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Ligand Announces Clinical and Regulatory Progress by Multiple Partners with OmniAb^® Antibodies

Two large pharma partners reach clinical-development milestones with OmniAb-derived antibody programs and Ligand earns $4.5 million in milestone payments

CStone Pharmaceuticals announces China NDA submission and data for its OmniAb-derived antibody to treat non-small cell lung cancer in a first-line setting

SAN DIEGO–(BUSINESS WIRE)–Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announces clinical and regulatory progress by multiple partners utilizing antibodies from its OmniAb^® discovery platform. Two large multinational pharmaceutical companies with a license to OmniAb have reached clinical-development milestones with their programs. The progress by these companies resulted in a total of $4.5 million in milestone payments being earned by Ligand.

In addition, CStone Pharmaceuticals recently announced that China’s National Medical Products Administration has accepted for review CStone’s New Drug Application (NDA) for sugemalimab (CS1001), an OmniAb-derived anti-PD-L1 monoclonal antibody used in combination with chemotherapy for the first-line treatment of advanced squamous and non-squamous non-small cell lung cancer (NSCLC). This marks the first regulatory submission by CStone for sugemalimab. Last month, CStone announced a major financial and commercial partnership with Pfizer to commercialize sugemalimab in greater China. Ligand is entitled to a 3% royalty on worldwide commercial sales of sugemalimab.

CStone also announced that positive clinical data based on a pre-planned interim analysis of the GEMSTONE-302 clinical study were disclosed in an oral presentation at European Society for Medical Oncology (ESMO) Asia Virtual Congress 2020 on November 21, 2020 (link to full release here). The GEMSTONE-302 trial is the first randomized, double-blind, Phase 3 study of an anti-PD-L1 monoclonal antibody plus platinum-based chemotherapy as first-line treatment for stage IV squamous or non-squamous NSCLC. The results showed sugemalimab plus chemotherapy as first-line treatment for advanced NSCLC demonstrated statistically significant and clinically meaningful benefit in progression free survival (PFS) compared to chemotherapy across PD-L1 expression levels and histologies. Specifically, sugemalimab in combination with chemotherapy reduced the risk of disease progression or death by 50% and produced an objective response rate (ORR) of 61.4%. The combination therapy was well-tolerated with no new safety signals detected. CStone reported that these Phase 3 data are amongst the best of those reported by other anti-PD-L1 monoclonal antibodies.

“We are very pleased with the progress and impressive data our partners are reporting with their Ligand OmniAb-derived antibodies,” said John Higgins, Chief Executive Officer of Ligand. “There are currently more OmniAb programs than ever under development, and as programs advance Ligand is now collecting more and larger milestone payments that are contributing to our strong financial performance. Next year we anticipate the first two OmniAb-derived antibodies could receive regulatory approvals, and these events could start the first OmniAb royalty revenue to Ligand. With partnership and royalty rights on programs that extend to 2040 and beyond, we believe we are in the early days of a substantial growth trajectory from our OmniAb business.”

About OmniAb^®

OmniAb is a three-species transgenic-animal platform consisting of five different technologies used for producing mono- and bispecific human therapeutic antibodies. OmniRat® animals comprise the industry’s first human monoclonal antibody technology based on rats. Because they have a complete immune system with a diverse antibody repertoire, OmniRat animals generate antibodies with human idiotypes as effectively as wild-type animals make rat antibodies. OmniMouse^® is a transgenic mouse that complements OmniRat and expands epitope coverage. OmniFlic^® is an engineered rat with a fixed light chain for development of bispecific, fully human antibodies. OmniChicken animals comprise the industry’s first human monoclonal antibody technology based on chickens. The OmniClic chicken is specifically developed to facilitate the generation of bispecific antibodies and retains the ability to generate diverse, high quality affinity matured antibodies. All five types of OmniAb therapeutic human antibody platform, OmniRat, OmniFlic, OmniMouse, OmniChicken^® and OmniClic^®, use patented technology, have broad freedom to operate, produce highly diversified, fully human antibody repertoires optimized in vivo for immunogenicity, manufacturability, and therapeutic efficacy, and deliver fully human antibodies with high affinity, specificity, expression, solubility and stability – Naturally Optimized Human Antibodies^®.

