Release – ProMIS Neurosciences Announces Antibody Program for Schizophrenia Therapy and Recruitment of Dr. Carsten Korth



ProMIS Neurosciences Announces Antibody Program for Schizophrenia Therapy and Recruitment of Dr. Carsten Korth to its Scientific Advisory Board

News and Market Data on ProMIS Neurosciences

 

TORONTO, Ontario and CAMBRIDGE, Mass., Jan. 18, 2022 (GLOBE NEWSWIRE) — ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF), a biotechnology company focused on the discovery and development of antibody therapeutics targeting misfolded proteins such as toxic oligomers implicated in the development of neurodegenerative diseases, announced today that it has initiated a program to develop monoclonal antibodies to treat schizophrenia and other chronic mental illnesses. Schizophrenia is a clinical term for a severely disabling neuropsychiatric disease that disrupts employment, families and communities, and likely has heterogenous biological origins.

The biomedical literature has implicated protein misfolding as one cause of schizophrenia. A candidate for a key misfolding protein in schizophrenia was first identified in a Scottish family with a neurodevelopmental syndrome including schizophrenia, such that the gene was named “disrupted in schizophrenia” (DISC1). DISC1, and its genetically-linked protein interactors in the brain, represent a new platform target for ProMIS, given its outstanding track record of predicting and validating misfolding-specific epitopes using proprietary computational approaches.

Dr. Carsten Korth, biological psychiatrist and pioneer on the role of DISC1 in chronic mental illness, has been recruited to the ProMIS Scientific Advisory Board to share his expertise and scientific acumen on this subject. Dr. Korth, a board-certified psychiatrist and Professor of Molecular Neuropathology at University of Dusseldorf, has found that DISC1 pathological aggregates can be detected in the brains of persons dying with sporadic schizophrenia, and that overexpression of human DISC1 leading to DISC1 aggregates in a rat model leads to signs of mental illness similar to those seen in human patients. “ProMIS is now digging deep into the biological basis and treatment for these psychotic scourges of mankind; it is a pleasure to participate and advise on such an effort,” stated Dr. Korth.

“We now have tools – including ProMIS’ proprietary computational algorithms – to approach schizophrenia and related diseases for druggable misfolded protein targets,” stated Dr. Neil Cashman, ProMIS’ Chief Scientific Officer. “This represents a true confluence of opportunity for ProMIS in psychiatric diseases, just like we have accomplished for neurodegenerative diseases.”

About ProMIS Neuroscience
ProMIS Neurosciences, Inc. is a development stage biotechnology company focused on discovering and developing antibody therapeutics selectively targeting misfolded proteins such as toxic misfolded 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 computational modeling techniques. The Company applies its molecular dynamics, computational discovery platform -ProMIS™ and Collective Coordinates – to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. 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
Visit us at www.promisneurosciences.com, follow us on Twitter and LinkedIn

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.

Source: ProMIS Neurosciences Inc.

Release – Neovasc Announces Case Series of First U.S. Reducer Implants Published In Peer-Reviewed Journal



Neovasc Announces Case Series of First U.S. Reducer Implants Published In Peer-Reviewed Journal

Research, News, and Market Data on Neovasc

 

VANCOUVER and MINNEAPOLIS – ( NewMediaWire ) – January 18, 2022 –  Neovasc Inc. (Neovasc or the Company) ( NASDAQ , TSX : NVCN) today announced the publication of a case series in the journal Cardiovascular Revascularization Medicine describing successful uses of the Neovasc Reducer™ (Reducer) under a compassionate use protocol in the United States.The patients were treated under the care of Ryan Gindi, M.D., and the procedures were performed by Gerald Koenig, M.D., Ph.D, both from the Division of Cardiology, Henry Ford Hospital, Detroit. Following the commencement of the COSIRA-II Trial in the United States, qualifying patients are now eligible to be treated in a clinical trial for the device.

We are pleased to publish the one-year outcomes of the first two patients treated with the Reducer device in the United States, stated Dr. Gindi. As a clinical cardiologist in a large metropolitan practice, I am confronted with the challenges of treating patients with refractory angina every day. Its gratifying to see the positive impact the Reducer device has had on our patients.

The first patient treated with the Reducer is a 59-year-old male with diabetes suffering from severe coronary artery disease and debilitating refractory angina. The patient had a history of multiple stenting procedures, radiation therapy to treat blocked stents, and extensive medications to treat his chest pain. Despite all efforts to alleviate his anginal symptoms, he lived a significantly restricted lifestyle because of his chest pain. After implantation of the Reducer device, the patient became largely asymptomatic and did not require any further interventional therapy. He described walking several miles around Washington, D.C. without angina.

The second patient is another 59-year-old male with an extensive history of coronary artery disease who previously suffered multiple heart attacks, underwent coronary artery bypass surgery and had multiple stenting procedures to control his symptoms. Despite all efforts and extensive medications, he remained severely restricted by his angina, and was subsequently treated with the Reducer device. A year following the procedure, he described being able to ride a bicycle 35 miles on hilly terrain without angina.

It’s encouraging to see such positive results on the first two patients treated with the Reducer in the United States,” said Dr. Koenig. I have seen first-hand the positive impact that it can have on patients, and we are excited to participate in the COSIRA-II clinical trial at Henry Ford Hospital.

COSIRA-II is a clinical trial designed to evaluate the safety and effectiveness of the Reducer in treating patients suffering from refractory angina. The randomized, double blinded, placebo-controlled trial will enroll approximately 380 patients in the United States and Canada at as many as 50 investigational sites. The primary endpoint of the trial is the change in exercise tolerance testing time measured at six months via a treadmill test.

Now that the COSIRA-II clinical study is underway, we have the opportunity to bring the Reducer therapy to patients suffering from refractory angina in the United States, commented Fred Colen, Chief Executive Officer at Neovasc. It is rewarding to see such positive results on the early US patients treated under compassionate use.

About Reducer

The Reducer is CE-marked in the European Union for the treatment of refractory angina, a painful and debilitating condition that occurs when the coronary arteries deliver an inadequate supply of blood to the heart muscle, despite treatment with standard revascularization or cardiac drug therapies. It affects millions of patients worldwide, who typically lead severely restricted lives as a result of their disabling symptoms. The Reducer is designed to alter blood flow within the myocardium of the heart and increase the perfusion of oxygenated blood to ischemic areas of the heart muscle, which may provide relief of angina symptoms.

While the Reducer is not approved for commercial use in the United States, the FDA has granted Breakthrough Device designation to the Reducer. This designation is granted by the FDA to prioritize review of subsequent regulatory submissions for a device that demonstrates compelling potential to provide a more effective treatment of a life-threatening or irreversibly debilitating disease, represents breakthrough technology for which no approved alternatives exist or offers significant advantages over existing alternatives, and the availability of which is in the best interest of patients.

Refractory angina, resulting in continued symptoms despite maximal medical therapy and without revascularization options, is estimated to affect 600,000 to 1.8 million Americans, with 50,000 to 100,000 new cases per year.

About Neovasc Inc.

Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include Reducer, for the treatment of refractory angina, which is not currently commercially available in the United States and has been commercially available in Europe since 2015, and Tiara™ for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada, Israel and Europe. For more information, visit: www.neovasc.com.

Contacts

Investors:
Mike Cavanaugh
ICR Westwicke
Phone: +1.617.877.9641
Email: Mike.Cavanaugh@westwicke.com

Media:
Sean Leous
ICR Westwicke
Phone: +1.646.866.4012
Email: Sean.Leous@westwicke.com

