Market Newsdesk

LEXINGTON, Ky., Dec. 9, 2020 /PRNewswire/ — Tempur Sealy International, Inc. (NYSE: TPX, “Tempur Sealy” or “Company”) today announced that fourth quarter product demand continues to be strong around the world. Management has an improved profitability outlook for the fourth quarter of 2020 compared to the same period last year, and now expects adjusted EBITDA growth of approximately 30% on low double-digit net sales growth. The improvement is driven by stronger than expected U.S. e-commerce and international sales, combined with favorable company-wide margins. The supply constraints that continue to impact the Company’s U.S. Sealy and Sherwood production have been greater than expected.

Tempur Sealy Chairman and CEO Scott Thompson stated, “Tempur Sealy’s global operating scale provides significant cost and sourcing advantages that have helped the team manage the robust sales environment and the industry’s challenged supply chain. Our well-established omni-channel marketing approach has served us well as our online direct-to-consumer Tempur-Pedic and Cocoon by Sealy businesses are experiencing triple-digit sales growth over the comparable prior-year quarter.”

Capital Allocation

The Company’s long-term capital allocation strategy focuses on four areas: repurchasing shares, debt management, investing in operations and accretive acquisitions. The Company today shared additional details on its plan.

The Company is:

• Targeting share repurchases of approximately $280 million for 2020, including approximately $100 million in share repurchases in the fourth quarter.
• Intending to redeem in the first quarter of 2021 $125 million of the $250 million outstanding on the Company’s Senior Notes due 2023, funded by lower cost long-term debt.
• Planning to invest an incremental $150 million over the next three years to support growth initiatives. The Company plans to expand its three existing foam facilities and open one new state-of-the-art foam facility in the U.S. This initiative is expected to increase U.S. pouring capacity for Tempur material and base foam by approximately 50%.

Thompson continued, “Our commitment to serving consumers wherever and however they want to shop with the highest quality products and service has fueled strong demand for our industry leading Tempur-Pedic and Sealy brands and our rapidly growing OEM business. We expect the industry, and specifically the Company’s business, to continue to expand. The new capacity will ensure that we can fully meet the consumer’s demand for our products across the multitude of channels we serve: wholesale, direct to consumer, and OEM.

Forward-Looking Statements

This press release contains statements that may be characterized as “forward-looking,” within the meaning of the federal securities laws. Such statements might include information concerning one or more of the Company’s plans, guidance, objectives, goals, strategies, and other information that is not historical information. When used in this release, the words “estimates,” “expects,” “targets,” “intends,” “plans,” “will” and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the Company’s expectations regarding supply chain constraints, the Company’s expectations regarding net sales and adjusted EBITDA growth in the fourth quarter, performance generally for 2020 and subsequent periods and the Company’s plans regarding share repurchases, redemption of the Senior Notes due 2023, and operational expansions. Any forward-looking statements contained herein are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct.

Numerous factors, many of which are beyond the Company’s control, could cause actual results to differ materially from any that may be expressed herein as forward-looking statements. These risk factors include the risk factors discussed under the heading “Risk Factors” in Part I, ITEM 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and in Part II, ITEM 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. There may be other factors that may cause the Company’s actual results to differ materially from the forward-looking statements. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

Forward-Looking Non-GAAP Measures

Adjusted EBITDA as used in connection with the Company’s fourth quarter of 2020 outlook is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. The Company is unable to reconcile this forward-looking non-GAAP financial measure to net income, its most directly comparable forward-looking GAAP financial measure, without unreasonable efforts, because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact net income in the fourth quarter of 2020 but would not impact adjusted EBITDA. Such items may include restructuring activities, foreign currency exchange rates, income taxes and other items. The unavailable information could have a significant impact on the Company’s fourth quarter of 2020 GAAP financial results.

About the Company

Tempur Sealy is committed to improving the sleep of more people, every night, all around the world. As a global leader in the design, manufacture and distribution of bedding products, we know how crucial a good night of sleep is to overall health and wellness. Utilizing over a century of knowledge and industry-leading innovation, we deliver award-winning products that provide breakthrough sleep solutions to consumers in over 100 countries.

