Month: May 2021

ProMIS Neurosciences re-initiates path to IND for PMN310 with producer cell line development

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ProMIS Neurosciences re-initiates path to IND for PMN310 with producer cell line development

 

PMN310 potential best in class antibody candidate for treatment of Alzheimer’s disease

TORONTO, Ontario and CAMBRIDGE, Massachusetts – May 21, 2021– ProMIS Neurosciences, Inc. (TSX: PMN); (OTCQB: ARFXF), a biotechnology company focused on the discovery and development of antibody therapeutics selectively targeting toxic oligomers implicated in the development of neurodegenerative diseases, today announced the initiation of producer cell line development for PMN310. This key first step in the manufacturing of antibody therapeutics will be carried out by Selexis, SA, using Selexis’ proprietary SUREtechnology Platform™. 

“ProMIS’ lead antibody program PMN310 offers potential “best in class” antibody therapy for Alzheimer’s disease”, stated ProMIS Executive Chairman Eugene Williams. “With initiation of producer cell line development, we are re-focusing our efforts on advancing PMN310 into clinical development with the support of a distinguished Boston-based group of investors.” 

After two years of setbacks in the Alzheimer’s disease (AD) field, 2021 has seen tremendous progress and reason for optimism.  Positive data from Lilly and Cassava, in addition to Biogen’s  June 7 PDUFA date for aducanumab, portend potential positive momentum for AD patients.  

ProMIS is poised to contribute to the field.  As stated by Gene Williams, “Using our proprietary discovery platform we were able to create the PMN310 antibody so that it selectively targets only the toxic oligomers of amyloid-beta (A?) and avoids undesirable binding to non-toxic forms of amyloid. We believe this high degree of selectivity of PMN310 may offer significant differentiation in terms of efficacy and safety compared to less selective antibody products from Biogen, Eisai, and Lilly.” 

PMN310, is a humanized monoclonal antibody that binds with high affinity and selectivity to toxic oligomers of A?, a recognized root cause of AD. Importantly, PMN310 does not appreciably bind to A? plaque or vascular deposits of A? thereby reducing the likelihood of brain swelling (edema), a dose-limiting side effect observed with non-selective therapeutic antibodies that interact with A? plaque. The current cell line development is based on an IgG1 isotype format (rather than the originally envisaged IgG4 format) as data from the scientific literature indicate that an IgG1 isotype may achieve greater efficacy via engagement of the immune system to clear damaging A? oligomers from the brain. 

About ProMIS Neurosciences, Inc.

ProMIS Neurosciences, Inc. is a development stage biotechnology company focused on discovering and developing antibody therapeutics selectively targeting toxic oligomers implicated in the development and progression of neurodegenerative diseases, in particular Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and Parkinson’s disease (PD). The Company’s proprietary target discovery engine is based on the use of two complementary techniques. The Company applies its thermodynamic, computational discovery platform -ProMIS and Collective Coordinates – to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. Using this unique approach, the Company is developing novel antibody therapeutics for AD, ALS and PD.  ProMIS is headquartered in Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS is listed on the Toronto Stock Exchange under the symbol PMN, and on the OTCQB Venture Market under the symbol ARFXF.

For further information about ProMIS Neurosciences, please consult the Company’s website at:  www.promisneurosciences.com

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For Investor Relations please contact:

Alpine Equity Advisors
Nicholas Rigopulos, President
nick@alpineequityadv.com
Tel. 617 901-0785

 

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company’s current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

EuroDry Ltd. (EDRY) – Good News of Solid Results, New Charter and Fleet Expansion Drives Price Target Higher

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Friday, May 21, 2021

EuroDry Ltd. (EDRY)
Good News of Solid Results, New Charter and Fleet Expansion Drives Price Target Higher

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands and trades on the NASDAQ Capital Market under the ticker EDRY. EDRY is the product of a spin-off of the dry bulk fleet by Euroseas (ESEA) completed in May 2018. For every five ESEA shares, ESEA shareholders received one EDRY share. There are currently ~2.2 million EDRY shares outstanding. EuroDry operates in the dry bulk shipping markets. EuroDry’s operations are managed by Eurobulk Ltd., an affiliated ship management company, and Eurobulk FE (Far East) Ltd, which are responsible for the day-to-day commercial and technical management and operation of the fleet. EuroDry employs the fleet on spot and period charters and through pool arrangements.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Adjusted 1Q2021 EBITDA stronger than expected due to higher TCE rates. 1Q2021 EBITDA of $4.0 million (adjusted for dry dock expenses) was slightly higher than expected due to higher-than-expected TCE rates of $14,924/day. TCE revenue of $9.4 million was above expectations due to the positive impact of TCE rates tied to indices. The fleet of 7.0 vessels did not change and ownership days were 630 with 0 idle days.

    Fleet expanding.  The Blessed Luck, a 2004-built Panamax, will be acquired shortly for $12.1 million. The acquisition will be financed with 8% debt, including a seller note of $5 million and a bridge loan of $6 million from a related party. Discussions on more permanent financing are under way and the new loan should financing about 65% of the acquisition, or ~$8 million. The Blessed Luck will be …



This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Onconova Therapeutics Announces The Initial Dosing Of The First Patient In The U.S. Phase 1 Clinical Trial Of ON 123300

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Onconova Therapeutics Announces The Initial Dosing Of The First Patient In The U.S. Phase 1 Clinical Trial Of ON 123300

 

Phase 1 study to evaluate ON 123300 in advanced cancer patients including HR+ HER 2- metastatic breast cancer patients resistant to approved CDK 4/6 inhibitors

NEWTOWN, Pa., May 21, 2021 (GLOBE NEWSWIRE) — Onconova Therapeutics, Inc. (NASDAQ: ONTX), a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer, today announced that the first patient has been dosed in the U.S. Phase 1 clinical trial of ON 123300, the Company’s proprietary, novel multi-kinase inhibitor. The trial is expected to include three U.S. sites that will enroll patients with advanced cancer including, but not limited to, HR+ HER 2- metastatic breast cancer patients who are refractory to, or progressing on, currently approved CDK 4/6 inhibitors.

The Phase 1 trial is designed to assess the safety, tolerability, and pharmacokinetics of ON 123300 administered orally as monotherapy at increasing doses starting at 40 mg daily for consecutive 28-day cycles. Following completion of the dose-escalation phase of the trial and once the recommended Phase 2 dose (RP2D) is established, additional patients with HR+ HER 2- metastatic breast cancer with at least one prior line of therapy, which are expected to include approved CDK 4/6 inhibitors, will be enrolled into the trial with the intent to identify signals of efficacy. Additional cancer indications are also under consideration for study, and will be chosen based on preclinical and developing data.

“We are excited to begin dosing patients in this Phase 1 study and are pleased to be advancing ON 123300’s clinical development in the United States,” said Steven M. Fruchtman, M.D., President and Chief Executive Officer of Onconova Therapeutics. “Our goal is to provide an innovative treatment option for patients with advanced breast cancer who have become resistant to the commercial CDK 4/6 inhibitors, and other refractory solid tumors driven by the overexpression of tyrosine kinases targeted by ON 123300. Notably, ON 123300’s ability to target multiple kinase pathways that are overexpressed in cancer may allow for single-agent efficacy and better tolerability compared to existing treatment regimens.”

Dr. Fruchtman added, “We are also pleased by the progress our partner HanX Biopharmaceuticals is making with their ongoing Phase 1 trial with ON 123300 in China. While the administration schedule differs between these two Phase 1 trials, the maximum tolerated dose has not yet been reached in the first two dose-escalation cohorts of this trial, which is a promising sign for ON 123300’s safety profile. Collectively, we expect these two complementary Phase 1 studies to provide important insights that will inform the design of subsequent trials.”

