Market Newsdesk

November 12, 2020 6:33 am

Docebo Reports Third Quarter 2020 Results

Docebo Reports Third Quarter 2020 Results

Annual Recurring Revenue (“ARR”) growth of 55% and positive Adjusted EBITDA

TORONTO–(BUSINESS WIRE)–Docebo Inc. (TSX:DCBO) (“Docebo” or the “Company”), a leading AI-powered learning platform, today announced financial results for the three and nine months ended September 30, 2020. All amounts are expressed in US dollars unless otherwise stated.

“Customer momentum remained strong in the third quarter as we reported 55% year over year growth in ARR and 54% year over year growth in subscription revenue, driven by another quarter of record new logo and upsell performance,” said Claudio Erba, CEO and Founder of Docebo. “This resulted in our first quarter of positive Adjusted EBITDA as a public company as we are seeing strong returns from our investments in growth. We will continue to focus on increasing our sales reach, expanding our relationships with our customers and broadening our product offering to capitalize on the tailwinds we are seeing for Docebo and the LMS industry.”

Third Quarter 2020 Financial Highlights

Revenue of $16.1 million, an increase of 52.0% from the comparative period in the prior year
Subscription revenue of $15.1 million, representing 93.8% of total revenue, and an increase of 54.1% from the comparative period in the prior year
Annual Recurring Revenue^1,2 as at September 30, 2020 of $64.6 million, an increase of $22.9 million from $41.7 million at the end of the third quarter of 2019, or an increase of 55%
Gross profit of $13.2 million, or 82.1% of revenue, a 200 bps improvement from the comparative period in the prior year
Net loss of $1.2 million, compared to net loss of $3.7 million for the comparative period in the prior year
Positive Adjusted EBITDA² of $0.6 million, or 3.6% of revenue, compared to ($1.4) million, or (13.1%) of revenue, for the comparative period in the prior year
Positive cash flow generated from operating activities of $0.5 million, compared to $(1.9) million for the comparative period in the prior year
Free cash flow² was near break-even at ($0.140) million compared to $(1.986) million for the comparative period in the prior year
Completed bought deal offering comprised of 500,000 common shares issued from treasury for net proceeds of $18.1 million (C$23.8 million) and 1,225,000 common shares sold by the certain shareholders, including the exercise in full by the underwriters of their overallotment option to purchase 225,000 common shares
Cash and cash equivalents of $60.8 million as at September 30, 2020

¹ Please refer to “Key Performance Indicators” section of this press release.

²Please refer to “Non-IFRS Measures and Reconciliation of Non-IFRS Measures” section of this press release.

Third Quarter 2020 Business Highlights

Docebo is now used by 2,025 customers, an increase from 1,632 customers at the end of September 30, 2019¹

Strong growth in average contract value, calculated as total Annual Recurring Revenue divided by the number of active customers, increasing from $25,551 to $31,901¹
Signed a customer expansion agreement with one of the largest operators of quick-service restaurants in the world to scale their learning across the globe. Originally signed in November of 2018 to train in 3,000 restaurant locations, Docebo will now extend training across 24,000 locations worldwide beginning in 2021, and will include some of world’s most prominent and iconic quick-service restaurant brands
Signed a customer expansion agreement with Syngenta Group, the world’s largest agrochemical company, to scale internal training across multiple departments across their global organization
Signed a new customer agreement with Amazon Web Services (“AWS”) to power its training and certification products across the globe
Added new customer agreements with Economical Insurance, SiriusXM and the World Anti-Doping Agency (WADA) during the third quarter of 2020
Received first revenues from a second OEM partner, just one month after completing the agreement
In the third quarter of 2020, Docebo received 14 Learning Excellence awards with Brandon Hall Group alongside their customers
Docebo has also been recognized as the #1 Learning Management System of 2020 by eLearningIndustry and has been included on the list of Canada’s top growing companies for 2020 by The Globe and Mail Report on Business
Subsequent to quarter end, launched Docebo Learning Impact following the completion of the acquisition of forMetris Société par Actions Simplifiée, a leading SaaS-based learning impact evaluation platform

¹ Historically, in calculating average contract value, all references to the number of customers or companies we serve included separate accounts per customer based on their installation(s) count. For the third quarter of the fiscal year ended December 31, 2020 and going forward, any separate accounts that our customers may have will be aggregated and counted as one customer based on the contracted customer for the purposes of calculating our average contract value to provide a more precise understanding of this metric. The following table outlines our average contract value from the start of fiscal year 2019 using this updated calculation method and historically reported values:


	Q1 2019	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020
	$	$	$	$	$	$
Updated Methodology
Number of customers	1,491	1,549	1,632	1,725	1,831	1,923
Average contract value (in thousands of US dollars)	$22,468	$23,848	$25,551	$27,362	$28,454	$29,616
As Previously Reported
Number of customers	1,596	1,651 ¹	1,712 ¹	1,808	1,938	2,046
Average contract value (in thousands of US dollars)	$20,990	$22,374	$24,357	$26,106	$26,883	$27,835

¹ Includes number of customers from OEM contracts

Third Quarter 2020 Results

Selected Financial Measures

	Three months ended September 30,							Nine months ended September 30,
	2020		2019		Change	Change		2020		2019		Change	Change
	$		$		$	%		$		$		$	%
Subscription Revenue	15,101		9,802		5,299	54.1	%	40,699		26,036		14,663	56.3	%
Professional Services	995		784		211	26.9	%	3,462		3,109		353	11.3	%
Total Revenue	16,096		10,586		5,510	52.0	%	44,161		29,145		15,016	51.5	%

Gross Profit Margin	13,213		8,476		4,737	55.9	%	35,597		23,087		12,510	54.2	%
Percentage of Total Revenue	82.1	%	80.1	%				80.6	%	79.2	%

Key Performance Indicators

	As at September 30,
	2020	2019	Change	Change %
Annual Recurring Revenue (in millions of US dollars)	64.6	41.7	22.9	54.9	%
Average Contract Value (in thousands of US dollars)	31.9	25.6	6.3	24.6	%
Customers	2,025	1,632	393	24.1	%

Non-IFRS Metrics

	Three months ended September 30,							Nine months ended September 30,
	2020		2019		Change	Change		2020		2019		Change		Change
	$		$		$	%		$		$		$		%
Adjusted EBITDA	577		(1,388	)	1,965	(142	)	(2,698	)	(4,552	)	1,854		(40.7	)%
Free Cash Flow	(140	)	(1,986	)	1,846	(93.0	)%	(2,882	)	(1,395	)	(1,487	)	106.6	%

Conference Call

Management will host a conference call on Thursday, November 12, 2020 at 8:00 am ET to discuss these third quarter results.

To access the conference call, please dial 416-764-8688 or 1-888-390-0546. The audited financial statements for the three and nine months ended September 30, 2020 and Management’s Discussion & Analysis for the same period have been filed on SEDAR at www.sedar.com. Alternatively, these documents along with a presentation in connection with the conference call can be accessed online at https://investors.docebo.com.

An archived recording of the conference call will be available until November 19, 2020 and for 90 days on our website. To listen to the recording, call 416-764-8677 or 1-888-390-0541 and enter passcode 296548.

Forward-looking Information

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may relate to our future financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, the impact of COVID-19 on our business, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information.

In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or, “will”, “occur” or “be achieved”, and similar words or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

This forward-looking information includes, but is not limited to, statements regarding industry trends; our growth rates and growth strategies; addressable markets for our solutions; the achievement of advances in and expansion of our platform; expectations regarding our revenue and the revenue generation potential of our platform and other products; our business plans and strategies; and our competitive position in our industry.

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to:

the Company’s ability to execute on its growth strategies;

the impact of changing conditions in the global corporate e-learning market;

increasing competition in the global corporate e-learning market in which the Company operates;

fluctuations in currency exchange rates and volatility in financial markets;

the extent of the impact of COVID-19 and measures taken to contain the virus on our results of operations and overall financial performance;

changes in the attitudes, financial condition and demand of our target market;

developments and changes in applicable laws and regulations; and

such other factors discussed in greater detail under the “Risk Factors” section of our Annual Information Form dated March 11, 2020 (“AIF”), which is available under our profile on SEDAR at www.sedar.com.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The opinions, estimates or assumptions referred to above and described in greater detail in the “Summary of Factors Affecting our Performance” section of our MD&A for the three and nine months ended September 30, 2020 and in the “Risk Factors” section of our AIF, should be considered carefully by prospective investors.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents our expectations as of the date specified herein, and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

Additional information relating to Docebo, including our Annual Information Form, can be found on SEDAR at www.sedar.com.

About Docebo

Docebo is redefining the way enterprises learn by applying new technologies to the traditional corporate learning management system market. Docebo provides an easy-to-use, highly configurable learning platform with the end-to-end capabilities designed to make customers, partners, and employees love their learning experience.

