Enthusiast Gaming Launches its First Free Ad-Supported Streaming TV Channel, BCC Gaming, with Samsung TV Plus; Expanding its Connected TV Programming Footprint and Reaching New Audiences

Featuring the latest from Fortnite, Minecraft, Grand Theft Auto and Call of Duty, plus gaming series from Arcade Cloud, pop culture shows from Wisecrack, and content from esports stars, gaming YouTubers and top streamers, programming will be available 24/7 on this FAST linear channel

TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) — Enthusiast Gaming Holdings, Inc. (“Enthusiast Gaming” or the “Company”) (TSX: EGLX)(OTCQB: ENGMF)(FSE: 2AV) announced the launch of BCC Gaming, its first free ad-supported streaming television, or FAST, channel, which is available on Samsung TV Plus, Samsung’s free Smart TV video service, in the United States.

This licensing and distribution activity is the latest result of Enthusiast Gaming’s recent acquisition of Omnia Media, which extends the company from one that was previously focused on online esports and gaming communities to one that produces and distributes premium, original content–now reaching 300 million gamers monthly and counting. By combining the #1 Fortnite community with some of the world’s top gaming and pop culture creators such as Arcade Cloud, WiseCrack, and more, and making such content available on Samsung TV Plus, BCC Gaming aims to offer the hottest gaming content in one place, for viewers at home.

“As gaming has become the dominant entertainment source for Gen
Zs
and Millennials, being twice as big as the music and film industries combined, making our content available on Samsung TV Plus was the next natural step in the company’s growth,”
said Adrian Montgomery, CEO of Enthusiast Gaming.
“We successfully captured the attention of those who live on the web, with
Nintendo Enthusiast, Destructoid, The Sims Resource
, and on You Tube with the acquisition of Omnia Media. Samsung TV Plus, allows us to reach a whole new audience, and we couldn’t be more excited to start this next chapter with them.”

BCC Gaming can be found on Samsung TV Plus, channel 1353, and programming is set to include: “BCC”, “The Squad”, “Block Squad”, “Roach Plays”, “Wisecrack Edition”, “Arcade Cloud News”, “Sidemen” and “Zero Punctuation”.

  • As the largest Fortnite community channel and a top 5 gaming brand on YouTube, each week, “BCC” will feature the best highlights from Fortnite, Among Us, Call of Duty, Grand Theft Auto and more. It’s SportsCenter for Fortnite
  • The most popular Fortnite-inspired animated series on the internet with over 200 million YouTube views and 65 episodes, is Arcade Cloud’s “The Squad”, their signature ensemble comedy follows a lovable band of misfits who must work together to survive an ever-changing and always dangerous battle royale
  • “Block Squad” is an animated comedy series inspired by the best-selling game of all time, Minecraft. Follow Stan and his square squad of animal pals as they navigate an ever-changing world of biomes, zombies, and blocks. Since launching in August 2019, Block Squad has over 50 million YouTube views as well as tens of millions of views on Snapchat
  • Also hailing from Arcade Cloud, is “Roach Plays”, their one-of-a-kind spin on “Let’s Play” streams, which features hilarious commentary from fan-favorite star of The Squad, Roach, animated over real gameplay from Fortnite, Minecraft, and other trending games
  • Wisecrack’s collective of academics, filmmakers, artists, and pop culture junkies are inspired by their constant curiosity for the world around them, and dive into the deeper meaning of your favorite games, movies, TV shows, albums, and more on “Wisecrack Edition”
  • “Arcade Cloud News” is the source for all the latest in the world of gaming. With three new videos a week, Arcade Cloud News is always on the pulse of everything gaming, from news and tips on all the biggest titles to next gen console wars
  • In “Sidemen”, the stars of the eponymous YouTube Red original series and one of the most popular gaming collectives of gaming personalities in the world, deliver personality-driven fresh content, from livestreams to let’s play to challenges, to millions of loyal fans around the globe
  • “Zero Punctuation” is The Escapist’s long-running, groundbreaking video review series starring Ben “Yahtzee” Croshaw. Every week Zero Punctuation picks apart the games, so you don’t have to. Now in its 13th year, “Zero Punctuation” has produced nearly 700 episodes.

Also, to be made available on the channel is content from Enthusiast Gaming’s EGLX 2020, a 4-day extravaganza (Nov 10-13) that will bring gamers together online, through a fusion of video games, Esports, music, fashion, and lifestyle content and events. They will replay the “Rising Stars Final Showdown,” in which amateur gamers will be given a shot to be the next gaming celebrity. Contestants will be mentored by Luminosity Gaming talent, as well as fight through a gauntlet to impress our influencer judges. The winner will receive a $100,000 Luminosity contract. A Call of Duty Tournament hosted by paraplegic gamer Rocky No Hands, exclusive to paraplegics using a gaming controller designed specifically for them, will air, too.

“Our audience has a tremendous appetite for gaming content–and consume
it
on any video platform whether it be YouTube, Snapchat, TikTok or OTT. Enthusiast Gaming is a big believer
in,
and champion of free ad-supported streaming television and we
couldn’t
be more
excited to bring BCC to
Samsung TV Plus
. We look forward to both converting existing content and developing new gaming programming for OTT’s more lean back experience,”
said Greg Kampanis, Executive Vice President, Content of Enthusiast Gaming.

Samsung TV Plus delivers instant access to 150 channels and growing across news, sports, movies, entertainment, and more – no subscriptions or credit cards, just an internet connection. Pre-installed on all 2016-2020 Samsung Smart TVs, and available for download on select Samsung mobile devices, millions of users already use Samsung TV Plus, making it one of the top apps on the Samsung Smart TV platform. For more information on Samsung and Samsung TV Plus, please visit: samsungtvplus.com

About Enthusiast Gaming:

Enthusiast Gaming (TSX: EGLX)(OTCQB: ENGMF)(FSE: 2AV) is building the world’s largest platform of communities for gamers and esports fans that reaches over 300 million gaming enthusiasts on a monthly basis. Already the largest gaming platform in North America and the United Kingdom, the Company’s business is comprised of four main pillars: Esports, Content, Talent and Entertainment. Enthusiast Gaming’s esports division, Luminosity Gaming, is a leading global esports franchise that consists of 7 professional esports teams under ownership and management, including the Vancouver Titans Overwatch team and the Seattle Surge Call of Duty team. Enthusiast’s gaming content division includes 2 of the top 20 gaming media and entertainment video brands with BCC Gaming and Arcade Cloud, reaching more than 50MM unique viewers a month across 9 YouTube pages, 8 Snapchat shows and related Facebook, Instagram and TikTok accounts. Its 100 gaming-related websites including The Sims Resource, Destructoid, and The Escapist collectively generate 1 billion page views monthly. Enthusiast’s talent division works with nearly 1,000 YouTube creators generating nearly 3 billion views a month working with leading gamer talent such as Pokimane, Flamingo, Anomaly, and The Sidemen. Enthusiast’s entertainment business includes Canada’s largest gaming expo, EGLX (eglx.com), and the largest mobile gaming event in Europe, Pocket Gamer Connects (pgconnects.com). For more information on the Company visit enthusiastgaming.com. For more information on Luminosity Gaming visit luminosity.gg.

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations and future actions of the Company. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results, performance or achievements of Enthusiast to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to Enthusiast, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative. Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Enthusiast Gaming: - Eric Bernofsky
Chief Corporate Officer
[email protected]

Media Relations – ID Public Relations
[email protected]

OraSure Technologies to Present at the Stephens Annual Investment Conference 2020

BETHLEHEM, Pa., Nov. 12, 2020 (GLOBE NEWSWIRE) — OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in point of care diagnostic tests and specimen collection devices, and microbiome laboratory and analytical services, today announced that Dr. Stephen S. Tang, President and CEO, will speak to the investment community at the Stephens Annual Investment Conference 2020. The conference will be simultaneously webcast over the Internet.

Dr. Tang is scheduled to speak on November 19, 2020, at approximately 8:00 AM Eastern Standard Time (5:00 AM Pacific Time). Interested investors can access the live webcast of the presentation by going to OraSure Technologies’ web site, www.orasure.com and clicking on the Investor Info link. A replay of the webcast will be available on OraSure Technologies’ web site for seven days. Alternatively, you can access the live webcast of the presentation via the following link: https://kvgo.com/stephens/orasure-november-2020

About OraSure Technologies

OraSure Technologies empowers the global community to improve health and wellness by providing access to accurate, essential information. Together with its wholly-owned subsidiaries, DNA Genotek, Diversigen, CoreBiome (now operating under the Diversigen brand), UrSure and Novosanis, OraSure provides its customers with end-to-end solutions that encompass tools, services and diagnostics. The OraSure family of companies is a leader in the development, manufacture, and distribution of rapid diagnostic tests, sample collection and stabilization devices, and molecular services solutions designed to discover and detect critical medical conditions. OraSure’s portfolio of products is sold globally to clinical laboratories, hospitals, physician’s offices, clinics, public health and community-based organizations, research institutions, government agencies, pharma, commercial entities and direct to consumers. For more information on OraSure Technologies, please visit www.orasure.com.

Company contacts:

Sam Martin
Argot Partners
212-600-1902
[email protected]

Jeanne Mell
VP Corporate Communications
484-353-1575
[email protected]
www.orasure.com

 

XL Fleet Generates Record Third Quarter 2020 Revenue

XL Fleet Generates Record Third Quarter 2020 Revenue

Remains on Track to Complete Merger with Pivotal Investment Corporation II (NYSE: PIC) in Fourth Quarter of 2020

BOSTON–(BUSINESS WIRE)–
XL Fleet (“XL” or the “Company”), a leader in vehicle electrification solutions for commercial and municipal fleets, today announced that its revenue for the third quarter of 2020 was the highest for a single quarter in the Company’s history.

XL achieved record quarterly total GAAP revenue of $6.3 million for the third quarter of 2020. In comparison, XL achieved $2.6 million in revenue for the third quarter in 2019, and approximately $7.2 million in revenue for the full fiscal year ended December 31, 2019. The revenue increase was driven by continued product adoption across the Company’s portfolio, which is currently comprised of XL’s core hybrid and plug-in hybrid electric drivetrain business. The Company expanded margins that resulted in positive gross margins of 12.1% for the third quarter of 2020, as compared to negative (3.7%) for the third quarter of 2019.

Due to strong year-to-date results, XL remains on track to deliver on its full year 2020 revenue forecast of approximately $21 million. XL continues to grow its sales opportunity pipeline for 2021 to $220 million as of today, which supports XL’s current revenue forecast of $75 million for fiscal year 2021.

“Our record Q3 revenue nearly matches our performance for the entire prior calendar year in a single quarter,” said Dimitri Kazarinoff, Chief Executive Officer of XL. “This accomplishment is a testament to the strength of XL’s differentiated platform and proven business model. We are excited by the strong momentum we are experiencing across our product portfolio, the increased adoption from existing customers, and the continued expansion of new customer relationships across North America. We look forward to further leveraging our deep customer and partner relationships to build on this success, drive significant growth, and advance our leadership position within commercial fleet electrification.”

“Fleet electrification is a massive long-term opportunity supported by favorable market and regulatory trends and an enduring focus on the decarbonization of operations by fleet owners globally,” said Tod Hynes, Founder and Chief Strategy Officer of XL. “We are committed to delivering solutions that meet our customers’ sustainability objectives and reliability requirements through products and services available today. Moreover, XL’s strong track-record, long-term relationships, and established supply chain partnerships continue to provide opportunities to further scale our business and broaden our product portfolio.”