For more information on the U.S. Phase 1 clinical trial of ON 123300 see ClinicalTrials.gov identifier: NCT04739293.

About Onconova Therapeutics, Inc.

Onconova Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer. The Company has proprietary targeted anti-cancer agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation.

Onconova’s novel, proprietary multi-kinase inhibitor ON 123300 is being evaluated in two separate and complementary Phase 1 dose-escalation and expansion studies. These trials are currently underway in the United States and China.

Onconova’s product candidate rigosertib is being studied in an investigator-initiated study program, including in a dose-escalation and expansion Phase 1 investigator-initiated study targeting patients with KRAS+ non-small cell lung cancer with oral rigosertib in combination with nivolumab. In addition, Onconova continues to conduct preclinical work investigating rigosertib in COVID-19.

For more information, please visit www.onconova.com.

Forward-Looking Statements

Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. These statements relate to Onconova’s expectations regarding the registered direct offering, its patents and clinical development plans including patient enrollment timelines and indications for its product candidates. Onconova has attempted to identify forward-looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes. Although Onconova believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including the success and timing of Onconova’s clinical trials and regulatory agency and institutional review board approvals of protocols, Onconova’s ability to continue as a going concern, the need for additional financing, Onconova’s collaborations, market conditions and those discussed under the heading “Risk Factors” in Onconova’s most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking statements contained in this release speak only as of its date. Onconova undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

Company Contact:
Avi Oler
Onconova Therapeutics, Inc.
267-759-3680
ir@onconova.us
https://www.onconova.com/contact/

Investor Contact:
Bruce Mackle
LifeSci Advisors, LLC
646-889-1200
bmackle@lifesciadvisors.com

Aurania Resources Reports Elevated Silver-Zinc Has Been Discovered In Outcrop Over 2.7 Kilometres At Tiria-Shimpia

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Aurania Reports Elevated Silver-Zinc Has Been Discovered In Outcrop Over 2.7 Kilometres At Tiria-Shimpia

 

Toronto, Ontario, May 21, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports that follow-up of a high-grade boulder found in a stream has led to the discovery of silver-zinc mineralization in outcrop over 2.7 kilometres (“km”) in the Tiria-Shimpia target area in the Company’s Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador.

Follow-up exploration, together with the on-going channel sampling of the mineralized layers where they are exposed at surface, is providing key information on the distribution of grade on surface within the 15km trend along which silver-zinc is located at Tiria-Shimpia. This trend was recently extended to a total of 22km after the discovery of a 7km long mineralized zone at Shimpia North (see press release dated April 30, 2021).  Within the 2.7km mineralized zone, there is a 500 metre (“m”) segment of high-grade material with silver up to 73 grams per tonne (“g/t”) and zinc up to 49% (Figure 1).  The high-grade mineralization is open to the north where there is a gap in outcrop of about 1km.

The mineralized sedimentary layer corresponds closely with silver enrichment in soil (Figure 1) and remains open to the south.  In fact, there is a second band of elevated silver in soil that suggests that there is a second mineralized layer in the sedimentary strata, but no outcrop has yet been found of the suspected second layer. A third level of mineralization has been found to the west with the discovery of low-grade outcrop that returned up to 2% zinc.  Zinc and silver enrichment continues to the southern limit of ridge and spur soil sampling, and there is therefore potential for the silver-zinc zone to extend further south.

Figure 1.  Plan view of the distribution of elevated silver in soil (orange shapes) and geological faults (black ticked lines) in the Tiria-Shimpia area showing the location of rock samples from outcrop over a 2.7km trend within the 15km-long Tiria-Shimpia target.

Geological Details of the Area Sampled

Silver-zinc mineralization is concentrated in the sedimentary layering in crackle-brecciated dolomitic limestone.  Sphalerite and barite occur in veinlets and as fill between rock fragments in the breccia.  The mineralization occurs in sedimentary layering that is folded across north-northwest – trending hinge lines.

Sample Analysis & Quality Assurance / Quality Control (“QAQC”) 

Laboratories: The soil samples were prepared for analysis at MS Analytical (“MSA”) in Cuenca, Ecuador, and the analyses were done in Vancouver, Canada.

Sample preparation: The rock samples were jaw-crushed to 10 mesh (crushed material passes through a mesh with apertures of 2 millimetres (“mm”)), from which a one-kilogram sub-sample was taken.  The sub-sample was crushed to a grain size of 0.075mm and a 200 gram (“g”) split was set aside for analysis.

Analytical procedure:  Approximately 0.25g of rock pulp underwent four-acid digestion and analysis for 48 elements by ICP-MS.  For the over-limit samples, those that had a grade of greater than 1% zinc and lead, and 100g/t silver, 0.4g of pulp underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.

QAQC: Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at approximate 20 sample intervals in all sample batches. Aurania’s analysis of results from its independent QAQC samples showed the batches reported on above, lie within acceptable limits.  In addition, the labs reported that the analyses had passed their internal QAQC tests.

Qualified Person

The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc.  Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America.  Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at  https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir

VP Investor Relations

Aurania Resources Ltd.

(416) 367-3200

carolyn.muir@aurania.com

 Dr. Richard Spencer

President

Aurania Resources Ltd.

(416) 367-3200

richard.spencer@aurania.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Release – Aurania Resources Reports Elevated Silver-Zinc Has Been Discovered In Outcrop Over 2.7 Kilometres At Tiria-Shimpia

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Aurania Reports Elevated Silver-Zinc Has Been Discovered In Outcrop Over 2.7 Kilometres At Tiria-Shimpia

 

Toronto, Ontario, May 21, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports that follow-up of a high-grade boulder found in a stream has led to the discovery of silver-zinc mineralization in outcrop over 2.7 kilometres (“km”) in the Tiria-Shimpia target area in the Company’s Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador.

Follow-up exploration, together with the on-going channel sampling of the mineralized layers where they are exposed at surface, is providing key information on the distribution of grade on surface within the 15km trend along which silver-zinc is located at Tiria-Shimpia. This trend was recently extended to a total of 22km after the discovery of a 7km long mineralized zone at Shimpia North (see press release dated April 30, 2021).  Within the 2.7km mineralized zone, there is a 500 metre (“m”) segment of high-grade material with silver up to 73 grams per tonne (“g/t”) and zinc up to 49% (Figure 1).  The high-grade mineralization is open to the north where there is a gap in outcrop of about 1km.

The mineralized sedimentary layer corresponds closely with silver enrichment in soil (Figure 1) and remains open to the south.  In fact, there is a second band of elevated silver in soil that suggests that there is a second mineralized layer in the sedimentary strata, but no outcrop has yet been found of the suspected second layer. A third level of mineralization has been found to the west with the discovery of low-grade outcrop that returned up to 2% zinc.  Zinc and silver enrichment continues to the southern limit of ridge and spur soil sampling, and there is therefore potential for the silver-zinc zone to extend further south.

Figure 1.  Plan view of the distribution of elevated silver in soil (orange shapes) and geological faults (black ticked lines) in the Tiria-Shimpia area showing the location of rock samples from outcrop over a 2.7km trend within the 15km-long Tiria-Shimpia target.

Geological Details of the Area Sampled

Silver-zinc mineralization is concentrated in the sedimentary layering in crackle-brecciated dolomitic limestone.  Sphalerite and barite occur in veinlets and as fill between rock fragments in the breccia.  The mineralization occurs in sedimentary layering that is folded across north-northwest – trending hinge lines.

Sample Analysis & Quality Assurance / Quality Control (“QAQC”) 

Laboratories: The soil samples were prepared for analysis at MS Analytical (“MSA”) in Cuenca, Ecuador, and the analyses were done in Vancouver, Canada.