Results of Operations

The following table outlines our consolidated statements of loss and comprehensive loss for the following periods:


	Three months ended September 30,				Nine months ended September 30,
(In thousands of US dollars, except per share data)	2020		2019		2020		2019
	$		$		$		$
Revenue	16,096		10,586		44,161		29,145
Cost of revenue	2,883		2,110		8,564		6,058
Gross profit	13,213		8,476		35,597		23,087

Operating expenses
General and administrative	3,575		3,219		11,260		9,342
Sales and marketing	5,796		5,711		17,559		13,104
Research and development	3,265		2,175		9,476		6,434
Share-based compensation	512		99		1,317		251
Foreign exchange (gain) loss	440		148		(1,607	)	102
Depreciation and amortization	279		207		771		594
	13,867		11,559		38,776		29,827
Operating loss	(654	)	(3,083	)	(3,179	)	(6,740	)

Finance expense, net	78		228		37		707
Loss on change in fair value of convertible promissory notes	—		—		—		776
Other income	(19	)	(18	)	(57	)	(57	)
Loss before income taxes	(713	)	(3,293	)	(3,159	)	(8,166	)
Income tax expense	445		449		754		449
Net loss for the year	(1,158	)	(3,742	)	(3,913	)	(8,615	)

Other comprehensive loss
Item that may be reclassified subsequently to income:
Foreign currency translation loss (gain)	117		(471	)	2,035		(69	)
Item not subsequently reclassified to income:
Actuarial loss	—		10		—		30
	117		(461	)	2,035		(39	)
Comprehensive loss	(1,275	)	(3,281	)	(5,948	)	(8,576	)

Loss per share – basic and diluted	(0.04	)	(0.16	)	(0.14	)	(0.37	)
Weighted average number of common shares outstanding – basic and diluted	28,748,652		23,760,149		28,560,806		23,122,698

Key Statement of Financial Position Information


(In thousands of US dollars, except percentages)	September 30, 2020	December 31, 2019	Change	Change
	$	$	$	%
Cash and cash equivalents	60,835	46,278	14,557	31.5	%
Total assets	88,738	63,860	24,878	39.0	%
Total liabilities	43,740	32,479	11,261	34.7	%
Total long-term liabilities	4,477	3,938	539	13.7	%

Non-IFRS Measures and Reconciliation of Non-IFRS Measures

This press release makes reference to certain non-IFRS measures including key performance indicators used by management and typically used by our competitors in the software-as-a-service (“SaaS”) industry. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures and SaaS metrics are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including SaaS industry metrics, in the evaluation of companies in the SaaS industry. Management also uses non-IFRS measures and SaaS industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation. The non-IFRS measures and SaaS industry metrics referred to in this press release include “Annual Recurring Revenue”, “Adjusted EBITDA” and “Free Cash Flow”.

Key Performance Indicators

We recognize subscription revenues ratably over the term of the subscription period under the provisions of our agreements with customers. The terms of our agreements, combined with high customer retention rates, provides us with a significant degree of visibility into our near-term revenues. Management uses a number of metrics, including the ones identified below, to measure the Company’s performance and customer trends, which are used to prepare financial plans and shape future strategy. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies.

Annual Recurring Revenue. We define Annual Recurring Revenue as the annualized equivalent value of the subscription revenue of all existing contracts (including Original Equipment Manufacturer (“OEM”) contracts) as at the date being measured, excluding non-recurring implementation, support and maintenance fees. Our customers generally enter into one to three year contracts which are non-cancellable or cancellable with penalty. All the customer contracts, including those for one-year terms, automatically renew unless cancelled by our customers. Accordingly, our calculation of Annual Recurring Revenue assumes that customers will renew the contractual commitments on a periodic basis as those commitments come up for renewal. Subscription agreements may be subject to price increases upon renewal reflecting both inflationary increases and the additional value provided by our solutions. In addition to the expected increase in subscription revenue from price increases over time, existing customers may subscribe for additional features, learners or services during the term. We believe that this measure provides a fair real-time measure of performance in a subscription-based environment. Annual Recurring Revenue provides us with visibility for consistent and predictable growth to our cash flows. Our strong total revenue growth coupled with increasing Annual Recurring Revenue indicates the continued strength in the expansion of our business and will continue to be our target on a go-forward basis.

Annual Recurring Revenue was as follows as at September 30:

			2020		2019		Change		Change %
Annual Recurring Revenue (in millions of US dollars)			64.6		41.7		22.9		54.9%

Adjusted EBITDA

Adjusted EBITDA is used by management as a supplemental measure to review and assess operating performance and, in conjunction with the financial statements, provides a more comprehensive picture of factors and trends affecting our business. Management believes that Adjusted EBITDA is a useful measure of operating performance and our ability to generate cash-based earnings, as it provides a useful view of operating results by excluding the effects of financing and investing activities which removes the effects of interest, depreciation and amortization expenses as non-cash items that are not reflective of our underlying business performance, and other one-time or non-recurring expenses. The Company defines Adjusted EBITDA as net loss excluding taxes (if applicable), net finance expense, depreciation and amortization, loss on change in fair value of convertible promissory notes, loss on disposal of assets (if applicable), share based compensation, transaction related expenses and foreign exchange gains and losses. Management believes that these adjustments are appropriate in making Adjusted EBITDA an approximation of cash-based earnings from operations before capital replacement, financing, and income tax charges. Adjusted EBITDA does not have a standardized meaning under IFRS and is not a measure of operating income, operating performance or liquidity presented in accordance with IFRS and is subject to important limitations. The Company’s definition of Adjusted EBITDA may be different than similarly titled measures used by other companies.

The following table reconciles Adjusted EBITDA to net loss for the periods indicated:

Three months ended September 30,

Nine months ended September 30,

(In thousands of US dollars)

2020

2019

2020

2019

$

$

$

$

Net loss

(1,158

)

(3,742

)

(3,913

)

(8,615

)

Finance (income) expense, net⁽¹⁾

78

228

37

707

Depreciation and amortization⁽²⁾

279

207

771

594

Income tax expense

445

449

754

449

Loss on change in fair value of convertible promissory notes⁽³⁾

—

—

—

776

Share-based compensation⁽⁴⁾

512

99

1,317

251

Other income⁽⁵⁾

(19

)

(18

)

(57

)

(57

)

Foreign exchange (gain) loss⁽⁶⁾

440

148

(1,607

)

102

Transaction related expenses⁽⁷⁾

—

1,241

—

1,241

Adjusted EBITDA

577

(1,388

)

(2,698

)

(4,552

)

Notes:

Finance expense for the three and nine months ended September 30, 2019 is primarily related to interest and accretion expense on the secured debentures and convertible promissory notes. As these were repaid in October 2019 with the net proceeds from the IPO, no further interest expenses on debt have been incurred during the three and nine months ended September 30, 2020. In fiscal 2020 interest income was earned on the net proceeds from the IPO as the funds are held within short-term investments in highly liquid marketable securities which is offset by interest expenses incurred on lease obligations.

Depreciation and amortization expense is primarily related to depreciation expense on right-of-use assets (“ROU assets”) and property and equipment. As a result of the adoption of IFRS 16 – Leases effective January 1, 2019 depreciation and amortization expense for the three and nine months ended September 30, 2020 includes amortization expense on ROU assets of $190 and $523, respectively (2019 – $150 and $432).

These costs are related to the change in valuation of our convertible promissory notes from period to period, which is a non-cash expense and is thus not indicative of our operating profitability. These costs should be adjusted for in accordance with management’s view of Adjusted EBITDA as an approximation of cash-based earnings from operations before capital replacement, financing, and income tax charges. In May 2019, these convertible promissory notes were converted into common shares. There will be no further impact on our results of operations from such convertible promissory notes and the Company does not currently intend to issue any additional convertible promissory notes.

These expenses represent non-cash expenditures recognized in connection with the issuance of share-based compensation to our employees and directors.

Other income is primarily comprised of rental income from subleasing office space.

These non-cash losses relate to foreign exchange (gain) loss.

These expenses are related to our IPO and include professional, legal, consulting and accounting fees that are non-recurring and would otherwise not have been incurred and are not considered an expense indicative of continuing operations.

Free Cash Flow

Free Cash Flow is defined as cash used in operating activities less additions to property and equipment and non-current assets. The following table reconciles our cash flow used in operating activities to Free Cash Flow:

Three months ended September 30,

Nine months ended September 30,

(In thousands of US dollars)

2020

2019

2020

2019

$

$

$

$

Cash flow used in operating activities

455

(1,893

)

(1,891

)

(1,089

)

Additions to property and equipment and non-current assets

(595

)

(93

)

(991

)

(306

)

Free Cash Flow

(140

)

(1,986

)

(2,882

)

(1,395

)

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005187/en/

Dennis Fong, Investor Relations

(416) 283-9930

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Software Technology Mobile/Wireless Other Technology

MEDIA:

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Posted on November 12, 2020 6:33 am
BiomX Reports Third Quarter 2020 Financial Results and Announces Expanded Portfolio of Phage Therapy Candidates

BiomX Reports Third Quarter 2020 Financial Results and Announces Expanded Portfolio of Phage Therapy Candidates

Company unveils BOLT (BacteriOphage Lead to Treatment) platform designed for more rapid and efficient development of phage therapy

BOLT enables the Company to expand portfolio with two additional phage therapy programs in cystic fibrosis and atopic dermatitis and allows consolidation of two programs into one product candidate, BX003, for the treatment of both inflammatory bowel disease (IBD) and primary sclerosing cholangitis (PSC)

Company to host conference call today at 8:00 a.m. Eastern Time

NESS ZIONA, Israel–(BUSINESS WIRE)–
BiomX Inc. (NYSE American: PHGE), a clinical stage company developing natural and engineered phage therapies targeting specific pathogenic bacteria, today reported financial results and a business update for the third quarter ended September 30, 2020.

“BiomX continues to lead in the field of phage therapy by implementing proprietary processes for accelerated development,” commented Jonathan Solomon, Chief Executive Officer of BiomX. “Our novel BOLT platform, which is the result of an accumulated five years of technological development, significantly reduces the time required to reach clinical proof-of-concept. The improved efficiency of this platform allows us to expand our portfolio with two significant new programs without affecting our projected cash runway.”

Continued Mr. Solomon, “This expansion includes near term opportunities with phage therapy candidates. We expect clinical proof of concept results in patients for cystic fibrosis and atopic dermatitis by the end of 2021 and mid-2022, respectively. Improvements in R&D also allow for the consolidation of our inflammatory bowel disease (IBD) and primary sclerosing cholangitis (PSC) programs. We now have one improved, broad host range product candidate, BX003, targeting Klebsiella pneumoniae, a potential pathogen implicated in both diseases to be developed for both indications. The consolidation of these programs results in an updated timeline for Phase 1b/2a results with BX003 expected in mid-2022. In addition, we expect data from a planned Phase 2 cosmetic clinical study in acne-prone skin in the second quarter of 2021.”

