interest on the Notes from September 15, 2020 (the most recent payment of semi-annual interest) to, but not including, the Early Settlement Date, subject to the proration provisions and other terms and conditions set forth in the Offer to Purchase. The Early Settlement Date is expected to be on or about December 23, 2020.

The tender offer will expire at 11:59 p.m., New York City time, on January 7, 2021, unless extended or earlier terminated by the Company. However, because the Maximum Tender Amount has been fully subscribed as of the Early Tender Deadline, holders who validly tender any Notes after the Early Tender Deadline will not have any of their Notes accepted for purchase. Any such Notes not accepted for purchase, including due to proration, will be promptly returned or credited to the holder’s account.

Any Notes that are not tendered and accepted for payment pursuant to the tender offer will remain outstanding until refinanced or otherwise repaid, in each case in accordance with the terms of the indenture (and supplements thereto) governing the Notes.

The complete terms and conditions of the tender offer are set forth in the Offer to Purchase and the related Letter of Transmittal. Holders are urged to read the Offer to Purchase and the Letter of Transmittal carefully.

The Company has engaged Morgan Stanley & Co. LLC to act as Dealer Manager for the tender offer. Persons with questions regarding the tender offer should contact Morgan Stanley & Co. LLC toll-free at (800) 624-1808 or collect at (212) 761-1057. Requests for documents should be directed to D.F. King & Co., Inc., the Tender and Information Agent for the tender offer, at (212) 269-5550 (for banks and brokers) or (800) 870-0653 (for noteholders) or by email at [email protected].

This press release is for informational purposes only and is not a notice of redemption under the optional redemption provisions of the indenture (and supplements thereto) governing the Notes nor an offer to purchase or a solicitation of an offer to purchase with respect to any of the Notes. The tender offer is being made pursuant to the tender offer documents, including the Offer to Purchase. The tender offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws of such jurisdiction. None of the Company, the Dealer Manager, the Tender and Information Agent or their respective affiliates is making any recommendation as to whether or not holders should tender all or any portion of their Notes in the tender offer.

About Fortress Transportation and Infrastructure Investors LLC

Fortress Transportation and Infrastructure Investors LLC owns and acquires high quality infrastructure and equipment that is essential for the transportation of goods and people globally. FTAI targets assets that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.ftandi.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please contact:

Alan Andreini
Investor Relations
Fortress Transportation and Infrastructure Investors LLC
(212) 798-6128
[email protected]

NEW YORK, Dec. 22, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Pinterest, Inc. (NYSE: PINS), Northern Dynasty Minerals Ltd. (NYSE: NAK), Splunk, Inc. (NASDAQ: SPLK), and Minerva Neurosciences, Inc. (NASDAQ: NERV). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Pinterest, Inc. (NYSE: PINS)

Class Period: May 16, 2019 to November 1, 2019

Lead Plaintiff Deadline: January 22, 2021

On October 31, 2019, the Company announced its financial results for the quarter ended September 30, 2019. The Company reported disappointing financial results, including 8% growth in the U.S. MAUs year over year, reaching 87 million, only 8 million more than the same period of the previous year. Pinterest also missed its consensus projections and reported lower than expected U.S. advertising revenue. The Company only marginally increased its full year 2019 guidance, implying further deceleration in the future quarters.

On this news, the price of the Company’s shares steeply declined by 17%, to close at $20.86 on November 1, 2019.

The Complaint, filed on November 23, 2020, alleges that Pinterest made false and misleading statements to the public throughout the Class Period and failed to disclose that: (i) the Company’s addressable market in the U.S. was reaching its maximum capacity; (ii) which significantly decelerated Pinterest’s future ability to monetize on U.S. average revenue per user; (iii) Pinterest was at an increased risk of losing advertising revenue; (iv) and as a result, defendants’ public statements were materially false and misleading at all relevant times or lacked a reasonable basis and omitted material facts.

For more information on the Pinterest class action go to: https://bespc.com/cases/PINS

Northern Dynasty Minerals Ltd. (NYSE: NAK)

Class Period: December 21, 2017 to November 25, 2020

Lead Plaintiff Deadline: February 2, 2021

Northern Dynasty engages in the exploration of mineral properties in the United States. Its principal mineral property is the Pebble copper-gold-molybdenum project comprising 2,402 mineral claims that covers an area of approximately 417 square miles located in southwest Alaska (the “Pebble Project”).

On August 24, 2020, the U.S. Army released a statement concerning the Pebble Project, stating that it would result in “significant degradation of the environment and would likely result in significant adverse effects on the aquatic system or human environment.” The U.S. Army further found that “the project, as currently proposed, cannot be permitted under section 404 of the Clean Water Act.” The U.S. Army requested that the Company submit a mitigation plan in response to this finding

On this news, Northern Dynasty’s stock price fell $0.55 per share, or 37.9%, to close at $0.90 per share on August 24, 2020.

On November 25, 2020, Northern Dynasty reported that the U.S. Army Corps of Engineers had rejected its permit applications related to the Pebble Project.

On this news, Northern Dynasty’s stock price fell $0.40 per share, or 50%, to close at $0.40 per share on November 25, 2020.