Our highly recognized brands include Tempur-Pedic, Sealy® featuring Posturepedic® Technology, and Stearns & Foster® and our non-branded offerings include value-focused private label and OEM products. Our distinct brands allow for complementary merchandising strategies and are sold through third-party retailers, our Company-owned stores and e-commerce channels. This omni-channel strategy ensures our products are offered wherever and however consumers want to shop. 

Lastly, we accept our global responsibility to serve all stakeholders, our community and environment.  We continue to implement programs consistent with our responsibilities.

Investor Relations Contact

Aubrey Moore

Investor Relations
Tempur Sealy International, Inc.
800-805-3635

 

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SOURCE Tempur Sealy International, Inc.

Net sales improved 33% on a sequential basis versus second quarter

Athletic comparable sales in the U.S. Retail segment were up 5% in third quarter, above the 4% increase in the second quarter, outpacing results for seasonal products

COLUMBUS, Ohio, Dec. 9, 2020 /PRNewswire/ — Designer Brands Inc. (NYSE: DBI) (the “Company”), one of North America’s largest designers, producers and retailers of footwear and accessories, announced financial results for the three months ended October 31, 2020, compared to the three months ended November 2, 2019.

Roger Rawlins, Chief Executive Officer, said, “Designer Brands delivered sequential improvement across all of our metrics in the third quarter by successfully leveraging our flexible business model to align with consumer preferences. We have been shifting our assortment to include more athletic and kids product, as well as items from the Top 10 brands in footwear, and see further opportunity to meaningfully grow these categories. Our investment in these areas has resulted in athletic penetration in our U.S. retail business increasing to 26% at the end of the third quarter, up from 17% last year, and kids penetration has grown to 10% from 7% last year. During the quarter, athletic comparable sales turned positive at DSW, growing 5%, outperforming the market and supporting our strategic decision to pivot in this environment.”

Mr. Rawlins continued, “Fundamentally, our customers know Designer Brands as a dress and seasonal house. As they continue to work from home and avoid large social events, the balance of our assortment will remain challenged. We are pleased to see that a vaccine may be on the horizon, but widespread adoption will take time and our business will continue to feel pressure in the near-term. We have confidence there will be a day our customers feel comfortable going out again, and, when that time comes, we will reap the benefits of the combination of our legacy command of the dress and seasonal market coupled with recent gains we are making in athletic and kids.”

Third Quarter Operating Results

• Net sales decreased 30.1% to $652.9 million in the third quarter of fiscal 2020 compared to the same period last year.
• Comparable sales decreased 30.4% for the third quarter of fiscal 2020 compared to a 0.3% increase in the third quarter of fiscal 2019.
• Gross profit decreased $107.7 million to $165.7 million in the third quarter of fiscal 2020 versus $273.3 million last year, and gross margin as a percentage of net sales was 25.4% as compared to 29.3% in the third quarter of fiscal 2019. The decrease in gross profit was primarily driven by the significant reduction in customer traffic with the continuing impact of COVID-19. The decline in gross margin during the period was also a result of continued elevated markdown activity in addition to the increase in shipping expense and deleverage on occupancy, fixed distribution costs, and royalty expense related to the decline in sales.
• Reported operating expenses were down 8.8% to $196.1 million versus last year and the reported operating expenses as a percentage of net sales was 30.1%, above last year’s level of 23.1%, due to a significantly lower sales volume.
• Reported net loss was $40.6 million, or $0.56 loss per diluted share, including net charges of $0.30 per diluted share from adjusted items primarily related to impairment charges.
• Adjusted net loss was $19.0 million, or $0.26 loss per diluted share.

Liquidity Highlights

• Cash and investments totaled $114.5 million at the end of the third quarter of fiscal 2020, compared to $113.8 million for the same period last year, with $295.0 million available for borrowings under our ABL Revolver. Debt totaled $274.6 million at the end of the third quarter of fiscal 2020 compared to $235.0 million debt outstanding for the same period last year.
• The Company ended the quarter with inventories of $546.0 million, down 19% compared to the same period last year, primarily due to strong inventory controls and higher inventory reserves versus the prior year.

