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Total First Nine Months of Fiscal 2020 Revenues of $8.4 million; $1.5 million Net Income; Adjusted EBITDA ($1.7 million)

Atlanta, GA, Dec. 08, 2020 (GLOBE NEWSWIRE) — Streamline Health Solutions, Inc. (NASDAQ: STRM), provider of the eValuator^™ Revenue Integrity Program to help healthcare providers proactively address revenue leakage and compliance exposure, today announced financial results for the third quarter and first nine months of fiscal 2020, which ended October 31, 2020.

Total revenues for the third quarter of fiscal 2020 were $2.6 million, compared to $3.5 million in the prior year period. SaaS revenue was up $287,000, or 48%, compared to the same quarter a year ago. The total revenue decline during the period was primarily attributable to one-time perpetual revenue during the third quarter of 2019 and lower professional services revenue offset by the significant growth of the Company’s SaaS revenues. Recurring revenue comprised 74% of third quarter fiscal 2020 revenue compared to 55% of third quarter fiscal 2019 revenue. The Company has continued to experience headwinds as a result of the novel coronavirus. Hospitals are delaying final purchase decisions due to their need to focus on patient care, vaccine logistics and budgetary constraints.

For the first nine months of fiscal 2020, total revenue was $8.4 million, compared to $9.2 million during the first nine months of fiscal 2019. Although total revenue was lower, growth was reported by the Company in its SaaS revenue. Recurring revenue comprised 73% of revenue for the first nine months of fiscal 2020 compared to 64% during the prior year period. 

The Company’s focus has been on the growth of its eValuator product. SaaS -based revenue grew by $287,000 or 48% in the third quarter and $761,000 or 43% in the nine months ended, October 31, 2020, over the corresponding previous periods. The Company grew SaaS -based revenue by 10%, sequentially, from Q2 to Q3 2020 and is projected to grow by that rate, again, in Q4 2020.

Net loss for the third quarter of fiscal 2020 was ($1.1 million) as compared to ($0.2 million) during the third quarter of fiscal 2019. Third quarter fiscal 2020 net loss included a $14,000 income from discontinued operations, in connection with the sale of the Company’s legacy ECM business which closed February 24, 2020, compared to a $1.4 million income from discontinued operations during the third quarter of fiscal 2019. Income from discontinued operations was offset by loss from continuing operations for the three months ended October 31, 2020 and 2019 of ($1.1 million) and ($1.5 million), respectively.

The company recorded $1.5 million of net income for the nine months ended October 31, 2020, compared to a net loss of ($0.5 million) during the same period of 2019. The first nine months fiscal 2020 net income included a $4.7 million income from discontinued operations, in connection with the sale of the Company’s legacy ECM business which closed February 24, 2020, compared to a $3.4 million income from discontinued operations during the first nine months of fiscal 2019. The income from discontinued operations was offset by loss from continuing operations for the first nine months of fiscal 2020 of ($3.2 million) as compared to ($3.8 million) for the same period in 2019.

Adjusted EBITDA for the third quarter of fiscal 2020 was a loss of ($0.7 million), compared to an adjusted EBITDA loss of ($0.8 million) in the third quarter of fiscal 2019. For the nine months ended October 31, 2020, adjusted EBITDA was a loss of ($1.7 million) compared to an adjusted EBITDA loss of ($2.5 million) during the first nine months of fiscal 2019. The improvements have come from cost containment activities upon the sale of the ECM Business in February 2020. 

“We thank our country’s healthcare workers for the heroic job they do every day to provide care in their communities during these incredibly trying times,” stated Tee Green, President and Chief Executive Officer, Streamline Health. “Like all Americans, we look forward to the arrival of vaccines to help us control this pandemic and allow us to return to a state of normalcy.”

“Although we are pleased with the growth in our SaaS-based revenues as more eValuator customers come online, we did not meet our bookings goal in the quarter, primarily due to our prospects needing to deal with the effects of the pandemic. We remain enthusiastic, however, as our sales team has continued to expand the number and dollar value of new eValuator opportunities. We believe that purchase decision-making for our automated, cloud-based pre-bill auditing technology will accelerate as our prospects complete their logistic planning for distribution of the promised vaccines.” 

Highlights from the third quarter ended October 31, 2020 included:

• Revenue for the third quarter of 2020 was $2.6 million; SaaS revenue grew 48% compared to the third quarter of 2019;
• Loss from continuing operations for the third quarter of 2020 was ($1.1 million);
• Adjusted EBITDA for the third quarter of 2020 was ($0.7 million);
• Bookings for the third quarter of 2020 were $1.4 million.

Conference Call

The Company will conduct a conference call to review the results on Wednesday, December 9, 2020 at 9:00 AM ET. Interested parties can access the call by joining the live webcast: click here to register. You can also join by phone by dialing 877-269-7756.

A replay of the conference call will be available from Wednesday, December 9, 2020 at 12:00 PM ET to Thursday, December 16, 2020 at 12:00 PM ET by dialing 877-660-6853 or 201-612-7415 with conference ID 13712341. An online replay of the presentation will also be available for six months following the presentation in the Investor Relations section of the Streamline Health website, www.streamlinehealth.net.

Non-GAAP Financial Measures

Streamline Health reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). Streamline Health’s management also evaluates and makes operating decisions using various other measures. One such measure is adjusted EBITDA, which is a non-GAAP financial measure. Streamline Health’s management believes that this measure provides useful supplemental information regarding the performance of Streamline Health’s business operations.

Streamline Health defines “adjusted EBITDA” as net earnings (loss) plus interest expense, tax expense, depreciation and amortization expense of tangible and intangible assets, stock-based compensation expense, significant non-recurring operating expenses, and transactional related expenses including: gains and losses on debt and equity conversions, associate severances and related restructuring expenses, associate inducements, and professional and advisory fees. A table illustrating this measure is included in this press release.

