Market Newsdesk

ROSELAND, N.J., Dec. 08, 2020 (GLOBE NEWSWIRE) — Emisphere Technologies, Inc. (“Emisphere” or the “Company”) today announced the completion of the previously announced transaction whereby Novo Nordisk A/S (“Novo Nordisk”) (NYSE: NVO) acquired Emisphere, on a cash-free, debt-free basis, for $1.35 billion. The consideration paid was $7.83 per share, which was based on the amount of cash and debt of the Company at closing and approximately 170.9 million fully diluted shares outstanding. As a result of the completion of the merger, Emisphere has become a wholly owned subsidiary of Novo Nordisk.

The merger was subject to customary closing conditions, including approval by Emisphere stockholders and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”). On November 23, 2020, early termination of the waiting period under the HSR Act was granted. Today, at a special meeting of stockholders, Emisphere’s stockholders approved the adoption of the merger agreement.

Simultaneous with the completion of the merger, Novo Nordisk completed its acquisition of the related royalty stream obligations owed to affiliates of MHR Fund Management LLC (“MHR”) for $450 million.

“We are very pleased to reach today’s milestone and know Novo Nordisk will guide Emisphere into a promising new era. The Emisphere Board of Directors and its Special Committee are confident that this transaction has delivered substantial value to our stockholders,” said Timothy G. Rothwell, Chairman of Emisphere.

“MHR was an early believer in Emisphere and its proprietary Eligen drug delivery technology. Our longstanding support of the company was validated when its partnership with Novo Nordisk resulted in the development of an oral formulation for GLP-1, which we believe will be a transformative drug for the treatment of Type 2 diabetes. We are immensely proud of the pivotal role we have played in Emisphere’s success, culminating in the completion of the company’s transaction with Novo Nordisk, delivering immediate and substantial value to all Emisphere shareholders,” said Mark H. Rachesky, M.D., Founder of MHR and a member of the board of Emisphere.

Emisphere is represented by Wachtell, Lipton, Rosen & Katz as legal advisor. Jefferies LLC is acting as the Emisphere Special Committee’s financial advisor, and Wilmer Cutler Pickering Hale and Dorr LLP is acting as its legal advisor.

About Eligen® Carrier Technology

Eligen® technology enables drug therapies to be provided in a tablet formulation with an absorption-enhancing excipient. Emisphere created Eligen® technology, its proprietary oral drug delivery platform, to facilitate the absorption of small and large molecules without altering their chemical form, biological integrity or pharmacological properties. Notably, the technology enables the transport of therapeutic molecules including large peptides and proteins across biological membranes such as those of the gastrointestinal tract.

About
Emisphere
Technologies

Emisphere is a drug delivery company that utilises its proprietary technologies to develop new oral formulations of therapeutic agents. For more information, please visit the Company’s website at www.emisphere.com.

Contact

Emisphere Technologies, Inc.
[email protected]

Michelle Pappanastos
Argot Partners
212.600.1902
[email protected]

Presentation on Tuesday December 15^th  at 10:40am EST

LOS ANGELES, CA, Dec. 08, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Timber Pharmaceuticals, Inc. (“Timber” or the “Company”) (NYSE American: TMBR), a biopharmaceutical company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases, today announcedthat it will be presenting at the 13th annual LD Micro Main Event investor conference on Tuesday, December 15, 2020 at 10:40 AM EST / 7:40 AM PST. John Koconis, Chief Executive Officer of Timber Pharma, will be presenting to a live, virtual audience. 

Register here: 


ve.mysequire.com/

The Main Event will feature a new and unique format, with companies presenting for 10 minutes, followed by 10 minutes of Q&A by a panel of investors and analysts. 

“The time has finally come to do something different in the virtual conference world. Let’s see if we can pull off something that can be enjoyed by both executives and investors alike,” stated Chris Lahiji, Founder of LD, now a wholly owned subsidiary of SRAX, Inc.

The Main Event will take place on December 14th and 15th, exclusively on the Sequire Virtual Events platform. 

