Market Newsdesk

Nokia Corporation
Stock Exchange Release
December 17, 2020, at 08:00 (CET +1)

Nokia appoints Nishant Batra as Chief Strategy and Technology Officer and member of the Nokia Group Leadership Team

Espoo, Finland –
Nokia today announced the appointment of Nishant Batra, a proven technology leader with broad global experience, as Chief Strategy and Technology Officer and member of the Group Leadership team, effective from January 18, 2021.

Nishant joins Nokia from Veoneer in Sweden, a worldwide leader in automotive technology, where he was Executive Vice President and Chief Technology Officer. Prior this role he held several positions at Ericsson over twelve years in Sweden, India and the US, most recently as Head of Product Area Networks. He has extensive experience with complex systems based on cutting-edge silicon technology and both embedded as well as cloud-based software.

“I am delighted to welcome Nishant to Nokia at a pivotal time for our company,” says Pekka Lundmark, President and Chief Executive Officer of Nokia. “He is a proven leader bringing with him a wealth of experience from technology to telecoms, as well as deep knowledge of our core CSP customers, the enterprise sector, and the emerging trends in the global market. His track record of developing innovative new products and successfully taking them to market make him a fantastic addition to our team.”

“I’m honored to be part of Nokia. This isn’t just about joining a company that has a fantastic portfolio, it’s also about the pride of being associated with such an iconic brand,” says Nishant Batra. “The telecommunications industry is an exciting place to be at the moment with 5G now really taking off, and Nokia is right at the heart of it. The company has the true potential to work with diverse customer groups in the market and I see that we can make a significant impact over the long term. My personal ambition will be to ensure that Nokia is strategically positioned to win and that Nokia Bell Labs continues to be seen as the pinnacle of innovation.”

Nishant holds an MBA from INSEAD, a master’s degree in telecommunications and a master’s degree in computer science from Southern Methodist University in Dallas, and a bachelor’s degree in computer applications from Devi Ahilya University in India.

Nishant will be based initially in Espoo, Finland, after which he will move to the US. He will report to Nokia’s President and Chief Executive Officer Pekka Lundmark.

Additional background information on all current members of the GLT can be found at www.nokia.com/en_int/investors/corporate-governance/group-leadership-team

About Nishant Batra

Born: 1978

Nationality: Indian

Education:

• MBA, INSEAD, Fontainebleau, France, 2005–2006
• Master of Science in Telecommunications, Southern Methodist University, Dallas, US, 2002–2003
• Master of Science in Computer Science, Southern Methodist University, Dallas, US, 2000–2001
• Bachelor of Computer Applications, Devi Ahilya University, Indore, India, 1996–1999

Primary professional experience:

Veoneer, Stockholm, Sweden, 2018–

• EVP and Chief Technology Officer

Ericsson, 2006–2018

• Head of Product Area Networks, Stockholm, Sweden, 2016–2018
• Head of Engagement Practices for India region, Delhi, India, 2013–2015
• VP and General Manager (KAM) MetroPCS (now TMUS), Dallas, US, 2011–2013
• VP and CTO, Mid-Tier Customer Unit, and Young Advisor to CEO & President, Dallas, US, 2010–2011
• Director, Wireless Customer Solutions, Dallas, US, 2009–2010
• Product Manager, Long Term Evolution, Business Unit Networks, Stockholm, Sweden, 2008–2009
• Business Development and Strategy Manager, Multimedia, India Gurgaon Region, India, 2007–2008
• Account Manager, AT&T KAM, Region US and Canada Atlanta/Plano, US, 2006–2007

Corpus 2002–2005

• Senior Consultant to Verizon – Information Technology, Dallas, US, 2003–2005
• Consultant to Verizon – Information Technology, Dallas, US, 2002–2003

Controlling Factor, Dallas, US, 2001–2002

• Software Lead

Positions of trust:

• Advisor, Mavenir, 2018–2020
• Member of the Board of Directors, Zenuity, 2019–2020
• Member of the Board of Directors, Sensys Gatso Group, 2020–

Media Inquiries:

Nokia Communications
Tel. +358 10 448 4900
Email: [email protected]

Investor Inquiries:

Nokia Investor Relations
Tel. +358 40 803 4080
Email: [email protected]

About Nokia

We create the critical networks and technologies to bring together the world’s intelligence, across businesses, cities, supply chains and societies.

With our commitment to innovation and technology leadership, driven by the award-winning Nokia Bell Labs, we deliver networks at the limits of science across mobile, infrastructure, cloud, and enabling technologies.

Adhering to the highest standards of integrity and security, we help build the capabilities we need for a more productive, sustainable and inclusive world.

For our latest updates, please visit us online www.nokia.com and follow us on Twitter @nokia.

