Aurania Resources (AUIAF)(ARU:CA) Equity and Debt Financing Improves Financial Flexibility and Outlook
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.
Equity financing. Aurania closed the first tranche of a private placement with the sale of 1,586,653 units at a price of C$0.70 per unit for gross proceeds of C$1,110,997.10. Aurania previously announced its intention to raise up to C$1,500,000 with the sale of up to 2,142,857 units which are comprised of one common share and one common share purchase warrant which may be exercised to purchase one common share at a price of C$1.25 for a period of 24 months after the close of the offering.
Second tranche to close shortly. A second tranche is expected to close shortly and net proceeds will be used to maintain annual mineral concessions in Ecuador and to conduct further exploration and target refinement at the Awacha porphyry copper target and the Kuri-Yawi and Kuripan epithermal gold targets …
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.
Unveils Bioleum™ Breakthrough; A Carbon Neutral Crude Oil Capable of Replacing Fossil Crude
VIRGINIA CITY, NEVADA, MARCH 29, 2022 – Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced its 2021 results, summary of transactions completed in 2021, and our new business outlook.
Selected Strategic Highlights
Approved a new strategy with a mission of enabling systemic decarbonization and a vision of a net zero carbon world.
Acquired Comstock Innovations, formerly Plain Sight Innovations, with a portfolio of intellectual property that contributes to global decarbonization by efficiently converting massive supplies of unused and under-utilized woody-biomass resources into cellulosic ethanol, renewable diesel, sustainable aviation fuel, and other drop-in fuels.
Acquired LINICO Corporation and a developing portfolio of technologies that contribute to global decarbonization by efficiently converting a diverse array of lithium-ion batteries (“LIBs”) into electrification products, including lithium, graphite, nickel, cobalt, copper, and cathode active materials (“CAMs”).
Acquired Comstock Engineering, formerly Renewable Process Solutions, whose principals built twenty six biofuel refineries in the last fifteen years and managed multiple industrial-scale projects from construction to commissioning.
Established and integrated new leadership, including Kevin Kreisler, President and Chief Financial Officer, William McCarthy, Chief Operating Officer, David Winsness, Chief Technology Officer, and Rahul Bobbili, Chief Engineer.
Advanced Cellulosic Technology. Our cellulosic technologies can convert woody biomass into renewable fuels at extraordinary yields, including cellulosic ethanol and Bioleum™ – a remarkable new form of carbon neutral crude oil capable of replacing fossil crude for use in producing renewable diesel, aviation, and other drop-in fuels.
Advanced Electrification Technology. Our electrification technologies crush, separate, and condition every class of lithium-ion battery (“LIB”) feedstock together with their host devices and other electrification residues for unrivaled throughput and flexibility, and then – in contrast to any known competing process, immediately extract lithium to produce unique “black mass” metal powders that are cleaner and far more concentrated than competing products.
Advanced Monetizing Non-Strategic Assets. Our announced transactions for certain mineral and other properties now total over $25 million, including expected 2022 proceeds from Tonogold, Sierra Springs and others.
Selected Financial Results
Total assets nearly tripled to $126,954,632 during 2021, as compared to $43,123,562, at December 31, 2020. Net equity also nearly tripled to $92,970,522 during 2021, as compared to $31,779,206 at December 31, 2020.
Operating loss of $6,405,921 as compared to an operating loss of $5,474,261 for 2020, primarily resulting from increased administrative expense from acquisitions, increased personnel, and higher research and development costs.
Full year 2021 net loss of $24,583,620 and $(0.49) per share, as compared to full year 2020 net income of $14,931,970 and $0.49 per share. The results in each year were driven by non-routine transactions, including goodwill impairments, changes in fair values of derivatives, and gains on sales of non-strategic assets.
Debt was $4,486,256 million on December 31, 2021, representing unsecured promissory notes.
Cash and equivalents were $5,912,188 on December 31, 2021.
Outstanding common shares were 67,707,832 at March 28, 2022, and 71,207,832 at December 31, 2021.
“Our operating results reflect our investments in technology, people, and the increased research and development focus during the year, as we integrated the transactions necessary to build the foundation for growth,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “Our investments during the year are already yielding breakthrough advancements in technology, and our team is making remarkable progress.”