View Timber Pharmaceuticals profile here: http://www.ldmicro.com/profile/TMBR

Profiles powered 


by LD Micro

About Timber Pharmaceuticals, Inc.

Timber Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases. The Company’s investigational therapies have proven mechanisms-of-action backed by decades of clinical experience and well-established CMC (chemistry, manufacturing and control) and safety profiles. The Company is initially focused on developing non-systemic treatments for rare dermatologic diseases including congenital ichthyosis (CI), facial angiofibromas (FAs) in tuberous sclerosis complex (TSC), and localized scleroderma. For more information, visit www.timberpharma.com.

About LD Micro/SEQUIRE

LD Micro began in 2006 with the sole purpose of being an independent resource to the microcap world. What started as a newsletter highlighting unique companies, has transformed into the pre-eminent event platform in the space. For more information, please visit ldmicro.com.

The upcoming Main Event will be highlighting a new format that will benefit both executives and the investors tuning in from all over the globe. 

In September 2020, LD Micro. Inc. was acquired by SRAX, Inc., a financial technology company that unlocks data and insights for publicly traded companies. Through its premier investor intelligence and communications platform, Sequire, companies can track their investors’ behaviors and trends and use those insights to engage current and potential investors across marketing channels. For more information on SRAX, visit srax.com and mysequire.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company’s product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.

These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential, “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s Form 10-Q filed on August 18, 2020 and its other filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

For more information, contact:

Timber Pharmaceuticals, Inc. 

John Koconis 

Chief Executive Officer

[email protected]

Investor Relations:

Stephanie Prince

PCG Advisory

(646) 762-4518

[email protected]

Media Relations: 

Adam Daley

Berry & Company Public Relations 

(212) 253-8881

[email protected]

Source:Timber Pharmaceuticals via LD Micro 

PARAMOUNT, Calif., Dec. 08, 2020 (GLOBE NEWSWIRE) — Tattooed Chef, Inc. (Nasdaq: TTCF, TTCFW) (“Tattooed Chef” or the “Company”), a leader in plant-based foods, announced today it has expanded its product range with meat alternatives, offering an innovative and clean ingredient approach on plant protein with the taste and texture of real meat. Tattooed Chef’s plant-based pepperoni and plant-based sausage crumbles are currently featured in two new innovative items and available in the club channel nationwide.

Tattooed Chef’s plant-based pepperoni and plant-based sausage crumbles are gluten-free, made with real food ingredients, mimicking meat in both taste and experience.

Tattooed Chef’s Cauliflower Pizza Bowl with Plant-Based Pepperoni has 14g of protein and is a top-rated item at a leading, national club retailer.

Tattooed Chef’s Plant-Based Sausage Breakfast Bowl has 23g of protein and is the Company’s first ever breakfast item.

The Company expects to launch three additional items featuring meat alternatives in the club channel in 2021.

“Being busy doesn’t mean you can’t eat well. We make plant-based eating much simpler by creating meat alternatives to use for value-added items – it’s truly plant-powered without the prep,” said Sarah Galletti, Chief Creative Officer and the “Tattooed Chef”. “These two new bowls have a flexitarian approach, connecting to a large and growing base of consumers who want to add more plant-based foods into their diets. Innovation is core to our company, and it’s important that our products resonate with consumers. My method is nostalgic innovation, putting a plant-based twist on classic dishes consumers know and love. It’s very exciting to know we can play in multiple plant-based food categories and are not limited to introducing new items into the market.”

ABOUT TATTOOED CHEF

Tattooed Chef is a leading plant-based food company offering a broad portfolio of innovative and sustainably sourced plant-based foods. Tattooed Chef’s signature products include ready-to-cook bowls, zucchini spirals, riced cauliflower, acai and smoothie bowls, and cauliflower pizza crusts, which are available in the frozen food sections of leading national retail food stores across the United States as well as on Tattooed Chef’s e-commerce site. Understanding consumer lifestyle and food trends, a commitment to innovation, and self-manufacturing allows Tattooed Chef to continuously introduce new products. Tattooed Chef provides approachable, great tasting and chef-created products to the growing group of plant-based consumers as well as the mainstream marketplace. For more information, please visit www.tattooedchef.com​.  