Forward-looking statements


It should be noted that Nokia and its businesses are exposed to various risks and uncertainties and certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans or benefits related to our strategies, growth management and operational key performance indicators; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of that impact of COVID-19 on our businesses, our supply chain and our customers’ businesses) and any future dividends including timing and qualitative and quantitative thresholds associated therewith; C) expectations and targets regarding financial performance, cash generation, results, the timing of receivables, operating expenses, taxes, currency exchange rates, hedging, cost savings, product cost reductions and competitiveness, as well as results of operations including targeted synergies, better commercial management and those results related to market share, prices, net sales, income and margins; D) expectations, plans or benefits related to changes in organizational and operational structure; E) expectations regarding competition within our market, market developments, general economic conditions and structural and legal change globally and in national and regional markets, such as China; F) our ability to integrate acquired businesses into our operations and achieve the targeted business plans and benefits, including targeted benefits, synergies, cost savings and efficiencies; G) expectations, plans or benefits related to any future collaboration or to business collaboration agreements or patent license agreements or arbitration awards, including income to be received under any collaboration or partnership, agreement or award; H) timing of the deliveries of our products and services, including our short term and longer term expectations around the rollout of 5G, investment requirements with such rollout, and our ability to capitalize on such rollout; I) expectations and targets regarding collaboration and partnering arrangements, joint ventures or the creation of joint ventures, and the related administrative, legal, regulatory and other conditions, as well as our expected customer reach; J) outcome of pending and threatened litigation, arbitration, disputes, regulatory proceedings or investigations by authorities; K) expectations regarding restructurings, investments, capital structure optimization efforts, uses of proceeds from transactions, acquisitions and divestments and our ability to achieve the financial and operational targets set in connection with any such restructurings, investments, capital structure optimization efforts, divestments and acquisitions, including our current cost savings program; L) expectations, plans or benefits related to future capital expenditures, reduction of support function costs, temporary incremental expenditures or other R&D expenditures to develop or rollout software and other new products, including 5G, ReefShark and increased digitalization; M) expectations regarding our customers’ future actions, including our customers’ capital expenditure constraints and our ability to satisfy customer’s needs and retain their business; and N) statements preceded by or including “believe”, “expect”, “expectations”, “deliver”, “maintain”, “strengthen”, “target”, “estimate”, “plan”, “intend”, “assumption”, “focus”, “continue”, “should”, “will” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences include, but are not limited to: 1) our strategy is subject to various risks and uncertainties and we may be unable to successfully implement our strategic plans, sustain or improve the operational and financial performance of our business groups, correctly identify or successfully pursue business opportunities or otherwise grow our business; 2) general economic and market conditions, general public health conditions (including its impact on our supply chains) and other developments in the economies where we operate, including the timeline for the deployment of 5G and our ability to successfully capitalize on that deployment; 3) competition and our ability to effectively and profitably invest in existing and new high-quality products, services, upgrades and technologies and bring them to market in a timely manner; 4) our dependence on the development of the industries in which we operate, including the cyclicality and variability of the information technology and telecommunications industries and our own R&D capabilities and investments; 5) our dependence on a limited number of customers and large multi-year agreements, as well as external events impacting our customers including mergers and acquisitions and the possibility of our customers awarding business to our competitors; 6) our ability to maintain our existing sources of intellectual property-related revenue through our intellectual property, including through licensing, establishing new sources of revenue and protecting our intellectual property from infringement; 7) our ability to manage and improve our financial and operating performance, cost savings, competitiveness and synergies generally, expectations and timing around our ability to recognize any net sales and our ability to implement changes to our organizational and operational structure efficiently; 8) our global business and exposure to regulatory, political or other developments in various countries or regions, including emerging markets and the associated risks in relation to tax matters and exchange controls, among others; 9) our ability to achieve the anticipated benefits, synergies, cost savings and efficiencies of acquisitions; 10) exchange rate fluctuations, as well as hedging activities; 11) our ability to successfully realize the expectations, plans or benefits related to any future collaboration or business collaboration agreements and patent license agreements or arbitration awards, including income to be received under any collaboration, partnership, agreement or arbitration award; 12) Nokia Technologies’ ability to protect its IPR and to maintain and establish new sources of patent, brand and technology licensing income and IPR-related revenues, particularly in the smartphone market, which may not materialize as planned, 13) our dependence on IPR technologies, including those that we have developed and those that are licensed to us, and the risk of associated IPR-related legal claims, licensing costs and restrictions on use; 14) our exposure to direct and indirect regulation, including economic or trade policies, and the reliability of our governance, internal controls and compliance processes to prevent regulatory penalties in our business or in our joint ventures; 15) our reliance on third-party solutions for data storage and service distribution, which expose us to risks relating to security, regulation and cybersecurity breaches; 16) inefficiencies, breaches, malfunctions or disruptions of information technology systems, or our customers’ security concerns; 17) our exposure to various legal frameworks regulating corruption, fraud, trade policies, and other risk areas, and the possibility of proceedings or investigations that result in fines, penalties or sanctions; 18) adverse developments with respect to customer financing or extended payment terms we provide to customers; 19) the potential complex tax issues, tax disputes and tax obligations we may face in various jurisdictions, including the risk of obligations to pay additional taxes; 20) our actual or anticipated performance, among other factors, which could reduce our ability to utilize deferred tax assets; 21) our ability to retain, motivate, develop and recruit appropriately skilled employees; 22) disruptions to our manufacturing, service creation, delivery, logistics and supply chain processes, and the risks related to our production sites; 23) the impact of litigation, arbitration, agreement-related disputes or product liability allegations associated with our business; 24) our ability to re-establish investment grade rating or maintain our credit ratings; 25) our ability to achieve targeted benefits from, or successfully implement planned transactions, as well as the liabilities related thereto; 26) our involvement in joint ventures and jointly-managed companies; 27) the carrying amount of our goodwill may not be recoverable; 28) uncertainty related to the amount of dividends and equity return (if any) we are able to distribute to shareholders for each financial period; 29) pension costs, employee fund-related costs, and healthcare costs; 30) our ability to successfully complete and capitalize on our order backlogs and continue converting our sales pipeline into net sales; 31) risks related to undersea infrastructure; and 32) the scope and duration of the COVID-19 impact on the global economy and financial markets as well as our customers, supply chain, product development, service delivery, other operations and our financial, tax, pension and other assets, and the shape of the economic recovery following the pandemic as well as the risk factors specified in our 2019 annual report on Form 20-F published on March 5, 2020 under “Operating and financial review and prospects-Risk factors” as supplemented by the form 6-K published on April 30, 2020 under the header “Risk Factors” and in our other filings or documents furnished with the U.S. Securities and Exchange Commission. Other unknown or unpredictable factors or underlying assumptions subsequently proven to be incorrect could cause actual results to differ materially from those in the forward-looking statements. We do not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

Novadiscovery announces key collaboration with Janssen France to provide in silico based decision support for clinical development

Lyon, France – 17 December 2020: Novadiscovery, a leading health tech company offering a best-in-class clinical trial simulation platform, Jinkō®, to predict drug efficacy and optimize clinical trial development, today announces that it has entered into a collaboration with Janssen France to provide in silico based decision support for its clinical development pipeline.