Store Openings and Closings

During the third quarter of fiscal 2020, we opened four stores and closed two in the U.S. resulting in a total of 524 U.S. stores. In Canada, we opened one store with no closures resulting in a total of 145 Canadian stores.

2020 Guidance

We continue to monitor and evaluate the impact of the COVID-19 pandemic and, given the prolonged uncertainty surrounding the impacts of COVID-19, the Company is not providing guidance at this time.

Webcast and Conference Call

The Company is hosting a conference call today at 8:30 am Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-888-317-6003, or the international dial in, 1-412-317-6061, and reference conference ID number 8509121 approximately ten minutes prior to the start of the call. The conference call will also be broadcast live over the internet and can be accessed through the following link:

https://www.webcaster4.com/Webcast/Page/1213/38606

For those unable to listen to the live webcast, an archived version will be available via the same website address until December 23, 2020. A replay of the teleconference will be available by dialing the following numbers:

U.S.: 1-877-344-7529
Canada: 1-855-669-9658
International: 1-412-317-0088
Passcode: 10149800

About Designer Brands

Designer Brands Inc. is one of North America’s largest designers, producers and retailers of footwear and accessories. The Company operates a portfolio of retail concepts in nearly 700 locations under the DSW Designer Shoe Warehouse®, The Shoe Company®, and Shoe Warehouse® banners. The Company designs and produces footwear and accessories through Camuto Group, a leading manufacturer selling in more than 5,400 stores worldwide. Camuto Group owns licensing rights for the Jessica Simpson® footwear business, and footwear and handbag licenses for Lucky Brand® and Max Studio®. In partnership with a joint venture with Authentic Brands Group, the Company also owns a stake in Vince Camuto®, Louise et Cie®, and others. More information can be found at www.designerbrands.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Any statements in this release that are not historical facts are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In many cases, you can identify these forward-looking statements by the use of forward-looking words such as “could,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “would,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. These statements are based on the Company’s current expectations and involve known and unknown risks, uncertainties and other factors that 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. These factors include, but are not limited to: risks and uncertainty related to the continued outbreak of the coronavirus disease (“COVID-19”), any future COVID-19 resurgence, and any other adverse public health developments; our ability to protect the health and safety of our employees and our customers, which may be affected by current or future government regulations related to stay-at-home orders and orders related to the operation of non-essential businesses; risks related to our holdings of cash and investments and access to liquidity and the financial markets on terms that are favorable to us, if at all; risks related to our international operations, including international trade, our reliance on foreign sources for merchandise, exposure to foreign tax contingencies, and fluctuations in foreign currency exchange rates; maintaining strong relationships with our vendors, manufacturers, licensors, and retailer customers; our ability to successfully integrate acquired businesses or realize the anticipated benefits of the acquisitions after we complete our integration efforts; risks related to losses or disruptions associated with our distribution systems, including our distribution and fulfillment centers and our stores, whether as a result of COVID-19, reliance on third-party providers, or otherwise; our reliance on our loyalty programs and marketing to drive traffic, sales and customer loyalty; our ability to anticipate and respond to fashion trends, consumer preferences and changing customer expectations; failure to retain our key executives or attract qualified new personnel; risks related to the loss or disruption of our information systems and data and our ability to prevent or mitigate breaches of our information security and the compromise of sensitive and confidential data; risks associated with remote working arrangements; our ability to comply with privacy laws and regulations, as well as other legal obligations; the effect of Stein Mart Inc. filing for relief under Chapter 11 of the United States Bankruptcy Code; our success in growing our store base and digital demand; our ability to protect our reputation and to maintain the brands we license; our ability to execute our strategies; seasonality of our business and fluctuation of our comparable sales and quarterly financial performance; uncertain general economic, political and social conditions and the related impacts to consumer discretionary spending; our competitiveness with respect to style, price, brand availability and customer service; the imposition of increased or new tariffs on our products; risks related to our qualification under the Coronavirus Aid, Relief, and Economic Security Act for payroll tax credits and deferral of payroll taxes in the U.S., as well as other similar regulations in Canada; and uncertainty related to future legislation, regulatory reform, policy changes, or interpretive guidance on existing legislation. Additional factors that could cause our actual results to differ materially from our expectations are described in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2020, as amended, our Forms 10-Q for the fiscal quarter ended May 2, 2020 and August 1, 2020 and risk factors identified in the Company’s other filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the time when made. The Company undertakes no obligation to revise the forward-looking statements included in this press release to reflect any future events or circumstances, except as may be required by law.

