Market Newsdesk

Sensyne Health appoints President, North America, to

lead US expansion      

Oxford, U.K. 13 November 2020: Sensyne Health plc (LSE: SENS) (“Sensyne” or the “Company” or the “Group”), the UK Clinical AI company, announces that it has appointed Derek Baird to its senior management team as President, North America. Derek will join Sensyne on 01 December 2020 and will focus on driving the commercial development of the Company’s North American operations, building Sensyne’s presence in the US and recruiting a US-based team.

Derek joins Sensyne from AVIA, a digital transformation partner for health systems and payers, where he served as Senior Vice President, Growth. Prior to joining AVIA Derek was a Senior Vice President at healthcare software company Health Language (acquired by Wolters Kluwer Health), and has held senior product and marketing roles at Zynx Health and ambulatory electronic health records provider Practice Partner.

Derek is a US national and will be based in the US.    

Lord (Paul) Drayson PhD, CEO of Sensyne Health, said:

“I’m delighted that Derek is joining the Sensyne team. His extensive experience, combined with a deep knowledge of US healthcare technology and US health systems, will be invaluable as we further capitalise on what we have already achieved in the UK by driving forward our expansion into the US and building a transatlantic business.” 

Derek Baird, said:

“I’ve been impressed with the progress that Sensyne has already made in the UK in such a short space of time. It is clear the value that Sensyne delivers in the UK is equally applicable to US heathcare systems and life sciences companies. I’m excited to bring the Sensyne vision and unique business model to the US market.”

-ENDS-

For more information please contact:

Sensyne Health (www.sensynehealth.com)	+44 (0) 330 058 1845
Lord (Paul) Drayson PhD FREng FMedSci, Chief Executive Officer
Michael Norris, Interim Chief Financial Officer
Consilium Strategic Communications	+44 (0) 7780 600290
Mary-Jane Elliott
Sukaina Virji
Melissa Gardiner
CSC [email protected]

About Sensyne Health

Sensyne Health plc is a clinical AI company that works in partnership with the NHS to improve patient care and accelerate the discovery and development of new medicines. Sensyne Health is listed on the AIM Market of the London Stock Exchange (SENS.L).

For more information, please visit: www.sensynehealth.com

TORONTO, Nov. 13, 2020 (GLOBE NEWSWIRE) — RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) today announced a distribution of 12 cents per unit for the month of November. The distribution will be payable on December 7, 2020 to unitholders of record as at November 30, 2020.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at September 30, 2020, our portfolio is comprised of 221 properties with an aggregate net leasable area of approximately 38.4 million square feet (at RioCan’s interest) including office, residential rental and 16 development properties.

Information contact:
Kim Lee
Vice President, Investor Relations, RioCan REIT
(416) 646-8326
[email protected]

TORONTO, Nov. 13, 2020 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE/TSX: SII) (“Sprott” or the “Company”) today announced its financial results for the three months ended September 30, 2020.

As previously disclosed, all financial figures are now reported in US dollars unless indicated otherwise.

Financial Overview (3 months results)

• Assets Under Management (“AUM”) were $16.3 billion as at September 30, 2020, up $2.4 billion (17%) from June 30, 2020.
• Total net revenues (net of commission expenses, trailer fees and sub-advisor fees, carried interest and performance fee payouts) were $31.3 million, reflecting an increase of $14.1 million (82%) from the 3 months ended September 30, 2019.
• Total expenses (excluding commission expenses, trailer fees and sub-advisor fees, carried interest and performance fee payouts) were $21 million, reflecting an increase of $9.6 million (85%) from the 3 months ended September 30, 2019. The increase was primarily due to:
  • Higher salaries from new hires related to the acquisition of the Tocqueville gold strategies (“the Acquisition”) and higher AIP on increased revenues and earnings across the Company.
  • Higher contingent consideration related to the Acquisition as a result of higher estimated future operating performance of the acquired assets
  • These increases were partially offset by lower LTIP amortization and SG&A in the quarter.
• Net income was $8.7 million ($0.36 per share), reflecting an increase of $4.4 million from the 3 months ended September 30, 2019.
• Adjusted base EBITDA was $12 million ($0.49 per share), an increase of $4.4 million (58%) from the 3 months ended September 30, 2019.

Subsequent Events

• On November 12, 2020, the Sprott Board of Directors announced an 8.7% increase to the Company’s quarterly dividend, effective immediately

“Our assets under management have increased by 76% in 2020, driven by strong precious metals prices, significant sales in our exchange listed products segment and excellent performance in our managed equities segment,” said Peter Grosskopf, CEO of Sprott.  “As a result of our robust financial performance and strong capital position, we are pleased to announce that the Board of Directors has approved an increase of the quarterly dividend to USD $0.25 per share, effective immediately. We are confident that our business will support this dividend level without impacting our ability to fund future growth initiatives.”

“During the third quarter, Sprott was also added to the S&P/TSX Composite Index and ranked  among the 30 top-performing TSX stocks over a three-year period based on dividend adjusted share price appreciation, through inclusion in the TSX30 program,” added Mr. Grosskopf.

