GeoVax Labs, Inc., a clinical-stage biotechnology company, develops human vaccines for infectious diseases and cancer in the United States and internationally. The company through its patented Modified Vaccinia Ankara-Virus Like Particle vaccine platform develops various vaccines. It is developing various vaccines that are in human clinical trials, and preclinical research and development phases, including vaccines against human immunodeficiency virus (HIV); Zika virus; malaria; and hemorrhagic fever viruses, such as Ebola, Sudan, Marburg, and Lassa, as well as therapeutic vaccines for chronic Hepatitis B infections and cancers. The company has collaboration and partnership agreements with the National Institute of Allergy and Infectious Diseases of the National Institutes of Health; the HIV Vaccines Trial Network; Centers for Disease Control and Prevention; United States Army Research Institute of Infectious Disease; U.S. Naval Research Laboratory; Emory University; University of Pittsburgh; Georgia State University Research Foundation; Peking University; University of Texas Medical Branch; the Institute of Human Virology at the University of Maryland; the Scripps Research Institute; the Burnet Institute; American Gene Technologies, Inc.; Viamune, Inc.; Vaxeal Holding SA; CaroGen Corporation; Virometix AG; and Leidos, Inc. GeoVax Labs, Inc. was founded in 2001 and is based in Smyrna, Georgia.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiating Coverage of GOVX. GeoVax Labs is developing gene therapies, immunotherapies, and vaccines for cancer and infectious diseases. Gedeptin, its lead cancer product, is a gene-directed therapy for cancer. The treatment delivers a gene to the cancer cells that converts an inactive prodrug into an active cytotoxic drug within the tumor cells.
Gedeptin Uses A Proprietary Gene Delivery Technology. Gedeptin uses an adenovirus vector to deliver a gene to cancer cells that converts an inactive prodrug into an active cytotoxic drug within the tumor cells. This increases the drug’s potency inside the cancer cells while avoiding healthy tissue. Gedeptin is currently in a Phase 1/2 trial for advanced head and neck cancers, and has been granted Orphan Drug Designation for oral and pharyngeal cancers.
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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.
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , 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.
May 11th. With Title 42 expected to end May 11th, CoreCivic is well positioned to capitalize on any increase in ICE detainee populations. The key unanswered question is if the Biden Administration will enforce existing immigration laws. Recent comments by Secretary of State Blinken and Secretary of Homeland Security Mayorkas suggests the federal government will, but it remains to be seen.
Well Positioned. CoreCivic is well positioned to assist the government with any additional demand for beds and services. The Company has “thousands” of beds at existing facilities that could be used and seven idle facilities that could be restarted. The Company has hired staff in anticipation of rising populations.
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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.
Inflation in Argentina so far in 2023 is running at 126.4%. Meanwhile, its GDP has declined by 3.1%. This certainly meets the definition of hyperinflation. Can this situation occur in the U.S. economy? Hyperinflation is when prices of goods and services in the economy run up rapidly; at the same time, it causes the value of the nation’s currency to fall rapidly. It’s a devastating phenomenon that has serious consequences for businesses, investors, and households. Below we explore the causes of hyperinflation, its effects on the economy, and some ways to protect investable assets against it.
Causes of Hyperinflation
Hyperinflation can be caused by a variety of factors, but one ingredient that is most common is excessive money printing by the country’s central bank. When a central bank allows excessive cash in circulation, especially if it is during a period of low or negative growth, natural economic forces that occur when there is an abundance of currency chasing the same or fewer goods, serves to drive up prices and down currency values. This inflation can quickly spiral out of control, leading to hyperinflation. Other causes could include shortages of goods or services driving prices up as demand outstrips available supply.
Effects on the Economy
Excessive inflation is not good for anyone that holds the impacted currency. Businesses can command higher prices, but they will also be paying higher prices to run their business and receiving payment with notes with far less purchasing power. This is because hyperinflation increases costs for labor and raw materials, weighing down profit margins. Less obvious, but certainly adding to the hardship, is that businesses may have trouble securing financing and loans during hyperinflation; this can limit their ability to function or grow.
For households and individuals, hyperinflation also rapidly decreases purchasing power, as prices for goods and services jump up. This lowers living standards in the country as people are forced to pay more for the same goods and services. Additionally, hyperinflation can lead to a loss of confidence in the currency. Behavior including the belief that items should be purchased now because they will be more expensive tomorrow leads to hoarding and other actions that create shortages and drives up prices even further.
How Some Prepare for Hyperinflation
Hyperinflation is rare, yet, once the wheels start turning, such as they did in Venezuela in 2016, or Germany in 1923, it is important for businesses and individuals to take steps to prepare for the possibility. Here are ways that people have prepared for excessive inflation in their native currency.
