Month: June 2023

Release – CoreCivic Enters Into New Lease Agreement With the State of Oklahoma for the Davis Correctional Facility

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CXW

June 14, 2023

BRENTWOOD, Tenn., June 14, 2023 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (CoreCivic or the Company) announced today it has entered into a lease agreement with the Oklahoma Department of Corrections (ODOC) for the company-owned, 1,670-bed Davis Correctional Facility (DCF), which the Company currently operates under a management contract with ODOC that is currently scheduled to expire on June 30, 2023. CoreCivic expects to enter into a 90-day contract extension for the current management contract, after which time operations will transfer from CoreCivic to ODOC in accordance with the new lease agreement. The new lease agreement includes a base term commencing October 1, 2023, with a scheduled expiration date of June 30, 2029, and unlimited two-year renewal options.

Terms of the 90-day contract extension are expected to remain consistent with the existing management contract at the DCF. Annual rental revenue generated from the ODOC at the DCF under the new lease agreement will be $7.5 million during the base term and will be reported in the CoreCivic Properties business segment upon lease commencement.

About CoreCivic

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides 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. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest prison operators in the United States. CoreCivic has been a flexible and dependable partner for government for 40 years. CoreCivic’s 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.

Forward-Looking Statements

This press release contains statements as to CoreCivic’s beliefs and expectations of the outcome of future events that are “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with executing a contract extension of the current management contract under substantially the same terms as the existing management contract, the successful transition of operations from CoreCivic to ODOC, and the financial impact of the new lease agreement.

CoreCivic takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.

Contact:  Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024
  Financial Media: David Gutierrez, Dresner Corporate Services – (312) 780-7204

Release – Onconova Therapeutics Presents Preclinical Data On Narazaciclib At The 17th International Conference On Malignant Lymphoma

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ONTX

Jun 14, 2023

Narazaciclib demonstrated significant synergistic anti-cancer activity in multiple in vivo models of mantle cell lymphoma (MCL) when combined with ibrutinib, the current standard-of-care

NEWTOWN, Pa., June 14, 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 presented preclinical data on narazaciclib at the 17th International Conference on Malignant Lymphoma (ICML), which is taking place in Lugano, Switzerland, through June 17, 2023.

Data from the Josep Carreras Leukaemia Research Institute expanded on a prior presentation at the recent American Association for Cancer Research (AACR) Annual Meeting, showing that narazaciclib’s antitumor activity against mantle cell lymphoma (MCL) cell lines was superior to that of the FDA-approved CDK 4/6 inhibitors palbociclib and ribociclib, and similar to that of the FDA-approved CDK 4/6 inhibitor abemaciclib. Combining narazaciclib with the FDA-approved Bruton’s tyrosine kinase inhibitor ibrutinib led to synergistic increases in antitumor activity against both ibrutinib-sensitive and ibrutinib-resistant MCL cell lines. In addition, treatment with narazaciclib combined with ibrutinib led to significant inhibition of tumor growth and significant reductions in malignant B cell infiltration into the bone marrow in multiple chicken embryo chorioallantoic membrane xenograft models of MCL.

Steven M. Fruchtman, M.D., President and Chief Executive Officer of Onconova, commented, “The data being presented at ICML provide further evidence of narazaciclib’s potential to combine synergistically with a wide range of therapeutic classes, derived from its ability to inhibit CDK 4, 6, and additional kinases involved in cancer cell survival and metastasis. This differentiated kinase inhibitory profile also confers expansive therapeutic potential across a variety of indications and may enable narazaciclib to overcome the efficacy limitations and safety concerns of currently marketed CDK 4/6 inhibitors. Given ibrutinib is the standard-of-care in mantle cell lymphoma, the preclinical results showing narazaciclib improving antitumor responses in combination represents a promising development that speaks to its potential therapeutic utility in this high unmet need indication. We look forward to discussing our data throughout ICML as we continue to evaluate additional opportunities for clinical studies with narazaciclib and advance our ongoing Phase 1/2a combination trial of narazaciclib plus estrogen blockade in endometrial cancer.”