About the BOLT Platform

The newly unveiled BOLT (“BacteriOphage Lead to Treatment”) R&D platform enables BiomX to rapidly develop, manufacture and formulate a phage treatment targeting a given pathogenic bacteria. The platform allows BiomX to conduct an initial clinical proof of concept study in patients (Phase 2 results) within approximately 12-18 months of project initiation¹. The ability to move quickly into clinical development is also driven by the strong safety profile of naturally-occurring phage, as corroborated by regulatory guidance provided to BiomX by the FDA as relating to its IBD program, allowing the Company to bypass safety studies and studies in healthy volunteers and to proceed directly to patient studies.

Recent Highlights and Key Upcoming Milestones

Acne-Prone Skin

The Company expects to initiate a Phase 2 cosmetic clinical study of phage therapy BX001 in the first quarter of 2021, with results expected in the second quarter of 2021.

Cystic Fibrosis

A new program for development of a phage therapy targeting chronic respiratory infections caused by Pseudomonas aeruginosa, a main contributor to morbidity and mortality in patients with cystic fibrosis. Phase 2 results of a proof of concept clinical study evaluating safety and efficacy in patients are expected in the fourth quarter of 2021.

Atopic Dermatitis

A new program for development of a topically administered phage therapy targeting Staphylococcus aureus, a bacterium linked to the development and exacerbation of inflammation in atopic dermatitis. Phase 2 results of a proof of concept clinical study evaluating safety and efficacy in patients are expected in the first half of 2022.

IBD and PSC

Results of a Phase 1a study are expected in the first quarter of 2021. The study is designed to provide safety and pharmacokinetic data, including an assessment of delivery of viable phage to the gastrointestinal system as a key exploratory endpoint.

Results of the Phase 1b/2a study aimed at evaluating the efficacy of BX003, improved broad host range phage therapy, in reduction of the target bacteria Klebsiella pneumoniae are expected by mid-2022.

Tumor-Targeted Delivery in Cancer

BiomX is exploring phage mediated delivery of therapeutic payloads to Fusobacterium nucleatum bacteria residing in the tumors of patients with colorectal cancer. Preclinical results from animal studies evaluating use of phage therapy in combination with checkpoint inhibitors are expected in the second quarter of 2021.

Biomarker Discovery Collaboration with Boehringer Ingelheim

In September 2020, BiomX entered into a collaboration with Boehringer Ingelheim to utilize the BiomX XMarker microbiome-based biomarker discovery platform to potentially identify biomarkers associated with patient phenotypes in IBD.

Third Quarter 2020 Financial Results

Cash balance and short-term deposits as of September 30, 2020, were $64.5 million, compared to $82.4 million as of December 31, 2019. The decrease was primarily due to net cash used in operating activities.

Research and development expenses were $6.4 million in the third quarter of 2020, compared to $2.9 million in the same period of 2019. The increase was primarily due to growth in the number of employees which resulted in an increase of salaries and related expenses and due to an increase in depreciation and amortization expenses.

General and administrative expenses were $2.4 million in the third quarter of 2020, compared to $1.8 million in the same period in 2019. The increase was primarily due to expenses associated with operating as a public company, such as directors’ and officers’ insurance, filing and legal and accounting expenses.

Net loss was $8.8 million in the third quarter of 2020, compared to $4.3 million in the same period of 2019.

Net cash used in operating activities was $17.3 million for the nine months ended September 30, 2020, compared to $10.5 million in the same period of 2019.

Financial Expectations

Existing cash, cash equivalents and short-term deposits are expected to be sufficient to fund the Company’s current operating plan through mid-2022.

Conference Call Details

BiomX management will host a conference call and webcast today at 8:00 a.m. ET to report financial results for the third quarter of 2020 and provide business updates. To participate in the conference call, please dial 1-877-407-0724 (U.S.), 1-809-406-247 (Israel) or 1-201-389-0898 (international). A live and archived webcast of the call will be available in the Investors section of the company’s website at www.biomx.com.

About BiomX

BiomX is a clinical-stage biotechnology company developing both natural and engineered phage cocktails designed to target and destroy bacteria that affect the appearance of skin, as well as target bacteria in the treatment of chronic diseases, such as inflammatory bowel disease, primary sclerosing cholangitis, cystic fibrosis and colorectal cancer. BiomX discovers and validates proprietary bacterial targets and customizes phage compositions against these targets.

Additional information is available at www.biomx.com, the content of which does not form a part of this press release.

Safe Harbor Language

This press release contains express or implied “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. For example, when BiomX discusses the potential opportunities for and benefits of the BOLT platform, the expected timing of initiation and receipt of results from its various pre-clinical and clinical studies as well as the acceptance of regulatory agencies of the design thereof, its collaboration with Boehringer Ingelheim and the potential thereof and the sufficiency of its funding through mid-2022, BiomX is making forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on BiomX management’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of BiomX control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements and should review the risks and uncertainties described under the caption “Risk Factors” in BiomX’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and additional disclosures BiomX makes in its filings with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov. Forward-looking statements are made as of the date of this press release, and except as provided by law BiomX expressly disclaims any obligation or undertaking to update forward-looking statements.

¹ In certain indications the length of clinical proof of concept may be longer depending on indication, identity of target bacteria, recruitment rate, cohort size and other factors.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005113/en/

Noel Kurdi, BiomX

VP Investor Relations and Strategy

(646) 241-4400

[email protected]

Media contact:

Rich Allan, Solebury Trout

(646) 378-2958

[email protected]

KEYWORDS: United States North America Israel Middle East New York

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health Clinical Trials

MEDIA:

Posted on November 12, 2020 6:33 am
MEDIA ADVISORY: WWF-Canada’s guide to Gifts That Change the World

WWF-Canada’s new collection lets you give a gift that gives back long after the holidays are over

TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) — ‘Tis the season for giving — and for giving back! This holiday season, shoppers can choose from a range of new WWF-Canada products that can literally help change the world by supporting the conservation organization’s efforts to restore habitats, reverse wildlife decline and fight climate change.

WWF-Canada’s guide to Gifts that Change the World includes:

New wildlife species for adoption:

Four new species — the collared pika, red kangaroo, ring-tailed lemur and platypus –have joined the WWF-Canada plush collection this year. Dozens of past favourites have also returned, including polar bear, narwhal, bumblebee, sloth, grey wolf and giant panda.

Each $45 to $65 symbolic adoption kit includes a high-quality stuffed animal, personalized adoption certificate, educational poster about the species and conservation work the purchase supports, and a charitable tax receipt all wrapped up in a reusable WWF tote bag.

Purchasers can also choose to give a card-only symbolic adoption for $25. Each stunning wildlife card comes with an embedded adoption certificate, all enclosed in a beautiful envelope.

Virtual gifts
These e-cards are perfect for friends and family who you can’t see in person this year or as a last-minute gift for someone who has everything. Sent straight to their inbox, these gifts may be virtual, but their impact is very real.

Keep a bumblebee buzzing for $55

Give an orca the gift of silence for $45

Help reindeer thrive for $25

Clothing and accessories for kids and adults

This adorable panda print face masklets you show your support for wildlife.

WWF-branded T-shirts and hoodiesare eco-friendly and let you wear your love of nature on your sleeve.

Our branded wool mittensare 100 per cent cruelty-free and will keep your friends and family warm.

A panda-branded leash
lets you spoil the pets on your gift list

Sustainable stocking stuffers
Instead of single-use trinkets, fill their stockings with a WWF-branded reusable straw set, reusable produce sacks and a JOCO coffee cup.

How to order:

Visit wwf.ca/shop or call 1-800-26-PANDA.

Canada Post is experiencing high parcel volumes and has implemented important COVID-19 safety measures in their processing facilities which can result in shipping delays. To ensure delivery by Dec. 25, please place your order well before Dec. 13 for urban addresses or Dec. 11 for rural addresses. Priority shipping options are available.

Gifts that Change the World media assets are available for download.

About World Wildlife Fund Canada

WWF-Canada creates solutions to the environmental challenges that matter most for Canadians. We work in places that are unique and ecologically important, so that nature, wildlife and people thrive together. Because we are all wildlife. For more information, visit wwf.ca.

Attachments

Platypus Plush

Website image

Emily Vandermeer WWF-Canada 519-616-1556 [email protected]

Posted on November 12, 2020 6:33 am
Metacrine Reports Business Updates and Third Quarter 2020 Financial Results

Upcoming Data at AASLD Support Robust, Sustained FXR Activation by MET409 in Patients with NASH

$85 Million Initial Public Offering Completed

SAN DIEGO, Nov. 12, 2020 (GLOBE NEWSWIRE) — Metacrine, Inc. (Nasdaq: MTCR), a clinical-stage biopharmaceutical company focused on discovering and developing differentiated therapies for patients with liver and gastrointestinal diseases, today reported recent business highlights and third quarter 2020 financial results.

“2020 has been a transformational year for Metacrine, as we advanced the development of our proprietary FXR platform, including our MET409 and MET642 clinical programs, and made the important transition into a publicly traded company,” said Preston Klassen, M.D., MHS, president and chief executive officer of Metacrine. “As we look to the rest of the year, we plan to present new data from our MET409 Phase 1b proof-of-concept clinical trial in patients with NASH at AASLD, which further support the continued advancement of these potential best-in-class FXR programs. Additionally, we have selected the antidiabetic agent, an SGLT-2 inhibitor, to be evaluated with MET409 in our planned combination trial, which is on-track to initiate in the first half of next year. With additional capital and an established leadership team of talented industry veterans, we stand in a strong position to continue advancing both MET409 and MET642, while also exploring additional opportunities in our early-stage pipeline to expand our portfolio and support our future growth.”