Sample preparation: The rock samples were jaw-crushed to 10 mesh (crushed material passes through a mesh with apertures of 2 millimetres (“mm”)), from which a one-kilogram sub-sample was taken.  The sub-sample was crushed to a grain size of 0.075mm and a 200 gram (“g”) split was set aside for analysis.

Analytical procedure:  Approximately 0.25g of rock pulp underwent four-acid digestion and analysis for 48 elements by ICP-MS.  For the over-limit samples, those that had a grade of greater than 1% zinc and lead, and 100g/t silver, 0.4g of pulp underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.

QAQC: Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at approximate 20 sample intervals in all sample batches. Aurania’s analysis of results from its independent QAQC samples showed the batches reported on above, lie within acceptable limits.  In addition, the labs reported that the analyses had passed their internal QAQC tests.

Qualified Person

The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc.  Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America.  Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at  https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir

VP Investor Relations

Aurania Resources Ltd.

(416) 367-3200

carolyn.muir@aurania.com

 Dr. Richard Spencer

President

Aurania Resources Ltd.

(416) 367-3200

richard.spencer@aurania.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

EuroDry Ltd. (EDRY) – Good News of Solid Results New Charter and Fleet Expansion Drives Price Target Higher

Posted on by Admin

Friday, May 21, 2021

EuroDry Ltd. (EDRY)
Good News of Solid Results, New Charter and Fleet Expansion Drives Price Target Higher

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands and trades on the NASDAQ Capital Market under the ticker EDRY. EDRY is the product of a spin-off of the dry bulk fleet by Euroseas (ESEA) completed in May 2018. For every five ESEA shares, ESEA shareholders received one EDRY share. There are currently ~2.2 million EDRY shares outstanding. EuroDry operates in the dry bulk shipping markets. EuroDry’s operations are managed by Eurobulk Ltd., an affiliated ship management company, and Eurobulk FE (Far East) Ltd, which are responsible for the day-to-day commercial and technical management and operation of the fleet. EuroDry employs the fleet on spot and period charters and through pool arrangements.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Adjusted 1Q2021 EBITDA stronger than expected due to higher TCE rates. 1Q2021 EBITDA of $4.0 million (adjusted for dry dock expenses) was slightly higher than expected due to higher-than-expected TCE rates of $14,924/day. TCE revenue of $9.4 million was above expectations due to the positive impact of TCE rates tied to indices. The fleet of 7.0 vessels did not change and ownership days were 630 with 0 idle days.

    Fleet expanding.  The Blessed Luck, a 2004-built Panamax, will be acquired shortly for $12.1 million. The acquisition will be financed with 8% debt, including a seller note of $5 million and a bridge loan of $6 million from a related party. Discussions on more permanent financing are under way and the new loan should financing about 65% of the acquisition, or ~$8 million. The Blessed Luck will be …



This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Great Bear Resources Ltd. (GTBAF)(GBR:CA) – High-Grade Zones Coming Into Clearer View

Posted on by Admin

Thursday, May 20, 2021

Great Bear Resources Ltd. (GTBAF)(GBR:CA)
High-Grade Zones Coming Into Clearer View

Noble Capital Markets research on Great Bear Resources is published under ticker symbols GTBAF and GBR:CA. The price target is in USD and based on ticker symbol GTBAF. Great Bear Resources Ltd is a gold exploration company. It explores for mineral properties in the Red Lake District in Ontario, Canada. Its property portfolio includes Great Bear’s Red Lake Properties with the flagship Dixie project, Pakwash property, and Sobel property.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Getting more granular. Great Bear released additional drill results which featured high-grade gold intercepts with significant drill indicated core lengths, and reinforced the continuity of high-grade and bulk-tonnage gold mineralization within the LP Fault. Including results for the most recent 17 drill holes, Great Bear has released 300 LP Fault drill holes to date and expects to complete 400 by year-end. The company is modeling 17 distinct high-grade gold domains within the broader LP Fault gold mineralized system. Together, they encompass a strike length of 4.2 kilometers and occur within eight larger lower grade domains. Importantly, Great Bear provided a detailed long section of the upper portion of one of the high-grade domains, a summary of all drill results within the long section, and detailed maps of the high-grade domains within the broader LP Fault gold system.

    Positive implications.  The release of more detailed information about the distinct high-grade gold domains should make it easier for investors to gauge the project’s mineral resource potential. Additionally, it has implications for mine planning as we think the company may have the ability to size a smaller mill and focus on higher grade material initially which could result in robust project …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Ceapro Inc. Reports 2021 First Quarter Financial Results and Highlights

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Ceapro Inc. Reports 2021 First Quarter Financial Results and Highlights

 

– Maintained production operations during COVID-19 pandemic, providing customers essential products while ensuring the health and safety of Company’s employees –

– Increased R&D investments for the development of innovative delivery systems and for accelerating recruitment of patients in a clinical trial for oat beta glucan as a cholesterol reducer –

– First quarter 2021 sales increased 10% vs. first quarter 2020 –

EDMONTON, Alberta, May 20, 2021 (GLOBE NEWSWIRE) — Ceapro Inc. (TSX-V: CZO) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced financial results and operational highlights for the first quarter ended March 31, 2021.

“While ensuring safety of our employees remained a top priority, we obtained solid results once again during the first quarter of this year and were successful at both growing our base business and also advancing some key research and development projects despite mandated stay-at-home orders in some Canadian provinces due to the ongoing COVID-19 pandemic. These results are a clear testament to the dedication and hard work of each of our employees during these challenging times and we are very proud of their commitment to support our customers heightened demand by delivering high quality products,” stated Gilles Gagnon, M.Sc., MBA, President and CEO.

Corporate and Operational Highlights

Pipeline Development:

  • Deployed additional efforts and resources in accelerating enrollment and randomization of patients for the clinical trial with beta glucan as a cholesterol reducer. To date, with outreach initiatives put in place by the team at the Montreal Heart Institute, more than 200 patients are part of the study. A total of 264 randomized patients are required for statistical significance.
  • Continued to monitor stability studies for liquid beta glucan and avenanthramides produced at Ceapro’s new manufacturing site as well as for the pharmaceutical-grade dry powder formulation of avenanthramides to be used in a human Phase 1 bioavailability and safety study.
  • Initiated the design of a protocol for a Phase 1 clinical trial with pharmaceutical grade avenanthramides. Subsequent to quarter end, signed a service agreement for the development and manufacturing of an oral solid dosage formulation of avenanthramide to be administrated during the Phase 1 study.
  • Conducted additional in vitro dose response study with PGX processed yeast beta glucan to correlate with upcoming McMaster animal study results. Animal studies should resume at the beginning of June 2021 upon lifting of stay-at-home orders in Ontario.
  • Developed and fine-tuned new PGX-dried chemical complexes mostly using sodium alginate as a carrier. Subsequent to quarter end, the Company announced the successful completion of its long-term research collaboration with University of Alberta. This project allowed for the expansion of a PGX pipeline which now includes proteins/enzymes in addition to polysaccharides like beta glucan. One of these enzymes, lysozyme was presented at the European Meeting on Supercritical Fluids by Dr. Ricardo Couto, a member of Ceapro’s PGX team who demonstrated that enzymatic activity is preserved following PGX processing. Lysozyme might have several applications since it is recognized as a remarkable natural antimicrobial and antiviral enzyme that boosts the immune defense while increasing shelf life in foods, cosmetics and pharmaceuticals. Lysozyme can also be integrated in skin care products to treat acne or promote wound repair.

Technology:

  • Upgraded and commissioned PGX pilot scale processing unit in Edmonton. This will allow the generation of larger and more consistent batches of PGX polymer carriers for impregnation scale-up.

  • Advanced the installation and further scaled up the PGX impregnation unit in Edmonton. Many trials were successfully conducted with the new impregnation vessel system mostly using sodium alginate.

