GBT Announces Participation at the Stifel 2020 Virtual Healthcare Conference

SOUTH SAN FRANCISCO, Calif., Nov. 13, 2020 (GLOBE NEWSWIRE) — Global Blood Therapeutics, Inc. (GBT) (NASDAQ: GBT) today announced that it will participate in a virtual fireside chat at the Stifel 2020 Virtual Healthcare Conference on Monday, November 16, 2020, at 2:00 p.m. Eastern Time.

The fireside chat will be webcast live from GBT’s website at www.gbt.com in the Investors section. A replay of the webcast will be archived and available for one month following the event.

About Global Blood Therapeutics

Global Blood Therapeutics (GBT) is a biopharmaceutical company dedicated to the discovery, development, and delivery of life-changing treatments that provide hope to underserved patient communities. Founded in 2011, GBT is delivering on its goal to transform the treatment and care of sickle cell disease (SCD), a lifelong, devastating inherited blood disorder. The company has introduced Oxbryta® (voxelotor), the first FDA-approved treatment that directly inhibits sickle hemoglobin polymerization, the root cause of red blood cell sickling in SCD. GBT is also advancing its pipeline program in SCD with inclacumab, a P-selectin inhibitor in development to address pain crises associated with the disease, and GBT021601, the company’s next generation hemoglobin S polymerization inhibitor. In addition, GBT’s drug discovery teams are working on new targets to develop the next wave of treatments for SCD. To learn more, please visit www.gbt.com and follow the company on Twitter @GBT_news.

Contact Information:

Steven Immergut (investors and media)
650-410-3258
[email protected]

Accenture Completes Acquisition of Avenai, Ottawa-based Business and Technology Consultancy

Accenture Completes Acquisition of Avenai, Ottawa-based Business and Technology Consultancy

Acquisition enhances Accenture’s ability to help public-sector clients with technology transformations

OTTAWA, Ontario–(BUSINESS WIRE)–
Accenture (NYSE: ACN) has completed the acquisition of Avenai, an Ottawa-based provider of consulting and technology services.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201113005137/en/

Avenai is now part of Accenture. (Photo: Business Wire)

Avenai is now part of Accenture. (Photo: Business Wire)

Avenai’s experienced consulting team will be bolstered by Accenture’s global reach in helping clients meet their broad ambitions. The deal enhances Accenture’s capacity to drive the digital modernization taking place across the public sector in Canada as many departments and agencies embrace change, rapidly move to the cloud, and improve services for Canadians.

Founded in 2012, Avenai has a strong reputation among government and commercial clients in Ottawa and Toronto. The firm supports key aspects of business change including strategy development, process improvement, IT-enabled business transformation, and organizational culture transformation.

Terms of the transaction, which Accenture announced on October 7, were not disclosed.

About Accenture

Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 506,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.

Forward-Looking Statements

Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. Many of the following risks, uncertainties and other factors identified below are, and will be, amplified by the COVID-19 pandemic. These risks include, without limitation, risks that: the transaction might not achieve the anticipated benefits for Accenture; Accenture’s results of operations have been significantly adversely affected and could in the future be materially adversely impacted by the COVID-19 pandemic; Accenture’s results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture could face legal, reputational and financial risks if the company fails to protect client and/or company data from security incidents or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; Accenture’s profitability could materially suffer if the company is unable to obtain favourable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; as a result of Accenture’s geographically diverse operations and its growth strategy to continue to expand in its key markets around the world, the company is more susceptible to certain risks; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; if Accenture does not successfully manage and develop its relationships with key alliance partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; Accenture might be unable to access additional capital on favourable terms or at all and if the company raises equity capital, it may dilute its shareholders’ ownership interest in the company; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.

Susan Kirwin

Accenture

+1 416 641 5148

[email protected]

Joe Dickie

Accenture

+1 512 694 6422

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Other Professional Services Software Networks Consulting Data Management Professional Services Technology Other Technology

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Avenai is now part of Accenture. (Photo: Business Wire)

Graphic Packaging Holding Company Executives to Present at Upcoming Investor Conference

PR Newswire

ATLANTA, Nov. 13, 2020 /PRNewswire/ — Graphic Packaging Holding Company (NYSE: GPK), a leading provider of paper-based packaging solutions to food, beverage, foodservice, and other consumer products companies, announced today Michael Doss, President and Chief Executive Officer, and Stephen Scherger, Executive Vice President and Chief Financial Officer, will present at the Stephens Annual Investment Conference on Tuesday, November 17 at 10:00am ET in the form of a virtual fireside chat. The event will be webcast and available for replay on the Investor Section of the Graphic Packaging website at www.graphicpkg.com.

About Graphic Packaging Holding Company
Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is committed to providing consumer packaging that makes a world of difference. The Company is a leading provider of paper-based packaging solutions for a wide variety of products to food, beverage, foodservice, and other consumer products companies. The Company operates on a global basis, is one of the largest producers of folding cartons and paper-based foodservice products in the United States, and holds leading market positions in coated recycled paperboard, coated unbleached kraft paperboard and solid bleached sulfate paperboard. The Company’s customers include many of the world’s most widely-recognized companies and brands. Additional information about Graphic Packaging, its business and its products is available on the Company’s web site at www.graphicpkg.com.

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SOURCE Graphic Packaging Holding Company

Southwestern Energy Completes Acquisition of Montage Resources

Southwestern Energy Completes Acquisition of Montage Resources

SPRING, Texas–(BUSINESS WIRE)–
Southwestern Energy Company (NYSE: SWN) today announced that it has completed the acquisition of Montage Resources following approval by Montage shareholders. Under the previously announced credit agreement amendment, the Company’s borrowing base on its revolving credit facility has been increased to $2.0 billion.