 

 

 

 

 

 

 

 

 

Non-GAAP Measures

In addition to diluted earnings (loss) per share and net income (loss) determined in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses adjusted diluted earnings (loss) per share and adjusted net income (loss), which adjust for the effects of: (1) COVID-19 incremental costs and credits; (2) integration and restructuring expenses; (3) amortization expense of intangible assets; (4) impairment charges; (5) gain on settlement; (6) foreign currency transaction losses (gains); and (7) the net tax expense impact of such items. The unaudited reconciliation of adjusted results should not be construed as an alternative to the reported results determined in accordance with GAAP. These financial measures are not based on any standardized methodology and are not necessarily comparable to similar measures presented by other companies. The Company believes these non-GAAP measures provide useful information to both management and investors to increase comparability to the prior periods by adjusting for certain items that may not be indicative of core operating measures and to better identify trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis, when reviewed in conjunction with the Company’s GAAP statements. These amounts are not determined in accordance with GAAP and therefore should not be used exclusively in evaluating the Company’s business and operations.

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SOURCE Designer Brands Inc.

 Shares Outstanding: 264,429,288
Trading Symbols: TSX: GGD
OTCQX: GLGDF

HALIFAX, NS, Dec. 9, 2020 /PRNewswire/ – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to release additional assay results from the Company’s La Trini deposit  on  the Los Ricos North property, including 3.4m of 2,765 g/t silver equivalent (“AgEq”) from hole LRGT-20-070.

Hole LRGT-20-070 intersected 61.4m of 204 g/t AgEq from 55.6 to 117.0m, consisting of 124 g/t Ag and 1.06 g/t Au in silicified and altered quartz rhyolite units included a high-grade intercept of 3.4m of 2,765 g/t AgEq, consisting of 1,694 g/t silver and 14.28 g/t gold (see Table 1 for the results).

“We’re pleased with the continued strong results from La Trini and the drilling program has allowed us to define the controls on the high-grade mineralization at La Trini.  Our next series of holes will be focused on following the high-grade mineralization to the northwest and expand the current limits of the deposit,” said Brad Langille, President and CEO.  “This year, our exploration teams have visited and identified over 100 targets that have never been drilled on the Los Ricos North properties.  The La Trini and the El Favor deposits were the first two selected for drilling this year and are delivering excellent results.  We have identified another eight targets for drill testing next year and GoGold will be carrying out one of the largest drilling programs in Mexico during 2021 to unlock the huge potential of the Los Ricos district.”

Hole LRGT-20-074 intersected 33.0m of 162 g/t AgEq from 105.2 to 138.2m, consisting of 68 g/t silver and 1.24 g/t gold, which included 6.0m of 589 g/t AgEq, made up of 218 g/t Ag and 4.94 g/t Au. 

Hole LRGT-20-068 intercepted mineralization from 74.0 to 103.5m for 29.5m of 143 g/t AgEq, consisting of 91 g/t silver and 0.69 g/t gold, including an intercept of 6.3m of 519 g/t AgEq, made up of 320 g/t Ag and 2.66 g/t Au.

Currently the Company has 6 drill rigs operating at Los Ricos North, with 2 operating at the La Trini deposit, 3 drilling at the El Favor zone, and 1 drilling at El Orito.  Detailed intersections are listed in Table 1 and the hole locations are shown in Table 2.   A drill plan map of La Trini is included as Figure 1 below.

Table 1:  Drill Hole Intersections

 

Figure 1: Plan View – La Trini Drilling

Table 2: Drill Hole Locations  

VRIFY Slide Deck and 3D Presentation

VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote mining assets, 3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS and Android apps.

Access the GoGold Company Profile on VRIFY at: https://vrify.com

The VRIFY Slide Deck and 3D Presentation for GoGold can be viewed at: https://vrify.com/explore/decks/9404 and on the Company’s website at: www.gogoldresources.com.