CONTACT
S

INVESTORS
Rachel Perkins
[email protected]

MEDIA
Devynne Honsa
[email protected]
310-616-3049

MALVERN, Pa., Dec. 08, 2020 (GLOBE NEWSWIRE) — Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical technology company focused on designing, developing and marketing products that improve the quality of life for patients who suffer from psychiatric disorders, today announced it has amended its term loan agreement with its current lenders, investment affiliates managed by Solar Capital Partners, LLC (Solar). The amendment includes the resetting of certain revenue covenants, and the dividing of the second tranche of the term loan, originally $15.0 million, into three separate $5.0 million tranches.

On March 2, 2020, Neuronetics entered into a credit facility agreement with Solar which provided the Company with up to $50.0 million in term loans, available in two separate tranches, a Term A Loan of up to $35.0 million, and a Term B Loan of up to $15.0 million. On March 2, 2020, the Company drew down all $35.0 million available to it under the Term A Loan, and simultaneously prepaid and terminated its previous $30.0 million credit agreement with Oxford Finance, which was partially funded using the proceeds from the initial tranche of the Solar facility.

The Term B Loan was originally set to allow for the Company to borrow up to $15.0 million in a single tranche upon the achievement of a specific trailing twelve-month net product revenue target. The amendment permits the Company to borrow, at its election, up to $15.0 million in three separate $5.0 million tranches (Term B, C, and D Loans). The three tranches are available through June 20, 2021, December 20, 2021, and June 20, 2022, respectively, based on the achievement of agreed upon trailing twelve-month net product revenue targets for each tranche.

The agreement also reduced the trailing twelve-month net product revenue requirement for the Term B Loan portion of the facility. Subject to certain conditions, the Company has the ability to extend the interest only period on the initial Term A Loan to 36 months from 24 months upon achieving the revenue targets associated with the Term B Loan.

“We are very pleased to have amended our credit facility with Solar. Given the disruption that COVID-19 caused earlier in the year, we worked with Solar to update our facility to allow us greater flexibility to pursue our growth strategy going forward,” said Steve Furlong, Chief Financial Officer of Neuronetics. “Solar has been a great partner to us, and we look forward to working together as we seek to leverage the strength of our balance sheet to drive the continued adoption and utilization of the NeuroStar^® Advanced Therapy system to bring relief to patients suffering from psychiatric disorders.”

“We are very happy to amend the term of Neuronetics’ debt facility to help support the Company’s continued commercial growth for years to come,” said Anthony Storino, Head of Solar Capital’s Life Science Lending platform. “We look forward to continuing our relationship with the Neuronetics team and supporting their efforts to help patients suffering from depression, which we believe is critical for the mental health of Americans, both during and after the COVID-19 pandemic.”

About Solar Capital Partners

Solar Capital Partners, LLC (“Solar Capital Partners”) is an SEC-registered investment adviser that primarily invests directly in leveraged, U.S. middle market companies in the form of cash flow and asset-based senior secured investments. Solar Capital Partners manages over $7 billion of investable capital, including serving as the investment adviser to two publicly-traded business development companies, Solar Capital Ltd. and Solar Senior Capital Ltd. Solar Capital Partners’ life science lending business provides financing solutions for later-stage bio-pharma, medical device, healthcare IT and healthcare services companies, both venture-backed private and public, and from pre-revenue clinical to early commercial stage. For more information, please visit https://www.solarcapitalpartnersllc.com/Financial-Solutions/Life-Science-Lending

About Neuronetics

Neuronetics, Inc. is a commercial-stage medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from psychiatric disorders. Its commercial product, the NeuroStar^® Advanced Therapy System, is a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation, or TMS, to create a pulsed, MRI-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The system is cleared by the United States Food and Drug Administration, or FDA, for the treatment of major depressive disorder in adult patients who have failed to achieve satisfactory improvement from prior antidepressant medication in the current episode. NeuroStar is also available in other parts of the world, including Japan, where it is listed under Japan’s national health insurance. Additional information can be found at www.neuronetics.com.