“This strategic transaction represents another deliberate step in our disciplined repositioning strategy. We strengthened our position as a premier producer in the Appalachia basin with an at-market, accretive acquisition that provides a step change in free cash flow. Starting today, we are delivering on our commitment of at least $30 million in synergies, and we look forward to unlocking additional value as the newly combined team brings innovation and demonstrated operational efficiencies to these high quality, complementary assets,” said Bill Way, Southwestern Energy President and Chief Executive Officer. “We welcome the field operating team to Southwestern Energy and thank the entire Montage Resources organization for their hard work and dedication that led to this transaction.”

Given the November 13, 2020 closing, there is no change to the Company’s fourth quarter and full year 2020 guidance except for the inclusion of 49 days of production from the Montage properties as indicated in the table below. As of the closing of the transaction, the Company’s daily net production rate increases to over 3 Bcfe per day.

UPDATED PRODUCTION GUIDANCE

 

 

SWN Guidance

 

Pro Forma Guidance(1)

 

 

Q4 2020

 

Total Year 2020

 

Q4 2020

 

Total Year 2020

Gas (Bcf)

 

177 – 184

 

661 – 675

 

200 – 205

 

687 – 692

Oil/Condensate (MBbls)

 

1,275 – 1,375

 

5,057 – 5,257

 

1,475 – 1,575

 

5,251 – 5,351

NGLs (MBbls)

 

6,750 – 7,025

 

25,339 – 25,889

 

7,000 – 7,275

 

25,926 – 26,201

Total (Bcfe)

 

225 – 234

 

843 – 861

 

251 – 258

 

874 – 881

(1)

SWN guidance dated July 30, 2020, updated to include 49 days of production from properties previously owned by Montage Resources.

About Southwestern Energy

Southwestern Energy Company is an independent energy company engaged in natural gas, natural gas liquids and oil exploration, development, production and marketing. For additional information, visit our website www.swn.com.

Forward Looking Statement

Certain statements and information herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “project,” “potential,” “may,” “will,” “are likely,” “guidance,” “goal,” “model,” “target,” “budget” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements may be forward looking even in the absence of these particular words. Examples of forward-looking statements include, but are not limited to, statements regarding generation of free cash flow. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. The forward-looking statements contained in this document are largely based on our expectations for the future, which reflect certain estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions, operating trends, and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. As such, management’s assumptions about future events may prove to be inaccurate. For a more detailed description of the risks and uncertainties involved, see “Risk Factors” in our most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC filings. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events, changes in circumstances, or otherwise. These cautionary statements qualify all forward-looking statements attributable to us, or persons acting on our behalf. Management cautions you that the forward looking statements contained herein are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to: the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids (“NGLs”), including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to the COVID-19 pandemic; our ability to fund our planned capital investments; a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate; the extent to which lower commodity prices impact our ability to service or refinance our existing debt; the impact of volatility in the financial markets or other global economic factors, including the impact of COVID-19; difficulties in appropriately allocating capital and resources among our strategic opportunities; the timing and extent of our success in discovering, developing, producing and estimating reserves; our ability to maintain leases that may expire if production is not established or profitably maintained; our ability to realize the expected benefits from the acquisition of Montage Resources Corporation (“Montage Acquisition”); costs in connection with the Montage Acquisition; integration of operations and results subsequent to the Montage Acquisition; our ability to transport our production to the most favorable markets or at all; the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives; the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; the effects of weather; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparative cost of alternative fuels; credit risk relating to the risk of loss as a result of non-performance by our counterparties; and any other factors listed in the reports we have filed and may file with the SEC that are incorporated by reference herein. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Investor Contact

Brittany Raiford

Director, Investor Relations

(832) 796-7906

[email protected]

Bernadette Butler

Investor Relations Advisor

(832) 796-6079

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Oil/Gas Energy

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CSI Named to IDC Financial Insights’ Top 100 FinTech Providers for Ninth Consecutive Year

CSI Named to IDC Financial Insights’ Top 100 FinTech Providers for Ninth Consecutive Year

PADUCAH, Ky.–(BUSINESS WIRE)–
Computer Services, Inc.(CSI) (OTCQX:CSVI), a provider of end-to-end financial technology solutions, has been named by IDC Financial Insights to its 2020 IDC FinTech Rankings—an annual listing of the 100 largest global financial technology providers. This is CSI’s ninth consecutive year to make the list.

The industry ranking evaluates and categorizes the top global fintech providers based on calendar year revenues earned from financial institutions for hardware, software or services. According to IDC Financial Insights, worldwide IT spending in the financial services industry is projected to exceed $577 billion (USD) by 2024, and the providers included in the yearly ranking supply the technological backbone for the industry.

A leading technology provider for financial institutions across the country, CSI appears 60th on the list of financial technology companies that were evaluated based on their global revenues. During its past fiscal year, CSI focused on providing financial institutions and their customers an enhanced digital experience through its full suite of integrated core bank processing, digital banking, payment services, IT infrastructure, cybersecurity, regulatory and digital document delivery solutions.

“Being named as one of the top global technology providers by the IDC FinTech Rankings for the ninth consecutive year demonstrates CSI’s commitment to delivering forward-thinking technology that drives our customers’ success,” said Steve Powless, CSI’s chairman and CEO. “To meet the demands of our rapidly changing industry, we continue to empower our customers by providing competitive technology that creates seamless experiences for today’s digital-first consumers.”

The company’s annual presence on the IDC FinTech Rankings, which have become a trusted measure of the health and direction of technology in the industry, also proves CSI’s dedication to the financial services sector. The rankings serve as a guide for financial institutions to use while navigating the changing industry landscape and evaluating third-party solutions.

“IDC is honored to recognize the technology providers that appear on the 17th annual FinTech Rankings,” said Marc DeCastro, research director at IDC Financial Insights. “These are the companies that have shown commitment to the financial services institutions and their appearance on the list is a testament to that dedication.”