Program Highlights

New MET409 Data to be Presented at AASLD’s The Liver Meeting Digital Experience:

Two posters highlighting pharmacokinetic and pharmacodynamic data along with early prediction of longer term changes in liver fat content on the company’s lead clinical candidate, MET409
, a farnesoid X receptor (FXR) agonist for the treatment of non-alcoholic steatohepatitis (NASH), will be presented at the American Association for the Study of Liver Diseases’ (AASLD) The Liver Meeting Digital Experience™. The virtual meeting is taking place November 13-16, 2020.

SGLT-2 Inhibitor Selected as Combination Agent for MET409 Phase 2a Combination Trial: Metacrine has selected empagliflozina sodium-glucose cotransport-2 (SGLT-2) inhibitor, to be evaluated in combination with MET409 in the company’s planned Phase 2a clinical trial for the treatment of patients with both NASH and type 2 diabetes. SGLT-2 inhibitors, in addition to affording glycemic control and cardiovascular/renal benefits, have demonstrated positive effects on liver fat reduction. A daily oral combination treatment with an FXR agonist and SGLT-2 inhibitor could be beneficial for patients with NASH and type 2 diabetes, who are believed to be at a greater risk of liver disease progression. The company anticipates beginning the combination trial in the first half of 2021.

Positive MET409 Phase 1b Clinical Data in NASH Patients Presented at the Digital International Liver Congress™ 2020: In August, Metacrine presented positive, final results from its 12-week, randomized, placebo-controlled Phase 1b study of MET409 in patients with NASH in a late-breaking poster presentation as part of the Digital International Liver Congress. In the Phase 1b proof-of-concept trial, 58 patients with NASH were randomized 1:1:1 to receive oral, once-daily MET409 at 50 mg or 80 mg, or to placebo. Study findings show that MET409 meaningfully lowered and normalized liver fat content compared to placebo with a reassuring safety and tolerability profile. The full findings can be seen here.

MET409 Received FDA Fast Track Designation for the Treatment of NASH: In August, Metacrine announced that the FDA granted Fast Track designation to MET409 for the treatment of NASH. Fast Track is a process designed to facilitate the development and expedite the review of drugs designed to treat serious diseases or conditions and that have the potential to fill an unmet medical need for such diseases or conditions. This designation was granted to MET409 based on data from a completed Phase 1b study in NASH patients as well as preclinical studies.

Recent Business Highlights

Successful Initial Public Offering (IPO) Completed: On September 15, 2020, Metacrine sold 6,540,000 shares of its common stock at a public offering price of $13.00 per share. The gross proceeds to Metacrine from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Metacrine, were approximately $85.0 million.

Anticipated Milestones

Metacrine expects to announce topline results from its Phase 1 clinical study in healthy volunteers of MET642 before the end of 2020.

Upcoming Investor Conference Presentation

Preston Klassen, M.D., MHS, president and chief executive officer of Metacrine, will participate in a fireside chat during the Jefferies Virtual London Healthcare Conference on Thursday, Nov. 19, 2020 at 7:20 p.m. GMT/11:20 a.m. PT.

The live webcast will be available in the investor section of the company’s website at www.metacrine.com. The webcast will be archived for 60 days following the presentation.

Third Quarter Financial Results

Cash Balance: Cash, cash equivalents and short-term investments were $109.2 million as of September 30, 2020, which includes $85.0 million in gross proceeds from the company’s IPO completed in September 2020.

R&D Expenses: Research and development (R&D) expenses were $6.2 million for the three months ended September 30, 2020, as compared to $7.6 million for the same period in the prior year. The decrease in research and development expenses was primarily attributable to manufacturing, preclinical and toxicology work performed during 2019 to support the initiation of the Phase 1 clinical trial of MET642 in March 2020.

G&A Expenses: General and administrative (G&A) expenses were $2.7 million for the three months ended September 30, 2020, as compared to $1.1 million for the same period in the prior year. The increase in general and administrative expenses was primarily attributable to increased headcount and non-cash stock-based compensation charges.

Net Loss: Net loss was $9.1 million for the three months ended September 30, 2020, as compared to $8.5 million for the same period in the prior year.

About Metacrine

Metacrine, Inc. (Nasdaq: MTCR) is a clinical-stage biopharmaceutical company building a differentiated pipeline of therapies to treat liver and gastrointestinal (GI) diseases. The company’s most advanced programs, MET409 and MET642, target the farnesoid X receptor (FXR), which is central to modulating liver and GI diseases. Both MET409 and MET642 are currently being investigated in clinical trials as potential new treatments for non-alcoholic steatohepatitis (NASH).

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, statements regarding the therapeutic potential of MET409 and MET642; statements regarding Metacrine’s timelines; the differentiated nature of Metacrine’s FXR program; plans underlying Metacrine’s clinical trials; plans for advancing the clinical development of Metacrine’s FXR program; the potential best-in-class nature of Metacrine’s FXR program; and the potential for its FXR product candidates to be long-term therapies for NASH; and the potential benefits of MET409’s Fast Track designation. Words such as “may,” “will,” “expect,” “plan,” “aim,” “anticipate,” “estimate,” “intend,” “potential,” “prepare” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Metacrine’s expectations and assumptions that may never materialize or prove to be incorrect. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties, including but not limited to: risks and uncertainties regarding regulatory approvals for MET409 or MET642; potential delays in initiating, enrolling or completing any clinical trials; potential adverse side effects or other safety risks associated with Metacrine’s product candidates; competition from third parties that are developing products for similar uses; and Metacrine’s ability to obtain, maintain and protect its intellectual property. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in Metacrine’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on November 12, 2020, and in Metacrine’s other filings with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except as required by law, Metacrine assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

Contact:

Chelcie Lister
THRUST Strategic Communications
910.777.3049
[email protected]

Metacrine, Inc.

Unaudited Condensed Consolidated Statements of Operations

(In thousands, except per share data)

Three Months Ended Nine Months Ended

September 30, September 30,

2020 2019 2020 2019

Operating expenses:

Research and development $ 6,217 $ 7,647 $ 19,973 $ 19,497

General and administrative 2,693 1,069 6,087 3,057

Total operating expenses 8,910 8,716 26,060 22,554

Loss from operations (8,910 ) (8,716 ) (26,060 ) (22,554 )

Total other income (expense) (144 ) 251 (428 ) 1,018

Net loss $ (9,054 ) $ (8,465 ) $ (26,488 ) $ (21,536 )

Net loss per share, basic and diluted $ (1.41 ) $ (3.51 ) $ (6.89 ) $ (9.17 )

Weighted average shares of common stock outstanding, basic and diluted 6,436,546 2,409,227 3,845,793 2,349,635

Metacrine, Inc.

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

September 30, December 31,

2020 2019

Assets

Current assets:

Cash, cash equivalents, and short-term investments $ 109,239 $ 55,651

Prepaid expenses and other current assets 1,663 1,692

Total current assets 110,902 57,343

Property and equipment, net 690 735

Operating lease right-of-use asset 1,740 2,203

Total assets $ 113,332 $ 60,281

Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)

Current liabilities:

Accounts payable $ 655 $ 239

Accrued and other current liabilities 3,447 4,149

Total current liabilities 4,102 4,388

Long-term debt, net of debt discount 9,309 9,099

Other long-term liabilities 1,758 2,566

Convertible preferred stock – 122,465

Stockholders’ equity (deficit) 98,163 (78,237 )

Total liabilities, convertible preferred stock, and stockholders’ equity (deficit) $ 113,332 $ 60,281

Metacrine, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)

Nine Months Ended

September 30,

2020 2019

Operating activities:

Net loss $ (26,488 ) $ (21,536 )

Non-cash adjustments 4,025 1,505

Changes in operating assets and liabilities (1,658 ) 1,361

Net cash used in operating activities (24,121 ) (18,670 )

Investing activities:

Purchases of property and equipment (172 ) (56 )

Proceeds from short-term investments 29,089 11,398

Net cash provided by investing activities 28,917 11,342

Financing activities:

Proceeds from issuance of common stock from initial public offering, net of issuance costs 77,750 –

Proceeds from issuance of long-term debt, net of issuance cost – 9,717

Proceeds from other financing activities 67 29

Net cash provided by financing activities 77,817 9,746

Net increase in cash and cash equivalents 82,613 2,418

Cash and cash equivalents at beginning of period 15,668 15,965

Cash and cash equivalents at end of period $ 98,281 $ 18,383

Posted on November 12, 2020 6:33 am
Gold Standard Drilling Finds New High-Grade Oxide Gold Zone at the Pinion Deposit, Carlin Trend, Nevada

PR20-26 intersects 77.7m of 2.24 g Au/t, including 22.9m of 4.21 g Au/t and PR20-34 intersects 38.1m of 4.37 g Au/t including 16.8m of 5.41 g Au/t

PR20-26 intersects 77.7m of 2.24 g Au/t, including 22.9m of 4.21 g Au/t and PR20-34 intersects 38.1m of 4.37 g Au/t including 16.8m of 5.41 g Au/t

VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — Gold Standard Ventures Corp. (TSX: GSV; NYSE AMERICAN: GSV) (“Gold Standard” or the “Company”) today announced that its 2020 Pinion deposit development program has found a new higher-grade oxide zone with potential to grow. The new zone at Pinion exhibits thicker breccia as well as exceptional oxide grades based on recent drilling on GSV’s 100%-owned/controlled Railroad-Pinion Project in Nevada’s Carlin Trend.

The drill results released today are from an additional 36 reverse-circulation (“RC”) holes (see Pinion DH Location Map – Nov. 10, 2020 and Significant Pinion DH Intercepts – Nov. 10, 2020). With this release, all reverse circulation holes (60 total) have been reported. Results from 15 core holes are pending.