Diversify Your Investments: While some believe it is always prudent to stay widely diversified, it may offer even more protection when the economy goes through the turmoil of excessive inflation. Preparing in this way means spreading your investments across a variety of asset classes, such as stocks, bonds, real estate, and commodities. This will help by avoiding any one particular asset class that gets hit hard. Keep in mind, stocks are often a good hedge against moderate inflation, and precious metals have historically been looked to for protection in times of extreme inflation. Earnings of companies that export are not expected to suffer as much as importers.
Hold Some Assets Denominated in Other Currencies: This can include established digital currencies, foreign stocks, bonds, that are not denominated in your own home currency. By holding assets denominated in other currencies, you can protect yourself from its devaluation versus others.
Invest in Hard Assets: Hard assets, such as gold and silver, land, and even tools can be a good way to protect yourself or your business from hyperinflation. These assets have intrinsic value and can retain their value even if the currency they are denominated in loses value. Remember that if inflation remains, it is likely to cost more in the coming months for the same piece of office equipment that helps your business run more efficiently.
Cryptocurrencies: Keeping within the guidelines of diversification, more established tokens such as bitcoin and ether are considered by some to help protect from hyperinflation. A word of caution, cryptocurrencies have little history against currency devaluation and inflation. The theory however is these digital currencies are decentralized and not subject to the same inflationary pressures as fiat currencies.
Take Away
In 2018 inflation in Venezuela exceeded 1,000,000%, proving, when the recipe for higher prices is in place, the unimaginable can happen.
While there is no consumer or investor that can proactively impact a rising price freight train, if hyperinflation is expected, there are steps one can take to reduce the negative impacts. These financial steps can be as simple as buying things today that you expect to need later, and more substantially diversifying your portfolio toward hard assets, companies that export to countries not experiencing inflation, and even bonds with either short maturities or an inflation factor as part of the return.
Four Essential Reads on the Risks and Concerns Over Artificial Intelligence
If you’re like me, you’ve spent a lot of time over the past few months trying to figure out what this AI thing is all about. Large-language models, generative AI, algorithmic bias – it’s a lot for the less tech-savvy of us to sort out, trying to make sense of the myriad headlines about artificial intelligence swirling about.
But understanding how AI works is just part of the dilemma. As a society, we’re also confronting concerns about its social, psychological and ethical effects. Here we spotlight articles about the deeper questions the AI revolution raises about bias and inequality, the learning process, its impact on jobs, and even the artistic process.
Ethical Debt
When a company rushes software to market, it often accrues “technical debt”: the cost of having to fix bugs after a program is released, instead of ironing them out beforehand.
There are examples of this in AI as companies race ahead to compete with each other. More alarming, though, is “ethical debt,” when development teams haven’t considered possible social or ethical harms – how AI could replace human jobs, for example, or when algorithms end up reinforcing biases.
Casey Fiesler, a technology ethics expert at the University of Colorado Boulder, wrote that she’s “a technology optimist who thinks and prepares like a pessimist”: someone who puts in time speculating about what might go wrong.
That kind of speculation is an especially useful skill for technologists trying to envision consequences that might not impact them, Fiesler explained, but that could hurt “marginalized groups that are underrepresented” in tech fields. When it comes to ethical debt, she noted, “the people who incur it are rarely the people who pay for it in the end.”
Is Anybody There?
AI programs’ abilities can give the impression that they are sentient, but they’re not, explained Nir Eisikovits, director of the Applied Ethics Center at the University of Massachusetts Boston. “ChatGPT and similar technologies are sophisticated sentence completion applications – nothing more, nothing less,” he wrote.
But saying AI isn’t conscious doesn’t mean it’s harmless.
“To me,” Eisikovits explained, “the pressing question is not whether machines are sentient but why it is so easy for us to imagine that they are.” Humans easily project human features onto just about anything, including technology. That tendency to anthropomorphize “points to real risks of psychological entanglement with technology,” according to Eisikovits, who studies AI’s impact on how people understand themselves.
Considering how many people talk to their pets and cars, it shouldn’t be a surprise that chatbots can come to mean so much to people who engage with them. The next steps, though, are “strong guardrails” to prevent programs from taking advantage of that emotional connection.
Putting Pen to Paper
From the start, ChatGPT fueled parents’ and teachers’ fears about cheating. How could educators – or college admissions officers, for that matter – figure out if an essay was written by a human or a chatbot?
But AI sparks more fundamental questions about writing, according to Naomi Baron, an American University linguist who studies technology’s effects on language. AI’s potential threat to writing isn’t just about honesty, but about the ability to think itself.
Baron pointed to novelist Flannery O’Connor’s remark that “I write because I don’t know what I think until I read what I say.” In other words, writing isn’t just a way to put your thoughts on paper; it’s a process to help sort out your thoughts in the first place.