 

Assets Under Management (3 months results)

(In millions $)	AUM Jun. 30, 2020	Net     Inflows (1)		Market Value Changes	Other (2)		AUM Sep. 30, 2020
Exchange Listed Products
– Physical Trusts	9,181	890		1,060	—		11,131
– ETFs	328	27		26	—		381
	9,509	917		1,086	—		11,512
Managed Equities
– Precious Metals Strategies	2,279	(57)		225	—		2,447
– Other	277	19		16	—		312
	2,556	(38)		241	—		2,759
Lending	893	17		18	(22)		906	(3)
Other	935	—		147	—		1,082
Total	13,893	896		1,492	(22)		16,259

⁽¹⁾ See ‘Net Inflows’ in the key performance indicators (non-IFRS financial measures) section of this MD&A.

⁽²⁾ Includes new AUM from fund acquisitions and lost AUM from fund divestitures and capital distributions of our lending LPs.

⁽³⁾ $1.2 billion of committed capital remains uncalled, of which $0.5 billion earns a commitment fee (AUM), and $0.7 billion does not (future AUM).

Dividends

On November 12, 2020, a dividend of US$0.25 per common share was declared for the quarter ended September 30, 2020.

Conference Call and Webcast

A conference call and webcast will be held today, November 13, 2020 at 10:00 am ET to discuss the Company’s financial results. To participate in the call, please dial (855) 458-4215 ten minutes prior to the scheduled start of the call and provide conference ID 6191323  A taped replay of the conference call will be available until Friday, November 20, 2020 by calling (855) 859-2056, reference number 6191323. The conference call will be webcast live at www.sprott.com and https://edge.media-server.com/mmc/p/6kpdmwn6 

 *Non-IFRS Financial Measures

This press release includes financial terms (including AUM, net revenues, expenses, adjusted base EBITDA and net sales) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards (“IFRS”). These non-IFRS measures should not be considered alternatives to performance measures determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers. For additional information regarding the Company’s use of non-IFRS measures, including the calculation of these measures, please refer to the “Non-IFRS Financial Measures” section of the Company’s Management’s Discussion and Analysis and its annual financial statements available on the Company’s website at www.sprott.com and on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

A reconciliation from net income to adjusted base EBITDA is shown below:

	3 months ended
(in thousands $)	Sept. 30, 2020		Sept. 30, 2019
Net income for the periods	8,704		4,336
Adjustments:
Interest expense	320		297
Provision (recovery) for income taxes	1,613		1,473
Depreciation and amortization	992		893
EBITDA	11,629		6,999
Other adjustments:
(Gains) losses on investments (1)	(4,408	)	(600	)
Non-cash stock-based compensation	871		1,212
Other expenses (2)	3,932		1
Adjusted EBITDA	12,024		7,612
Other adjustments:
Carried interest and performance fees	—		—
Carried interest and performance fee related expenses	—		—
Adjusted base EBITDA	12,024		7,612

⁽¹⁾  This adjustment removes the income effects of certain gains or losses on short-term investments, co-investments and digital gold strategies to ensure the reporting objectives of our EBITDA metric as described above are met.

⁽²⁾  In addition to the items outlined in Note 6, Other expenses also includes severance and new hire accruals of $0.2 million for the 3 months ended (3 months ended September 30 – $0.2 million) and excludes income attributable to non-controlling interests (see Other expenses in Note 6 of the interim financial statements)

Forward Looking Statements

Certain statements in this press release contain forward-looking information and forward-looking statements (collectively referred to herein as the “Forward-Looking Statements”) within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the forgoing, this press release contains Forward-Looking Statements pertaining to: (i) market outlook and future metal prices, including that long-term trends that will determine precious metals prices remain in place and that we expect that future monetary and fiscal interventions by central banks are likely to increase in scale and frequency; (ii) activity in new product development and the pursuit of new avenues for growth; and (iii) the declaration, payment and designation of dividends and confidence that our business will support the dividend level without impacting our ability to fund future growth initiatives.

Although the Company believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward-Looking Statements, including, without limitation: (i) the impact of increasing competition in each business in which the Company operates will not be material; (ii) quality management will be available; (iii) the effects of regulation and tax laws of governmental agencies will be consistent with the current environment; and (iv) the impact of COVID-19; and (v) those assumptions disclosed under the heading “Significant Accounting Judgments, Estimates and Changes in Accounting Policies” in the Company’s MD&A for the period ended June 30, 2020. Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) difficult market conditions; (ii) poor investment performance; (iii) failure to continue to retain and attract quality staff; (iv) employee errors or misconduct resulting in regulatory sanctions or reputational harm; (v) performance fee fluctuations; (vi) a business segment or another counterparty failing to pay its financial obligation; (vii) failure of the Company to meet its demand for cash or fund obligations as they come due; (viii) changes in the investment management industry; (ix) failure to implement effective information security policies, procedures and capabilities; (x) lack of investment opportunities; (xi) risks related to regulatory compliance; (xii) failure to manage risks appropriately; (xiii) failure to deal appropriately with conflicts of interest; (xiv) competitive pressures; (xv) corporate growth which may be difficult to sustain and may place significant demands on existing administrative, operational and financial resources; (xvi) failure to comply with privacy laws; (xvii) failure to successfully implement succession planning; (xviii) foreign exchange risk relating to the relative value of the U.S. dollar; (xix) litigation risk; (xx) failure to develop effective business resiliency plans; (xxi) failure to obtain or maintain sufficient insurance coverage on favourable economic terms; (xxii) historical financial information being not necessarily indicative of future performance; (xxiii) the market price of common shares of the Company may fluctuate widely and rapidly; (xxiv) risks relating to the Company’s investment products; (xxv) risks relating to the Company’s proprietary investments; (xxvi) risks relating to the Company’s lending business; (xxvii) risks relating to the Company’s brokerage business; (xxviii) those risks described under the heading “Risk Factors” in the Company’s annual information form dated February 27, 2020; and (xxix) those risks described under the headings “Managing Risk: Financial” and “Managing Risk: Non-Financial” in the Company’s MD&A for the period ended June 30, 2020. In addition, the payment of dividends is not guaranteed and the amount and timing of any dividends payable by the Company will be at the discretion of the Board of Directors of the Company and will be established on the basis of the Company’s earnings, the satisfaction of solvency tests imposed by applicable corporate law for the declaration and payment of dividends, and other relevant factors. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and the Company does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