XL remains on track to complete its previously announced merger agreement with Pivotal Investment Corporation II (NYSE: PIC) (“Pivotal”) in the fourth quarter of 2020. Upon closing, the combined company will be named XL Fleet Corp. and is expected to remain listed on the New York Stock Exchange under a new ticker symbol, “XL”, with no material debt expected to be outstanding. Pivotal filed its amended registration statement on Form S-4 with the U.S. Securities and Exchange Commission on November 12, 2020, which includes a complete set of XL’s financial results through the end of the third quarter of 2020.

About XL Fleet

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 130 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL’s hybrid and plug-in hybrid electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL’s plug-in hybrid electric drive system was named one of TIME magazine’s best inventions of 2019.

For additional information, please visit www.xlfleet.com.

About Pivotal Investment Corporation II

Pivotal Investment Corporation II (NYSE: PIC) is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. On September 18, 2020, Pivotal announced that it had entered into a definitive merger agreement with XL Fleet. Upon closing, the combined company will be named XL Fleet and is expected to remain listed on the New York Stock Exchange under a new ticker symbol, “XL”. For additional information, please visit https://www.pivotalic.com/.

Important Information and Where to Find It

This communication is being made in respect of the proposed merger transaction involving Pivotal and XL. Pivotal filed a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”), which includes a proxy statement/prospectus of Pivotal, and certain related documents, to be used at the meeting of shareholders to approve the proposed business combination and related matters. INVESTORS AND SECURITY HOLDERS OF PIVOTAL ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, AND ANY AMENDMENTS THERETO AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT XL, PIVOTAL AND THE BUSINESS COMBINATION. The definitive proxy statement will be mailed to shareholders of Pivotal as of a record date to be established for voting on the proposed business combination. Investors and security holders will also be able to obtain copies of the registration statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC’s web site at www.sec.gov.

The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

Pivotal, XL and certain of their respective directors and executive officers may be deemed participants in the solicitation of proxies from the shareholders of Pivotal in favor of the approval of the business combination and related matters. Shareholders may obtain more detailed information regarding the names, affiliations and interests of certain of Pivotal’s executive officers and directors in the solicitation by reading Pivotal’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and the proxy statement and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Pivotal’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement relating to the business combination when it becomes available. You may obtain free copies of these documents filed with the SEC, without charge, at the SEC’s web site at www.sec.gov.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.

Forward Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this presentation, regarding the proposed business combination, including Pivotal’s ability to consummate the transaction, the timing of the closing of the business combination, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations and product and service offerings, estimated financial position, estimated revenues and losses, projected costs, prospects, customer pipeline, plans and objectives of management, and the Company’s ability to achieve its forecasted revenue targets are forward-looking statements. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. These statements may be preceded by, followed by or include the words “anticipates,” “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Pivotal’s Annual Report on Form 10-K for the year ended December 31, 2019 under Risk Factors in Part I, Item 1A and in Pivotal’s Quarterly Reports on Form 10-Q for the quarters ended June 30, 2020 and September 30, 2020. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Pivotal and XL believe there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and neither Pivotal nor XL is under any obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports, which Pivotal has filed or will file from time to time with the SEC.

In addition to factors previously disclosed in Pivotal’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the parties’ ability to meet the closing conditions to the merger, including approval by stockholders of Pivotal and XL on the expected terms and schedule and the risk that regulatory approvals required for the merger are not obtained or are obtained subject to conditions that are not anticipated; delay in closing the merger or the PIPE Offering; failure to realize the benefits expected from the proposed transaction; the effects of pending and future legislation; risks related to disruption of management time from ongoing business operations due to the proposed transaction; business disruption following the transaction; other consequences associated with mergers, acquisitions and divestitures and legislative and regulatory actions and reforms; risks associated with XL’s business, including the highly competitive nature of XL’s business and the market for hybrid electric vehicles; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components necessary to support XL’s products and services; the introduction of new technologies; privacy and data protection laws, privacy or data breaches, or the loss of data; and the impact of the COVID-19 pandemic on XL’s business, results of operations, financial condition, regulatory compliance and customer experience.

Any financial projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Pivotal’s and XL’s control. While all projections are necessarily speculative, Pivotal and XL believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Pivotal and XL, or their respective representatives and advisors, considered or consider the projections to be a reliable prediction of future events.

This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering in an investment in Pivotal and is not intended to form the basis of an investment decision in Pivotal. All subsequent written and oral forward-looking statements concerning Pivotal and XL, the proposed transactions or other matters and attributable to Pivotal and XL or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

For XL Fleet

Media:

Eric Foellmer

(617) 648-8551

[email protected]

Investors:

Marc Silverberg

ICR, Inc.

[email protected]

For Pivotal Investment Corporation II

Jonathan Gasthalter/Nathaniel Garnick/Sam Fisher

Gasthalter & Co.

(212) 257-4170

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Fleet Management Environment Alternative Vehicles/Fuels Automotive Automotive Manufacturing Logistics/Supply Chain Management Transport Manufacturing

MEDIA:

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First Home Bancorp, Inc. Reports Record Earnings for Third Quarter of 2020

First Home Bancorp, Inc. Reports Record Earnings for Third Quarter of 2020

ST. PETERSBURG, Fla.–(BUSINESS WIRE)–
First Home Bancorp, Inc. (OTCQX: FHBI) (“FHBI” or the “Company”), parent company of First Home Bank (“First Home” or the “Bank”) reported record earnings for the third quarter of 2020, driven by mortgage banking income, as well as loan origination fees and net interest income associated with the Paycheck Protection Program (“PPP”). The Company reported net income for the third quarter 2020 of $5.25 million, or $2.20 per basic common share, compared to net income of $2.35 million, or $0.95 per basic common per share in the second quarter 2020, and $1.28 million, or $0.60 per basic common share in the third quarter of 2019. Year-to-date net income through the September 30, 2020 was $7.10 million, an increase of $3.78 million or 114% over year-to-date net income through September 30, 2019 of $3.32 million. The third quarter’s earnings contributed to an increase in tangible book value to $21.85 per basic common share.

FHBI Chief Executive Officer Anthony N. Leo stated: “Our efforts over the prior three years to diversify revenue through the expansion of our mortgage banking operations were key to the Company’s record performance in the third quarter of 2020. In addition, as a leading nationwide SBA lender, we were well positioned to be among the region’s foremost producers of PPP loans, driving revenue through origination fees and net interest income. At the same time, we strengthened our balance sheet substantially in the third quarter with the provision of $7 million to the allowance for loan and lease losses should we experience deterioration in credit quality resulting from adverse economic conditions.”

Net Income and Performance Ratios

Key components of the Company’s net income in the third quarter of 2020 include:

  • The Bank’s Residential Mortgage Division produced a record volume of loan originations, with production of $598 million during the third quarter of 2020, reaching $1.28 billion in production year-to-date.
  • PPP net loan origination fee income of $4.30 million was recognized in the third quarter of 2020, compared to $3.87 million recognized in the second quarter of 2020. There remains $19.53 million of PPP net loan origination fees on the balance sheet as of September 30, 2020, which will be recognized over the remaining estimated lives of the loans.
  • Interest income on PPP loans in the third quarter of 2020 was $2.27 million compared to $1.17 million in the second quarter 2020. PPP loans have been funded almost entirely by the Federal Reserve’s PPP Liquidity Facility (“PPPLF”) at a rate of 35 bps.
  • The Company’s record earnings were achieved while recognizing no gain on sale of SBA guaranteed loans. In consideration of strong revenue from other sources, no SBA guaranteed loans were sold in the third quarter, advancing the Company’s strategy of increasing recurring revenue through holding government guaranteed loans.
  • The Company recorded provision for loan losses of $7.00 million during the quarter, compared to $3.00 million in the second quarter of 2020 and $2.30 million in the same quarter of 2019.

The Company’s return on average common equity equaled 43.23% for the quarter, bringing year-to-date return on average common equity to 19.73%. Return on average assets for the quarter equaled 1.44%, bringing year-to-date return on average assets to 0.87%. The Company’s return on assets ratios were impacted by $880 million in net PPP loans on the Company’s balance sheet, thereby increasing average assets for the period significantly above normalized levels.

Balance Sheet Highlights

Total assets increased by $31.32 million or 2.13% during the third quarter of 2020 to $1.50 billion, mainly due to increases in residential loans held for sale and PPP loans, offset partially by a decline in cash as the Company utilized on balance sheet liquidity and the PPPLF to fund PPP loans. Total assets increased $994.05 million or 195.89% from the third quarter of 2019, mainly due to the addition of $879.51 PPP loans, net of origination fees, during the second and third quarters of 2020, as well as increases in residential loans held for sale, conventional loans, and SBA loans. Further balance sheet details for the third quarter of 2020 are as follows:

  • Gross loans, excluding loans held for sale and PPP loans, increased by $30.13 million or 8.44% during the third quarter of 2020 to $387.24 million due to an increase in conventional community bank loans, as well as the resumption in mid-July of SBA 7(a) lending. Traditional SBA production was largely halted during the second quarter of 2020 as a result of the COVID-19 Pandemic and related focus on PPP loans.
  • PPP loans, net of deferred origination fees, increased by $69.37 million or 8.56% in the third quarter of 2020 to $879.51 million.
  • Deposits decreased by $66.10 million or 11.47% during the third quarter of 2020 to $510.14 million, with the majority of the decrease coming from a decline in time deposits of $77.04 million, offset by a net increase in other types of deposits, mainly money market accounts.
  • Deposits increased $97.77 million, or 23.71% over the third quarter of 2019, with time deposits declining by $82.78 million year over year, offset by increases in transaction accounts and money market and savings accounts.

Asset Quality

Over the past five years, the Company’s loan losses have been incurred primarily in its SBA unguaranteed loan portfolio, particularly loans originated under the SBA 7(a) Small Loan Program. The Small Loan Program represents loans of $350,000 or less and carry an SBA guaranty of 75% to 85% of the loan, depending on the original principal balance. The default rate on loans originated in the SBA 7(a) Small Loan Program is significantly higher than the Bank’s other SBA 7(a) loans, conventional commercial loans, or residential mortgage loans.

Net charge-offs for the third quarter 2020 were $967 thousand, a decrease of $593 thousand from $1.56 million for the second quarter 2020. Net charge-offs as a percentage of average loans, excluding PPP loans, were 0.26% for the third quarter 2020, a decrease from 0.45% in the second quarter. Non-performing assets to total assets were 0.25% as of September 30, 2020, a slight increase from 0.23% as of June 30, 2020, and a significant decrease from 0.91% as of September 30, 2019. Since the majority of the Company’s loan portfolio consists of SBA loans, most of which received principal and interest payments under Section 1112 of the CARES Act, asset quality trends may appear more favorable than they otherwise would without the CARES Act support.

As of September 30, 2020, a total of 37 loans with principal balances totaling $3.09 million were under payment deferral. Of these, 31 are SBA loans totaling $1.99 million in outstanding unguaranteed balance. We expect the level of SBA loans on deferral to increase with the expiration of the Section 1112 payment support afforded under the CARES Act.

Although the Company’s asset quality trends indicate minimal stress on the portfolio, management believes it is prudent to be proactive in increasing the allowance for loan losses using qualitative measures. The ratio of the allowance for loan losses to total loans, excluding SBA guaranteed loans, residential loans held for sale, and loans whereby the Fair Value Option was elected, was 6.86% as of September 30, 2020, an increase from 4.98% as of June 30, 2020.

Capital Strength

The Bank’s Tier 1 leverage ratio increased to 10.85% as of September 30, 2020. The Tier 1 leverage ratio temporarily dropped to 6.77% at June 30, 2020 due to excess short-term cash held to ensure funding for PPP loans, as well as a timing difference between the funding of PPP loans as their pledge to the PPPLF. The CET 1 and Tier 1 capital ratio to risk-weighted assets increased to 15.33% as of September 30, 2020 from 15.14% as of June 30, 2020, and the total capital to risk-weighted assets ratio increased to 16.75% as of September 30, 2020 from 16.55% as of June 30, 2020.