About Ligand Pharmaceuticals

Ligand is a revenue-generating biopharmaceutical company focused on developing or acquiring technologies that help pharmaceutical companies discover and develop medicines. Ligand’s business model creates value for stockholders by providing a diversified portfolio of biotech and pharmaceutical product revenue streams that are supported by an efficient and low corporate cost structure. Ligand’s goal is to offer investors an opportunity to participate in the promise of the biotech industry in a profitable, diversified and lower-risk business than a typical biotech company. Ligand’s business model is based on doing what Ligand does best: drug discovery, early-stage drug development, product reformulation and partnering. Ligand partners with other pharmaceutical companies to leverage what they do best (late-stage development, regulatory management and commercialization) to ultimately generate our revenue. Ligand’s OmniAb^® technology platform is a patent-protected transgenic animal platform used in the discovery of fully human mono- and bispecific therapeutic antibodies. The Captisol platform technology is a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. Ligand’s Protein Expression Technology^® is a robust, validated, cost-effective and scalable approach to recombinant protein production, and is especially well-suited for complex, large-scale protein production that cannot be made by more traditional systems. Ab Initio™ technology and services for the design and preparation of customized antigens enable the successful discovery of therapeutic antibodies against difficult-to-access cellular targets. Ligand has established multiple alliances, licenses and other business relationships with the world’s leading pharmaceutical companies including Amgen, Merck, Pfizer, Sanofi, Janssen, Takeda, Gilead Sciences and Baxter International. For more information, please visit www.ligand.com.

Follow Ligand on Twitter @Ligand_LGND.

Forward-Looking Statements

This news release contains forward-looking statements by Ligand that involve risks and uncertainties and reflect Ligand’s judgment as of the date of this release. These forward-looking statements include, without limitation, statements regarding: the potential that Ligand will collect more and larger milestone payments from its OmniAb programs; Ligand’s expectations regarding its future financial performance including the potential growth from its OmniAb business; the potential that any OmniAb-derived antibodies will receive regulatory approval or whether Ligand will receive any OmniAb royalty revenue thereafter; the amount of time that Ligand will benefit from its partnership and royalty rights; and the potential that CS1001 could be approved to treat lung cancer patients. Actual events or results may differ from Ligand’s expectations due to risks and uncertainties inherent in Ligand’s business, including, without limitation: regulatory authorities such as China’s National Medical Products Administration or the FDA may not agree with CStone’s interpretation of the results from the Phase 3 clinical trial; CS1001 may not be approved for lung cancer or any other indication and Ligand may not receive any additional payments or royalties from the development of CS1001; Ligand may not generate expected revenues under its existing OmniAb license agreements; Ligand’s partners may terminate any of its agreements or development or commercialization of any of its products; the OmniAb platform faces specific risks, including the fact that no product using antibodies from the platform has been approved by the FDA or similar regulatory agency; unexpected adverse side effects or inadequate therapeutic efficacy of Ligand’s or Ligand’s partners’ product(s) could delay or prevent regulatory approval or commercialization; and other risks described in Ligand’s prior press releases and filings with the SEC. The failure to meet expectations with respect to any of the foregoing matters may reduce Ligand’s stock price. Ligand disclaims any intent or obligation to update these forward-looking statements after the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201123005686/en/

Ligand Pharmaceuticals Incorporated

Patrick O’Brien

[email protected]

(858) 550-7893

Twitter: @Ligand_LGND

LHA Investor Relations

Bruce Voss

[email protected]

(310) 691-7100

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Health Clinical Trials General Health Research Pharmaceutical Science

MEDIA:

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The Marketing Alliance Announces Financial Results for its Fiscal 2021 Second Quarter Ended September 30, 2020

ST. LOUIS–(BUSINESS WIRE)–The Marketing Alliance, Inc. (OTC: MAAL) (“TMA” or the “Company”), today announced financial results for its fiscal 2021 second quarter ended September 30, 2020.