  • Retained and conducted several virtual meetings with a seasoned high-pressure engineering and manufacturing company capable to design and build a new PGX industrial plant with equipment recently purchased in Germany. Timelines and cost estimates are being assessed.

Financial Highlights for the First Quarter Ended March 31, 2021

  • Total sales of $4,702,000 for the first quarter of 2021 compared to $4,273,000 for the comparative period in 2020; an increase of 10% over last year. Beta glucan sales volumes increased by 318% for Q1 2021 vs Q1 2020. With sales being made in US dollars, the decreased exchange rate $US/CDN as compared to the prior period negatively impacted 2021 sales by approximately $364,000.

  • Net profit of $515,000 for the first quarter of 2021 compared to a net profit of 1,126,000 for the comparative period in 2020.

  • Research and Development of $817,000 in Q1 2021 vs. $502,000 in 2020. This increased investment was partly due to an accelerated pace for the recruitment of patients for the beta glucan trial as a cholesterol reducer.

  • Cash generated from operations of $305,000 in Q1 2021 vs. $531,000 in Q1 2020.

  • Positive working capital balance of $8,246,972 as of March 31, 2021.

“As we respond to the potential impacts and uncertainties of COVID-19 by taking the necessary steps to preserve our financial position, we continue to execute on our expansion to a new business model from a contract manufacturer/commodity company to a high-value life science/biopharmaceutical company. We remain dedicated to executing on our milestones ahead and should the Company be able to service its customers without disruption, we strongly believe the prospects for the Company remain very strong for the upcoming year,” concluded Mr. Gagnon.

CEAPRO INC.    
Consolidated Balance Sheets    
Unaudited    
     
  March 31, December 31,
  2021 2020
  $ $
     
ASSETS    
Current Assets    
Cash and cash equivalents 5,239,071 5,369,029
Trade receivables 2,907,013 2,019,723
Other receivables 29,576 102,224
Inventories (note 3) 998,911 1,210,079
Prepaid expenses and deposits 198,804 348,845
     
  9,373,375 9,049,900
Non-Current Assets    
  Investment tax credits receivable 607,700 607,700
Deposits 82,124 82,124
Licences (note 4) 17,773 18,514
Property and equipment (note 5) 18,473,734 18,591,189
Deferred tax assets 874,304 874,304
     
  20,055,635 20,173,831
     
TOTAL ASSETS 29,429,010 29,223,731
     
LIABILITIES AND EQUITY    
Current Liabilities    
Accounts payable and accrued liabilities 791,089 1,067,622
Current portion of lease liabilities (note 6) 260,307 250,658
Current portion of CAAP loan (note 8) 75,007 72,263
     
  1,126,403 1,390,543
Non-Current Liabilities    
Long-term lease liabilities (note 6) 2,577,698 2,648,917
Deferred tax liabilities 874,304 874,304
     
  3,452,002 3,523,221
     
TOTAL LIABILITIES 4,578,405 4,913,764
     
Equity    
Share capital (note 7 (b)) 16,549,875 16,511,067
Contributed surplus (note 7 (e)) 4,669,347 4,682,393
Retained earnings 3,631,383 3,116,507
     
  24,850,605 24,309,967
     
TOTAL LIABILITIES AND EQUITY 29,429,010 29,223,731


CEAPRO INC.      
Consolidated Statements of Net Income and Comprehensive Income  
Unaudited      
     
     
  2021   2020  
Three Months Ended March 31, $   $  
       
Revenue (note 14) 4,701,743   4,273,374  
Cost of goods sold 2,443,800   1,901,223  
       
Gross margin 2,257,943   2,372,151  
       
Research and product development 816,847   502,542  
General and administration 712,207   865,034  
Sales and marketing 13,238   48,228  
Finance costs (note 11) 93,910   101,609  
       
Income from operations 621,741   854,738  
       
Other (expenses) income (note 10) (106,865 ) 271,317  
       
Income before tax 514,876   1,126,055  
       
Income taxes –   –  
       
Total comprehensive income for the period 514,876   1,126,055  
       
Net income per common share (note 17):      
Basic 0.01   0.01  
Diluted 0.01   0.01  
       
Weighted average number of common shares outstanding (note 17):      
Basic 77,651,031   77,538,314  
Diluted 78,709,975   77,880,861  
       


CEAPRO INC.    
Consolidated Statements of Cash Flows    
Unaudited    
     
     
  2021   2020  
Three Months Ended March 31, $   $  
OPERATING ACTIVITIES    
Net income for the period 514,876   1,126,055  
Adjustments for items not involving cash    
Finance costs 36,166   40,947  
Transaction costs –   554  
Depreciation and amortization 468,153   460,088  
Accretion 2,744   5,108  
Share-based payments 3,742   93,548  
Net income for the period adjusted for non-cash items 1,025,681   1,726,300  
CHANGES IN NON-CASH WORKING CAPITAL ITEMS    
Trade receivables (887,290 ) (264,398 )
Other receivables 72,648   (24,076 )
Inventories 211,168   (347,853 )
Prepaid expenses and deposits 72,574   (54,186 )
Accounts payable and accrued liabilities relating to operating activities (153,619 ) (463,443 )
Total changes in non-cash working capital items (684,519 ) (1,153,956 )
Net income for the period adjusted for non-cash and working capital items 341,162   572,344  
Interest paid (36,166 ) (40,947 )
CASH GENERATED FROM OPERATIONS 304,996   531,397  
INVESTING ACTIVITIES    
Purchase of property and equipment (253,018 ) (20,099 )
Purchase of leasehold improvements (19,472 ) –  
Accounts payable and accrued liabilities relating to investing activities (122,914 ) –  
CASH USED IN INVESTING ACTIVITIES (395,404 ) (20,099 )
FINANCING ACTIVITIES    
Stock options exercised 22,020   –  
Repayment of long-term debt –   (48,520 )
Repayment of lease liabilities (61,570 ) (64,987 )
CASH USED IN FINANCING ACTIVITIES (39,550 ) (113,507 )
(Decrease) increase in cash and cash equivalents (129,958 ) 397,791  
     
Cash and cash equivalents at beginning of the period 5,369,029   1,857,195  
     
Cash and cash equivalents at end of the period 5,239,071   2,254,986  

The complete financial statements are available for review on SEDAR at https://sedar.com/Ceapro and on the Company’s website at www.ceapro.com.

About Ceapro Inc.

Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical, and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com.

For more information contact:

Jenene Thomas
JTC Team, LLC
Investor Relations and Corporate Communications Advisor
T (US): +1 (833) 475-8247
E: czo@jtcir.com

Issuer:
Gilles R. Gagnon, M.Sc., MBA
President & CEO
T: 780-421-4555

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Source: Ceapro Inc.

Esports Entertainment Group, Inc. Reports Fiscal 2021 Third Quarter Financial Results

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Esports Entertainment Group, Inc. Reports Fiscal 2021 Third Quarter Financial Results

 

  • Third quarter Revenues of $5.4 Million, up 129% from previous quarter
  • Driven by completion of Lucky Dino asset purchase on 1st March
  • Performance bolstered by launch of SportNation.com and Vie.bet on Maltese Gaming Authority license during the quarter
  • Investment continued in building out Technology team and platform development as well as to achieve scale in back-office functions
  • Cash Jumps $11.3Million in 3Q21, Ending the Quarter at $16.9 Million with No Debt

Newark, New Jersey–(Newsfile Corp. – May 17, 2021) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (the “Company” or “EEG”), a diversified operator of esports, igaming and traditional sports betting businesses with a global footprint, today announced financial results for its fiscal 2021 third quarter ended March 31, 2021.