The ICML poster, titled, “Prolonged cell cycle arrest by the CDK 4/6 antagonist narazaciclib restores ibrutinib response in preclinical models of BTKi-resistant mantle cell lymphoma,” is currently available to registered attendees of ICML via the conference’s e-poster gallery. The poster will also be displayed during the in-person poster sessions being held throughout the conference. A copy of the poster will be available on the “Scientific Presentations” section of the Onconova website following the conclusion of the conference.

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 a combination trial with estrogen blockade in advanced endometrial cancer. Based on preclinical and clinical studies of CDK 4/6 inhibitors, Onconova is also evaluating opportunities for combination studies with narazaciclib in additional indications.

Onconova’s product candidate rigosertib is being studied in multiple investigator-sponsored studies. These studies include 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, a Phase 2 program evaluating rigosertib monotherapy in advanced squamous cell carcinoma complicating recessive dystrophic epidermolysis bullosa (RDEB-associated SCC), and a Phase 2 trial evaluating rigosertib in combination with pembrolizumab in patients with metastatic melanoma.

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

Forward Looking Statements

Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. These statements relate to Onconova’s expectations regarding 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.

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

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

MustGrow Biologics Corp. (MGROF) – Growing Production

Posted on by cpereira@noblefcm.com


Wednesday, June 14, 2023

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.

Completed Run. Yesterday, MustGrow filed a press release stating the Company successfully completed its initial commercial run-rate production of its mustard plant-based biocontrol liquid via a contract manufacturer. The run-rate of the production reached greater than 5,000 litres per day of the biocontrol liquid.

Revenue Translation. The production of the mustard plant-based biocontrol liquid technology is estimated to equal approximately USD$25 million of annual revenue at a retail level, along with creating zero residual waste through generating a high protein ingredient for animal feed. Based on the trial run, we believe the estimated annual production of the liquid would cover a fraction of the demand, and we estimate the trial run annual production liquid would cover some 25,000-50,000 acres.


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*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. 

June’s FOMC Announcement Shows No Immediate Change, But Expects More Hikes

Posted on by phoffman@channelchek.com
Source: Federal Reserve (Flickr)

The FOMC Left Policy the Same in June, But Became More Hawkish

The Federal Open Market Committee (FOMC) voted to hold its target rate steady on overnight interest rates at  5.00% – 5.25% after the June 2023 meeting. This is considered a pause, not a halt to a hawkish stance as indicated by the post-meeting announcement. The announcement indicated FOMC members, on average, expect Fed Funds to be 50bp higher by year-end. This could come about as two 25bp moves. The lack of policy shift was in overnight bank lending rates and the quantitative tightening cycle previously announced. However, a slightly more hawkish Fed includes statements that are more certain that rates will still be pushed up, and member projections of where funds will be at year-end, which include one member seeing as high as 6.25% for the first time.

The vote was unanimous.

The minutes discuss that indicators suggest that economic activity has continued to expand at a modest pace. Job gains have been robust in recently, and the unemployment rate has remained low. However, they are concerned that inflation remains well above its targeted range.

After the meeting, the Fed says it believes the U.S. banking system is sound and resilient. They expect tighter household and business credit conditions are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain.

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5 to 5-1/4 percent,” according to the Fed’s announcement. “Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” it continued.

 The Fed indicated that it will continue to assess “incoming information for the economic outlook.” The FOMC’s said its assessments will take into account readings on labor market conditions, inflation pressures and inflation expectations, financial and international developments, as well as other data.

The Summary of Economic Projections (SEP), relative to previous meetings, makes clear that Fed members are on average expecting to have to do more to combat inflation tan they had previously forecast.

Image: June’s SEP

Fed Chair Powell generally shares more thoughts on the matter during a press conference beginning at 2:30 PM EST after the statement.