IDC Financial Insights published a comprehensive report about the year’s findings that is available to view or download: https://www.idc.com/prodserv/insights/#financial-fintech_rankings

About IDC Financial Insights

IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company. For more information, please visit www.idc.com/financial, email [email protected], or call 508-620-5533.

About Computer Services, Inc.

Computer Services, Inc. (CSI) delivers innovative financial technology and regulatory compliance solutions to financial institutions and corporate customers across the nation. Through a combination of expert service, cutting-edge technology and a customer-first mentality, CSI excels at driving businesses forward in a rapidly changing industry. CSI’s expertise and commitment to authentic partnerships has resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, American Banker’s Best Fintechs to Work For and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.

Laura Sewell

For CSI

270-349-9212

Haleigh Tomasek

For CSI

678-781-7208

KEYWORDS: Kentucky United States North America

INDUSTRY KEYWORDS: Professional Services Data Management Technology Finance Software Banking

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InMed Pharmaceuticals Reports First Quarter Fiscal 2021 IFRS Financial Results

PR Newswire

VANCOUVER, BC, Nov. 13, 2020 /PRNewswire/ – InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (NASDAQ: INM) (TSX: IN), a clinical-stage pharmaceutical company developing medications targeting diseases with high unmet medical need and leading the way in the clinical development of cannabinol (“CBN”), in compliance with continuous disclosure obligations in Canada, today reported financial results for the first quarter of fiscal year 2021 (“1Q21”) which ended September 30, 2020.

With yesterday’s announced financing expected to close on November 16, 2020, subject to customary closing conditions, the conference call component of this quarter’s financial reporting has been cancelled. The Company looks forward to updating investors during a future conference call.



Results of Operations (expressed in Canadian Dollars and in accordance with IFRS):

  • For the three months ended September 30, 2020, the Company recorded a net loss of $2.1 million, or $0.41 per share, compared with a net loss of $3.4 million, or $0.65 per share, for the three months ended September 30, 2019.
  • Research and development expenses were $1.2 million for 1Q21, compared with $2.3 million for the three months ended September 30, 2019. The decrease was primarily due to a decrease in the costs associated with external contractors and research supplies.
  • The Company incurred general and administrative expenses of $0.7 million for 1Q21, compared with $1.0 million for the three months ended September 30, 2019. The decrease in general and administrative expenses for the three months to September 30, 2020 was primarily due to decreased accounting and legal expenses pertaining to certain corporate initiatives, including certain current year legal costs being capitalized as deferred financing costs offset by higher accounting fees partly resulting from the preparation of financial statements under both IFRS and US GAAP, as well as decreased salaries and benefits.
  • The Company also incurred non-cash, share-based payments, in connection with the grant of stock options, of $0.1 million for 1Q21, compared with $0.2 million for the three months ended September 30, 2019.
  • At September 30, 2020, the Company’s cash, cash equivalents and short-term investments were $6.1 million, which compares to $8.0 million at June 30, 2020. The decrease in cash, cash equivalents and short-term investments during the three months ended September 30, 2020, was primarily due to cash outflows from operating activities.
  • At September 30, 2020, the Company’s total issued and outstanding shares were 5,220,707. In addition, at September 30, 2020, there were 556,817 outstanding stock options with a weighted average exercise price of $14.96.

 



Table 1:  Condensed consolidated interim statements of financial position




(unaudited)




:

 


InMed Pharmaceuticals Inc. 

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (unaudited)

As at September 30, 2020 and June 30, 2020

Expressed in Canadian Dollars


September 30, 

June 30,


2020

2020


ASSETS


Current

Cash and cash equivalents

$


5,998,943

$

7,912,156

Short-term investments


57,574

57,761

Accounts receivable


69,193

61,794

Prepaids and other assets


699,225

570,905

Total current assets


6,824,935

8,602,616


Non-Current

Property and equipment


512,923

549,869

Intangible assets


1,068,981

1,091,642

Other assets


18,659


Total Assets

$


8,425,498

$

10,244,127


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current

Accounts payables and accrued liabilities

$


2,404,526

$

2,190,432

Current portion of lease obligations


95,243

93,986

Total current liabilities


2,499,769

2,284,418


Non-current

Lease obligations


314,264

337,989


2,814,033

2,622,407


SHAREHOLDERS’ EQUITY

Share capital


68,579,890

68,579,890

Contributed surplus


15,599,115

15,468,817

Accumulated deficit


(78,567,540)

(76,426,987)


5,611,465

7,621,720

$


8,425,498

$

10,244,127



Table 2:  Condensed consolidated interim statements of operations and comprehensive loss




(unaudited)




:








InMed Pharmaceuticals Inc.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS 

(unaudited)

For the three months ended September 30, 2020 and September 30, 2019

Expressed in Canadian Dollars

Three Months Ended

September 30,


2020

2019


Operating Expenses

Research and development


$


1,163,721

$

2,331,788

General and administrative


740,929

958,331

Amortization and depreciation


59,607

43,284

Share-based payments


130,298

151,567

Total operating expenses


2,094,555

3,484,970


Finance Costs and Other Income (Loss)

Interest income


6,618

77,119

Foreign exchange gain (loss)


(52,616)

21,036


Total net loss and comprehensive loss for the period


$


(2,140,553)

$

(3,386,815)


Basic and diluted loss per share for the period


$


(0.41)

$

(0.65)

 



Table 3:  Condensed consolidated interim statements of cash flows




(unaudited)




:

 


InMed Pharmaceuticals Inc.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (unaudited)

For the three months ended September 30, 2020 and September 30, 2019

Expressed in Canadian Dollars


2020

2019


OPERATING ACTIVITIES


Cash flows from operating activities

Net loss for the period


$


(2,140,553)

$

(3,386,815)

