Market Newsdesk

November 16, 2020 6:18 am

Manufacturing Industry at High Risk of Severe Impact from COVID-19 Pandemic

Print & publishing, Industrial Equipment, Apparel, and Textile Products among the top 5 most affected sectors

Allentown, PA, Nov. 16, 2020 (GLOBE NEWSWIRE) — The manufacturing industry in the United States is standing at the precipice of severe negative impacts due to COVID-19, according to a new report from the global business intelligence experts, Creditsafe. According to the report, many manufacturers could see a significant decrease in their revenue, which may bring about difficult decisions on how best to navigate these difficult times.

The data shows that the following manufacturing sectors are the most likely to be severely impacted.

Printing and Publishing
Miscellaneous Manufacturing
Industrial Machinery and Equipment
Fabricated Metal Products
Apparel and Other Textile Products

When combined, these industries represent over half a million businesses across the United States, with over 17% of them expected to experience a severe negative impact from the Coronavirus.

“Manufacturing represents a significant amount of revenue, jobs, and businesses within the US,” comments Matthew Debbage, Creditsafe Americas and Asia’s CEO, “Our research and analysis shows that the 10 most affected states could see a decrease $400 billion from the manufacturing industry alone. This type of impact will have long term effects for the entire country.”

Mandatory closures, changes in buyer behavior, disruptions to the supply chain, amongst other factors, are all contributing to the overall risk that the manufacturing industry is facing. In turn, the industry could cause ripples of its own through a loss of employment, decreases in revenue, and notable delays in production.

The pandemic has caused the U.S., and specifically manufacturers, to look to a more localized supply chain and bring several types of critical manufacturing sectors back to U.S. soil. John Boyd, president of Boyd Co., a corporate relocation consulting firm, says, “The pandemic has made it clear that overextended and risky supply chains can no longer be tolerated. The U.S. pharmaceutical and medical devices sectors—now dangerously concentrated in China—will be the first in line to disinvest there and reinvest back in the U.S. Bi-partisan legislation is being crafted in Washington to encourage this reshoring through tax breaks and other incentives.”

Unfortunately, the return to US-based manufacturing will take time and money. The pandemic may impact $ 400 billion in revenue in 2020. The report describes how States such as Nevada and California are the top two most affected regarding manufacturing, according to Creditsafe. Leaders of these states will have to figure out how to help their local manufacturers survive while attracting new businesses to their regions.

The outlook of the manufacturing industry is far from certain; one thing is sure, business, as usual, will no longer be enough, and manufacturers, like so many other industries, must find a way to adapt to an ever-evolving economic landscape.

To learn more about the effects of COVID-19 on the manufacturing industry download the full report for free.

About Creditsafe USA

Creditsafe is the world’s most used supplier of company credit reports. Privately owned and independently minded, Creditsafe is looking to change the way business information is used by providing high-quality data in an easy to use format that everyone in an organization can benefit from.

Creditsafe’s global database is one of the most rapidly expanding in the industry and also one of the most comprehensive. Each day over 500,000 users around the world leverage the company’s database to gather strategic, insightful business information. Creditsafe’s database is updated over a million times a day with information gathered from thousands of sources. In 99.9% of the cases, reports requested by customers are delivered instantly. Over forty percent of Creditsafe’s customers leverage the company’s internationally reporting capabilities.

Attachment

ManufacturingReport front page

Nathan Kolb
Creditsafe
4342297209
[email protected]

November 16, 2020 6:09 am

Ada S. McKinley Community Services Sees Dramatic Increase of 33% in Youth Referrals to Its Foster Care Program; Boosts Efforts to Recruit Foster Parents

Chicago, Illinois, Nov. 16, 2020 (GLOBE NEWSWIRE) — Ada S. McKinley Community Services, one of the largest human service and education providers in Illinois, is seeing a 33 percent increase in the number of youth cases needing foster parents since the start of the COVID-19 pandemic, and is launching a new effort during the Holiday Season to urge eligible people to become foster parents. With the cancellation of face-to-face meetings and concerns about the spread of the Coronavirus, recruiting traditional and specialized foster parents has become more difficult.

“We need loving people to open their hearts and homes to help these children. They are the unseen victims of COVID-19 who’ve faced the trauma of being removed from their homes in the midst of the pandemic,” said Jamal Malone, CEO of Ada S. McKinley Community Services.

“Currently there are not enough licensed foster parents to help the youth who come to us. The foster parents who bring these children into their homes say it’s a rewarding experience to help a child in need,” said Malone.

Malone assures potential foster parents that very extensive COVID-19 precautions are taken before placing children in homes. Ada S. McKinley Community Services also has a unique history for supporting foster children through other programs including Head Start Early Learning Centers and our nationally renowned College Placement Program which has placed over 70,000 youth in more than 400 U.S. colleges and universities.

Sandra Minter is a foster parent who strongly encourages potential foster parents to attend an orientation class. She’s serving an eight-year-old girl with special needs, whom Minter describes as “a delight.”

“My third grader faced emotional challenges when I welcomed her to my home, and they are pretty much manageable. She has brought life back into my life. This child is a joy to be with. It’s rewarding just to know I’m helping somebody who needs help and cannot help themselves. All you need is the heart to do it. It’s not hard at all,” said Minter.

Ada S. McKinley also operates an Emergency Foster Care Shelter on Chicago’s South Side, staffed 24 hours-a-day with professional Foster Parents for emergency placements. The shelter is one of just two emergency shelters in Chicago, and one of only five in Illinois.

Individuals interested in becoming foster parents can learn more by calling the Ada S. McKinley Community Services’ Foster Parent Recruitment Hotline at 773-602-2660 ext. 3243 or attending online orientation classes scheduled for November 18, 2020 at 11 a.m., December 2, 2020 at 11 a.m., January 13, 2021 at 11 a.m.

Those interested in donating to Ada S. McKinley can donate via this LINK.

About Ada S. McKinley Community Services

Ada S. McKinley Community Services is one of Chicago’s largest, most respected and impactful Human Services organizations. Serving more than 7,000 people annually at over 70 program sites in the Chicago metropolitan area, Wisconsin and Indiana, Ada S. McKinley Community Services’ wide-ranging programs fall under the umbrellas of child development and youth, employment and community support, and behavioral health and clinical. The 101-year old nonprofit was founded during the Spanish Flu Pandemic with a mission to serve African American World War I veterans who were denied government services, and to help southern families fleeing to Chicago during the Great Migration. The organization’s mission is to empower, educate and employ people to change lives and strengthen communities.

For more information and updates on how the agency continues to meet the needs of people affected by the COVID-19 pandemic, please visit www.adasmckinley.org and follow us on Facebook, YouTube, LinkedIn and Instagram.

Attachments

Michelle Damico
Michelle Damico Communications
312-423-6627
[email protected]

November 16, 2020 6:08 am

CytoDyn Announces Registration of Trademark for VYROLOGIX in Several Countries

Vyrologix is the proprietary name for leronlimab

VANCOUVER, Washington, Nov. 16, 2020 (GLOBE NEWSWIRE) — CytoDyn Inc. (OTC.QB: CYDY), (“CytoDyn” or the “Company”), a late-stage biotechnology company developing leronlimab (PRO 140), a CCR5 antagonist with the potential for multiple therapeutic indications, today announced that nine of the Company’s trademark applications to register the VYROLOGIX mark have now successfully passed through formal examination.