The Company previously announced its plans to build, own, and operate a fleet of advanced carbon neutral extraction and refining facilities, with the goal of generating over $16 billion in revenue on an annualized basis by 2030. The Company has now formed a renewable fuels subsidiary, Comstock Fuels, that will efficiently convert wasted, unused, widely available, and rapidly replenishable woody biomass into advanced cellulosic fuels, unlocking vast quantities of historically underutilized feedstocks. These fuels work in existing infrastructure, depots, fueling stations, vehicles, and anything that burns fossil fuels. Just one of our biorefineries can produce over 100 million gallons of biofuel per year, including over 70 million gallons of cellulosic ethanol and 30 million gallons of renewable diesel from just 1 million metric tons of woody biomass per year.
“The scale of the financial and environmental impact that we can enable with our technologies is staggering,” continued De Gasperis. “There isn’t a technology on Earth that can absorb carbon from the atmosphere as quickly as trees, or that can offset as much fossil emissions from the 1.5 billion cars and trucks on today’s roads faster than by burning renewable fuels instead of fossil fuels. In this context, we have struck massive untapped supplies of carbon neutral oil that are hidden in plain sight.”
Electrification and continued advancements in energy storage are vitally necessary to reduce reliance on fossil fuels while shifting to and increasing use of renewable fuels. LiNiCo holds the rights to a portfolio of innovative processes that efficiently crush and separate LIBs, extract lithium, nickel, cobalt, and graphite, and reuse the recovered metals to produce 99% pure CAMs. These technologies give LiNiCo and its existing 137,000 square foot battery metal recycling facility differentiating competitive advantages, including the ability to process upwards of 100,000 tons of LIBs per year into an array of new products.
According to International Energy Agency (“IEA”), there were more than 10 million electric vehicles (“EVs”) on the road in 2020, with new EV registrations increasing by 41% over 2019 and another 140% during the first quarter of 2021. Meeting the increased EV demand is estimated to require about five times more lithium carbonate equivalent (“LCE”) than the entire lithium mining industry produces today. The world is clearly focused on further accelerating electrification to reduce reliance on fossil fuels, creating and driving this extraordinary demand for lithium, as well as nickel, cobalt, and other critical electrification resources. The push to electrify is so urgent that the Biden Administration recently invoked the Defense Production Act to develop increased lithium production capabilities in the United States.
“Our technologies are meeting the realities of this demand shortfall by extracting lithium first, immediately and efficiently, thereby enabling profitability at the earliest stages of production. The combination of that capability with the breadth of our feedstock acceptance capabilities positions our LIB recycling business to contribute billions to our enterprise value just based on the existing valuations of comparable public companies,” continued De Gasperis.
The Company is currently building commercial pilot scale facilities for LIBs and is preparing to commence operations at its state-of-the-art battery metal recycling facility later this year. The Company has already made significant strides in forging new cellulosic revenue and licensing streams, and is currently finalizing definitive agreements and timeframes, which will be shared soon. The Company has also made meaningful progress towards completing the monetization of its non-strategic assets as quickly as possible, while funding its businesses and limiting management’s focus to the renewable objectives outlined above.
De Gasperis concluded: “We look forward to our next communication and seeing those of you who can attend this year’s Annual General Meeting on May 26, 2022, where we plan on presenting our business plans and near-term revenues. We are extraordinarily focused on the renewable energy businesses that most impact our stakeholders in 2022 and beyond.”
About Comstock Mining Inc.
Comstock Mining Inc. (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting massive supplies of under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
Forward-Looking Statements
This press release and any related calls or discussions may include 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. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future changes in our research and development; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in reports that we file with the Securities and Exchange Commission, including Item 1A, “Risk Factors” in our most recently-filed Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q, and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Neither this press release nor any related call or discussion constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.
Contact information:
Comstock Mining Inc. P.O. Box 1118 Virginia City, NV 89440 www.comstock.inc
– Part A of AL102 RINGSIDE study fully enrolled; interim data expected mid-2022 –
REHOVOT, Israel and WILMINGTON, Del., March 28, 2022 (GLOBE NEWSWIRE) — Ayala Pharmaceuticals, Inc. (Ayala or the Company) (Nasdaq: AYLA), a clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers today announced full-year 2021 financial results and provided a corporate update.
“2022 is off to a very promising start for Ayala, following a number of important accomplishments across our pipeline of innovative gamma-secretase inhibitors in 2021,” said Roni Mamluk, Ph.D., Chief Executive Officer of Ayala. “We are pleased with the progress of our AL102 program in desmoid tumors, having recently completed enrollment in Part A of the open label RINGSIDE study. We are encouraged by initial positive feedback received from investigators so far. We plan to announce initial interim data from Part A around mid-year 2022 and intend to move into Part B, the randomized portion of the study, immediately thereafter. We look forward to announcing additional data readouts and updates on our other clinical programs throughout 2022 including further data on AL101 in adenoid cystic carcinoma.”