Adjustments to reconcile loss to net cash used in operating activities

  Amortization and depreciation


59,607

43,284

  Share-based payments


130,298

151,567

  Loss on sale of assets 



1,070

  Interest accretion on lease obligations


(830)

Changes in non-cash working capital balances:

  Prepaids and other assets


(42,202)

111,053

  Interest income accrued on short-term investments


187

107,168

  Other non-current assets


(18,659)

  Accounts receivable


(7,399)

44,899

  Accounts payable and accrued liabilities


214,094

(194,997)


Total cash used in operating activities


(1,805,457)

(3,122,771)


Cash Flows From Investing Activities

Maturity of short-term investments



5,034,500

Purchase of short-term investments



(34,500)

Purchase of property and equipment



(42,953)

Proceeds on disposal of property and equipment



726


Total cash provided by investing activities



4,957,773


Cash Flows From Financing Activities

Payments on lease obligations


(21,639)

Deferred financing costs


(86,117)


Total cash used in financing activities


(107,756)

Decrease in cash during the period


(1,913,213)

1,835,002


Cash and cash equivalents beginning of the period


7,912,156

12,873,961


Cash and cash equivalents end of the period


$


5,998,943

$

14,708,963

 

About InMed: InMed Pharmaceuticals is a clinical-stage pharmaceutical company developing a pipeline of cannabinoid-based medications, initially focused on the therapeutic benefits of cannabinol (CBN) in diseases with high unmet medical need. The Company is dedicated to delivering new therapeutic alternatives to patients that may benefit from cannabinoid-based medicines. For more information, visit www.inmedpharma.com.

Cautionary Note Regarding Forward-Looking Information:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws.  Forward-looking information is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about: leading the way in the clinical development of cannabinol (“CBN”); developing a pipeline of cannabinoid-based medications in diseases with high unmet medical need; delivering new therapeutic alternatives to patients that may benefit from cannabinoid-based medicines; and the closing of the Company’s financing on November 16, 2020 or at all.

With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: continued and timely positive preclinical and clinical efficacy data; the speed of regulatory approvals; the ability to contract with suitable partners; demand for InMed’s products; and continued economic and market stability.  While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause InMed’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the outbreak and impact of COVID-19 may worsen; preclinical and clinical testing may not produce the desired results on a timely basis, or at all; regulatory applications may not be approved on a timely basis, or at all; cannabis licensing/importing issues may delay our projected development timelines; suitable partners may not be located; economic or market conditions may worsen; our existing cash runway may not allow us to complete our forthcoming significant milestones; the development of a proprietary biosynthesis manufacturing technology for the production of pharmaceutical-grade cannabinoids as well as a pipeline of medications targeting diseases with high unmet medical needs may not be as successful as desired, if at all.  A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed’s most recent Annual Information Form and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

NEITHER THE TORONTOSTOCK EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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SOURCE InMed Pharmaceuticals Inc.

Covalon Announces Appointment of Amir Boloor as Board Chair and Voting Results from Fiscal 2019 Annual and Special Meeting of Shareholders

PR Newswire

MISSISSAUGA, ON, Nov. 13, 2020 /PRNewswire/ – Covalon Technologies Ltd. (the “Company” or “Covalon”) (TSXV: COV) (OTCQX: CVALF), an advanced medical technologies company, today is pleased to announce the appointment of Amir Boloor, President of Caspian Equity Partners, Inc., as Chair of the Company’s Board of Directors. Mr. Boloor, an independent director of the Company, is also Chair of the Company’s recently announced Special Committee, appointed to explore and evaluate a range of strategic alternatives available to the Company in order to enhance shareholder value.

Abe Schwartz, former Chair of the Board said, “I am delighted that Amir has accepted the appointment as Chair of the Board during a time where the Company is undertaking a strategic review process in order to ensure that all available alternatives to enhance value for our shareholders are being evaluated. Amir has earned the respect of his colleagues on the Board.”  Mr. Schwartz, the largest shareholder of the Company, is continuing as an active member of the Board.

“Amir has an impressive track record in accelerating growth and creating shareholder value as an investor and capital markets leader,” said Brian Pedlar, President and CEO of Covalon. “We are delighted to have Amir assume the role of Chair.”

Amir Boloor, an independent director of the Company, is the President of Caspian Equity Partners, Inc., a Vancouver, British Columbia private investment firm he founded in 2012. He has specialized in helping entrepreneurs accelerate growth and optimize performance while propelling long-term profitability and value. Prior to founding Caspian Equity Partners, Inc., Mr. Boloor held various positions in the Mergers & Acquisitions and Diversified Investment Banking groups of TD Securities, Inc. where he advised Boards and executive teams of mid-market and large-cap companies on numerous strategic review mandates, initial public offerings, mergers, acquisitions, divestitures, corporate restructures, leveraged buyouts, and takeover defenses. Mr. Boloor has a Bachelor of Commerce with Honours Finance from the University of British Columbia. Mr. Boloor is a Chartered Financial Analyst from the CFA Institute.

The Company also announces the results of the matters voted upon at the Company’s fiscal 2019 Annual and Special Meeting of Shareholders (“AGM”) held on November 12th, 2020.

Shareholders voted in favour of all items of business and each item of business was approved by the requisite number of votes. The matters included the election of the Board of Directors, the appointment of auditors, and the approval of the Company’s amended and restated stock option plan. The total number of shares represented, either in person or by proxy, totaled 11,211,257 or 43.42%. The voting results are detailed below.