AI text generation can be a handy tool, Baron wrote, but “there’s a slippery slope between collaboration and encroachment.” As we wade into a world of more and more AI, it’s key to remember that “crafting written work should be a journey, not just a destination.”
The Value of Art
Generative AI programs don’t just produce text, but also complex images – which have even captured a prize or two. In theory, allowing AI to do nitty-gritty execution might free up human artists’ big-picture creativity.
Not so fast, said Eisikovits and Alec Stubbs, who is also a philosopher at the University of Massachusetts Boston. The finished object viewers appreciate is just part of the process we call “art.” For creator and appreciator alike, what makes art valuable is “the work of making something real and working through its details”: the struggle to turn ideas into something we can see.
This story is a roundup of articles originally puplished in The Conversation. It was compiled by
Molly Jackson, the Religion and Ethics Editor at The Conversation. It includes work fromAlec Stubbs, Postdoctoral Fellow in Philosophy, UMass Boston. Casey Fiesler, Associate Professor of Information Science, University of Colorado Boulder. Naomi S. Baron, Professor Emerita of Linguistics, American University. And, Nir Eisikovits, Professor of Philosophy and Director, Applied Ethics Center, UMass Boston. It was reprinted with permission.
The Market is Deciding if the Fed is Finished or Not, Here’s How this Week Will Help
Two key inflation reports and quite a few Fed governors are coming out of the blackout period, removing the gag and sharing their thoughts on the state of the economy and monetary policy. Last Friday’s strong US Jobs report has left many market participants looking for a clearer sign that the Fed will take a neutral stance. The two inflation reports and Fed governor addresses may help make clear the Fed’s next “data dependent” step.
Monday 5/8
• 10:00 AM ET, Wholesale Inventories (preliminary), this is the second estimate for March wholesale inventories. It is expected to print at a 0.1 percent build-up, unchanged from the first estimate. The report measures the dollar value of sales made and inventories held by wholesalers.
Tuesday 5/9
• House Speaker Kevin McCarthy will meet with President Joe Biden to discuss the debt limit. The meeting comes three weeks before the U.S. is projected to run out of money to pay its bills.
• 6:00 AM ET, The Small Business Optimism Index has been below, at times deeply below, the historical average of 98. The April consensus is 89.7 versus 90.1 in March.
• 8:30 AM ET, Phillip Jefferson took office as a member of the Board of Governors of the Federal Reserve System in May 2022. While he is relatively unknown, he may begin to play a larger part as he is considered a favorite for Fed Vice Chair, with Biden set to nominate Jefferson for the seat vacated by Lael Brainard seat.
• 12:05 AM ET, John Williams is the President of the New York Federal Reserve. The New York Fed President takes the role of Vice Chair of the FOMC, the seat is a permanent voting member (outside the rotation).
Wednesday 5/10
• 8:30 AM ET, Consumer Price Index (CPI) for April is expected to show that core prices are continuing at the same pace of a monthly increase of 0.4 percent. The headline number is also expected to rise 0.4 percent after March’s 0.1 percent increase, which was below expectations – remember, energy prices spiked last month. Annual rates, which in March were 5.0 percent headline and 5.6 percent for the core, are expected at 5.0 and 5.5 percent, showing little or no improvement.
• 2:00 PM, the Treasury Statement for April is expected to show a $410.0 billion surplus. That would compare with a $308.2 billion surplus in April a year-ago and a deficit in March this year of $378.1 billion. April, tax month, is the seventh month of the government’s fiscal year.
Thursday 5/11
• 8:30 AM ET, the Producer Price Index (PPI), after falling 0.5 percent in March, is expected to rise 0.3 percent in April. The annual rate ending April is forecast to be 2.5 percent, down slightly from March’s 2.7 percent. April’s ex-food ex-energy rate is seen at 0.2 percent on the month and 3.3 percent on the year versus March’s monthly 0.1 percent decline and plus 3.4 percent yearly rate.
• 7:45 AM ET, Christopher Waller is a member of the St. Louis Federal Reserve Board of Governors. He is a CBDC advocate. Along with Bullard and Mester, Waller is considered to be among the Fed hawks.
• 4:30 AM ET, The Fed’s balance sheet is a weekly report presenting a consolidated balance sheet for all 12 Reserve Banks. It lists factors supplying reserves into the banking system and factors absorbing reserves from the system. The official name for the report is Factors Affecting Reserve Balances, otherwise known as the “H.4.1” report. This report has taken on renewed interest as it is the only place to get information on quantitative tightening moves, and the impact of new measures taken to secure troubled banks.
Friday 5/12
• 8:30 PM ET, Import/Export Prices. Import Prices, an inflation harbinger is expected to rise 0.3 percent for April, this would end nine straight declines. Export prices are expected to rise 0.2 percent.
• 10:00 PM ET, Consumer Sentiment looking at the first indication for May, which in April fell 1.5 points to 63.5, is expected to fall another half point to 63.0.