Forward-Looking Statement Disclaimer

Certain statements in this news release contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws that may not be based on historical fact. When used herein, the words “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend,” “believe”, and similar expressions, are intended to identify forward-looking statements. Forward-looking statements may involve, but are not limited to, potential benefits of the Reducer, details of the COSIRA-II trails, the opportunity to bring the Reducer therapy to patients suffering from refractory angina in the United States, the growing incidence of refractory angina and the growing cardiovascular marketplace. Many factors and assumptions could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the doubt about the Company’s ability to continue as a going concern; risks related to the recent COVID-19 coronavirus outbreak or other health epidemics, which could significantly impact the Company’s operations, sales or ability to raise capital or enroll patients in clinical trials and complete certain Tiara development milestones on the Company’s expected schedule; risks relating to the Company’s need for significant additional future capital and the Company’s ability to raise additional funding; risks relating to the sale of a significant number of Common Shares; risks relating to the possibility that the Company’s common shares (the “Common Shares”) may be delisted from the Nasdaq or the TSX, which could affect their market price and liquidity; risks relating to the Company’s conclusion that it did have effective internal control over financial reporting as of December 31, 2020 but not at December 31, 2019 and 2018; risks relating to the Common Share price being volatile; risks relating to the possibility that the Common Shares may be delisted from the Nasdaq or the TSX, which could affect their market price and liquidity; risks relating to the Company’s significant indebtedness, and its effect on the Company’s financial condition; risks relating to lawsuits that the Company is subject to, which could divert the Company’s resources and result in the payment of significant damages and other remedies; risks relating to claims by third-parties alleging infringement of their intellectual property rights; risks relating to the Company’s ability to establish, maintain and defend intellectual property rights in the Company’s products; risks relating to results from clinical trials of the Company’s products, which may be unfavorable or perceived as unfavorable; the Company’s history of losses and significant accumulated deficit; risks associated with product liability claims, insurance and recalls; risks relating to use of the Company’s products in unapproved circumstances, which could expose the Company to liabilities; risks relating to competition in the medical device industry, including the risk that one or more competitors may develop more effective or more affordable products; risks relating to the Company’s ability to achieve or maintain expected levels of market acceptance for the Company’s products, as well as the Company’s ability to successfully build its in-house sales capabilities or secure third-party marketing or distribution partners; risks relating to the Company’s ability to convince public payors and hospitals to include the Company’s products on their approved products lists; risks relating to new legislation, new regulatory requirements and the efforts of governmental and third-party payors to contain or reduce the costs of healthcare; risks relating to increased regulation, enforcement and inspections of participants in the medical device industry, including frequent government investigations into marketing and other business practices; risks relating to the extensive regulation of the Company’s products and trials by governmental authorities, as well as the cost and time delays associated therewith; risks relating to post-market regulation of the Company’s products; risks relating to health and safety concerns associated with the Company’s products and industry; risks relating to the Company’s manufacturing operations, including the regulation of the Company’s manufacturing processes by governmental authorities and the availability of two critical components of the Reducer; risks relating to the possibility of animal disease associated with the use of the Company’s products; risks relating to the manufacturing capacity of third-party manufacturers for the Company’s products, including risks of supply interruptions impacting the Company’s ability to manufacture its own products; risks relating to the Company’s dependence on limited products for substantially all of the Company’s current revenues; risks relating to the Company’s exposure to adverse movements in foreign currency exchange rates; risks relating to the possibility that the Company could lose its foreign private issuer status under U.S. federal securities laws; risks relating to the possibility that the Company could be treated as a “passive foreign investment company”; risks relating to breaches of anti-bribery laws by the Company’s employees or agents; risks relating to future changes in financial accounting standards and new accounting pronouncements; risks relating to the Company’s dependence upon key personnel to achieve its business objectives; risks relating to the Company’s ability to maintain strong relationships with physicians; risks relating to the sufficiency of the Company’s management systems and resources in periods of significant growth; risks relating to consolidation in the health care industry, including the downward pressure on product pricing and the growing need to be selected by larger customers in order to make sales to their members or participants; risks relating to the Company’s ability to successfully identify and complete corporate transactions on favorable terms or achieve anticipated synergies relating to any acquisitions or alliances; risks relating to conflicts of interests among the Company’s officers and directors as a result of their involvement with other issuers; and risks relating to anti-takeover provisions in the Company’s constating documents which could discourage a third-party from making a takeover bid beneficial to the Company’s shareholders. These risk factors and others relating to the Company are discussed in greater detail in the “Risk Factors” section of the Company’s Annual Information Form and in the Management’s Discussion and Analysis for the three and nine months ended September 30, 2021 (copies of which may be obtained at www.sec.gov). The Company has no intention and undertakes no obligation to update or revise any forward-looking statements beyond required periodic filings with securities regulators, whether as a result of new information, future events or otherwise, except as required by law. www.sedar.com or www.sec.gov). The Company has no intention and undertakes no obligation to update or revise any forward-looking statements beyond required periodic filings with securities regulators, whether as a result of new information, future events or otherwise, except as required by law.

Release – Euroseas Ltd. Announces New Charter For Its 2,788 teu 2004-built vessel MV EM Astoria



Euroseas Ltd. Announces New Charter For Its 2,788 teu, 2004-built vessel, M/V “EM Astoria”

Research, News, and Market Data on Euroseas Ltd

 

ATHENS, Greece, Jan. 18, 2022 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today a new charter of its container vessel M/V “EM Astoria”.

Specifically:

  • M/V “EM Astoria”, a 2,788 TEU vessel built in 2004, entered into a new time charter contract for a period of between a minimum of thirty-six and a maximum of thirty-eight months at the option of the charterer, at a daily rate of $65,000 for the first twelve months, followed by a daily rate of $50,000 for the subsequent twelve months and followed by a daily rate of $20,000 for the remaining twelve to fourteen month period of the charter resulting in an average daily rate of about $45,000 for the duration of the charter. The new charter will commence in February 2022 after the completion of the present charter of the vessel.

Aristides Pittas, Chairman and CEO of Euroseas commented: “Following the recent announcement of three-year-long charters for three of our vessels, we are very pleased to announce a three-year charter for another vessel in our fleet, this time for M/V “EM Astoria”. The rate of this new charter is on average about 2.5 times higher than the present charter rate of the vessel while the charter payments are heavily front-loaded. The new charter secures us with a minimum of $47m of contracted revenues and is expected to make a total EBITDA contribution in excess of $36m over the three years of the contract; more than $19m of the EBITDA contribution is expected during the first twelve months. This charter also increases our charter coverage to about 92% for 2022, more than 60% for 2023 and about 45% for 2024.

“Continuing healthy containership markets and our high contract coverage are to generate significant cash flow for us over the next two to three years. We plan to use of this cash flow for selective investments to grow and modernize the Company or reward shareholders either through dividends or share buybacks as our Board of Directors should determine.”

Fleet Profile:

After the new charter arrangements of M/V “EM Astoria”, the Euroseas Ltd. fleet and employment profile will be as follows:

Name Type Dwt TEU Year
Built
Employment(*)

TCE Rate
($/day)


Container Carriers
           
MARCOS V Intermediate 72,968 6,350 2005 TC until Dec-24
plus 12 months option
$42,200
option $15,000
AKINADA BRIDGE(*) Intermediate 71,366 5,610 2001 TC until Oct-22 $20,000
SYNERGY BUSAN(*) Intermediate 50,726 4,253 2009 TC until Aug-24 $25,000
SYNERGY ANTWERP(*) Intermediate 50,726 4,253 2008 TC until Sep-23 $18,000
SYNERGY OAKLAND(*) Intermediate 50,787 4,253 2009 TC until Jan-21 then until Mar-22
then until Mar-26
$202,000
$130,000
$42,000
SYNERGY KEELUNG (+) Intermediate 50,969 4,253 2009 TC until Jun-22 plus 8-12 months option $11,750;
option $14,500
EM KEA (*) Feeder 42,165 3,100 2007 TC until May-23 $22,000
EM ASTORIA (+) (*) Feeder 35,600 2,788 2004 TC until Feb-22
TC until Feb-23
then until Feb-24
then until Feb-25
$18,650
$65,000
$50,000
$20,000
EM CORFU(+) Feeder 34,654 2,556 2001 TC until Nov-21 then repositioning trip to drydock



TC until Feb-25
$10,200
$5,125 for up to 37 days ($35,000 if more than 37 days)
$40,000
EVRIDIKI G (+) Feeder 34,677 2,556 2001 TC until Jan-22
TC until Feb-25
$15,500
$40,000
DIAMANTIS P. (*) Feeder 30,360 2,008 1998 TC until Oct-24 $27,000
EM SPETSES(*)

Feeder
23,224 1,740 2007 TC until Aug-24 $29,500
JONATHAN P(*) Feeder 23,351 1,740 2006 TC until Sep-24 $26,662(**)
EM HYDRA(*) Feeder 23,351 1,740 2005 TC until Apr-23 $20,000
JOANNA(*) Feeder 22,301 1,732 1999 TC until Oct-22 $16,800
AEGEAN  EXPRESS(*) Feeder 18,581 1,439 1997 TC until Mar-22 $11,500
Total Container Carriers 16 635,806 50,371      


Vessels under construction Type Dwt TEU To be delivered
H4201 Feeder 37,237 2,800 Q1 2023
H4202 Feeder 37,237 2,800 Q2 2023

Notes:  
(*)        TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).
(**)         Rate is net of commissions (which are typically 5-6.25%)

About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. 

Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements. 

The Company currently has a fleet of 16 vessels comprising of 10 Feeder and 6 Intermediate containerships. Euroseas 16 containerships have a cargo capacity of 50,371 teu. Furthermore, after the delivery of two feeder containership newbuildings in the first half of 2023, Euroseas’ fleet will consist of 18 vessels with a total carrying capacity of 55,971 teu.

Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 

Visit our website www.euroseas.gr

Company Contact Investor Relations / Financial Media
Tasos Aslidis
Chief Financial Officer
Euroseas Ltd.
11 Canterbury Lane,
Watchung, NJ 07069
Tel. (908) 301-9091
E-mail: aha@euroseas.gr
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail: euroseas@capitallink.com

Item 9 Labs Corp. Reports Record FY 2021 Annual Financial Results with Revenue Growth of 170% to $21.9 Million Revenue



Item 9 Labs Corp. Reports Record FY 2021 Annual Financial Results with Revenue Growth of 170% to $21.9 Million Revenue

Research, News, and Market Data on Item 9 Labs

 

– Cultivation, Production and Processing Expansion Ongoing in Arizona and Nevada

– Unity Rd. Brand Accelerates Ramp by Signing Ten Agreements for National Cannabis Dispensary Franchise Expansion

– Management to Host Conference Call and Webcast to Discuss Key Operational and Financial Highlights Today at 2:00 p.m. ET

PHOENIXJan. 18, 2022 /PRNewswire/ — Item 9 Labs Corp. (OTCQX: INLB) (the “Company”)—a vertically integrated cannabis dispensary franchisor and operator that produces premium, award-winning products—today reported operating and financial results for the 12 months ended September 30, 2021, the Company’s fiscal year 2021 (“FY2021”). Item 9 Labs Corp. management will be hosting an earnings results call today, January 18, at 2:00 p.m. Eastern time (11:00 a.m. Pacific time); details are provided below.