2021 and Recent Business and Clinical Highlights
Completed enrollment of Part A of the Phase 2/3 RINGSIDE study of AL102 in desmoid tumors: 36 patients have been enrolled in Part A of the RINGSIDE study, which is evaluating the safety and tolerability of AL102, as well as tumor volume by MRI at 16 weeks. Ayala expects to report an initial interim data read-out around mid-2022, with Part B of the study commencing immediately thereafter.
Initiated “Window of Opportunity” study of AL101 in adenoid cystic carcinoma (ACC): The study is focused on determining the effects of AL101 for the treatment of ACC and other cancers. The goals of the study are to better understand the mechanism of AL101, determine the best treatment regime and generate data for the future development strategy. The study is being conducted in collaboration with M.D. Anderson Cancer Center and the Adenoid Cystic Carcinoma Research Foundation.
Presented positive preliminary clinical data from the ongoing ACCURACY trial in ACC: Updated interim data from the 6mg cohort of the Phase 2 ACCURACY study of AL101 in recurrent/metastatic adenoid cystic carcinoma (R/M ACC) were presented at the European Society for Medical Oncology (ESMO) Congress 2021 demonstrating partial responses in three subjects (9%) and stable disease in 20 subjects (61%). At ESMO, the Company also presented preclinical proof of concept data on AL101 in combination with approved cancer therapies in patient-derived ACC tumor models
Initiated Phase 1 trial of AL102 in combination with Novartis’ B-cell maturation antigen (BCMA) targeting agent WVT078 in relapsed/refractory multiple myeloma (MM): inhibition of gamma-secretase with AL102 prevents the cleavage and shedding of BCMA, which is ubiquitously expressed on MM cells. Preclinical data have demonstrated that treatment with AL102 increases the expression of membrane-bound BCMA on the surface of MM cells and could enhance the activity of WVT078. Ongoing patient enrollment continues as planned.
AL101 in Notch-activated triple negative breast cancer: The Company has elected to discontinue the Phase 2 TENACITY study as part of its efforts to focus its resources on the more advanced programs and studies including the RINGSIDE study in desmoid tumors and the ACCURACY study for ACC.
Upcoming Milestones
Initial interim data from the pivotal Phase 2/3 RINGSIDE trial in desmoid tumors (Mid-2022): Ayala expects to report an initial interim data read-out from Part A of the Phase 2/3 RINGSIDE trial of AL102 in desmoid tumors around mid-2022. Part B of the study will be a double-blind placebo-controlled study and will start immediately after dose selection from Part A.
Additional data from the Phase 2 ACCURACY trial of AL101 in ACC: The ongoing ACCURACY trial is an open-label, single-arm Phase 2 clinical trial evaluating AL101 as monotherapy for the treatment of R/M ACC patients with Notch-activated mutations. The first cohort of the trial included 45 subjects dosed at 4 mg of AL101 IV once weekly. Final data from the 4 mg cohort and additional data from the 6 mg cohort,which includes 42 subjects are expected to be reported in the second half of 2022.
Initiate Phase 2 Clinical Trial Evaluating AL102 in T-cell Acute Lymphoblastic Leukemia (T-ALL): Ayala plans to begin a Phase 2 clinical trial evaluating AL101 in R/R T-ALL in the second half of 2022.
Full Year 2021 Financial Results
Cash Position: Cash and cash equivalents were $37.3 million as of December 31, 2021, as compared to $42.4 million as of December 31, 2020.
Collaboration Revenue: Collaboration revenue was $3.5 million for the full year of 2021, as compared to $3.7 million for the full year of 2020.
R&D Expenses: Research and development expenses were $29.9 million for the full year 2021, compared to $22.4 million in 2020. The increase was primarily driven by additional costs in connection with the initiation and advancement of the Phase 2/3 RINGSIDE pivotal study for desmoid tumors.
G&A Expenses: General and administrative expenses were $9.3 million as of December 31, 2021, compared to $7.4 million as of December 31, 2020. The increase was primarily due to higher expenses in connection with our operations as a public company, including director and officer insurance, increased headcount, and stock-based compensation.