Novadiscovery is committed to working with forward-looking industry leaders to improve R&D productivity and maximize patient outcomes through disease modeling and simulation, ahead of human trials.

Regulatory agencies in the US and Europe are working to provide a framework for the expanded use of model-informed drug development (MiDD) to improve clinical trial efficiency and increase the probability of regulatory success.

François-Henri Boissel, CEO, Novadiscovery, commented: “We are proud to have been selected by a leading pharmaceutical company to help provide answers to key clinical development questions in the future of healthcare. We are excited to join with Janssen France as it adopts this new technology and we envisage a long and productive collaboration.”

Philippe Bonnard, Medical Director Oncology, Janssen France, highlighted:
“Our strategic goal is to transform drug R&D using innovative digital technologies. In this collaboration with Nova, we look forward to realizing the potential of in silico technology to help us deliver higher quality compounds more effectively.”

Ends

For more information, please contact:

Novadiscovery

François-Henri Boissel, Chief Executive Officer
Email: [email protected]

Consilium Strategic Communications

Sukaina Virji, Melissa Gardiner, Carina Jurs
Email: [email protected]

About Novadiscovery

Novadiscovery is a leading health tech company using in silico clinical trials to predict drug efficacy and optimize clinical trial development. The Company aims to improve R&D productivity and maximize patient outcomes by predicting the clinical benefit of a potential new drug candidate through computer simulation, ahead of human trials.

Novadiscovery’s innovative approach leverages disease modeling and simulation expertise accumulated over the past decade and combines mathematical models of diseases and potential new treatments with virtual patients in its integrated clinical trial simulation platform, Jinkō®.

Novadiscovery is headquartered in Lyon, France and has a team of around 30 scientists, engineers & clinicians who work at the interface of biology, pharmacology, mathematics & computer science.

For more information, please visit https://www.novadiscovery.com and follow us on Twitter @novadiscovery and linkedin.com/company/novadiscovery

Version française:

Novadiscovery annonce une collaboration stratégique avec Janssen France pour l’accélération de son développement clinique grâce aux essais in silico

Lyon, France – [XX] décembre 2020: Novadiscovery, société leader dans le domaine des technologies de la santé, offrant une plateforme de simulation informatique d’essais cliniques, de prédiction de l’efficacité des médicaments et d’optimisation du développement d’essais cliniques, annonce aujourd’hui qu’elle est entrée dans une collaboration avec Janssen France pour fournir une aide à la décision in silico dans le cadre du développement clinique.

Novadiscovery s’est engagée à travailler avec des leaders de l’industrie tournés vers l’avenir pour améliorer, modéliser et simuler des maladies, avant de conduire les essais chez l’homme. Novadiscovery s’appuie notamment sur une plateforme de simulation d’essais cliniques, Jinkō®.

Les autorités de santé aux États-Unis et en Europe travaillent à la mise en œuvre d’un cadre pour la mise en place d’essais cliniques in silico (ou Model-informed Drug Development MiDD) afin d’améliorer l’efficacité du développement clinique et d’augmenter la probabilité de succès réglementaires.

François-Henri Boissel, PDG de Novadiscovery, a déclaré : « Nous sommes fiers d’avoir été sélectionnés par une entreprise pharmaceutique d’envergure mondiale, qui s’attache à travailler à l’avenir des soins de santé pour apporter des réponses aux questions clés du développement clinique. Nous sommes ravis de nous joindre à Janssen France dans leur adoption de nouvelles technologies et nous envisageons une collaboration longue et productive. »

Philippe Bonnard, Directeur Médical Oncologie chez Janssen France, a affirmé : « Notre objectif stratégique est de faire évoluer la R&D en utilisant des technologies numériques innovantes. Dans le cadre de cette collaboration avec Novadiscovery, nous sommes impatients de pouvoir nous appuyer sur le potentiel de la technologie in silico pour simuler les effets de nos molécules sur une population de patients virtuelle, tout en garantissant la rigueur scientifique, la transparence et la traçabilité totale pour répondre aux critères des agences de réglementation de santé.”

PRESS RELEASE                                                                                                                                                                                                                                          December 17, 2020

2019-2020 Annual Results

Strong cash flow generation despite the health crisis

 EXEL Industries group CEO Yves Belegaud said:
“Within an extremely turbulent context on a general and sanitary stand point, the EXEL Industries group has demonstrated an excellent resilience. Our operational results were slightly higher than last year despite a light decrease of our top line, and the cash flow generation enabled us to cover a significant portion of the iNTEC acquisition cost. Our ability to overcome these periods year after year is underpinned by continuing diversification, which enables us to manage fluctuating business cycles.  In the future, we will reap the benefits of the operational performance improvement plans and the renewal of our businesses in order to serve our customers. I am particularly proud of the way the teams have been engaged in overcoming this environment, both regarding adherence to precautionary health measures and restructured working patterns as well as our flexibility in adjusting costs, all achieved while the group continued the transformation initiated last year.”