About Sprott

Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, Sprott is dedicated to providing investors with specialized investment strategies that include Exchange Listed Products, Managed Equities, Lending and Brokerage. Sprott’s common shares are listed on the New York Stock Exchange under the symbol (NYSE: SII) and Toronto Stock Exchange under the symbol (TSX: SII). For more information, please visit www.sprott.com.

Investor contact information:

Glen Williams
Managing Director
Investor and Institutional Client Relations
(416) 943-4394
[email protected] 

• Phase 1 trial completed in Lilly Morphomer™ Tau partnership program with plans to evaluate candidates in Alzheimer’s disease and NeuroOrphan indications
• First-in-class TDP-43 therapeutic and diagnostic programs advance as the target’s role in a newly defined form of age-related dementia, limbic-predominant age-related TDP-43 encephalopathy (LATE), gains prominence, with a highly competitive grant awarded
• All clinical and preclinical programs remain on track to meet all milestones expected in 2020
• CHF 246.6 million in cash ensures operations are fully financed through Q1 2024             

LAUSANNE, Switzerland, Nov. 13, 2020 (GLOBE NEWSWIRE) — AC Immune SA (NASDAQ: ACIU), a Swiss-based, clinical-stage biopharmaceutical company with a broad pipeline focused on neurodegenerative diseases, today announced financial results for Q3 2020 and provided a business update. The Company ended the third quarter with CHF 246.6 million in cash, which ensures operations are fully financed through Q1 2024 allowing the Company to advance our clinical and preclinical projects to key value inflection points while investing further in our diverse pipeline.

Prof. Andrea Pfeifer, CEO of AC Immune SA, commented: “AC Immune continued to advance its world-leading pipeline in Q3 2020, underpinned by our proprietary discovery platforms SupraAntigen^TM and Morphomer^TM and solid financial position.  Our proven business model of early development and partnering of validated therapeutic and diagnostic candidates has made us a global leader in precision medicine for neurodegenerative diseases. All clinical and preclinical milestones  expected this year remain on track with key data across our  Alzheimer’s disease (AD) vaccines,  alpha-synuclein and NLRP3–ASC inflammasome programs this year – ­with the latter becoming a focus for neurodegenerative diseases and non-CNS applications. Together these milestones highlight progress in our late stage clinical programs and focus in NeuroOrphan indications with multiple near and mid-term catalysts.”

The strength of the Company’s diversified approach continues to be demonstrated with the announcement today that the Phase 1 study of the small molecule Morphomer™ Tau aggregation inhibitor, ACI-3024 in healthy young, elderly and Japanese volunteers, has been completed.  In the study, which was conducted in partnership with Eli Lilly and Company, single and multiple dosing with the Morphomer^TM Tau ACI-3024 resulted in a dose-dependent exposure and brain penetration by achieving the desired levels of ACI-3024 in the cerebrospinal fluid. The program will be expanded to NeuroOrphan indications and ACI-3024 will be further evaluated for efficacy in models of rare Tauopathies. Continued candidate characterization across the research program has also identified new and highly differentiated candidates with excellent cerebrospinal fluid exposure and selectivity for pathological aggregated Tau. These will be broadly developed in Tau-dependent neurodegenerative diseases.

Prof. Pfeifer commented: “The pharmacokinetic observations from the Phase 1 trial in our Lilly Morphomer™ Tau partnership program show the first evidence of a Morphomer™ Tau entity meeting the target CNS concentration in humans. Compared to other Tau-targeting molecules in development, the key potential differentiating factor is that our Morphomer™ Tau molecules have been shown to act intracellularly to address Tau pathology, potentially saving affected neurons that otherwise might die. Our Morphomer™ Tau program is the most advanced orally available small molecule therapeutic candidate of its kind in development.”

Q3 2020 Research & Development Updates and Highlights:

• The next phase of the strategic partnership between AC Immune and WuXi was  unveiled with plans to accelerate advancement of AC Immune’s TDP-43 antibody into clinical development. A particular focus is developing the clinical antibody candidate to ensure it has high-affinity for TDP-43 and is capable of preventing the intercellular spread of toxic species. With no disease modifying therapies currently available that target TDP-43 there is significant unmet need and market potential 
• 
  A highly competitive European Union grant was awarded
  to support the partnership between AC Immune and the EU Joint Programme – Neurodegenerative Disease Research (JPND) ImageTDP-43 consortium to accelerate development of the Company’s first-in-class TDP-43 positron emission tomography (PET) tracer. Advancement of the tracer may enable the development of precision medicine approaches for the large and growing proportion of patients with TDP-43-related pathologies, such as patients with LATE and AD
• Top line results from a Phase 2 trial of the anti-Tau antibody in early (prodromal to mild) AD showed that semorinemab did not meet the co-primary efficacy endpoint or two secondary endpoints in the Tauriel study; the primary safety endpoint was met. Additional data presented at the CTAD 2020 Alzheimer Congress by our partner, Genentech, a member of the Roche group, confirm that semorinemab did not slow clinical progression or Tau accumulation relative to placebo with any of the three different  doses tested. Dose-dependent increases were seen in serum pharmacokinetics and there was clear and consistent evidence of plasma target engagement. Preliminary analysis continues to suggest that semorinemab has an acceptable and well-tolerated safety profile. A second Phase 2 (Lauriet) study of semorinemab in patients with moderate AD remains ongoing
• Initiation of investigational new drug (IND)-enabling studies for AC Immune’s first-in-class therapeutic antibody targeting TDP-43. The anti-TDP-43 antibody is the first therapeutic candidate shown to mitigate TDP-43 neuropathology in vivo and the Company plans to develop the antibody for the treatment of NeuroOrphan indications.  Effectively slowing or stopping the spread of TDP-43 pathology throughout the brain could provide the first antibody-based TDP-43 targeted therapeutic approach for treating conditions such as LATE, amyotrophic lateral sclerosis (ALS) and frontotemporal lobar degeneration with TDP-43 pathology, representing 50 per cent of all FTLD cases.

Update on Covid-19

AC Immune remains in continuous contact with its partners and other important stakeholders, including the Swiss government, trial investigators and contractors, and at this stage the Company is not modifying guidance with respect to the multiple clinical and preclinical data readouts anticipated this year. AC Immune will continue to keep the market apprised of any new developments or information that may impact clinical timelines.

Analysis of Financial Statements for the Three and Nine Months Ended September 30, 2020

• Revenues: Revenues for the three and nine months ended September 30, 2020 totaled CHF 1.1 million and CHF 14.5 million, respectively. This represents a decrease of CHF 32.1 million and CHF 95.1 million over the comparable periods in 2019. The decrease for the three months ended September 30, 2020 relates to the prior recognition of CHF 30 million for the first installment of the first milestone achieved with Lilly and CHF 2.2 million for the initiation of a Phase 2 trial of Tau PET tracer with Life Molecular Imaging that did not repeat in the current quarter. The decrease for the nine months ended September 30, 2020 predominantly relates to CHF 104.5 million recognized in the prior period associated with our license agreement with Lilly offset by a recognition of a CHF 10 million milestone payment and CHF 4.1 million for research and development activities performed in the current period
• R&D Expenditures: For the three and nine months ended September 30, 2020, R&D expenses increased by CHF 4.0 million (+35.2%) and CHF 7.8 million (+21.7%) to CHF 15.5 million and CHF 43.5 million, respectively. For R&D expenses directly allocated to R&D programs, the Company increased investments in its non-AD programs predominantly led by increases in ACI-24 in Down syndrome related to scaling up activities for a Phase 2 clinical study, investments to advance our alpha-synuclein projects and the development of our anti-TDP-43 antibody with the initiation of IND-enabling studies. For AD, the Company’s expenditures for ACI-24 in AD decreased due to completing the manufacturing process development. The Company also spent less for ACI-35 in the current period related to toxicology and manufacturing costs for clinical trial material in the prior period that did not repeat in the current period
  Additionally, personnel costs in R&D increased by CHF 0.6 million and CHF 2.0 million for the three and nine months ended September 30, 2020, respectively driven by an increase of 11 FTEs during the year. The remaining increases of CHF 0.9 million and CHF 1.8 million relate to an increase in regulatory and quality assurance, intellectual property and other unallocated research and development costs
• G&A Expenses: For the three and nine months ended September 30, 2020, G&A expenses increased CHF 0.9 million (+23.7%) and CHF 2.7 million (+25.1%) to CHF 4.9 million and CHF 13.6 million, respectively. Increases were driven by an addition of 4 FTEs as well as an increase in professional services and depreciation expenses.
• IFRS (Loss)/Income for the period: The Company incurred a net loss after taxes of CHF 19.0 million and CHF 42.4 million for the three and nine months ended September 30, 2020, respectively, compared with net income of CHF 18.2 million and CHF 64.9 million for the comparable periods in 2019, predominantly related to the variance in revenues and operating expenses discussed above
• Cash Position: The Company had a total cash balance of CHF 246.6 million, comprised of CHF 176.6 million in cash and cash equivalents and CHF 70 million in short-term financial assets. This compares to a total cash balance of CHF 288.6 million as of December 31, 2019. This decrease of CHF 42 million is principally due to the factors noted above in the income statement which resulted in a CHF 42.4 million net loss for the period and changes in our working capital. Further details are available in our Statements of Cash Flows on the accompanying Form 6-K

About AC Immune SA

AC Immune SA is a Nasdaq-listed clinical-stage biopharmaceutical company, which aims to become a global leader in precision medicine for neurodegenerative diseases. The Company utilizes two proprietary platforms, SupraAntigen^TM and Morphomer^TM, to design, discover and develop small molecule and biological therapeutics as well as diagnostic products intended to diagnose, prevent and modify neurodegenerative diseases caused by misfolding proteins. The Company’s pipeline features nine therapeutic and three diagnostic product candidates, with six currently in clinical trials. It has collaborations with major pharmaceutical companies including Genentech, a member of the Roche group, Eli Lilly and Company, and Janssen Pharmaceuticals.