Net Loss: Net loss was $40.3 million for the full year 2021, resulting in basic and diluted net loss per share of ($2.80). This compares with a net loss was $30.1 million for the full year of 2020, equivalent to basic and diluted net loss per share of ($3.06).
For further details on the Company’s financial results, refer to our Annual Report on Form 10-K, for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (SEC) on March 28, 2022.
About Ayala Pharmaceuticals Ayala Pharmaceuticals, Inc. is a clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers,. Ayala’s approach is focused on predicating, identifying and addressing tumorigenic drivers of cancer through a combination of its bioinformatics platform and next-generation sequencing to deliver targeted therapies to underserved patient populations. The company has two product candidates under development, AL101 and AL102, targeting the aberrant activation of the Notch pathway with gamma secretase inhibitors to treat a variety of tumors including Adenoid Cystic Carcinoma, T-cell Acute Lymphoblastic Leukemia (T-ALL), Desmoid Tumors and Multiple Myeloma (MM) (in collaboration with Novartis). AL101, has received Fast Track Designation and Orphan Drug Designation from the U.S. FDA and is currently in a Phase 2 clinical trial for patients with ACC (ACCURACY) bearing Notch activating mutations and other gene rearrangements. AL102 is currently in a pivotal Phase 2/3 clinical trial for patients with desmoid tumors (RINGSIDE) and is being evaluated in a Phase 1 clinical trial in combination with Novartis’ BMCA targeting agent, WVT078, in patients with relapsed/refractory Multiple Myeloma. For more information, visit www.ayalapharma.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements relating to our development of AL101 and AL102, the promise and potential impact of our preclinical or clinical trial data, the timing of and plans to initiate additional clinical trials of AL101 and AL102, the timing and results of any clinical trials or readouts, the sufficiency of cash to fund operations, and the anticipated impact of COVID-19, on our business. These forward-looking statements are based on management’s current expectations. The words ”may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “estimate,” “believe,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: we have incurred significant losses since inception and anticipate that we will continue to incur losses for the foreseeable future. We are not currently profitable, and we may never achieve or sustain profitability; we will require additional capital to fund our operations, and if we fail to obtain necessary financing, we may not be able to complete the development and commercialization of AL101 and AL102; we have identified conditions and events that raise substantial doubt about our ability to continue as a going concern; we have a limited operating history and no history of commercializing pharmaceutical products, which may make it difficult to evaluate the prospects for our future viability; we are heavily dependent on the success of AL101 and AL102, our most advanced product candidates, which are still under clinical development, and if either AL101 or AL102 does not receive regulatory approval or is not successfully commercialized, our business may be harmed; due to our limited resources and access to capital, we must prioritize development of certain programs and product candidates; these decisions may prove to be wrong and may adversely affect our business; the outbreak of COVID-19, may adversely affect our business, including our clinical trials; our ability to use our net operating loss carry forwards to offset future taxable income may be subject to certain limitations; our product candidates are designed for patients with genetically defined cancers, which is a rapidly evolving area of science, and the approach we are taking to discover and develop product candidates is novel and may never lead to marketable products; we were not involved in the early development of our lead product candidates; therefore, we are dependent on third parties having accurately generated, collected and interpreted data from certain preclinical studies and clinical trials for our product candidates; enrollment and retention of patients in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors outside our control; if we do not achieve our projected development and commercialization goals in the timeframes we announce and expect, the commercialization of our product candidates may be delayed and our business will be harmed; our product candidates may cause serious adverse events or undesirable side effects, which may delay or prevent marketing approval, or, if approved, require them to be taken off the market, require them to include safety warnings or otherwise limit their sales; the market opportunities for AL101 and AL102, if approved, may be smaller than we anticipate; we may not be successful in developing, or collaborating with others to develop, diagnostic tests to identify patients with Notch-activating mutations; we have never obtained marketing approval for a product candidate and we may be unable to obtain, or may be delayed in obtaining, marketing approval for any of our product candidates; even if we obtain FDA approval for our product candidates in the United States, we may never obtain approval for or commercialize them in any other jurisdiction, which would limit our ability to realize their full market potential; we have been granted Orphan Drug Designation for AL101 for the treatment of ACC and may seek Orphan Drug Designation for other indications or product candidates, and we may be unable to maintain the benefits associated with Orphan Drug Designation, including the potential for market exclusivity, and may not receive Orphan Drug Designation for other indications or for our other product candidates; although we have received Fast Track designation for AL101, and may seek Fast Track designation for our other product candidates, such designations may not actually lead to a faster development timeline, regulatory review or approval process; we face significant competition from other biotechnology and pharmaceutical companies and our operating results will suffer if we fail to compete effectively; we are dependent on a small number of suppliers for some of the materials used to manufacture our product candidates, and on one company for the manufacture of the active pharmaceutical ingredient for each of our product candidates; our existing collaboration with Novartis is, and any future collaborations will be, important to our business. If we are unable to maintain our existing collaboration or enter into new collaborations, or if these collaborations are not successful, our business could be adversely affected; enacted and future healthcare legislation may increase the difficulty and cost for us to obtain marketing approval of and commercialize our product candidates, if approved, and may affect the prices we may set; if we are unable to obtain, maintain, protect and enforce patent and other intellectual property protection for our technology and products or if the scope of the patent or other intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize products and technology similar or identical to ours, and we may not be able to compete effectively in our markets; we may engage in acquisitions or in-licensing transactions that could disrupt our business, cause dilution to our stockholders or reduce our financial resources; and risks related to our operations in Israel could materially adversely impact our business, financial condition and results of operations.