SALES

Following a strong Q4, the EXEL Industries group posted sales of €754.4 million for the 2019-2020 fiscal year ended September 30, 2020, down €22.3 million or 2.9% compared to the previous year. At constant foreign exchange rates and consolidation scope (like for like), sales came to €729.3 million, down €47.4 million or 6.1%.

• At €332.1 million, Agricultural Spraying posted a fall in sales within a global market affected by the health crisis and persistently low agricultural commodities prices in 2020. In France, where the group generates less than half of its sales, the agricultural equipment market dropped 5%.
• The Sugar Beet Harvester activity posted sales of €114.2 million, up slightly from 2019. The market appears to have stabilized over the past two years, at the level to which we adapted our industrial plant in a depressed climate for the sugar industry that has resulted in a 35% decline in business compared to the 2017 peak.
• The Garden Watering and Spraying business, the market for which is averaging 4% annual growth, benefited from the upsurge in enthusiasm of locked-down households and exceptional weather from the end of spring, enabling us to post sales of €121.1 million, a five-year high.
• The Industrial Spraying business was impacted by slowdowns in the automotive and aeronautical industries, reflected in a lower demand for wearing parts and the deferral of painting-booth installation projects. The Tricoflex “flexible technical hose” product range was impacted to a much lesser extent. In total, we closed the year with sales of €187 million (including €27.9 million from iNTEC).

RESULTS

• Reported EBITDA amounted to €45.4 million (6% of sales), up €3.3 million compared to 2018-2019. Despite the particularly volatile period we have just been through, our teams galvanized in order to adapt our organization to meet customer demand, which enabled us to maintain our direct margin rate. Meanwhile, we adjusted our fixed cost structure, thereby keeping operating cash flow under control.
• Current operating income (EBIT) up €2.5 million to €35.3 million
• Net loss of €10.7 million, impacted by the following accounting items in particular:
  • Non-recurring expenses of €29.9 million. The highly uncertain macroeconomic environment, related to the health crisis in particular, led us to raise the general risk level taken into account for asset impairment testing. The outcome was a €26 million goodwill impairment for Agricultural Spraying in addition to €3.9 million of non-recurring expenses.
  • A net financial expense of €11.1 million, mainly due to the impact of closing exchange rates on balance sheet items (€7.9 million). Last year we recorded a foreign exchange gain of €2.7 million.
  • Reported tax amounted to €5.4 million.

BALANCE SHEET

Net Financial Debt at September 30, 2020 came to €87 million, compared to €61.1 million in 2019. It includes €67.8 million related to the iNTEC acquisition and the application of IFRS 16, resulting in cash generation of €41.9 million over the period.

The financial leverage ratio for 2019-2020 (NFD/EBITDA) remained under control at 1.9. Excluding iNTEC and IFRS 16, leverage was 0.5 compared to 1.5 a year earlier.

Furthermore, the EXEL Industries group has lines of financing that allow it to support its operating and, where applicable, external growth requirements without incurring a negative long-term impact on its balance sheet structure. 

DIVIDENDS

It will be proposed to the Annual General Meeting on February 9, 2021 that no dividend is distributed.

AUDIT PROCESS

The Group Audit Committee met on December 15, 2020.
The Board of Directors met on December 16, 2020 and approved the group parent company and consolidated financial statements for the year ended September 30, 2020.
The Statutory Auditors have finished certifying the parent company and consolidated financial statements and will shortly issue a report without reservations.

2020-2021 OUTLOOK

• AGRICULTURAL SPRAYING. The somewhat lackluster agricultural equipment market could be stimulated by more optimistic short-term agricultural price forecasts (wheat, corn) and by government support plans (in France, Australia, the USA and elsewhere). We will also finalize our transformation plan in France, the initial impact of which will be seen in terms of fixed costs and sales momentum.
   
• SUGAR BEET HARVESTERS. Current sugar prices and diseases could negatively impact the areas allocated to sugar beet growing and therefore equipment orders. However, sugar beet prices are supported by the producers for the 2020/21 season. We will also increase our diversification with the development of Terra Variant in France.
   
• GARDEN WATERING AND SPRAYING. Strengthening our logistical and industrial capabilities will increase our flexibility in responding to customer demand. We believe that our European production bases are a major advantage for reaching the service levels expected by our distribution networks. The COVID-19 health crisis has forced people to stay at home and has pushed them into doing more gardening. This has resulted in a growing number of gardeners, which should boost the gardening business.
   
• INDUSTRIAL SPRAYING. While the automotive sector recovery is expected to be slow, we are continuing to implement the synergies between SAMES KREMLIN and iNTEC. The new products and the strengthening of our commercial organization should help to revitalize Tricoflex.

Moreover, SAMES KREMLIN has announced the development of PRiNTEC™, a range of products and services based on patented printhead technology for paint application. This technology enables unlimited customization for high-speed printing of stripes (horizontal or vertical) and patterns of all kinds on 2D or 3D surfaces. It can also be used to print adhesives and sealants. PRiNTEC™ is targeted at the automotive, rail, aeronautics, furniture, and ceramics markets, among others.  Customers benefits range from productivity gains to a significant contribution to preserving the environment.

Upcoming events

January 26, 2021 after market closing: Q1 2020-2021 sales.
February 9, 2021: Annual General Meeting of Shareholders

About EXEL Industries:




EXEL Industries’ core business is agricultural and industrial spraying. The Group also competes in the consumer watering products market and in sugar beet harvesters. The goal of EXEL Industries is to expand in its markets through a policy of constant innovation and an international growth strategy. EXEL Industries employs approximately 3 544 people spread across 27 countries and five continents.