Oxide results include 77.7m of 2.24 g Au/t, including 22.9m of 4.21 g Au/t in PR20-26; 38.1m of 4.37 g Au/t, including 16.8m of 5.41 g Au/t in PR20-34; 25.9m of 3.66 g Au/t, including 12.2m of 6.45 g Au/t in PR20-60; and 39.6m of 1.36 g Au/t, including 15.2m of 2.03 g Au/t in PR20-37. These results identify a number of new and potentially value-add opportunities at Pinion and the greater South Railroad Project, including: 1) a N60W trending zone of higher-grade oxide mineralization at Pinion that remains open to the south, east and at depth; 2) a potential expansion of the Pinion Phase 4 resource; and 3) a new gold host unit – the Tripon Pass Formation – which hosts +1 g Au/t reduced mineralization.

Objectives of the drilling included: 1) decreasing drill spacing on the Pinion Phase 4 inferred oxide resource for conversion to Measured and Indicated; 2) providing material for metallurgical testing; and 3) tightening the drill spacings near historic Cameco holes SB-136, an RC hole that intersected 102.1m of 1.38 g Au/t, and SB-162-99, a core hole that twinned and verified the SB-136 results with an intercept of 112.0m of 1.24 g Au/t. All of these objectives have been successfully completed.

Jonathan Awde, CEO and Director of Gold Standard commented: “Railroad-Pinion has continued to provide upside surprises. The new Pinion zone has the best oxide gold grades we have ever drilled at Pinion and it has potential to expand. Finding gold in the Tripon Pass Formation opens up a possible new host unit. Twelve holes ended in altered multilithic breccia with oxide gold values ranging from 0.31 g Au/t to 2.52 g Au/t as mineralized thicknesses exceeded expectations. All considered, this has been a very successful program and we have more results to come.”

Key Highlights for
Pinion
include:

Drill hole PR20-26 intersected 77.7m of 2.24 g Au/t, including 22.9m of 4.21 g Au/t, and PR20-34 intersected 38.1m of 4.37 g Au/t, including 16.8m of 5.41 g Au/t. These drill holes are on the southern margin of the drill pattern and represent the best oxide intercepts ever completed at the Pinion deposit.

Nine holes (PR20-26, -28, -29, -30, -34, -35, -36, -37 and -42) in this release and three holes (PR20-19, -20 and -27) announced last month (see October 20, 2020 news release) ended in altered multilithic breccia with oxide gold values ranging from 0.31 g Au/t to 2.52 g Au/t. These holes intersected thicker and higher gold grades than predicted by the resource model.

Pinion Phase 4 drilling has defined a new N60W striking zone of higher than average deposit gold grade, considerable breccia thickness and an increase in igneous sills and dikes. Along this trend, oxide mineralization exhibits vertical and strike continuity over an area approximately 300m (along a NW/SE strike) by approximately 170m wide. Mineralization remains open for another 600m to the southeast of this drilling and at depth. Additional drilling is in progress to further define this zone, both at depth and along strike.

PR20-34 also intersected a reduced gold zone of 10.7m of 2.14 g Au/t (at a 1.0 g Au/t cutoff) in the Tripon Pass Formation, immediately above the oxide intercept of 38.1m of 4.37 g Au/t. This reduced intercept represents a new gold host and style of mineralization at Pinion.

In the northern portion of the drill pattern, three holes intersected vertically-continuous zones of +1 g Au/t oxide mineralization, including 32.0m of 1.14 g Au/t, including 10.7m of 2.40 g Au/t in PR20-47; 24.4m of 1.55 g Au/t, including 16.8m of 2.11 g Au/t in PR20-59; and 25.9m of 3.66 g Au/t, including 12.2m of 6.45 g Au/t in PR20-60. These holes intersected higher gold grades than predicted by the resource model.

Pinion RC drill results are as follows:

Drill Hole Method Azimuth Incl. TD (m) Intercept (m) Thickness (m) Grade (g Au/t)

PR20-22 RC -90 161.5 97.6-118.9 21.3 0.57

PR20-24 RC -90 146.3 68.6-105.2 36.6 1.00

Including

68.6-79.3

10.7

1.70

128.0-141.7 13.7 0.43

PR20-26 RC -90 265.2 187.5-265.2 77.7 2.24

Including

214.9-237.8

22.9

4.21

PR20-28 RC -90 231.7 153.9-170.7 16.8 0.25

211.9-224.1 12.2 0.27

228.6-231.7 3.1 0.87

PR20-29 RC -90 250.0 195.1-218.0 22.9 0.18

224.1-250.0 25.9 0.34

PR20-30 RC -90 271.3 196.6-213.4 16.8 0.37

Including

221.0-271.3 50.3 1.04

221.0-234.7

13.7

2.17

PR20-31 RC -90 297.2 228.7-256.1 27.4 1.29

Including

236.3-247.0

10.7

2.00

PR20-32 RC -90 289.6 187.5-225.6 38.1 0.60

Including

187.5-195.1

7.6

1.20

PR20-33 RC -90 271.3 228.6-239.3 10.7 0.61

PR20-34 RC -90 277.4 210.3-221.0 10.7 2.14

Including

239.3-277.4 38.1 4.37

245.4-262.2

16.8

5.41

PR20-35 RC 270 -74 246.9 211.8-246.9 35.1 0.76

PR20-36 RC -90 221.0 216.4-221.0 4.6 1.19

PR20-37 RC -90 251.5 211.9-251.5 39.6 1.36

Including

219.5-234.7

15.2

2.03

PR20-38 RC -90 230.2 208.8-219.5 10.7 1.17

PR20-39 RC 270 -82 144.8 86.9-123.5 36.6 1.46

Including

97.6-103.7

6.1

6.61

PR20-40 RC -90 160.0 131.1-155.5 24.4 0.42

PR20-41 RC -90 271.3 224.1-233.2 9.1 0.45

262.2-269.8 7.6 0.42

PR20-42 RC -90 259.1 231.7-259.1 27.4 0.35

PR20-43 RC -90 231.6 196.6-201.2 4.6 0.48

PR20-44 RC -90 216.4 164.6-192.0 27.4 0.65

PR20-45 RC -90 280.4 187.5-196.6 9.1 0.43

PR20-46 RC -90 227.1 181.4-202.7 21.3 0.73

PR20-47 RC -90 146.3 93.0-125.0 32.0 1.14

Including

93.0-103.7

10.7

2.40

PR20-48 RC -90 158.5 86.9-115.9 29.0 0.88

Including

96.0-102.1

6.1

2.61

PR20-49 RC -90 161.5 120.4-144.8 24.4 0.68

Including

120.4-131.1

10.7

1.18

PR20-50 RC -90 152.4 135.7-147.9 12.2 0.51

PR20-51 RC -90 182.9 150.9-178.3 27.4 0.71

PR20-52 RC -90 268.2 210.4-228.7 18.3 1.15

237.8-259.1 21.3 0.81

PR20-53 RC -90 280.4 234.8-254.6 19.8 0.30

PR20-54 RC -90 248.4 199.7-205.8 6.1 1.43

PR20-55 RC -90 199.6 150.9-155.5 4.6 0.43

160.1-167.7 7.6 0.39

PR20-56 RC -90 210.3 140.2-150.9 10.7 1.78

Including

140.2-144.8

4.6

3.46

PR20-57 RC -90 196.6 170.7-195.1 24.4 1.03

Including

179.9-192.1

12.2

1.53

PR20-58 RC -90 201.2 147.9-172.3 24.4 1.58

Including

152.4-164.6

12.2

2.06

PR20-59 RC -90 149.4 100.6-125.0 24.4 1.55

Including

103.6-120.4

16.8

2.11

PR20-60 RC 90 -74 155.4 91.5-117.4 25.9 3.66

Including

93.0-105.2

12.2

6.45

Gold intervals reported in this table were calculated using a 0.14 g Au/t cutoff for oxide mineralization and a 1.0 g Au/t cutoff for reduced mineralization. Weighted averaging has been used to calculate all reported intervals. True widths are estimated at 70-90% of drilled thicknesses.

Don Harris, Gold Standard’s General Manager commented, “Phase 4 drilling was designed as a routine infill program to increase confidence from inferred to measured and indicated. However, drill assay results along the southern portion of the program exceeded expectations with thicker and higher-grade intervals encountered. The higher oxide grades and refractory intercepts encountered in the Tripon Pass indicate the Pinion system is increasing in strength as we move south. Additional drilling is in progress to further refine this zone and impacts to the Pinion Phase 4 potential mining layback. The results will be incorporated into the ongoing feasibility study.

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance:

All Gold Standard sampling was conducted under the supervision of the Company’s project geologists and the chain of custody from the project to the sample preparation facility was continuously monitored. A blank, certified reference material, or rig duplicate was inserted approximately every tenth sample. Samples from drill holes PR20-50 through PR20-60 were shipped to Paragon Geochemical’s certified laboratory in Sparks, NV where they were crushed and pulverized. Resulting sample pulps were digested and analyzed for gold using fire assay fusion and an ICP-OES finish on a 30-gram split. The remainder of the drill samples were delivered to Bureau Veritas Mineral Laboratories preparation facility in either Sparks, NV or Hermosillo, Mexico where they were crushed and pulverized. Resulting sample pulps were digested and analyzed for gold using fire assay fusion and an atomic absorption spectroscopy (AAS) finish on a 30-gram split. Over limit gold assays were determined using a fire assay fusion with a gravimetric finish on a 30-gram split. All other elements were determined by ICP. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to insure accurate and verifiable results.