“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995:

Statements in the press release regarding Neuronetics, Inc. (the “Company”) that are not historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as “outlook,” “potential,” “believe,” “expect,” “plan,” “anticipate,” “predict,” “may,” “will,” “could,” “would” and “should” as well as the negative of these terms and similar expressions. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this release. These risks and uncertainties include, without limitation, risks and uncertainties related to: the impact of COVID-19 on general political and economic conditions, including as a result of efforts by governmental authorities to mitigate COVID-19, such as travel bans, shelter in place orders and third-party business closures and the related impact on resource allocations, manufacturing and supply chains and patient access to commercial products; the Company’s ability to execute its business continuity, operational and budget plans in light of the COVID-19 outbreak; the Company’s ability to achieve or sustain profitable operations due to its history of losses; the Company’s reliance on the sale and usage of its NeuroStar Advanced Therapy System to generate revenues; the scale and efficacy of the Company’s salesforce; availability of coverage and reimbursement from third-party payors for treatments using the Company’s products; physician and patient demand for treatments using the Company’s products; developments in respect of competing technologies and therapies for the indications that the Company’s products treat; product defects; the Company’s ability to obtain and maintain intellectual property protection for its technology; developments in clinical trials or regulatory review of NeuroStar Advanced Therapy System for additional indications; and developments in regulation in the United States and other applicable jurisdictions. For a discussion of these and other related risks, please refer to the Company’s recent SEC filings which are available on the SEC’s website at www.sec.gov. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this press release. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in the Company’s expectations.

Investor Contact:

Mark R. Klausner
Westwicke Partners
443-213-0501
[email protected]

Media Contact:

Chelsey Manko
Vault Communications
610-455-2778
[email protected]

SOUTH SAN FRANCISCO, Calif., Dec. 08, 2020 (GLOBE NEWSWIRE) — Tricida, Inc. (Nasdaq: TCDA), a pharmaceutical company focused on the development and commercialization of its investigational drug candidate, veverimer (TRC101), a non-absorbed, orally-administered polymer designed to treat metabolic acidosis in patients with chronic kidney disease (CKD), announced today key updates on veverimer’s development program, regulatory status and patent protection.

Veverimer Development Update

Tricida has revised the protocol for its VALOR-CKD outcome trial. The VALOR-CKD trial evaluates the effect of treating metabolic acidosis with veverimer on the clinical endpoint of slowing of CKD progression. The trial protocol previously had an adaptive design and included an unblinded interim analysis for sample size re-estimation. The revised protocol has a group sequential design, no interim analysis for sample size adjustment, and unblinded interim analyses for early stopping for efficacy after 150 primary endpoint events (anticipated in the second half of 2021) and 250 primary endpoint events (anticipated in mid-2022) have accrued. A primary endpoint event is defined as renal death, end-stage renal disease (ESRD) or ≥ 40% reduction in estimated glomerular filtration rate (eGFR) (DD40). The interim analyses will be conducted by an independent unblinded Interim Analysis Committee, and the trial will remain blinded unless it is stopped early for efficacy. If this trial is successful, Tricida intends for it to serve as the confirmatory trial for accelerated approval or form the basis for traditional approval of veverimer.

As of December 7, 2020, the VALOR-CKD trial has randomized 1,277 of 1,600 subjects with an average treatment duration of approximately one year and has accrued 50 of the 511 required subjects with positively adjudicated primary endpoint events. In response to feedback from the U.S. Food and Drug Administration (FDA) at the End-of-Review Type A Meeting, recruitment has been closed in all regions except for the United States, Canada and Western Europe. Recruitment completion is projected to occur by the end of 2022.