For further information, please contact:

Head of Investor Relations Joshua Drumm, Ph.D. AC Immune Phone: +1 917 809 0814 Email: [email protected]	US Media Katie Gallagher LaVoieHealthScience Phone: +1 617 792 3937 Email: [email protected]
Global Head of Communications Judith Moore AC Immune Phone: +41 79 826 63 82 Email: [email protected]	European Investors & Media Chris Maggos LifeSci Advisors Phone: +41 79 367 6254 Email: [email protected]

Forward looking statements
This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than historical fact and may include statements that address future operating, financial or business performance or AC Immune’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “outlook” or “continue,” and other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include those described under the captions “Item 3. Key Information – Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in AC Immune’s Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. These include: the impact of Covid-19 on our business, suppliers, patients and employees and any other impact of Covid-19. Forward-looking statements speak only as of the date they are made, and AC Immune does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law. All forward-looking statements are qualified in their entirety by this cautionary statement.

Balance Sheets
(in CHF thousands)
	As of September 30, 2020			As of December 31, 2019
ASSETS
Non-current assets
Property, plant and equipment	3,785			3,917
Right-of-use assets	1,932			2,255
Long-term financial assets	304			304
Total non-current assets	6,021			6,476
Current assets
Prepaid expenses	2,764			2,788
Accrued income	944			1,095
Other current receivables	314			304
Short-term financial assets	70,000			95,000
Cash and cash equivalents	176,567			193,587
Total current assets	250,589			292,774
Total assets	256,610			299,250
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity
Share capital	1,539			1,437
Share premium	346,842			346,526
Treasury shares	(100	)		—
Accumulated losses	(115,038	)		(75,521	)
Total shareholders’ equity	233,243			272,442
Non-current liabilities
Long-term lease liabilities	1,491			1,813
Net employee defined benefit liabilities	8,029			7,485
Total non-current liabilities	9,520			9,298
Current liabilities
Trade and other payables	1,020			142
Accrued expenses	10,996			11,797
Short-term deferred income	1,080			4,477
Short-term financing obligation	310			652
Short-term lease liabilities	441			442
Total current liabilities	13,847			17,510
Total liabilities	23,367			26,808
Total shareholders’ equity and liabilities	256,610			299,250

Statements of Income/(Loss)
(in CHF thousands except per share data)
	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2020			2019		2020				2019
Revenue
Contract revenue	1,123			33,208		14,487					109,596
Total revenue	1,123			33,208		14,487					109,596
Operating expenses
Research & development expenses	(15,518	)		(11,478	)	(43,536			)		(35,770	)
General & administrative expenses	(4,892	)		(3,956	)	(13,553			)		(10,835	)
Other operating income/(expenses)	482			203		807					368
Total operating expenses	(19,928	)		(15,231	)	(56,282			)		(46,237	)
Operating income/(loss)	(18,805	)		17,977		(41,795			)		63,359
Finance expense, net	(146	)		249		(552			)		(1,564	)
Change in fair value of conversion feature	—			—		—					4,542
Interest income	—			73		78					237
Interest expense	(43	)		(86	)	(152			)		(1,686	)
Finance result, net	(189	)		236		(626			)		1,529
Income/(loss) before tax	(18,994	)		18,213		(42,421			)		64,888
Income tax expense	—			—		—					—
Income/(loss) for the period	(18,994	)		18,213		(42,421			)		64,888
Earnings/(loss) per share (EPS):
Basic income/(loss) for the period attributable to equity holders	(0.26	)		0.25		(0.59			)		0.92
Diluted income/(loss) for the period attributable to equity holders	(0.26	)		0.25		(0.59			)		0.92

Statements of Comprehensive Income/(Loss)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in CHF thousands)	2020		2019		2020			2019
Income/(loss) for the period	(18,994	)	18,213		(42,421	)		64,888
Other comprehensive income/(loss) not to be reclassified to income or loss in subsequent periods (net of tax):
Re-measurement losses on defined benefit plans	—		—		—			—
Total comprehensive income/(loss), net of tax	(18,994	)	18,213		(42,421	)		64,888

  

Reconciliation of Income/(Loss) to Adjusted Income/(Loss) and
Earnings/(Loss) Per Share to Adjusted Earnings/(Loss) Per Share
	For the Three Months Ended September 30						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in CHF thousands except for share and per share data)
Income/(Loss)	(18,994	)		18,213			(42,421	)		64,888
Adjustments:
Non-cash share-based payments (a)	1,233			882			3,079			2,027
Foreign currency losses (b)	187			(272	)		686			286
Effective interest expense (c)	—			—			—			1,355
Change in fair value of conversion feature (d)	—			—			—			(4,542	)
Adjusted Income/(Loss)	(17,574	)		18,823			(38,656	)		64,014
Earnings/(Loss) per share – basic	(0.26	)		0.25			(0.59	)		0.92
Earnings/(Loss) per share – diluted	(0.26	)		0.25			(0.59	)		0.92
Adjustment to earnings/(loss) per share – basic	0.02			0.01			0.05			(0.01	)
Adjustment to earnings/(loss) per share – diluted	0.02			0.01			0.05			(0.01	)
Adjusted earnings/(loss) per share – basic	(0.24	)		0.26			(0.54	)		0.91
Adjusted earnings/(loss) per share – diluted	(0.24	)		0.26			(0.54	)		0.91
Weighted-average number of shares outstanding Adjusted earnings/(loss)–basic	71,925,009			71,822,884			71,888,273			70,184,257
Weighted-average number of shares outstanding Adjusted earnings/(loss)–diluted	71,925,009			72,281,264			71,888,273			70,700,690