In summary, the U.S. and E.U. applications have been allowed, applications in Hong Kong, China and Russia have registered, and the Company’s applications in Australia, Israel, New Zealand and Singapore will each proceed to registration once they have passed through the opposition period unopposed.

Vyrologix (pronounced – vie-ro-loj-iks) is the proprietary name for leronlimab and the trademark is now VYROLOGIX. Final approval of Vyrologix as the proprietary name for leronlimab is conditional on FDA approval of the Company’s Biologics License Application and new drug application. Our recently developed stylized trademark and logo are as follows:

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

CytoDyn Inc.: Media Snippet

Nader Pourhassan, Ph.D., President and Chief Executive Officer of CytoDyn, stated, “These multi-national acceptances of our trademark applications further demonstrate our commercial readiness to deliver leronlimab to patients of the world upon regulatory approval. Our team of legal advisors have been working on this important milestone for several months and we have now achieved one of many objectives in several major markets.”

About Coronavirus Disease 2019

CytoDyn completed its Phase 2 clinical trial (CD10) for COVID-19, a double-blinded, randomized clinical trial for mild-to-moderate patients in the U.S. which produced statistically significant results for NEWS2. Enrollment continues in its Phase 2b/3 randomized clinical trial for the severe-to-critically ill COVID-19 population in several hospitals and clinics throughout the U.S., which are identified on the Company’s website under the “Clinical Trial Enrollment” section of the homepage; an interim analysis on the first 195 patients was conducted mid-October and is expected to occur again after enrollment reaches 293 patients.

About Leronlimab (PRO 140)

The FDA has granted a Fast Track designation to CytoDyn for two potential indications of leronlimab for critical illnesses. The first indication is a combination therapy with HAART for HIV-infected patients and the second is for metastatic triple-negative breast cancer. Leronlimab is an investigational humanized IgG4 mAb that blocks CCR5, a cellular receptor that is important in HIV infection, tumor metastases, and other diseases, including NASH. Leronlimab has completed nine clinical trials in over 800 people and met its primary endpoints in a pivotal Phase 3 trial (leronlimab in combination with standard antiretroviral therapies in HIV-infected treatment-experienced patients).

In the setting of HIV/AIDS, leronlimab is a viral-entry inhibitor; it masks CCR5, thus protecting healthy T cells from viral infection by blocking the predominant HIV (R5) subtype from entering those cells. Leronlimab has been the subject of nine clinical trials, each of which demonstrated that leronlimab could significantly reduce or control HIV viral load in humans. The leronlimab antibody appears to be a powerful antiviral agent leading to potentially fewer side effects and less frequent dosing requirements compared with daily drug therapies currently in use.

In the setting of cancer, research has shown that CCR5 may play a role in tumor invasion, metastases, and tumor microenvironment control. Increased CCR5 expression is an indicator of disease status in several cancers. Published studies have shown that blocking CCR5 can reduce tumor metastases in laboratory and animal models of aggressive breast and prostate cancer. Leronlimab reduced human breast cancer metastasis by more than 98% in a murine xenograft model. CytoDyn is, therefore, conducting a Phase 1b/2 human clinical trial in metastatic triple-negative breast cancer and was granted Fast Track designation in May 2019.

The CCR5 receptor appears to play a central role in modulating immune cell trafficking to sites of inflammation. It may be crucial in the development of acute graft-versus-host disease (GvHD) and other inflammatory conditions. Clinical studies by others further support the concept that blocking CCR5 using a chemical inhibitor can reduce the clinical impact of acute GvHD without significantly affecting the engraftment of transplanted bone marrow stem cells. CytoDyn is currently conducting a Phase 2 clinical study with leronlimab to support further the concept that the CCR5 receptor on engrafted cells is critical for the development of acute GvHD, blocking the CCR5 receptor from recognizing specific immune signaling molecules is a viable approach to mitigating acute GvHD. The FDA has granted orphan drug designation to leronlimab for the prevention of GvHD.

About CytoDyn

CytoDyn is a late-stage biotechnology company developing innovative treatments for multiple therapeutic indications based on leronlimab, a novel humanized monoclonal antibody targeting the CCR5 receptor. CCR5 appears to play a critical role in the ability of HIV to enter and infect healthy T-cells. The CCR5 receptor also appears to be implicated in tumor metastasis and immune-mediated illnesses, such as GvHD and NASH.

CytoDyn has successfully completed a Phase 3 pivotal trial with leronlimab in combination with standard antiretroviral therapies in HIV-infected treatment-experienced patients. The FDA met telephonically with Company key personnel and its clinical research organization and provided written responses to the Company’s questions concerning its recent Biologics License Application (“BLA”) for this HIV combination therapy in order to expedite the resubmission of its BLA filing for this indication.

CytoDyn has completed a Phase 3 investigative trial with leronlimab as a once-weekly monotherapy for HIV-infected patients. CytoDyn plans to initiate a registration-directed study of leronlimab monotherapy indication. If successful, it could support a label extension. Clinical results to date from multiple trials have shown that leronlimab can significantly reduce viral burden in people infected with HIV. No drug-related serious site injection reactions reported in about 800 patients treated with leronlimab and no drug-related SAEs reported in patients treated with 700 mg dose of leronlimab. Moreover, a Phase 2b clinical trial demonstrated that leronlimab monotherapy can prevent viral escape in HIV-infected patients; some patients on leronlimab monotherapy have remained virally suppressed for more than six years.

CytoDyn is also conducting a Phase 2 trial to evaluate leronlimab for the prevention of GvHD and a Phase 1b/2 clinical trial with leronlimab in metastatic triple-negative breast cancer. More information is at www.cytodyn.com.

Forward-Looking Statements

This press release contains certain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as “believes,” “hopes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates” and variations thereof, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Forward-looking statements specifically include statements about leronlimab, its ability to have positive health outcomes, the possible results of clinical trials, studies or other programs or ability to continue those programs, the ability to obtain regulatory approval for commercial sales, and the market for actual commercial sales. The Company’s forward-looking statements are not guarantees of performance, and actual results could vary materially from those contained in or expressed by such statements due to risks and uncertainties including: (i) the sufficiency of the Company’s cash position, (ii) the Company’s ability to raise additional capital to fund its operations, (iii) the Company’s ability to meet its debt obligations, if any, (iv) the Company’s ability to enter into partnership or licensing arrangements with third parties, (v) the Company’s ability to identify patients to enroll in its clinical trials in a timely fashion, (vi) the Company’s ability to achieve approval of a marketable product, (vii) the design, implementation and conduct of the Company’s clinical trials, (viii) the results of the Company’s clinical trials, including the possibility of unfavorable clinical trial results, (ix) the market for, and marketability of, any product that is approved, (x) the existence or development of vaccines, drugs, or other treatments that are viewed by medical professionals or patients as superior to the Company’s products, (xi) regulatory initiatives, compliance with governmental regulations and the regulatory approval process, (xii) general economic and business conditions, (xiii) changes in foreign, political, and social conditions, and (xiv) various other matters, many of which are beyond the Company’s control. The Company urges investors to consider specifically the various risk factors identified in its most recent Form 10-K, and any risk factors or cautionary statements included in any subsequent Form 10-Q or Form 8-K, filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to update any forward-looking statements to take into account events or circumstances that occur after the date of this press release.