Drill hole deviation was measured by gyroscopic down hole surveys that were completed on all holes by International Directional Services of Elko, NV. Final drill collar locations are surveyed by differential GPS by Apex Surveying, LLC of Spring Creek, Nevada.

The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by Steven R. Koehler, Gold Standard’s Manager of Projects, BSc. Geology and CPG-10216, a Qualified Person as defined by NI 43-101.

ABOUT GOLD STANDARD VENTURES – Gold Standard is an advanced-stage gold exploration company focused on building value in a safe, responsible, sustainable and ethical manner by leveraging its strategic, cornerstone land package in Nevada’s Carlin Trend. Gold Standard intends to advance its South Railroad Project through permitting and a feasibility study towards a potential production decision. Gold Standard intends to augment this goal by advancing exploration that contributes value to the South Railroad Project.

The Pinion deposit has a mineral resource estimate prepared in accordance with NI 43-101 consisting of an Measured and Indicated Mineral Resource of 28.93 million tonnes grading 0.58 g/t Au and 4.22 g/t Ag, totaling 544,000 ounces of gold and 3,929,000 ounces of silver, and an Inferred Mineral Resource of 10.81 million tonnes grading 0.64 g/t Au and 3.80 g/t Ag, totaling 224,000 ounces of gold and 1,322,000 ounces of silver, using a cut-off grade of 0.14 g/t Au and constrained by a $1,500/Au ounce LG Cone.

The Dark Star deposit has a mineral resource estimate prepared in accordance with NI 43-101 consisting of a Measured and Indicated Mineral Resource of 32.72 million tonnes grading 0.88 g/t Au, totaling 921,000 ounces of gold and an Inferred Mineral Resource of 2.48 million tonnes grading 0.70 g/t Au, totaling 56,000 ounces of gold, using a cut-off grade of 0.14 g Au/t and constrained by a $1,500/Au ounce LG Cone.

The North Bullion deposit has a mineral resource estimate prepared in accordance with NI 43-101 consisting of an Indicated Mineral Resource of 2.92 million tonnes grading 0.96 g/t Au, totaling 90,100 ounces of gold and an Inferred Mineral Resource of 10.97 million tonnes grading 2.28 g/t Au, totaling 805,800 ounces of gold, using a cut-off grade of 0.14 g Au/t for near surface oxide and 1.25 to 2.25 g Au/t for near surface sulfide and underground sulfide respectively.

The Jasperoid Wash deposit has a mineral resource estimate prepared in accordance with NI 43-101 consisting of an Inferred Mineral Resource of 10.57 million tonnes grading 0.33 g/t Au, totaling 111,000 ounces of gold, using a cut-off grade of 0.14 g Au/t and constrained by a $1,500/Au ounces LG Cone.

Neither the Toronto Stock Exchange nor its regulation services provider nor the NYSE American LLC accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: obtaining drill results that will further enhance the Company’s mineral resources; advancing its South Railroad Project through permitting and a feasibility study towards a potential production decision and augmenting this goal by advancing exploration that contributes value to the South Railroad Project; and the success related to any future exploration or development programs.

These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our mineral reserve and resource estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the PFS; success of the Company’s projects, including the South Railroad Project; prices for silver and gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company’s projects; capital, decommissioning and reclamation estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour- related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver and gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the United States, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters and and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com) and with the SEC on EDGAR (available at www.sec.gov/edgar.shtml). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

CAUTIONARY NOTE FOR U.S. INVESTORS REGARDING RESERVE AND RESOURCE ESTIMATES

Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the SEC set forth in Industry Guide 7 (“Industry Guide 7”), and information concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies in accordance with Industry Guide 7. In particular, and without limiting the generality of the foregoing, this news release uses the terms “measured mineral resources,” ‘‘indicated mineral resources’’ and ‘‘inferred mineral resources’’. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, Industry Guide 7 does not recognize them. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of “inferred mineral resources” exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of “contained ounces” in a mineral resource is permitted disclosure under Canadian securities laws. However, Industry Guide 7 normally only permits issuers to report mineralization that does not constitute “reserves” by Industry Guide 7 standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with Industry Guide 7.

On behalf of the Board of Directors of Gold Standard,

“Jonathan Awde”

Jonathan Awde, President and Director

FOR FURTHER INFORMATION PLEASE CONTACT:
Jonathan Awde
President
Tel: 604-669-5702
Email: [email protected]
Website: www.goldstandardv.com

Posted on November 12, 2020 6:33 am
Global WholeHealth Partners Leads the Way in the Fight Against CoViD19, by Offering 15 Minute Rapid IgG/IgM Tests for Venous Blood, & Fingertip Blood (POC), and 90 Minute rtPCR Tests for CoViD19 With All the Tests Being FDA EUA Authorized

San Clemente, CA, Nov. 12, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Global WholeHealth Partners Corp, offering one of the largest lines of tests for CoViD19 SARS2, is prepared to help in the fight against CoViD19 SARS2.

Global WholeHealth Partners Corp knowing that the next step in the fight against CoViD19 SARS2 is the Antigen test; Global has already filed with the FDA the PEUA Application # PEUA201789 for the Rapid 10 minute Nasal Antigen Test. Global’s version of the Antigen test does not need a machine to read the Results.

Global WholeHealth Partners recognizes that there is a crucial need for faster testing and faster results when it comes to fighting the COVID. Global WholeHealth Partners knows that the quicker the test results can be reviewed by a Front-Line Healthcare Worker, the quicker we can stop the spread of this disease.

With results in minutes versus hours or days with other diagnostic kits, the more lives that can be saved with the only FDA authorized COVID-19 POC serology Point of Care Test. With the new fingerstick test, healthcare providers can prick a patient’s finger and get results in minutes without having to wait for venous blood. Global WholeHealth Partners will be able to distribute these tests to more urgent cares, hospitals, and – to help curb the spread of CoViD19 SARS2.

Mr. Charles Strongo, the Chairman and CEO of Global WholeHealth Partners Corp., said, “The Company’s goal is to offer the fastest and most reliable in-vitro diagnostic tests on the market, while keeping ahead in R&D, by offering FDA Approved Troponin I Whole Blood, Influenza A & B, and Strep A. The Company also has international testing, which is not sold in the USA, with an FDA Certificate of Exportability (2260-11-2019) for tests like Rapid Ebola, Rapid Dengue Fever Antibody, and Antigen, Rapid Tuberculosis (TB), Rapid Malaria, and many other rapid tests. Global is planning to be able to offer an Antigen Rapid Test soon.”

By so doing, GWHP has led the fight against vector-borne terminal diseases such as Ebola, ZIKA, Dengue, Malaria, Influenza and Tuberculosis, Corona Viruses, and among other vector-borne diseases. Our vision is to lead the industry in infectious disease diagnostics and provide molecular solutions that lessen the time to diagnose medical results and empower healthcare professionals. For more details: https://gwhpcorp.com.

Media Contact:

Name: Charles Strongo,
CEO, Global WholeHealth Partners Corp.
Email: [email protected]

Forward-Looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (xi) our reliance on single suppliers for certain product components, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xiii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Posted on November 12, 2020 6:33 am
EV Battery Tech Signs Definitive Agreement to Supply a $100M EcoVille Development Project with ESS Solutions for Renewable Energy, Buildings and EV Charging Stations

VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — Extreme Vehicle Battery Technologies Corp. (the “Company” or “EV Battery Tech”) (CSE: ACDC) is pleased to announce that on November 10, 2020 it entered into an agreement with Squamish EcoVille Ltd. dba EcoVille Ltd. (“EcoVille”), to provide energy storage system (ESS) and electric vehicle (EV) charging solutions for their upcoming carbon-neutral, self-sufficient eco-community (the “Agreement”).

Pursuant to the Agreement, EV Battery Tech has been engaged by EcoVille as the exclusive provider of ESS solutions for its Squamish development’s renewable energy generation systems and buildings. EV Battery Tech has also been engaged to supply “Smart” charging stations to be installed in the development and provide services such as real-time monitoring. The Agreement lays out an implementation and roll-out plan for each phase of the EcoVille Squamish project. The project is expected to generate sales of ESS and EV Charging products supplied through the application of the Company’s technology.

About
the
EcoVille
Development

EcoVille develops eco-communities by bringing together innovative technologies that enable communities to achieve self-sufficiency and carbon neutrality. Currently, EcoVille is developing projects in Squamish and Vancouver, British Columbia.

“We are not looking to be just a developer, but a community builder that harmonizes with surrounding nature, and generates a learning environment for individuals to understand our options to reduce our impact on the climate.” commented Geoff Forrester, a Senior Member of EcoVille’s leadership team.

“We are very excited to work with EV Battery Tech. Their technology fits perfectly into our scope to have a clean, sustainable community and their solutions are more cost-effective than our alternatives. We believe this is the beginning of a long and fruitful business relationship” continued Mr. Forrester.

Carbon-Neutral Eco-Community –

Batteries Included

!

Buildings

EcoVille intends to create some of the worlds most eco-friendly buildings by implementing the appropriate technologies. EV Battery Tech will play a large role by providing ESS solutions enabling buildings to source power from renewable sources and deploy energy reliably throughout the day. The ESS solutions will be powered by the Company’s patented Battery Management System (BMS) which has revolutionary features such as real-time monitoring and remote maintenance.

Renewable Energy

Renewable energy is one of the most effective tools we have in the fight against climate change, according to the Natural Resources Defense Council (NRDC). Power generation from wind, solar and other intermittent power sources are only possible with ESS solutions. EV Battery Tech is providing state of the art ESS solutions for EcoVille to ensure it can make use of wind, solar and tidal renewable energy technologies, for its upcoming eco-friendly development.

Smart Charging Stations

No technologically advanced carbon-neutral development would be complete without charging stations set up for electric vehicles. EV Battery Tech will be providing EcoVille with some of the world’s first “Smart” charging stations that can be completely powered by renewable energy, provide real-time data and function independently of power grids.