In addition, the Company raised approximately $3.8 million of 8% Series B Cumulative Convertible Preferred Stock in the third quarter, of which $2.5 million was downstreamed to the Bank subsidiary to provide additional capital strength.

About the Company

First Home Bancorp, Inc. is the parent company of First Home Bank, a Florida state-chartered banking institution and Federal Reserve member. The Company is headquartered in St. Petersburg, Florida with 6 full-service banking centers in the Tampa Bay area as of September 30, 2020. In addition to traditional community banking services, the Company specializes in providing lending services to small businesses nationwide guaranteed by the Small Business Administration (“SBA”). The Company also derives a significant portion of its earnings and loan production from a nationwide residential mortgage lending division with 28 residential loan production offices across the country.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “is confident that” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements involve risk and uncertainty and a variety of factors could cause our actual results and experience to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. First Home Bancorp, Inc. does not have a policy of updating or revising forward-looking statements except as otherwise required by law, and silence by management over time should not be construed to mean that actual events are occurring as estimated in such forward-looking statements.

First Home Bancorp, Inc.
Consolidated Statements of Income (Unaudited)
 
QUARTERLY YEAR-TO-DATE
9/30/2020 6/30/2020 9/30/2019 9/30/2020 9/30/2019
Interest Income:
Loans, including fees, except for PPP

$

5,979,901

 

$

5,206,678

 

$

6,614,969

 

 

$

17,630,693

 

$

18,167,062

 

PPP loan interest income

 

2,267,589

 

 

1,173,413

 

 

 

 

 

3,441,002

 

 

 

PPP origination fee income

 

4,302,284

 

 

3,872,901

 

 

 

 

 

8,175,185

 

 

 

Interest-bearing deposits in banks and other

 

71,590

 

 

137,756

 

 

304,871

 

 

 

571,088

 

 

890,813

 

Total interest income

 

12,621,364

 

 

10,390,748

 

 

6,919,840

 

 

 

29,817,968

 

 

19,057,875

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

Deposits

 

1,539,272

 

 

2,359,675

 

 

1,918,602

 

 

 

6,110,751

 

 

5,144,421

 

PPP Liquidity Facility (PPPLF)

 

793,834

 

 

391,443

 

 

 

 

 

1,185,277

 

 

 

Other

 

204,794

 

 

201,908

 

 

242,070

 

 

 

642,115

 

 

705,933

 

Total interest expense

 

2,537,900

 

 

2,953,026

 

 

2,160,672

 

 

 

7,938,143

 

 

5,850,354

 

 

 

 

 

 

 

 

 

 

Net interest income before provision for loan losses

 

10,083,464

 

 

7,437,722

 

 

4,759,168

 

 

 

21,879,825

 

 

13,207,521

 

Provision for loan losses

 

7,000,000

 

 

3,000,000

 

 

2,300,000

 

 

 

11,900,000

 

 

7,669,230

 

Net interest income after provision for loan losses

 

3,083,464

 

 

4,437,722

 

 

2,459,168

 

 

 

9,979,825

 

 

5,538,291

 

 

 

 

 

 

 

 

 

 

Noninterest Income:

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

251,399

 

 

196,663

 

 

253,167

 

 

 

710,040

 

 

743,792

 

Bank Owned Life Insurance income

 

81,354

 

 

17,559

 

 

 

 

 

98,913

 

 

 

Residential loan fee income

 

31,226,113

 

 

20,261,044

 

 

9,662,120

 

 

 

61,888,150

 

 

21,596,571

 

Gain on sale of SBA loans

 

 

 

64,151

 

 

3,630,995

 

 

 

1,276,319

 

 

11,621,073

 

SBA loan servicing right gain

 

 

 

 

 

1,669,708

 

 

 

530,000

 

 

5,484,838

 

Loss on sale of unguaranteed loan amounts

 

 

 

 

 

 

 

 

 

 

(216,222

)

SBA servicing income, net

 

565,316

 

 

727,796

 

 

438,743

 

 

 

1,752,909

 

 

972,517

 

Other SBA noninterest income

 

67,423

 

 

98,917

 

 

(307,546

)

 

 

61,340

 

 

(929,263

)

Total noninterest income

 

32,191,605

 

 

21,366,130

 

 

15,347,187

 

 

 

66,317,671

 

 

39,273,306

 

 

 

 

 

 

 

 

 

 

Noninterest Expense:

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

8,875,345

 

 

8,315,857

 

 

6,419,410

 

 

 

24,496,663

 

 

18,437,260

 

Commissions

 

9,725,240

 

 

6,004,209

 

 

3,445,661

 

 

 

19,410,670

 

 

6,029,884

 

Bonus and incentives

 

2,193,604

 

 

2,006,157

 

 

749,753

 

 

 

4,476,297

 

 

2,258,314

 

Occupancy and equipment expense

 

1,182,547

 

 

1,099,281

 

 

840,870

 

 

 

3,314,363

 

 

2,434,536

 

Data processing

 

1,163,263

 

 

879,836

 

 

416,822

 

 

 

3,086,228

 

 

1,192,772

 

Professional services

 

877,920

 

 

875,175

 

 

828,181

 

 

 

2,342,956

 

 

1,534,998

 

Mortgage lead generation

 

379,665

 

 

397,563

 

 

415,295

 

 

 

1,241,440

 

 

1,065,525

 

Marketing and business development

 

337,251

 

 

354,508

 

 

569,557

 

 

 

1,008,149

 

 

1,273,817

 

Mortgage banking expense

 

1,620,411

 

 

1,174,734

 

 

729,692

 

 

 

3,645,420

 

 

1,648,163

 

Regulatory assessments

 

144,494

 

 

172,992

 

 

64,767

 

 

 

417,986

 

 

326,717

 

ATM and interchange expense

 

42,699

 

 

87,510

 

 

63,400

 

 

 

193,941

 

 

205,964

 

Telecommunications expense

 

135,504

 

 

143,180

 

 

167,907

 

 

 

427,091

 

 

487,609

 

Employee recruiting and development

 

244,607

 

 

313,964

 

 

353,854

 

 

 

1,134,800

 

 

1,093,724

 

Loan origination and collection

 

907,667

 

 

430,560

 

 

450,664

 

 

 

1,771,090

 

 

1,187,952

 

Other expenses

 

377,379

 

 

375,333

 

 

326,936

 

 

 

1,027,871

 

 

947,681

 

Total noninterest expense

 

28,207,596

 

 

22,630,859

 

 

15,842,769

 

 

 

67,994,965

 

 

40,124,916

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

 

7,067,473

 

 

3,172,993

 

 

1,963,586

 

 

 

8,302,531

 

 

4,686,681

 

Income tax expense (benefit)

 

1,814,512

 

 

827,926

 

 

550,726

 

 

 

1,205,535

 

 

1,369,774

 

Net Income (Loss)

$

5,252,961

 

$

2,345,067

 

$

1,412,860

 

 

$

7,096,996

 

$

3,316,907

 

 

 

 

 

 

 

 

 

 

Preferred dividends

 

201,390

 

 

177,638

 

 

136,787

 

 

 

556,666

 

 

284,266

 

Net Income Available to Common Shareholders

$

5,051,571

 

$

2,167,429

 

$

1,276,073

 

 

$

7,219,000

 

$

3,032,641

 

First Home Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
 
 
ASSETS 9/30/2020 6/30/2020 9/30/2019
Cash and due from banks

$

2,707,048

 

$

2,605,669

 

$

5,945,298

 

Interest-bearing deposits in banks

 

31,769,546

 

 

154,779,058

 

 

97,258,900

 

Cash and cash equivalents

 

34,476,594

 

 

157,384,727

 

 

103,204,198

 

Certificates of deposit

 

2,381,000

 

 

2,381,000

 

 

2,381,000

 

Securities HTM and restricted equity securities

 

2,750,744

 

 

2,745,001

 

 

3,125,893

 

Residential loans held for sale

 

149,406,587

 

 

95,784,010

 

 

63,604,611

 

SBA loans sold, not yet settled

 

 

 

 

 

1,482,356

 

PPP loans, net of deferred fees and costs

 

879,509,575

 

 

810,136,858

 

 

 

Community bank loans

 

138,052,872

 

 

125,866,306

 

 

115,558,888

 

SBA loans

 

249,190,542

 

 

231,249,828

 

 

192,287,107

 

Total loans held for investment

 

1,266,752,989

 

 

1,167,252,992

 

 

307,845,995

 

Allowance for loan losses

 

(18,912,627

)

 

(11,440,799

)

 

(10,622,295

)

Loans, net

 

1,247,840,362

 

 

1,154,372,794

 

 

297,223,700

 

Accrued interest receivable

 

5,262,324

 

 

2,937,422

 

 

2,105,267

 

Premises and equipment, net

 

16,881,153

 

 

16,655,990

 

 

15,386,283

 

Loan servicing assets

 

9,169,119

 

 

10,033,962

 

 

11,103,207

 

Bank Owned Life Insurance

 

12,098,913

 

 

12,017,559

 

 

 

Other assets

 

21,249,043

 

 

15,886,449

 

 

7,848,797

 

Total assets

$

1,501,515,839

 

$

1,470,198,914

 

$

507,465,312

 

 
 
LIABILITIES
Noninterest-bearing transaction accounts

$

70,115,349

 

$

73,651,915

 

$

53,755,685

 

Interest-bearing transaction accounts

 

112,901,869

 

 

119,661,033

 

 

50,517,618

 

Savings and money market deposits

 

247,707,500

 

 

226,480,891

 

 

145,894,641

 

Time deposits

 

79,416,573

 

 

156,451,708

 

 

162,201,379

 

Total deposits

 

510,141,291

 

 

576,245,547

 

 

412,369,323

 

 
Federal Home Loan Bank advances

 

10,000,000

 

 

10,000,000

 

 

25,000,000

 

Subordinated debentures

 

6,942,980

 

 

6,939,848

 

 

7,412,172

 

Notes payable

 

3,868,229

 

 

3,981,993

 

 

4,656,722

 

PPP Liquidity Facility

 

889,769,683

 

 

803,171,434

 

 

 

Accrued expenses and other liabilities

 

18,639,755

 

 

16,553,309

 

 

10,290,355

 

Total liabilities

 

1,439,361,938

 

 

1,416,892,131

 

 

459,728,572

 

 
STOCKHOLDERS’ EQUITY
Preferred stock, series A

 

7,661,000

 

 

7,661,000

 

 

7,661,000

 

Preferred stock, series B

 

3,723,101

 

 

 

 

 

Common stock and additional paid-in capital

 

42,495,534

 

 

42,199,056

 

 

38,554,365

 

Deferred compensation – restricted stock

 

(46,874

)

 

(52,789

)

 

(175,258

)

Retained earnings

 

8,321,140

 

 

3,499,516

 

 

1,696,633

 

Total stockholders’ equity

 

62,153,901

 

 

53,306,783

 

 

47,736,740

 

 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

1,501,515,839

 

$

1,470,198,914

 

$

507,465,312

 

 

Anthony N. Leo

Chief Executive Officer

727.399.5678

Jeffrey M. Hunt

Chief Strategy Officer

727.399.5687

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo
Logo

XPO Logistics Global Operations Managing Holiday Demand with Expanded Capacity, Automation and Recruitment

GREENWICH, Conn., Nov. 12, 2020 (GLOBE NEWSWIRE) —  

XPO Logistics, Inc
. (NYSE: XPO), a leading global provider of supply chain solutions, has made extensive preparations for what could be a record holiday shopping season in many of the 30 countries where it operates. The company’s investments in supporting its e-commerce, retail and manufacturing customers during peak seasonality include:

  • Expanded use of intelligent automation to enhance the speed, accuracy and safety of order fulfillment and reverse logistics processes, including the deployment of collaborative robots that work side-by-side with employees
     
  • A major recruitment effort aimed at filling over 25,000 job openings in the fourth quarter
     
  • Substantial logistics and freight capacity, including approximately 200 million square feet of warehouse space globally and access to integrated truckload, less-than-truckload, intermodal, last mile, managed transportation, expedite and global forwarding services
     
  • Home delivery and installation of heavy goods seven days a week, facilitated through the company’s last mile network, with proximity to approximately 90% of the US population and an industry-leading digital consumer experience
     
  • Real-time visibility and control of freight across transportation modes, with shipper and carrier functionality provided by the company’s XPO Connect™ proprietary digital freight platform

Troy Cooper, president of XPO Logistics, said, “One of the most important benefits we bring to supply chains is reliable access to consistent outcomes. This holiday season, e-commerce volumes have ramped up earlier than usual as people spend more time at home. Our technology will help our customers manage through new patterns in demand.”