Los Ricos District Exploration Projects
The Company’s two exploration projects at its Los Ricos property are in Jalisco state, Mexico.  The Los Ricos South Project began in March 2019 and includes the ‘Main’ area, which is focused on drilling around a number of historical mines including El Abra, El Troce, San Juan, and Rascadero, as well as the Cerro Colorado, Las Lamas and East Vein targets.  An initial resource on the Los Ricos South project was announced on July 29, 2020 and indicated a Measured & Indicated Mineral Resource of 63.7 million ounces AgEq grading 199 g/t AgEq contained in 10.0 million tonnes, and an Inferred Resource of 19.9 million ounces AgEq grading 190 g/t AgEq contained in 3.3 million tonnes.

The Los Ricos North Project was launched in March 2020 and includes drilling at the El Favor, La Trini, and El Orito targets.

Procedure, Quality Assurance / Quality Control and Data Verification 
The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined, the full core is sawn with a diamond blade core saw with one half of the core being bagged and tagged for assay. The remaining half portion is returned to the core trays for storage and/or for metallurgical test work. 

The sealed and tagged sample bags are transported to the ActLabs facility in Zacatecas, Mexico. ActLabs crushes the samples and prepares 200-300 gram pulp samples with ninety percent passing Tyler 150 mesh (106μm). The pulps are assayed for gold using a 50-gram charge by fire assay (Code 1A2-50) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code 1A3-50). Silver and multi-element analysis is completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).

Quality assurance and quality control (“QA/QC”) procedures monitor the chain-of-custody of the samples and includes the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data.  All results stated in this announcement have passed GoGold’s QA/QC protocols.

Mr. David Duncan, P. Geo. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release. 

About GoGold Resources
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico.  The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects. For more information visit gogoldresources.com.

CAUTIONARY STATEMENT:

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold’s securities in the United States.

This news release may contain “forward-looking information” as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Los Ricos South and North projects, and future plans and objectives of GoGold, including the timing for completing and the magnitude of an initial resource estimate at Los Ricos North, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral project. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold’s expectations include exploration and development risks associated with GoGold’s projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold’s continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold’s Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.

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SOURCE GoGold Resources Inc.

WALTHAM, Mass., Dec. 9, 2020 /PRNewswire/ — Syndax Pharmaceuticals, Inc. (“Syndax,” the “Company” or “we”) (Nasdaq: SNDX), a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced today the pricing of an underwritten public offering of 5,434,783 shares of its common stock at a price to the public of $23.00 per share. The gross proceeds to Syndax from this offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $125 million. The offering is expected to close on December 11, 2020, subject to customary closing conditions. Additionally, Syndax granted the underwriters a 30-day option to purchase up to 815,217 additional shares of common stock at the public offering price, less underwriting discounts and commissions.  All of the shares of common stock in the offering will be sold by Syndax.

Goldman Sachs & Co. LLC, Citigroup and Cowen are acting as joint book-running managers for the offering. BTIG is acting as lead manager for the offering. Baird is acting as co-manager for the offering.

The shares are being offered pursuant to a “shelf” registration statement previously filed and declared effective by the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the website of the SEC at www.sec.gov. When available, copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from: Goldman Sachs and Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 866-471-2526, facsimile: 212-902-9316 or by emailing [email protected]; or Citigroup Global Markets Inc., c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, or by phone at (800) 831-9146; or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at [email protected], or by phone at (833) 297-2926.

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.  Any offer, if at all, will be made only by means of a prospectus supplement and accompanying prospectus, which are a part of the effective registration statement.

About Syndax Pharmaceuticals, Inc.

Syndax Pharmaceuticals is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. The Company’s pipeline includes SNDX-5613, a highly selective inhibitor of the Menin–MLL binding interaction, axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor, and entinostat, a class I HDAC inhibitor.