Veverimer Regulatory
Status
Update

A Formal Dispute Resolution Request (FDRR) has been submitted to the FDA to seek clarity on the path forward for resubmitting our New Drug Application (NDA) through the Accelerated Approval Program. The FDRR requests that the Office of New Drugs (OND) find that the magnitude of serum bicarbonate change seen in the TRCA-301 and TRCA-301E trials is reasonably likely to predict clinical benefit in the treatment of metabolic acidosis associated with CKD and that it can therefore serve as the basis for accelerated approval. If accepted for consideration, a decision on the FDRR is expected in the first quarter of 2021. The timing and next steps for a resubmission of the NDA for veverimer will be dependent upon the OND’s decision.

“We believe that we are studying the right patient population and the right CKD progression endpoint in VALOR-CKD. Hence, we believe that an adaptive design is no longer necessary and have locked in the sample size at 1,600 subjects and built in two opportunities for stopping early for efficacy over the next 18 to 24 months, in the event that the effect of veverimer on slowing CKD progression is greater than currently modeled,” said Gerrit Klaerner, Ph.D., Tricida’s Chief Executive Officer and President. “And while we are disappointed that we could not come to a resolution with the Division of Cardiology and Nephrology on the resubmission of our NDA during our Type A meeting, we believe that the focused, single issue FDRR currently represents the best approach to bring veverimer to patients through accelerated approval.”

Financial Guidance

Tricida currently has the financial resources to fund our operations into at least mid-2022, prior to modifying any of its material agreements. Cash, cash equivalents and investments as of September 30, 2020 were approximately $376 million. Tricida currently has $75 million principal amount of debt with Hercules which has a final maturity of April 2023 and has $200 million in outstanding principal amount of 3.5% Convertible Senior Notes which mature in May 2027.

Veverimer Patent
Protection
Update

Tricida has recently received notice of allowance for a new Orange Book eligible patent which, upon issuance, will extend veverimer’s patent coverage in the United States to 2038. Tricida also holds six previously issued Orange Book eligible patents that provide patent protection until 2034 and several pending patent applications. Tricida also holds multiple patents in Europe and other key international markets that provide patent protection for veverimer to at least 2034.

Tricida Conference Call Information

Tricida will host a conference call and webcast at 4:30 pm Eastern Time today to discuss the veverimer updates. The webcast, including slides, or conference call may be accessed as follows:

Tricida Conference Call Tuesday, December 8, 2020 4:30 pm Eastern Time
Webcast :		IR.Tricida.com
Dial-in:		(877) 377-5478
International:		(629) 228-0740
Conference ID:		2669339

A replay of the webcast will be available on Tricida’s website approximately two hours following the completion of the call and will be available for up to 90 days following the presentation.

About Tricida

Tricida, Inc. is a pharmaceutical company focused on the development and commercialization of its investigational drug candidate, veverimer (TRC101), a non-absorbed, orally-administered polymer designed to treat metabolic acidosis in patients with CKD. There are no FDA-approved treatments for chronic metabolic acidosis, a condition commonly caused by CKD that is believed to accelerate the progression of kidney deterioration. It is estimated to pose a health risk to approximately three million patients with CKD in the United States.

For more information about Tricida, please visit www.Tricida.com.

Cautionary Note on Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to expectations concerning matters that are not historical facts. Words such as “projects,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “may,” “will,” “could,” “should,” “would,” and similar words and expressions are intended to identify forward-looking statements. Any statements contained herein which do not describe historical facts, including the Company’s expectations with regard to its interactions and communications with the FDA, its plans and expectations as to the pathway to approval of veverimer by the FDA and the design of its ongoing clinical trial, VALOR-CKD, and its expectations regarding financial runway are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, without limitation, whether the FDA will accept the Company’s FDRR; the timing of the FDA’s approval of veverimer, if at all; the potential availability of the Accelerated Approval Program and the approvability of veverimer under that program; the Company’s plans and expectations with regard to its interactions with the FDA, including the potential resubmission of an NDA for veverimer; the Company’s plans and expectations for VALOR-CKD and future clinical and product development milestones; the Company’s financial projections and cost estimates; and risks associated with the Company’s business prospects, financial results and business operations.