Fiscal 2021 Third Quarter Financial Results Highlights

  • Net revenue for 3Q21 of $5.4 million, up $5.4 million on 3Q20, (and up 129% as compared with 2Q21 net revenue of $2.4 million)
  • Gross profit (Net revenue less Cost of revenue) for 3Q21 of $3.1 million, up $3.1 million on 3Q20, (and up 199% as compared with $1.0 million in 2Q21)
  • Gross margin as a percentage of net sales in 3Q21 was 57.0%, (compared to 43.5% in 2Q21)
  • Sales and Marketing expenses of $2.4 million in 3Q21, up from $0.1m in 3Q20 (and compared to $1.9 million in 2Q21)
  • General and administrative expenses of $6.3 million in 3Q21, up from $0.5m in 3Q20 (and compared to $4.9 million in 2Q21)
  • Operating loss of $5.6 million in 3Q21, up from a loss of $0.6m in 3Q20 (and improved by 3% from a loss of $5.8 million in 2Q21)
  • Net loss of $12.4 million or $0.73 per basic common share in 4Q21, up from a net loss of $6.3m in 3Q20 or $1.02 per basic common share (and compared to a net loss of $7.3 million or $0.57 per basic common share in 2Q21)
  • Adjusted EBITDA* of -$2.1 million in 3Q21, compared to adjusted EBITDA of -$0.5m in 3Q20, and 44% improved from -$3.8 million adjusted EBITDA in 2Q21
  • Capital expenditures for 3Q21 of $0.7 million, up from $0.0m million in 3Q20 (and compared to $0.4m in 2Q21), as investment in Platform development continues
  • Stockholders’ equity at the end of 3Q21 increased by $50.0 million or 438% to $61.4 million from $11.4 million at the end of Fiscal 2020.

Operational Highlights

  • Completed asset purchase of Online Casino Operator Lucky Dino
  • Completed acquisition of Esports Gaming League (EGL), a provider of live and online events and tournaments
  • Closed $30 million registered direct offering priced at $15 per share
  • Vie.bet and SportNation.com brands launched on Malta Gaming Authority license, enabling operations in 150 jurisdictions globally
  • Filed New Jersey Gaming License Application
  • Signed exclusive Esports Tournament Partnerships with several pro-Sports teams, including the Baltimore Ravens, New England Patriots and Denver Broncos

*Adjusted EBITDA is a non-GAAP financial measure. Reconciliation is provided in the tables of this press release.

Management’s Comments

Our first quarter results were mainly driven by our acquisition of Lucky Dino combined with organic growth coming from our existing brands of Sportnation , EGL and Vie.gg.

We continue to execute on our organic growth strategy as well as acquire additional strategic esports and igaming assets.

Our recently announced partnerships with blue-chip professional sports organizations, are strong endorsements of this strategy. The imminent close of the previously announced GG circuit/Helix acquisition, combined with the recently announced intention to acquire Holodeck Media, will enable us to exponentially expand our technology-driven esports wagering, tournament play and igaming focused entertainment company.

We remain committed to the previously communicated full year fiscal 2021 revenue guidance, of $18m, and the Fiscal 2022 revenue guidance of $70m.

Our future is bright and we are very excited to continue our rapid expansion and growth driven by our unique assets and market position.

Fiscal 2021 Third Quarter Financial Results

Net revenues were $5.4 million for the three months ended March 31, 2021, as compared to $0.0million for the three months ended March 31, 2020, and were up by 129% (+$3.0m) when compared net revenues of $2.4m during the three-month period ended December 31, 2020. 9 months year-to-date revenues through 31st March, 2021 were $8.0m.

The quarter-on-quarter increase is primarily driven by the completion of the Lucky Dino Gaming Limited asset purchase on 1st March 2021, aided by the launch of both SportNation.com and Vie.bet into new jurisdictions under its Malta Gaming Authority (MGA) license

With the acquisition of Lucky Dino Gaming, Unique Active Players (“UAPs”) in the month of March across iGaming brands, rose to above 40,000, with Average Revenue per Player surpassing $80.

Total operating expenses for the three months ended March 31, 2021 totaled $11.0 million, an increase from the $0.6 million recorded for the three months ended March 31, 2020, and up from $8.1 million in the three-month period ending December 31, 2020. The increase was primarily attributable to the increased payroll, stock compensation, marketing, legal and professional services fees related to increased business activity.

Total net loss for the three months ended March 31, 2021 was $12.4 million, up from a loss of $6.3m in the three-month period ended March 31, 2020. This was principally driven by increased Equity Based Compensation, Transaction related costs, Depreciation and Change in the Fair value of Warrant liabilities, totaling $7.4 million between them.

*Adjusted EBITDA for the three months ended March 31, 2021 was -$2.1 million, up from -$0.6m in the three-month period ended March 31, 2020, but improved on the -$3.8m adjusted EBITDA in the three-month period ended December 31, 2020.

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP), the Company uses adjusted EBITDA, a non-GAAP financial measure. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses this non-GAAP financial measure for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that it provides useful information about operating results, enhances the overall understanding of past financial performance and future prospects, and allows for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP financial measure used by the Company in this press release may be different from the methods used by other companies.

We define and calculate Adjusted EBITDA as net loss before the impact of interest income or expense, income tax expense or benefit, depreciation and amortization, and further adjusted for the following items: stock-based compensation, transaction-related costs, non-core litigation, settlement and related costs, remeasurement of warrant liabilities, and certain other non-recurring, non-cash or non-core items, as described in the reconciliation below.

Adjusted EBITDA excludes certain expenses that are required in accordance with U.S. GAAP because they are non-recurring items (for example, in the case of transaction-related costs), non-cash expenditures (for example, in the case of depreciation, amortization, and stock-based compensation), or are not related to our underlying business performance (for example, in the case of interest income and expense and litigation settlement and related costs).

Esports Entertainment Group, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

March 31, June 30,
2021 2020
ASSETS
Current assets
Cash $ 16,880,683 $ 12,353,307
Restricted cash 3,428,366 –
Accounts receivable, net 153,011 –
Receivables reserved for users 1,486,024 –
Loans receivable 2,000,000 –
Other receivables 920,115 –
Deposit on business acquisition – 500,000
Prepaid expenses and other current assets 1,423,581 263,345
Total current assets 26,291,780 13,116,652
Equipment, net 80,904 8,041
Operating lease right-of-use asset 546,012 –
Intangible assets, net 27,810,029 2,000
Goodwill 16,992,199 –
Other non-current assets 1,290,353 6,833
TOTAL ASSETS $ 73,011,277 $ 13,133,526
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses $ 5,305,176 $ 811,549
Liabilities to customers 3,218,798 –
Deferred revenue 145,091 –
Liabilities to be settled in stock – 927,855
Notes payable – current 158,141 –
Operating lease liability – current 240,725 –
Contingent consideration 300,000 –
Total current liabilities 9,367,931 1,739,404
Notes payable 186,898 –
Deferred income taxes 1,729,138 –
Operating lease liability 322,205 –
TOTAL LIABILITIES 11,606,172 1,739,404
Commitments and contingencies (Note 13)
Stockholders’ equity
Preferred stock $0.001 par value; 10,000,000 shares authorized, none issued and
outstanding – –
Common stock $0.001 par value; 500,000,000 shares authorized, 20,166,740 and
11,233,223 shares issued and outstanding as of March 31, 2021 and June 30, 2020,
respectively 20,167 11,233
Additional paid-in capital 104,417,852 31,918,491
Accumulated deficit (42,077,212 ) (20,535,602 )
Accumulated other comprehensive loss (955,702 ) –
Total stockholders’ equity 61,405,105 11,394,122
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 73,011,277 $ 13,133,526

 