Euronext Paris, SRD Long only – compartment B (Mid Cap)



EnterNext© PEA‐PME 150 index (Mnemo EXE / ISIN FR0004527638)

The SFAF presentation is available at www.exel-industries.com.


This press release is available in French and in English.

2.13.0.0

Attachment

• Exel Industries – Résultats annuels 2020EN defv2

GHENT, Belgium, Dec. 17, 2020 (GLOBE NEWSWIRE) — Sequana Medical NV (Euronext Brussels: SEQUA), an innovator in the management of fluid overload in liver disease, malignant ascites and heart failure, today announces that its management team will participate in two upcoming virtual investor conferences, being held in parallel with the JP Morgan 39th Annual Healthcare Conference.

10



^th



Annual LifeSci Advisors Corporate Access Event

,
6-8 and 11-14 January 2021

H.C. Wainwright Bioconnect


2021

,
11-14 January 2021

The company presentation with webcast by Ian Crosbie, CEO, will be available on demand as of 11 January 2021 on the Conference website and on the Sequana Medical Investors website.

To request a one-on-one meeting with Sequana Medical management at one of these events, contact us at [email protected].

For more information, please contact:

Sequana Medical

Lies Vanneste, Director Investor Relations
Tel: +32 498 05 35 79
Email: [email protected]

About Sequana Medical

Sequana Medical is a commercial stage medical device company developing the alfapump platform for the management of fluid overload in liver disease, malignant ascites and heart failure where diuretics are no longer effective. Fluid overload is a fast growing complication of advanced liver disease driven by NASH (non-alcoholic steatohepatitis) related cirrhosis and a common complication in heart failure. The U.S. market for the alfapump resulting from NASH-related cirrhosis is forecast to exceed €3 billion annually within the next 10-20 years. The heart failure market for the alfapump DSR (Direct Sodium Removal) is estimated to be over €5 billion annually in the U.S. and EU5 by 2026. Both indications leverage Sequana Medical’s alfapump, a unique, fully implanted wireless device that automatically pumps fluid from the abdomen into the bladder, where it is naturally eliminated through urination.

In the U.S., the company’s key growth market, the alfapump has been granted breakthrough device designation by the FDA for recurrent or refractory ascites due to liver cirrhosis. Interim data from the ongoing North American pivotal study (POSEIDON) showed positive outcomes against all primary endpoints of the study. This study is intended to support a future marketing application of the alfapump in the U.S. and Canada. In Europe, the alfapump is CE-marked for the management of refractory ascites due to liver cirrhosis and malignant ascites and is included in key clinical practice guidelines. Over 800 alfapump systems have been implanted to date. Building on its proven alfapump platform, Sequana Medical is developing the alfapump DSR, a breakthrough, proprietary approach to fluid overload due to heart failure. Clinical proof-of-concept was achieved in a first-in-human single dose DSR study and further supported by strong interim safety and efficacy results from the ongoing repeated dose alfapump DSR study (RED DESERT) in heart failure patients.

Sequana Medical is headquartered in Ghent, Belgium. For further information, please visit www.sequanamedical.com.

Important Regulatory Disclaimers


The 

alfa

pump^® system is not currently approved in the United States or Canada. In the United States and Canada, the 

alfa

pump^® system is currently under clinical investigation (POSEIDON Study) and is being studied in adult patients with refractory or recurrent ascites due to cirrhosis. For more information regarding the POSEIDON clinical study see 

www.poseidonstudy.com

. The DSR therapy is still in development and it should be noted that any statements regarding safety and efficacy arise from ongoing pre-clinical and clinical investigations which have yet to be completed. The DSR therapy is not currently approved for clinical research in the United States or Canada. There is no link between the DSR therapy and ongoing investigations with the 

alfa

pump^® system in Europe, the United States or Canada.

Forward-looking statements


This press release may contain predictions, estimates or other information that might be considered forward-looking statements. Such forward-looking statements are not guarantees of future performance. These forward-looking statements represent the current judgment of Sequana Medical on what the future holds, and are subject to risks and uncertainties that could cause actual results to differ materially. Sequana Medical expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release, except if specifically required to do so by law or regulation. You should not place undue reliance on forward-looking statements, which reflect the opinions of Sequana Medical only as of the date of this press release.

• Improves clinical performance in spine by adding unprecedented information to the AlphaInformatiX Platform
• Accelerates revenue growth through
  immediate access to EOS’ prestigious 380-unit installed base, which overlaps minimally with ATEC’s client base
• Facilitates future global expansion via EOS’ established infrastructure
• Leverages the portfolio adoption driven by SafeOp with significant
  incremental opportunities to monetize clinical information
• Hosting webcast for investors December 17 at 6:00 A.M. PT
  

CARLSBAD, Calif., Dec. 16, 2020 (GLOBE NEWSWIRE) — Alphatec Holdings, Inc. (“ATEC” or the “Company”) (Nasdaq: ATEC), a medical device company dedicated to revolutionizing the approach to spine surgery, announced today that it has entered into an agreement to acquire EOS imaging, SA, for a purchase price of $79.7 million, plus the retirement debt of $37.2 million, in an all-cash transaction.

“SafeOp has substantiated the value of clinically actionable information by accelerating product adoption across our portfolio,” said Pat Miles, Chairman and Chief Executive Officer. “Our original investment thesis for EOS as a solution to better inform surgery never changed. With this transaction, we take another major step toward distinguishing ATEC clinical performance with improved information from diagnosis through follow-up.”