About Streamline Health

Streamline Health Solutions, Inc. (NASDAQ: STRM) is a leader in pre-bill revenue integrity solutions for healthcare providers. Our eValuator™ Revenue Integrity Program includes integrated solutions, technology-enabled services and analytics that drive compliant revenue across the enterprise. We share a common calling and commitment to advance the quality of life and the quality of healthcare—for society, our clients, the communities they serve, and the individual patient. For more information, please visit our website at www.streamlinehealth.net.

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995

Statements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements included herein. Forward-looking statements contained in this press release include, without limitation, statements regarding the Company’s growth prospects, estimates of backlog, industry trends and market growth, results of investments in sales and marketing, adjusted EBITDA, success of future products and related expectations and assumptions. These risks and uncertainties include, but are not limited to, the timing of contract negotiations and execution of contracts and the related timing of the revenue recognition related thereto, the potential cancellation of existing contracts or clients not completing projects included in the backlog, the impact of competitive solutions and pricing, solution demand and market acceptance, new solution development and enhancement of current solutions, key strategic alliances with vendors and channel partners that resell the Company’s solutions, the ability of the Company to control costs, the effects of cost-containment measures implemented by the Company, availability of solutions from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry generally and the markets in which the Company operates and nationally, and the Company’s ability to maintain compliance with the terms of its credit facilities, and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

Contact

Randy Salisbury
SVP, Chief Sales & Marketing Officer
(404) 229-4242
[email protected]

STREAMLINE HEALTH SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

		Three Months Ended								Nine Months Ended
		October 31								October 31
		2020				2019				2020				2019
Revenues:
Systems sales	$	19,000			$	636,000			$	234,000			$	968,000
Professional services		180,000				444,000				540,000				1,102,000
Audit Services		491,000				517,000				1,498,000				1,266,000
Maintenance and support		1,070,000				1,328,000				3,556,000				4,053,000
Software as a service		881,000				594,000				2,544,000				1,783,000
Total revenues		2,641,000				3,519,000				8,372,000				9,172,000
Operating expenses:
Cost of systems sales		183,000				455,000				385,000				547,000
Cost of professional services		295,000				374,000				852,000				1,262,000
Cost of audit services		425,000				325,000				1,158,000				949,000
Cost of maintenance and support		160,000				201,000				528,000				504,000
Cost of software as a service		416,000				226,000				1,177,000				472,000
Selling, general and administrative		2,283,000				2,762,000				6,859,000				7,585,000
Research and development		753,000				501,000				1,946,000				1,750,000
Executive Transition Costs		–				481,000				–				621,000
Loss on exit of membership agreement		–				–				105,000				–
Total operating expenses		4,515,000				5,325,000				13,010,000				13,690,000
Operating loss		(1,874,000	)			(1,806,000	)			(4,638,000	)			(4,518,000	)
Other income (expense):
Interest expense		(12,000	)			(91,000	)			(39,000	)			(239,000	)
Miscellaneous income (expense)		14,000				(80,000	)			(68,000	)			(199,000	)
Loss before income taxes		(1,872,000	)			(1,977,000	)			(4,745,000	)			(4,956,000	)
Income tax benefit		803,000				454,000				1,536,000				1,134,000
Loss from continuing operations	$	(1,069,000	)		$	(1,523,000	)		$	(3,209,000	)		$	(3,822,000	)
Net loss from continuing operations	$	(1,069,000	)		$	(1,523,000	)		$	(3,209,000	)		$	(3,822,000	)
Income from discontinued operations:
Gain on sale of discontinued operations		–				–				6,013,000				–
Income from discontinued operations		64,000				1,825,000				305,000				4,513,000
Income tax benefit (expense)		(50,000	)			(466,000	)			(1,626,000	)			(1,150,000	)
Income from discontinued operations		14,000				1,359,000				4,692,000				3,363,000
Net (loss) income	$	(1,055,000	)		$	(164,000	)		$	1,483,000			$	(459,000	)
Add: Redemption of Series A Preferred Stock		–				4,894,000				–				4,894,000
Net (loss) income from continuing operations attributable to common shareholders	$	(1,069,000	)		$	3,371,000			$	(3,209,000	)		$	1,072,000
Basic Earnings per Share:
Continuing operations	$	(0.04	)		$	0.16			$	(0.11	)		$	0.05
Discontinued operations		–				0.06				0.16				0.15
Net (loss) income	$	(0.04	)		$	0.22			$	0.05			$	0.20
Weighted average number of common shares – basic		30,286,197				21,598,146				30,026,890				20,435,055
Diluted Earnings per Share:
Continuing operations	$	(0.04	)		$	(0.07	)		$	(0.11	)		$	(0.19	)
Discontinued operations		–				0.06				0.15				0.14
Net (loss) income	$	(0.04	)		$	(0.01	)		$	0.04			$	(0.05	)
Weighted average number of common shares – diluted		30,892,526				24,334,221				30,450,572				23,412,022