1) The Election of the Board of Directors

Name of Nominee

Votes FOR

%

Votes WITHHELD

%

Amir Boloor

10,847,180

99.38

67,200

0.62

Joseph Cordiano

10,817,380

99.11

97,000

0.89

Myrna Francis

10,817,780

99.12

96,600

0.88

Martin Goldfarb

10,698,090

98.02

216,290

1.98

Brian Pedlar

10,667,790

97.74

246,590

2.26

Abe Schwartz

10,668,690

97.75

245,690

2.25

Ron Smith

10,817,380

99.11

97,000

0.89

2) The Appointment of the Auditor

Votes FOR

%

Votes
WITHHELD

%

PricewaterhouseCoopers,
LLP

11,152,882

99.76

26,600

0.24

3) The Approval of the Company’s 2019 Amended and Restated Stock Option Plan

Votes FOR

%

Votes
WITHHELD

%

Amended and Restated
Stock Option Plan

10,625,770

97.36

288,610

2.64

Final voting results of all matters voted on at the meeting will be filed on SEDAR at www.sedar.com and further details of the voted matters can be found in the Company’s management information circular dated October 8th, 2020.

About Covalon

Covalon Technologies Ltd. is a researcher, developer, manufacturer, and marketer of patent-protected medical products that improve patient outcomes and save lives in the areas of advanced wound care, infection management and surgical procedures. Covalon leverages its patented medical technology platforms and expertise in two ways: (i) by developing products that are sold under Covalon’s name; and (ii) by developing and commercializing medical products for other medical companies under development and license contracts.  The Company is listed on the TSX Venture Exchange, having the symbol COV and trades on the OTQX Market under the symbol CVALF. To learn more about Covalon, visit our website at www.covalon.com.

Certain statements contained in this press release may constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “proposed” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Such forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. In particular, this press release contains forward-looking information relating to the anticipated filing of the Company’s interim financial report for the quarter ended June 30, 2020. Various assumptions or factors are typically applied in drawing conclusions or making the forecast or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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SOURCE Covalon Technologies Ltd.

Moleculin Biotech, Inc. Reports Financial Results for the Quarter Ended September 30, 2020

PR Newswire

HOUSTON, Nov. 13, 2020 /PRNewswire/ — Moleculin Biotech, Inc., (Nasdaq: MBRX) (Moleculin or the Company), a clinical stage pharmaceutical company with a broad portfolio of drug candidates targeting highly resistant tumors and viruses, today announced its financial results for the quarter ended September 30, 2020 and provided a business update.

Management Discussion

“We are extremely encouraged by the progress we made in the third quarter. Despite the sustained headwinds from the COVID-19 pandemic, we were able to drive the development of Annamycin both in our AML and lung indications, further progress our clinical trials for WP1066, expand and accelerate our infectious disease platform, and bolster our experienced leadership team,” commented Walter Klemp, Chairman and CEO of Moleculin.

“We were particularly encouraged by the progress we made advancing our lead candidate Annamycin, a ‘next generation anthracycline’ demonstrating little to no cardiotoxicity. In June, we conducted our End of Phase 1 meeting with the US Food and Drug Administration (“FDA”). As a result of this meeting, we will expand our protocol-mandated testing for cardiotoxicity throughout the remainder of the Phase 1 trial. This will provide additional safety data, including investigating the continued evidence of little to no cardiotoxicity, and efficacy data which both US and European regulators may consider as we prepare to transition to a Phase 2 clinical trial. We also received approval from Polish authorities to increase the dose-escalation from 30 mg/m2 per cohort to 60 mg/m2 per cohort which will accelerate finding the maximum tolerated dose.”

“We were also excited by the promise Annamycin shows in targeting lung localized tumors. Currently there is an extreme unmet need for a more effective treatment of sarcomas that have metastasized to the lungs, and limited treatment options available for lung metastases resulting from a primary tumor, even though the primary tumor may have been treatable. In September, we were pleased to announce results from an independent laboratory demonstrating in animal studies the ability of Annamycin to generate a 30-fold greater concentration in lungs compared to the current standard of care drug, enabling the targeting of this cancer in its sanctuary site. These results further validate data we presented at the American Association of Cancer Research, which illustrated Annamycin’s uniquely high uptake and retention in the lungs, resulting in consistently high in vivo activity against a wide range of lung-localized tumors in mice. Due to Annamycin’s strong pre-clinical data in this indication, we successfully completed a pre-IND (Investigational New Drug) meeting with the FDA and discussed our development plan for Annamycin, including the clinical study design and dosing strategy for an initial Phase 1b/2 protocol for soft tissue sarcomas with lung metastases. Based on our conversations, and the compelling pre-clinical data, we are optimistic that we will be able to file an IND with the FDA for this indication before the end of the year.”

“In addition to driving the development of Annamycin, we continued to advance WP1066, the lead molecule in Moleculin’s portfolio of immune stimulators and modulators of transcription. Importantly, we were able to report positive data from both our adult and pediatric Phase 1 clinical trials. In our adult Phase 1 clinical trial being conducted at a major cancer center in Houston, we reported positive preliminary data in adult patients with glioblastoma (“GBM”), which supports the progression of the trial to the fourth and final dose escalation cohort. In our Phase 1 clinical trial of WP1066 for the treatment of brain tumors in children being at conducted at the Aflac Cancer & Blood Disorders Center at Children’s Healthcare of Atlanta, the first three patients in the trial received treatment at a dose level of 4 mg/kg with no adverse events related to WP1066 and the study is now proceeding to the next higher dose of 6 mg/kg. Importantly, one patient with diffuse intrinsic pontine glioma (“DIPG”), showed an apparent response to the treatment with both clinical improvement and radiologic reduction of tumor size. We believe this to be particularly notable given the clinical trial history of DIPG, as approximately 200 clinical trials have been conducted with no drug showing significant activity in this disease.”