EOS imaging is globally recognized for its rapid, low dose, biplanar full-body imaging and 3D modeling capabilities. EOS technology informs the entire surgical process by capturing a calibrated, full-body image in a standing (weight-bearing) position, enabling precise measurement of anatomical angles and dimensions. The resulting imaging drives a more accurate understanding of patient alignment during diagnosis, characterizes bone quality, elevates the likelihood of surgical goal fulfillment by integrating a fully informed plan into surgery, and supports a post-operative assessment against the original surgical plan.

Growth through the monetization of improved outcomes

Uniting ATEC’s AlphaInformatiX platform with EOS’ technology will create a platform distinctively equipped to address the requirements of spine surgery.

• Reduces cost to serve with precise pre-surgical planning that significantly improves inventory efficiency;
• Facilitates patient-specific implants and expands optionality with distinctive bone quality measurements that can improve treatment effectiveness;
• Informs the restoration of alignment with a scientific, objective, data-driven approach to meet a crucial, unmet need in spine that is most correlated with long-term successful outcomes;¹
• Expands ATEC’s academic reach through EOS’ wealth of installations in research institutions and influence shaped by over 500 peer-reviewed scientific articles and endorsement by thought leaders worldwide;
• Provides immediate access to EOS’ 380-unit installed base and expedites ATEC’s future ability to enter and penetrate key international markets.

“EOS is a game-changing technology that has unquestionably improved the treatment of children, adolescents and adults with spinal deformity,” commented Dr. Chris Shaffrey of Duke Spine Center in North Carolina.

“ATEC Spine and EOS both believe in the power of information to improve surgical outcomes,” said Mike Lobinsky, Chief Executive Officer of EOS imaging. “We are pleased to revisit this transaction and eager to combine the strengths and know-how of our organizations. I am confident that we will quickly create a highly differentiated, end-to-end informational offering that will accelerate growth in the U.S. and pave the way for the future global growth of our combined entity.”

Transaction Terms

Once closed, the transaction is expected to immediately expand ATEC’s revenue base through the addition of EOS’s revenue run rate and the monetization of information through incremental pull-through and cross-selling opportunities. The Company expects the acquisition to be accretive to revenue, revenue growth, adjusted EBITDA and free cash flow in the first full year of operations following the transaction close.

The Boards of Directors of both ATEC and EOS have approved the execution of a tender offer agreement (the “Tender Offer Agreement”), through which ATEC will launch a cash tender offer for all of the issued and outstanding shares and convertible notes of EOS imaging for a total purchase price of $116.9 million (the “Offer”).

Under the terms of the Offer, EOS’ shareholders would receive EUR €2.45 (or approximately USD $2.99) per EOS share, representing a premium of 41% to the closing price of EOS shares on December 16, 2020.

Holders of approximately 23% of EOS’ outstanding common shares have entered into agreements to tender into the Offer for cash, representing approximately EUR €15.1 million (or approximately USD $18.4 million) of the total purchase price.

The Offer will also target all outstanding EOS convertible notes (“EOS OCEANE”, or the “Notes”). The holders of the Notes would receive either EUR €7.01 (or approximately USD $8.55) per EOS OCEANE (including interest due through May 31, 2021).

The Company expects to file the Offer with the French Financial Markets Authority (Autorité des marches financiers) (“AMF”) in February 2021. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions, including obtaining French regulatory clearance regarding foreign investments and a favorable opinion of the EOS board of directors based on the fairness opinion issued by the independent expert appointed by EOS.

Financing Matters

In connection with the proposed combination, ATEC has arranged a strategic financing with $178 million in financing commitments, including a definitive securities purchase agreement to raise $138 million in a private placement of common stock at a price of $11.11 per share. The private placement is being led by Squadron Capital LLC and supported by a group of new and existing investors in ATEC, including Perceptive Advisors, Avidity Partners, and First Light Asset Management. The private placement is expected to close within five business days prior to the filing of the Offer with the AMF, which is expected to occur in February 2021, subject to the satisfaction of customary closing conditions.

ATEC also entered into a debt exchange agreement and an amendment to its existing credit agreement with Squadron, which provide for a reduction to $45 million of the existing $75 million of outstanding term debt by a conversion of $30 million of debt into shares of ATEC common stock at a price of $11.11 per share, and an increase of $15 million in the amount of available revolving financing to $40 million. Under the terms of the amended credit agreement, the maturity date on the entire term loan was extended to June 2026, and the minimum and maximum interest rates were reduced by 1% per annum from the levels in the existing credit agreement. The other material terms of the amended credit agreement remain the same as the existing term loan.

Additional details regarding the Tender Offer Agreement and financing commitments can be found in ATEC’s Current Report on Form 8-K to be filed with the SEC.

Advisors

Cowen is acting as financial and capital markets advisor to ATEC and Latham & Watkins LLP is serving as legal counsel for the acquisition transaction and private placement. Piper Sandler is acting as financial advisor to EOS imaging and Gide Loyrette Nouel is serving as legal counsel. Stifel is acting as financial advisor to Squadron and Reed Smith LLP is serving as legal counsel.

Webcast

The Company will host a webcast on December 17, 2020, at 6:00A.M. PT to discuss this transaction. The webcast can be accessed at https://edge.media-server.com/mmc/p/mij52bgk. An audio version of the webcast will also be available domestically at (877) 556-5251 and internationally at (720) 545-0036. The conference ID number is 6397277.