Paul Hoffman

Managing Editor, Channelchek

Source

https://www.federalreserve.gov/newsevents.htm

Which Stocks are Most Impacted by Changing Interest Rates?

Posted on by phoffman@channelchek.com

Why Interest Rates Impact Large and Small Company Profits Differently

Small-cap stocks are less sensitive to interest rate changes than large-cap stocks. Generally, when interest rates rise, it can create a bigger drag on larger companies for a number of reasons. Meanwhile, companies with small market caps are unaffected or less affected on average. While there are many factors that impact stock prices, interest rates are certainly on the list – depending on company size, rates will impact them differently.

Interest rates have moved quite a bit over the past 18 months, and they aren’t expected to stabilize now. Here are some of the stock market dynamics at play.

Revenues and Costs

Small-cap companies typically have less debt than large-cap companies. This means that they are less sensitive to changes in interest rates, as the cost of borrowing does not affect them as much as  big borrowers when rates rise.

The main reason for lower debt levels is they typically have less ability to borrow through the capital markets. Smaller or less established companies in general find the cost of issuing a public market note as being behigher than the benefits. And since rising interest rates, increase the cost of borrowing, small-cap companies are not rolling large amounts of debt at the new interest rate levels. Whereas debt is often a much larger part of big company’s overall strategy and cost of capital.

It also helps that small market-cap companies are often in industries that are less sensitive to the overall economy. If rates are rising, fears of a recession often creep into investor’s mindsets. For example, smaller technology and life sciences companies are, by comparison, less sensitive to economic cycles than cyclical industries such as large manufacturing and big oil. Put another way, many smaller companies are more focused on discovery, innovation and growth, these are not as dependent on economic conditions.

However, small-cap investors should be aware that small-caps are often more volatile than large-caps. So the investor can experience larger swings in price, both up and down. This can make this investment sector more attractive to investors who are looking for growth potential, but it can also make them more risky. If they have lower trade volume, there are fewer buyers and sellers, making it more likely for prices to move up or down.

Larger companies tend to be international in their business dealings, compared to domestic small-cap companies which more commonly transact within their home-base country. For the US, an increase in interest rates relative to other nations, is likely to lead to a stronger $US dollar. A stronger US dollar makes the cost of goods sold overseas more expensive to buyers. This could lower sales expectations as overseas buyers find other suppliers. Small companies operating domestically do not have to worry about foreign exchange rates and how they are impacted by interest rate movements.

It is important to note that interest rate changes can impact all stocks, regardless of their size. The impact of interest rate changes on a particular stock will depend on a number of factors, including the company’s debt load, its industry, and its overall financial health. Overall, small-cap stocks are less sensitive to interest rate changes than large-cap stocks, but investors can expect more volatility.

Market-cap Sector Rotation

Sector rotation is the process of money moving from one stock market sector to another, based on expectations of which sectors will perform better in the future. This could be industry, types of securities (ie: bonds, real estate), or market cap.

As it relates to market cap, an investor might sell large-cap stocks and buy small-cap stocks if they believe that small-cap stocks are undervalued and are poised to outperform large-cap stocks in the future.

It can help you to stay ahead of the market. By monitoring sector performance and making changes to your portfolio accordingly, you can stay ahead of the market and make sure that your money is invested in the sectors that are most likely to perform well.

Take Away

There are many different groupings of stocks (market-cap, industry, international, region, etc.) and factors that can impact the group. One factor that has historically played a part in price discovery of small versus large-cap stocks is interest rate movements. Interest rates impact the cost of doing business and also sales. Investors add this into the myriad of other factors they try to be aware of when selecting stocks.