CYTODYN CONTACTS

Investors:
Michael Mulholland
Office: 360.980.8524, ext. 102
[email protected]

November 16, 2020 6:07 am

AIR Worldwide Provides Annual Global View of Risk

Report Highlights Protection Gap When Disaster Strikes

Boston, Nov. 16, 2020 (GLOBE NEWSWIRE) — Catastrophe modeling firm AIR Worldwide (AIR) today released its 2020 Global Modeled Catastrophe Losses report, detailing key loss metrics from AIR’s global industry exceedance probability (EP) curve. Based on the report, AIR estimates that the global modeled insured average annual loss from catastrophes worldwide is nearly USD 100 billion. The 1 percent aggregate exceedance probability insured loss (or the 100-year return period loss) is nearly USD 301 billion. The 2020 report derives its loss metrics from the most current suite of global property and crop models from AIR, including new models and updates released during 2020 as well as databases of property values for more than 110 countries; the report excludes losses from AIR’s pandemic, cyber, and casualty models. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.

The global aggregate average annual loss (AAL) and exceedance probability loss metrics for 2020 reflect changes in risk based on AIR’s annual review of industry insured values around the world and includes the impact of enhancements to the AIR Earthquake Model for Australia, AIR’s Earthquake and Tropical Cyclone Models for the Caribbean, and updates to the Hurricane and Inland Flood Models for the United States.

“For regions and perils covered by catastrophe models, the protection gap represents not only potential business growth opportunities for the insurance industry to offer essential protection to vulnerable home- and business-owners, but a responsibility to act,” said Bill Churney, president at AIR Worldwide. “Understanding the protection gap can also help governments assess the risks to their citizens and critical infrastructure, and develop risk-informed emergency management, hazard mitigation, and public risk financing strategies to enhance global resilience and reduce the ultimate costs from catastrophic events.”

The report provides both global insured and insurable loss estimates based on AIR’s global suite of models; the difference between covered (insured) and eligible (insurable) exposures suggests areas of potential profitable growth in markets already identified as vulnerable to catastrophic events. Examination of economic and insured losses reveals how wide the protection gap is and how sizable losses can be for societies following a devastating catastrophe.
The year 2020 opened with the most powerful earthquake Puerto Rico had experienced since 1918—the last time the island updated its earthquake preparedness plan. Also in January, numerous bushfires continued to burn across Australia. Since the second half of 2019, the fires had scorched more than 10 million hectares (~25 million acres).

In June, one of the costliest natural disasters ever in Canada struck on June 13: the Calgary hailstorm. August brought the Complex Fire, which became the largest wildfire in California’s history and the first-ever “gigafire,” so called because it burned more than 1 million acres. On August 10, a derecho caused widespread catastrophic damage in the Midwest, bringing heavy rainfall, hurricane-force winds as well as significant hail in some locations.

The Atlantic hurricane season has brought record-breaking number of named storms impacting the entire coastline from eastern Texas near the Louisiana border to the western Florida Panhandle.

“The ability for the global (re)insurance industry, financial institutions, governments, and non-governmental organizations to prepare for large losses before they occur is critical to continued solvency and resilience,” said Rob Newbold, executive vice president at AIR Worldwide. “With the insight provided by AIR’s global suite of models, companies can pursue profitable expansion in a market that is ever-more connected, and amid regulatory environments that are increasingly rigorous. These holistic analytics can give insurers and reinsurers greater confidence that the risk they’ve assumed is risk they can afford to take.”

Download the 2020Global Modeled Catastrophe Losses report here: https://airww.co/GlobalEP2020

About AIR Worldwide

AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, supply chain disruptions, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com. For more information about Verisk, a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services, please visit www.verisk.com.

###

For more information, contact:
Kevin Long
AIR Worldwide
01-617-267-6645
[email protected]

November 16, 2020 6:05 am

China Yuchai Announces Selected Unaudited Data for the Third Quarter of 2020

PR Newswire

SINGAPORE, Nov. 16, 2020 /PRNewswire/ — China Yuchai International Limited (NYSE: CYD) (“China Yuchai” or the “Company”), a leading manufacturer and distributor of engines for on- and off-road applications in China through its main operating subsidiary, Guangxi Yuchai Machinery Company Limited (“GYMCL”), announced today selected preliminary unaudited data for the third quarter and the first nine months ended September 30, 2020 and 2019. The financial information presented herein is reported using International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.

China Yuchai has previously announced that it will only announce six month and annual financial results in the future. However, the Company is announcing these selected preliminary third quarter and nine month results to provide investors with a timely update, giving consideration to the business uncertainty caused by the impact of the COVID-19 pandemic.

Three Months Ended September 30,	2020	2019
Revenue	RMB 5.4 Billion	RMB 3.3 Billion
Unit Sales	118,488	70,140
Net earnings attributable to China Yuchai’s shareholders	RMB 108.4 Million	RMB 50.3 Million

First Nine Months Ended September 30,	2020	2019
Revenue	RMB 15.4 Billion	RMB 12.3 Billion
Unit Sales	331,670	281,499
Net earnings attributable to China Yuchai’s shareholders	RMB 414.1 Million	RMB 395.3 Million

About China Yuchai International

China Yuchai International Limited, through its subsidiary, GYMCL, engages in the manufacture, assembly, and sale of a wide variety of light-, medium- and heavy-duty engines for trucks, buses, passenger vehicles, construction equipment, marine and agriculture applications in China. GYMCL also produces diesel power generators. The engines produced by GYMCL range from diesel to natural gas and hybrid engines. Through its regional sales offices and authorized customer service centers, GYMCL distributes its engines directly to auto OEMs and retailers and provides maintenance and retrofitting services throughout China. Founded in 1951, GYMCL has established a reputable brand name, strong research and development team and significant market share in China with high-quality products and reliable after-sales support. In 2019, GYMCL sold 376,148 engines and is recognized as a leading manufacturer and distributor of engines in China. For more information, please visit http://www.cyilimited.com.

Safe Harbor Statement

This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. China Yuchai cautions that this data involves risks and uncertainties, and actual full results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world and in China including those discussed in China Yuchai’s Form 20-Fs under the headings “Risk Factors”, “Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time. Among others, if the COVID-19 pandemic is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected due to a deteriorating market for automotive sales, an economic slowdown in China and abroad, a potential weakening of the financial condition of our customers, or other factors that we cannot foresee. Recent performance may not be indicative of future performance. This data is applicable only as of the date it is made and China Yuchai specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.

For more information:

Investor Relations
Kevin Theiss
Tel: +1-212-521-4050
Email: [email protected]

View original content:http://www.prnewswire.com/news-releases/china-yuchai-announces-selected-unaudited-data-for-the-third-quarter-of-2020-301173479.html

SOURCE China Yuchai International Limited

November 16, 2020 6:03 am

Medley Management Inc. Reports Third Quarter 2020 Results

PR Newswire

NEW YORK, Nov. 16, 2020 /PRNewswire/ — Medley Management Inc. (NYSE: MDLY) (“MDLY” or the “Company”) today reported its financial results for its third quarter ended September 30, 2020. All share and per share results reflect the 1-for-10 reverse stock split which was effective on October 30, 2020.

Summary

Fee earning assets under management were $1.7 billion as of September 30, 2020
Total assets under management were $3.4 billion as of September 30, 2020
Total revenues were $8.3 million for the three months ended September 30, 2020 and $24.8 million for the nine months ended September 30, 2020
U.S. GAAP net loss per share attributable to Medley Management Inc. was $0.19 for Q3 2020
Core Net Loss Per Share was $0.16 for Q3 2020

Results of Operations for the Three Months Ended September 30, 2020

Total revenues were $8.3 million for the three months ended September 30, 2020 compared to $11.5 million for the same period in 2019. Revenues consisted of $7.9 million of management fees and other revenue and $0.4 million of investment income. The decrease in total revenues was due primarily to lower base management fees as a result of a decrease in fee earning assets under management, which was mainly driven by a reduction in leverage and change in portfolio valuations.