E-fulfillment and last mile logistics

Prior to the holiday season, XPO was already managing a significant increase in e-commerce orders triggered by the onset of COVID-19, as consumers shifted to online buying from their homes. This behavior has continued after retail restrictions eased.

In North America, XPO provides order fulfillment through an extensive warehouse network, including its XPO Direct™ shared-space distribution centers. XPO is also the largest last mile logistics provider for the home delivery of appliances, exercise equipment, mattresses, furniture and other heavy goods – products that increasingly are being bought online. In Europe, where XPO has the largest platform for outsourced e-fulfilment, the company expects to prepare over 67 million e-commerce orders for distribution between mid-November and mid-January.

Intelligent automation and analytics

XPO’s customers and employees are being fully supported during this critical period by the company’s significant investments in advanced automation, robotics and machine learning. Employees at the company’s high-volume logistics sites are working with mobile robots that guide them to the correct storage area, validate the inventory picked, and transport the items to designated packing stations. XPO has found that productivity doubles, on average, when employees work with cobots.

The company’s proprietary analytics add another level of productivity to fulfillment operations. XPO Smart™ digital management tools utilize machine learning to optimize labor planning and position fast-moving SKUs, while predictive algorithms excel at demand forecasting. These capabilities deliver direct benefits to XPO’s customers in the form of cost reduction and efficiency. With labor management alone, XPO Smart is driving an average productivity improvement of at least 5% in its warehouses.

Thousands of available positions

XPO is actively recruiting to fill permanent, seasonal, full-time, part-time, hourly and salaried job openings in logistics, transportation and corporate operations. Applicants are encouraged to search available positions:
Job openings in North America
Job openings in Europe

XPO has continued to serve its customers and the public throughout 2020 by keeping supply chains operating safely. The company made extensive COVID-19 safety modifications to its work environments earlier this year and continues to protect the physical, emotional and financial health of its employees.

About XPO Logistics

XPO Logistics, Inc. (NYSE: XPO) is a top ten global logistics provider of cutting-edge supply chain solutions to the most successful companies in the world. The company operates as a highly integrated network of people, technology and physical assets in 30 countries, with 1,499 locations and approximately 97,000 employees. XPO uses its network to help more than 50,000 customers manage their goods most efficiently throughout their supply chains. XPO’s corporate headquarters are in Greenwich, Conn., USA, and its European headquarters are in Lyon, France. xpo.com

Media Contact

XPO Logistics, Inc.
Joe Checkler
+1-203-423-2098
[email protected]

Attachment

BELLUS Health Reports Third Quarter 2020 Financial Results and Business Highlights

BELLUS Health Reports Third Quarter 2020 Financial Results and Business Highlights

– Following a recent FDA meeting, the Phase 2bSOOTHE trial in refractory chronic cough patients remains on track to initiate in Q4 2020 –

– The Phase 2 BLUEPRINT trial in chronic pruritus associated with atopic dermatitis remains on track to initiate in Q4 2020 –

– Recently completed $40M offering of shares provides extended cash runway to end of 2022 –

LAVAL, Quebec–(BUSINESS WIRE)–
BELLUS Health Inc. (Nasdaq:BLU; TSX:BLU) (“BELLUS Health” or the “Company”), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of chronic cough and other hypersensitization-related disorders, today reported its financial and operating results for the third quarter ended September 30, 2020.

“We are pleased with the progress we have made over the last few months, completing key steps required to advance our development plans for BLU-5937,” said Roberto Bellini, President and Chief Executive Officer of BELLUS Health. “Back in September, we announced the trial design of our Phase 2b SOOTHE trial for the treatment of refractory chronic cough, refining our clinical strategy for BLU-5937 based on learnings from the Phase 2 RELIEF trial. Following a meeting with the FDA this month, we remain on track to initiate the SOOTHE trial in the fourth quarter of 2020. In addition, we continue to believe that BLU-5937’s mechanism may have broad applicability as a potential treatment for many additional hypersensitization-related conditions, and are looking forward to initiating the Phase 2 BLUEPRINT trial in patients with chronic pruritus associated with atopic dermatitis also in the fourth quarter of 2020.”

Mr. Bellini added, “Following our recent offering of our common shares in October, we believe that BELLUS Health is well-positioned financially to deliver on our important upcoming milestones.”

PROGRAM AND CORPORATE HIGHLIGHTS

Completed a US$40.3 million offering.

  • In October 2020, BELLUS Health completed an offering of its common shares, resulting in gross proceeds to the Company of US$40.3 million.
  • The Company’s cash, cash equivalent and short-term investments as of September 30, 2020, together with the net proceeds of the October offering (after deducting underwriting discounts and commissions and estimated offering expenses), amounted to US$107 million.

Expects to initiate the Phase 2b SOOTHE clinical trial of BLU-5937 enriched for higher cough count patients in the fourth quarter of 2020.

  • Following a Type C meeting with the U.S. Food and Drug Administration (“FDA”) on November 6th, the Company is proceeding with its planned Phase SOOTHE 2b trial in patients with refractory chronic cough (“RCC”). The trial design was announced in September 2020.
  • Topline results from the SOOTHE trial are expected in the second half of 2021.

Announced topline results from the Phase 2 RELIEF clinical trial of BLU-5937 in patients with RCC in July 2020.

On track to initiate the Phase 2 BLUEPRINT clinical trial of BLU-5937 in patients with chronic pruritus associated with atopic dermatitis (“AD”) in the fourth quarter of 2020.

  • Topline results from BLUEPRINT, a Phase 2 proof-of-concept clinical trial evaluating the efficacy and safety of BLU-5937 in chronic pruritus associated with AD, are expected in 2021.

FINANCIAL RESULTS

Cash Position: As of September 30, 2020, the Company had available cash, cash equivalents and short-term investments totaling US$70.0 million, compared to US$90.0 million at December 31, 2019. The Company’s cash position as of September 30, 2020, together with the net proceeds of the October offering (after deducting underwriting discounts and commissions and estimated offering expenses), amounted to US$107 million.

Net Loss: For the third quarter ended September 30, 2020, net loss amounted to US$5.7 million (US$0.09 per share), compared to US$6.5 million (US$0.14 per share) for the same period in 2019.

Research and Development Expenses: Research and development expenses, net of research tax credits, amounted to US$5.8 million for the third quarter ended September 30, 2020, compared to US$5.6 million for the same period in 2019. The Company expects these expenses to continue to increase in subsequent quarters as it pursues the development of BLU-5937, for which it plans to initiate in the fourth quarter of 2020 two clinical trials, SOOTHE, a Phase 2b trial in RCC, and BLUEPRINT, a Phase 2 trial in chronic pruritus associated with AD.

General and Administrative Expenses: General and administrative expenses amounted to US$0.5 million for the third quarter ended September 30, 2020, compared to US$1.7 million for the same period in 2019. The decrease is mainly due to a stock-based compensation net recovery related to the Company’s liability classified deferred share unit plan due to BELLUS Health’s stock price decrease in July 2020.

Net Finance Income: Net finance income amounted to US$0.5 million for the third quarter ended September 30, 2020, compared to US$0.7 million for the same period in 2019. The decrease is mainly attributable to a lower foreign exchange gain that arose from the translation of the Company’s net monetary assets denominated in Canadian dollars during the quarter.

The Company’s full unaudited condensed consolidated interim financial statements and accompanying management’s discussion and analysis for the three and nine-month periods ended September 30, 2020 will be available shortly on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.

About BLU-5937

BLU-5937, a highly selective P2X3 antagonist – (>1500 fold) – is in development for chronic cough, chronic pruritus and other hypersensitization-related disorders.

The P2X3 receptor in the cough reflex pathway, which is implicated in chronic cough, is a rational target for treating chronic cough, and it has been evaluated in multiple clinical trials with different P2X3 antagonists. The Company believes that its highly selective P2X3 antagonist has the potential to reduce coughing in patients with chronic cough while limiting impact on taste function.

In addition to chronic cough and chronic pruritus, BLU-5937 may also have broad applicability across other afferent hypersensitization-related disorders, enabling the Company to consider developing a pipeline of therapies using its P2X3 platform. BELLUS Health is exploring how P2X3 activation can contribute to irritation and pain, and whether inhibition of P2X3 receptors can help treat these afferent hypersensitization-related disorders.

About BELLUS Health (www.bellushealth.com)

BELLUS Health is a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of chronic cough and other hypersensitization-related disorders. The Company’s product candidate, BLU-5937, is being developed for the treatment of chronic cough and chronic pruritus.

Chronic cough, the lead indication for BLU-5937, is a cough lasting more than eight weeks and is associated with significant adverse physical, social and psychosocial effects on health and quality of life. It is estimated that approximately 26 million adults in the United States suffer from chronic cough with approximately 3 million having refractory chronic cough lasting for more than a year and approximately 6 million having refractory chronic cough lasting more than 8 weeks and under one year. There is no specific therapy approved for refractory chronic cough and current treatment options are limited.

Chronic pruritus, commonly known as chronic itch, is an irritating sensation that leads to scratching, and persists for longer than six weeks, which can be debilitating and has a significant impact on quality-of-life. It is a hallmark of many dermatologic disorders, including AD. It is estimated that chronic pruritus associated with AD affects more than 16.9 million adults in the United States.