Paul Hoffman

Managing Editor, Channelchek

Release – ZyVersa Therapeutics Publishes New White Paper Detailing the Critical Role of Inflammasome ASC in Inflammatory Diseases, and Its Potential as a Therapeutic Target

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ZVSA

Jun 13, 2023

PDF Version

  • White paper summarizes the research of leading inflammasome experts, Drs. Helen Bramlett, Juan Pablo de Rivero Vaccari, W. Dalton Dietrich, and Robert W. Keane, University of Miami Miller School of Medicine
  • ASC, in monomeric form or as ASC specks, is central to initiation, amplification, and perpetuation of damaging inflammation leading to progressive tissue injury and chronic inflammatory diseases
  • The World Health Organization reports that chronic inflammatory diseases (heart disease, cancer, chronic respiratory disease, and diabetes) significantly threaten human health (led to death in over 33 million people worldwide in 2019)

WESTON, Fla., June 13, 2023 (GLOBE NEWSWIRE) — ZyVersa Therapeutics, Inc. (Nasdaq: ZVSA; “ZyVersa”), a clinical stage specialty biopharmaceutical company developing first-in-class drugs for treatment of patients with inflammatory and renal diseases who have significant unmet medical needs, announces availability of a new white paper on the critical role of inflammasome ASC in the development and progression of a wide-range of inflammatory diseases. Data suggest that drugs targeting ASC may provide the best opportunity to control damaging inflammation associated with diseases affecting millions of people worldwide. The white paper titled, “Inflammasome ASC: A Promising Therapeutic Target,” can be accessed by Clicking Here.  

The white paper highlights groundbreaking research from the labs of Drs. Bramlett, de Rivero Vaccari, Dietrich, and Keane, pioneers in the field of inflammasomes and members of ZyVersa’s Scientific Advisory Board. To read their biographies, Click Here.

“After 15 years of research to develop an understanding of how inflammasomes contribute to so many diverse diseases and conditions, we discovered the critical role of the ASC component and developed a monoclonal antibody, known as Inflammasome ASC Inhibitor IC 100,” stated Dr. Keane. “ASC is central to formation and activation of multiple inflammasome complexes associated with numerous diseases. ASC forms a large filamentous structure, the ASC speck, which is released from cells, amplifying and perpetuating inflammation. We believe that targeting ASC provides the best opportunity to control damaging inflammation.”

Dr. de Rivero Vaccari added, “We have studied IC 100 in animal models of diverse diseases and injuries including multiple sclerosis, age-related inflammation associated with neurodegenerative diseases, Alzheimer’s disease, acute respiratory distress syndrome, traumatic brain injury, and spinal cord injury. Each of these conditions demonstrated that IC 100 inhibited inflammasome activation, which resulted in improved histopathology and/or improved functional outcomes. We are continuing our research in other diseases, including Parkinson’s disease, for which we were awarded a grant from the Michael J. Fox Foundation.”

“ZyVersa, which obtained a worldwide license for Inflammasome ASC Inhibitor IC 100, is honored to collaborate with Drs. Bramlett, de Rivero Vaccari, Dietrich, and Keane to advance development of IC 100 into human trials,” said Stephen C. Glover, Co-founder, Chairman, CEO, and President of ZyVersa. “We have progressed manufacturing of IC 100 through GMP production, and our IND-enabling preclinical program has progressed through demonstration of IC 100 safety in dose-ranging toxicology studies in mice and monkeys.”

Mr. Glover continued, “We expect to complete the preclinical program for IC 100 by year’s end, and file an IND to initiate a Phase 1 trial in early 2024. We are excited about our progress, as we believe Inflammasome ASC Inhibitor IC 100 has potential to transform treatment of debilitating inflammatory diseases.”

About Inflammasome ASC Inhibitor IC 100

IC 100 is a novel humanized IgG4 monoclonal antibody that inhibits the inflammasome adaptor protein ASC. IC 100 attenuates both initiation and perpetuation of the inflammatory response. It does so by binding to a specific region of the ASC component of multiple types of inflammasomes, including NLRP1, NLRP2, NLRP3, NLRC4, AIM2, and Pyrin. Intracellularly, IC 100 binds to ASC monomers, inhibiting inflammasome formation, thereby blocking activation of IL-1β early in the inflammatory cascade. IC 100 also binds to ASC Specks, both intracellularly and extracellularly, further blocking activation of IL-1β and the perpetuation of the inflammatory response that is pathogenic in inflammatory diseases. Because active cytokines amplify adaptive immunity through various mechanisms, IC 100, by attenuating cytokine activation, also attenuates the adaptive immune response.