Total expenses from operations were $7.6 million for the three months ended September 30, 2020 compared to $12.5 million for the same period in 2019. The variance was attributed to a $3.1 million decrease in compensation and benefits expense and a$1.8 million decrease in general, administrative and other expenses. The decrease in compensation and benefits expense was primarily attributed to a decline in average headcount and decline in stock compensation expense. The decrease in other expenses was due primarily to a decrease in professional fees, primarily driven by lower costs associated with our terminated merger with Sierra Income Corporation (“Sierra”). General and administrative expenses also declined as a result of headcount reduction, employees working remotely and restrictions on travel and other expenses due to the impact of the continuing COVID-19 pandemic.

Total other expenses, net were $2.7 million for the three months ended September 30, 2020 and consisted of $2.5 million of interest expense and $0.2 million of other expenses. Total other expenses, net were $0.9 million for the three months ended September 30, 2019 and consisted of $2.9 million of interest expense, $1.8 million of other income and $0.2 million of dividend income. Of the $1.8 million of other income, $2.0 million relates to an unrealized gain on shares held of MCC. During the three months ended September 30, 2020, we did not hold any shares of MCC, resulting in no unrealized gains or losses recorded in the period.

Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC was $1.7 million for the three months ended September 30, 2020 compared to a net loss of $3.3 million for the same period in 2019. Medley Management Inc.’s net loss per share was $0.19 for the three months ended September 30, 2020 compared to a net loss per share of $0.86 for the same period in 2019.

Pre-Tax Core Net Loss was $1.0 million for the three months ended September 30, 2020 compared to $0.9 million for the same period in 2019. Core Net Loss Per Share was $0.16 for the three months ended September 30, 2020, compared to $0.18 for the same period in 2019. Core EBITDA was $1.7 million for the three months ended September 30, 2020 compared to $2.1 million for the same period in 2019.

Results of Operations for the Nine Months Ended September 30, 2020

Total revenues were $24.8 million for the nine months ended September 30, 2020 compared to $38.2 million for the same period in 2019. Revenues consisted of $26.1 million of management fees and other revenue and $1.3 million of investment loss. The decrease was due primarily to lower base management fees as a result of a decrease in fee earning assets under management, which was mainly driven by a decline in portfolio valuations, a reduction in leverage, and a decline in investment income due to equity losses and reversal of previously recorded carried interest.

Total expenses from operations were $28.8 million for the nine months ended September 30, 2020 compared to $34.8 million for the same period in 2019. The decrease was due primarily to a decline in compensation and benefits as a result of lower average headcount and discretionary bonuses, offset in part by an increase in professional fees. Included in total expenses are costs associated with our terminated merger of $3.5 million for each of the nine months ended September 30, 2020 and 2019.

Total other expenses, net were $13.4 million for the nine months ended September 30, 2020 and consisted of $8.0 million of interest expense and $5.6 million of other expenses, offset in part by $0.1 million of dividend income. Total other expenses, net were $8.3 million for the nine months ended September 30, 2019 and consisted of $8.6 million of interest expense, $0.6 million of other expenses, offset by $0.9 million of dividend income. The increase of $5.6 million in other expenses was due primarily to the revaluation of our revenue share payable.

Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC was $15.9 million for the nine months ended September 30, 2020 compared to $4.8 million for the same period in 2019. Medley Management Inc.’s net loss per share was $3.39 for the nine months ended September 30, 2020 compared to $1.32 for the same period in 2019.

Pre-Tax Core Net Income (Loss) was $(11.7) million for the nine months ended September 30, 2020 compared to $0.7 million for the same period in 2019. Core Net Loss Per Share was $1.88 for the nine months ended September 30, 2020, compared to Core Net Income Per Share of $0.13 for the same period in 2019. Core EBITDA was $(3.3) million for the nine months ended September 30, 2020 compared to $9.8 million for the same period in 2019.

Investor Contact:

Sam Anderson

Head of Capital Markets & Risk Management
Medley Management Inc.
212-759-0777

Media Contact:

Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co. LP
212-257-4170

Key Performance Indicators:

	For the Three Months Ended September 30, (unaudited)						For the Nine Months Ended September 30, (unaudited)
	2020			2019			2020			2019

	(dollars in thousands, except AUM, share and per share amounts)
Consolidated Financial Data:
Pre-Tax (Loss) Income	$	(2,015)		$	(1,881)		$	(17,431)		$	(4,989)
Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC	$	(1,696)		$	(3,312)		$	(15,854)		$	(4,848)
Net loss per Class A common stock	$	(0.19)		$	(0.86)		$	(3.39)		$	(1.32)
Net Income Margin ⁽¹⁾	(20.4)		%	(28.7)		%	(64.0)		%	(12.7)		%
Weighted average shares – Basic and Diluted	639,216			589,933			631,620			583,449

Non-GAAP Data:
Pre-Tax Core Net Income (Loss) ⁽²⁾	$	(1,038)		$	(926)		$	(11,748)		$	656
Core Net Income (Loss) ⁽²⁾	$	(837)		$	(987)		$	(10,749)		$	378
Core EBITDA ⁽³⁾	$	1,677		$	2,123		$	(3,259)		$	9,830
Core Net Income (Loss) Per Share ⁽⁴⁾	$	(0.16)		$	(0.18)		$	(1.88)		$	0.13
Core Net Income Margin ⁽⁵⁾	(7.0)		%	(5.4)		%	(26.5)		%	1.2		%
Pro-Forma Weighted Average Shares Outstanding ⁽⁶⁾	3,560,303			3,450,758			3,495,108			3,333,909

Other Data (at period end, in millions):
AUM	$	3,408		$	4,271		$	3,408		$	4,271
Fee Earning AUM	$	1,670		$	2,320		$	1,670		$	2,320

(1)	Net Income Margin equals Net income (loss) attributable to Medley Management Inc. and non-controlling interests in Medley LLC divided by total revenue.
(2)	Pre-Tax Core Net Income is calculated as Core Net Income before income taxes. Core Net Income reflects net income (loss) attributable to Medley Management Inc. and non-controlling interests in Medley LLC adjusted to exclude reimbursable expenses associated with the launch of funds, stock-based compensation associated with restricted stock units that were granted in connection with our IPO, non-recurring expenses associated with strategic initiatives, such as our terminated merger with Sierra, other non-core items and the income tax expense associated with the foregoing adjustments. Please refer to the reconciliation of Core Net Income to Net income (loss) attributable to Medley Management Inc. and non-controlling interests in Medley LLC in Exhibit B for additional details.
(3)	Core EBITDA is calculated as Core Net Income before interest expense, income taxes, depreciation and amortization. Please refer to the reconciliation of Core EBITDA to Net income (loss) attributable to Medley Management Inc. and non-controlling interests in Medley LLC in Exhibit B for additional details.
(4)	Core Net Income Per Share is calculated as Core Net Income, adjusted for the income tax effect of assuming that all of our pre-tax earnings were subject to federal, state and local corporate income taxes, divided by Pro-Forma Weighted Average Shares Outstanding (as defined below). We assume that all of our pre-tax earnings are subject to federal, state and local corporate income taxes. In determining corporate income taxes, we used a combined effective corporate tax rate of 44.0% and 33.0% for 2020 and 2019, respectively. The rate differential in 2020 from 2019 is attributed to the tax benefit from the CARES Act which allows for the current year carryback of net operating losses to years in which the Federal rate was 34.0% rather than the current rate of 21.0%. Please refer to the calculation of Core Net Income Per Share in Exhibit C for additional details.
(5)	Core Net Income Margin equals Core Net Income Per Share divided by total revenue per share.
(6)	The calculation of Pro-Forma Weighted Average Shares Outstanding assumes the conversion by the pre-IPO holders of up to 2,673,516 and 2,631,658 vested and unvested LLC Units for 2,673,516 and 2,631,658 shares of Class A common stock at the beginning of each of the periods ended 2020 and 2019, respectively, as well as the vesting of the weighted average number of restricted stock units granted to employees and directors during each of the periods presented.