An archived edition of the webcast and the presentation materials will be available in the Investor Relations section of ATEC’s corporate website at www.atecspine.com. In addition, an audio replay of the webcast will be available until December 24, 2020. The replay dial-in numbers are (877) 556-5251 for domestic callers and (720) 545-0036 for international callers. Please use the replay conference ID number 6397277.

About EOS imaging

Based in Paris, EOS imaging developed and commercialized imaging systems (EOS and EOSedge systems) that provide a full-body evaluation of the patient in a standing position, resulting in a comprehensive understanding of how the patient is compensating in the hips, knees and ankles to maintain an upright posture. The measurements factor into a holistic approach to the development of customized surgical plans, which can then be integrated seamlessly into the operating room.

Utilizing advanced predictive analytics, EOS technology is uniquely capable of correlating preoperative and postoperative imaging to assure, from the operating room, the achievement of alignment, the most prognostic factor of long-term successful surgical outcomes. Compared to the conventional spine-imaging modalities, X-Ray and CT, the EOS systems significantly reduce radiation doses and exam times, producing unstitched, full-body, biplanar, high-quality images at lower cost.

Key Features of the EOS imaging Portfolio

• Standing full-body assessment. Head to toe biplanar exams in the weight-bearing position for accurate assessment of factors causing pain and disability to better guide treatment and surgical decisions. Surgical planning from a standing position enables alignment parameters that more closely match functional posture.

• High image quality. EOSedge is the first X-ray system with high-resolution photon-counting detector that delivers outstanding-quality images, reinforcing diagnostic capabilities while addressing a broad range of imaging and orthopedic surgery challenges.

• Reduced radiation exposure. Driven by the ALADA² principle, the EOS or EOSedge exam delivers a minimal dose of radiation to reduce the long term impact of repeated imaging. With the introduction of the proprietary EOSedge Flex Dose™ feature, the dose automatically adjusts along the patient body to further optimize the radiation as well as delivering homogeneous image quality by avoiding over/under exposure in the thinner/larger parts of the body.

• Precise 3D measurements. Patient-specific measurements, dimensions and angles to make informed clinical decisions at all stages of care.

• EOSapps and EOSlink for surgical planning and OR integration. Pre-operative planning software to anticipate surgical results and select components for spine surgery; pairs with surgical technologies for precise execution with EOSlink.

EOS’ installed base of over 380 imaging systems encompasses 20 of the top 25 U.S. hospitals³. EOS has imaging systems installed in more than 40 countries generating more than 1 million patient exams annually. Listed on the Euronext Paris Exchange, the company has corporate locations in the U.S., France, Canada, Germany and Singapore, and engages more than 175 employees. For additional information, please visit www.EOS-imaging.com.

About Squadron Capital LLC and Squadron Medical Finance Solutions, LLC

Squadron Capital seeks to acquire and invest in operating companies located both in the US and abroad. Squadron’s mission is long-term investment (multi-generational) and assistance to the portfolio companies’ leadership teams in the execution of their business plans. Squadron Medical Finance Solutions, a subsidiary of Squadron Capital, assists orthopedic OEMs in achieving their business objectives by offering financing of surgical instruments and implant sets, or by providing debt financing to support the broader capital requirements of growing companies. Squadron Capital is a strategic investor in a broad range of companies in the orthopedic space, both public and private.

About Alphatec Holdings, Inc.

Alphatec Holdings, Inc. (ATEC), through its wholly-owned subsidiaries, Alphatec Spine, Inc. and SafeOp Surgical, Inc., is a medical device company dedicated to revolutionizing the approach to spine surgery through clinical distinction. ATEC architects and commercializes approach-based technology that integrates seamlessly with the SafeOp Neural InformatiX System to provide real-time, objective nerve information that can enhance the safety and reproducibility of spine surgery. Additional information can be found at www.atecspine.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Such statements are based on management’s current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements. Forward-looking statements include statements about the timing of the anticipated acquisition, plans to commence the Offer, when and whether the anticipated acquisition ultimately will close, the expected consideration to be paid in connection with the Offer, the potential benefits and synergies of the anticipated acquisition, including the expected impact on future financial and operating results, post-acquisition plans and intentions, and expectations on the completion, timing and size of the private placement and the debt exchange, and the anticipated use of proceeds therefrom. The forward-looking statements contained herein are based on the current expectations and assumptions of the Company and not on historical facts. The important factors that could cause actual operating results to differ significantly from those expressed or implied by such forward-looking statements include, but are not limited to: uncertainties as to the timing of the Offer and the closing of the acquisition; uncertainties as to the percentage of EOS securityholders tendering their shares in the Offer; the possibility that competing offers will be made and accepted; risks related to French regulatory review of the Offer; the Company’s and EOS’ ability to satisfy the conditions to the closing of the Offer on the anticipated timeline or at all; the satisfaction of conditions to closing the Offer and completing the acquisition, including applicable regulatory clearances; the occurrence of any event, change or other circumstance that could give rise to the termination of the Tender Offer Agreement; the effect of the announcement of the Offer and related transactions on the ability of the parties to retain and hire key personnel, maintain relationships with their customers and suppliers, and maintain their operating results and business generally; the inability to reach the required threshold in the Offer which would result in EOS shares continuing to be traded on Euronext and related regulatory requirements in connection therewith; the inability of the Company to secure the financing contemplated to be obtained on the expected terms or timing, or at all, whether as a result of failure to meet certain conditions or otherwise; risks related to potential litigation in connection with the Offer or the closing that may result in significant costs of defense, risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the financing; indemnification and liability; the risk that the businesses will not be integrated successfully; unexpected variations in market growth and demand for the combined company’s products and technologies; the risk that benefits and synergies from the acquisition may not be fully realized or may take longer to realize than expected; and the impact of the COVID-19 pandemic on the Company’s and EOS’ business and the economy. The words “believe,” “will,” “should,” “expect,” “intend,” “estimate,” “look forward,” and “anticipate,” variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. A further list and description of these and other factors, risks and uncertainties can be found in the Company’s most recent annual report, and any subsequent quarterly and current reports, filed with the Securities and Exchange Commission. ATEC disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.