“Although we remain laser focused on advancing our clinical pipeline, we are very encouraged by the potential our infectious disease pipeline continues to offer. Our initial preclinical focus for the WP1122 program was to help provide a treatment for the growing COVID-19 pandemic. Following strong preclinical data and independent research demonstrating WP1122’s unique mechanism of action and in-vitro activity, we were pleased to further progress our studies as we prepare for submission of an IND to test WP1122 in COVID-19 patients. During the quarter, we also discovered that two other molecules within our portfolio of antimetabolites displayed significant in vitro antiviral activity against SARS-CoV-2 and other hard to treat viruses. Independent laboratory testing of our new drug candidates, called WP1096 and WP1097, not only showed significant antiviral activity against SARS-CoV-2, but also showed greater potential against HIV, Zika, and Dengue Fever. While we are encouraged by the strong preclinical data, we believe our best course of action for advancing this portfolio given its early stage will be through relying on collaborations and externally funded pathways. Subsequently, we entered into an agreement with the University of Campinas in São Paulo, Brazil to further enable collaboration into research on the anti-viral capabilities of WP1122, specifically for the coronavirus. We continue to be optimistic about the data demonstrated in the WP1122 portfolio and are planning to file an IND application or its equivalent for either cancer-related or virus-related clinical trials in the first half of 2021.”

Mr. Klemp concluded, “As we head into the final months of 2020, we believe we remain well-positioned to progress our three core technologies. To help drive this effort, we recently appointed Liz Cermak to our Board of Directors. Liz brings nearly four decades of healthcare experience, has helped oversee drugs through commercialization, and has licensed drugs to well respected big pharmaceutical companies. With our experienced leadership team, and the progress we made throughout the third quarter, we look forward to building on our momentum, and executing on our strategic plan as we head into 2021.”

Recent Milestones and Accomplishments:

Next Generation Anthracycline – Annamycin

  • Announced results from an independent laboratory demonstrating the ability of Annamycin to target lung localized tumors, validating previous internal animal studies
  • Successfully completed a pre-IND (Investigational New Drug) meeting with the FDA regarding the development plan for Annamycin, including the clinical study design and dosing strategy for the initial phase 1b/2 protocol for soft tissue sarcomas with lung metastases
  • Announced positive preclinical data corroborating the efficacy of Annamycin in lung metastases at AACR
  • Received approval to accelerate European clinical trial in AML, URPL doubled dose escalation. Currently in process with Polish regulatory authorities to open two additional clinical sites for the Phase 1/2 clinical study
  • Announced positive independent report confirming absence of cardiotoxicity in Annamycin (unlike currently approved anthracyclines)
  • Successfully completed Phase 1 portion of the AML Phase 1/2 trial in the US with positive results

Immune/Transcription Modulators – WP1066 Portfolio

  • Announced preliminary data from the Phase 1 clinical trial of WP1066, in patients with glioblastoma (GBM). Data supports the progression of trial to the fourth and final dose escalation cohort
  • Reported positive interim results in Emory University pediatric brain tumor Phase 1 clinical trial. One patient with diffuse intrinsic pontine glioma (DIPG) showed an apparent response to the treatment with both clinical improvement and radiologic reduction of tumor size
  • Reported preclinical data demonstrating that WP1066 used in combination with traditional whole brain radiation therapy (WBRT) resulted in long-term survivors and enhanced median survival time relative to monotherapy in mice with implanted human brain tumors
  • Patent protection filed by our licensor covering combination of immune stimulating/transcriptional modulator, including combination with radiation therapy
  • Received Orphan Drug Designation from FDA

Infectious Disease and Metabolism/Glycosylation Inhibitors- WP1122, WP1096 and WP1097 Portfolio

  • Entered into an agreement with the University of Campinas in São Paulo, Brazil to further research the anti-viral capabilities of WP1122, specifically for the coronavirus
  • Announced in vitro results demonstrating the significant antiviral activity of WP1096 and WP1097, in a range of infectious diseases including against: SARS-CoV-2, HIV, Zika and Dengue Fever
  • Independent research conducted at the University of Campinas in São Paulo, Brazil demonstrated that SARS-CoV-2 infection is supported by elevated glucose levels and that inhibition of glycolysis with 2-DG effectively eliminated viral load in vitro
  • Corroborated antiviral activity of WP1122 against coronavirus in pre-clinical testing at IIT Research Institute in another virus host cell line
  • Agreement with Sterling Pharma USA LLC for U.S. production of WP1122 to support expanded development efforts
  • Two rounds of preclinical assessment of the potential for WP1122 to address COVID-19 at ImQuest BioSciences demonstrated that WP1122 has an antiviral effect on HCoV-229E. The virus yield reduction assay demonstrated a 5 to 10-fold inhibition of coronavirus production by WP1122 when compared to untreated virus control.
  • University of Frankfurt found 2-DG to reduce replication of SARS-CoV-2, the virus that causes COVID-19, by 100% in in vitro testing
  • Patent filed by our licensor covering WP1122 as anti-viral drug candidate

Corporate Strategy and Events

  • Appointed Elizabeth (Liz) Cermak, an accomplished life sciences board director with deep pharmaceutical business development expertise, to Board of Directors
  • Participated in a panel at ROTH Capital’s, “COVID-19 Therapeutics in Development,” healthcare event
  • Presented virtually at the H.C. Wainwright & Co. 22nd Annual Global Investment Conference, the Oppenheimer Fall Healthcare Life Sciences & MedTech Summit and the LD Micro 500 Virtual Investor Conference in September
  • Presented at the Life Sciences Investor Forum in June
  • In November replaced our prior purchase agreement with Lincoln Park Capital with a new $22 million purchase agreement, including an initial investment of $2 million, with enhanced capabilities to draw upon

Anticipated 2020 Milestones

  • IND submission for Annamycin for the treatment of tumor metastases to the lung
  • Expanding infectious disease portfolio via preclinical testing of WP1122 in preparation for submitting an IND for a COVID-19 clinical trial in the first half of 2021
  • Continued clinical testing in adult and pediatric brain tumors with WP1066 via physician sponsored trials

Financial Results for the Quarter Ended September 30, 2020

Research and development (R&D) expense was $4.4 million and $2.8 million for the three months ended September 30, 2020 and 2019, respectively. The increase of $1.6 million is mainly related to increased clinical trial activity, increased license fees and costs related to sponsored research agreements, costs related to manufacturing of additional drug product and two additional employees in R&D headcount.