These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 29, 2022 and our other filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. New risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties. While we may elect to update such forward-looking statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
AYALA PHARMACEUTICALS, INC.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share and per share data)
December 31,
December 31,
2021
2020
Assets
Current Assets:
Cash and Cash Equivalents
$
36,982
$
42,025
Short-Term Restricted Bank Deposits
122
90
Trade Receivables
–
681
Prepaid Expenses and Other Current Assets
2,636
1,444
Total Current Assets
39,740
44,240
Long-Term Assets:
Other Assets
267
305
Property and Equipment, Net
1,120
1,283
Total Long-Term Assets
1,387
1,588
Total Assets
$
41,127
$
45,828
Liabilities and Stockholders’ Equity:
Current Liabilities:
Trade Payables
$
3,214
$
3,726
Other Accounts Payables
3,258
3,151
Total Current Liabilities
6,472
6,877
Long-Term Liabilities:
Long-Term Rent Liability
497
553
Total Long-Term Liabilities
$
497
$
553
Stockholders’ Equity:
Common Stock of $0.01 par value per share; 200,000,000 shares authorized at December 31, 2021 and 2020; 14,080,383 and 12,824,463 shares issued at December 31, 2021 and 2020, respectively; 13,956,035 and 12,728,446 shares outstanding at December 31, 2021 and 2020, Respectively.
$
139
$
128
Additional Paid-in Capital
145,160
109,157
Accumulated Deficit
(111,141
)
(70,887
)
Total Stockholders’ Equity
34,158
38,398
Total Liabilities and Stockholders’ Equity
$
41,127
$
45,828
AYALA PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except shares and per shares data)
Year ended
Year ended
December 31,
December 31,
2021
2020
Revenue from License Agreement
$
3,506
$
3,708
Cost of Revenue
(3,506
)
(3,708
)
Gross Profit
—
—
Research and Development
$
29,941
$
22,406
General and Administrative
9,277
7,371
Operating Loss
(39,218
)
(29,777
)
Financial income (expenses), net
(260
)
56
Loss before taxes on income
(39,478
)
(29,721
)
Taxes on Income
(776
)
(425
)
Net Loss
$
(40,254
)
$
(30,146
)
Net Loss per Share attributable to Common Stockholders, Basic and Diluted
$
(2.80
)
$
(3.06
)
Weighted Average Shares Used to Compute Net Loss per Share, Basic and Diluted
Move strengthens ISG’s provider governance and risk management leadership
AI platform supports better negotiation and legal compliance of supplier contracts
Agreemint to be integrated into ISG GovernX® third-party management solution
STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, said today it has acquired automated contracting solution Agreemint from its founders. Terms were not disclosed.
The AI-powered contracting platform brings important new capabilities to the market-leading ISG GovernX® vendor compliance and risk management solution and will be used by ISG to add value to future platform solutions now in development.
“Our SaaS-based GovernX platform has been one of our fastest-growing areas over the last two years, especially as large organizations seek to control costs and mitigate risk from their ever- expanding supplier ecosystems,” said Michael P. Connors, chairman and CEO of ISG. “Our acquisition of Agreemint creates the ultimate platform for enterprises to accelerate time to contract, keeping pace with their speed of technology adoption and partnership formation.”