“The business model for using smart charging stations based on EV Battery Tech’s ESS solutionsis a no brainer. It allows for a win–win solution for everyone involved” stated Mr. Forrester.

Bryson Goodwin, President and CEO of the Company comments:

“Clean communities are the future, and with the impact our technology will have on these communities’ bottom lines, we are expecting significant expansion and sales in North and South America. EcoVille represents a growing demand for ESS solutions, where energy can be stored for consistent energy supply, eliminating many demand concerns that arise from clean communities.”

“
This will be the

flagship project

to

showcase

the Company’s technology and will be leveraged to commercialize further into other communities.”

On behalf of the Company,

Bryson Goodwin, Chief Executive Officer

Phone: 604-325-2223
Email: [email protected]

About EV Battery Technologies

EV Battery Tech is a blockchain and battery technology company with exclusive North and South American distribution rights as well as European and African distribution rights to patented battery management systems (BMS) designed to meet the growing demand for scalable, smart solutions for the electric vehicle (EV) and energy storage solution (ESS) markets.

EV Battery Tech’s technology is based on artificial intelligence (AI) algorithms designed to analyze the short comings of batteries in today’s market. The resulting extraordinary technology allows batteries to have more efficient power management and longer battery life, while offering real-time monitoring and remote maintenance.

The Company’s AI technology will also allow it to use recycled batteries in its ESS manufacturing process, making it one of the greenest battery technology companies in the industry.

Forward Looking Statements

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward looking statements in this news release include, but are not limited to, statements relating to: EcoVille’s planned development and use of the Company’s technologies therein; the benefits to EcoVille and the Company of their partnership; and completion of the Agreement. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Further information about the Company is available under its profile on the SEDAR website (www.sedar.com) and on its website (www.evbattery.tech).

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

Posted on November 12, 2020 6:32 am
Zomedica Announces Third Quarter 2020 Financial Results

ANN ARBOR, Mich., Nov. 12, 2020 (GLOBE NEWSWIRE) — Zomedica Corp. (NYSE American:ZOM) (“Zomedica” or “Company”) today reported consolidated financial results for the third quarter ended September 30, 2020. Amounts, unless specified otherwise, are expressed in U.S. dollars and presented under accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Summary Third Quarter 2020 Results

Zomedica recorded net loss and comprehensive loss for the three and nine months ended September 30, 2020 of approximately $5.0 million, or $0.01 per share, and approximately $12.7 million, or $0.04 per share, compared to a loss of approximately $2.8 million or $0.03 per share, and approximately $17.0 million, or $0.16 per share, for the three and nine months ended September 30, 2019.

Research and development expense for the three months ended September 30, 2020 was approximately $2.7 million, compared to approximately $1.0 million for the three months ended September 30, 2019, an increase of approximately $1.7 million, or 181%. The increase primarily resulted from a milestone expense of $2.0 million pursuant to our development and supply agreement with Qorvo Biotechnologies, LLC. (“Qorvo”), offset in part by decreases in contracted expenditures, supplies, regulatory fees and consulting fees of approximately $237,000.

Research and development expense for the nine months ended September 30, 2020 was approximately $7.2 million, compared to approximately $9.6 million for the nine months ended September 30, 2019, a decrease of approximately $2.3 million, or 25%. The decrease primarily was due to a reduction in general research and development activity as we continue to focus on TRUFORMA^TM activities and is more specifically related to contracted expenditures, milestone expenses, salaries, bonus and benefits, supplies, and consulting fees as compared to the commensurate period in 2019.

General and administrative expense for the three months ended September 30, 2020 was approximately $1.3 million, compared to approximately $1.4 million for the three months ended September 30, 2019, a decrease of approximately $42,000, or 3%. The decrease resulted primarily from a decrease in travel and accommodation, marketing and investor relations, and other expenses of approximately $316,000, offset in part by increases in regulatory fees, rent expense, which is related to the reclassification of right-of-use asset expense from amortization to rent, salaries, bonus and benefits, insurance and office expense of approximately $274,000.

General and administrative expense for the nine months ended September 30, 2020 was approximately $3.6 million, compared to approximately $5.5 million for the nine months ended September 30, 2019, a decrease of approximately $1.9 million, or 34%. The decrease primarily was due to a reduction in stock compensation expense of approximately $2.1 million compared to the prior period and a reduction in travel and accommodation, marketing and investor relations expenses, salary expense, and supplies of approximately $504,000. These decreases were offset in part by an increase in office expense associated with the expensing of furniture in the office space completed in the first quarter, rent expense which is related to the reclassification of right-of-use asset expense from amortization to rent, regulatory fees, and insurance expense of approximately $681,000.

Professional fees for the three months ended September 30, 2020 were approximately $840,000, compared to approximately $307,000 for the three months ended September 30, 2019, an increase of $0.5 million, or 174%. The increase primarily was due to an increase in legal fees incurred in connection with our 2020 annual and special meeting and our proposed domestication into a Delaware corporation.

Professional fees for the nine months ended September 30, 2020 were approximately $1.4 million, compared to approximately $1.3 million for the nine months ended September 30, 2019, an increase of approximately $116,000, or 9%. The increase primarily was due to the reasons described in the prior paragraph.

Liquidity and Outstanding Share Capital

As of September 30, 2020, Zomedica had cash of approximately $52.0 million, compared to $510,586 as of December 31, 2019. The increase in cash during the nine months ended September 30, 2020 resulted primarily from the financing activities described below, partially offset by cashflows used in operating and investing activities as discussed below.

Net cash used in operating activities for the three months ended September 30, 2020 was approximately $5.7 million, compared to approximately $3.9 million for the three months ended September 30, 2019, an increase of approximately $1.8 million, or 45%. The increase resulted primarily from a higher net loss in the third quarter of 2020 compared to the third quarter of 2019. In addition, other operating uses of cash included approximately $1.1 million of deposits and prepaid expenses for inventory, insurance, and property tax paid, offset in part by an increase in of accounts payable of approximately $100,000.

Net cash used in operating activities for the nine months ended September 30, 2020 was approximately $13.6 million, compared to approximately $13.8 million for the nine months ended September 30, 2019, a decrease of approximately $212,000, or 2%. The decrease resulted primarily from a lower net loss for the nine months ended September 30, 2020 compared to the comparable period of 2019. In addition, other operating uses of cash include a reduction in accounts payable of approximately $799,000, more than offset by non-cash items including stock compensation expense of approximately $2.5 million, and expense recorded for the issuance of stock for services, amortization of right-of-use asset, and depreciation of approximately $1.4 million.

Net cash from financing activities for the three months ended September 30, 2020 was approximately $28.6 million, compared to a use of cash of approximately $1,400 for the three months ended September 30, 2019, an increase of approximately $28.6 million. The increase resulted primarily from the sale of our equity securities during the third quarter of 2020 for total gross proceeds of approximately $30.0 million and proceeds from warrant exercises of approximately $864,000, offset in part by stock issuance costs of approximately $2.2 million.

Net cash from financing activities for the nine months ended September 30, 2020 was approximately $64.0 million, compared to approximately $15.0 million for the nine months ended September 30, 2019, an increase of approximately $49.1 million, or 328%. The increase resulted primarily from the sale of our equity securities during the nine months ended September 30, 2020 for total gross proceeds of approximately $56.5 million, proceeds from warrant exercises of approximately $12.1 million, and approximately $527,000 in loan proceeds from the SBA’s Paycheck Protection Program, offset in part by stock issuance costs of approximately $5.1 million.

Net cash used in investing activities for the three months ended September 30, 2020 was approximately $1,000, compared to approximately $582,000 for the three months ended September 30, 2019, a decrease of approximately $582,000, or 100%. Cash used in the 2020 period related to enhancements to our finance and accounting software used in the buying and selling of inventory, whereas cash used in the 2019 period included the addition of the website.

Net cash from investing activities for the nine months ended September 30, 2020 was approximately $1.0 million, compared to net cash used of approximately $657,000 for the nine months ended September 30, 2019, an increase of approximately $1.7 million, or 253%. The increase in net cash from investing activities during the nine months ended September 30, 2020 related primarily to approximately $1.0 million of cash received in connection with the cancellation and buyout of our office lease compared to the prior period in which approximately $700,000 was used in association with the digital data platform, the construction of marketing assets, and the capitalization of integration costs associated with the implementation of an ERP system.

As of September 30, 2020, and November 11, 2020, Zomedica had an unlimited number of authorized common shares with 564,051,438 common shares issued and outstanding.

For complete financial results, please see Zomedica’s filings on EDGAR and SEDAR or visit the Zomedica website at www.ZOMEDICA.com.

About Zomedica

Based in Ann Arbor, Michigan, Zomedica (NYSE American: ZOM) is a veterinary health company creating products for dogs and cats by focusing on the unmet needs of clinical veterinarians. Zomedica’s product portfolio will include innovative diagnostics and medical devices that emphasize patient health and practice health. It is Zomedica’s mission to provide veterinarians the opportunity to increase productivity and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com.