STREAMLINE HEALTH SOLUTIONS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

Assets
		October 31,				January 31,
		2020				2020
Current assets:
Cash and cash equivalents		$	3,031,000			$	1,649,000
Accounts receivable, net			937,000				2,016,000
Contract receivables			746,000				803,000
Prepaid hardware and other current assets			571,000				501,000
Current Assets from discontinued operations			168,000				1,585,000
Total current assets			5,453,000				6,554,000
Non-current assets:
Property and equipment, net			105,000				98,000
Right of use asset on operating lease			432,000				—
Capitalized software development costs, net			6,200,000				5,782,000
Intangible assets, net			745,000				1,115,000
Goodwill			10,712,000				10,712,000
Other non-current assets			1,670,000				611,000
Long-term assets from discontinued operations			28,000				6,826,000
Total non-current assets			19,892,000				25,144,000
		$	25,345,000			$	31,698,000
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	267,000			$	756,000
Accrued expenses			1,185,000				1,395,000
Current portion of term loan			1,480,000				3,872,000
Deferred revenues			1,977,000				3,593,000
Royalty liability			500,000				969,000
Other			196,000				—
Current liabilities from discontinued operations			208,000				5,053,000
Total current liabilities			5,813,000				15,638,000
Non-current liabilities:
Term loan, net of current portion			820,000				—
Deferred revenues, less current portion			71,000				55,000
Other liabilities			266,000				—
Total non-current liabilities			1,157,000				55,000
Total liabilities			6,970,000				15,693,000
Stockholders’ equity			18,375,000				16,005,000
		$	25,345,000			$	31,698,000

STREAMLINE HEALTH SOLUTIONS, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

			Nine Months Ended
			October 31,
			2020				2019
Cash flows from continuing operating activities:
Loss from continuing operations		$	(3,209,000	)		$	(3,822,000	)
Adjustments to reconcile loss to net cash used in operating activities:
Depreciation			35,000				33,000
Amortization of capitalized software development costs			1,128,000				834,000
Amortization of intangible assets			370,000				424,000
Amortization of other deferred costs			242,000				208,000
Valuation adjustments			31,000				48,000
Loss on exit of membership agreement			105,000				–
Share-based compensation expense			1,004,000				719,000
Benefit for accounts receivable allowance			(15,000	)			(125,000	)
Benefit for income taxes			(1,536,000	)			(1,134,000	)
Changes in assets and liabilities			(1,838,000	)			(2,477,000	)
Net cash used in operating activities			(3,683,000	)			(5,292,000	)
Net cash from operating activities – discontinued operations			(2,319,000	)			4,317,000
Cash flows used in investing activities:
Purchases of property and equipment			(42,000	)			(51,000	)
Capitalization of software development costs			(1,495,000	)			(2,139,000	)
Proceeds from sale of ECM assets			11,288,000				–
Net cash provided by (used in) investing activities			9,751,000				(2,190,000	)
Net cash used in investing activities – discontinued operations			–				(591,000	)
Cash flows from financing activities:
Proceeds from term loan			2,301,000				–
Principal payments on term loan			(4,000,000	)			–
Other			(668,000	)			2,600,000
Net cash provided by financing activities			(2,367,000	)			2,600,000
Net decrease in cash and cash equivalents			1,382,000				(1,156,000	)
Cash and cash equivalents at beginning of year			1,649,000				2,376,000
Cash and cash equivalents at end of year		$	3,031,000			$	1,220,000

STREAMLINE HEALTH SOLUTIONS, INC.

New Bookings

(Unaudited)

		October 31, 2020
		Three Months Ended			Nine Months Ended
Systems Sales	$	20,000		$	357,000
Professional Services		226,000			633,000
Audit Services		34,000			77,000
Maintenance and Support		4,000			380,000
Software as a Service		1,140,000			4,127,000
Q3 2020 Bookings	$	1,424,000		$	5,574,000
Q3 2019 Bookings (1)	$	2,403,000		$	7,129,000

      (1)     October 31, 2019 excludes bookings from the ECM business of approximately $209,000 for the three months ended October 31, 2019 and $489,000 for the nine months ended October 31, 2019.

STREAMLINE HEALTH SOLUTIONS, INC.

Reconciliation of net earnings (loss) to non-GAAP Adjusted EBITDA (in thousands):

(Unaudited)

Adjusted EBITDA Reconciliation		Three Months Ended October 31,								Nine Months Ended October 31,
		2020				2019				2020				2019
Loss from continuing operations	$	(1,069	)		$	(1,523	)		$	(3,209	)		$	(3,822	)
Interest expense		12				91				39				239
Income tax benefit		(803	)			(454	)			(1,536	)			(1,134	)
Depreciation		4				11				35				33
Amortization of capitalized software development costs		477				598				1,128				834
Amortization of intangible assets		123				139				370				424
Amortization of other costs		89				72				242				208
EBITDA		(1,167	)			(1,066	)			(2,931	)			(3,218	)
Share-based compensation expense		442				290				1,054				719
Non-cash valuation adjustments		–				17				31				48
Loss on exit of operating lease		–				–				105				–
Adjusted EBITDA	$	(725	)		$	(759	)		$	(1,741	)		$	(2,451	)
Adjusted EBITDA per diluted share:
Net loss per common share – diluted continuing operations	$	(0.04	)		$	(0.07	)		$	(0.11	)		$	(0.19	)
Adjusted EBITDA per adjusted diluted share (1)	$	(0.02	)		$	(0.04	)		$	(0.06	)		$	(0.12	)
Diluted weighted average shares (2)		30,286,197				21,598,146				30,026,890				20,435,055
Includable incremental shares — Adjusted EBITDA (3)		606,329				2,736,075				423,682				2,976,967
Adjusted diluted shares		30,892,526				24,334,221				30,450,572				23,412,022
(1)    Adjusted EBITDA per adjusted diluted share for our common stock is computed using the more dilutive of the two-class method or the if-converted method.
(2)    Diluted EPS for our common stock was computed using the if-converted method, which yields the same result as the two-class method.
(3)    The number of incremental shares that would be dilutive under an assumption that the Company is profitable during the reported period, which is only applicable for a period in which the Company reports a GAAP net loss. If a GAAP profit is earned in the reported periods, no additional incremental shares are assumed.