The acquisition, Connors said, is part of ISG’s overall strategy to develop or acquire innovative SaaS-based platforms to complement its advisory business, bring more value to clients, and achieve consistent, double-digit recurring revenue growth.
Agreemint delivers automated contract authoring through a repository of legal positions to accelerate speed to contract. Its patented AI-powered smart functionality enables clients to negotiate better contracts by suggesting language proven to be legally compliant, governable and agreeable to both parties based upon analysis of previous contracting efforts. The software also anticipates language sticking points and includes a clause library that proposes pre-approved clause alternatives.
ISG has partnered with Agreemint since 2021 on solutions for several blue-chip ISG clients. Connors said the acquisition is a natural extension of that relationship and adding Agreemint software will make the ISG GovernX platform even more valuable for automating the entire contract lifecycle. GovernX has under management more than $60 billion of annual contact value, up 30 percent in the last year, across more than 10,000 client contracts, up 40 percent.
“Getting to ‘yes’ on a contract faster and more efficiently is what Agreemint is all about,” said Agreemint founder Peter Graham, who is joining ISG in an executive role. ”Agreemint’s AI-powered negotiating and contracting tools, coupled with GovernX’s extensive vendor compliance and risk management capabilities, makes GovernX the most complete solution for contract lifecycle management on the market today.”
For more information about ISG GovernX, visit this webpage. Further details about Agreemint can be found at agreemint.com.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
Vox Royalty CEO Kyle Floyd provides a preview of their upcoming presentation at NobleCon18
NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events
Free Registration Available – More Info
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About Vox Royalty
Vox is a high growth precious metals royalty and streaming company with a portfolio of over 50 royalties and streams spanning eight jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 20 separate transactions to acquire over 45 royalties.
AMC Entertainment’s Plot Twist Gets Even More Interesting to Investors
While on his way to the Oscars Sunday afternoon, the CEO of AMC Entertainment spoke on the phone while his driver navigated the vehicle to Hollywood’s “big night.” He was being interviewed by Reuter’s about AMC’s recent purchase and plans for future acquisitions. What Mr. Aron revealed as part of the company’s evolution demonstrates a complete rethinking of the AMC’s strengths and what they can do to reward investors.
AMC is sitting on a large cash position that could benefit investors better if deployed to serve those that have believed in the company and invested in it during the pandemic – covid19 challenged the entertainment industry. They are beginning to recognize their current potential; this includes being able to shop for and make strategic acquisitions. The make-up of companies they would look to get involved with are those that could benefit from AMC’s competence in the capital markets.
On March 15, AMC surprised many by announcing a $27.9 million investment for a 22%
stake in Hycroft Mining Holding Corp (HYMC). This outlay initially met with some head-scratching as the investment in the Nevada-based gold mine didn’t naturally seem like a fit for a company operating 900 theaters. It was explained by the CEO that one of the company’s core competencies is navigating the capital markets, he evidenced this by pointing to its success after being left for dead by investors in 2020. After just 10 trading days, AMC’s Hycroft purchase looks good. AMC bought Hycroft shares at $1.07, and it is trading this morning (March 29) at $2.44. Hycroft has since raised $139 million by selling stock to investors in a bid to strengthen its balance sheet and grow operations at its gold and silver mine.
AMC has “dry powder” of about $1.8 billion that came from selling stock during the meme stock and short squeeze frenzy.
In another Adam Aron interview held by CNBC the day after the Academy Awards, David Faber asked, “Is that the new core competence of AMC, to sort of use these meme-sters that you have to help turnaround the fortunes of a company because they’re willing to put money behind it?” “I think I have to say the answer is yes, and we proved it,” Aron responded.
This response on CNBC was not a surprise to investors that had read the Reuter’s interview where he said, “I’d like to think there will be more third-party external M&A announcements going forward…Transformational M&A is mandatory. Our shareholder base has given us capital to deploy with the clear expectation that we are… going to do exciting things with the money they entrusted to us”
AMC Entertainment’s Plot Twist Gets Even More Interesting to Investors
While on his way to the Oscars Sunday afternoon, the CEO of AMC Entertainment spoke on the phone while his driver navigated the vehicle to Hollywood’s “big night.” He was being interviewed by Reuter’s about AMC’s recent purchase and plans for future acquisitions. What Mr. Aron revealed as part of the company’s evolution demonstrates a complete rethinking of the AMC’s strengths and what they can do to reward investors.