General and administrative expense was $1.7 million for the three months ended September 30, 2020 and 2019, respectively.

Loss from operations for the third quarter was $6.2 million compared to a net loss of $4.5 million for the third quarter of 2019. This increase was largely due to the above-mentioned increase in R&D.

Net loss for the third quarter of 2020 was $3.4 million, compared to a net loss of $4.1 million in the third quarter of 2019, and was attributed to the above-mentioned increase in R&D and the change in fair value on revaluation of warrant liability associated with warrants issued in conjunction with stock offerings. Changes in our stock price can result in a material gain or loss during the quarter related to the revaluation of our warrant liability. The gain from the change in the fair value of the warrant liability for the third quarter of 2020 was $2.7 million compared to a gain of $0.1 million in the same quarter in 2019. This is a non-cash item.

Liquidity and Capital Resources

As of September 30, 2020, we had cash and cash equivalents of $12.8 million and prepaid expenses and other of $2.5 million. We also had $1.3 million of accounts payable and $2.1 million of accrued expenses. A significant portion of the accounts payable and accrued expenses are due to work performed in relation to our clinical trials. For the nine months ended September 30, 2020 and 2019, we used approximately $14.6 million and $12.5 million of cash in operating activities, respectively, which represents cash outlays for research and development and general and administrative expenses in such periods. For the nine months ended September 30, 2020 and 2019, net proceeds from financing activities were $17.1 million and $20.9 million, respectively, predominately from the sale of our common stock and the exercise of warrants. Cash used in investing activities for the nine months ended September 30, 2020 and 2019 was approximately $0.4 million and $0.04 million, respectively.

We believe that our existing cash and cash equivalents as of September 30, 2020 plus the $2.6 million cash raised and committed subsequent to the quarter will be sufficient to fund our planned operations into the third quarter of 2021, without the issuance of additional equity for cash. Any such issuances should extend the funding of our planned operations beyond the third quarter of 2021. Such plans are subject to our stock price, market conditions, changes in planned expenses depending on clinical enrollment progress, the use of drug product or a combination thereof.

About Moleculin Biotech, Inc.

Moleculin Biotech, Inc. is a clinical stage pharmaceutical company focused on the development of a broad portfolio of oncology drug candidates for the treatment of highly resistant tumors and viruses. The Company’s clinical stage drugs are: Annamycin, a Next Generation Anthracycline, designed to avoid multidrug resistance mechanisms with little to no cardiotoxicity being studied for the treatment of relapsed or refractory acute myeloid leukemia, more commonly referred to as AML, WP1066, an Immune/Transcription Modulator capable of inhibiting p-STAT3 and other oncogenic transcription factors while also stimulating a natural immune response, targeting brain tumors, pancreatic cancer and hematologic malignancies, and WP1220, an analog to WP1066, for the topical treatment of cutaneous T-cell lymphoma. Moleculin is also engaged in preclinical development of additional drug candidates, including other Immune/Transcription Modulators, as well as WP1122 and related compounds capable of Metabolism/Glycosylation Inhibition.

For more information about the Company, please visit http://www.moleculin.com.

Forward-Looking Statements
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the ability to make an IND submission for WP1122 in the first half of 2021; establishing a recommended Phase 2 Dose for Annamycin in 2021; the ability to make an IND submission for Annamycin for the treatment of tumor metastases to the lung in 2020; and the ability to file for W1122 an IND application or its equivalent for either cancer-related or virus-related clinical trials in the first half of 2021. Although Moleculin believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Moleculin Biotech has attempted to identify forward-looking statements by terminology including ”believes,” ”estimates,” ”anticipates,” ”expects,” ”plans,” ”projects,” ”intends,” ”potential,” ”may,” ”could,” ”might,” ”will,” ”should,” ”approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under Item 1A. “Risk Factors” in our most recently filed Form 10-K filed with the Securities and Exchange Commission (“SEC”) and updated from time to time in our Form 10-Q filings and in our other public filings with the SEC.  Any forward-looking statements contained in this release speak only as of its date. We undertake no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

Contacts

James Salierno / Carol Ruth
The Ruth Group
973-255-8361 / 917-859-0214
[email protected]
[email protected]

— Financial Tables Follow–

 


Moleculin Biotech, Inc.


Unaudited Condensed Consolidated Balance Sheets


(in thousands)


September
30, 2020


December
31, 2019

Current assets:

Cash and cash equivalents

$

12,795

$

10,735

Prepaid expenses and other current assets

2,455

2,749

Total current assets

15,250

13,484

Furniture and equipment, net

522

316

Intangible assets

11,148

11,148

Operating lease right-of-use asset

224

287

Total assets

$

27,144

$

25,235

Current liabilities:

Accounts payable and accrued expenses and other current liabilities

$

3,438

$

3,570

Total current liabilities

3,438

3,570

Operating lease liability – long-term, net of current portion

190

276

Warrant liability – long term

9,049

5,818

Total liabilities

12,677

9,664

Total stockholders’ equity

14,467

15,571

Total liabilities and stockholders’ equity

$

27,144

$

25,235

 

 


Unaudited Condensed Consolidated Statements of Operations


Three Months Ended
September 30,


Nine Months Ended
September, 30


(in thousands, except share and per share amounts)


2020


2019


2020


2019

Revenues

$

$

$

$

Operating expenses:

Research and development

4,435

2,785

10,971

7,816

General and administrative and depreciation

1,716

1,723

5,276

4,895

Total operating expenses

6,151

4,508

16,247

12,711

Loss from operations

(6,151)

(4,508)

(16,247)

(12,711)

Other income:

Gain from change in fair value of warrant liability

2,743

124

1,489

3,059

Other income, net

10

5

32

5

Interest income, net

3

5

10

10

Net loss before taxes

$

(3,395)

$

(4,374)

$

(14,716)

$

(9,637)

Income tax benefit

229

229

Net loss

$

(3,395)

$

(4,145)

$

(14,716)

$

(9,408)

Net loss per common share – basic and diluted

$

(0.06)

$

(0.09)

$

(0.26)

$

(0.24)

Weighted average common shares outstanding – basic and diluted

61,474,857

45,464,746

56,979,507

39,034,303

 

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SOURCE Moleculin Biotech, Inc.