NEW YORK, Dec. 08, 2020 (GLOBE NEWSWIRE) — PropTech Investment Corporation II (NASDAQ: PTICU) (the “Company”) announced today that it closed its upsized initial public offering of 23,000,000 units at $10.00 per unit, including 3,000,000 units issued pursuant to the full exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $230,000,000.

The Company’s units are listed on the Nasdaq Capital Market (“Nasdaq”) and commenced trading under the ticker symbol “PTICU” on December 4, 2020. Each unit consists of one share of the Company’s Class A common stock and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable and will trade.  Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “PTIC” and “PTICW,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any stage of its corporate evolution or in any industry or sector, it intends to concentrate its efforts in identifying high quality business that provide technological innovation to the real estate industry, or PropTech. The Company is led by Co-Chief Executive Officers Thomas D. Hennessy and M. Joseph Beck.

Cantor Fitzgerald & Co. acted as the sole book running manager for the offering. Northland Capital Markets acted as lead manager.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $230,000,000 (or $10.00 per unit sold in the public offering) was placed in the Company’s trust account. An audited balance sheet of the Company as of December 8, 2020 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (“SEC”).

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: [email protected].

Registration statements relating to these securities have been filed with, and declared effective by, the Securities and Exchange Commission on December 3, 2020.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s final prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Cody Slach, Matt Glover
Gateway
(949) 574-3860
[email protected]  

First patient ever infused with a CAAR (chimeric autoantibody receptor) T cell therapy product candidate expands the potential clinical application of CAR T
technology
beyond cancer into autoimmune diseases

PHILADELPHIA, Dec. 08, 2020 (GLOBE NEWSWIRE) — Cabaletta Bio, Inc. (Nasdaq: CABA), a clinical-stage biotechnology company focused on the discovery and development of engineered T cell therapies for patients with B cell-mediated autoimmune diseases, today announced that the first patient has been dosed in the DesCAARTes™ Phase 1 clinical trial of DSG3-CAART for the treatment of patients with mucosal-dominant pemphigus vulgaris (mPV).

“This is an important milestone in the development of our lead product candidate, DSG3-CAART, for patients with mucosal pemphigus vulgaris and for patients with B cell mediated autoimmune diseases more generally. We believe this is the first time a highly targeted, antigen specific cell therapy has been dosed in a patient with autoimmune disease. The study is designed to provide insights into the clinical effect of our precision CAAR T cell therapy in patients suffering from mPV,” said David J. Chang, M.D., Chief Medical Officer of Cabaletta Bio. “Currently available therapies for mPV patients, including steroids, typically induce broad immunosuppression, offer modest efficacy and/or are associated with frequent relapses. DSG3-CAART therapy, which is engineered to target and specifically eliminate the cells responsible for generating disease-causing autoantibodies while preserving the healthy immune system, provides mPV patients the potential of a deep and durable response, perhaps even a cure.”

“This is a huge accomplishment that will advance the entire field of cell therapy,” stated Carl H. June, M.D., who is a member of the Cabaletta Bio Scientific Advisory Board and the Richard W. Vague Professor of Immunotherapy in the Department of Pathology and Laboratory Medicine at the Perelman School of Medicine at the University of Pennsylvania, “The precise CAAR T technology which was discovered at Penn and is being developed by Cabaletta Bio builds on the legacy of commercially-approved CAR T therapies, to offer the promise of deep and durable responses beyond oncology to patients with autoimmune diseases.”

About the
DesCAARTes
™ Clinical Trial

Cabaletta Bio’s DesCAARTes™ Phase 1 trial is an open-label, multi-center study of DSG3-CAART in adults with mucosal-dominant pemphigus vulgaris (mPV). The trial is designed to evaluate the safety and tolerability of DSG3-CAART as well as to identify evidence of target engagement and early signs of efficacy. The study consists of three parts: 1) dose escalation, 2) dose consolidation, and 3) expansion at the final selected dose and schedule. The trial is expected to enroll approximately 30 subjects across multiple clinical sites throughout the United States. Visit clinicaltrials.gov (NCT04422912) for more information.

About Pemphigus Vulgaris

PV is a rare autoimmune blistering disease that is characterized by the loss of adhesion between cells of the skin or mucous membranes. PV is caused by the production of autoantibodies that disrupt structural proteins within the skin and/or mucosa that connect with other proteins to enable the skin and/or mucosal cells to connect with each other. The autoantibodies can target DSG3 and/or desmoglein 1 (DSG1), which are primarily expressed in the mucosal membranes and skin, respectively. mPV is characterized by autoantibodies against DSG3 only whereas mucocutaneous PV (mcPV) is characterized by autoantibodies against DSG3 and DSG1.

About CAAR T Cell Therapy

Chimeric AutoAntibody Receptor (CAAR) T cells are designed to selectively bind and eliminate only disease-causing B cells, while sparing the normal B cells that are essential for human health. CAAR T cells are based on the chimeric antigen receptor (CAR) T cell technology. While CAR T cells typically contain a CD19-targeting molecule, CAAR T cells express an autoantibody-targeted antigen on their surface. The co-stimulatory domain and the signaling domain of both a CAR T cell and a CAAR T cell carry out the same activation and cytotoxic functions. Thus, Cabaletta Bio’s CAARs are designed to direct the patient’s T cells to kill only the pathogenic cells that express disease-causing autoantibodies on their surface, potentially leading to complete and durable remission of disease while sparing all other B cell populations that provide beneficial immunity from infection.