Fee Earning AUM

The table below presents the quarter-to-date roll forward of our total fee earning AUM:

							% of Fee Earning AUM
	Permanent Capital Vehicles		Long-dated Private Funds and SMAs		Total		Permanent Capital Vehicles		Long-dated Private Funds and SMAs

	(Dollars in millions)
Ending balance, June 30, 2020	$	983	$	674	$	1,657	59	%	41	%
Commitments	—		25		25
Capital reduction	(14)		—		(14)
Distributions	—		(14)		(14)
Change in fund value	26		(10)		16
Ending balance, September 30, 2020	$	995	$	675	$	1,670	60	%	40	%

Total fee earning AUM increased by $13.0 million, or 0.8%, to $1.7 billion as of September 30, 2020 compared to June 30,
2020, due primarily to permanent reductions in leverage during the period.

The table below presents the year-to-date roll forward of our total fee earning AUM:

							% of Fee Earning AUM
	Permanent Capital Vehicles		Long-dated Private Funds and SMAs		Total		Permanent Capital Vehicles		Long-dated Private Funds and SMAs

	(Dollars in millions)
Ending balance, December 31, 2019	$	1,361	$	777	$	2,138	64	%	36	%
Commitments	(91)		59		(32)
Capital reduction	(106)		—		(106)
Distributions	(21)		(90)		(111)
Change in fund value	(148)		(71)		(219)
Ending balance, September 30, 2020	$	995	$	675	$	1,670	60	%	40	%

Total fee earning AUM decreased by $468.0 million, or 22%, to $1.7 billion as of September 30, 2020 compared to
December 31, 2019, due primarily to changes in fund value, distributions and debt repayments representing capital reductions.

About Medley

Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise is a premier provider of capital to the middle market in the U.S. Medley has $3.4 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE:MCC) (TASE:MCC) and Sierra Income Corporation, and several private investment vehicles. Over the past 18 years, Medley has provided capital to over 400 companies across 35 industries in North America.⁽¹⁾

Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the NYSE under the symbols (NYSE:MDLX) and (NYSE:MDLQ).

Forward-Looking Statements

Statements included herein may contain “forward-looking statements.” Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission, including those described in the section “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Except as required by law, the Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements made herein speak only as of the date of this press release.

Non-GAAP Financial Measures

We make reference to certain non-GAAP financial measures in this press release. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP is contained in the exhibits attached hereto.

Non-GAAP measures used by management include Pre-Tax Core Net Income (Loss), Core Net Income (Loss), Core EBITDA, Core Net Income (Loss) Per Share and Core Net Income Margin. Management believes that these measures provide analysts, investors and management with helpful information regarding our underlying operating performance and our business, as they remove the impact of items management believes are not reflective of underlying operating performance. These non-GAAP measures are also used by management for planning purposes, including the preparation of internal budgets; and for evaluating the effectiveness of operational strategies. Additionally, we believe these non-GAAP measures provide another tool for investors to use in comparing our results with other companies in our industry, many of whom use similar non-GAAP measures. There are limitations associated with the use of non-GAAP financial measures as compared to the use of the most directly comparable U.S. GAAP financial measure and these measures supplement and should be considered in addition to and not in lieu of the results of operations discussed below. Furthermore, such measures may be inconsistent with measures presented by other companies.

This press release does not constitute an offer for any Medley fund.

Available Information

Medley Management Inc.’s filings with the Securities and Exchange Commission, press releases, earnings releases and other financial information are available at www.mdly.com.

⁽¹⁾Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively, “Medley”). Assets under management refers to assets of our funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of September 30, 2020.

Exhibit A. Consolidated Statements of Operations of Medley Management Inc.

	For the Three Months Ended September 30, (unaudited)				For the Nine Months Ended September 30, (unaudited)
	2020		2019		2020		2019

	(in thousands, except share and per share data)
Revenues
Management fees	$	6,275	$	9,607	$	19,807	$	30,728
Other revenues and fees	1,635		2,621		6,269		7,731
Investment income (loss):
Carried interest	(3)		(142)		83		651
Other investment income (loss), net	419		(550)		(1,384)		(922)
Total Revenues	8,326		11,536		24,775		38,188

Expenses
Compensation and benefits	4,040		7,090		17,119		22,069
General, administrative and other expenses	3,599		5,403		11,682		12,763
Total Expenses	7,639		12,493		28,801		34,832

Other Income (Expense)
Dividend income	—		182		137		942
Interest expense	(2,535)		(2,874)		(7,950)		(8,646)
Other (expenses) income, net	(167)		1,768		(5,592)		(641)
Total other expenses, net	(2,702)		(924)		(13,405)		(8,345)
Loss before income taxes	(2,015)		(1,881)		(17,431)		(4,989)
Benefit from income taxes	(320)		(188)		(1,637)		(281)
Net Loss	(1,695)		(1,693)		(15,794)		(4,708)
Net income attributable to redeemable non-controlling interests and non-controlling interests in consolidated subsidiaries	1		1,619		60		140
Net loss attributable to non-controlling interests in Medley LLC	(1,574)		(2,796)		(13,788)		(4,078)
Net Loss Attributable to Medley Management Inc.	$	(122)	$	(516)	$	(2,066)	$	(770)

Net Loss Per Share of Class A Common Stock:
Basic	$	(0.19)	$	(0.86)	$	(3.39)	$	(1.32)
Diluted	$	(0.19)	$	(0.86)	$	(3.39)	$	(1.32)
Weighted average shares outstanding – Basic and Diluted	639,216		589,933		631,620		583,449

Exhibit B. Reconciliation of Core Net Income (Loss) and Core EBITDA to Net Income (Loss) Attributable to Medley Management Inc. and Non-controlling Interests in Medley LLC

	For the Three Months Ended September 30, (unaudited)				For the Nine Months Ended September 30, (unaudited)
	2020		2019		2020		2019

	(in thousands)
Net loss attributable to Medley Management Inc.	$	(122)	$	(516)	$	(2,066)	$	(770)
Net loss attributable to non-controlling interests in Medley LLC	(1,574)		(2,796)		(13,788)		(4,078)
Net loss attributable to Medley Management Inc. and non- controlling interests in Medley LLC	$	(1,696)	$	(3,312)	$	(15,854)	$	(4,848)
Reimbursable fund startup expenses	—		22		1		283
IPO date award stock-based compensation	—		282		—		555
Expenses associated with strategic initiatives	992		2,070		3,519		3,486
Other non-core items:
Severance expense	(14)		200		2,103		1,462
Other	—		—		120		—
Income tax expense on adjustments	(119)		(249)		(638)		(560)
Core Net Income (Loss)	$	(837)	$	(987)	$	(10,749)	$	378
Interest expense	2,535		2,874		7,950		8,647
Income taxes	(201)		61		(999)		278
Depreciation and amortization	180		175		539		527
Core EBITDA	$	1,677	$	2,123	$	(3,259)	$	9,830