Key Financial Highlights for FY2021 (compared with FY2020)

  • Revenue increased 170% to $21.9 million
  • Gross profit increased 161% to $8.6 million
  • Gross margin remained flat at approximately 40%
  • Operating loss of $5.6 million compared with operating loss of $5.4 million
  • Operating expenses as a percentage of revenue declined to 65% from 107%
  • Net loss of $10.9 million compared with net loss of $12.3 million
  • Net loss included $5.3 million ($700,000 cash) of interest expense compared with $7.0 million ($450,000 cash)
  • Adjusted EBITDA loss of $1.7 million (compared with adjusted EBITDA loss of $2.5 million)

Key Business Highlights During and Subsequent to FY2021

  • Won Seven First Place Awards for Product Excellence in 2021: The Company’s premium cannabis product brand, Item Nine Labs, secured its first Cannabis Cup—the most prestigious milestone that cannabis brands strive for worldwide—taking home first place in the “vape pens” category with its Black and Blue Kush Broad Spectrum Cartridge and third place in the “pre-rolls” category with its Do-Si-Do strain. The elevated mainstream brand also earned two first-place awards, two second-place awards and one third-place award for its high-quality vape and concentrate products at the 710 Degree Cup and three first-place awards at the Errl Cup—Arizona’s largest and longest-running annual cannabis festivals and awards events. All told, the decorated brand has earned 23 awards in product competitions since its inception, including 14 first-place finishes.
  • Secured $19 Million Construction-Financing Loan from Pelorus Equity Group for Expansion of Cultivation & Lab Sites in Arizona & Nevada: The financing is funding master site expansion in Arizona, including acquisition of the 45 acres of adjacent land next to the Company’s existing 19,200 square foot facility. Capacity of the Company’s Arizona operations, once all expansion is complete, is expected to be enhanced by 31x. Pelorus Equity Group is a leading provider of value-add bridge commercial real estate loans to cannabis businesses and owners with cannabis-related real estate.
  • Executed Asset Purchase Agreement for a Colorado Dispensary Kickstarts National Growth Plan: Item 9 Labs Corp. plans to aggressively expand its dispensary franchise, Unity Rd., by acquiring and converting cannabis retail stores, training the local team and selling the business to new and existing Unity Rd. franchise partners. As the Company seeks to keep dispensary ownership local, this growth strategy offers turnkey investment opportunities for prospective cannabis entrepreneurs. In October, Item 9 Labs Corp. executed an Asset Purchase Agreement for an existing dispensary license and storefront in Adams County, Colorado. This will be the first corporate-owned shop under the Unity Rd. brand. Currently, the Company is awaiting regulatory approval by Colorado’s Marijuana Enforcement Division (the “MED”) and expects the shop to be operational in the first half of 2022. Item 9 Labs Corp. plans to operate the store for 6-18 months and utilize it for franchise partner and team training as well as tours with prospective franchise partners.
  • Expanded Footprint of Unity Rd. Dispensary Franchise into New England: Item 9 Labs Corp. signed agreements with entrepreneurial groups for development in New Jersey and Virginia and is currently assisting the New Jersey groups in submitting their dispensary license applications in March. The Company also signed a lease in Maine for the state’s first Unity Rd. shop and is awaiting license approval from the state.
  • Signed First Unity Rd. Agreement in South Dakota: Unity Rd. kicked off local expansion in South Dakota with the signing of an agreement that will bring the brand’s first shop to the Mount Rushmore State. The retailer has partnered with local serial entrepreneur BJ Olson and his business partner to develop at least one Unity Rd. shop and is currently guiding them through the state’s dispensary license process.
  • Joined the International Franchise Association (IFA), Solidifying Position as First Cannabis Dispensary Franchise to Become Members: Utilizing the franchise business model for national development, Unity Rd. continues to blaze trails by becoming the first brand of its kind to be named an IFA member. The organization’s membership base includes more than 1,000 franchise brands across 300 industries, and Unity Rd. is currently the sole franchise model to represent the plant-touching cannabis space.
  • Enhanced Board of Directors with Two Independent Appointments: Item 9 Labs Corp. recently named Eric C. Kutscher, Pharm. D., M.B.A., F.A.S.H.P., and Lawrence X. Taylor to its Board of Directors. Kutscher and Taylor bring a combined 55-plus years of experience across patient-centered healthcare, leadership, M&A and strategic planning. Their appointments demonstrate the Company’s focus on strengthening its corporate governance through more independent directors.
  • Bolstered Franchise and Marketing Teams with Key Hires to Support Company Growth: Throughout the second half of 2021, Item 9 Labs Corp. made several strategic management hires to support national franchise expansion of Unity Rd. and accelerate momentum across the franchise and Item Nine Labs products: Mike Keskey II as General Counsel, Kristen Mathis as Vice President of Marketing, Tracy Timko as Director of Franchise Support, Erica Tarnowski as Franchise Development Manager, and Emily Gritti as Senior Manager of Trade Marketing & Events.

Management Commentary

Item 9 Labs Corp.’s Chief Executive Officer, Andrew Bowden, stated, “Our company has never been in a better position. With Arizona’s adult-use sales going live in January 2021, our products and brand have been gaining tremendous traction. We have grown to $2 million in revenue per month and solidified our spot in Arizona as one of the top brands in every dispensary we sell through, which is more than 50% of Arizona’s dispensaries. The state’s combined adult-use and medical markets have continuously grown each month and $1 billion in annual sales in November. With expansion underway at our Arizona site that will add 45,000 square feet, we will be in a position to meet this increased demand in the second half of 2022 with our additional cultivation, production, and processing space.”

Item 9 Labs Corp.’s Chief Strategy Officer, Jeffrey Rassas, commented, “Our cannabis dispensary franchise, Unity Rd., is already gaining strong traction and our team is executing a strategic initiative to expand the brand’s footprint from coast to coast. We have a national acquisition plan to accelerate expansion and began executing a couple months ago with our first deal in Adams County, Colorado. We have a robust pipeline of opportunities across a wide range of appealing states and expect to make further announcements over the next few months. There are a tremendous amount of synergies we gained from the acquisition of Unity Rd.’s parent company, OCG Inc., including expanded business offerings and expertise, operational efficiencies, cost savings and revenue upside.”

Item 9 Labs Corp.’s Chief Financial Officer, Bobby Mikkelsen, commented, “With our 170% annual growth in revenue to $21.9 million, we have demonstrated the scalability of our business throughout fiscal year 2021 and saw growth and profitability in the second and third quarters. In the fourth quarter and through the end of December 2021, we have made additional hires, continued development of our Nevada site and began construction on our site in Arizona, which has caused our expenses to rise. While we build out our capabilities and bolster our team for future growth, we are confident in the greater demand and believe we are strengthening our position for increased business in Arizona.”

Arizona Master Cultivation Site Expansion

In November, Item 9 Labs Corp. broke ground on the initial phase of the master expansion of its Coolidge, Arizona cultivation & lab site. $13.5 million of the proceeds from the Pelorus loan will go toward this initial buildout, which more than doubles current operations space. As part of the expansion, the Company recently acquired the neighboring 45 acres of the site. At 50 acres, the site is one of the largest properties in Arizona that is zoned to grow and cultivate flower. The initial development phase is estimated to be completed in Summer 2022 and includes the construction of three steel buildings and two greenhouses – adding 9,600 square feet for indoor cultivation, 9,600 square feet of lab and packaging and a 9,600 square foot head house to support the addition of the two 18,000 square foot greenhouses.

With this initial expansion phase, the Company expects to increase output of cannabis plant material by 250-300%, with a per unit cost reduction of at least 30%. Further, the additional greenhouses will reduce reliance on third-party sourced material for lab productions by 40-50%. Expansion of the existing lab allows for the addition of more state-of-the-art equipment for all extraction processes, which will support product diversification.

Nevada Cultivation Site Expansion

The remaining proceeds from the Pelorus loan are to complete the Company’s 20,000 square foot facility in Pahrump, Nevada that is currently approximately 85% finished. The expansion includes 4,450 square feet for flower, 990 square feet of vegetation space, 400 square feet for clones, 300 square feet for dry curing and 615 square feet of space for genetics. The facility also includes more than 2,500 square feet of post-processing and lab space, along with the opportunity for a joint venture with a 1,100 square foot commercial kitchen. The remainder of the building is ancillary rooms such as water rooms, offices, locker rooms and break rooms. Item 9 Labs Corp. anticipates the Nevada facility will be operational in Spring 2022.

Financial Results for FY2021 Ended September 30, 2021

  • Revenue: For the 12 months ended September 30, 2021, revenue was $21.9 million, an increase of $13.8 million, or 170%, compared with $8.1 million for the 12 months ended September 30, 2020. This growth was primarily driven by the Company investing in increased production capacity to better meet the market demand of Item Nine Labs products.
  • Gross Profit: For the 12 months ended September 30, 2021, gross profit was $8.6 million, an increase of $5.3 million, or 161%, compared with $3.3 million for the 12 months ended September 30, 2020. The resulting gross margin was 39%, compared with 41% for the 12 months ended September 30, 2020. The Company experienced lower gross profit margins in the fourth quarter of 2021 due to price reductions as competition rises in Arizona. Additionally, to deepen the market penetration of Item Nine Labs products, the Company sourced plant and extract materials from third parties, the effect of which is higher gross profit, but lower gross margin.
  • Total Operating Expenses: For the 12 months ended September 30, 2021, total operating expenses were $14.2 million, an increase of $5.5 million, or 63%, compared with $8.7 million for the 12 months ended September 30, 2020. The Company has invested heavily into FY2021 and 2022 to meet growing demand in Arizona as well as funding the build out of its cultivation and lab site in the Grand Canyon State. Management believes this will improve earnings and future cash position. Operating expenses as a percentage of revenue decreased to 65% from 107%, reflecting the Company’s focus on increasing revenue and scaling its platform more efficiently. Management believes this ratio will decrease going forward as it scales the business.