About Cabaletta Bio
Cabaletta Bio is a clinical-stage biotechnology company focused on the discovery and development of engineered T cell therapies, and exploring their potential to provide a deep and durable, perhaps curative, treatment, for patients with B cell-mediated autoimmune diseases. The Cabaletta Approach to selective B cell Ablation (CABA) platform, in combination with Cabaletta’s proprietary technology, utilizes Chimeric AutoAntibody Receptor (CAAR) T cells that are designed to selectively bind and eliminate only specific autoantibody-producing B cells while sparing normal antibody-producing B cells, which are essential for human health. The Company’s lead product candidate, DSG3-CAART, is being evaluated in the DesCAARTes™ phase 1 clinical trial as a potential treatment for patients with mucosal pemphigus vulgaris, a prototypical B cell-mediated autoimmune disease. The FDA granted Fast Track Designation for DSG3-CAART in May 2020. For more information about the clinical trial, please see www.clinicaltrials.gov. The Company’s lead preclinical product candidate, MuSK-CAART, is in IND-enabling studies and is designed as a potential treatment for patients with MuSK-associated myasthenia gravis. For more information, visit www.cabalettabio.com.

Forward-Looking Statements

This press release contains “forward-looking statements” of Cabaletta Bio within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including without limitation, express or implied statements regarding expectations regarding the progress and results of its DesCAARTes™ Phase 1 trial, including Cabaletta Bio’s ability to enroll the requisite number of patients and dosing of its first patient; the expectation that Cabaletta Bio may improve outcomes for patients suffering from mPV; the effectiveness and timing of product candidates that Cabaletta may develop, including in collaboration with academic partners; the safety, efficacy and tolerability of DSG3-CAART for the treatment of mPV; the impact of preclinical data on the future development of CAAR T therapies in our pipeline portfolio expectations of the potential impact of COVID-19 on strategy, future operations, and the timing of its clinical trials, including the potential impacts on initiation of its DesCAARTes™ Phase 1 trial; and statements regarding regulatory filings regarding its development programs.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events, and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: Cabaletta Bio’s ability to demonstrate sufficient evidence of safety, efficacy and tolerability in its preclinical and clinical trials of DSG3-CAART; risks related to clinical trial site activation or enrollment rates that are lower than expected; risks related to unexpected safety or efficacy data observed during clinical studies; risks related to the impact of public health epidemics affecting countries or regions in which we have operations or do business, such as COVID-19; Cabaletta’s ability to retain and recognize the intended incentives conferred by Orphan Drug Designation for DSG3-CAART for the treatment of PV and Fast Track Designation for DSG3-CAART for the treatment of mPV; risks related to Cabaletta’s ability to protect and maintain its intellectual property position; uncertainties related to the initiation and conduct of studies and other development requirements for its product candidates; and the risk that the results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Cabaletta’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in Cabaletta’s most recent annual report on Form 10-K as well as discussions of potential risks, uncertainties, and other important factors in Cabaletta’s other filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Cabaletta undertakes no duty to update this information unless required by law.

Editor’s Note:
Dr. June
is a University of Pennsylvania
faculty member
and holds an equity stake in the Company.

Contacts:

Anup Marda
Chief Financial Officer
[email protected] 

Sarah McCabe
Stern Investor Relations, Inc.
[email protected] 

ATLANTA, Dec. 08, 2020 (GLOBE NEWSWIRE) — UPS (NYSE:UPS) today announced the appointment of DuPont Chief Human Resources Officer Darrell Ford to the position of UPS Chief Human Resources Officer. Charlene Thomas, UPS’s current Chief Human Resources Officer, will assume the role of Chief Diversity, Equity and Inclusion Officer, a new position on the company’s Executive Leadership Team. Both appointments are effective January 1, 2021.

“Darrell is a proven leader with a track record of excellence in H.R. strategies, systems and processes that are critical to a company’s success,” said UPS Chief Executive Officer Carol Tomé. “As we continue to transform the role of H.R. and how it supports our business, Darrell’s expertise and experience will advance our efforts to optimize talent, and drive a global culture focused on purpose and service excellence.”

Ford will be responsible for developing and executing UPS’s global human resources strategy to support the company’s business plan and strategic direction. In addition to advancing UPS’s culture, Darrell’s areas of focus will include succession planning, talent acquisition and management, training and development, performance management and compensation.

Most recently, Ford led DuPont’s H.R. functions and activities, and was integral in helping shape the company’s culture, with a focus on talent to increase customer and shareholder value. He achieved similar results in previous leadership roles with Xerox, Advanced Micro Devices, Shell and Honeywell during his 30-year career.

Ford earned Bachelor of Arts in psychology, MBA and Juris Doctor degrees from Rutgers University. He is a member of the Executive Leadership Council and serves as a director of the HR Policy Association and A Better Chance. Darrell is also an advisory board member of Rutgers School of Management and Labor Relations, and the University of South Carolina Riegel & Emory H.R. Center.

Charlene Thomas’s new role signals a significant step forward for UPS as the company strives to build a more inclusive and equitable operating environment. Her responsibilities will include furthering UPS’s programs and initiatives that infuse DEI into all aspects of the company, and tracking and communicating progress toward DEI goals. Charlene’s engagement will also extend to UPS suppliers, customers and other external partners to encourage the adoption of more proactive DEI efforts.

Thomas began her UPS career in 1989 and has progressed through various leadership roles at the company. In addition to her extensive operations knowledge, she has experience in global marketing and training and development. In her current role as CHRO, Charlene led the transformation of UPS’s global H.R. team, developing a new strategy for talent and performance management, leadership and culture for UPS’s 528,000 employees.  

“Charlene’s leadership has been instrumental as we’ve evolved our H.R. strategy and approach,” said Tomé. “Her vision, experience and knowledge of UPS will be great assets as she champions diversity, equity and inclusion as part of our people-led strategy to make UPS an even better place to work.”