Exhibit C. Calculation of Core Net Income (Loss) Per Share

	For the Three Months Ended September 30, (unaudited)				For the Nine Months Ended September 30, (unaudited)
	2020		2019		2020		2019

	(in thousands, except share and per share amounts)
Numerator
Core Net Income (Loss)	$	(837)	$	(987)	$	(10,749)	$	378
Add: Income taxes	(201)		61		(999)		278
Pre-Tax Core Net Income (loss)	$	(1,038)	$	(926)	$	(11,748)	$	656

Denominator
Class A common stock	639,216		589,933		631,620		583,449
Conversion of LLC Units and restricted LLC Units to Class A common stock	2,673,516		2,631,664		2,655,031		2,538,974
Restricted Stock Units	247,571		229,161		208,457		211,486
Pro-Forma Weighted Average Shares Outstanding ⁽¹⁾	3,560,303		3,450,758		3,495,108		3,333,909
Pre-Tax Core Net Income (Loss) Per Share	$	(0.29)	$	(0.27)	$	(3.36)	$	0.20
Less: corporate income taxes per share ⁽²⁾	0.13		0.09		1.48		(0.07)
Core Net Income (Loss) Per Share	$	(0.16)	$	(0.18)	$	(1.88)	$	0.13

(1)

The calculation of Pro-Forma Weighted Average Shares Outstanding assumes the conversion by the pre-IPO holders of up
to 2,673,516 and 2,631,658 vested and unvested LLC Units for 2,673,516 and 2,631,658 shares of Class A common stock at
the beginning of each of the periods ended 2020 and 2019, respectively, as well as the vesting of the weighted average
number of restricted stock units granted to employees and directors during each of the periods presented.

(2)

Assumes that all of our pre-tax earnings are subject to federal, state and local corporate income taxes. In determining
corporate income taxes, we used a combined effective corporate tax rate of 44.0% and 33.0% for 2020 and 2019, respectively.
The rate differential in 2020 from 2019 is attributed to the tax benefit from the CARES Act which allows for the current year
carryback of net operating losses to years in which the Federal rate was 34.0% rather than the current rate of 21.0%.

Exhibit D. Reconciliation of Net Income Margin to Core Net Income Margin

	For the Three Months Ended September 30, (unaudited)				For the Nine Months Ended September 30, (unaudited)
	2020		2019		2020		2019

Net Income Margin	(20.4)	%	(28.7)	%	(64.0)	%	(12.7)	%
Reimbursable fund startup expenses ⁽¹⁾	—	%	0.2	%	—	%	0.7	%
IPO date award stock-based compensation ⁽¹⁾	—	%	2.4	%	—	%	1.5	%
Expenses associated with strategic initiatives ⁽¹⁾	11.9	%	17.9	%	14.2	%	9.1	%
Other non-core items: ⁽¹⁾
Severance expense	(0.2)	%	1.7	%	8.5	%	3.8	%
Other	—	%	—	%	0.5	%	—	%
Provision for income taxes ⁽¹⁾	(3.8)	%	(1.6)	%	(6.6)	%	(0.7)	%
Corporate income taxes ⁽²⁾	5.5	%	2.7	%	20.9	%	(0.6)	%
Core Net Income Margin	(7.0)	%	(5.4)	%	(26.5)	%	1.2	%

(1)

Adjustments to Net income (loss) attributable to Medley Management Inc. and non-controlling interests in Medley LLC to
calculate Core Net Income are presented as a percentage of total revenue.

(2)

Assumes that all our pre-tax earnings, including adjustments above, are subject to federal, state and local corporate income
taxes. In determining corporate income taxes, we used a combined effective corporate tax rate of 44.0% and 33.0% for the
three and nine months ended September 30, 2020 and 2019, respectively. The rate differential in 2020 from 2019 is attributed
to the tax benefit from the CARES Act which allows for the current year carryback of net operating losses to years in which
the Federal rate was 34.0% rather than the current rate of 21.0%.

Exhibit E. Consolidated Balance Sheets of Medley Management Inc.

	As of
	September 30, 2020 (unaudited)		December 31, 2019

	(in thousands)
Assets
Cash and cash equivalents	$	6,048	$	10,558
Investments, at fair value	9,637		13,287
Management fees receivable	5,799		8,104
Right-of-use assets under operating leases	5,206		6,564
Other assets	12,021		10,283
Total Assets	$	38,711	$	48,796

Liabilities, Redeemable Non-controlling Interests and Equity
Liabilities
Senior unsecured debt, net	$	118,958	$	118,382
Loans payable, net	10,000		10,000
Due to former minority interest holder, net	7,233		8,145
Operating lease liabilities	7,420		8,267
Accounts payable, accrued expenses and other liabilities	27,080		22,835
Total Liabilities	170,691		167,629

Redeemable Non-controlling Interests	—		(748)

Equity
Class A common stock	7		6
Class B common stock	—		—
Additional paid in capital	16,657		13,835
Accumulated deficit	(24,796)		(22,960)
Total stockholders’ deficit, Medley Management Inc.	(8,132)		(9,119)
Non-controlling interests in consolidated subsidiaries	(477)		(391)
Non-controlling interests in Medley LLC	(123,371)		(108,575)
Total Deficit	(131,980)		(118,085)
Total Liabilities, Redeemable Non-controlling Interests and Equity	$	38,711	$	48,796

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SOURCE Medley Management Inc.

November 16, 2020 6:03 am

COVID-19 High Performance Computing Consortium Enters New Phase Focused on Helping Researchers to Identify Potential Therapies for Patients

Second phase of operation will prioritize research projects with potential to help patients within the next six months

PR Newswire

ARMONK, N.Y., Nov. 16, 2020 /PRNewswire/ — The COVID-19 High Performance Computing (HPC) Consortium, a unique public-private effort to make supercomputing power available to researchers working on projects related to COVID-19, today announced that it has entered into a new phase of operation focused on helping researchers to identify potential near term therapies for patients afflicted by the virus.

In this new phase, the Consortium plans to sharpen its focus on research projects that hold the potential to help improve patient outcomes within a six-month timeframe. This transition is due in part to the fact that there is now a greater volume of COVID-19 data available, creating more possibilities to potentially help patients than when the Consortium was launched in March 2020.

Created by IBM, The White House, and the US Department of Energy, the HPC Consortium brings together computing resources, software and services to help researchers everywhere better understand COVID-19, its treatments and potential cures. The Consortium has 43 members and has received more than 175 research proposals from researchers in more than 15 countries.

In its second phase of operation, the Consortium is particularly, though not exclusively, interested in projects focused on:

Understanding and modeling patient response to the virus using large clinical datasets
Learning and validating vaccine response models from multiple clinical trials
Evaluating combination therapies using repurposed molecules
Epidemiological models driven by large multi-modal datasets

“In just eight months, we’ve brought together an unprecedented scale of computing power to support COVID-19 research, and dozens of projects have already utilized these resources,” said Dario Gil, Director of IBM Research. “At this stage, the Consortium partners believe that our combined computing resources now hold the potential to benefit patients in the near-term, as well as offering the potential for longer-term scientific breakthroughs.”