    Of note, $7.8 million of the Company’s operating expenses for the 12 months ended September 30, 2021 were non-cash expenses, including depreciation, amortization and stock-based compensation.

    Of note, $3.9 million of interest expense in 2021 is non-cash amortization of the debt discount.

  • Operating Loss: For the 12 months ended September 30, 2021, operating loss was $5.6 million, in-line with an operating loss of $5.4 million for the 12 months ended September 30, 2020.
  • Adjusted EBITDA: After adding back non-cash operating expenses, depreciation and amortization, interest and stock-based compensation, Adjusted EBITDA for the 12 months ended September 30, 2021 was $1.7 million, as compared with an Adjusted EBITDA loss of $2.5 million for the 12 months ended September 30, 2020.
  • Net Loss: For the 12 months ended September 30, 2021, net loss attributable to the Company was $10.9 million, or net loss of ($0.14) per share, compared with a net loss of $12.3 million, or ($0.20) per share, for the 12 months ended September 30, 2020.
  • Cash: Cash and cash equivalents totaled $1.5 million as of September 30, 2021.

Conference Call and Webcast Information – Tuesday, January 18, 2022 at 2:00 p.m. ET (11:00 a.m. PT)

Item 9 Labs Corp.’s Chief Executive Officer Andrew Bowden and Chief Financial Officer Bobby Mikkelsen will host the Company’s FY2021 results call.

  • Date: Tuesday, January 18, 2022
  • Time: 2:00 p.m. Eastern time (11:00 a.m. Pacific time)
  • Access by Zoom: A live and archived webcast will be available via Sequire, click on this webcast link to register or access the replay.
  • Access by Phone: Please call the conference telephone number 10-15 minutes prior to the start time:
    • Dial-in number: 346-248-7799
    • Meeting ID: 94813716572
    • Passcode: 562012
  • Questions: Please submit questions to investors@item9labs.com before the presentation begins. The management team will do their best to answer all questions.

Years Ended September 30,

2021

2020

Net loss

$ (10,905,772)

$ (12,299,657)

Depreciation and amortization

1,220,847

907,556

Interest expense

5,295,349

6,959,705

Stock-based expense

2,404,671

1,729,910

Acquisition related expenses

273,432

243,755

Income tax benefit

(85,984)

Adjusted EBITDA

$ (1,711,473)

$ (2,544,715)

About Item 9 Labs Corp.
Item 9 Labs Corp. (OTCQX: INLB) is a vertically integrated cannabis operator and dispensary franchisor delivering premium products from its large-scale cultivation and production facilities in the United States. The award-winning Item 9 Labs brand specializes in best-in-class products and user experience across several cannabis categories. The company also offers a unique dispensary franchise model through the national Unity Rd. retail brand. Easing barriers to entry, the franchise provides an opportunity for both new and existing dispensary owners to leverage the knowledge, resources, and ongoing support needed to thrive in their state compliantly and successfully. Item 9 Labs brings the best industry practices to markets nationwide through distinctive retail experience, cultivation capabilities, and product innovation. The veteran management team combines a diverse skill set with deep experience in the cannabis sector, franchising, and the capital markets to lead a new generation of public cannabis companies that provide transparency, consistency, and well-being. Headquartered in Arizona, the company is currently expanding its operations space up to 640,000+ square feet on its 50-acre site, one of the largest properties in Arizona zoned to grow and cultivate flower. For additional information, visit item9labscorp.com.

Use of Non-GAAP Financial Measures
To supplement the Company’s financial statements presented on a GAAP basis, Item 9 Labs Corp. provides Adjusted EBITDA as a supplemental measure of its performance. To provide investors with additional insight and allow for a more comprehensive understanding of the information used by management in its financial and decision-making surrounding pro forma operations, Item 9 Labs Corp. supplements its consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with Adjusted EBITDA as a non-GAAP financial measure of earnings. Adjusted EBITDA represents EBITDA plus stock-based compensation and acquisition related expenses. Item 9 Labs Corp. management uses Adjusted EBITDA as a financial measure to evaluate the profitability and efficiency of the business model. The Company uses these non-GAAP financial measures to assess the strength of the underlying operations of the business. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze its operations between periods and over time. Item 9 Labs Corp. finds this especially useful when reviewing pro forma results of operations, which include large non-cash amortizations of intangible assets from acquisitions and stock-based compensation. Investors should consider its non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, including, but not limited to, risks and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, proposed transactions that are not legally binding obligations of the company and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include the introduction of new technology, market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Media Contact:
Item 9 Labs Corp.
Jayne Levy, VP of Communications
Email: Jayne@item9labs.com

Investor Contact:
Item 9 Labs Corp.
800-403-1140
Email: investors@item9labs.com

SOURCE Item 9 Labs Corp.

Two Companies that May Benefit from Oil’s March Higher


Image Credit: Richard Masoner (Flickr)

Who Benefits if Oil Price Increases are Not Transitory?

 

One of the sectors worst hit and slowest to recover during the first year of the pandemic was oil. Since 2020 oil prices have more than recovered. In fact, gasoline use is now near its pre-pandemic level, and oil prices are at a seven-year high. What’s more, analysts at top Wall Street shops are expecting crude to reach even higher. As with other natural resources, the increase in the price is not just positive for those trading the commodity, it’s typically good for producers as well.

Background

Just before the holiday’s last year, President Biden announced plans to bring down oil prices by releasing up to 50 million barrels of oil from the strategic petroleum reserve. Analysts then forecasted the impact this would have on price reductions would be fleeting. Prices did first head down beginning Thanksgiving; however, they have since topped not only their high for all of last year, but also since October 2014. 

 

 

Expectations are that crude prices will move even higher. Although OPEC+ has plans to increase output by 400,000 barrels each month, they have not been meeting this target. With this and other price pressures in mind, Morgan Stanley recently said it expects Brent crude to reach $90 per barrel later this year. Goldman Sachs has the same price forecast, while JP Morgan believes oil could go as high as $100 this year. JP Morgan’s forecast is predicated on OPEC+ capacity issues. Even with rising U.S. production, global supply remains short of demand. 

 

Winners from Oil Rising

Among others, two noteworthy microcap producers in the oil sector have been benefitting from the price increases. One with operations in Canada and the other overseas. This morning (January 18), while XLE (energy sector SPDR) rose 0.25%, Indonesia Energy (INDO) rose 12.06%. InPlay Oil (IPOOF) climbed 2%.

Over the past week, the XLE increased a healthy 2.20%. Indonesia Energy lagged at up 1.06%, and  InPlay Oil rose 32.36% over the seven days. Noble Capital Markets provided an updated view on InPlay  in its report titled What
to do when everything’s going well? Do more!

 

Indonesia Energy Corp Ltd (INDO) is an oil and gas exploration, and production company focused on Indonesia. It holds two oil and gas assets through its subsidiaries in Indonesia: one producing block (the Kruh Block) and one exploration block (the Citarum Block). In a December 21st report issued by Noble Capital Markets, written by Senior Energy Analyst Michael Heim,  a price target was set on Indo, along with information regarding output, growth plans, and a late-year setback during monsoon season. Get the report
here.

InPlay Oil (IPOOF, IPO:CA) is a junior oil and gas exploration, and production company with operations in Alberta focused on light oil production. InPlay operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential. It also operates undeveloped lands with exploration potential. IPOOF was up 600% last year; read Noble Energy Senior Analyst’s most recent note on the company, including price target, direction, and discussion.

Information and analysis concerning other junior oil producers and small and microcap stocks are searchable
here
on Channelchek.

Take-Away

Just how strong the upside potential for oil prices is right now is evident in the fact that although global output is rebounding and covid omicron cases are peaking, prices are not declining. The experts in this area are calling for further double-digit increases in the price of oil that should have an impact on producers. Small producers could have added potential to continue following or beating oil prices.

An excellent place to research smaller companies involved in this industry is Channelchek.

 Paul Hoffman

Managing Editor, Channelchek

Suggested Content



Virtual Roadshow, Indonesia Energy (Video)



Virtual Roadshow, InPlay Oil (Video)





Industry Report – Energy Stocks Level Out but Pricing is Still Attractive



Why Some Forecasters are Bullish on Oil in 2022

 

 

Sources:

www.Koyfin.com

https://oilprice.com/Energy/Energy-General/White-House-Helpless-As-Oil-Prices-Climb-Higher.html

https://www.sharewise.com/us/news_articles/Oil_Smashing_Stocks_ValueWalk_20220117_1753

 

Stay up to date. Follow us:

 

Aurania Resources (AUIAF)(ARU:CA) – Exploration Resumes at Awacha; Awaiting Tsenken Drill Results

Tuesday, January 18, 2022

Aurania Resources (AUIAF)(ARU:CA)
Exploration Resumes at Awacha; Awaiting Tsenken Drill Results

As of April 24, 2020, Noble Capital Markets research on Aurania Resources is published under ticker symbols (AUIAF and ARU:CA). The price target is in USD and based on ticker symbol AUIAF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.

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.