(a)	Reflects non-cash expenses associated with share-based compensation for equity awards issued to Directors, Management and employees of the Company. This expense reflects the awards’ fair value recognized for the portion of the equity award which is vesting over the period.
(b)	Reflects foreign currency remeasurement gains and losses for the period, predominantly impacted by the change in the exchange rate between the US Dollar and the Swiss Franc.
(c)	Effective interest expense for the period relates to the accretion of the Company’s convertible loan in accordance with the effective interest method.
(d)	Change in fair value of conversion feature that is bifurcated from the convertible loan host debt with Lilly.

Adjustments for the three and nine months ended September 30, 2020, were CHF 1.4 million and CHF 3.8 million decreases in net losses compared with an increase to net income and a decrease to net income of CHF 0.6 million and CHF 0.9 million for the comparable periods in 2019, respectively. The Company recorded CHF 1.2 million and CHF 3.1 million for the three and nine months, respectively, for share-based compensation expenses. There were foreign currency remeasurement losses of less than CHF 0.2 million and CHF 0.7 million, respectively, predominantly related to the movement in our forward contract settled in Q2 2020. For the three months ended September 30, 2019, the Company recorded CHF 0.9 million for share-based compensation expenses. For the nine months ended September 30, 2019, the Company recorded CHF 2.0 million for share-based compensation expense. Additionally, the Company recorded CHF 1.4 million for amortization of effective interest and a CHF 4.5 million gain for the change in fair value of the liability related to the conversion feature for the nine months ended September 30, 2019. These were not repeated in the current period.

PRINCETON, N.J., Nov. 13, 2020 (GLOBE NEWSWIRE) — Oyster Point Pharma, Inc. (Nasdaq: OYST), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ocular surface diseases, today announced new data from its Phase 2 IMPERIAL clinical trial evaluating OC-01 (varenicline) nasal spray in the treatment of the signs and symptoms of dry eye disease in adults at the American Academy of Ophthalmology (AAO) 2020 Virtual Annual Meeting, being held on November 13-15.

A single administration of OC-01 nasal spray significantly reduced goblet cell area and perimeter as measured by in vivo confocal microscopy as compared to placebo in subjects with dry eye disease. Goblet cells in the conjunctiva are responsible for releasing mucus and, based on clinical data, may help re-establish tear film homeostasis. OC-01 nasal spray was found to be safe and well-tolerated in the study, with the most commonly reported treatment-related event being sneeze.

“The positive results from IMPERIAL add to the growing body of evidence around the safety and efficacy of OC-01 in addressing the signs and symptoms of dry eye disease, a condition that impacts the day-to-day lives of millions of adults in the United States despite current treatments,” said Pedram Hamrah, M.D., principal investigator for the IMPERIAL study and an ophthalmologist and cornea specialist at Tufts Medical Center, and professor of ophthalmology at Tufts University School of Medicine. “The data from this clinical study show how parasympathetic activation may stimulate mucin production at the ocular surface.”

The single-center, randomized, double-masked, placebo-controlled trial included 18 patients with dry eye disease. The objective of the study was to assess the effect of OC-01 nasal spray on goblet cell alterations by in vivo confocal microscopy (IVCM). IVCM images of the bulbar conjunctiva, the membrane covering the outer surface of the eye, taken prior to and 10 minutes after administration showed that OC-01 significantly reduced goblet cell area and perimeter in dry eye disease, indicating goblet cell degranulation, which releases lubricating mucus.

Details of the Poster Presentation

Title: OC-01 (Varenicline) Nasal Spray Induces Goblet Cell Alterations in Patients with Dry Eye Disease

Authors: Gabriela Dieckmann, M.D.; Stephanie M. Cox, O.D.; Maria J. Lopez, M.D.; M. Cunyet Ozmen, M.D.; Leyla Yavouz-Saricay, M.D.; Betul N. Bayraktutar, M.D.; William W. Binotti, M.D.; Jeffrey Nau, Ph.D., M.M.S.; Pedram Hamrah, M.D.

Abstract #: PO092

In addition to the poster presentation, Oyster Point Pharma president and CEO, Jeffrey Nau Ph.D., M.M.S., will present at the AAO Industry Showcase on Friday, Nov. 13 from 12:50 to 1:20 p.m. EST.

Presentations will be available to view during the event for those registered through the following link: https://www.aao.org/annual-meeting.

About OC-01 Nasal Spray

OC-01 is a highly selective nicotinic cholinergic agonist, being developed as a preservative free nasal spray to treat the signs and symptoms of dry eye disease. The parasympathetic nervous system, the “rest and digest” system of the body, controls tear film homeostasis partially via the trigeminal nerve, which is accessible within the nose. Administered as a preservative-free, aqueous nasal spray, OC-01’s novel mechanism of action activates the trigeminal parasympathetic pathway in the nasal cavity to stimulate natural tear film production. Human tear film is a complex mixture of more than 1,500 different proteins, including growth factors and antibodies, as well as numerous classes of lipids and mucins. This complex tear film coating is responsible for forming the primary refracting surface of the cornea, as well as protecting and moisturizing the cornea.