FY 2021 Second Quarter Financial Highlights (all comparisons to the prior year period)

• Revenues were $8,169,534 compared to $8,695,723, largely due to a $902,116 decline in family entertainment revenues as family entertainment locations remained closed during the quarter due to the COVID-19 pandemic
• Commission and fee revenues from the Company’s core insurance distribution business increased slightly as some of the obstacles to selling insurance presented by COVID abated during the quarter
• Operating expenses declined by 38% to $1,215,427
• Operating income increased to $541,918, compared to operating income of $150,678 in the prior year quarter
• Operating EBITDA (excluding investment portfolio income) was $621,569, compared to $292,744 in the prior year quarter
• Non-operating investment gain, net, increased to $200,423 compared to $93,800 in the prior year quarter
• Net income for the quarter was $565,956, or $0.07 per share, as compared to net income of $120,710, or $0.02 per share, in the prior year period

Management Comments

Timothy M. Klusas, TMA’s Chief Executive Officer, commented, “The results during the quarter were a testament to the adaptability of our associated agencies, carriers, and our internal team. Our insurance business accelerated its transition to solutions that utilized the Company’s capabilities through our call center and adoption of digital applications where clients do not need to physically see an agent or handle paper. This provided agents with the ability to continue assisting customers with their life insurance needs despite challenges created from the reduction of in-person contact, such as conducting medical exams and obtaining physical signatures necessary for completing the insurance application process. Throughout the quarter we were able to work with our agencies to bring insurance applications to completion in a manner that met the customer’s expectations and level of comfort with personal contact. The execution of our construction business in the quarter was exceptional, as a large project was pulled forward which should allow for additional projects this year before winter weather slows progress.”

Mr. Klusas concluded, “Our family entertainment business reported minimal revenues during the period as locations remained closed to the public. Due to the uncertainty of the business for the foreseeable future, we wrote-down asset values in prior periods and continued to evaluate operations on an ongoing basis. We permanently closed two additional locations during the quarter, leaving two remaining locations”

Quarterly Dividend Distribution

During the quarter, the Company’s Board of Directors declared a $0.06 per share cash dividend for shareholders of record on September 22, 2020, which was paid on September 30, 2020. In June 2020, the Company announced a change in its distribution plan to move to declare dividend distributions on a quarterly basis to have the benefit of the most recent information to make these decisions.

Fiscal 2021 Second Quarter Financial Review

• Total revenues for the three-month period ended September 30, 2020, were $8,169,534, as compared to $8,695,723 in the prior year quarter. This decrease was due mostly to a decrease in family entertainment revenue relative to the prior year period due to the COVID-19 pandemic, offset by slightly higher insurance revenue and increased construction revenue.

• Net operating revenue (gross profit) for the quarter was $1,757,345, compared to net operating revenue of $2,119,307 in the prior-year fiscal period. The decline was due to almost no revenue in the family entertainment business but was offset by significantly higher revenue and gross profit in the construction business.

• Operating expenses decreased to $1,215,427, or 14.9% of total revenues for the fiscal 2020 second quarter, as compared to $1,968,629, or 22.6% of total revenues for the same period of the prior year. The reduction in operating expenses was due in part to less rent and compensation expenses of four closed family entertainment locations, versus eight in the previous year period, and less travel and meetings expense due to the pandemic.

• The Company reported operating income of $541,918, compared to operating income of $150,678 in the prior-year period. Higher operating income for the period was largely due to higher gross margins in the Company’s insurance and construction businesses, and lower overall general and administrative expenses.