AMC is sitting on a large cash position that could benefit investors better if deployed to serve those that have believed in the company and invested in it during the pandemic – covid19 challenged the entertainment industry. They are beginning to recognize their current potential; this includes being able to shop for and make strategic acquisitions. The make-up of companies they would look to get involved with are those that could benefit from AMC’s competence in the capital markets.
On March 15, AMC surprised many by announcing a $27.9 million investment for a 22%
stake in Hycroft Mining Holding Corp (HYMC). This outlay initially met with some head-scratching as the investment in the Nevada-based gold mine didn’t naturally seem like a fit for a company operating 900 theaters. It was explained by the CEO that one of the company’s core competencies is navigating the capital markets, he evidenced this by pointing to its success after being left for dead by investors in 2020. After just 10 trading days, AMC’s Hycroft purchase looks good. AMC bought Hycroft shares at $1.07, and it is trading this morning (March 29) at $2.44. Hycroft has since raised $139 million by selling stock to investors in a bid to strengthen its balance sheet and grow operations at its gold and silver mine.
AMC has “dry powder” of about $1.8 billion that came from selling stock during the meme stock and short squeeze frenzy.
In another Adam Aron interview held by CNBC the day after the Academy Awards, David Faber asked, “Is that the new core competence of AMC, to sort of use these meme-sters that you have to help turnaround the fortunes of a company because they’re willing to put money behind it?” “I think I have to say the answer is yes, and we proved it,” Aron responded.
This response on CNBC was not a surprise to investors that had read the Reuter’s interview where he said, “I’d like to think there will be more third-party external M&A announcements going forward…Transformational M&A is mandatory. Our shareholder base has given us capital to deploy with the clear expectation that we are… going to do exciting things with the money they entrusted to us”
PHOENIX, March 28, 2022 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, today announced that its earnings for its year ended December 31, 2021 will be released the morning of March 30, 2022. That same day, the company will host a conference call at 2:00 PM Eastern time to discuss the financial results and provide a business update.
Conference Call Details:
Date: March 30, 2022
Time: 2:00 PM Eastern
Dial-in numbers: 866-813-8713
Conference ID: QUOTEMEDIA
An audio rebroadcast of the call will be available later at: www.quotemedia.com .
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Warrior Trading and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com .
Soaring Crude Prices Make the Cost of Pretty Much Everything Else Go Up Too – Because We Almost Literally Eat Oil
The price of oil has been spiking in recent weeks in response to concerns that the war in Ukraine will significantly reduce supply. But what happens in oil markets never stays in oil markets.
The price of U.S. crude oil jumped to a 13-year high of US$130 of on March 6, 2022. It has come down but has been trading above $110 since March 17. That’s over 60% higher than it was in mid-December, before fears of a Russian invasion began to mount.
Of course, this has pushed up the cost of gasoline, which hit an average of $4.32 per gallon in the U.S. on March 14. But it’s less well understood how rising energy prices leak into the prices consumers pay for toys, electronics, food and almost every other product you could think of.
Energy is becoming one of the main causes of inflation, by which I mean a sustained, generalized increase in the prices of goods and services in an economy. The latest data shows prices are rising at an annualized pace of 7.9%, the highest in 40 years.
This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of Veronika Dolar, Assistant Professor of Economics, SUNY Old Westbury.
In my economics classes, I like to joke to my students that we eat petroleum. Students have a hard time imagining drinking crude oil or gasoline, but in fact it’s both figuratively and almost literally true – and I’m not even referring to how humans ingest about a credit card’s worth of oil-based plastic every week.
Let me explain:
Planes, Packages and Polyester
Oil prices affect the prices of other goods and services in a few significant ways.
The most obvious is that petroleum powers the vast majority of cars, planes and other vehicles that move stuff around. About 71% of the 6.6 billion barrels of petroleum the U.S. consumed in 2020 was used for various types of fuels, such as gas, diesel and jet fuel.
This pushes up transportation costs and makes shipping everything from refrigerator components to everyday items like toothpaste more expensive. Businesses can choose to absorb the cost – for example, if their market is highly competitive – but usually pass it on to customers.
But oil is also a key ingredient in much of the stuff people buy, both in the packaging and in the products themselves, especially food. That’s where most of the other 29% of the oil Americans use comes in.
Petrochemicals derived from petroleum are used to manufacture clothes, computers and more. For example, the quantity of oil-based polyester in clothing has doubled since 2000. Over half of all fibers produced around the world are now made from petroleum, requiring over 1% of all oil consumed.