About Dry Eye Disease

Dry eye disease is a chronic, progressive condition that impacts more than 30 million people in the United States and is growing in prevalence. An estimated 16 million adults in the U.S. have been diagnosed with dry eye disease, a multifactorial condition of the ocular surface characterized by disruption of the tear film. A healthy tear film protects and lubricates the eyes, washes away foreign particles, contains growth factors and antimicrobial components to reduce the risk of infection, and creates a smooth surface that contributes refractive power for clear vision. Dry eye disease can have a significant impact on a person’s day-to-day quality of life, as it can cause persistent stinging, scratching, burning sensations, sensitivity to light, blurred vision and eye fatigue. Despite the large prevalence of dry eye and the burden of the disease, there remains a significant unmet need for effective therapies.

About Oyster Point Pharma

Oyster Point Pharma is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ocular surface diseases. Oyster Point Pharma’s lead product candidate, OC-01 nasal spray, a highly selective cholinergic agonist, is being developed as a nasal spray to treat the signs and symptoms of dry eye disease. OC-01 nasal spray’s novel mechanism of action re-establishes tear film homeostasis by activating the trigeminal parasympathetic pathway to stimulate the glands and cells responsible for natural tear film production, known as the lacrimal functional unit.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions and on information currently available to us. The forward-looking statements in this press release represent our views as of the date of this press release. These statements may include but are not limited to statements regarding future events, including our plans for and the anticipated benefits of and safety of our product candidates, the timing, objectives and results of the clinical studies and anticipated regulatory and development milestones, including potential timing of NDA submission and potential commercialization. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Important factors that could cause our actual results to differ materially are detailed from time to time in the reports we file with the Securities and Exchange Commission, copies of which are posted on our website and are available from us without charge. However, new risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties.

Investor Contact: 
Tim McCarthy 
LifeSci Advisors, LLC 
(212) 915-2564 
[email protected]

Media
C
ontact:

Sheryl Seapy, W2O Group
(213) 262-9390
[email protected] 

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TORONTO, Nov. 13, 2020 (GLOBE NEWSWIRE) — Onex Corporation (TSX: ONEX) today announced its financial results for the third-quarter and nine-months ended September 30, 2020 and an update on matters following quarter end.

“Building on our portfolio improvements last quarter, we continue to demonstrate increased momentum in our private equity and credit portfolios, resulting in a very good quarter for Onex,” said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. “Earlier this quarter, I was delighted to announce Bobby Le Blanc as President of Onex, in recognition of his leadership ability and the positive role he continues to play in our success.”

Highlights

• Onex reported segment net earnings for the three months ended September 30, 2020 of $515 million ($5.39 per fully diluted share), comprised of net earnings of $492 million from its investing segment and net earnings of $23 million from its asset and wealth management segment.
• Onex reported segment net earnings for the nine-months ended September 30, 2020 of $152 million ($1.55 per fully diluted share), comprised of net earnings of $164 million from its investing segment and a net loss of $12 million from its asset and wealth management segment.
• Onex’ private equity investments generated gross returns of 14% and 9% during the three and nine-months ended September 30, 2020, respectively.
• Onex’ total shareholder capital per fully diluted share increased by approximately 10% in the third-quarter to $74.04 (C$98.76), primarily driven by net increases in Onex’ private equity and credit investments.
• In August, Onex Partners sold approximately 32.0 million shares of SIG Combibloc Group (SWX: SIGN) at a price of CHF 15.50 per share. Onex’ share of the net proceeds was $162 million as a Limited Partner in Onex Partners IV and as a co-investor.
• In August, Onex invested $35 million in Onex Partners V as part of the Fund’s investment in preferred shares of Emerald Holdings, Inc. (NYSE: EEX). This attractively valued investment supports a business with a solid collection of assets with an opportunity remaining to improve operations.
• In September, Onex invested $64 million in Onex Partners V as part of the fund’s investment in Independent Clinical Services Group Ltd.
• In October, Onex Partners agreed to make a majority investment in OneDigital, a leading U.S. provider of employee benefits insurance brokerage and retirement consulting services. The transaction values OneDigital at $2.65 billion. The new equity investment of approximately $725 million will be made by Onex Partners V, Onex’ share will be approximately $200 million.
• Onex deployed $444 million (C$595 million) during the first ten months of 2020 by repurchasing 9,780,411 Subordinate Voting Shares at an average cost per share of C$60.86.

Financial


Results

For the three-months ended September 30, 2020, total segment net earnings were $515 million ($5.39 per fully diluted share). Investing segment earnings of $492 million ($5.17 per fully diluted share) were primarily driven by net gains on Onex’ private equity and credit investments consistent with the recovery in those markets during the quarter. Third-quarter asset and wealth management segment earnings of $23 million ($0.22 per fully diluted share) were driven by management and advisory fees as well as an increase in unrealized carried interest.

For the nine-months ended September 30, 2020, total segment net earnings were $152 million ($1.55 per fully diluted share). Investing segment earnings of $164 million ($1.67 per fully diluted share) were primarily driven by a net gain on Onex’ private equity investments which reflects the overall resiliency and diversification of the operating businesses that Onex has invested in. The asset and wealth management segment loss for the nine-months ended September 30, 2020 was $12 million ($0.12 per fully diluted share) driven primarily by a net reversal of unrealized carried interest.