• 7:45 PM ET, a late day address by St. Louis Fed Chair James Bullard.
What Else
Investment roadshows are like getting a front-row seat to information direct from management’s mouth. The most useful investor information often comes from the unplanned responses to questions during the roadshow – either asked by you, or other interested investors.
Noble Capital Markets has a growing, interesting calendar of roadshows during the week and month. Some are in cities that are paid less attention to. These include Entravision in Kansas City, MO, on May 9 (lunch). Entravision will again be presenting on May 10 in ST. Louis (lunch). Also on May 10, Salem Media will be in New York (lunch). For more details, and a complete list of roadshows and cities, Click here.
Announced Positive Preliminary Safety and Efficacy Results from the Phase 1/2 Trial of OCU400 for the Treatment of Retinitis Pigmentosa (RP) and Leber Congenital Amaurosis (LCA)
Received Orphan Drug Designation (ODD) from the FDA for OCU410ST for the Treatment of ABCA4-Associated Retinopathies Including Stargardt, Retinitis Pigmentosa (RP19), and Cone-Rod Dystrophy 3 (CORD3) Diseases
Submitted Multiple Proposals for Federal Funding of Ocugen’s Inhaled Vaccines for COVID-19 and Flu
MALVERN, Pa., May 05, 2023 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines, today reported first quarter 2023 financial results along with a general business update.
“I am excited about our pipeline achievements to date — especially those for our modifier gene therapy platform,” said Dr. Shankar Musunuri, Chairman, Chief Executive Officer, and Co-Founder of Ocugen. “The preliminary positive efficacy and safety results from our Phase 1/2 trial of OCU400 support the potential for this first-in-class therapeutic approach to be a viable gene-agnostic treatment for RP and LCA patients. Based on proof-of-concept data, we are getting ready to introduce two more programs with the modifier concept into the clinic —including OCU410 for dry age-related macular degeneration.”
OCU410ST recently received broad ODD from the FDA for the treatment of ABCA4-associated retinopathies including Stargardt, RP19, and CORD3 diseases. This designation acknowledges the potential for OCU410ST to fulfill a significant unmet medical need and represents a noteworthy milestone in our effort to develop innovative treatments for inherited retinal diseases.
Ocugen remains dedicated to our potentially first-in-class ophthalmic programs targeting blindness diseases and vaccines to support public health. Since the beginning of the year, the Company has been leading advocacy efforts and pursuing government funding to potentially bring its inhaled vaccines for COVID-19 and flu to patients and healthcare professionals searching for next generation options. Given the FDA’s recent cancellation of emergency use authorizations issued to monovalent vaccines, Ocugen will now focus its efforts solely on the development of the inhaled mucosal vaccine platform, starting with quadrivalent flu and bivalent COVID-19.
“We will continue to deliver on our corporate goals and scientific programs throughout 2023 and look forward to providing updates across our comprehensive portfolio in the coming months,” concluded Dr. Musunuri.
Ophthalmic Gene Therapies
OCU400 – Preliminary safety and efficacy results among RP patients treated in the first two cohorts of the Phase 1/2 trial indicate positive trend in multi-luminance mobility testing and best-corrected visual acuity scores for OCU400 treated eyes. Received FDA approval to enroll pediatric patients in the ongoing Phase 1/2 trial; dosing to be initiated in the second quarter of 2023. Phase 3 adult trial to be initiated near the end of 2023.
OCU410 – Ocugen intends to submit an Investigational New Drug (“IND”) application for OCU410 in the second quarter of 2023 to initiate a Phase 1/2 trial.
OCU410ST – FDA granted ODD to OCU410ST for the treatment of ABCA4-associated retinopathies including Stargardt, RP19, and CRD3 diseases. Ocugen intends to submit an IND application for OCU410ST in the second quarter of 2023 to initiate a Phase 1/2 trial.
Ophthalmic Biologic Product
OCU200 – Submitted an IND application to the FDA in February 2023 to initiate a Phase 1 trial targeting diabetic macular edema. In April, the IND was placed on clinical hold by the FDA as part of its request for additional information related to chemistry, manufacturing, and controls prior to initiating the Phase 1 trial. The company plans to respond to the FDA promptly to get FDA clearance to initiate the Phase 1 trial.
Regenerative Cell Therapies
NeoCart® – Renovations continue on cGMP manufacturing facility for NeoCart, with completion planned for the fourth quarter of 2023.
Vaccines Portfolio
OCU500/OCU510/OCU520 – Intend to submit an IND application to the FDA in late 2023/early 2024. Continuing to work with government agencies to obtain government funding.
COVAXIN™ – Ocugen has concluded that the development of COVAXIN in North America is not commercially viable as a result of the FDA’s recent decision around monovalent vaccines.