Forward-Looking Statements

Certain statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, may constitute “forward-looking statements” within the meaning of Canadian securities legislation and regulations, the U.S. Private Securities Litigation Reform Act of 1995, as amended, and other applicable securities laws. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “possible,” “projects,” “plans,” and similar expressions. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown, many of which are beyond BELLUS Health’s control. Such statements include, but are not limited to, the potential of BLU-5937 to successfully treat chronic cough, chronic pruritus and other hypersensitization-related disorders, BELLUS Health’s expectations related to its preclinical studies and clinical trials, including the design and timing of its Phase 2b clinical trial of BLU-5937 in refractory chronic cough and its Phase 2 clinical trial of BLU-5937 in chronic pruritus associated with AD, including the timing and outcome of interactions with regulatory agencies, the potential activity and tolerability profile, selectivity, potency and other characteristics of BLU-5937, including as compared to other competitor candidates, the commercial potential of BLU-5937, including with respect to patient population, pricing and labeling, BELLUS Health’s financial position, and the potential applicability of BLU-5937 and BELLUS Health’s P2X3 platform to treat other disorders. Risk factors that may affect BELLUS Health’s future results include but are not limited to: the benefits and impact on label of its enrichment strategy, estimates and projections regarding the size and opportunity of the addressable refractory chronic cough market for BLU-5937, the ability to expand and develop its project pipeline, the ability to obtain adequate financing, the ability of BELLUS Health to maintain its rights to intellectual property and obtain adequate protection of future products through such intellectual property, the impact of general economic conditions, general conditions in the pharmaceutical industry, the impact of the COVID-19 pandemic on BELLUS Health’s operations, plans and prospects, including to the initiation and completion of clinical trials in a timely manner or at all, changes in the regulatory environment in the jurisdictions in which BELLUS Health does business, stock market volatility, fluctuations in costs, changes to the competitive environment due to consolidation, achievement of forecasted burn rate, potential payments/outcomes in relation to indemnity agreements and contingent value rights , achievement of forecasted preclinical study and clinical trial milestones, reliance on third parties to conduct preclinical studies and clinical trials for BLU-5937 and that actual results may vary once the final and quality-controlled verification of data and analyses has been completed. In addition, the length of BELLUS Health’s product candidate’s development process and its market size and commercial value are dependent upon a number of factors. Moreover, BELLUS Health’s growth and future prospects are mainly dependent on the successful development, patient tolerability, regulatory approval, commercialization and market acceptance of its product candidate BLU-5937 and other products. Consequently, actual future results and events may differ materially from the anticipated results and events expressed in the forward-looking statements. BELLUS Health believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and BELLUS Health is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable legislation or regulation. Please see BELLUS Health’s public filings with the Canadian securities regulatory authorities, including, but not limited to, its Annual Information Form, and the United States Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 40-F, for further risk factors that might affect BELLUS Health and its business.

SUMMARY OF FINANCIAL RESULTS

 

Three months ended

September 30, 2020

Three months ended

September 30, 2019

 

(in thousands of dollars, except per share data)

Revenues

US$

3

 

US$

7

 

Research and development expenses, net

 

(5,796)

 

 

(5,600)

 

General and administrative expenses

 

(456)

 

 

(1,666)

 

Net finance income

 

540

 

 

739

 

Net loss for the period

US$

(5,709)

 

US$

(6,520)

 

Basic and diluted loss per share

US$

(0.09)

 

US$

(0.14)

 

 

Danny Matthews

Director, Investor Relations and Communications

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Health Managed Care Clinical Trials Research Science Pharmaceutical Biotechnology

MEDIA:

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BIONIK Laboratories Announces Fiscal 2021 Q2 Financial Results

BIONIK Laboratories Announces Fiscal 2021 Q2 Financial Results

TORONTO & BOSTON–(BUSINESS WIRE)–BIONIK Laboratories Corp.(OTCQB: BNKL), a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today announced financial results for its second quarter of fiscal year 2021, ending September 30, 2020.

Financial highlights for the second quarter of fiscal 2021 and recent weeks include:

● Reported sales have increased by 3.8%, compared to the prior-year quarter.

● Gross margins for the quarter were $222,334 or 76% on the sale of InMotion robots, Connect and Pulse, compared to $198,484 or 70% in the prior-year quarter.

● An existing robotic device customer purchased and subscribed to InMotion Connect™ and deployed the service in 22 of its hospitals across 13 states.

● During the COVID-19 pandemic, the Company continued to ship InMotion robots to customers in the U.S.

Corporate highlights for the second quarter of fiscal 2021 and recent weeks include:

● Following its launch on June 25, 2020, the Company deployed InMotion Connect™, a cloud-based data analytics solution, which combines real-time robot data with deep expertise of BIONIK’s clinical specialists to partner with each clinic, promoting robot utilization, supporting clinician engagement, and enhancing patient care by providing contextual and relevant data to reach hospital clinicians and management teams when it matters the most. The Company continues to customize the solution by developing new functionalities including smart actions to improve the decision process.

● In October 2020, the Company placed an InMotion Connect™ solution at another strategic account, for evaluation and possible sales across that account’s hospital network.

Management Commentary

Commenting on the quarter, Dr. Eric Dusseux, BIONIK’s Chief Executive Officer, said, “Following the launch of InMotion Connect™, we are seeing good traction in targeting the critical needs around improving technology adoption and utilization at each rehabilitation clinic we serve. Through this new platform, we can ensure that the state-of-the-art rehabilitation methods are effectively in use across the hospital networks. We sold and deployed, during the second quarter of fiscal year 2021, InMotion Connect™ solutions within 22 hospitals across 13 states in the U.S. and look forward to our customers’ continued and long-term use of the many solutions InMotion Connect™ offers. We have already seen the impact at many of our client sites, showing the benefit and ROI to our customers, the clinicians, the hospital management and the headquarter teams. Feedback received to-date suggests that these teams are seeing improved performance and most importantly, are now more confident in the process to increase their internal objectives and are moving to share transparently the metrics for these newly increased targets within their organization. Our R&D team is focused on continuing its work to improve the InMotion Connect™ solution, expanding the functionalities and including smart actions to better support the decision making and management process at our client’s sites. With the COVID-19 pandemic, we are continuing to operate under a modified plan to reduce costs and otherwise address the effects on our business caused by COVID-19.”

BIONIK continues to expect to achieve the following milestones during fiscal year 2021:

● Continue to expand sales channels in North America and abroad.

● Further develop InMotion Connect™ solutions to serve clinical rehabilitation providers.

● Work with our commercial outsourced manufacturing partner to enhance effectiveness in order to support the expected increase in product demand and introduction of new products.

● Increase sales of data solutions, service contracts and warranties.

Financial Results:

Sales for quarter ended September 30, 2020 were $292,381, compared with $281,691 for the quarter ended September 30, 2019. The increase reflects the sale of one InMotion robot sold during the COVID-19 pandemic quarter ended September 30, 2020 compared to two InMotion robots in the prior-year quarter, and 22 InMotion Connect™ solutions, including hardware and subscriptions, following the InMotion Connect™ launch at the end of June 2020. In addition, deferred revenue, comprised of training to be provided and extended warranties, decreased to $526,250 at September 30, 2020 from $616,063 at March 31, 2020. The Company believes that extended warranties and training are important to growing parts of its business.

Gross margin for the quarter ended September 30, 2020 was $222,334, or 76%, on the sale of InMotion robots, Connect and Pulse, compared to $198,484, or 70%, for the quarter ended September 30, 2019.

The Company reported a comprehensive loss for the quarter ended September 30, 2020 of $(1,627,622), or a loss per share of $(0.32), compared with a comprehensive loss of $(3,382,684), or a loss per share of $(0.87), for the quarter ended September 30, 2019. The decrease in the loss is due to a reduction of employees by 30% between March 31, 2020 and September 30, 2020 primarily due to completion of engineering projects connected with the development of InMotion Connect™. BIONIK had cash and cash equivalents of $1,350,627 as of September 30, 2020, compared to $2,269,747 as of March 31, 2020. The Company’s working capital deficit at September 30, 2020 was $2,306,282 compared to a working capital surplus of $626,923 as of March 31, 2020. The working capital deficit at September 30, 2019 is due to convertible loans received by the Company during the six months being recorded as current liabilities rather than in equity when the loans are converted.

About BIONIK Laboratories Corp.

BIONIK Laboratories is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and two products in varying stages of development.

For more information, please visit www.BIONIKlabs.com and connect with us on Twitter, LinkedIn, and Facebook.

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “possible,” “believe,” “intend,” “seek,” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of robotic rehabilitation products and other Company products, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, pipeline of potential sales, capital structure or other financial items, (iii) the Company’s future financial performance, (iv) the market and projected market for our existing and planned products and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances, and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions, and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company’s inability to obtain additional financing, the inability to meet listing standards to uplist to a national stock exchange, the significant length of time and resources associated with the development of our products and related insufficient cash flows and resulting illiquidity, the impact on the Company’s business as a result of the Covid-19 pandemic, the Company’s inability to expand the Company’s business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, volatility in the price of the Company’s raw materials, and the Company’s failure to implement the Company’s business plans or strategies. These and other factors are identified and described in more detail in the Company’s filings with the SEC. The Company does not undertake to update these forward-looking statements.

Bionik Laboratories Corp.

Condensed Consolidated Interim Balance Sheets (unaudited)

(Amounts expressed in US Dollars)

 

 

As at

 

 

As at

 

 

 

September 30,

2020

 

 

March 31,

2020

 

 

 

$

 

 

$

(Audited)

 

Assets

 

 

 

 

 

 

Current

 

 

 

 

 

 

Cash and cash equivalents

 

 

1,350,627

 

 

 

2,269,747

 

Accounts receivable

 

 

657,615

 

 

 

846,964

 

Prepaid expenses and other receivables

 

 

1,671,298

 

 

 

1,632,555

 

Inventories

 

 

890,321

 

 

 

1,059,462

 

Due from related parties

 

 

19,151

 

 

 

17,840

 

Total Current Assets

 

 

4,589,012

 

 

 

5,826,568

 

Equipment

 

 

119,913

 

 

 

154,144

 

Technology and other assets

 

 

1,402,916

 

 

 

1,449,924

 

Goodwill

 

 

11,085,984

 

 

 

11,085,984

 

Total Assets

 

 

17,197,825

 

 

 

18,516,620

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Accounts Payable

 

 

529,618

 

 

 

857,093

 

Accrued liabilities

 

 

1,616,625

 

 

 

1,647,656

 

PPP Loan

 

 

459,912

 

 

 

 

Convertible Loans

 

 

3,762,889

 

 

 

2,078,833

 

Deferred revenue – Contract Liabilities

 

 

526,250

 

 

 

616,063

 

Total Current Liabilities

 

 

6,895,294

 

 

 

5,199,645

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

Preferred Stock, par value $0.001; Authorized 10,000,000 (March 31, 2020 – 10,000,000) Special Voting Preferred Stock, par value $0.001; Authorized; Issued and outstanding – 1 (March 31, 2020 – 1)

 

 

 

 

 

 

Common Shares, par value $0.001; Authorized – 500,000,000; (March 31, 2020 – 500,000,000) Issued and outstanding 5,009,151 and 117,683 Exchangeable Shares (March 31, 2020 – 5,009,151 and -117,683)

 

 

 

 

 

 

 

 

 

 

 

5,126

 

 

 

5,126

 

Additional paid in capital

 

 

85,263,824

 

 

 

84,643,570

 

Deficit

 

 

(75,008,568

)

 

 

(71,373,870

)

Accumulated other comprehensive income

 

 

42,149

 

 

 

42,149

 

Total Shareholders’ Equity

 

 

10,302,531

 

 

 

13,316,975

 

Total Liabilities and Shareholders’ Equity

 

 

17,197,825

 

 

 

18,516,620

 

Bionik Laboratories Corp.