Syndax’s Cautionary Note on Forward-Looking Statements 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to Syndax’s expectations regarding the completion, timing and size of the proposed public offering. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Syndax’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. These risks and uncertainties include, without limitation, risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the proposed public offering. There can be no assurance that Syndax will be able to complete the proposed public offering on the anticipated terms, or at all. Other factors that may cause Syndax’s actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Syndax’s filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” sections contained therein, as well as the risks identified in the registration statement and the preliminary prospectus supplement relating to the offering. These forward-looking statements are based on Syndax’s expectations and assumptions as of the date of this press release. Except as required by law, Syndax assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

Syndax Contacts

Investor Contact
Melissa Forst
Argot Partners
[email protected]
Tel 212.600.1902

Media Contact
Ted Held
[email protected]
Tel 212.798.9842

SNDX-G

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SOURCE Syndax Pharmaceuticals, Inc.

CAMBRIDGE, Mass., Dec. 9, 2020 /PRNewswire/ — Synlogic, Inc. (Nasdaq: SYBX), a clinical stage company bringing the transformative potential of synthetic biology to medicine, today announced the appointment of Michael Heffernan to its board of directors.

“We are delighted to welcome Mike to our Board,” said Aoife Brennan, M.B, Ch.B., Synlogic’s President and Chief Executive Officer. “His deep experience leading growing companies as both an executive and a board member will be a tremendous asset as our Synthetic Biotic portfolio progresses towards multiple opportunities for clinical proof of concept in the new year. We look forward to learning from his experience building companies that change patients’ lives.”

Mr. Heffernan is a seasoned entrepreneur and biopharmaceutical leader with over 25 years of experience building and leading development stage and commercial companies. He is the Founder and Chairman of the Board of Collegium Pharmaceutical where he served as President and CEO until June 2018. He co-founded Avenge Bio, an Immuno-Oncology company that he is actively managing, and was previously CEO of Onset Dermatologics, a dermatology company that he founded and spun out of Collegium to create PreCision Dermatology, which was later sold to Valeant. Mr. Heffernan held previous positions as co-founder and CEO of Clinical Studies Ltd. and later served as CEO and Chairman of PhyMatrix Corp. He earned his B.S. degree in Pharmacy from the University of Connecticut and began his career at Eli Lilly and Company.

Mr. Heffernan serves on the board of directors of Akebia Therapeutics, Inc. (AKBA), Trevi Therapeutics, Inc. (TRVI) and Biohaven Pharmaceutical Holding Company Ltd. (BHVN). He previously served on the board of directors of Keryx Biopharmaceuticals, Inc., Ocata Therapeutics, Inc., Cornerstone Therapeutics Inc., and Veloxis Pharmaceuticals A/S.

“Synlogic has made significant progress this year across their metabolic and immunomodulation programs,” said Mr. Heffernan. “I am thrilled to be joining at this pivotal stage as the company moves forward into a data rich 2021, and I look forward to contributing to Synlogic’s future success.”

Learn more about Synlogic’s programs and pipeline by visiting https://www.synlogictx.com/.

About Synlogic
Synlogic™ is bringing the transformative potential of synthetic biology to medicine. With a premiere synthetic biology platform that leverages a reproducible, modular approach to microbial engineering, Synlogic designs Synthetic Biotic medicines that target validated underlying biology to treat disease in new ways. Synlogic’s proprietary pipeline includes Synthetic Biotics for the treatment of metabolic disorders including Phenylketonuria (PKU) and Enteric Hyperoxaluria (HOX). The company is also building a portfolio of partner-able assets in immunology and oncology.

Forward-Looking Statements
This press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, clinical development plans, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to Synlogic may identify forward-looking statements. Examples of forward-looking statements, include, but are not limited to, statements regarding the potential of Synlogic’s platform to develop therapeutics to address a wide range of diseases including: cancer, inborn errors of metabolism,  and inflammatory and immune disorders; the future clinical development of Synthetic Biotic medicines; the approach Synlogic is taking to discover and develop novel therapeutics using synthetic biology; and the expected timing of Synlogic’s clinical trials and availability of clinical trial data. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including: the uncertainties inherent in the clinical and preclinical development process; the ability of Synlogic to protect its intellectual property rights; and legislative, regulatory, political and economic developments, as well as those risks identified under the heading “Risk Factors” in Synlogic’s filings with the SEC. The forward-looking statements contained in this press release reflect Synlogic’s current views with respect to future events. Synlogic anticipates that subsequent events and developments will cause its views to change. However, while Synlogic may elect to update these forward-looking statements in the future, Synlogic specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Synlogic’s view as of any date subsequent to the date hereof.