    Closing in on high-grade areas at Tiria-Shimpia. Based on feedback from Professor Gregor Borg, a specialist in sediment-hosted copper, zinc, and lead, management is gaining a better understanding of the sediment-hosted silver-zinc and copper-silver targets at Tiria-Shimpia and Tsenken, respectively. Information from Hole SH-004 results at Tiria-Shimpia were considered along with information from sampling of the mineralized zone at surface to provide an initial understanding of the pattern of mineralization representing a significant step toward identifying where high-grade zones are likely to be found. Management may consider drilling deeper to intersect higher grade zinc-silver shoots at depth.

    Tsenken drill results expected shortly.  We anticipate results of Hole TSN1-009 drilled at the Tsenken copper-silver target to be available shortly. The target of Hole TSN1-009 is copper-silver mineralization in evaporite mineral beds within sedimentary layers. Professor Borg reviewed all the core drilled at Tsenken. Drilling penetrated salt layers in the red bed which would have made the basin …



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. 

Kandi Technologies Group (KNDI) – High cash position allows expansion AND share repurchase

Tuesday, January 18, 2022

Kandi Technologies Group (KNDI)
High cash position allows expansion AND share repurchase

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang Kandi Vehicles Co., Ltd.) and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States, and its wholly-owned subsidiary, Kandi America Investment, LLC. Zhejiang Kandi Technologies has established itself as one of China’s leading manufacturers of pure electric vehicle parts and off-road vehicles.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

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

    In recent weeks, Kandi announced that it is mass producing batteries and has an agreement to produce electric vehicles. The developments follow a recent share repurchase announcement. So is Kandi expanding or contracting? Maybe both. We believe the company’s large cash position will allow it to finance expanded operations and still consider repurchasing shares in response to recent stock price weakness.

    Kandi announces mass production of its lithium iron phosphate battery (12/28).  The batteries are being manufactured by Kandi’s wholly-owned subsidiary, Huiyi, which it acquired in the summer of 2021 for $7.7 million. The press release did not give production levels or identify customers, but spoke of the improved energy capacity of the new battery relative to past versions and industry averages …



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. 

Stem Holdings (STMH)(STEM:CA) – Reports Full Year FY2021 Results

Tuesday, January 18, 2022

Stem Holdings (STMH)(STEM:CA)
Reports Full Year FY2021 Results

Stem Holdings Inc is engaged in the purchasing, improving, and leasing of properties and finance assets which are operated by third parties and are used for the cultivation and retail sale of marijuana. Its properties includes 42nd Street, and Mulino Farm which are used for agriculture. The company generates its revenue in the form of rental income from tenants.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

    FY2021 Results. Stem reported net revenue of revenue of $35.8 million compared to $14.0 million last year. Excluding the subsequently divested Driven operations, net revenue totaled $20.9 million, up 49% y-o-y. Adjusted EBITDA loss for the year totaled $5.8 million, compared to a loss of $5.4 million in fiscal 2020. Stem reported a net loss of $64.6 million for the year, including $52.3 million of non-cash impairment charges. Reported EPS loss was $0.40.

    FY4Q21.  Although Stem did not disclose fourth quarter 2021 results, by our calculations net revenue was $9.2 million, up from $5.2 million in the year ago period but down from the $10.6 million in the fiscal third quarter. Driven results are included for the full quarter. Reflecting the Driven impairment charge, net loss was $55.2 million, or $0.23 per share …



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. 

electroCore Announces Shareholder Letter and Full-Year 2021 Business Update



electroCore Announces Shareholder Letter and Full-Year 2021 Business Update

News and Market Data on electroCore

 

Company anticipates full-year 2021 revenue of approximately $5.5 million, an approximately 55% increase over full-year 2020

ROCKAWAY, N.J.
Jan. 18, 2022 (GLOBE NEWSWIRE) — 
electroCore, Inc. (Nasdaq: ECOR) today published a letter from the company’s Board of Directors to shareholders. The letter is included in its entirety, below:

Dear Shareholders:

We continue to be excited about the long-term prospects of our Company and would like to share some of the reasons for our optimism.

We are investing in marketing initiatives that we believe will make our gammaCore™ therapy available directly to consumers through multiple channels at a very compelling price. Among these channels are our newly launched e-commerce storefronts in the 
United Kingdom (
UK) and 
the United States (US). Headache patients can now access gammaCore therapy simply by going to our web site and filling out a short questionnaire. The questionnaire is reviewed by a Health Care Professional who can write prescriptions for the therapy and moved into a shopping cart on our e-commerce storefront. After the gammaCore product is received by the patient, our customer experience team provides a variety of hands-on tools for patient training and support. Our team then stays in regular contact with the patient, providing further support during the course of the therapy and reminders about refill opportunities.

In parallel with our online stores, we have launched our gConcierge and gCDirect programs for a growing number of physician prescribers in the US. These new programs allow physicians to offer their patients the opportunity to purchase gammaCore therapy directly through their offices (gConcierge) or directly from us (gCDirect). We have broadened our call points from the traditional neurology headache specialists to include a wider range of medical providers who manage patients’ headache conditions, including those in primary care, women’s health, pain management, functional and integrative medicine, as well as chiropractors and Doctor of Pharmacy (PharmDs). In total, we have had approximately 200 prescribers write scripts through the gConcierge and gCDirect programs, all of whom have patients that can be supported by our in-house customer experience team.

With the early growth and promise of success among these newly established, streamlined consumer access initiatives, we are planning to aggressively ramp up our spending on Direct-to-Consumer advertising and other promotional activities. Our goal is to drive consumer awareness and funnel that interest to our e-commerce stores and provider partners.

In our legacy business channels, we have continued to grow our 
Department of Veterans Affairs (VA) and 
Department of Defense (
DoD) business in 
the United States, our National Health Service (
NHS) business in the 
United Kingdom, and our distributor relationships around the world. We plan to continue to invest in growth from these channels as we move through 2022, strengthened by our Direct-to-Consumer initiatives and advertising spend. While we continue to work towards expanding commercial insurance coverage for gammaCore in 
the United States, we recognize the barrier high deductible plans represent for many Americans and anticipate they will benefit significantly from our newly launched cash pay programs, even when coverage is available.

Looking beyond primary headache, we anticipate reporting on our multiple clinical programs over the course of 2022. Ongoing trials continue to be conducted with our gammaCore therapy in secondary headache, traumatic brain injury (concussion), post traumatic stress disorder (PTSD), stroke, opioid use disorder, Parkinson’s, postoperative ileus, and other potential indications. We anticipate many of these programs will generate results that can support expanded labels and additional uses for gammaCore nVNS therapy, and support potentially expanded total addressable markets for our therapy. We believe nVNS therapy will be highly differentiated in conditions like concussion, PTSD, stroke, and opioid use disorder where there are few effective therapies currently.

Finally, as we expand our commercial initiatives, we are also looking beyond organic growth opportunities and exploring ways to accelerate our growth through acquisitions that enhance and leverage the distribution channels we are developing.

We have also continued to expand our intellectual property portfolio, especially in digital health and smartphone-integrated and smartphone-connected non-invasive therapy, which may provide us with opportunities to leverage our patents. We believe our intellectual property will be the foundation of next generation neuromodulation devices in the market, including our own nVNS devices. 

We look forward to enabling health care providers in their use of Remote Patient Monitoring and Remote Therapeutic Monitoring, which have been identified as critical areas for practice revenue growth in the future.

Preliminary Unaudited Financial Results for Full-Year 2021 

Full-Year 2021 Revenue: electroCore anticipates full-year 2021 revenue will be approximately 
$5.5 million. This would represent an approximately 55% increase over full-year 2020 revenue of 
$3.5 million.

Government Channels: During the full-year 2021, the Company expects to recognize revenue of approximately 
$3.3 million pursuant to the 
VA and 
DoD originating prescriptions or in excess of 60% growth as compared to 
$2.0 million during the full-year 2020. One hundred 
VA and 
DoD military treatment facilities have purchased gammaCore products through 
December 31, 2021, as compared to 71 facilities through full-year 2020. With roughly 1,800 Federal Supply Schedule (FSS) eligible treatment facilities to which we have access, we believe the US government channel remains a significant opportunity for revenue generation. 

Outside of the U.S.: During the year-ending 
December 31, 2021, electroCore expects to recognize revenue of approximately 
$1.5 million outside of the US, as compared to 
$1.1 million during the fiscal 2020, representing year-over-year growth of approximately 36%. These results are primarily due to the stellar work and dedication of our 
UK subsidiary, led by  Iain Strickland VP, Global Sales and Strategy, who gracefully navigated the funding transition for our gammaCore product in 
England from the 
NHS Innovation and Technology Payment (ITP) Program to the MedTech Funding Mandate Policy 2021/2022. 

Commercial: During the year-ending 
December 31, 2021, electroCore expects to recognize revenue of approximately 
$680,000 or approximately 89% growth compared to 
$360,000 in full-year 2020. These figures include revenues from the commercial payer and cash pay channels in the US through our new online store, our gConcierge, and our gCDirect programs discussed above. 

Research and Development: During fiscal 2021, the Company continued to make progress across its clinical programs. The Company received four new 510(k) clearances. Additionally, on 
January 11, 2022, the Company received Breakthrough Designation from the 
Food and Drug Administration for the treatment of PTSD.