Follow Zomedica

Email Alerts: http://investors.zomedica.com

LinkedIn: https://www.linkedin.com/company/zomedica

Facebook: https://www.facebook.com/zomedica/

Twitter: https://twitter.com/zomedica

Reader Advisory

Except for statements of historical fact, this news release contains certain “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur and include statements relating to our expectations regarding the public offering. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; uncertainty as to the timing and results of development work and verification and validation studies, uncertainty as to the likelihood and timing of any required regulatory approvals, availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; veterinary acceptance of our products; competition from related products; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to any required clinical trials and regulatory approvals, risks relating to the safety and efficacy of our products, the use of our products, intellectual property protection, risks related to the COVID-19 pandemic and its impact upon our business operations generally, including our ability to develop and commercialize our products, and the other risk factors disclosed in our filings with the SEC and under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Investor Relations Contacts

PCG Advisory Group
Kirin Smith, COO
[email protected]
+1 646.863.6519
www.pcgadvisory.com

Posted on November 12, 2020 6:32 am
AlzeCure receives approval to start clinical Phase I trial with ACD856 in Alzheimer’s disease

PR Newswire

STOCKHOLM, Nov. 12, 2020 /PRNewswire/ — AlzeCure Pharma AB (publ) (FN STO: ALZCUR), a pharmaceutical company that develops a broad portfolio of drug candidates for diseases affecting the central nervous system, with projects in both Alzheimer’s disease and pain, today announced that the company has received approval from the regulatory authorities in Sweden to initiate a clinical Phase I study with the drug candidate ACD856.

The Phase I study is AlzeCure’s second clinical study with ACD856, the lead drug candidate within the company’s NeuroRestore platform, which is developed as a symptom-relieving treatment for disease states where cognitive ability is impaired, such as in Alzheimer’s disease. The primary study obejective in the phase I study is to evaluate the drug candidate’s tolerability and safety.

“It is gratifying that just a few months after we completed our first clinical study with positive results, we now have all regulatory approvals in place to be able to start a second study with our primary candidate ACD856. Cognitive disorders, and especially Alzheimer’s disease, is a disease area in great need of new and more effective treatments, and I am very much looking forward to the continued development of this important drug candidate”, said Martin Jönsson, CEO of AlzeCure Pharma AB.

For more information, please contact

Martin Jönsson, CEO
Tel: +46 707 86 94 43
[email protected]

The information was submitted for publication, through the agency of the contact person set out above at 12:15 pm CET on November 12, 2020.

About AlzeCure Pharma AB (publ)

AlzeCure^® is a Swedish pharmaceutical company that develops new innovative drug therapies for the treatment of severe diseases and conditions that affect the central nervous system, such as Alzheimer’s disease and pain – indications for which currently available treatment is extremely limited. The company is listed on Nasdaq First North Premier Growth Market and is developing several parallel drug candidates based on three research platforms: NeuroRestore^®, Alzstatin^® and Painless.

NeuroRestore consists of three symptomatic drug candidates where the unique mechanism of action allows for multiple indications, including Alzheimer’s disease, as well as cognitive disorders associated with traumatic brain injury, sleep apnea and Parkinson’s disease. Alzstatin comprises two disease-modifying and preventive drug candidates for early treatment of Alzheimer’s disease. Painless is the company’s research platform in the field of pain and contains two projects: ACD440, which is a clinical candidate for the treatment of neuropathic pain, and TrkA-NAM, which targets severe pain in conditions such as osteoarthritis. AlzeCure aims to pursue its own projects through preclinical research and development to an early clinical phase and is continuously working with business development to find suitable out-licensing solutions with other pharmaceutical companies.

FNCA Sweden AB, +46(0)8 528 00 399 [email protected], is the company’s Certified Adviser. For more information, please visit www.alzecurepharma.se.

About NeuroRestore

NeuroRestore is a platform of symptom-relieving drug candidates for disease states in which cognitive ability is impaired, e.g. Alzheimer’s Disease, sleep apnea, traumatic brain injury and Parkinson’s disease. NeuroRestore stimulates several important signaling pathways in the brain, which among other things leads to improved cognition. In preclinical studies with NeuroRestore we have been able to show that our drug candidates enhance communication between the nerve cells and improve cognitive ability. NeuroRestore stimulates specific signaling pathways in the central nervous system known as neurotrophins, the most well-known being NGF (Nerve Growth Factor) and BDNF (Brain Derived Neurotrophic Factor). The levels of NGF and BDNF are disturbed in several disease states and the signaling is reduced. The impaired function impairs communication betweenthe synapses, i.e. the contact surfaces of the nerve endings, as well as reducing the possibility of survival for the nerve cells, which gives rise to the cognitive impairments. Neurotrophins play a crucial role for the function of nerve cells, and a disturbed function of BDNF has a strong genetic link to impaired cognitive ability in several different diseases, such as Alzheimer’s, Parkinson’s disease, traumatic brain injury and sleep apnea.

About Alzheimer’s disease

Alzheimer’s disease is the most common form of dementia, affecting approximately 45 million people worldwide. Alzheimer’s disease is a lethal disorder that also has a large impact on both relatives and the society. Today, preventive and disease modifying treatments are missing. The main risk factors to develop Alzheimer’s are age and genetic causes. Even though the disease can start as early as between 40 and 65 years of age, it is most common after 65 years. Significant investments in Alzheimer research are being made because of the significant unmet medical need and the large cost of this disease for healthcare and society. The total global costs for dementia related diseases is estimated to about 1,000 billion USD globally in 2018. Given the lack of both effective symptomatic treatments and disease modifying treatments, the need for new effective therapies is acute.The few approved drugs on the market today have only a limited symptomatic effect and can produce dose limiting side effects. A disease modifying treatment for Alzheimer’s disease is estimated to reach more than $10 billion in annual sales. In Sweden, approximately 100,000 people suffer from Alzheimer’s disease with a healthcare cost of about SEK 63 billion yearly, which is more than for cancer and cardiovascular diseases combined.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/alzecure-pharma-ab/r/alzecure-receives-approval-to-start-clinical-phase-i-trial-with-acd856-in-alzheimer-s-disease,c3236014

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https://mb.cision.com/Main/16466/3236014/1334299.pdf

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https://news.cision.com/alzecure-pharma-ab/i/martin-jonsson–vd,c2849477

Martin Jönsson, VD

View original content:http://www.prnewswire.com/news-releases/alzecure-receives-approval-to-start-clinical-phase-i-trial-with-acd856-in-alzheimers-disease-301171771.html

SOURCE AlzeCure Pharma AB

Posted on November 12, 2020 6:31 am
SFL – Preliminary Q3 2020 results and quarterly cash dividend of $0.15 per share

Preliminary Q3 2020 results and quarterly cash dividend of $0.15 per share

Hamilton, Bermuda, November 12, 2020. SFL Corporation Ltd. (“SFL” or the “Company”) today announced its preliminary financial results for the quarter ended September 30, 2020.

Highlights

67^th consecutive quarterly dividend declared, $0.15 per share

Operating revenue of $116 million, and net income of $16 million in the third quarter

Received charter hire¹ of approximately $157 million in the quarter from the Company’s vessels and rigs, including $5.7 million of profit share

Adjusted EBITDA² of $93 million from consolidated subsidiaries, plus an additional $24.4 million adjusted EBITDA² from wholly owned non-consolidated subsidiaries

Cash and cash equivalents of approximately $206 million, excluding $22 million of cash in wholly owned non-consolidated subsidiaries

Ole B. Hjertaker, CEO of SFL Management AS, said in a comment:

«After the initial disruption in world trade following the COVID-19 outbreak, we are pleased to state that we have not had any material operational impact on our 84 vessels. We also note that several shipping markets are performing better, especially container and car carriers where we have reactivated vessels that were idle for a short period.

In light of the pending restructuring of Seadrill, the Board has decided to adjust the dividend to 15 cents and thereby effectively exclude all cash flow earned from offshore assets for the time being. The Board will continuously monitor the situation and possibly include contribution from the offshore assets again in future dividends when the Seadrill situation is resolved.

We remain careful and selective in our investment evaluation. With a diversified fleet of assets, our aim is to mitigate volatility by timing our investments in each sector through the market cycles and building significant charter backlog to support future distribution capacity. As a part of this effort, the Company is developing tools and policies today that ensure it will meet or exceed the coming emissions reduction targets for the maritime industry.»

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.15 per share. The dividend will be paid on or around December 30, to shareholders on record as of December 14, and the ex-dividend date on the New York Stock Exchange will be December 11, 2020.

November 12, 2020

The Board of Directors
SFL Corporation Ltd.
Hamilton, Bermuda

The full report can be found in the link below and at the Company’s website www.sflcorp.com.

Questions can be directed to SFL Management AS:

Investor and Analyst Contact

Aksel C. Olesen, Chief Financial Officer: +47 23114036

André Reppen, Senior Vice President and Chief Treasurer: +47 23114055

Media Contact

Ole B. Hjertaker, Chief Executive Officer: +47 23114011

About SFL

SFL has a unique track record in the maritime industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company’s fleet of more than 80 vessels is split between tankers, bulkers, container vessels and offshore drilling rigs. SFL’s long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company’s website www.sflcorp.com.

Forward Looking Statements

This presentation contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions. Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, changes in demand resulting from changes in the Organization of the Petroleum Exporting Countries’ petroleum production levels and worldwide oil consumption and storage, developments regarding the technologies relating to oil exploration, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, increased inspection procedures and more restrictive import and export controls, changes in the Company’s operating expenses, including bunker prices, dry-docking and insurance costs, performance of our charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, including any potential restructuring of Seadrill Limited, timely delivery of vessels under construction within the contracted price, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including any changes to energy and environmental policies and changes attendant to trade conflicts, potential disruption of shipping routes due to accidents or political events, the length and severity of the ongoing coronavirus outbreak and its impact on the demand for commercial seaborne transportation and the condition of the financial markets and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission.

1 Charter hire represents the amounts billable in the period by the Company and its 100% owned associates for chartering its vessels. This is mainly the contracted daily rate multiplied by the number of chargeable days plus any additional billable income including profit share. Long term charter hire relates to contracts undertaken for a period greater than one year. Short term charter hire relates to contracts undertaken for a period less than one year, including voyage charters.

2 ‘Adjusted EBITDA’ is a non-GAAP measure. It represents cash receipts from operating activities before net interest and capital payments.

Attachment

SFL – Third Quarter 2020 Results

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