These and other factors that may affect the Company’s future business prospects, results and operations are identified and described in more detail in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s most recent Annual Report filed on Form 10-K and the subsequently filed Quarterly Report(s) on Form 10-Q. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results, later events or circumstances or to reflect the occurrence of unanticipated events.

Contact:
Jackie Cossmon, IRC
Tricida, Inc.
Senior Vice President of
Investor Relations and Communications
[email protected]

SANTA CLARA, Calif., Dec. 08, 2020 (GLOBE NEWSWIRE) — Applied Materials, Inc. today announced Rani Borkar will join its Board of Directors effective Dec. 14. Ms. Borkar brings decades of expertise in semiconductor design and computing systems development to Applied and will serve on the Board’s Strategy and Investment Committee.

“Rani is a well-respected technology leader and product visionary, and we look forward to her contributions as we drive growth and build long-term shareholder value for Applied Materials,” said Tom Iannotti, Chairman of the Board of Applied Materials. “Her experience in chip design and cloud computing provide valuable insights as Applied looks to expand its ecosystem engagements from materials to systems.”

Ms. Borkar is currently Corporate Vice President, Azure Hardware Systems and Infrastructure at Microsoft Corporation. In this role she leads the core organizations building Microsoft’s leading cloud computing platform, including silicon, systems and supply chain. Ms. Borkar has extensive experience in cutting-edge semiconductor design having served in engineering and executive roles at IBM Corporation and Intel Corporation. At Intel, where she spent 27 years of her career, Ms. Borkar was most recently Corporate Vice President and General Manager of the Product Development Group, overseeing all processor and System-on-a-Chip (SoC) development for PC clients, servers, phones and tablets.

Ms. Borkar is a member of the board for the Global Semiconductor Alliance (GSA) and serves as the Chair of the Board of Trustees at Oregon State University to help guide the state’s effort to advance economic development and innovation. She holds a bachelor’s degree and master’s degree in physics from the University of Mumbai, India and a master’s degree in electrical engineering from the Oregon Graduate Center. Ms. Borkar also holds an Executive Program in Leadership (LEAD) certificate from the Stanford University Graduate School of Business.

About Applied Materials

Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible the technology shaping the future. Learn more at www.appliedmaterials.com.

Contact:

Ricky Gradwohl (editorial/media) 408.235.4676
Michael Sullivan (financial community) 408.986.7977

WILMINGTON, Del., Dec. 08, 2020 (GLOBE NEWSWIRE) — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced that it has closed the public offering of $150 million aggregate principal amount of Fixed-to-Floating Rate Senior Notes due 2030 (the “Notes”), which was priced on December 3, 2020. The initial fixed interest rate of 2.75% is the lowest coupon obtained by a Kroll only rated senior debt issuance.

The Notes will bear interest from and including December 8, 2020 to but excluding December 15, 2025, at a fixed rate of 2.75% per annum, payable semi-annually in arrears. From December 15, 2025 to but excluding the maturity date or earlier redemption date, the interest rate will reset quarterly at an annual floating rate equal to a benchmark rate (which is expected to be Three-Month Term SOFR (as defined in the Notes)) plus 248.5 basis points, payable quarterly in arrears. The Notes were offered to the public at 100% of their principal amount. WSFS intends to use the net proceeds for general corporate purposes including, but not limited to, financing organic growth, acquisitions, repurchases of common stock, and redemption of outstanding indebtedness.

“Our A- Kroll senior debt rating for the past 5 years, along with the strong demand and historically low coupon demonstrates the strength of our franchise and our investors’ support for our vision, strategy and growth potential,” said Dominic C. Canuso, Executive Vice President and Chief Financial Officer. “We continue to be excited about the opportunities ahead and we are well positioned as the largest locally headquartered community bank in Delaware and the Greater Philadelphia region to continue to play a meaningful role in the region’s economic recovery.”