“The Department of Energy is proud to play a significant role towards ending COVID-19,” said Under Secretary for Science Paul Dabbar. “The second phase of the COVID-19 High Performance Computing Consortium can potentially provide tangible results to those affected by the virus, and we look forward to delivering these results to the American people.”

To learn more about the new phase of operation, click here.

Since its launch, the HPC Consortium has attracted new members from industry, government and academia worldwide. As a result, the Consortium’s computing capacity has almost doubled to 600 petaflops, from 330 petaflops in March. Together, the Consortium has helped support more than 90 research projects including:

Understanding How Long Breath Droplets Linger: This research from a team at Utah State University simulated the dynamics of aerosols indoors, offering insight into how long breath droplets linger in the air. They found that droplets from breathing linger in the air much longer than previously thought, due to their small size when compared to droplets from coughing and sneezing.
Understanding How COVID-19 Impacts Different Populations Research from a team at Iowa State University on so-called orphan genes could help better understand why African Americans are more vulnerable to COVID-19. They found that a little-studied gene, F8A2, is expressed more in African Americans than European Americans in every tissue studied. Since the gene is believed to be involved in endosome mobility, this could affect COVID-19 infection.
Researching Drug Repurposing For Potential Treatments: A project from a team at Michigan State University screened data from about 1,600 FDA-approved drugs to see if there are possible combinations that could help treat COVID-19. They found promise in at least two FDA-approved drugs: proflavine, a disinfectant against many bacteria, and chloroxine, another antibacterial drug.
Examining the Potential of Indian Medicinal Plants: Research from India’s Novel Techsciences screened plant-derived natural compounds from 55 Indian medicinal plants to identify compounds with anti-viral properties that could be used against eight SARS-CoV-2 proteins. They found that phytochemicals from plants Withania somnifera and Azadirachta indica show multi-potency against different coronavirus proteins, meaning that they could help fight multi-drug resistance that may arise as the virus evolves

About the HPC Consortium

The COVID-19 High Performance Computing (HPC) Consortium, https://covid19-hpc-consortium.org, is a unique private-public effort spearheaded by the White House Office of Science and Technology Policy, the U.S. Department of Energy and IBM (NYSE: IBM) to bring together federal government, industry, and academic leaders who are volunteering free compute time and resources on their world-class machines. To learn more about the Consortium, or to request to join the Consortium, please click here.

Media Contact

Hugh Collins

[email protected]

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SOURCE IBM

November 16, 2020 6:03 am

IGEN’s Nimbo Tracking signs New Dealership Groups in Southern California

PR Newswire

LAKE ELSINORE, Calif., Nov. 16, 2020 /PRNewswire/ — IGEN Networks Corporation (OTCQB: IGEN) (CSE: IGN), and its wholly-owned subsidiary Nimbo Tracking a leading innovator of consumer automotive IT services, today announced the signing of Dealership Agreements with Nissan and Ford Franchise Dealerships located in the Southern California region, with an initial Pre-Load or Total Lot Activation of approximately 700 new vehicles. Nimbo Tracking Inventory Management System will enable timely and accurate inventory management of all new vehicles along with creating a profit center for marketing Nimbo Tracking products and services to consumers purchasing new vehicles.

VP & GM Abel Sierra of IGEN Networks Corp stated, “This is our first Pre-Load deployments over the T-Mobile Network. It will set a precedent with the T-Mobile Business sales channels under the “Sell-With” program as each Dealership deployment generates monthly residual revenues and activations. Combined with our existing Dealership group deployments, we have closed the gap for the number of automotive activations since the start of the COVID pandemic. Combined with the T-Mobile IoT Market Place and the Hyperion Partner channels, we are now marketing the IGEN Product Line through all of T-Mobile’s Business channels.”

About IGEN Networks Corporation

IGEN Networks Corporation creates software services for the consumer automotive and asset management industries. The solutions enable consumers and customers to mitigate risk, protect their families, improve productivity and actively manage their automotive and commercial assets.

IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTCQB under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit: www.igennetworks.net

Forward-Looking Statements

This news release may contain forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities law. The terms and phrases “goal”, “commitment”, “guidance”, “expects”, “would”, “will”, “continuing”, “drive”, “believes”, “indicate”, “look forward”, “grow”, “outlook”, “forecasts”, “intend”, and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by IGEN in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that IGEN believes are appropriate in the circumstances, including but not limited to statements regarding investment liquidity, financing options and long term goals of the Company, general economic conditions, IGEN’s expectations regarding its business, customer base, strategy and prospects, and IGEN’s confidence in the cash flow generation of its business. Many factors could cause IGEN’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; IGEN’s reliance on key personnel; IGEN’s ability to maintain and enhance its brand; and difficulties in forecasting IGEN’s financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to IGEN that may cause actual results to differ are set forth in the under the heading “Risk Factors” in IGEN’s periodic filings with the British Columbia Securities Commission and the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sedar.com or www.sec.gov. These factors should be considered carefully, and readers should not place undue reliance on IGEN’s forward-looking statements. IGEN has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact:

IGEN Networks Corporation
Neil G. Chan
[email protected]
1(855)912-5378

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SOURCE IGEN Networks Corporation

November 16, 2020 6:03 am

Diginex to Attend Upcoming Conferences in November 2020

PR Newswire

SINGAPORE
, Nov. 16, 2020 /PRNewswire/ —Diginex Limited (Nasdaq: EQOS) (“Diginex” or the “Company”), a digital assets financial services company, today announced that it will meet with investors at the following upcoming virtual investor conferences in November 2020:

2020 Virtual Fall Summit

Presenting on Tuesday, November 17^th at 9:00 a.m. U.S. Eastern time
Webcast Link

Oppenheimer Fall Blockchain & Digital Assets Summit: Blockchain Meets Wall Street

Presenting on Thursday, November 19^th at 9:30 a.m. U.S. Eastern time

To schedule a one-on-one meeting, request a conference invitation or receive additional information, please contact Diginex investor relations team at [email protected] or [email protected].

Press Contact:

Heather Dale

Diginex

E: [email protected]

Tel: +852 9274 3312

Investor Relations Contact:

Ross Dunwoody and Christian Arnell

E: [email protected]

About Diginex

Diginex is a digital assets financial services company focused on delivering a cryptocurrency and digital assets ecosystem offering innovative product and services that are compliant, fair and trusted. The group encompasses cryptocurrency exchange EQUOS.io as well as an over-the-counter trading platform. It also offers a front-to-back integrated trading platform Diginex Access, a securitization advisory service Diginex Capital, market leading hot and cold custodian, Digivault and funds business Bletchley Park Asset Management. For more information visit: https://www.diginex.com/

Follow Diginex on social media on Twitter @DiginexGlobal, on Facebook @DiginexGlobal, and on LinkedIn. Follow EQUOS.io on social media on Twitter @EQUOS_io and on LinkedIn.