Charlene earned her bachelor’s degree in psychology from Temple University and her MBA from Eastern University. Recently, Charlene served on the board of Big Brothers Big Sisters of Middle Tennessee, Orangewood Foundation in Orange County, CA, and as an executive board member for Habitat for Humanity. She is also a member of The Executive Leadership Council.

About UPS

UPS (NYSE:UPS), one of the world’s largest package delivery companies with 2019 revenue of $74 billion, provides a broad range of integrated logistics solutions for customers in more than 220 countries and territories. The company’s more than 500,000 employees embrace a strategy that is simply stated and powerfully executed: Customer First. People Led. Innovation Driven. UPS is committed to being a steward of the environment and positively contributing to the communities we serve around the world. UPS also takes a strong and unwavering stance in support of diversity, equity and inclusion. The company can be found on the Internet at www.ups.com, with more information at www.pressroom.ups.com and www.investors.ups.com.

UPS Media Relations
404-828-7123
[email protected]

PLYMOUTH, Mich., Dec. 08, 2020 (GLOBE NEWSWIRE) — Perceptron, Inc. (NASDAQ: PRCP), a leading global provider of 3D automated metrology solutions and coordinate measuring machines, today announced that at its annual meeting of shareholders held today, Perceptron shareholders approved the previously announced Agreement and Plan of Merger with Atlas Copco, a world-leading provider of sustainable productivity solutions headquartered in Stockholm, Sweden.

Under the terms of the merger agreement, Perceptron shareholders will receive $7.00 per share in cash for each share of common stock held. The transaction is expected to close during the calendar fourth quarter 2020, subject to customary closing conditions, including the receipt of clearance from CFIUS. Following the closing, Perceptron’s common stock will no longer be publicly traded and will be delisted from Nasdaq Global Market.

A
BOUT PERCEPTRON

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Perceptron (NASDAQ: PRCP) develops, produces and sells a comprehensive range of automated industrial metrology products and solutions to manufacturing organizations for dimensional gauging, dimensional inspection and 3D scanning. Products include 3D machine vision solutions, robot guidance, coordinate measuring machines, laser scanning and advanced analysis software. Global automotive and other manufacturing companies rely on Perceptron’s metrology solutions to assist in managing their complex manufacturing processes to improve quality, shorten product launch times and reduce costs. Headquartered in Plymouth, Michigan, Perceptron has subsidiary operations in Brazil, China, Czech Republic, France, Germany, India, Italy, Japan, Slovakia, Spain and the United Kingdom. For more information, please visit www.perceptron.com.

SAFE HARBOR STATEMENT

Certain statements in this press release may be “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, including our expectations regarding the possible effects of the COVID-19 pandemic on general economic conditions, public health, and global automotive industry, and the Company’s results of operations, liquidity, capital resources, and general performance in the future, the potential impact of COVID-19 on our customers generally and their plans for retooling projects in particular, our fiscal year 2021 and future results, operating data, new order bookings, revenue, expenses, net income and backlog levels, trends affecting our future revenue levels, the rate of new orders, and our ability to fund our fiscal year 2021 and future cash flow requirements. We may also make forward-looking statements in our press releases or other public or shareholder communications. Whenever possible, we have identified these forward-looking statements by words such as “target,” “will,” “should,” “could,” “believes,” “expects,” “anticipates,” “estimates,” “prospects,” “outlook,” “guidance” or similar expressions. We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all of our forward-looking statements. While we believe that our forward-looking statements are reasonable, you should not place undue reliance on any such forward-looking statements, which speak only as of the date made. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different. Factors that might cause such a difference include, without limitation, the risks and uncertainties discussed from time to time in our periodic reports filed with the Securities and Exchange Commission (the “SEC”), including those listed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for our fiscal 2020. Except as required by applicable law, we do not undertake, and expressly disclaim, any obligation to publicly update or alter our statements whether as a result of new information, events or circumstances occurring after the date of this report or otherwise. The proposed merger is subject to certain conditions precedent, including regulatory approvals.  The Company cannot provide any assurance that the proposed merger will be completed, nor can it give assurances as to the terms on which such proposed merger will be consummated.

Contact:

Investor Relations
[email protected]

–
Data
on
PFIC types 1, 2, 3
submitted to support use
across
a wide range of patients
–

– EMA
grants
accelerated assessment
,
validates
Marketing Authorization Application
for
odevixibat
with
o
rphan
d
esignation and access to
PRIority MEdicines (PRIME)
–

–
FDA has
granted
o
devixibat
F
ast
T
rack,
R
are
P
ediatric
D
isease and
O
rphan
D
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esignations –

–
Largest
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patient database shows
improvements
in quality of life measures
,
including
growth and liver parameters observed with long-term
odevixibat
administration –

BOSTON, Dec. 08, 2020 (GLOBE NEWSWIRE) — Albireo Pharma, Inc. (Nasdaq: ALBO), a clinical-stage rare liver disease company developing novel bile acid modulators, today announced it has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) and a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) seeking approval of odevixibat for the treatment of patients with progressive familial intrahepatic cholestasis (PFIC). Odevixibat is a potent, once-daily, non-systemic ileal bile acid transport inhibitor (IBATi) being developed to treat rare pediatric cholestatic liver diseases, including PFIC, biliary atresia and Alagille syndrome. The EMA has validated the odevixibat MAA on the accelerated assessment timeline, which begins the formal review process. With FDA and EMA regulatory submissions complete, odevixibat has the potential to become the first approved drug treatment for patients with PFIC in the U.S and Europe.