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss

For the three and six month periods ended September 30, 2020 and 2019 (unaudited)

(Amounts expressed in U.S. Dollars)

 

 

Three

months

ended

 

 

Six months

ended

September

30, 2020

 

 

Three

months

ended

 

 

Six months

ended

September

30, 2019

 

 

 

September

30, 2020

 

 

 

 

September

30, 2019

 

 

 

 

 

 

$

 

 

 

$

 

 

 

$

 

 

 

$

 

Sales

 

 

292,381

 

 

 

550,289

 

 

 

281,691

 

 

 

1,072,070

 

Cost of Sales

 

 

70,047

 

 

 

132,602

 

 

 

83,207

 

 

 

419,292

 

Gross Margin

 

 

222,334

 

 

 

417,687

 

 

 

198,484

 

 

 

652,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

244,262

 

 

 

467,447

 

 

 

584,775

 

 

 

1,168,507

 

Research and development

 

 

410,507

 

 

 

763,770

 

 

 

886,060

 

 

 

1,702,583

 

General and administrative

 

 

858,410

 

 

 

1,986,920

 

 

 

1,199,938

 

 

 

2,041,631

 

Share-based compensation expense

 

 

212,939

 

 

 

620,254

 

 

 

638,219

 

 

 

925,976

 

Amortization

 

 

23,504

 

 

 

47,008

 

 

 

69,314

 

 

 

138,628

 

Depreciation

 

 

16,119

 

 

 

34,231

 

 

 

27,059

 

 

 

51,029

 

Total operating expenses

 

 

1,765,741

 

 

 

3,919,630

 

 

 

3,405,365

 

 

 

6,028,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense

 

 

111,408

 

 

 

186,383

 

 

 

170,739

 

 

 

185,035

 

Other income

 

 

(46,178

)

 

 

(83,790

)

 

 

 

 

 

 

Foreign exchange

 

 

18,985

 

 

 

30,162

 

 

 

5,064

 

 

 

(57,283

)

Total other expenses (income)

 

 

84,215

 

 

 

132,755

 

 

 

175,803

 

 

 

127,752

 

Net (loss) and comprehensive (loss) for the period

 

 

(1,627,622

)

 

 

(3,634,698

)

 

 

(3,382,684

)

 

 

(5,503,328

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share – basic and diluted

 

 

(0.32

)

 

 

(0.71

)

 

 

(0.87

)

 

 

(1.42

)

Weighted average number of shares outstanding – basic and diluted

 

 

5,126,834

 

 

 

5,126,834

 

 

 

3,872,428

 

 

 

3,865,573

 

Bionik Laboratories Corp.

Condensed Consolidated Interim Statements of Cash Flows

For the six month periods ended September 30, 2020 and 2019 (unaudited)

(Amounts expressed in U.S. Dollars)

 

 

Six months ended

 

 

Six months ended

 

 

 

September 30, 2020

$

 

 

September 30, 2019

$

 

Operating activities

 

 

 

 

 

 

 

 

Net loss for the period

 

 

(3,634,698

)

 

 

(5,503,328

)

Adjustment for items not affecting cash

 

 

 

 

 

 

 

 

Depreciation

 

 

34,231

 

 

 

51,029

 

Amortization

 

 

47,008

 

 

 

138,628

 

Interest expense

 

 

181,481

 

 

 

167,877

 

Share based compensation expense

 

 

620,254

 

 

 

925,976

 

 

 

 

(2,751,724

)

 

 

(4,219,818

)

Changes in non-cash working capital items

 

 

 

 

 

 

 

 

Accounts receivable

 

 

189,349

 

 

 

1,041,848

 

Prepaid expenses and other receivables

 

 

(38,743

)

 

 

(837,145

)

Due from related parties

 

 

(1,311

)

 

 

(347

)

Inventories

 

 

169,141

 

 

 

(631,376

)

Accounts payable

 

 

(327,475

)

 

 

285,315

 

Accrued liabilities

 

 

(31,031

)

 

 

(512,068

)

Deferred revenue

 

 

(89,813

)

 

 

122,821

 

Net cash (used in) operating activities

 

 

(2,881,607

)

 

 

(4,750,770

)

Investing activities

 

 

 

 

 

 

 

 

Acquisition of equipment

 

 

 

 

 

(91.141

)

Net cash (used in) investing activities

 

 

 

 

 

(91,141

)

Financing activities

 

 

 

 

 

 

 

 

Proceeds from convertible loans

 

 

1,502,575

 

 

 

9,070,000

 

Proceeds from PPP Loan

 

 

459,912

 

 

 

 

Repayment of term loan

 

 

 

 

 

(500,000

)

Proceeds from term loan

 

 

 

 

 

500,000

 

Net cash provided by financing activities

 

 

1,962,487

 

 

 

9,070,000

 

Net increase in cash and cash equivalents for the period

 

 

(919,120

)

 

 

4,228,089

 

Cash and cash equivalents, beginning of the period

 

 

2,269,747

 

 

 

446,779

 

Cash and cash equivalents, end of the period

 

 

1,350,627

 

 

 

4,674,868

 

 

Media contact:

Matthew Bretzius

FischTank PR

[email protected]

KEYWORDS: United States North America Canada Massachusetts

INDUSTRY KEYWORDS: Data Management Health Technology Mobile/Wireless Software General Health Internet

MEDIA:

GFG Identifies New High-Grade Gold Target and Provides Drilling Update at the Pen Gold Project, West of Timmins, ON

SASKATOON, Saskatchewan, Nov. 12, 2020 (GLOBE NEWSWIRE) — GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) has identified a new high-grade gold target with grab samples of up to 65.90 grams of gold per tonne (“g/t Au”) from a recent prospecting program at its 100% owned, district-scale, Pen Gold Project (the “Project”). In addition to its surface exploration program, the Company is well advanced on its Phase 2 drill program at the Project. To date, the Company has completed 5,200 metres of the 8,500 metre drill program and expects to complete the program in December 2020. Following the Phase 2 drill program, the Company will resume drilling with a plan to drill 4-5,000 metres in the first quarter of 2021.

The new gold target, the R66 Prospect, is located 2.3 kilometres southeast of the Slate Rock Prospect where the Company has been actively drilling (See Figure 1). The R66 target and area was highlighted as a high priority target during the Company’s regional structural interpretation when it consolidated the Project in 2018. The R66 surface showing consists of a pair of northeast-trending quartz veins with trace to one percent pyrite and chalcopyrite within sericite-carbonate altered, highly strained mafic to intermediate volcanic rocks. Grab samples of the vein and adjacent wall rocks returned values that include 7.57, 28.60, 52.10 and 65.90 g/t Au (See Table 1).

The R66 target area is highly attractive as it is located along a northeast-structural corridor in direct proximity to a major first and second order structural intersection. Also relevant is the presence of broad intrusion-hosted mineralization at the Slate Rock target and Timiskaming conglomerates hosting anomalous gold mineralization immediately to the north. The veins are sub-parallel to the strain fabric and exposed intermittently over a strike length of 25 metres in a low-lying area in the central part of the west block of the Project. The area has had limited historical surface exploration or drilling, and the Company intends to conduct additional surface stripping and sampling to advance the R66 Prospect to a drill-ready stage by the first quarter of 2021.  

Brian Skanderbeg, President and CEO commented, “The R66 Prospect results are the highest grade surface samples to have been recorded on the western portion of the property and demonstrate the opportunity to make new gold discoveries at the Project. The high-grade results demand further attention and we will advance this prospect to a drill ready stage in the coming months with an objective to drill test the target in the first quarter of 2021.

“Our expanded Phase 2 2020 drill program is progressing well with 15 holes completed to date at several targets including four holes at our new Nib discovery. We are optimistic we will be able to provide initial assay results in the near term and consistent news flow over the next several quarters.”

Table 1: Grab Sample Highlights from the R66 Prospect:

Sample Number Au g/t Prospecting Description
1133487 65.90 50cm wide grey quartz vein; 1% blebby chalcopyrite
1133483 52.10 Grey quartz vein; 1% blebby chalcopyrite
27549 28.60 60% vein; 40% wallrock; trace chalcopyrite
1133484 23.50 100% grey quartz vein; 1% chalcopyrite
28294 9.24 40cm wide quartz vein; trace chalcopyrite
1133479 8.46 30cm wide gossanous quartz vein
1133485 7.57 Sheared mafic-interm volcanic; trace pyrite
1133482 6.36 Massive grey quartz vein; no visible sulphides
27550 3.77 Quartz vein in sericite-ankerite schist
28293 2.77 4cm quartz vein in chlorite altered mafic volcanic
1133486 1.26 Quartz vein boudin


Drilling Update


The Company has made significant progress on its Phase 2 8,500 metre drill program (See news release: “GFG Begins 8,500 Metre Drill Program Focused on High-Grade Gold Targets at the Pen Gold Project, West of Timmins, ON”). Since August 30, the Company has completed 15 holes (5,200 metres) at several targets including Nib, HGM, North Sewell, Boundary and Broadway prospects. The Company anticipates completing the 8,500 metre drill program by the end of December and will resume drilling early in the first quarter of 2021 with an additional 4-5,000 metre program.

The Company has experienced significant delays in receiving assay results due to lab processing times. However, the Company does anticipate receiving initial assay results for the Phase II drill program during the coming weeks and will provide updates as they become available.

The Project is located approximately 40 kilometres west of the prolific Timmins Gold District in Ontario. The contiguous land package, one of the largest in the region, consists of approximately 475 square kilometres and is situated between Newmont’s Borden Gold Mine and Pan American Silver’s Timmins West Mine. The Project covers an approximately 50-kilometre-long section of Archean greenstone that contains the interpreted western extension of the Porcupine-Destor Fault Zone within the same geological setting that hosts most of the gold deposits found in the Timmins Gold Camp.



Figure 1: Plan Map of Priority Drill Targets at the Pen Gold Project 



Figure 2: Plan Map of Priority Targets in the West Block of the Pen Gold Project


About GFG Resources Inc.

GFG Resources is a North American precious metals exploration company focused on district scale gold projects in tier one mining jurisdictions, Ontario and Wyoming. In Ontario, the Company owns 100% of the Pen and Dore gold projects, two large and highly prospective gold properties west of the prolific gold district of Timmins, Ontario, Canada. The Pen and the Dore gold projects have similar geological settings that host most of the gold deposits found in the Timmins Gold Camp which have produced over 70 million ounces of gold. The Company also owns 100% of the Rattlesnake Hills Gold Project, a district scale gold exploration project located approximately 100 kilometres southwest of Casper, Wyoming, U.S.  The geologic setting, alteration and mineralization seen in the Rattlesnake Hills are similar to other gold deposits of the Rocky Mountain alkaline province which, collectively, have produced over 50 million ounces of gold.


For further information, please contact:

Brian Skanderbeg, President & CEO
Phone: (306) 931-0930
or
Marc Lepage, Vice President, Business Development
Phone: (306) 931-0930
Email: [email protected]
Website: www.gfgresources.com



Stay Connected with Us

Twitter: @GFGResources
LinkedIn: https://www.linkedin.com/company/gfgresources/
Facebook: https://www.facebook.com/GFGResourcesInc/


Qualified Persons

Brian Skanderbeg, P.Geo. and M.Sc., President and CEO, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101. Mr. Skanderbeg has reviewed the sampling and QA/QC procedures and results thereof as verification of the sampling data disclosed above and has approved the information contained in this news release.


Sampling and Quality Control


Surface rock and drill core samples are being analyzed for gold by Activation Laboratories Ltd. in Timmins, Ontario using a 50-gram aliquot, Pb collection fire assay and an Atomic Absorption Spectrometry finish (Package 1A2-50). Samples assaying above 5 ppm Au are re-run using a gravimetric finish (Package 1A3-50). Selected samples will also be submitted for multi-element analysis using a four-acid digestion and an ICP-MS finish (Package MA250) at Bureau Veritas Laboratories in Vancouver, British Columbia.  Quality control and assurance measures include the monitoring of results for inserted certified reference materials coarse blanks and preparation duplicates.

Sampling protocols, quality control and assurance measures and geochemical results related to historic till, rock grab, and drill core samples quoted in this news release have not been verified by the Qualified Person and therefore must be regarded as estimates. Any historic mineral resources quoted in this release and accompanying maps are not compliant with National Instrument 43-101-and are only considered to be an indication of overall prospectivity of the region.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

All statements, other than statements of historical fact, contained in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as “forward-looking statements”).  Forward-looking statements include, but are not limited to, the future price of gold, success of exploration activities and metallurgical test work, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of exploration work, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.  Generally, these forward-looking statements 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”, “anticipates” or “does not anticipate” or “believes”, or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. 