First Quarter 2023 Financial Results
The Company’s cash, cash equivalents, and investments totaled $76.7 million as of March 31, 2023 compared to $90.9 million as of December 31, 2022. The Company estimates that its current cash, cash equivalents, and investments will enable it to fund its operations into the first quarter of 2024. The Company had 226.4 million shares of common stock outstanding as of March 31, 2023.
Total operating expenses for the three months ended March 31, 2023 were $17.8 million and included research and development expenses of $9.6 million and general and administrative expenses of $8.2 million. This compares to total operating expenses for the three months ended March 31, 2022 of $18.0 million that included research and development expenses of $7.9 million and general and administrative expenses of $10.1 million.
Ocugen reported a $0.07 net loss per common share for the three months ended March 31, 2023 compared to a $0.09 net loss per common share for the three months ended March 31, 2022.
Conference Call and Webcast Details
Ocugen has scheduled a conference call and webcast for 8:30 a.m. ET today to discuss the financial results and recent business highlights. Ocugen’s senior management team will host the call, which will be open to all listeners. There will also be a question-and-answer session following the prepared remarks.
Attendees are invited to participate on the call or webcast using the following details:
Dial-in Numbers: (800) 715-9871 for U.S. callers and (646) 307-1963 for international callers Conference ID: 4613996 Webcast: Available on the events section of the Ocugen investor site
A replay of the call and archived webcast will be available for approximately 45 days following the event on the Ocugen investor site.
About Ocugen, Inc. Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at www.ocugen.com and follow us on Twitter and LinkedIn.
Cautionary Note on Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.
Contact: Tiffany Hamilton Head of Communications IR@ocugen.com
CALGARY, AB, May 4, 2023 /CNW/ – Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces April 2023 average sales volumes and an operational update and timing for release of our Q1 2023 results and earnings call.
April 2023 Sales Volumes
April sales volumes averaged 1,972 boepd, including natural gas sales of 11.3 MMcfpd and associated natural gas liquids sales from condensate of 84 bopd, based on field estimates. Sales volumes in April declined from our average Q1 2023 of 2,767 boepd. April sales volumes were lower due to reduced demand during the month from Bahiagás as well as higher nominated volumes from our partner at the Caburé unit. We anticipate May sales volumes to continue at rates similar to average volumes in April. Future sales volumes will be dependent on available Caburé unit production, production additions from our Murucututu field with the development work planned this year and overall demand from Bahiagás.
Operational Update
In March, we commenced stimulation operations at our 197(1) well on our Murucututu natural gas field. While operations have progressed slower than initially scheduled, we have now successfully stimulated three of four planned intervals at the well, injecting a total of 89 tonnes of sand into the formation. Stimulation of the final interval is expected to be completed shortly and we expect the well to be on production this month. Following completion of stimulation operations, we plan to drill two Murucututu fit-for-purpose development wells in the second half of 2023.
On our Bom Lugar field, we spud our first development well (BL-06) on April 30th and drilling is underway. The BL-06 well is targeting the Caruaçu Formation with additional potential in the deeper Gomo and Agua Grande Formations. We expect drilling to be completed late in the second quarter.
Upcoming Q1 2023 Results and Live Webcast
Alvopetro anticipates announcing first quarter 2023 results on May 10, 2023, after markets close, and will host a live webcast to discuss the results at 8:00 am Mountain time, on May 11, 2023. Details for joining the event are as follows:
The webcast will include a question and answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com.
Alvopetro Energy Ltd.’svision is to become a leading independent upstream and midstream operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé natural gas field and our strategic midstream infrastructure.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.
Abbreviations:
bbls
=
barrels
boepd
=
barrels of oil equivalent (“boe”) per day
bopd
=
barrels of oil and/or natural gas liquids (condensate) per day
MMcf
=
million cubic feet
MMcfpd
=
million cubic feet per day
Q1 2023
=
three months ended March 31, 2023
BOE Disclosure. The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Forward-Looking Statements and Cautionary Language. This news release contains “forward-looking information” within the meaning of applicable securities laws. The use of any of the words “will”, “expect”, “intend” and other similar words or expressions are intended to identify forward-looking information. Forward–looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning the anticipated timing of completion of the 197(1) stimulation and drilling of the BL-06 well, anticipated timing of production commencement from the 197(1) well, expected natural gas allocations from the Caburé unit, natural gas sales and gas deliveries under the Company’s long-term gas sales agreement, plans relating to the Company’s operational activities, proposed exploration development activities and the timing for such activities and exploration and development prospects of Alvopetro. The forward–looking statements are based on certain key expectations and assumptions made by Alvopetro, including but not limited to expectations and assumptions concerning the performance of producing wells and reservoirs, foreign exchange rates, well development and operating performance, the timing of regulatory licenses and approvals, equipment availability, the success of future drilling, completion, testing, recompletion and development activities, expectations regarding Alvopetro’s working interest and the outcome of any redeterminations, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, general economic and business conditions, the impact of the COVID-19 pandemic, weather and access to drilling locations, the availability and cost of labour and services, the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro’s SEDAR profile at www.sedar.com. The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
“We are excited to present CC-42344’s promising safety, tolerability and preclinical data, including robust antiviral activity in an influenza-infected human respiratory epithelium model,” said Dr. Lee. “Our Phase 1 data continue to show this molecule’s potential as an oral therapeutic for the treatment of pandemic and seasonal influenza. Given that CC-42344 has shown sub-nanomolar potency and a novel mechanism of action with high barrier to resistance, we believe it could be used as monotherapy or in combination with other influenza antivirals. We look forward to initiating a Phase 2a influenza A human challenge study in the second half of 2023.”