• Operating EBITDA (excluding investment portfolio income) was $621,569, compared to $292,744 in the prior year quarter. A note reconciling operating EBITDA to operating income can be found at the end of this release.

• Investment gain, net (from non-operating investment portfolio) for the quarter was $200,423, as compared to $93,800 for the same quarter of the previous fiscal year.

• Net income for the fiscal 2021 second quarter was $565,956, or $0.07 per share, as compared to net income of $120,710, or $0.02 per share, in the prior year period. The increase was largely due to higher operating income mentioned above, and an increase in investment income, and the benefit of a gain on sale of equipment in the construction business, compared to the prior year period.

Fiscal 2020 Six Months Financial Review

• Total revenues for the six months ended September 30, 2020 were $15,771,100, compared to $17,631,427, for the prior-year period. Increases in construction revenue helped to offset a decrease in family entertainment revenue for the six-month period and insurance commission revenue, which declined due to COVID-19. The impact of the pandemic on insurance operations were more pronounced in the Company’s fiscal first quarter but rebounded slightly in the current fiscal quarter.

• Net operating revenue (gross profit) was $3,131,500, which compares to net operating revenue of $4,288,837 in the prior-year fiscal period. The decline for the six months ended September 30, 2020 was due to substantially the same reasons as the decline for the quarter ended September 30.

• Operating expenses decreased by 33.5% during the first half of fiscal 2021 to $2,635,665, driven by lower expenses across the business, including compensation, rent expense and other general and administrative expenses. This decrease was mostly due to the reduction in family entertainment locations and less expenses due to the facilities being closed

• The Company reported increased operating income of $495,835 for the six months ended September 30, 2020, compared to an operating income of $327,340 for the prior-year period due lower expenses noted in the factors discussed above.

• Operating EBITDA (excluding investment revenue) for the six months was $682,797 versus $602,725 in the prior-year period. A note reconciling Operating EBITDA to Operating Income can be found at the end of this release.

• Net income for the six months ended September 30, 2020, was $884,521, or $0.11 per share, compared to a net income of $398,903, or $0.05 per share, for the prior-year six-month period. The year over year increase was the result of higher operating income and higher investment gain compared to the prior year period.

Balance Sheet Information

• TMA’s balance sheet at September 30, 2020, reflected cash and cash equivalents of $1,084,317, working capital of $7,202,232, and shareholders’ equity of $7,301,952; compared to cash and cash equivalents of $2,130,973, working capital of $10,241,394, and shareholders’ equity of $7,299,119 as of March 31, 2020.
• Due to collateral requirements related to refinancing bank debt in the quarter, the Company lists Restricted Cash separately on the balance sheet from cash and cash equivalents to reflect the cash balances collateralizing debt and specifies in Current Assets the restricted amount scheduled to become unrestricted in the next twelve months.

About The Marketing Alliance, Inc.

Headquartered in St. Louis, MO, TMA provides support to independent insurance brokerage agencies, with a goal of integrating insurance and “insurtech” engagement platforms to provide members value-added services on a more efficient basis than they can achieve individually.

Investor information can be accessed through the shareholder section of TMA’s website at:

http://www.themarketingalliance.com/shareholder-information.

TMA’s common stock is quoted on the OTC Markets (http://www.otcmarkets.com) under the symbol “MAAL”.