Esports Entertainment Group, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months Ended March 31, Nine Months Ended March 31,
2021 2020 2021 2020
Net revenue $ 5,398,708 $ – $ 7,983,293 $ –
Operating costs and expenses:
Cost of revenue 2,321,620 – 4,249,889 –
Sales and marketing 2,399,200 84,249 4,891,688 184,175
General and administrative 6,291,388 466,809 14,082,111 1,728,695
Total operating expenses 11,012,208 551,058 23,223,688 1,912,870
Operating loss (5,613,500 ) (551,058 ) (15,240,395 ) (1,912,870 )
Other income (expense):
Interest expense – (23,479 ) – (2,285,792 )
Net amortization of debt discount and premium on convertible debt – (674,946 ) – (1,225,205 )
Change in fair value of derivative liabilities – (6,952,798 ) – (5,865,451 )
Change in fair value of warrant liability (5,358,313 ) – (4,729,924 ) –
Change in fair value of contingent consideration (1,305,804 ) – (1,305,804 ) –
Loss on extinguishment of debt – – – (2,795,582 )
Gain on warrant exchange – 1,894,418 – 1,894,418
Other non-operating income (loss) (165,464 ) 32 (265,486 ) (25,779 )
Loss before income taxes (12,443,080 ) (6,307,831 ) (21,541,610 ) (12,216,261 )
Income tax – – – –
Net loss $ (12,443,080 ) $ (6,307,831 ) $ (21,541,610 ) $ (12,216,261 )
Basic and diluted loss per common share $ (0.73 ) $ (1.02 ) $ (1.54 ) $ (2.04 )
Weighted average number of common shares outstanding, basic and diluted 16,950,275 6,183,944 13,974,197 5,989,619

 

Adjusted EBITDA

The table below presents our Adjusted EBITDA reconciled to our net loss, the closest U.S. GAAP measure, for the periods indicated:

Esports Entertainment Group, Inc.

Adjusted EBITDA

Reconciliation to GAAP Results

Three months ended March 31, Nine months ended March 31,
2021 2020 2021 2020
Net loss $ (12,443,080 ) $ (6,307,830 ) $ (21,541,610 ) $ (12,216,261 )
Adjusted for:
Depreciation and amortization 882,951 2,486 1,687,161 18,013
Interest (income) expense, net – 23,479 – 2,285,792
Stock-based compensation (1) 743,527 – 3,055,118 448,434
Transaction-related costs (2) 1,340,245 – 1,435,788 –
Litigation, settlement, and related costs (3) 508,689 – 508,689 –
Change in fair value of warrant liability 5,358,313 – 4,729,924 –
Change in fair value of contingent consideration 1,305,804 – 1,305,804 –
Loss on extinguishment of debt – – – 2,795,582
Gain on warrant exchange – (1,894,418 ) – (1,894,418 )
Net amortization of debt discount and premium on convertible debt – 674,946 – 1,225,205
Change in fair value of derivative liabilities – 6,952,798 – 5,865,451
Other non-operating costs 165,464 33 265,486 25,779
Adjusted EBITDA $ (2,138,087 ) $ (548,506 ) $ (8,553,640 ) $ (1,446,423 )

 

(1) The amounts for the three months ended March 31, 2021 includes stock-based compensation expenses resulting from the issuance of equity awards to employees, non-employee directors and non-employee consultants for services.

(2) Includes transaction advisory, consulting, accounting and legal expenses for acquisition related activities

(3) Includes primarily external legal costs related to litigation and litigation settlement costs deemed unrelated to our core business operations.

Release – Ceapro Inc. Reports 2021 First Quarter Financial Results and Highlights

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Ceapro Inc. Reports 2021 First Quarter Financial Results and Highlights

 

– Maintained production operations during COVID-19 pandemic, providing customers essential products while ensuring the health and safety of Company’s employees –

– Increased R&D investments for the development of innovative delivery systems and for accelerating recruitment of patients in a clinical trial for oat beta glucan as a cholesterol reducer –

– First quarter 2021 sales increased 10% vs. first quarter 2020 –

EDMONTON, Alberta, May 20, 2021 (GLOBE NEWSWIRE) — Ceapro Inc. (TSX-V: CZO) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced financial results and operational highlights for the first quarter ended March 31, 2021.

“While ensuring safety of our employees remained a top priority, we obtained solid results once again during the first quarter of this year and were successful at both growing our base business and also advancing some key research and development projects despite mandated stay-at-home orders in some Canadian provinces due to the ongoing COVID-19 pandemic. These results are a clear testament to the dedication and hard work of each of our employees during these challenging times and we are very proud of their commitment to support our customers heightened demand by delivering high quality products,” stated Gilles Gagnon, M.Sc., MBA, President and CEO.

Corporate and Operational Highlights

Pipeline Development:

  • Deployed additional efforts and resources in accelerating enrollment and randomization of patients for the clinical trial with beta glucan as a cholesterol reducer. To date, with outreach initiatives put in place by the team at the Montreal Heart Institute, more than 200 patients are part of the study. A total of 264 randomized patients are required for statistical significance.
  • Continued to monitor stability studies for liquid beta glucan and avenanthramides produced at Ceapro’s new manufacturing site as well as for the pharmaceutical-grade dry powder formulation of avenanthramides to be used in a human Phase 1 bioavailability and safety study.
  • Initiated the design of a protocol for a Phase 1 clinical trial with pharmaceutical grade avenanthramides. Subsequent to quarter end, signed a service agreement for the development and manufacturing of an oral solid dosage formulation of avenanthramide to be administrated during the Phase 1 study.
  • Conducted additional in vitro dose response study with PGX processed yeast beta glucan to correlate with upcoming McMaster animal study results. Animal studies should resume at the beginning of June 2021 upon lifting of stay-at-home orders in Ontario.
  • Developed and fine-tuned new PGX-dried chemical complexes mostly using sodium alginate as a carrier. Subsequent to quarter end, the Company announced the successful completion of its long-term research collaboration with University of Alberta. This project allowed for the expansion of a PGX pipeline which now includes proteins/enzymes in addition to polysaccharides like beta glucan. One of these enzymes, lysozyme was presented at the European Meeting on Supercritical Fluids by Dr. Ricardo Couto, a member of Ceapro’s PGX team who demonstrated that enzymatic activity is preserved following PGX processing. Lysozyme might have several applications since it is recognized as a remarkable natural antimicrobial and antiviral enzyme that boosts the immune defense while increasing shelf life in foods, cosmetics and pharmaceuticals. Lysozyme can also be integrated in skin care products to treat acne or promote wound repair.

Technology:

  • Upgraded and commissioned PGX pilot scale processing unit in Edmonton. This will allow the generation of larger and more consistent batches of PGX polymer carriers for impregnation scale-up.

  • Advanced the installation and further scaled up the PGX impregnation unit in Edmonton. Many trials were successfully conducted with the new impregnation vessel system mostly using sodium alginate.

  • Retained and conducted several virtual meetings with a seasoned high-pressure engineering and manufacturing company capable to design and build a new PGX industrial plant with equipment recently purchased in Germany. Timelines and cost estimates are being assessed.

Financial Highlights for the First Quarter Ended March 31, 2021

  • Total sales of $4,702,000 for the first quarter of 2021 compared to $4,273,000 for the comparative period in 2020; an increase of 10% over last year. Beta glucan sales volumes increased by 318% for Q1 2021 vs Q1 2020. With sales being made in US dollars, the decreased exchange rate $US/CDN as compared to the prior period negatively impacted 2021 sales by approximately $364,000.

  • Net profit of $515,000 for the first quarter of 2021 compared to a net profit of 1,126,000 for the comparative period in 2020.

  • Research and Development of $817,000 in Q1 2021 vs. $502,000 in 2020. This increased investment was partly due to an accelerated pace for the recruitment of patients for the beta glucan trial as a cholesterol reducer.

  • Cash generated from operations of $305,000 in Q1 2021 vs. $531,000 in Q1 2020.