The slide deck accompanying Dr. Lee’s discussion “First-in-Human Study of CC-42344, a Novel Broad-Spectrum Influenza A Polymerase PB2 Inhibitor” has been posted to the Presentations section of the company website.
About CC-42344 CC-42344 is a novel PB2 inhibitor discovered using Cocrystal’s proprietary structure-based drug discovery platform technology. CC-42344 targets the influenza polymerase complex, an essential enzyme required for the viral replication. In vitro testing showed CC-42344’s potent antiviral activity against influenza A strains, including pandemic and seasonal strains, as well as against strains resistant to osteltamivir (Tamiflu®) and baloxavir marboxil (Xofluza®).
About ISIRV The International Society for Influenza and other Respiratory Virus Diseases (ISIRV) is an independent and international scientific professional society promoting the prevention, detection, treatment and control of influenza and other respiratory virus diseases. ISIRV was founded in 2005 as the first scientific society with a fully worldwide remit focused on influenza and respiratory virus disease. As a global scientific society, ISIRV fulfils this mission through promoting the exchange and dissemination of information, facilitating the interaction of scientists and of public health specialists and the promotion of international collaborative efforts against these diseases. More information is available here.
About Cocrystal Pharma, Inc. Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), hepatitis C viruses and noroviruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s influenza A product candidate CC-42344’s potential as an oral therapeutic for the treatment of pandemic and seasonal influenza, including either as monotherapy or in combination with other influenza antivirals, and the anticipated initiation of a Phase 2a influenza A human challenge study in the second half of 2023. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to, the risks and uncertainties arising from inflation, interest rate increases, the current banking crisis and the Ukraine war on our Company, our collaboration partners, and on the U.S. and U.K. and global economies, including manufacturing and research delays arising from raw materials and labor shortages, supply chain disruptions and other business interruptions including any adverse impacts on our ability to obtain raw materials and test animals as well as similar problems with our vendors and our current Contract Research Organization (CRO) and any future CROs and Contract Manufacturing Organizations, the results of the studies for CC-42344, the ability of our CROs to recruit volunteers for, and to proceed with, clinical studies, our and our collaboration partners’ technology and software performing as expected, financial difficulties experienced by certain partners, the results of future preclinical and clinical trials, general risks arising from clinical trials, receipt of regulatory approvals, regulatory changes, development of effective treatments and/or vaccines by competitors, including as part of the programs financed by the U.S. government. Further information on our risk factors is contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision Communications Corporation (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced financial results for the three-month period ended March 31, 2023.
First Quarter 2023 Highlights
Record first quarter revenue
Net revenue up 21% over the prior-year quarter
Net income attributable to common stockholders up 8% over the prior-year quarter
Consolidated EBITDA down 28% compared to the prior-year quarter
Operating cash flow down 31% compared to the prior-year quarter
Free cash flow down 73% compared to the prior-year quarter
Quarterly cash dividend of $0.05 per share
Entered into $275 Million Credit Facility
“Entravision saw continued growth in the first quarter of 2023, with revenue up 21% year-over-year,” said Chris Young, Interim Chief Executive Officer and Chief Financial Officer. “Growth for the quarter was led by our digital segment, which is impressive given difficult macro conditions and decreased political advertising revenue from last year.”
Mr. Young continued, “With a solid balance sheet in place, strong free cash flow generation, and an acute focus on expense management, Entravision is well-equipped to navigate the current economic environment. As we progress through additional quarters, we will continue to seek out opportunities, including acquisitions, that will enhance our digital offerings and strengthen our ability to compete internationally.”
Quarterly Cash Dividend
The Company announced today that its Board of Directors approved a quarterly cash dividend to shareholders of $0.05 per share on the Company’s Class A and Class U common stock, in an aggregate amount of $4.4 million. The quarterly dividend will be payable on June 30, 2023 to shareholders of record as of the close of business on June 16, 2023, and the common stock will trade ex-dividend on June 15, 2023. The Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.