Enclosed are supplementary schedules and non-IFRS measures related to Onex’ consolidated net earnings for the three- and nine-months ended September 30, 2020, shareholder capital at September 30, 2020 and cash and near-cash changes for the nine-months ended September 30, 2020. The financial statements prepared in accordance with International Financial Reporting Standards (IFRS), including Management’s Discussion and Analysis of the results, are posted on Onex’ website, www.onex.com, and are also available on SEDAR at www.sedar.com. A supplemental information package with additional information is available on Onex’ website, www.onex.com.

Webcast

Onex management will host a webcast to review Onex’ third-quarter 2020 results on Friday, November 13 at 11:00 a.m. ET. The webcast will be available in listen-only mode from the Presentations and Events section of Onex’ website, https://ir.onex.com/events-and-presentations. A 90-day on-line replay will be available shortly following the completion of the event.

About Onex

Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, senior loan strategies and other private credit strategies; and Gluskin Sheff’s wealth management services including its actively managed public equity and public credit funds. In total, Onex has approximately $36.6 billion of assets under management, of which approximately $6.7 billion is its own shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

The Onex Partners and ONCAP businesses have assets of $36 billion, generate annual revenues of $22 billion and employ approximately 149,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

Forward-Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

Non-GAAP Financial Measures

This press release may contain non-GAAP financial measures which have been calculated using methodologies that are not in accordance with IFRS. The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar financial measures presented by other companies. Onex management believes these financial measures provide helpful information to investors. Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical.

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Jill Homenuk
Managing Director, Shareholder Relations and Communications
Tel: +1 416.362.7711

Supplementary
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Non-IFRS Measures

Summarized Consolidated Net


Earnings


(


Loss


)

(Unaudited) ($ millions except per share amounts) Three months ended September 30 , 2020		Investing (i)			Asset and Wealth Management (i)			Total
Segment income	$	492		$	93		$	585
Segment expenses		–			(70)			(70)
Segment net earnings	$	492		$	23		$	515
Stock-based compensation recovery								3
Amortization of property and equipment and other intangible assets, excluding right-of-use assets								(12)
Integration expense								(5)
Net earnings							$	501
Segment net earnings per share(ii)	$	5.17		$	0.22		$	5.39
Net earnings per share
Basic							$	5.30
Diluted							$	5.29

(i)	Refer to the unaudited interim consolidated financial statements for segment presentation and allocation considerations.
(ii)	Calculated on a fully diluted basis.

(Unaudited) ($ millions except per share amounts) Nine months ended September 30, 2020		Investing (i)			Asset and Wealth Management (i)			Total
Segment income	$	164		$	182		$	346
Segment expenses		–			(194)			(194)
Segment net earnings (loss)	$	164		$	(12)		$	152
Stock-based compensation recovery								108
Amortization of property and equipment and other intangible assets, excluding right-of-use assets								(35)
Integration expense Impairment of goodwill								(7) (85)
Net earnings							$	133
Segment net earnings (loss) per share(ii)	$	1.67		$	(0.12)		$	1.55
Net earnings per share
Basic							$	1.36
Diluted							$	1.36

(i)	Refer to the unaudited interim consolidated financial statements for segment presentation and allocation considerations.
(ii)	Calculated on a fully diluted basis.

Shareholder Capital

(Unaudited) ($ millions except per share amounts) As at September 3 0 , 2020		Investing			Asset and Wealth Management			Total
Total segmented assets	$	6,260		$	780		$	7,040
Accounts payable and accrued liabilities		–			(33)			(33)
Accrued compensation		–			(86)			(86)
Lease and other liabilities		–			(118)			(118)
DSU hedge assets		–			(61)			(61)
Total shareholder capital (i)	$	6,2 60		$	48 2		$	6, 742
Shareholder capital per share (i)(ii)	$	6 8.74		$	5. 30		$	74.04

(i)

Shareholder capital and shareholder capital per share are non-GAAP financial measures which have been calculated using methodologies that are not in accordance with IFRS. A reconciliation of total segmented assets to shareholder capital is presented in this table. The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar financial measures presented by other companies. Management believes that shareholder capital is useful to investors as the metric is used, in part, to assess Onex’ performance.

(ii)

Calculated on a fully diluted basis using the treasury stock method. Fully diluted shares for shareholder capital per share were 91.1 million at September 30, 2020.

Cash and Near-Cash

The table below provides a reconciliation of the change in cash and near-cash from December 31, 2019 to September 30, 2020.

(Unaudited) ($ millions)
Cash and near-cash on hand at December 31, 2019(i)	$	1,842
Private equity realizations		582
Private equity investments		(325)
Real estate distributions		15
Net Onex Credit strategies investment activity, including warehouse facilities		(53)
Onex share repurchases, options exercised, dividends and director DSU redemption		(472)
Net other, including capital expenditures, management fees, operating costs and treasury income		12
Cash and near-cash on hand at September 30 , 20 20 (i)	$	1, 601

(i)	Includes $934 million (December 31, 2019 – $395 million) of treasury investments, $96 million (December 31, 2019 – $97 million) invested in an Onex Credit unlevered senior secured loan strategy fund and $192 million (December 31, 2019 – $190 million) of management fees.