In addition, the cosmetic industry is heavily dependent on petroleum since items such as hand cream, shampoo and most makeup are made out of petrochemicals. And like with many products, all those creams and beauty liquids are put in single-use plastic containers made from oil.
Similarly, the vast majority of toys produced today are made out of plastic.
Crude In Our Cookies
The food industry is especially sensitive to the price of energy, more so than any other sector because petroleum is such a key component of its supply chain at every step of the way, from planting and harvesting through processing and packaging.
Interestingly, the biggest usage of petroleum in industrial farming is not transportation or fueling machinery but rather the use of fertilizers. Vast amounts of oil and natural gas go into fertilizers and pesticides that are used to produce and protect grains, vegetables and fruits.
That’s one of the reasons it takes 283 gallons of oil to raise one 1,250-pound steer. And it’s why even a loaf of bread requires an unusually high amount of energy.
Oil is also an ingredient in the food we consume. The main food product that comes from petroleum is known as mineral oil. It’s commonly used to make foods last longer because petroleum doesn’t go rancid. Packaged baked goods like cookies and pizza often contain mineral oil as a way of preserving their shelf life.
Petrochemicals are also used to make food dyes, which can be found in cereals and candy.
Paraffin wax, a colorless or white wax made from petroleum, is used in the production of some chocolates and sprayed onto fruits to slow down spoilage and give them a glossy finish. It also helps chocolates stay solid at room temperature.
And plastic is a vital part of food packaging because it is relatively cheap, durable and lightweight, it provides protection and is sanitary.
Oil Inflation and the Fed
The importance of oil to the U.S. economy has been a big concern since the oil crisis of 1973, when prices spiked, prompting calls to conserve energy.
Since then, the amount of oil consumed for every dollar of economic output has declined about 40%. In 1973, for example, it took just under one barrel of oil to produce $1,000 worth of economic output. Today, it takes less than half a barrel. That’s the good news.
The bad is that, because the U.S. economy is now 18 times bigger than it was in 1973, it requires a lot more oil to function.
That’s why the surging price of oil is now the main driver of inflation – and why the Federal Reserve is preparing for some big increases in interest rates to fight it.
Milestone Scientific President & CEO Arjan Haverhals provides a preview of their upcoming presentation at NobleCon18
NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events
Free Registration Available – More Info
Research News and Advanced Market Data on MLSS
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About Milestone Scientific
Milestone Scientific Inc. (MLSS), a technology focused medical research and development company that patents, designs and develops innovative injection technologies and instruments for medical, dental and cosmetic applications. Milestone Scientific’s computer-controlled systems are designed to make injections precise, efficient and increase the overall patient comfort and safety. Their proprietary DPS Dynamic Pressure Sensing Technology® instruments is the platform to advance the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions of subcutaneous drug delivery, including local anesthetic. To learn more, view the MLSS brand video or visit milestonescientific.com.
Sierra Metals provides a preview of their upcoming presentation at NobleCon18
NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events
Free Registration Available – More Info
Research News and Advanced Market Data on SMTS
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Abou tSierra Metals
Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.
Nanalysis President & CEO Sean Krakiwsky provides a preview of their upcoming presentation at NobleCon18
NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events
Free Registration Available – More Info
News and Advanced Market Data on NSCIF
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About Nanalysis
Nanalysis trades on the TSX Venture Exchange (TSXV) in Canada with ticker symbol ‘NSCI’, OTC and the Frankfurt exchange under the ticker symbol ‘1N1’. The company’s business is what we term “MRI and NMR for industry”. The company develops and manufactures portable Nuclear Magnetic Resonance (NMR) spectrometers or analyzers for laboratory and industrial markets. The NMReady-60™ was the first full-feature portable NMR spectrometer in a single compact enclosure requiring no liquid helium or any other cryogens. The company has followed-up that initial offering with new products and continues to have a strong innovation pipeline. Nanalysis recently announced that it has begun selling a 100MHz device in 2020. The Company’s new device will be the most powerful and most advanced compact NMR device ever brought to market.
RCI Hospitality Holdings CFO Bradley Chhay provides a preview of their upcoming presentation at NobleCon18
NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events
Free Registration Available – More Info
Research News and Advanced Market Data on RICK
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About RCI Hospitality Holdings
With more than 50 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in gentlemen’s clubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, and Scarlett’s Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.