$275 Million Credit Facility
On March 17, 2023, the Company entered into the 2023 Amended and Restated Credit Facility (the “2023 Credit Facility”), which consists of a $200 million senior secured Term A Facility, which was drawn in full, and a $75 million Revolving Credit Facility, of which $11.5 million was drawn. In addition, the 2023 Amended and Restated Credit Agreement (the “2023 Credit Agreement”) provides that the Company may increase the aggregate principal amount of the 2023 Credit Facility by an additional amount equal to $100 million plus the amount that would result in the Company’s first lien net leverage ratio (as such term is used in the 2023 Credit Agreement) not exceeding 2.25 to 1.0, subject to the Company satisfying certain conditions.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 9.
Net revenue in the first quarter of 2023 totaled $239.0 million, up 21% from $197.2 million in the prior-year period. Of the overall increase, $42.8 million was attributable to our digital segment and was primarily due to advertising revenue growth from our digital commercial partnerships business, and due to our VIEs, which did not contribute to our financial results in our digital segment in the comparable period. The overall increase was partially offset by a decrease of $0.6 million attributable to our television segment, primarily due to decreases in political advertising revenue and national advertising revenue, partially offset by increases in local advertising revenue, spectrum usage rights revenue and retransmission consent revenue. In addition, the overall increase was partially offset by a decrease of $0.4 million attributable to our audio segment, primarily due to a decrease in political advertising revenue, and decreases in local and national advertising revenue.
Cost of revenue in the first quarter of 2023 totaled $167.8 million, up 29% from $129.9 million in the prior-year period. The increase was primarily due to increased cost of revenue related to advertising revenue growth from our digital commercial partnerships business, and due to our VIEs, which did not contribute to our financial results in our digital segment in the comparable period.
Operating expenses in the first quarter of 2023 totaled $52.6 million, up 20% from $43.9 million in the prior-year period. Of the overall increase, $6.3 million was attributable to our digital segment and was primarily due to our VIEs, which did not contribute to our financial results in our digital segment in the comparable period, an increase in salary expense, an increase in non-cash stock-based compensation, and an increase in expenses associated with the increase in digital advertising revenue. Additionally, of the overall increase in operating expenses, $0.9 million was attributable to our television segment primarily due to an increase in non-cash stock-based compensation, increased rent expense in the temporary office space until the move to our new permanent offices is completed, and an increase in bad debt expense. In addition, of the overall increase in operating expenses, $1.6 million was attributable to our audio segment primarily due to increases in salaries and music license fees, and increased rent expense in the temporary office space until the move to our new permanent offices is completed. The increases in non-cash stock-based compensation are mainly a result of the 2023 annual restricted stock unit (“RSU”) grant, which was made in February 2023 compared to the 2022 annual grant, which was made in December 2022.
Corporate expenses in the first quarter of 2023 totaled $10.5 million, up 20% from $8.7 million in the prior-year period. The increase was primarily due to an increase in non-cash stock-based compensation, which is mainly a result of the 2023 annual RSU grant, which was made in February 2023 compared to the 2022 annual grant, which was made in December 2022, an increase in professional service fees, and an increase in audit fees.
Balance Sheet and Related Metrics
Cash and marketable securities as of March 31, 2023 totaled $179.8 million. Total debt under the Company’s credit agreement was $211.5 million. Net of $50 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 1.7 times as of March 31, 2023. Net of total cash and marketable securities, total leverage was 0.3 times.
Notice of Conference Call
Entravision Communications Corporation will hold a conference call to discuss its first quarter 2023 results on Thursday, May 4, 2023 at 5:00 p.m. Eastern Time. To access the conference call, please dial (844) 836-8739 (U.S.) or (412) 317-5440 (Int’l) ten minutes prior to the start time and reference Conference ID number 10176751. The call will also be available via live webcast on the investor relations portion of the Company’s website located at www.entravision.com.
About Entravision Communications Corporation
Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services in 40 countries. We have commercial partnerships with Meta, Twitter, TikTok, and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. Entravision remains the largest affiliate group of the Univision and UniMás television networks. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.
Forward-Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.
Christopher T. Young Interim Chief Executive Officer, and Chief Financial Officer and Treasurer Entravision Communications Corporation 310-447-3870
Company to host conference call and webcast at 4:30 p.m. ET on Monday, May 15, 2023
NEWTOWN, Pa., May 04, 2023 (GLOBE NEWSWIRE) — Onconova Therapeutics, Inc. (NASDAQ: ONTX), (“Onconova” or “the Company”), a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer, today announced that the Company intends to release its first quarter 2023 financial results on Monday, May 15, 2023. Management plans to host a conference call and live webcast at 4:30 p.m. ET on the same day to discuss these results and provide an update on its pipeline programs.
Conference Call and Webcast Information
Interested parties who wish to participate in the conference call may do so by dialing (800) 715-9871 for domestic and (646) 307-1963 for international callers and using conference ID 9090989.