Odevixibat has previously received Fast Track, Rare Pediatric Disease and Orphan Drug Designations in the U.S. In addition to PFIC, odevixibat has Orphan Drug Designations for the treatment of Alagille Syndrome, biliary atresia and primary biliary cholangitis. The EMA has granted odevixibat accelerated assessment, Orphan Designation, as well as access to the PRIority MEdicines (PRIME) scheme for the treatment of PFIC. The EMA’s Pediatric Committee has agreed to Albireo’s odevixibat Pediatric Investigation Plans for PFIC and biliary atresia. With U.S. and EU regulatory submissions for odevixibat in PFIC completed, the Company anticipates potential regulatory approvals, issuance of a rare pediatric disease priority review voucher and launch in the second half of 2021.

“We have completed both the U.S. and EU regulatory submissions in record time, which speaks to the Albireo team’s commitment to providing children with different forms of PFIC a treatment option as quickly as possible,” said Ron Cooper, President and Chief Executive Officer of Albireo. “With randomized, placebo-controlled PEDFIC data, Orphan Designations in both the U.S. and EU, accelerated assessment and access to the PRIME scheme in the EU and Fast Track designation in the U.S., we’re on track for potential approval, launch and broad global access to odevixibat for PFIC patients in the second half of 2021.”

Phase 3 data was recently presented at the AASLD that showed a durable response to odevixibat in patients with PFIC. Full results from PEDFIC 1, the first and largest, global, Phase 3 study ever conducted in PFIC, confirm both U.S. and EU primary endpoints were met in the randomized, double-blind, placebo-controlled trial. Additionally, long-term data from PEDFIC 2, an open-label Phase 3 extension study, demonstrate continued and durable reductions in sBAs, improvements in pruritus assessments and encouraging markers of liver and growth function in patients treated up to 48 weeks. Across both studies, odevixibat was generally well tolerated, and treatment-emergent adverse events (TEAEs) were mostly mild or moderate. Collectively, these studies reaffirm odevixibat’s potential to be the first drug treatment approved for patients living with PFIC, a devastating disease which is currently treated with surgical options including liver transplantation.

“With strong data from the first and largest global Phase 3 study ever conducted in PFIC, we have a comprehensive database that has the potential to influence the way PFIC is treated, the use of odevixibat and how reimbursement will be achieved,” added Cooper. “We are grateful to the patients, families and investigators for their involvement in our mission to bring hope to families and reduce disease burden. Beyond PFIC, we are poised to initiate our Phase 3 trial in Alagille syndrome by end of year, expanding our pivotal programs across three rare liver diseases.”

Odevixibat is also currently being evaluated in the ongoing PEDFIC 2 Phase 3 open-label trial in patients with PFIC, and the BOLD Phase 3 trial in patients with biliary atresia. The Phase 3 trial of odevixibat in Alagille syndrome will be the third pivotal trial of odevixibat. The Company also provides an Expanded Access Program for eligible patients with PFIC in the U.S., Canada, Australia and Europe.

About
PFIC

Progressive familial intrahepatic cholestasis (PFIC) is a rare disorder that causes progressive, life-threatening liver disease. Patients have impaired bile flow, or cholestasis, caused by genetic mutations. The resulting bile build-up in liver cells causes liver disease and symptoms. The most prominent and problematic ongoing manifestation of the disease is pruritus, or intense itching, which often results in a severely diminished quality of life. Other symptoms include jaundice, poor weight gain and slowed growth. In many cases, PFIC leads to cirrhosis and liver failure within the first 10 years of life, and nearly all people with PFIC require treatment before age 30. There are no drugs currently approved for PFIC, only surgical options that include partial external biliary diversion (PEBD) and liver transplantation. Additional information on PFIC is available at https://www.pficvoices.com.

About
Biliary
A
tresia

Biliary atresia is a rare pediatric liver disease with symptoms typically developing about two to eight weeks after birth. Damaged or absent bile ducts outside the liver result in bile and bile acids being trapped inside the liver, quickly resulting in cirrhosis, and even liver failure. Children have clay-colored or no color in their stools, jaundice among other things and a few patients are pruritic. Biliary atresia is the most common pediatric cholestatic liver disease and is the leading cause of liver transplants among children as there are no approved drug treatments.

About Alagille Syndrome

Alagille Syndrome (ALGS) is a rare multisystem genetic disorder that can affect the liver, heart, skeleton, eyes, central nervous system, kidneys, and facial features. Liver damage is caused by a paucity of bile ducts preventing bile flow from the liver to the small intestine. Approximately 95 percent of patients with ALGS present with chronic cholestasis, usually within the first three months of life, and up to 88 percent also present with severe, intractable pruritus. Currently, there are no approved drug treatments.

About Odevixibat

Odevixibat is an investigational product candidate being developed to treat rare pediatric cholestatic liver diseases, including progressive familial intrahepatic cholestasis (PFIC), biliary atresia and Alagille syndrome. A potent, once-daily, non-systemic ileal bile acid transport inhibitor (IBATi), odevixibat acts locally in the small intestine. Odevixibat does not require refrigeration and can be taken as a capsule for older children, or opened and sprinkled onto food, which are factors of key importance for adherence in a pediatric patient population. Odevixibat is currently being evaluated in the ongoing PEDFIC 2 open-label trial (NCT03659916) and the BOLD Phase 3 trial in patients with biliary atresia (NCT04336722). Initiation of a pivotal Phase 3 trial of odevixibat for Alagille syndrome is also anticipated by the end of 2020.