All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada and the United States will continue to support the development of mining projects in Canada and the United States.  In addition, the similarity or proximity of other gold deposits to the Rattlesnake Hill Gold Project, the Pen Gold Project and the Dore Gold Project is not necessary indicative of the geological setting, alteration and mineralization of the Rattlesnake Hills Gold Project, the Pen Gold Project and the Dore Gold Project.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GFG to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:  actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing; and other risks and uncertainties.  These risks and uncertainties are not, and should not be construed as being, exhaustive. 

Although GFG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  In addition, forward-looking statements are provided solely for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment.  Accordingly, readers should not place undue reliance on forward-looking statements. 

Forward-looking statements in this news release are made as of the date hereof and GFG assumes no obligation to update any forward-looking statements, except as required by applicable laws.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/bac1315b-6465-4de1-961f-9fe6bb1248f0

https://www.globenewswire.com/NewsRoom/AttachmentNg/400bee79-fd33-427b-a520-caf0526df1f5

ADC Therapeutics Reports Third Quarter 2020 Financial Results and Provides Recent Business Highlights

ADC Therapeutics Reports Third Quarter 2020 Financial Results and Provides Recent Business Highlights

Submitted BLA for lead program, Lonca, for treatment of relapsed or refractory DLBCL on September 21, 2020

Commercial launch activities on track for potential U.S. launch of Lonca in mid-2021

Initiated Phase 3 confirmatory trial of Lonca in combination with rituximab in second-line DLBCL

Strong balance sheet with $494 million in cash and cash equivalents as of September 30, 2020 after completing an upsized follow-on public offering in September 2020

Company to host conference call today at 8:30 a.m. ET

LAUSANNE, Switzerland–(BUSINESS WIRE)–
ADC Therapeutics SA (NYSE: ADCT), a late clinical-stage oncology-focused biotechnology company pioneering the development and commercialization of highly potent and targeted antibody drug conjugates (ADCs) for patients with hematological malignancies and solid tumors, today reported financial results for the third quarter ended September 30, 2020 and provided recent business highlights.

“The third quarter was one of tremendous execution as we prepare for the U.S. launch of our first drug, Lonca, for the treatment of relapsed or refractory diffuse large B-cell lymphoma,” said Chris Martin, Chief Executive Officer of ADC Therapeutics. “We have submitted our Biologics License Application to the U.S. Food and Drug Administration and are now working diligently to prepare for a planned commercial launch in mid-2021, including U.S. organizational build-out, the establishment of U.S. operations to ensure distribution, access and reimbursement of Lonca, and significant appropriate physician engagement. In addition to our commercial preparations, we are expanding our Lonca development activities, having initiated our Phase 3 LOTIS 5 clinical trial evaluating Lonca in combination with rituximab as a second-line therapy in DLBCL and are preparing to initiate our Phase 2 trial of Lonca in follicular lymphoma next year.”

Dr. Martin continued, “Across our Cami programs, we have now enrolled more than half of the 100-patient pivotal Phase 2 trial in Hodgkin lymphoma and continue to see promising preliminary data from our Phase 1b trial in solid tumors that show robust immune activity following treatment, as well as recently published preclinical data highlighting the anti-tumor activity of CD25-targeted antibody drug conjugates. With these promising data, we expanded our Phase 1b trial to evaluate Cami in combination with pembrolizumab to better understand its potential as both a monotherapy and in combination and have dosed the first patient in the combination arm. To support these exciting developments and ensure continued growth across our pipeline, we completed an upsized public offering in September. With these additional funds, we look forward to continuing to deliver on our vision to bring transformative therapies to cancer patients as quickly and effectively as possible.”

Recent Clinical and Business Highlights:

  • Submitted a BLA to the FDA for Lonca for treatment of relapsed or refractory DLBCL: On September 21, 2020, the Company announced the submission of a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for Lonca for the treatment of patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL). The submission is based on data from LOTIS 2, a pivotal Phase 2 multi-center, open-label, single-arm clinical trial evaluating the efficacy and safety of Lonca in patients with relapsed or refractory DLBCL following two or more lines of prior systemic therapy.
  • Opened Phase 3 LOTIS 5 clinical trial of Lonca in combination with rituximab for enrollment: This Phase 3 confirmatory trial will evaluate the efficacy of Lonca in combination with rituximab in patients with relapsed or refractory DLBCL who are not eligible for autologous stem cell transplant (ASCT). The trial will evaluate the safety and efficacy of Lonca in combination with rituximab versus standard immunochemotherapy, and the primary endpoint will be progression-free survival. LOTIS 5 is designed to fulfill the Company’s post-marketing requirement to the FDA for full approval, if accelerated approval is received for relapsed or refractory DLBCL, and is intended to support a supplemental Biologics License Application (sBLA) for Lonca as a second-line therapy for patients with DLBCL who have relapsed or refractory disease following at least one multi-agent systemic treatment regimen.
  • Actively enrolling patients in the pivotal Phase 2 portion of LOTIS 3 clinical trial of Lonca in combination with ibrutinib: Enrollment continues in the pivotal Phase 2 portion of LOTIS 3, a 161-patient Phase 1/2 clinical trial of Lonca in combination with ibrutinib, which is being evaluated in patients with relapsed or refractory DLBCL or mantle cell lymphoma (MCL). The first patient was dosed in the pivotal Phase 2 portion of this trial in July 2020.
  • Planning to initiate a pivotal Phase 2 clinical trial of Lonca in follicular lymphoma (FL) in H1 2021: The Company continues to consider rapid expansion opportunities for Lonca across other non-Hodgkin lymphoma indications. Following consultation with the FDA, the Company plans to initiate a pivotal Phase 2 trial to evaluate the safety and efficacy of Lonca in patients with relapsed or refractory FL.
  • Dosed first patient in Phase 1b clinical trial of Cami in combination with pembrolizumab for treatment of solid tumors: Earlier this month, the Company announced that the first patient was dosed with Cami in combination with pembrolizumab, a checkpoint inhibitor, in an ongoing Phase 1b trial in patients with selected advanced solid tumors. Based on preclinical data and initial pharmacodynamic data from the Phase 1b monotherapy trial, the Company has expanded the Phase 1b trial to evaluate the safety, tolerability, pharmacokinetics and antitumor activity of Cami in combination with pembrolizumab in select solid tumors. Pharmacokinetic and biomarker data from the Phase 1b trial were presented at the European Society for Medical Oncology (ESMO) Virtual Congress 2020, and preclinical data were published in the Journal for ImmunoTherapy of Cancer.
  • Announced multiple abstracts accepted for presentation at ASH: The Company announced earlier in November that six clinical abstracts and two preclinical abstracts have been accepted for presentation at the 62nd American Society of Hematology (ASH) Annual Meeting, including an oral presentation of Cami Phase 2 data in Hodgkin lymphoma (HL) and poster presentations of Lonca subgroup data from the pivotal Phase 2 LOTIS 2 trial in relapsed or refractory DLBCL and the Phase 1b pivotal trial of Lonca combined with ibrutinib in relapsed or refractory DLBCL and MCL.
  • Amended 2013 collaboration and license agreement with Genmab for Cami: In October 2020, the Company and Genmab agreed to amend their original 2013 agreement to allow the Company to continue the development and commercialization of Cami. Under the amendment, Genmab agreed, among other things, to convert its economic interest into a mid-to-high single-digit royalty on net sales.
  • Completed upsized public offering: In September 2020, the Company completed an upsized public offering of 6,000,000 common shares at a price of $34.00 per share. Gross proceeds from the public offering, before deducting underwriting discounts and commissions and offering expenses payable by the Company, were approximately $204 million.

Anticipated Upcoming Milestones:

  • FDA feedback on BLA submission for Lonca for the treatment of patients with relapsed or refractory DLBCL.
  • Initiation of a pivotal Phase 2 trial of Lonca in relapsed refractory FL in the first half of 2021.
  • Reporting of interim results from the pivotal Phase 2 trial of Cami in HL in the first half of 2021.
  • Potential FDA approval and launch of Lonca in mid-2021.

Third Quarter 2020 Financial Results

Cash and Cash Equivalents

Cash and cash equivalents were $494.4 million as of September 30, 2020, compared to $115.6 million as of December 31, 2019.

Research and Development (R&D) Expenses

R&D expenses were $32.2 million for the quarter ended September 30, 2020, compared to $30.5 million for the same quarter in 2019. The increase was primarily due to increased share-based compensation expense.

General and Administrative (G&A) Expenses

G&A expenses were $20.3 million for the quarter ended September 30, 2020, compared to $2.3 million for the same quarter in 2019. The increase was primarily due to an increased number of Commercial employees, increased costs due to new commercial activities and increased share-based compensation expense.

Net Loss and Adjusted Net Loss

Net loss was $20.3 million, or a net loss of $0.29 per basic and diluted share, for the quarter ended September 30, 2020, compared to $31.3 million, or a net loss of $0.62 per basic and diluted share, for the same quarter in 2019. The net loss for the quarter ended September 30, 2020 includes a $33.9 million non-cash gain related to the changes in fair value of derivatives associated with the convertible loans under the Convertible Credit Facility with Deerfield. The decrease in fair value was driven by the decrease in the Company’s share price from June 30, 2020. In addition, net loss included share-based compensation expense of $11.0 million for the quarter ended September 30, 2020, compared to $0.2 million for the same quarter in 2019.

Adjusted net loss was $41.3 million, or an adjusted net loss of $0.58 per basic and diluted share, for the quarter ended September 30, 2020, compared to $31.1 million, or an adjusted net loss of $0.62 per basic and diluted share, for the same quarter in 2019. The increase in adjusted net loss was primarily driven by higher employee headcount across the organization and costs associated with the build out of the Company’s commercial organization in preparation for the anticipated launch of Lonca in 2021.

Conference Call Details

ADC Therapeutics management will host a conference call and live audio webcast to discuss third quarter 2020 financial results and provide a company update today at 8:30 a.m. Eastern Time. To access the call, please dial +41 225 675632 (international) or (833) 249-8403 (U.S.). A live webcast of the presentation will be available on the Investors section of the ADC Therapeutics website at www.ir.adctherapeutics.com. The archived webcast will be available after the completion of the event.

About ADC Therapeutics

ADC Therapeutics SA (NYSE:ADCT) is a late clinical-stage oncology-focused biotechnology company pioneering the development and commercialization of highly potent and targeted antibody drug conjugates (ADCs) for patients with hematological malignancies and solid tumors. The Company develops ADCs by applying its decades of experience in this field and using next-generation pyrrolobenzodiazepine (PBD) technology to which ADC Therapeutics has proprietary rights for its targets. Strategic target selection for PBD-based ADCs and substantial investment in early clinical development have enabled ADC Therapeutics to build a deep clinical and research pipeline of therapies for the treatment of hematological and solid tumor cancers. The Company has multiple PBD-based ADCs in ongoing clinical trials, ranging from first in human to confirmatory Phase 3 clinical trials, in the USA and Europe, and numerous preclinical ADCs in development.

Loncastuximab tesirine (Lonca, formerly ADCT-402), the Company’s lead product candidate, has been evaluated in a 145-patient pivotal Phase 2 clinical trial for the treatment of relapsed or refractory diffuse large B-cell lymphoma (DLBCL) that showed a 48.3% overall response rate (ORR), which exceeded the target primary endpoint. In September 2020, ADC Therapeutics submitted a Biologics License Application to the U.S. Food and Drug Administration seeking accelerated approval for Lonca for the treatment of patients with relapsed or refractory DLBCL. Camidanlumab tesirine (Cami, formerly ADCT-301), the Company’s second lead product candidate, is being evaluated in a 100-patient pivotal Phase 2 clinical trial for the treatment of relapsed or refractory Hodgkin lymphoma (HL) after having shown in a Phase 1 clinical trial an 86.5% ORR in HL patients at the dose selected for Phase 2. The Company is also evaluating Cami as a novel immuno-oncology approach for the treatment of various advanced solid tumors.