Those interested in listening to the conference call via the internet may do so by visiting the investors and media page on the Company’s website at www.onconova.com and clicking on the webcast link. In addition to the live webcast, a replay will be available on the Onconova website for 90 days following the call.
About Onconova Therapeutics, Inc.
Onconova Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer. The Company has proprietary targeted anti-cancer agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation.
Onconova’s novel, proprietary multi-kinase inhibitor narazaciclib (formerly ON 123300) is being evaluated in two separate and complementary Phase 1 dose escalation and expansion studies. These trials are currently underway in the United States and China. Based on preclinical and clinical studies of CDK 4/6 inhibitors, Onconova is also planning a combination trial of narazaciclib with estrogen blockade in advanced endometrial cancer, as well as its clinical study in additional indications.
Onconova’s product candidate rigosertib is being studied in multiple investigator-sponsored studies, including a dose-escalation and expansion Phase 1/2a study of oral rigosertib in combination with nivolumab in patients with KRAS+ non-small cell lung cancer, and a Phase 2 program evaluating rigosertib monotherapy in advanced squamous cell carcinoma complicating recessive dystrophic epidermolysis bullosa (RDEB-associated SCC).
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. These statements relate to Onconova’s expectations regarding its clinical development and trials, its product candidates, its business and financial position. Onconova has attempted to identify forward-looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “preliminary,” “encouraging,” “approximately” or other words that convey uncertainty of future events or outcomes. Although Onconova believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including the success and timing of Onconova’s clinical trials, investigator-initiated trials and regulatory agency and institutional review board approvals of protocols, Onconova’s collaborations, market conditions and those discussed under the heading “Risk Factors” in Onconova’s most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking statements contained in this release speak only as of its date. Onconova undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that it plans to report its first quarter 2023 financial results after the market closes on May 9, 2023.
The company also plans to host a teleconference to discuss its results on May 9, 2023, at 4:00 PM Central Time. To access the teleconference, please dial (888) 770-7291, and then ask to be joined to the Salem Media Group First Quarter 2023 call or listen to the webcast.
A replay of the teleconference will be available through May 23, 2023, and can be heard by dialing (800) 770-2030 – replay pin number 2413416, or on the investor relations portion of the company’s website, located at investor.salemmedia.com.
ABOUT SALEM MEDIA GROUP:
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.
Lee Enterprises, Incorporated provides local news, information, and advertising primarily in midsize markets in the United States. It publishes 49 daily newspapers, as well as offers 300 weekly newspapers and specialty publications in 23 states. The company also provides online advertising and services; and online infrastructure and online publishing services for approximately 1,500 daily and weekly newspapers and shoppers. In addition, it offers commercial printing services. The company has a strategic alliance with Yahoo!, Inc. to provide its classified employment advertising customer base the opportunity to post job listings and other employment products on Yahoo!�s HotJobs national platform. Lee Enterprises, Incorporated was founded in 1890 and is based in Davenport, Iowa.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q2 results. Q2 revenue of $170.7 million, missed our estimate of $173.7 million by 1.7%. While revenue came in slightly lower than expected adj. EBITDA of $14.3 million beat our estimate of $13.5 million by 6.4%. The results benefited from stronger than expected high margin digital subscription revenue. Notably, print cost reductions were enacted late in Q2, resulting in $9 million of savings in the quarter.
Industry leading digital subscriber growth. The company achieved 596,000 digital subscribers and digital revenue now comprises 38% of total revenue. For 13 consecutive quarters, it experienced the fastest digital subscriber growth in the industry, with an impressive compound annual growth rate (CAGR) of 49%. It appears to be well on its way to reach its goal of 900,000 digital subscribers and digital revenue comprising 50% of total revenue by 2026.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Second quarter financial results. Second quarter net income increased 45.6% to $12.3 million, or $0.96 per share (EPS), compared to the prior year period and rose 59.6% compared to the first quarter of fiscal year 2023. We had forecast net income of $12.9 million or $1.02 per share. Revenues of $152.8 million increased 30.5% on a year-over-year basis and grew 15.2% compared to the prior quarter. The estimated impact from raw material volatility during the quarter resulted in a $1.7 million headwind that compressed gross margin by 1.1% to 20.2%. Gross profit of $30.9 million was modestly higher than our estimate of $30.1 million although SG&A and interest expenses were also greater than our projections.
Growing order backlog. Orders during the quarter resulted in a record backlog of $446.7 million as of March 31 and represented a 9.4% increase compared to the prior quarter and a 59.2% increase on a year-over-year basis. Backlog pounds increased 3.9% during the second quarter to approximately 14.1 million pounds and increased 33.1% compared to the prior year period driven by strong demand in the aerospace and industrial gas turbine markets.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