Certain Legal Matters

This press release is not intended to, and does not, constitute, represent or form part of any offer, invitation or solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this press release or otherwise.

The distribution of this presentation in jurisdictions outside the United States or France may be restricted by law or regulation and therefore any person who comes into possession of this presentation should inform themselves about, and comply with, such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities laws or regulations of any such relevant jurisdiction.

EOS is incorporated in France and listed on Euronext and any offer for its securities will be subject to French disclosure and procedural requirements, which differ from those that are applicable to offers conducted solely in the United States, including with respect to withdrawal rights, offer timetable, settlement procedures and timing of payments. The transactions described in this presentation will be structured to comply with French and U.S. securities laws and regulations applicable to transactions of this type.

Investor/Media Contact:

Tina Jacobsen
Investor Relations
(760) 494-6790
[email protected]

Company Contact:

Jeff Black
Chief Financial Officer
Alphatec Holdings, Inc.
[email protected]

¹ Yeh, Kuang-Ting MD, PhD; Lee, Ru-Ping RN, PhD; Chen, Ing-Ho MD; Yu, Tzai-Chiu MD; Liu, Kuan-Lin MD, PhD; Peng, Cheng-Huan MD, Wang, Jen-Hung MD; Wu, Wen-Tien MD, PhD. October 2018. Correlation of Functional Outcomes and Sagittal Alignment After Long Instrumented Fusion for Degenerative Thoracolumbar Spinal Disease. Spine: Volume 43, Issue 19.
² As low as diagnostically acceptable
³ US News & World Report Best Orthopedic Hospitals list (2019-2020)

DRESDEN, Germany, Dec. 17, 2020 (GLOBE NEWSWIRE) — SOLAYER today reported that it has demonstrated a Near Infrared Bandpass Filter (NIR BPF) with superior filter properties, enabled by the novel “Zero Bow” technology for thin glass substrates incorporated in its AVIOR M-300 HVM deposition platform. SOLAYER innovates high-performance manufacturing equipment and processes used to mass produce high-quality coatings, filters, and other films.

The new filter, known as the X41, enables 3D sensors found in consumer electronics, automotive, security, and other applications. The development validates the enabling capabilities of SOLAYER’s technology, solves a frustrating technical problem (bowed wafers), and gives manufacturers a viable solution to produce superior NIR BPFs.

NIR BP filters are used today in a wide range of optical sensor applications. They play an important role as key components for optical measurements, distance measurement applications, and systems for gesture recognition (TOF, Time-of-Flight).

The special characteristic of the filters enables:

• Accurate distance measurements at low light intensity conditions
• Measurements with higher sensitivity
• Higher precision at normal signal light levels

SOLAYER developed its unique Zero Bow technology for ultra-thin glass substrates (0.2 mm thickness), which enables customers to apply wafer bonding technology on high-performance NIR BP filters for the first time.

Key Applications:

• Advanced sensor technologies
• Mobile gesture recognition technology
• Automotive applications (TOF, LIDAR)

The X41 filter is based on a specially developed process that enables NIR BP filters with outstanding properties to be manufactured more efficiently. With the process, the NIR BP filter is produced through the controlled interplay of filter structure, mechanical properties of thin glass, and new layer materials. The SOLAYER process enables the build-up of layers in the AVIOR 300 system with specific properties up to the Angstrom range in a controlled manner, with special process control and a new filter design with a new layer system.

NIR BP filters consist of alternating 2-layer systems of hydrogen-doped silicon (Si: H) and silicon dioxide (SiO2). Anti-reflex and blocker filters are usually built on the back. Due to the different layer properties, however, it has not yet been possible to manufacture filters on very thin substrates (≤0.2 mm) without encountering deflection, or ensuring very good filter properties, like high transmission in the BP, optimal AOI properties and optimal blocking properties. The Zero Bow technology developed by SOLAYER for NIR BP filters on very thin substrates brings significant advantages for customers. They include:

• Reduced complexity in subsequent process steps
• Higher yield in production, and simplification of subsequent processes
• Enables the move to wafer bonding technologies

SOLAYER’s CEO, Mathias Hoefler noted that the company’s enduring goal is to help manufacturers unleash new waves of product innovation. Shattering the technical bottlenecks presented by bowed wafers is key to the effort. “The X41 filter enabled by our Zero Bow technology demonstrates the infinite possibilities and we’re excited to bring the enabling technology and related expertise to our customers,” he said.

X41 filter key features

• High transmission: >96 %
• High end blocking performance for both 350-900 nm and 1000-1100 nm regions
• Zero Bow (Note: >11 mm bow is typical market value for NIR BP filter 0.2 mm thick glass substrates)
• Tunable filter shape for high-end LIDAR applications

For information on SOLAYER, please visit www.solayer.de.

Media contact

Ines Scheibner

Marketing Manager

Phone: +49 151 19513915

Email: [email protected]

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/0041ac15-6677-46d8-8e15-de975ea7876c

https://www.globenewswire.com/NewsRoom/AttachmentNg/22e2a8e3-0454-4975-8ac3-475a67c83c33

https://www.globenewswire.com/NewsRoom/AttachmentNg/0d708cf3-4299-40b8-b581-f455a5c51d50