The complaint, filed on December 4, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s Pebble Project was contrary to Clean Water Act guidelines and to the public interest; (2) the Company planned that the Pebble Project would be larger in duration and scope than conveyed to the public; (3) as a result, the Company’s permit applications for the Pebble Project would be denied by the U.S. Army Corps of Engineers; and (4) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

For more information on the Northern Dynasty class action go to: https://bespc.com/cases/NAK

Splunk, Inc. (NASDAQ: SPLK)

Class Period: October 21, 2020 to December 2, 2020

Lead Plaintiff: February 2, 2021

After the markets closed on December 2, 2020, Splunk stunned the market when it announced its financial results for the third quarter of 2021. These results fell short of annual recurring and total revenue estimates, and Splunk reported a loss of 7 cents per share versus an expected gain of 8 cents per share. Splunk’s forecast for the fourth quarter of 2020 was also lower than expected. Numerous analysts have already downgraded the stock and cut their price targets. This includes JPMorgan, who was “blindsided by the magnitude of too many large deals slipping in the final days of October on the heels of an upbeat analyst day 10 days prior to the quarter close,” on October 21, 2020, “at which the company reaffirmed guidance and stated that it was excited about near-term and long-term growth prospects.”

On this news, shares of Splunk common stock plummeted, closing at just $158.03 per share on December 3, 2020, down over 23% from the December 2, 2020 closing price of $205.91 per share.

The complaint, filed on December 4, 2020, alleges that the defendants misrepresented and/or failed to disclose to investors that: (1) Splunk was not closing deals with its largest customers in the third fiscal quarter of 2021; (2) Splunk was not hitting the financial targets it had previously announced; and (3) as a result of the foregoing, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

For more information on the Splunk class action go to: https://bespc.com/cases/SPLK

Minerva Neurosciences, Inc. (NASDAQ: NERV)

Class Period: May 5, 2017 to November 30, 2020

Lead Plaintiff Deadline: February 8, 2021

Minerva’s drug candidate roluperidone, MIN-101, is in development for the treatment of negative symptoms in patients with schizophrenia. In October 2016, the Company had previously reported positive results from a Phase 2b trial of roluperidone for this treatment, asserting that the “[d]ata show continuous improvement in negative symptoms, stable positive symptoms and extended safety profile.”

On May 29, 2020, Minerva released the results of its Phase 3 clinical trial. The Company announced that the studied “doses were not statistically significantly different from placebo at Week 12 on the primary endpoint . . . or the key secondary endpoint.” In other words, the Phase 3 clinical trial failed.

On this news, the Company’s stock price plummeted from a May 28, 2020 closing price of $13.47 per share to a May 29, 2020 closing price of just $3.71 per share.

On December 1, 2020, Minerva issued a press release revealing that it had “received official meeting minutes from the November 10, 2020 Type C meeting with the” FDA. Minerva disclosed for the first time that the “FDA advised that the Phase 2b study is problematic because it did not use the commercial formulation of roluperidone and was conducted solely outside of the United States. In addition, FDA commented that the Phase 3 study does not appear to be capable of supporting substantial evidence of effectiveness . . . .” Indeed, the “FDA cautioned that an NDA submission based on the current data from the Phase 2b and Phase 3 studies would be highly unlikely to be filed and that at a minimum, there would be substantial review issues due to the lack of two adequate and well-controlled trials to support efficacy claims for this indication.”

On this news, Minerva’s stock price fell from its November 30, 2020 closing price of $3.89 per share to a December 1, 2020 closing price of $2.89 per share. This represents a one day drop of approximately 25.7%.

The complaint, filed on December 8, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the truth about the feedback received from the FDA concerning the “end-of-Phase 2” meeting; (ii) the Phase 2b study did not use the commercial formulation of roluperidone and was conducted solely outside of the United States; (iii) the failure of the Phase 3 study to meet its primary and key secondary endpoints rendered that study incapable of supporting substantial evidence of effectiveness; (iv) the Company’s plan to use the combination of the Phase 2b and Phase 3 studies would be “highly unlikely” to support the submission of an NDA; (v) reliance on these two trials in the submission of an NDA would lead to “substantial review issues” because the trials were inadequate and not well-controlled; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Minerva class action go to: https://bespc.com/cases/NERV

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com

San Francisco, CA, Dec. 22, 2020 (GLOBE NEWSWIRE) — 7GC & Co. Holdings Inc. (the “Company”) announced today that it priced its upsized initial public offering of 20,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and will begin trading tomorrow, Wednesday, December 23, 2020, under the ticker symbol “VIIAU.” Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable and will trade.  Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “VII” and “VIIAW,” respectively.

The offering is expected to close on Monday, December 28, 2020, subject to customary closing conditions.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry or sector, it intends to concentrate its efforts in identifying businesses in the technology industry.  The Company is led by its Chief Executive Officer, Jack Leeney, and its Chief Financial Officer, Christopher Walsh.

Cantor Fitzgerald & Co. is acting as the sole book running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: [email protected].

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (the “SEC”) and was declared effective on December 22, 2020.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Jack Leeney
Chief Executive Officer
7GC & Co. Holdings Inc.
(628) 400-9284
[email protected]