Ether Capital Corporation Reports Third Quarter 2020 Financial Results

Ether Capital Corporation Reports Third Quarter 2020 Financial Results

TORONTO–(BUSINESS WIRE)–
Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO:ETHC) today reported its financial results as at and for the three and nine months ended September 30, 2020.

As at September 30, 2020:

  • The total value of the Ether held by the Company was $15.3 million
  • The total assets of the Company were $18.8 million
  • The Company had an accumulated deficit of $27.3 million, the majority of which represents a non-cash unrealized loss on the value of Ether
  • The Company recorded earnings of $0.24 per common share for the quarter ended September 30, 2020, the majority of which represents a net gain on the fair value remeasurement of Ether

As at November 12, 2020, the total value of the Ether held by the Company was $19.4 million.

Brian Mosoff, Ether Capital’s CEO, said: “The first phase of Ethereum’s network upgrade has begun with the release of the deposit contract for Ethereum’s ‘beacon chain’, which aims to bring proof of stake consensus to Ethereum. We anticipate that the beacon chain will launch before the end of the year. Proof of stake allows holders of Ether to perform Ethereum network validation services in order to earn an Ether-denominated return on such services. Ether Capital may allocate a portion of its Ether holdings to network validation and begin earning a yield on such allocation. As we get closer to the launch of the beacon chain, we will update our shareholders in due course on our plans relating to proof of stake.”

“Ethereum has seen impressive activity so far in 2020, with decentralized finance applications being a key focus,” continued Mr. Mosoff. “According to data from Messari and CoinMetrics, Ethereum is on pace to settle over US$1 trillion in transactions in 2020, reflecting an all-time high for the network which launched only five years ago.”

For condensed consolidated interim financial statements for the quarter ended September 30, 2020, please refer to the Company’s website at http://ethcap.co/. The Company also provides regularly updated disclosure of its investments in the investors section of its website.

The Company’s condensed consolidated interim financial statements, along with the accompanying management’s discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed under the Company’s profile at www.sedar.com.

About Ether Capital Corporation

Ether Capital is a Toronto-based technology company whose long term objective is to become the central business and investment hub for the Ethereum and Web 3 ecosystem. Ether Capital has invested in Ethereum’s native utility token “Ether” as a strategic asset, and selectively invests in projects, protocols and businesses that leverage the Ethereum ecosystem and Web 3 technologies. Founded by a highly experienced Board of Directors and management team, Ether Capital has the experience and relationships to support businesses and invest in industry-shifting disruptive technologies. For more information, visit http://ethcap.co/.

This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933. The NEO Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements in regard to the Ethereum platform and protocol, the timing and implications of Ethereum’s proof of stake network upgrade (including launch of the beacon chain), the Company’s plans with respect to providing future updates on proof of stake developments, the potential for Ether Capital to earn a yield on a portion of its Ether holdings that it devotes to network validation and its plans in respect thereof, the market for crypto-assets, the anticipated transaction settlement volume over Ethereum in 2020, and the Company’s business, plans and strategy. The Company cautions the reader not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “on pace”, “anticipates”, or “does not anticipate”, “believes”, and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, or “will” be taken, occur or be achieved.

Forward-looking statements are based on information available to management at the time they are made, management’s current plans, estimates, assumptions, judgments and expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties; uncertainties in regard to the development and acceptance of blockchain technology (including proof of stake and Ethereum 2.0), and the Ethereum platform and anticipated timing and impact of the Ethereum network upgrade, the impact of the outbreak of the COVID-19 coronavirus on the Company, and the other risk factors discussed in the Company’s Annual Information Form dated March 25, 2020, the Risk Factors section in its most recently filed management’s discussion and analysis and its other filings available on-line at www.sedar.com. Although the forward-looking information contained in this press release is based on assumptions that the Company believes to be reasonable at the date such statements are made, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. In addition, the Company cautions the reader that information provided in this press release is provided in order to give context to the nature of some of the Company’s future plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws.

For further information concerning this press release, please contact:

Brian Mosoff

Chief Executive Officer

Ether Capital

1-416-583-5541

http://www.ethcap.co/

Stefan Coolican

President and Chief Financial Officer

Ether Capital

1-416-583-5541

http://www.ethcap.co/

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Technology Finance Security Other Technology Professional Services Software Networks Internet Data Management

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American Tower Corporation to Present at the BCG and New Street Research 5G Virtual Conference

American Tower Corporation to Present at the BCG and New Street Research 5G Virtual Conference

BOSTON–(BUSINESS WIRE)–
American Tower Corporation (NYSE: AMT) today announced that Ed Knapp, its Senior Vice President and Chief Technology Officer, is scheduled to present at the BCG and New Street Research 5G Virtual Conference, on Tuesday, November 17, 2020 at 9:10 a.m. ET. A live audio webcast link will be available on the Company’s website.

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 181,000 communications sites. For more information about American Tower, please visit www.americantower.com.

ATC Contact: Igor Khislavsky

Vice President, Investor Relations

Telephone: (617) 375-7500

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Mobile/Wireless Technology Telecommunications

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