Forward Looking Statement

Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect TMA’s business and prospects. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our performance, and our ability and intent to pay dividends in future periods and the production of favorable returns to shareholders, our ability to obtain industry acceptance and competitive advantages of a multi-carrier digital platform for life insurance applications, our expectations with respect to the distribution of new life insurance products, the effects of ongoing uncertainty regarding our annuity business and our ability to continue to diversify our earth moving and excavating business. Any forward-looking statements contained in this press release represent our estimates, expectations or intentions only as of the date hereof, or as of such earlier dates as are indicated, and should not be relied upon as representing our views as of any subsequent date. These statements involve a number of risks and uncertainties, including, but not limited to, the effect of the COVID-19 pandemic on our business, financial condition and results of operations, as well as the pandemic’s effect of heightening other risks within our business, privacy and cyber security regulations, expectations of the economic environment; material adverse changes in economic conditions in the markets we serve and in the general economy; future state and federal regulatory actions and conditions in the states in which we conduct our business; our ability to work with carriers on marketing, distribution and product development; pricing and other payment decisions and policies of the carriers in our insurance distribution business, changes in the public securities markets that affect the value of our investment portfolio, weather and environmental conditions in the areas served by our earth moving and excavation business, the integration of our operations with those of businesses or assets we have acquired or may acquire in the future and the failure to realize the expected benefits of such acquisition and integration. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so.

CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Six Months Ended September 30, 2020 and September 30, 2019
Unaudited
		Three Months Ended									Six Months Ended
		September 30,									September 30,
		2020				2019					2020				2019
Insurance commission and fee revenue		$	7,209,629			$	7,176,583				$	14,588,335			$	14,829,512
Family entertainment revenue			8,244				910,360					12,455				1,769,694
Construction revenue			951,661				576,280					1,170,310				979,621
Other operating revenue			–				32,500					–				52,600
Total revenues			8,169,534				8,695,723					15,771,100				17,631,427
Insurance distributor related expenses:
Distributor bonuses and commissions			5,505,102				5,529,122					11,147,920				11,262,094
Business processing and distributor costs			459,176				389,057					886,218				776,214
Depreciation			6,600				1,650					13,200				2,700
			5,970,878				5,919,829					12,047,338				12,041,008
Costs of construction:
Direct and indirect costs of construction			381,360				366,637					495,825				792,997
Depreciation			47,995				20,800					63,595				31,200
			429,355				387,437					559,420				824,197
Family entertainment costs of sales			11,956				269,150					32,842				477,395
Total costs of revenues			6,412,189				6,576,416					12,639,600				13,342,600
Net operating revenue			1,757,345				2,119,307					3,131,500				4,288,827
Operating expenses			1,215,427				1,968,629					2,635,665				3,961,487
Operating income			541,918				150,678					495,835				327,340
Other income (expense):
Investment gain, net			200,423				93,800					740,992				383,178
Interest expense			(52,163	)			(86,448	)				(99,292	)			(174,228	)
Interest rate swap, fair value adjustment loss			–				(6,697	)				(216	)			(32,987	)
Interest rate swap settlement income			(217	)			3,777					(3,063	)			9,100
Net loss on disposal of property, equipment, and operating entities			45,995				–					20,865				–
Income before provision for income taxes			735,956				155,110					1,155,121				512,403
Income tax expense			170,000				34,400					270,600				113,500
Net income		$	565,956			$	120,710				$	884,521			$	398,903
Average Shares Outstanding			8,032,266				8,032,266					8,032,266				8,032,266
Operating Income per Share		$	0.07			$	0.02				$	0.06			$	0.04
Net Income per Share		$	0.07			$	0.02				$	0.11			$	0.05

CONSOLIDATED BALANCE SHEETS
As of September 30, 2020 and March 31, 2020
Unaudited
		September 30, 2020				March 31, 2020
ASSETS
Cash and cash equivalents		$	1,084,317			$	2,130,973
Investments			4,696,075				6,762,510
Restricted Cash			509,685				–
Receivables			12,747,342				12,642,870
Other			387,856				716,576
Total current assets			19,425,275				22,252,929
Property and Equipment, net			911,693				1,072,685
Restricted Cash			3,490,315				–
Operating lease right-of-use assets			2,004,170				3,091,711
Other			753,246				907,540
Total Non Current Assets			7,159,424				5,071,936
Total Assets		$	26,584,699			$	27,324,865
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total Current Liabilities			12,223,043				12,011,535
Total Long-term Liabilities			7,059,704				8,014,211
Total Liabilities			19,282,747				20,025,746
Total Shareholders’ Equity			7,301,952				7,299,119
Total Liabilities and Shareholders’ Equity		$	26,584,699			$	27,324,865