Cash: The Company ended the fourth quarter of 2021 with approximately 
$34.7 million of cash, cash equivalents and marketable securities. Net cash used in operations is expected to be approximately 
$13.6 million for the full-year 2021 as compared to 
$20.1 million and 
$45.1 million reported in 2020 and 2019, respectively.

During 2021, we accessed the capital markets to strengthen our balance sheet by approximately 
$25.7 million, which will give us the resources to make the transformational changes to our business we envision for the future. As we move into 2022, we continue to position the Company to take advantage of additional steps that could expand our business including, for example through acquisitions, by enabling the Company to access the capital markets as opportunities warrant.

 We are proud of the progress we have made and are excited about the future. Thank you for your continued support.

With best wishes,
electroCore Board of Directors

 

About electroCore, Inc.


electroCore, Inc. is a commercial stage bioelectronic medicine company dedicated to improving patient outcomes through its non-invasive vagus nerve stimulation therapy platform, initially focused on the treatment of multiple conditions in neurology. The company’s current indications are the preventive treatment of cluster headache and migraine, the acute treatment of migraine and episodic cluster headache, the acute and preventive treatment of migraines in adolescents, and paroxysmal hemicrania and hemicrania continua in adults.

For more information, visit www.electrocore.com.

About gammaCore™


gammaCore™ (nVNS) is the first non-invasive, hand-held medical therapy applied at the neck as an adjunctive therapy to treat migraine and cluster headache through the utilization of a mild electrical stimulation to the vagus nerve that passes through the skin. Designed as a portable, easy-to-use technology, gammaCore can be self-administered by patients, as needed, without the potential side effects associated with commonly prescribed drugs. When placed on a patient’s neck over the vagus nerve, gammaCore stimulates the nerve’s afferent fibers, which may lead to a reduction of pain in patients.

gammaCore (nVNS) is FDA cleared in 
the United States for adjunctive use for the preventive treatment of cluster headache in adult patients, the acute treatment of pain associated with episodic cluster headache in adult patients, and the acute and preventive treatment of migraine in adolescent (ages 12 and older) and adult patients. gammaCore is CE-marked in the 
European Union for the acute and/or prophylactic treatment of primary headache (Migraine, Cluster Headache, Trigeminal Autonomic Cephalalgias and Hemicrania Continua) and Medication Overuse Headache in adults.

gammaCore is contraindicated for patients if they:

  • Have an active implantable medical device, such as a pacemaker, hearing aid implant, or any implanted electronic device
  • Have a metallic device, such as a stent, bone plate, or bone screw, implanted at or near the neck
  • Are using another device at the same time (e.g., TENS Unit, muscle stimulator) or any portable electronic device (e.g., mobile phone)

Safety and efficacy of gammaCore have not been evaluated in the following patients:

  • Adolescent patients with congenital cardiac issues
  • Patients diagnosed with narrowing of the arteries (carotid atherosclerosis)
  • Patients who have had surgery to cut the vagus nerve in the neck (cervical vagotomy)
  • Pediatric patients (less than 12 years)
  • Pregnant women
  • Patients with clinically significant hypertension, hypotension, bradycardia, or tachycardia

Please refer to the gammaCore Instructions for Use for all of the important warnings and precautions before using or prescribing this product.

The 
U.S. FDA has cleared the gammaCore Sapphire CV (nVNS) device under an emergency use authorization for acute use at home or in a healthcare setting to treat adult patients with known or suspected COVID-19 who are experiencing an exacerbation of asthma-related dyspnea and reduced airflow, and for whom approved pharmacologic therapies are not tolerated or provide insufficient symptom relief as assessed by their healthcare provider, using noninvasive vagus nerve stimulation (nVNS) on either side of the patient’s neck. gammaCore Sapphire CV has been authorized only for the duration of the statement that circumstances exist that warrant authorization of the emergency use of medical devices under section 564(b)(1) of the Act, 21 U.S.C. § 360bbbb-3(b)(1), until the authorization is terminated or revoked.

More information can be found at:
Letter of authorization: https://www.fda.gov/media/139967/download
Fact sheet for healthcare workers: https://www.fda.gov/media/139968/download
Patient information sheet: https://www.fda.gov/media/139969/download
Instructions for use of gammaCore: https://www.fda.gov/media/139970/download

Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about electroCore’s expectations for revenue and cash used in operations during the fourth quarter and full year of 2021, growth through acquisitions, its expectations for future performance, as well as electroCore’s business prospects (including its e-commerce initiative, and gConcierge and gCDirect programs) and clinical and product development plans for 2022 and beyond, its pipeline or potential markets (including cash pay programs) for its technologies, additional indications for gammaCore, the timing, outcome and impact of regulatory, clinical and commercial developments (including human trials for the study of headache, PTH, mTBI, Parkinson’s diseases and sleep deprivation stress and the business, operating or financial impact of such studies), further international expansion, and statements about anticipated distribution arrangements, government and payor funding arrangements (including those relating to 
Canada
Western Europe
Qatar
Taiwan, and 
China) and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “intends,” other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore™, competition in the industry in which electroCore operates and overall market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the 
SEC available at www.sec.gov.

Investors:
Rich Cockrell

CG Capital
404-736-3838
ecor@cg.capital

or

Media Contact:
Jackie Dorsky
electroCore
908-313-6331
Jackie.dorsky@electrocore.com

Euroseas Ltd. Announces New Charter For Its 2,788 teu, 2004-built vessel, M/V “EM Astoria”



Euroseas Ltd. Announces New Charter For Its 2,788 teu, 2004-built vessel, M/V “EM Astoria”

Research, News, and Market Data on Euroseas Ltd

 

ATHENS, Greece, Jan. 18, 2022 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container vessels and provider of seaborne transportation for containerized cargoes, announced today a new charter of its container vessel M/V “EM Astoria”.

Specifically:

  • M/V “EM Astoria”, a 2,788 TEU vessel built in 2004, entered into a new time charter contract for a period of between a minimum of thirty-six and a maximum of thirty-eight months at the option of the charterer, at a daily rate of $65,000 for the first twelve months, followed by a daily rate of $50,000 for the subsequent twelve months and followed by a daily rate of $20,000 for the remaining twelve to fourteen month period of the charter resulting in an average daily rate of about $45,000 for the duration of the charter. The new charter will commence in February 2022 after the completion of the present charter of the vessel.

Aristides Pittas, Chairman and CEO of Euroseas commented: “Following the recent announcement of three-year-long charters for three of our vessels, we are very pleased to announce a three-year charter for another vessel in our fleet, this time for M/V “EM Astoria”. The rate of this new charter is on average about 2.5 times higher than the present charter rate of the vessel while the charter payments are heavily front-loaded. The new charter secures us with a minimum of $47m of contracted revenues and is expected to make a total EBITDA contribution in excess of $36m over the three years of the contract; more than $19m of the EBITDA contribution is expected during the first twelve months. This charter also increases our charter coverage to about 92% for 2022, more than 60% for 2023 and about 45% for 2024.

“Continuing healthy containership markets and our high contract coverage are to generate significant cash flow for us over the next two to three years. We plan to use of this cash flow for selective investments to grow and modernize the Company or reward shareholders either through dividends or share buybacks as our Board of Directors should determine.”

Fleet Profile:

After the new charter arrangements of M/V “EM Astoria”, the Euroseas Ltd. fleet and employment profile will be as follows:

Name Type Dwt TEU Year
Built
Employment(*)

TCE Rate
($/day)


Container Carriers
           
MARCOS V Intermediate 72,968 6,350 2005 TC until Dec-24
plus 12 months option
$42,200
option $15,000
AKINADA BRIDGE(*) Intermediate 71,366 5,610 2001 TC until Oct-22 $20,000
SYNERGY BUSAN(*) Intermediate 50,726 4,253 2009 TC until Aug-24 $25,000
SYNERGY ANTWERP(*) Intermediate 50,726 4,253 2008 TC until Sep-23 $18,000
SYNERGY OAKLAND(*) Intermediate 50,787 4,253 2009 TC until Jan-21 then until Mar-22
then until Mar-26
$202,000
$130,000
$42,000
SYNERGY KEELUNG (+) Intermediate 50,969 4,253 2009 TC until Jun-22 plus 8-12 months option $11,750;
option $14,500
EM KEA (*) Feeder 42,165 3,100 2007 TC until May-23 $22,000
EM ASTORIA (+) (*) Feeder 35,600 2,788 2004 TC until Feb-22
TC until Feb-23
then until Feb-24
then until Feb-25
$18,650
$65,000
$50,000
$20,000
EM CORFU(+) Feeder 34,654 2,556 2001 TC until Nov-21 then repositioning trip to drydock



TC until Feb-25
$10,200
$5,125 for up to 37 days ($35,000 if more than 37 days)
$40,000
EVRIDIKI G (+) Feeder 34,677 2,556 2001 TC until Jan-22
TC until Feb-25
$15,500
$40,000
DIAMANTIS P. (*) Feeder 30,360 2,008 1998 TC until Oct-24 $27,000
EM SPETSES(*)

Feeder
23,224 1,740 2007 TC until Aug-24 $29,500
JONATHAN P(*) Feeder 23,351 1,740 2006 TC until Sep-24 $26,662(**)
EM HYDRA(*) Feeder 23,351 1,740 2005 TC until Apr-23 $20,000
JOANNA(*) Feeder 22,301 1,732 1999 TC until Oct-22 $16,800
AEGEAN  EXPRESS(*) Feeder 18,581 1,439 1997 TC until Mar-22 $11,500
Total Container Carriers 16 635,806 50,371      


Vessels under construction Type Dwt TEU To be delivered
H4201 Feeder 37,237 2,800 Q1 2023
H4202 Feeder 37,237 2,800 Q2 2023

Notes:  
(*)        TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).
(**)         Rate is net of commissions (which are typically 5-6.25%)

About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. 

Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements. 

The Company currently has a fleet of 16 vessels comprising of 10 Feeder and 6 Intermediate containerships. Euroseas 16 containerships have a cargo capacity of 50,371 teu. Furthermore, after the delivery of two feeder containership newbuildings in the first half of 2023, Euroseas’ fleet will consist of 18 vessels with a total carrying capacity of 55,971 teu.

Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 

Visit our website www.euroseas.gr

Company Contact Investor Relations / Financial Media
Tasos Aslidis
Chief Financial Officer
Euroseas Ltd.
11 Canterbury Lane,
Watchung, NJ 07069
Tel. (908) 301-9091
E-mail: aha@euroseas.gr
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail: euroseas@capitallink.com

Neovasc Announces Case Series of First U.S. Reducer Implants Published In Peer-Reviewed Journal



Neovasc Announces Case Series of First U.S. Reducer Implants Published In Peer-Reviewed Journal

Research, News, and Market Data on Neovasc

 

VANCOUVER and MINNEAPOLIS – ( NewMediaWire ) – January 18, 2022 –  Neovasc Inc. (Neovasc or the Company) ( NASDAQ , TSX : NVCN) today announced the publication of a case series in the journal Cardiovascular Revascularization Medicine describing successful uses of the Neovasc Reducer™ (Reducer) under a compassionate use protocol in the United States.The patients were treated under the care of Ryan Gindi, M.D., and the procedures were performed by Gerald Koenig, M.D., Ph.D, both from the Division of Cardiology, Henry Ford Hospital, Detroit. Following the commencement of the COSIRA-II Trial in the United States, qualifying patients are now eligible to be treated in a clinical trial for the device.

We are pleased to publish the one-year outcomes of the first two patients treated with the Reducer device in the United States, stated Dr. Gindi. As a clinical cardiologist in a large metropolitan practice, I am confronted with the challenges of treating patients with refractory angina every day. Its gratifying to see the positive impact the Reducer device has had on our patients.

The first patient treated with the Reducer is a 59-year-old male with diabetes suffering from severe coronary artery disease and debilitating refractory angina. The patient had a history of multiple stenting procedures, radiation therapy to treat blocked stents, and extensive medications to treat his chest pain. Despite all efforts to alleviate his anginal symptoms, he lived a significantly restricted lifestyle because of his chest pain. After implantation of the Reducer device, the patient became largely asymptomatic and did not require any further interventional therapy. He described walking several miles around Washington, D.C. without angina.

The second patient is another 59-year-old male with an extensive history of coronary artery disease who previously suffered multiple heart attacks, underwent coronary artery bypass surgery and had multiple stenting procedures to control his symptoms. Despite all efforts and extensive medications, he remained severely restricted by his angina, and was subsequently treated with the Reducer device. A year following the procedure, he described being able to ride a bicycle 35 miles on hilly terrain without angina.

It’s encouraging to see such positive results on the first two patients treated with the Reducer in the United States,” said Dr. Koenig. I have seen first-hand the positive impact that it can have on patients, and we are excited to participate in the COSIRA-II clinical trial at Henry Ford Hospital.

COSIRA-II is a clinical trial designed to evaluate the safety and effectiveness of the Reducer in treating patients suffering from refractory angina. The randomized, double blinded, placebo-controlled trial will enroll approximately 380 patients in the United States and Canada at as many as 50 investigational sites. The primary endpoint of the trial is the change in exercise tolerance testing time measured at six months via a treadmill test.

Now that the COSIRA-II clinical study is underway, we have the opportunity to bring the Reducer therapy to patients suffering from refractory angina in the United States, commented Fred Colen, Chief Executive Officer at Neovasc. It is rewarding to see such positive results on the early US patients treated under compassionate use.

About Reducer

The Reducer is CE-marked in the European Union for the treatment of refractory angina, a painful and debilitating condition that occurs when the coronary arteries deliver an inadequate supply of blood to the heart muscle, despite treatment with standard revascularization or cardiac drug therapies. It affects millions of patients worldwide, who typically lead severely restricted lives as a result of their disabling symptoms. The Reducer is designed to alter blood flow within the myocardium of the heart and increase the perfusion of oxygenated blood to ischemic areas of the heart muscle, which may provide relief of angina symptoms.

While the Reducer is not approved for commercial use in the United States, the FDA has granted Breakthrough Device designation to the Reducer. This designation is granted by the FDA to prioritize review of subsequent regulatory submissions for a device that demonstrates compelling potential to provide a more effective treatment of a life-threatening or irreversibly debilitating disease, represents breakthrough technology for which no approved alternatives exist or offers significant advantages over existing alternatives, and the availability of which is in the best interest of patients.

Refractory angina, resulting in continued symptoms despite maximal medical therapy and without revascularization options, is estimated to affect 600,000 to 1.8 million Americans, with 50,000 to 100,000 new cases per year.

About Neovasc Inc.

Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include Reducer, for the treatment of refractory angina, which is not currently commercially available in the United States and has been commercially available in Europe since 2015, and Tiara™ for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada, Israel and Europe. For more information, visit: www.neovasc.com.

Contacts

Investors:
Mike Cavanaugh
ICR Westwicke
Phone: +1.617.877.9641
Email: Mike.Cavanaugh@westwicke.com

Media:
Sean Leous
ICR Westwicke
Phone: +1.646.866.4012
Email: Sean.Leous@westwicke.com

Forward-Looking Statement Disclaimer

Certain statements in this news release contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws that may not be based on historical fact. When used herein, the words “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend,” “believe”, and similar expressions, are intended to identify forward-looking statements. Forward-looking statements may involve, but are not limited to, potential benefits of the Reducer, details of the COSIRA-II trails, the opportunity to bring the Reducer therapy to patients suffering from refractory angina in the United States, the growing incidence of refractory angina and the growing cardiovascular marketplace. Many factors and assumptions could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the doubt about the Company’s ability to continue as a going concern; risks related to the recent COVID-19 coronavirus outbreak or other health epidemics, which could significantly impact the Company’s operations, sales or ability to raise capital or enroll patients in clinical trials and complete certain Tiara development milestones on the Company’s expected schedule; risks relating to the Company’s need for significant additional future capital and the Company’s ability to raise additional funding; risks relating to the sale of a significant number of Common Shares; risks relating to the possibility that the Company’s common shares (the “Common Shares”) may be delisted from the Nasdaq or the TSX, which could affect their market price and liquidity; risks relating to the Company’s conclusion that it did have effective internal control over financial reporting as of December 31, 2020 but not at December 31, 2019 and 2018; risks relating to the Common Share price being volatile; risks relating to the possibility that the Common Shares may be delisted from the Nasdaq or the TSX, which could affect their market price and liquidity; risks relating to the Company’s significant indebtedness, and its effect on the Company’s financial condition; risks relating to lawsuits that the Company is subject to, which could divert the Company’s resources and result in the payment of significant damages and other remedies; risks relating to claims by third-parties alleging infringement of their intellectual property rights; risks relating to the Company’s ability to establish, maintain and defend intellectual property rights in the Company’s products; risks relating to results from clinical trials of the Company’s products, which may be unfavorable or perceived as unfavorable; the Company’s history of losses and significant accumulated deficit; risks associated with product liability claims, insurance and recalls; risks relating to use of the Company’s products in unapproved circumstances, which could expose the Company to liabilities; risks relating to competition in the medical device industry, including the risk that one or more competitors may develop more effective or more affordable products; risks relating to the Company’s ability to achieve or maintain expected levels of market acceptance for the Company’s products, as well as the Company’s ability to successfully build its in-house sales capabilities or secure third-party marketing or distribution partners; risks relating to the Company’s ability to convince public payors and hospitals to include the Company’s products on their approved products lists; risks relating to new legislation, new regulatory requirements and the efforts of governmental and third-party payors to contain or reduce the costs of healthcare; risks relating to increased regulation, enforcement and inspections of participants in the medical device industry, including frequent government investigations into marketing and other business practices; risks relating to the extensive regulation of the Company’s products and trials by governmental authorities, as well as the cost and time delays associated therewith; risks relating to post-market regulation of the Company’s products; risks relating to health and safety concerns associated with the Company’s products and industry; risks relating to the Company’s manufacturing operations, including the regulation of the Company’s manufacturing processes by governmental authorities and the availability of two critical components of the Reducer; risks relating to the possibility of animal disease associated with the use of the Company’s products; risks relating to the manufacturing capacity of third-party manufacturers for the Company’s products, including risks of supply interruptions impacting the Company’s ability to manufacture its own products; risks relating to the Company’s dependence on limited products for substantially all of the Company’s current revenues; risks relating to the Company’s exposure to adverse movements in foreign currency exchange rates; risks relating to the possibility that the Company could lose its foreign private issuer status under U.S. federal securities laws; risks relating to the possibility that the Company could be treated as a “passive foreign investment company”; risks relating to breaches of anti-bribery laws by the Company’s employees or agents; risks relating to future changes in financial accounting standards and new accounting pronouncements; risks relating to the Company’s dependence upon key personnel to achieve its business objectives; risks relating to the Company’s ability to maintain strong relationships with physicians; risks relating to the sufficiency of the Company’s management systems and resources in periods of significant growth; risks relating to consolidation in the health care industry, including the downward pressure on product pricing and the growing need to be selected by larger customers in order to make sales to their members or participants; risks relating to the Company’s ability to successfully identify and complete corporate transactions on favorable terms or achieve anticipated synergies relating to any acquisitions or alliances; risks relating to conflicts of interests among the Company’s officers and directors as a result of their involvement with other issuers; and risks relating to anti-takeover provisions in the Company’s constating documents which could discourage a third-party from making a takeover bid beneficial to the Company’s shareholders. These risk factors and others relating to the Company are discussed in greater detail in the “Risk Factors” section of the Company’s Annual Information Form and in the Management’s Discussion and Analysis for the three and nine months ended September 30, 2021 (copies of which may be obtained at www.sec.gov). The Company has no intention and undertakes no obligation to update or revise any forward-looking statements beyond required periodic filings with securities regulators, whether as a result of new information, future events or otherwise, except as required by law. www.sedar.com or www.sec.gov). The Company has no intention and undertakes no obligation to update or revise any forward-looking statements beyond required periodic filings with securities regulators, whether as a result of new information, future events or otherwise, except as required by law.