About Albireo

Albireo Pharma is a clinical-stage biopharmaceutical company focused on the development of novel bile acid modulators to treat rare pediatric and adult liver diseases, and other adult liver diseases and disorders. Albireo’s lead product candidate, odevixibat, is being developed to treat rare pediatric cholestatic liver diseases and is in Phase 3 development in progressive familial intrahepatic cholestasis (PFIC) and biliary atresia, and the first site initiation for the Phase 3 trial in Alagille syndrome is planned for this month. The Company expects to complete IND-enabling studies for new preclinical candidate A3907 this year and plans to advance development in adult liver disease. Albireo was spun out from AstraZeneca in 2008 and is headquartered in Boston, Massachusetts, with its key operating subsidiary in Gothenburg, Sweden. The Boston Business Journal named Albireo one of the 2020 Best Places to Work in Massachusetts for the second consecutive year. For more information on Albireo, please visit www.albireopharma.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements, other than statements of historical fact, regarding, among other things: the plans for, or progress, scope, cost, initiation, duration, enrollment, results or timing for availability of results of, development of odevixibat or any other Albireo product candidate or program, including regarding expectations regarding the impact of COVID-19 on our business and our ability to adapt our approach as appropriate; the Phase 3 clinical program for odevixibat in patients with PFIC, the pivotal trial for odevixibat in biliary atresia (BOLD), and the planned pivotal trial for odevixibat in Alagille syndrome; the target indication(s) for development or approval, the size, design, population, location, conduct, cost, objective, enrollment, duration or endpoints of any clinical trial, or the timing for initiation or completion of or availability or reporting of results from any clinical trial, including the long-term open-label extension study for odevixibat in PFIC, the pivotal trial for odevixibat in biliary atresia, the planned pivotal trial for odevixibat in Alagille syndrome; the potential approval and commercialization of odevixibat; discussions with the FDA or EMA regarding our programs; the potential benefits or competitive position of odevixibat or any other Albireo product candidate or program or the commercial opportunity in any target indication; the potential effects of odevixibat of the treatment of PFIC patients and its potential to improve the current standard of care; the potential benefits of an orphan drug designation; the potential issuance of a rare pediatric disease priority review voucher; or Albireo’s plans, expectations or future operations, financial position, revenues, costs or expenses. Albireo often uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “planned,” “continue,” “guidance,” and similar expressions to identify forward-looking statements. Actual results, performance or experience may differ materially from those expressed or implied by any forward-looking statement as a result of various risks, uncertainties and other factors, including, but not limited to: negative impacts of the COVID-19 pandemic, including on manufacturing, supply, conduct or initiation of clinical trials, or other aspects of our business; whether favorable findings from clinical trials of odevixibat to date, including findings in indications other than PFIC, will be predictive of results from other clinical trials of odevixibat; whether either or both of the FDA and EMA will determine that the primary endpoint for their respective evaluations and treatment duration of the double-blind Phase 3 trial in patients with PFIC are sufficient to support approval of odevixibat in the United States or the European Union, to treat PFIC, a symptom of PFIC, a specific PFIC subtype(s) or otherwise; the outcome and interpretation by regulatory authorities of the ongoing third-party study pooling and analyzing of long-term PFIC patient data; the timing for initiation or completion of, or for availability of data from, clinical trials of odevixibat, including the pivotal program in biliary atresia or the planned pivotal program in Alagille syndrome, and the outcomes of such trials; Albireo’s ability to obtain coverage, pricing or reimbursement for approved products in the United States or European Union; delays or other challenges in the recruitment of patients for, or the conduct of, company’s clinical trials; and Albireo’s critical accounting policies. These and other risks and uncertainties that Albireo faces are described in greater detail under the heading “Risk Factors” in Albireo’s most recent Annual Report on Form 10-K or in subsequent filings that it makes with the Securities and Exchange Commission. As a result of risks and uncertainties that Albireo faces, the results or events indicated by any forward-looking statement may not occur. Albireo cautions you not to place undue reliance on any forward-looking statement. In addition, any forward-looking statement in this press release represents Albireo’s views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Albireo disclaims any obligation to update any forward-looking statement, except as required by applicable law.

Media Contact:

Colleen Alabiso, 857-356-3905, [email protected]
Lisa Rivero, 617-947-0899, [email protected]

Investor Contact:

Hans Vitzthum, LifeSci Advisors, LLC., 857-272-6177

MITCHEL FIELD, N.Y., Dec. 08, 2020 (GLOBE NEWSWIRE) — Frequency Electronics, Inc. (NASDAQ: FEIM), will hold a conference call to discuss results for its second quarter of its fiscal year 2021, ended October 31, 2020, on Thursday, December 10, 2020, at 4:30 PM Eastern Time.

This call is being webcast by [email protected] and can be accessed in the Investor Relations section of Frequency’s web site at www.freqelec.com. Investors and analysts may also access the call by dialing 877-407-9205. International callers may dial 201-689-8054. Ask for the Frequency Electronics conference call.

A telephone replay of the archived call will be available at 877-481-4010 (domestic), or 919-882-2331 (international), for one week following the call (replay passcode: 39123). Subsequent to that, the call can be accessed via a link available on the company’s website through March 10, 2021.

About Frequency Electronics

Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency generation and RF control products for space and terrestrial applications. Frequency’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR and electronic warfare, missiles, UAVs, aircraft, GPS, secure communications, energy exploration and wireline and wireless networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development to expand its capabilities and markets.

Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 50 GHz, for space and other challenging environments.”

Subsidiaries and Affiliates: FEI-Zyfer provides GPS and secure timing (“SAASM”) capabilities for critical military and commercial applications; FEI-Elcom Tech provides Electronic Warfare (“EW”) sub-systems and state-of-the-art RF microwave products. Additional information is available on the Company’s website: www.frequencyelectronics.com

Contact information: Stanton Sloane, President & Chief Executive Officer; Steven
Bernstein, Chief Financial Officer;

Telephone: (516) 794-4500 ext.5000       WEBSITE:  www.freqelec.com