Note – Operating EBITDA (excluding investment portfolio income)

Fiscal 2021 second quarter operating EBITDA (excluding investment portfolio income) was determined by adding fiscal 2021 second quarter operating income of $541,918 and depreciation and amortization expense of $79,651 for a total of $621,569. Fiscal 2020 second quarter operating EBITDA (excluding investment portfolio income) was determined by adding fiscal 2020 second quarter operating income of $150,678 and depreciation and amortization expense of $142,066 for a total of $292,744.

Fiscal 2021 six months operating EBITDA (excluding investment portfolio income) was determined by adding fiscal 2019 six-month operating income of $495,835 and depreciation and amortization expense of $186,962 for a total of $682,797. Fiscal 2020 six months operating EBITDA (excluding investment portfolio income) was determined by adding fiscal 2019 six-month operating income of $327,340 and depreciation and amortization expense of $275,385 for a total of $602,725.

The Company elects not to include investment portfolio income because the Company believes it is non-operating in nature.

The Company uses Operating EBITDA as a measure of operating performance. However, Operating EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or GAAP, and when analyzing its operating performance, investors should use Operating EBITDA in addition to, and not as an alternative for, income as determined in accordance with GAAP. Because not all companies use identical calculations, its presentation of Operating EBITDA may not be comparable to similarly titled measures of other companies and is therefore limited as a comparative measure. Furthermore, as an analytical tool, Operating EBITDA has additional limitations, including that (a) it is not intended to be a measure of free cash flow, as it does not consider certain cash requirements such as tax payments; (b) it does not reflect changes in, or cash requirements for, its working capital needs; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often will have to be replaced in the future, and Operating EBITDA does not reflect any cash requirements for such replacements, or future requirements for capital expenditures or contractual commitments. To compensate for these limitations, the Company evaluates its profitability by considering the economic effect of the excluded expense items independently as well as in connection with its analysis of cash flows from operations and through the use of other financial measures.

The Company believes Operating EBITDA is useful to an investor in evaluating its operating performance because it is widely used to measure a company’s operating performance without regard to certain non-cash or unrealized expenses (such as depreciation and amortization) and expenses that are not reflective of its core operating results over time. The Company believes Operating EBITDA presents a meaningful measure of corporate performance exclusive of its capital structure, the method by which assets were acquired and non-cash charges, and provides additional useful information to measure performance on a consistent basis, particularly with respect to changes in performance from period to period.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201123005562/en/

The Marketing Alliance, Inc.

Timothy M. Klusas, President

(314) 275-8713

[email protected]

www.TheMarketingAlliance.com

-OR-

The Equity Group Inc.

Adam Prior, Senior Vice President

(212) 836-9606

[email protected]

KEYWORDS: United States North America Missouri

INDUSTRY KEYWORDS: Construction & Property Insurance Other Entertainment Marketing Communications Professional Services Other Construction & Property Entertainment

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United Airlines Executive Chairman Oscar Munoz Joins CBRE Group, Inc. Board of Directors

DALLAS–(BUSINESS WIRE)–
CBRE Group, Inc. (NYSE:CBRE) today announced that Oscar Munoz, Executive Chairman of United Airlines, has joined the company’s Board of Directors.

Before assuming leadership of United’s Board of Directors, Mr. Munoz led the company as its Chief Executive Officer from September 2015 to May 2020. During this time, he guided the airline through a turnaround program marked by top-tier operational reliability and strong growth.

Mr. Munoz previously served as President and Chief Operating Officer of the North American rail-based transportation supplier CSX Corp. He has also held leadership positions at some of the most recognizable global brands, including PepsiCo and Coca-Cola Enterprises, as well as AT&T, where he served as Chief Financial Officer and Vice President of Consumer Services.