Forward Looking Statements

This press release includes forward looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results or outcomes to differ materially from the forward-looking statements. Most of these factors are outside of Diginex’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the ability to recognize the anticipated benefits of the business combination; the ability of Diginex to grow and manage growth profitably; Diginex’s limited operating history and history of net losses; Diginex’s ability to execute its business plan; the inability to maintain the listing of Diginex’s shares on NASDAQ; Diginex’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Diginex’s products; Diginex’s ability to identify and integrate acquisitions; potential litigation involving Diginex or the validity or enforceability of Diginex’s intellectual property; general economic and market conditions impacting demand for Diginex’s products and services; and such other risks and uncertainties indicated in Diginex’s Shell Company Report on Form 20-F, including those under “Risk Factors” therein, and in Diginex’s other filings with the SEC, which are available on the SEC’s website at www.sec.gov. In addition, any forward-looking statements contained in this press release are based on assumptions that Diginex believes to be reasonable as of this date.

Diginex undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

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SOURCE Diginex Limited

November 16, 2020 6:03 am

Biological E. Limited Starts Phase I/II Clinical Trial of its COVID-19 Vaccine Candidate

PR Newswire

HYDERABAD, India and HOUSTON and EMERYVILLE, Calif., Nov. 16, 2020 /PRNewswire/ — Biological E. Limited (BE), a Hyderabad-based vaccines and pharmaceutical company, Dynavax Technologies Corporation (NASDAQ: DVAX), a US-based vaccine focused biopharmaceutical company, and Baylor College of Medicine, a health sciences university in Houston, TX, today announced that BE has initiated a Phase I/II clinical trial of its COVID-19 subunit vaccine candidate in India following approval from the Drugs Controller General of India (DGCI).

The vaccine candidate includes an antigen in-licensed from BCM Ventures, Baylor College of Medicine’s integrated commercialization team, along with Dynavax’s advanced adjuvant CpG 1018.

BE’s Phase I/II clinical trial will evaluate the safety and immunogenicity of the vaccine candidate consisting of the Receptor Binding Domain of the Spike Protein of SARS-CoV-2 at three dose levels adjuvanted with CpG 1018 plus alum, in about 360 healthy subjects in the age range of 18 to 65 years. The vaccination schedule consists of two doses for each study participant, administered via intramuscular injection 28 days apart.

The results of this clinical trial are expected to be available by February 2021.

“The transition of our vaccine candidate into human trials is an important milestone, and exemplifies a successful transfer of technology with BE, that could lead to a safe, effective and affordable vaccine,” said Dr. Maria Elena Bottazzi, associate dean of the National School of Tropical Medicine at Baylor College of Medicine and co-director of Texas Children’s Hospital Center for Vaccine Development.

“This vaccine represents an urgent biotechnology innovation for ensuring health equity and combating the COVID-19 pandemic,” said Dr. Peter Hotez, professor and dean of the National School of Tropical Medicine at Baylor and co-director of Texas Children’s Hospital Center for Vaccine Development.

“We are very happy indeed to transition our potential vaccine candidate to clinical trials and offer one more potential option for the prophylaxis of COVID-19,” said Ms. Mahima Datla, Managing Director, Biological E. Limited.

“We are proud to contribute CpG 1018 to support development of an adjuvanted vaccine to prevent COVID-19. CpG 1018’s potential to boost the immune response to produce more antibodies and longer lasting immunity may also minimize the dose of antigen needed, enabling vaccination of a greater number of people,” commented Ryan Spencer, Chief Executive Officer of Dynavax.

About Biological E. Limited
Biological E. Limited (BE), a Hyderabad-based Pharmaceuticals & Biologics Company founded in 1953, is the first private sector biological products company in India and the first pharmaceutical company in Southern India. BE develops, manufactures and supplies vaccines and therapeutics. BE supplies its vaccines to over 100 countries and its therapeutic products are sold in India and the USA. BE currently has 8 WHO-prequalified vaccines in its portfolio.

In recent years, BE has embarked on new initiatives for organisational expansion such as developing generic injectable products for the regulated markets, exploring synthetic biology and metabolic engineering as a means to manufacture APIs sustainably and developing novel vaccines for the global market.

For further details, please visit www.biologicale.com and follow us on Facebook, LinkedIn and Twitter.

About Baylor College of Medicine

Baylor College of Medicine (www.bcm.edu) in Houston is recognized as a health sciences university and is known for excellence in education, research and patient care. It is the only private medical school in the greater southwest and is ranked 22^nd among medical schools for research and 4^th for primary care by U.S. News & World Report. Baylor is listed 21^th among all U.S. medical schools for National Institutes of Health funding and No. 1 in Texas. The Baylor pediatrics program ranked 6^th among all pediatric programs, reflecting the strong affiliation with Texas Children’s Hospital where our faculty care for pediatric patients and our students and residents train. Located in the Texas Medical Center, Baylor has affiliations with seven teaching hospitals and jointly owns and operates Baylor St. Luke’s Medical Center, part of CHI St. Luke’s Health. Currently, Baylor has more than 3,000 trainees in medical, graduate, nurse anesthesia, physician assistant, orthotics and genetic counseling as well as residents and postdoctoral fellows. Follow Baylor College of Medicine on Facebook and Twitter.

About BCM Ventures

Baylor College of Medicine Ventures
is the commercial engine of the health sciences university, created to support the translation of academic knowledge and intellectual assets for the benefit of society. We do this by engaging university innovators, entrepreneurs and industry to fully develop ideas along their best commercial path. We foster a culture of commercialization and engage with industry to identify market opportunities for collaborative ventures. To learn more about partnering with BCM Ventures and accessing our available technologies, contact [email protected].

About CpG 1018
CpG 1018 is the adjuvant used in HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted], an adult hepatitis B vaccine approved by the U.S. Food and Drug Administration (FDA). Dynavax developed CpG 1018 to provide an increased vaccine immune response, which has been demonstrated in HEPLISAV-B. CpG 1018 provides a well- developed technology and a significant safety database, potentially accelerating the development and large-scale manufacturing of a COVID-19 vaccine. Upon completion of on-going scale up activities, the existing equipment capacity for CpG 1018 will be 600 million to 1.2 billion adjuvant doses annually, depending on final dose selected.

About Dynavax
Dynavax is a commercial stage biopharmaceutical company developing and commercializing novel vaccines. The Company’s first commercial product, HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted], is approved in the U.S. for prevention of infection caused by all known subtypes of hepatitis B virus in adults age 18 years and older. Dynavax is also advancing CpG 1018 as a premier vaccine adjuvant through global research collaborations and partnerships. Current collaborations are focused on adjuvanted vaccines for COVID-19, pertussis and universal influenza. For more information, visit www.dynavax.com and follow the company on LinkedIn.

Dynavax Forward-Looking Statements
This press release contains “forward-looking” statements, including statements regarding the potential to develop a COVID-19 vaccine containing CpG 1018. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in vaccine research and development, including the timing of completing development, whether CpG 1018 combined with the antigen in BE’s subunit vaccine candidate will prove to be beneficial in clinical trials, whether use of CpG 1018 will reduce the amount of antigen required per dose, whether and when the vaccine will be approved for use, and whether sufficient quantities of CpG 1018 and of vaccine will be able to be manufactured, as well as other risks detailed in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as well as discussions of potential risks, uncertainties and other important factors in our other filings with the U.S. Securities and Exchange Commission. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available. Information on Dynavax’s website at www.dynavax.com is not incorporated by reference in our current periodic reports with the SEC.

Media Contacts:

Baylor College of Medicine	Dynavax	Biological E. Limited
Molly Chiu	Nicole Arndt	Vijay Amruth Raj
[email protected]	[email protected]	[email protected]
713-798-4710	Derek Cole	+91 83740 77433
www.bcm.edu/news	[email protected]	www.biologicale.com/news

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SOURCE Dynavax Technologies