 

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SOURCE Synlogic, Inc.

SUNNYVALE, Calif., Dec. 9, 2020 /PRNewswire/ — Trimble (NASDAQ: TRMB) announced today that the Norwegian state-owned train leasing company, Norske tog AS (NT), has rolled out the Trimble^® E2M engineering asset and maintenance management system to manage data related to its leased rail vehicles for the Norwegian rail franchise, Traffikkpakke 2 Nord. The system will give both NT and the franchise operators full visibility regarding key data for rail assets, their maintenance programs and maintenance history.

The Trimble E2M system provides NT precise information on the status of maintenance and access to other key pieces of information from the franchisees on its leased rail vehicles. This enables NT to allocate and monitor maintenance work, update technical documentation, approve changes in maintenance programs and receive maintenance history from franchisees’ maintenance management systems through a series of Trimble-developed application interfaces. Tracking maintenance in Trimble E2M will help to safeguard the technical condition of NT’s railway vehicles throughout their lifecycle and to ensure they meet the requirements of government and regulatory agencies.

“Trimble E2M helps to maintain and improve the reliability and safety of rail vehicles that NT owns and leases,” said Luca Cuppari, technical director, NT. “E2M streamlines the flow of digital asset data through the rail vehicle lifecycle for both NT and the franchisee train operating companies. We have developed a strong working relationship with Trimble. Their technological experience in the field of implementing maintenance management systems for rolling stock, and their ability to understand our processes and to talk our language, have been key success factors. We look forward to a long and successful relationship.”

“Specifically designed for rail operations, Trimble E2M provides NT and their franchisees a system to manage the status and history of maintenance across fleets,” said Paul Sheehan, operations manager of Trimble’s Nexala Solutions Group. “Using E2M to efficiently manage maintenance programs will play a key role in minimizing asset value depreciation and improve asset reliability while reducing operating costs.”

About Norske tog AS

Norske tog AS (NT) is a Norwegian state-owned company established to lease rolling stock for passenger transport operators for the Norwegian railway. The company is owned by the Ministry of Transport and Communications and has expertise in the procurement and management of passenger rolling stock. NT acquires, manages and leases passenger rolling stock. NT aims to have a sufficient timely supply of rolling stock at appropriate cost with high technical quality standards. The company’s goal is to ensure low barriers to entry and competition on equal terms for the operation of the Norwegian railway. For more information:  www.norsketog.no.

About Trimble’s Rail Solutions

Trimble’s rail solutions combine the latest in sensors and monitoring technologies with customized software and wireless communications to quickly and accurately capture the data needed to maintain and construct rail infrastructure or to manage rail transport assets.

Trimble’s rail asset lifecycle management products manage the lifecycle of rail transport assets from operation through maintenance and repair. The Trimble Nexala range of data aggregation and analytics solutions are used by engineering, maintenance, and fleet operations managers of train operating companies to optimize maintenance programs, increase asset utilization, and improve fleet management. The Trimble Beena Vision range of vision-based wayside non-contact measurement and inspection technologies enable the automated, proactive monitoring of rolling stock condition, providing data feeds that can be processed to effectively assess rolling stock condition from component level to full train inspection. Using this comprehensive portfolio of on-board and wayside condition monitoring solutions, rail companies can improve operational efficiencies, increase safety, manage service levels and reduce costs. Customers using Trimble solutions include major freight operators such as BNSF, Aurizon, Norfolk Southern and Canadian National as well as many passenger operators such as SNCF, SJ, NS, Eurostar, Irish Rail, the Go-Ahead group, Arriva and Greater Anglia among others. For more information, visit:  rail.trimble.com. 

About Trimble

Trimble is transforming the way the world works by delivering products and services that connect the physical and digital worlds. Core technologies in positioning, modeling, connectivity and data analytics enable customers to improve productivity, quality, safety and sustainability. From purpose built products to enterprise lifecycle solutions, Trimble software, hardware and services are transforming a broad range of industries such as agriculture, construction, geospatial and transportation. For more information about Trimble (NASDAQ:TRMB), visit:  www.trimble.com.

GTRMB

 

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SOURCE Trimble