ProMIS Neurosciences Announces Antibody Program for Schizophrenia Therapy and Recruitment of Dr. Carsten Korth to its Scientific Advisory Board



ProMIS Neurosciences Announces Antibody Program for Schizophrenia Therapy and Recruitment of Dr. Carsten Korth to its Scientific Advisory Board

News and Market Data on ProMIS Neurosciences

 

TORONTO, Ontario and CAMBRIDGE, Mass., Jan. 18, 2022 (GLOBE NEWSWIRE) — ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF), a biotechnology company focused on the discovery and development of antibody therapeutics targeting misfolded proteins such as toxic oligomers implicated in the development of neurodegenerative diseases, announced today that it has initiated a program to develop monoclonal antibodies to treat schizophrenia and other chronic mental illnesses. Schizophrenia is a clinical term for a severely disabling neuropsychiatric disease that disrupts employment, families and communities, and likely has heterogenous biological origins.

The biomedical literature has implicated protein misfolding as one cause of schizophrenia. A candidate for a key misfolding protein in schizophrenia was first identified in a Scottish family with a neurodevelopmental syndrome including schizophrenia, such that the gene was named “disrupted in schizophrenia” (DISC1). DISC1, and its genetically-linked protein interactors in the brain, represent a new platform target for ProMIS, given its outstanding track record of predicting and validating misfolding-specific epitopes using proprietary computational approaches.

Dr. Carsten Korth, biological psychiatrist and pioneer on the role of DISC1 in chronic mental illness, has been recruited to the ProMIS Scientific Advisory Board to share his expertise and scientific acumen on this subject. Dr. Korth, a board-certified psychiatrist and Professor of Molecular Neuropathology at University of Dusseldorf, has found that DISC1 pathological aggregates can be detected in the brains of persons dying with sporadic schizophrenia, and that overexpression of human DISC1 leading to DISC1 aggregates in a rat model leads to signs of mental illness similar to those seen in human patients. “ProMIS is now digging deep into the biological basis and treatment for these psychotic scourges of mankind; it is a pleasure to participate and advise on such an effort,” stated Dr. Korth.

“We now have tools – including ProMIS’ proprietary computational algorithms – to approach schizophrenia and related diseases for druggable misfolded protein targets,” stated Dr. Neil Cashman, ProMIS’ Chief Scientific Officer. “This represents a true confluence of opportunity for ProMIS in psychiatric diseases, just like we have accomplished for neurodegenerative diseases.”

About ProMIS Neuroscience
ProMIS Neurosciences, Inc. is a development stage biotechnology company focused on discovering and developing antibody therapeutics selectively targeting misfolded proteins such as toxic misfolded 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 computational modeling techniques. The Company applies its molecular dynamics, computational discovery platform -ProMIS™ and Collective Coordinates – to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. 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
Visit us at www.promisneurosciences.com, follow us on Twitter and LinkedIn

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.

Source: ProMIS Neurosciences Inc.

Motorsport Games And Live Fast Motorsports Announce Increased Partnership For 2022 Nascar Season



Motorsport Games And Live Fast Motorsports Announce Increased Partnership For 2022 Nascar Season

Research, News, and Market Data on Motorsport Games

 

MOTORSPORT GAMES WILL GAIN UNPRECEDENTED ACCESS TO THE NASCAR TEAM ASSISTING IN THE DEVELOPMENT OF ITS GAMING FRANCHISE THROUGH A TECHNICAL PARTNERSHIP

MIAMI, Jan. 17, 2022 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, announces today its increased technical partnership with Live Fast Motorsports, the single-car Ford Mustang team competing full-time in the NASCAR Cup Series under the No. 78 car. This deal will advance the partnership between Motorsport Games and Live Fast Motorsports, co-owned by driver BJ McLeod and Matt Tifft, that began last year.

The technical partnership will expand Motorsport Games’ access to the real-life NASCAR grid throughout the 2022 racing season, including tracks, nuances and feedback of professional stock car driving and key data at the team’s disposal. Motorsport Games already has strong access to NASCAR through its work with the series, but this partnership will serve to increase its ability to communicate with a team on a more intimate level. Throughout the agreement’s term, Motorsport Games will be present within the Live Fast Motorsports garage, opening up lines of communication previously unavailable between racing team personnel and Motorsport Games. Motorsport Games will additionally gain real-time experience and feedback that it plans to implement directly into its NASCAR video game franchise, including the ability to make real-time updates into its NASCAR 21: Ignition and future titles, and that overall is designed to provide racing enthusiasts with the most realistic and authentic driving experience on the market.

“Motorsport Games cannot have asked for a better strategic partner than Live Fast Motorsports and we look forward to continuing our collaboration into the next NASCAR season,” said George Holmquist, VP of Publishing and Marketing, Motorsport Games. ”BJ, Matt and the entire Live Fast Motorsports team have been fantastic partners and we cannot thank them enough for the unparalleled level of access they are giving our company. We will be taking our real-time on track findings directly from the team on the NASCAR grid into our game designs, further exemplifying our commitment to providing our players with the most dynamic and true to life gaming experience imaginable.”

“Throughout the past year, Motorsport Games has been an amazing partner to the No. 78 car and we’re excited to keep the momentum going by representing the company in seven of the biggest races next season,” said BJ McLeod, driver and co-owner, Live Fast Motorsports. ”I’ve always been a personal fan of video games, especially those involving my favorite sport. It’s exciting to have this opportunity to provide feedback throughout the season to help create the best NASCAR game possible. I can’t wait to get started this season with Motorsport Games at Daytona all the way through Martinsville.”

“We’re thrilled to welcome Motorsport Games back as our partner for the second year. Last year, they became our founding partner and we had a terrific season together,” added Matt Tifft, co-owner of Live Fast Motorsports. “Motorsport Games has given us the ability to better connect with our younger fans on a more intimate level through its video games. This year, we look forward to keeping the engagement rolling with our expanded partnership. Our entire Live Fast Motorsports family welcomes back Motorsport Games, as they are truly one of our own.”

NASCAR 21: Ignition, the current iteration of Motorsport Games’ NASCAR franchise for the 2021 NASCAR Cup Series, is available now on Sony PlayStation 4, Microsoft Xbox One and PC through the Steam store. NASCAR 21: Ignition is developed and published by Motorsport Games and is powered by Unreal Engine and Studio 397’s highly-acclaimed rFactor physics engine. The use of both Unreal Engine and rFactor physics gives users a more authentic driving experience, immersive gameplay, dynamic AI and stunning visuals.

To keep up with the latest Motorsport Game news, please visit www.motorsportgames.com and follow on TwitterInstagramFacebook and LinkedIn.

About Motorsport Games:
Motorsport Games, a Motorsport Network company, combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), across PC, PlayStation, Xbox, Nintendo Switch and mobile. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. For more information about Motorsport Games, visit www.motorsportgames.com.

Forward-Looking Statements:
Certain statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the Company’s expected benefits from its partnership with Live Fast Motorsports, such as its plans to implement real-time experience and feedback directly into its NASCAR video game franchise, including making real-time updates into its NASCAR 21: Ignition and future titles, and will provide racing enthusiasts with the most realistic and authentic driving experience on the market. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to difficulties, delays or less than expected results in achieving the Company’s expected benefits from its partnership with Live Fast Motorsports, such as due to unforeseen technical difficulties, or higher than anticipated costs, in implementing the Live Fast Motorsports real-time data into its gaming franchises, such as its NASCAR 21: Ignition franchise. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in Motorsport Games’ filings with the SEC, which may be found at www.sec.gov and at ir.motorsportgames.com, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its Quarterly Reports on Form 10-Q filed with the SEC during 2021, as well as in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Games’ website or other websites referenced or linked to this press release shall not be incorporated by reference into this press release.

Website and Social Media Disclosure:
Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on these websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):

Websites Social Media
motorsportgames.com Twitter: @msportgames & @traxiongg
traxion.gg Instagram: msportgames & traxiongg
motorsport.com Facebook: Motorsport Games & traxiongg
  LinkedIn: Motorsport Games
  Twitch: traxiongg
  Reddit: traxiongg

The contents of these websites and social media channels are not part of, nor will they be incorporated by reference into, this press release.

Investors:
Ashley DeSimone
Ashley.Desimone@icrinc.com

Press:
ASTRSK PR
motorsportgames@astrskpr.com