Brandon Boze, CBRE’s Board Chair, said: “We are thrilled to have a highly accomplished senior executive like Oscar join our Board. CBRE will benefit significantly from the unique global operating experience, strategic and financial insight, and marketing expertise he brings to our company.”

“CBRE is the gold standard in global commercial real estate,” said Mr. Munoz. “It is an honor to join the CBRE team to help grow its global business and to meet the unique challenges and opportunities ahead of the industry.”

Mr. Munoz has served on the Board of Directors of United Airlines since 2010 and the Board of Directors of Continental Airlines, Inc. from 2004 to 2010.

Mr. Munoz has twice been named one of the “100 Most Influential Hispanics” by Hispanic Business magazine. He earned a bachelor’s degree in business administration from the University of Southern California Marshall School of Business and an MBA from Pepperdine University. He is active in several industry coalitions and educational organizations, including the University of Southern California’s Board of Trustees and the Business Roundtable.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201123005444/en/

Steve Iaco

Media

212.984.6535

Kristyn Farahmand

Investors

214.863.3145

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Professional Services Commercial Building & Real Estate Finance Construction & Property Building Systems Consulting REIT

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Varex to Showcase New X-Ray Components at RSNA 2020 Virtual Exhibition

SALT LAKE CITY–(BUSINESS WIRE)–
Varex Imaging Corporation (Nasdaq: VREX) will showcase its latest X-ray tubes and sources, digital detectors, connect and control devices and software solutions at the 106th Scientific Assembly and Annual Meeting of the Radiological Society of North America (RSNA). RSNA 2020 has transitioned to a virtual conference format and will take place November 29 – December 5, 2020.

In addition to Varex’s existing X-ray imaging product portfolio, the company will highlight several new technologies and products including nanotube (NT) based X-ray tubes, Liquid Metal Bearing (LMB) X-ray tubes and Direct Conversion’s Photon Counting digital detectors. To accommodate 2020’s virtual RSNA Conference, Varex is launching a new virtual booth which will integrate 3D product models and videos highlighting our new products and innovative technologies for medical applications.

“Today’s business climate demands rapid innovation, and Varex is delivering a new vision for how we keep our customers informed and engaged with our innovation efforts”

At RSNA 2020, Varex will display innovative Solutions in Sight™.

Innovative X-ray Tube Technology

Varex, through its joint venture, VEC Imaging GmbH & Co. Kg, based in Erlangen Germany, have developed innovative nanotube technology. At RSNA 2020 Varex will be showcasing the NT2518C 25-emitter tube prototype available for use in Static Breast Tomosynthesis Systems as well as other emitter configurations for different industrial and medical applications. ⁽¹⁾

Nanotube technology replaces traditional coiled filament in a traditional X-ray tube with a multibeam field emission cold cathode nanotube emitter. This technology enables X-ray tubes to be manufactured using arrays of small emitters ideally suited for portable tomosynthesis systems, Mobile C-Arm surgical systems, and portable computed tomography (CT) systems, among other medical imaging applications.

Varex will also introduce its LMB technology to its X-ray tube portfolio. The first two X-ray tubes in this new product family will be a dual-ended CT application tube, the GS-547XX-L and the first-to-market anode-end-grounded cardiovascular applications tube, the FP-309X-L. LMB tube units replace the traditional ball bearings in a X-ray tube with a liquid metal bearing lubricant to support the following advantages:

• LMB technology removes the usual delay from exposure to boost time as LMB tubes are continuously rotating at speeds that can achieve instant high-power exposure.
• The Varex LMB technology adds to the life of the tube, as well as enables ease of use, reduction in tube noise, and overall improvement in heat dissipation properties in demanding, instant, high-power exposure conditions.
• To further enhance the customer experience with these LMB products, Varex will be offering them as a lease option for the first time – enabling customers to have better total cost management.