  • Positive working capital balance of $8,246,972 as of March 31, 2021.

“As we respond to the potential impacts and uncertainties of COVID-19 by taking the necessary steps to preserve our financial position, we continue to execute on our expansion to a new business model from a contract manufacturer/commodity company to a high-value life science/biopharmaceutical company. We remain dedicated to executing on our milestones ahead and should the Company be able to service its customers without disruption, we strongly believe the prospects for the Company remain very strong for the upcoming year,” concluded Mr. Gagnon.

CEAPRO INC.    
Consolidated Balance Sheets    
Unaudited    
     
  March 31, December 31,
  2021 2020
  $ $
     
ASSETS    
Current Assets    
Cash and cash equivalents 5,239,071 5,369,029
Trade receivables 2,907,013 2,019,723
Other receivables 29,576 102,224
Inventories (note 3) 998,911 1,210,079
Prepaid expenses and deposits 198,804 348,845
     
  9,373,375 9,049,900
Non-Current Assets    
  Investment tax credits receivable 607,700 607,700
Deposits 82,124 82,124
Licences (note 4) 17,773 18,514
Property and equipment (note 5) 18,473,734 18,591,189
Deferred tax assets 874,304 874,304
     
  20,055,635 20,173,831
     
TOTAL ASSETS 29,429,010 29,223,731
     
LIABILITIES AND EQUITY    
Current Liabilities    
Accounts payable and accrued liabilities 791,089 1,067,622
Current portion of lease liabilities (note 6) 260,307 250,658
Current portion of CAAP loan (note 8) 75,007 72,263
     
  1,126,403 1,390,543
Non-Current Liabilities    
Long-term lease liabilities (note 6) 2,577,698 2,648,917
Deferred tax liabilities 874,304 874,304
     
  3,452,002 3,523,221
     
TOTAL LIABILITIES 4,578,405 4,913,764
     
Equity    
Share capital (note 7 (b)) 16,549,875 16,511,067
Contributed surplus (note 7 (e)) 4,669,347 4,682,393
Retained earnings 3,631,383 3,116,507
     
  24,850,605 24,309,967
     
TOTAL LIABILITIES AND EQUITY 29,429,010 29,223,731


CEAPRO INC.      
Consolidated Statements of Net Income and Comprehensive Income  
Unaudited      
     
     
  2021   2020  
Three Months Ended March 31, $   $  
       
Revenue (note 14) 4,701,743   4,273,374  
Cost of goods sold 2,443,800   1,901,223  
       
Gross margin 2,257,943   2,372,151  
       
Research and product development 816,847   502,542  
General and administration 712,207   865,034  
Sales and marketing 13,238   48,228  
Finance costs (note 11) 93,910   101,609  
       
Income from operations 621,741   854,738  
       
Other (expenses) income (note 10) (106,865 ) 271,317  
       
Income before tax 514,876   1,126,055  
       
Income taxes –   –  
       
Total comprehensive income for the period 514,876   1,126,055  
       
Net income per common share (note 17):      
Basic 0.01   0.01  
Diluted 0.01   0.01  
       
Weighted average number of common shares outstanding (note 17):      
Basic 77,651,031   77,538,314  
Diluted 78,709,975   77,880,861  
       


CEAPRO INC.    
Consolidated Statements of Cash Flows    
Unaudited    
     
     
  2021   2020  
Three Months Ended March 31, $   $  
OPERATING ACTIVITIES    
Net income for the period 514,876   1,126,055  
Adjustments for items not involving cash    
Finance costs 36,166   40,947  
Transaction costs –   554  
Depreciation and amortization 468,153   460,088  
Accretion 2,744   5,108  
Share-based payments 3,742   93,548  
Net income for the period adjusted for non-cash items 1,025,681   1,726,300  
CHANGES IN NON-CASH WORKING CAPITAL ITEMS    
Trade receivables (887,290 ) (264,398 )
Other receivables 72,648   (24,076 )
Inventories 211,168   (347,853 )
Prepaid expenses and deposits 72,574   (54,186 )
Accounts payable and accrued liabilities relating to operating activities (153,619 ) (463,443 )
Total changes in non-cash working capital items (684,519 ) (1,153,956 )
Net income for the period adjusted for non-cash and working capital items 341,162   572,344  
Interest paid (36,166 ) (40,947 )
CASH GENERATED FROM OPERATIONS 304,996   531,397  
INVESTING ACTIVITIES    
Purchase of property and equipment (253,018 ) (20,099 )
Purchase of leasehold improvements (19,472 ) –  
Accounts payable and accrued liabilities relating to investing activities (122,914 ) –  
CASH USED IN INVESTING ACTIVITIES (395,404 ) (20,099 )
FINANCING ACTIVITIES    
Stock options exercised 22,020   –  
Repayment of long-term debt –   (48,520 )
Repayment of lease liabilities (61,570 ) (64,987 )
CASH USED IN FINANCING ACTIVITIES (39,550 ) (113,507 )
(Decrease) increase in cash and cash equivalents (129,958 ) 397,791  
     
Cash and cash equivalents at beginning of the period 5,369,029   1,857,195  
     
Cash and cash equivalents at end of the period 5,239,071   2,254,986  

The complete financial statements are available for review on SEDAR at https://sedar.com/Ceapro and on the Company’s website at www.ceapro.com.

About Ceapro Inc.

Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical, and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com.

For more information contact:

Jenene Thomas
JTC Team, LLC
Investor Relations and Corporate Communications Advisor
T (US): +1 (833) 475-8247
E: czo@jtcir.com

Issuer:
Gilles R. Gagnon, M.Sc., MBA
President & CEO
T: 780-421-4555

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Source: Ceapro Inc.

PDS Biotech Announces Release of Abstract for PDS0101 in NCI-Led Phase 2 Clinical Study for Oral Presentation at 2021 ASCO Meeting

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PDS Biotech Announces Release of Abstract for PDS0101 in NCI-Led Phase 2 Clinical Study for Oral Presentation at 2021 ASCO Meeting

 

Objective responses (tumor reduction) observed in 83% (5 of 6) of HPV16-positive relapsed or refractory checkpoint inhibitor naïve patients and 63% (5 of 8) of HPV16-positive relapsed or refractory advanced cancer patients who have also failed checkpoint inhibitor therapy

FLORHAM PARK, N.J., May 20, 2021 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing novel cancer therapies based on the Company’s proprietary Versamune® T-cell activating technology, today announced publication of abstract #2501 by the American Society of Clinical Oncology (ASCO). The abstract summarizing interim data from the National Cancer Institute (NCI)-led phase 2 trial has been accepted for oral presentation at the 2021 ASCO Annual Meeting taking place June 4-8. The presentation, scheduled for June 7, is expected to include results from a larger sample than the 14 patients included in the abstract.

Additional data highlights from abstract #2501 include:

  • An overall objective response rate of 71% (10/14) in patients with refractory HPV16-associated cancers
    • 1 complete response (anal cancer)
    • 9 partial responses (3 cervical cancer, 2 vulvar/vaginal cancer, 2 anal cancer, 2 oropharyngeal cancer)
  • 90% of these of these responses are ongoing after a median 5 months of follow up (9/10)

The NCI Center for Cancer Research’s Laboratory of Tumor Immunology and Biology (LTIB) and Genitourinary Malignancies Branch (GMB) are jointly leading this Phase 2 trial (NCT04287868), which studies PDS0101 in combination with two investigational immune-modulating agents: bintrafusp alfa (M7824), a bifunctional “trap” fusion protein targeting TGF-? and PD-L1, and NHS-IL12 (M9241), a tumor-targeting immunocytokine. Bintrafusp alfa is being jointly developed by Merck KGaA, Darmstadt, Germany, and GlaxoSmithKline; NHS-IL12 is being developed by Merck KGaA, Darmstadt, Germany.