Piper Sandler & Co. and Keefe, Bruyette & Woods, A Stifel Company, acted as joint book-running managers and Boenning & Scattergood, Inc. acted as co-manager in the Notes offering.

The Notes were offered pursuant to an effective registration statement (File No. 333-235572) which WSFS filed with the Securities and Exchange Commission (the “SEC”) and only by means of a prospectus supplement and accompanying base prospectus. WSFS has filed a final prospectus supplement to the base prospectus with the SEC for the Notes to which this communication relates.

Copies of the prospectus supplement and accompanying base prospectus relating to the offering of the Notes can be obtained without charge by visiting the SEC’s website at www.sec.gov, or may be obtained from: Piper Sandler & Co., at 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, Attn: Syndicate Operations, by email at [email protected], or by calling 1 (866) 805-4128; Keefe, Bruyette & Woods, A Stifel Company at 787 Seventh Avenue, Fourth Floor, New York, NY 10019, by email at [email protected], by fax at 1 (212) 581-1592, or by calling 1 (800) 966-1559; and Boenning & Scattergood, Inc., 4 Tower Bridge, 200 Barr Harbor Drive, West Conshohocken, PA 19428, Attn: Fixed Income Capital Markets, 1 (800) 883-1212.

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 the Notes 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. The Notes are not deposits or savings accounts or other obligations of our bank or non-bank subsidiaries and will not be insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

About WSFS Financial Corporation

WSFS Financial Corporation is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company headquartered in Delaware and the Greater Philadelphia region. As of September 30, 2020, WSFS Financial Corporation had $13.8 billion in assets on its balance sheet and $23.1 billion in assets under management and administration. WSFS operates from 115 offices, 90 of which are banking offices, located in Pennsylvania (54), Delaware (43), New Jersey (16), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect^®, Cypress Capital Management, LLC, Christiana Trust Company of Delaware, NewLane Finance, Powdermill Financial Solutions, West Capital Management, WSFS Institutional Services^®, WSFS Mortgage, and WSFS Wealth Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name.

Forward-Looking Statements

This press release contains estimates, predictions, opinions, projections and other “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company’s predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, those discussed in the Company’s Form 10-K for the year ended December 31, 2019, Form 10-Q for the quarter ended March 31, 2020, Form 10-Q for the quarter ended June 30, 2020, Form 10-Q for the quarter ended September 30, 2020, and other documents filed by the Company with the Securities and Exchange Commission from time to time.

We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made, and the Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law. As used in this press release, the terms “WSFS,” “the Company,” “registrant,” “we,” “us,” and “our” mean WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.

 

Investor Relations Contact: Dominic C. Canuso

(302) 571-6833

[email protected]

Media Contact: Rebecca Acevedo

(215) 253-5566

[email protected]

BOSTON, Dec. 08, 2020 (GLOBE NEWSWIRE) — Meridian Bancorp, Inc. (the “Company” or “Meridian”) (NASDAQ: EBSB), the holding company for East Boston Savings Bank, today declared a quarterly cash dividend of $0.08 per common share, payable on January 5, 2021 to stockholders of record at the close of business on December 22, 2020.

Meridian Bancorp, Inc. is the holding company for East Boston Savings Bank. East Boston Savings Bank, a Massachusetts-chartered stock savings bank founded in 1848, operates 43 branches in the greater Boston metropolitan area, including 42 full-service locations and one mobile branch. We offer a variety of deposit and loan products to individuals and businesses located in our primary market, which consists of Essex, Middlesex, Norfolk and Suffolk Counties, Massachusetts. For additional information, visit www.ebsb.com.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of Meridian Bancorp, Inc.’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, general economic conditions, the effects of any health pandemic, changes in interest rates, regulatory considerations, and competition and the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Meridian Bancorp, Inc.’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.

Contact: Richard J. Gavegnano, Chairman, President and Chief Executive Officer
(978) 977-2211