Photon Counting Detectors

Varex will showcase its photon counting technology which offers enhanced tissue separation and contrast in medical applications, including whole body scanning, mammography, and CT. ⁽²⁾

Introducing Direct Conversion XC-Hydra detector for scanning applications ⁽²⁾:

• Multi-line, modular photon counting X-ray detector based on CdTe 100 µm² pixel
• TDS (time delayed summation) for scanning applications and frame mode
• High speed – Up to 10,000 lines/s or 1 m/s
• High Sensitivity for low flux – Optimal for low flux setups such as distributed sources e.g. MBX

Introducing Direct Conversion XC-THOR.CT detector ^{(1) (2)}:

• Modular, segmented photon counting CT detector based on CdTe with 100 µm² pixels
• Two energy thresholds per pixel allow material separation (e.g. bones/soft tissue)
• High speed – Up to 2000+ frames per second
• Adaptable geometry – Modular design adaptable to different geometries such as cone, fan, spiral
• Prototypes available for evaluation

Varex Z Platform IGZO Digital Detector

Showcasing the Varex Z Platform which offers:

• Low dose performance
• High resolution zoom modes
• Onboard corrections and fast frame rates

Varex Imaging plans to release a series of Z Platform products over the coming years for Mobile C-Arm, Cardiovascular, and Dental CBCT applications. The 3131Z is the first example of the new platform.

Connect and Control

Displaying a full suite of Manual and Automated collimators and other components for fixed and mobile systems that include:

• Connectors – maintenance free and smallest dimensions in the industry
• Automatic Exposure Control – sensors with lowest absorption rates and 100% shadow free
• Mammography – smart comfort paddles for mammography systems

Also displaying the Optica™ 10, a manually operated collimator for integration with mobile and stationary radiography systems. This collimator is standard equipped with a long-life power LED that projects a bright light field on the exposed area. LED brightness and timer are adjustable via an internal USB port. The Optica™ 10 is optimized for mobile and stationary X-ray equipment for radiography up to 150 kV tube voltage.

Software Solutions

The Varex team will highlight:

• Prototyping and agile development of algorithms and solutions with MeVisLab + AI
• Clinical profound ground-truth creation for AI (e.g. segmentation by clinical experts)
• FDA and CE knowledge for regulatory approvals
• Sales, Marketing, and Training solutions

Varex will also host a series of webinars at RSNA 2020 exploring:

• Lung Diagnostic Software Support with Peter Bernholt looking at Veolity as a tool for lung cancer screening
• DR and Fluoroscopy Acquisition Software with Jay Tracy showcasing Nexus DR™ digital imaging system
• Liver Surgery Planning Software Support with Ragnar Bade asking ‘Are you prepared for delivering 3D visualizations for the living donor liver transplantation program?’ and looking at 3D visualizations for liver surgery

More details can be found here: https://www.mevis.de/en/seminars/seminars

1. These technologies are not available for sale or commercial use. Products not cleared/approved by USFDA or International Health Authorities.
2. All Varex imaging receptors are designed to be integrated into a complete X-ray system by a qualified system integrator. The system Integrator is responsible for obtaining FDA clearance for medical use or appropriate CE marking.

About Varex

Varex Imaging Corporation is a leading innovator, designer, and manufacturer of X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are key components of X-ray imaging systems. With a 70+ year history of successful innovation, Varex’s products are used in medical imaging as well as in industrial and security imaging applications. Global OEM manufacturers incorporate the company’s X-ray sources, digital detectors, connecting devices and imaging software in their systems to detect, diagnose and protect. Headquartered in Salt Lake City, Utah, Varex employs approximately 2,000 people located in North America, Europe, and Asia. For more information about Varex, its products and Solutions in Sight™ visit vareximaging.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201123005433/en/

Kirstie Mogilner

Varex Imaging Corporation

Marketing Manager

+44 (0) 7909449409

[email protected]

Howard Goldman

Varex Imaging Corporation

Director of Investor & Public Relations

(801) 978-5274

[email protected]

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