The trial is evaluating the treatment combination in both checkpoint inhibitor naïve and refractory patients with advanced human papillomavirus (HPV)-associated cancers that have progressed or returned after treatment. Objective response is measured by radiographic tumor responses according to RECIST 1.1. These reported data validate the preclinical studies published by the NCI demonstrating that the complementary mechanisms of action of the three immunotherapies which involve potent in-vivo HPV16-specific killer and helper T-cell induction with effective T-cell tumor infiltration, blocking of immune checkpoints as well as targeting of TGF-? resulted in superior tumor regression.

“The achievement of a 71% objective response rate in a difficult to treat patient population continues to strengthen the evidence of our novel Versamune® platform’s potential ability to induce high levels of tumor-specific CD8+ killer T-cells that attack the cancer resulting in strong synergy with Bintrafusp alfa and NHS-IL12, thus leading to effective tumor regression,” commented Dr. Lauren Wood, Chief Medical Officer of PDS Biotech. “The initial data solidifies our belief that PDS0101’s published preclinical efficacy, when combined with these two immune-modulating agents, demonstrates the potential to significantly improve clinical outcomes for patients with advanced, refractory HPV-associated cancers who have limited treatment options.”

There are more than 630,000 cases of HPV-associated malignancies including cervical, oropharyngeal and anal cancer worldwide annually. HPV 16 is responsible for most of these cases. About 15-20% of HPV-associated malignancies respond to PD-(L)1 inhibitors. However, for the overwhelming majority of patients who progress on these immunotherapies there is no effective standard of care therapy.

The abstract is now available online on the ASCO conference website: https://am.asco.org/.

Abstract Number: 2501
Abstract Title: Phase II evaluation of the triple combination of PDS0101, M9241, and bintrafusp alfa in patients with HPV 16 positive malignancies.

Presenting Author: Julius Strauss, MD, National Cancer Institute
Session: Developmental Therapeutics—Immunotherapy
Date: June 7, 2021
Time: 3:00 PM-6:00 PM EDT

Dr. Julius Strauss, Staff Clinician, LTIB, is serving as the Principal Investigator of this phase 2 clinical trial in advanced HPV-associated cancers. For patients interested in enrolling in this clinical study, please call NCI’s toll-free number 1-800-4-Cancer (1-800-422-6237) (TTY: 1-800-332-8615), email NCIMO_Referrals@mail.nih.gov, and/or visit the website: https://trials.cancer.gov.

About PDS Biotechnology

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of cancer immunotherapies and infectious disease vaccines based on the Company’s proprietary Versamune® T-cell activating technology platform. Our Versamune®-based products may overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple investigational therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. Our immuno-oncology product candidates are initially being studied in combination therapy to potentially enhance efficacy without compounding toxicity across a range of cancer types. The company’s lead investigational cancer immunotherapy product PDS0101 is currently in Phase 2 clinical studies in HPV-associated cancers. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.

About PDS0101

PDS Biotech’s lead candidate, PDS0101, combines the utility of the Versamune® platform with targeted antigens in HPV-expressing cancers. In partnership with Merck and Co., PDS Biotech is evaluating a combination of PDS0101 and KEYTRUDA® in a Phase 2 study in first-line treatment of recurrent or metastatic head and neck cancer. PDS Biotech is also conducting two additional Phase 2 studies in advanced HPV-associated cancers and advanced localized cervical cancer with the National Cancer Institute (NCI) and The University of Texas MD Anderson Cancer Center, respectively.

Forward Looking Statements

This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “forecast,” “guidance”, “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway and the Company’s current expectations regarding its plans for future equity financings; the Company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Company’s operations or require the Company to relinquish rights to the Company’s technologies or product candidates; the Company’s limited operating history in the Company’s current line of business, which makes it difficult to evaluate the Company’s prospects, the Company’s business plan or the likelihood of the Company’s successful implementation of such business plan; the timing for the Company or its partners to initiate the planned clinical trials for PDS0101, PDS0203 and other Versamune® based products; the future success of such trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaboration studies concerning PDS0101, PDS0203 and other Versamune® based products and the Company’s interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including our ability to fully fund our disclosed clinical trials, which assumes no material changes to our currently projected expenses), futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim results, which are not necessarily indicative of the final results of the Company’s ongoing clinical trials; any Company statements about its understanding of product candidates mechanisms of action and interpretation of preclinical and early clinical results from its clinical development programs and any collaboration studies; the acceptance by the market of the Company’s product candidates, if approved; the timing of and the Company’s ability to obtain and maintain U.S. Food and Drug Administration or other regulatory authority approval of, or other action with respect to, the Company’s product candidates; and other factors, including legislative, regulatory, political and economic developments not within the Company’s control, including unforeseen circumstances or other disruptions to normal business operations arising from or related to COVID-19. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s annual and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Media & Investor Relations Contact:

Deanne Randolph
PDS Biotech
Phone: +1 (908) 517-3613
Email: drandolph@pdsbiotech.com

Rich Cockrell
CG Capital
Phone: +1 (404) 736-3838
Email: rich@cg.capital

*Updated data and results to be presented in June at the ASCO meeting
1C.S. Rumfield et al., J. Journal for ImmunoTherapy of Cancer 2020;8:e000612. doi:10.1136/jitc-2020-000612)
2S. Gandhapudi et al, J. Immunology, 2019 (202), 1215

Orion Group Holdings Inc. Announces Contract Awards of Approximately $17 Million

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Orion Group Holdings, Inc. Announces Contract Awards of Approximately $17 Million

 

HOUSTON–(BUSINESS WIRE)–May 20, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced three contract awards for its Concrete segment in each of its key markets, totaling approximately 
$17 million.

The Company was awarded a contract from  Hensel Phelps to provide concrete services for the new 
Royal Caribbean Cruise Terminal in the 
Port of Galveston, Texas. The 
$5.5 million project calls for paving and tilt-wall construction for the facility with work expected to start during the second quarter with completion expected later this year.

The Company was also awarded a 
$6.5 million project in 
San Antonio, Texas, that requires the construction of four tilt-wall buildings and associated paving. This work will begin in the third quarter and be completed by the fourth quarter of this year.

In addition, the Company was awarded a 
$5.1 million contract to construct multiple tilt-wall buildings and perform site paving for a new business park northwest of the 
Dallas-Fort Worth area. The work under this contract will begin in the third quarter and be completed by the second quarter of 2022.

“These project awards are a direct result of the quality and professionalism our team provides our customers,” said  Mark Stauffer, Orion’s President and Chief Executive Officer. “We are also extremely excited for  Hensel Phelps providing our team the opportunity to be involved in the new 
Royal Caribbean Cruise Terminal, as this work represents a great example of cross-selling opportunities between segments for our services.”

About Orion Group Holdings 

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental 
United States, 
Alaska, 
Canada and the 
Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Robert Tabb, Executive Vice President & CFO
(713) 852-6500
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

Orion Group Holdings (ORN) – New Awards and Progress on Tampa Yard Sale

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Thursday, May 20, 2021

Orion Group Holdings (ORN)
New Awards and Progress on Tampa Yard Sale

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Two awards for ~$38 million. An award of $28.5 million was announced to demo and construct a habitat for salmon in Washington. Work should run into 2Q2023. Another smaller award of ~$9 million was announced for design work and construction of a private marine facility near Tampa. Work should run into mid-2022.

    Maintaining 2021 EBITDA estimate of $47.0 million, including asset sales of $1.6 million.  There are tough comps ahead, but Marine results should pick up over rest of year and Concrete represents upside potential. 1Q2021 backlog of $365 million dropped due to lower Marine and Concrete backlogs, but low bids pending award of $134 million increased $38 million so potential backlog remains high at …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.