ADC Therapeutics is based in Lausanne (Biopôle), Switzerland and has operations in London, the San Francisco Bay Area and New Jersey. For more information, please visit https://adctherapeutics.com/ and follow the Company on Twitter and LinkedIn.

Use of Non-IFRS Financial Measures

In addition to financial information prepared in accordance with IFRS, this document also contains certain non-IFRS financial measures based on management’s view of performance including:

  • Adjusted net loss
  • Adjusted net loss per share

Management uses such measures internally when monitoring and evaluating our operational performance, generating future operating plans and making strategic decisions regarding the allocation of capital. We believe that these adjusted financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and facilitate operating performance comparability across both past and future reporting periods. These non-IFRS measures have limitations as financial measures and should be considered in addition to, and not in isolation or as a substitute for, the information prepared in accordance with IFRS. When preparing these supplemental non-IFRS measures, management typically excludes certain IFRS items that management does not believe are indicative of our ongoing operating performance. Furthermore, management does not consider these IFRS items to be normal, recurring cash or non-cash operating expenses; however, these items may not meet the IFRS definition of unusual or non-recurring items. Since non-IFRS financial measures do not have standardized definitions and meanings, they may differ from the non-IFRS financial measures used by other companies, which reduces their usefulness as comparative financial measures. Because of these limitations, you should consider these adjusted financial measures alongside other IFRS financial measures.

The following items are excluded from adjusted net loss and adjusted net loss per share:

Shared-Based Compensation Expense: We exclude share-based compensation from our adjusted financial measures because share-based compensation expense, which is non-cash, fluctuates from period to period based on factors that are not within our control, such as our stock price on the dates share-based grants are issued. Share-based compensation has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy.

Certain Other Items: We exclude certain other significant items that may occur occasionally and are not normal, recurring operating expenses, cash or non-cash, from our adjusted financial measures. Such items are evaluated by management on an individual basis based on both quantitative and qualitative aspects of their nature and generally represent items that, either as a result of their nature or significance, management would not anticipate occurring as part of our normal business on a regular basis. While not all-inclusive, examples of certain other significant items excluded from our adjusted financial measures would be: changes in the fair value of derivatives, and the effective interest expense, associated with the Convertible Credit Facility with Deerfield, as well as transaction costs associated with debt or equity issuances that are expensed pursuant to IFRS.

See the attached Reconciliation of IFRS Measures to Non-IFRS Measures for explanations of the amounts excluded and included to arrive at the non-IFRS financial measures for the three- and nine-month periods ended September 30, 2020 and 2019.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy, product candidates, research pipeline, ongoing and planned preclinical studies and clinical trials, regulatory submissions and approvals, research and development costs, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including those described in our filings with the U.S. Securities and Exchange Commission. No assurance can be given that such future results will be achieved. Such forward-looking statements contained in this document speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this press release to reflect any change in our expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

ADC Therapeutics SA

Condensed Consolidated Interim Statement of Operations (Unaudited)

(in KUSDexcept for share and per share data)

 

For the Three Months Ended

September 30,

 

For the Nine Months Ended

September 30,

2020

 

2019

 

2020

 

2019

Contract revenue

 

 

 

2,340

 

 
Operating expense
Research and development

(32,155

)

(30,541

)

(93,480

)

(77,113

)

General and administrative

(20,273

)

(2,302

)

(47,782

)

(8,894

)

Total operating expense

(52,428

)

(32,843

)

(141,262

)

(86,007

)

Loss from operations

(52,428

)

(32,843

)

(141,262

)

(83,667

)

 
Other income (expense)
Other income

145

 

1,433

 

423

 

1,433

 

Convertible loans, derivatives, change in fair value income (expense)

33,868

 

 

(45,393

)

 

Convertible loans, first tranche, derivative, transaction costs

 

 

(1,571

)

 

Financial income

163

 

729

 

732

 

2,035

 

Financial expense

(1,940

)

(32

)

(2,879

)

(105

)

Exchange differences

(139

)

(360

)

(210

)

(428

)

Total other income (expense)

32,097

 

1,770

 

(48,898

)

2,935

 

Loss before taxes

(20,331

)

(31,073

)

(190,160

)

(80,732

)

Income tax benefit (expense)

3

 

(268

)

(201

)

(467

)

Net loss

(20,328

)

(31,341

)

(190,361

)

(81,199

)

 
Net loss attributable to:
Owners of the parent

(20,328

)

(31,341

)

(190,361

)

(81,199

)

 
Net loss per share, basic and diluted

(0.29

)

(0.62

)

(3.09

)

(1.68

)

ADC Therapeutics SA

Condensed Consolidated Interim Balance Sheet (Unaudited)

(in KUSD)

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2020

 

2019

ASSETS
Current assets
Cash and cash equivalents

494,416

 

115,551

 

Other current assets

12,003

 

7,055

 

Total current assets

506,419

 

122,606

 

Non-current assets
Property, plant and equipment

1,502

 

1,376

 

Right-of-use assets

3,402

 

4,898

 

Intangible assets

9,814

 

8,434

 

Other long-term assets

389

 

368

 

Total non-current assets

15,107

 

15,076

 

Total assets

521,526

 

137,682

 

 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable

6,146

 

3,329

 

Other current liabilities

22,633

 

15,430

 

Lease liabilities, short-term

1,051

 

1,132

 

Current income tax payable

91

 

52

 

Convertible loans, short-term

2,642

 

 

Total current liabilities

32,563

 

19,943

 

Non-current liabilities
Convertible loans, long-term

33,788

 

 

Convertible loans, derivatives

73,190

 

 

Lease liabilities, long-term

2,605

 

3,899

 

Defined benefit pension liabilities

3,113

 

2,684

 

Other non-current liabilities

208

 

 

Total non-current liabilities

112,904

 

6,583

 

Total liabilities

145,467

 

26,526

 

 
Equity attributable to owners of the parent
Share capital

6,314

 

4,361

 

Share premium

981,032

 

549,922

 

Treasury shares

(4

)

(100

)

Other reserves

27,642

 

5,473

 

Cumulative translation adjustment

5

 

69

 

Accumulated losses

(638,930

)

(448,569

)

Total equity attributable to owners of the parent

376,059

 

111,156

 

Total liabilities and equity

521,526

 

137,682

 

ADC Therapeutics SA

Reconciliation of IFRS Measures to Non-IFRS Measures (Unaudited)

(in KUSDexcept for share and per share data)

 

Three months ended September 30,

 

Nine months ended September 30,

in KUSD (except for share and per share data)

2020

 

2019

 

2020

 

2019

Net loss

(20,328

)

(31,341

)

(190,361

)

(81,199

)

Adjustments:

Share-based compensation expense (i)

10,988

 

216

 

27,512

 

356

 

Convertible loans, derivatives, change in fair value (income) expense (ii)

(33,868

)

 

45,393

 

 

Convertible loans, first tranche, derivative, transaction costs (iii)

 

 

1,571

 

 

Effective interest expense (iv)

1,913

 

 

2,781

 

 

Adjusted net loss

(41,295

)

(31,125

)

(113,104

)

(80,843

)

 

Net loss per share, basic and diluted

(0.29

)

(0.62

)

(3.09

)

(1.68

)

Adjustment to net loss per share, basic and diluted

(0.29

)

 

1.25

 

0.01

 

Adjusted net loss per share, basic and diluted

(0.58

)

(0.62

)

(1.84

)

(1.67

)

Weighted average shares outstanding, basic and diluted

70,914,300

 

50,626,246

 

61,613,177

 

48,448,085

 

(i) Share-based compensation expense represents the cost of equity awards issued to our directors, management and employees. The fair value of awards is computed at the time the award is granted and is recognized over the vesting period of the award by a charge to the income statement and a corresponding increase in other reserves within equity. These accounting entries have no cash impact.

(ii) Change in the fair value of the convertible loan derivatives results from the valuation at the end of each accounting period of the derivatives associated with the convertible loans, as explained in note 11 “Convertible notes” to the unaudited condensed consolidated interim financial statements. There are several inputs to these valuations, but those most likely to provoke significant changes in the valuations are changes in the value of the underlying instrument (i.e., changes in the price of our common shares) and changes in expected volatility in that price. Any change in the estimated probability of the regulatory approval of Lonca would directly affect the valuation related to the second tranche. These accounting entries have no cash impact.

(iii) The transaction costs allocated to the convertible loan first tranche derivative represent actual costs. These are not expected to recur on an ongoing basis.

(iv) Effective interest expense relates to the increase in the value of our convertible loan in accordance with the effective interest method. As the initial value of the loan is recorded net of the value of the embedded derivative, the increase in the loan value necessary to attain the amount necessary to fund the cash outflows of interest payments, repayment of capital and exit fee is considerably higher than the payments of interest at coupon rate and of the exit fee.

Investors

Amanda Hamilton

ADC Therapeutics

[email protected]

Tel.: +1 917-288-7023

EU Media

Alexandre Müller

Dynamics Group

[email protected]

Tel: +41 (0) 43 268 3231

USA Media

Annie Starr

6 Degrees

[email protected]

Tel.: +1 973-415-8838

KEYWORDS: Europe Switzerland United States North America

INDUSTRY KEYWORDS: Biotechnology Health Pharmaceutical Clinical Trials Oncology

MEDIA:

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LGI Homes Continues Expansion in Las Vegas

New Community Offers Lineup of Never-Before-Seen Floor Plans

LAS VEGAS, Nov. 12, 2020 (GLOBE NEWSWIRE) — LGI Homes, Inc. (NASDAQ: LGIH) today announced the opening of its newest community in the Las Vegas market, La Madre, presenting a lineup of never-before-seen floor plans in a prime Las Vegas location.

Located off I-15, LGI homebuyers at La Madre are conveniently positioned less than twenty minutes away from the excitement of the downtown Las Vegas strip, while still being able to enjoy the peacefulness of a serene, family-friendly neighborhood.

“We are overjoyed to show customers that they can truly have it all,” said Ron Christian, vice president of sales for LGI Homes. “At La Madre, we build brand-new, high-quality homes at an affordable price and in a great location.”

With the construction of five single-family one- and two-story floor plans, La Madre by LGI Homes will have a place for everyone to call home. These new homes range from approximately 1,280 square feet to 2,200 square feet and feature premier upgrades such as open-concept floor plans, covered back patios, walk-in closets and much more. As part of LGI Homes’ CompleteHome™ package, other features included at no extra cost include granite countertops, energy-efficient Whirlpool® appliances, tall kitchen cabinets with crown molding, Wi-Fi-enabled garage door openers and enhanced front yard landscaping.

Within this quiet neighborhood, residents are presented with a variety of community amenities that can be enjoyed for years to come. Homeowners and guests can gather at the community picnic tables or barbeque grill to share meals and memories alike. Along the walking trails, children will enjoy hours of endless play at La Madre’s community playground.

New homes for sale within this community start in the $290s. To accommodate homebuyers during this time, the La Madre information center is open for tours by appointment only and is in compliance with Centers for Disease Control and Prevention and local safety guidelines. To schedule a tour or learn more, interested homebuyers are encouraged to call (866) 874-9531 ext 521.

About LGI Homes, Inc.

Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design, construction and sale of homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia and Virginia. Recently recognized as the 10th largest residential builder in America, based on units closed, the Company has a notable legacy of more than 17 years of homebuilding operations, over which time it has closed more than 40,000 homes. For more information about the Company and its new home developments, please visit the Company’s website at www.LGIHomes.com.

MEDIA CONTACT:
Rachel Eaton
(281) 362-8998 ext. 2560

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e3957fbd-01d4-4a20-83a5-2ab4c5b00ef1