About ZyVersa Therapeutics, Inc.

ZyVersa (Nasdaq: ZVSA) is a clinical stage specialty biopharmaceutical company leveraging advanced, proprietary technologies to develop first-in-class drugs for patients with renal and inflammatory diseases who have significant unmet medical needs. The Company is currently advancing a therapeutic development pipeline with multiple programs built around its two proprietary technologies – Cholesterol Efflux Mediator™ VAR 200 developed to ameliorate renal lipid accumulation that damages the kidneys’ filtration system in patients with glomerular kidney diseases, and Inflammasome ASC Inhibitor IC 100, targeting damaging inflammation associated with numerous CNS and other inflammatory diseases. For more information, please visit www.zyversa.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These include statements regarding management’s intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. ZyVersa Therapeutics, Inc (“ZyVersa”) uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions. Such forward-looking statements are based on ZyVersa’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including ZyVersa’s plans to develop and commercialize its product candidates, the timing of initiation of ZyVersa’s planned preclinical and clinical trials; the timing of the availability of data from ZyVersa’s preclinical and clinical trials; the timing of any planned investigational new drug application or new drug application; ZyVersa’s plans to research, develop, and commercialize its current and future product candidates; the clinical utility, potential benefits and market acceptance of ZyVersa’s product candidates; ZyVersa’s commercialization, marketing and manufacturing capabilities and strategy; ZyVersa’s ability to protect its intellectual property position; and ZyVersa’s estimates regarding future revenue, expenses, capital requirements and need for additional financing.

New factors emerge from time-to-time, and it is not possible for ZyVersa to predict all such factors, nor can ZyVersa assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements included in this press release are based on information available to ZyVersa as of the date of this press release. ZyVersa disclaims any obligation to update such forward-looking statements to reflect events or circumstances after the date of this press release, except as required by applicable law.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.

Corporate and IR Contact:

Karen Cashmere
Chief Commercial Officer
kcashmere@zyversa.com
786-251-9641        

Media Contacts
Tiberend Strategic Advisors, Inc.
Casey McDonald
cmcdonald@tiberend.com
646-577-8520

Dave Schemelia
dschemelia@tiberend.com
609-468-9325

Release – MustGrow Completes Initial Commercial Production Run via Contract Manufacturer

Posted on by aweinsoff@channelchek.com
  • Succesful completion of initial commercial run-rate production via third-party contract manufacturer.
  • Production run-rate of the extract reached greater than the equivalent of 5,000 litres per day of MustGrow’s mustard plant-based biocontrol liquid technology.
  • Estimated equivalent annual capacity equates to approximately US$25 million in grower level revenue without the need to construct capital intensive production facilities.

SASKATOON, Saskatchewan, Canada, Jun. 13, 2023 – MustGrow Biologics Corp. (TSXV: MGRO) (OTC: MGROF) (FRA: 0C0) (the “Company” or “MustGrow”), is pleased to announce the successful initial commercial run-rate production of its mustard plant-based biocontrol liquid via a contract manufacturer.

MustGrow believes this production milestone further validates the Company’s commercialization strategy to initially utilize a third party contract manufacturer rather than construct its own capital-intensive pilot and/or commercial production facilities. The continuous production run-rate of the extract reached greater than the equivalent of 5,000 litres per day of MustGrow’s mustard plant-based biocontrol liquid technology, which is estimated to equal approximately US$25 million in annual grower level revenue. The production process created zero residual waste by generating a high protein byproduct ingredient for animal feed.

MustGrow’s CEO, Corey Giasson noted: “This is a key transition for MustGrow, now able to complete our first commercial-level production without needing to build our own capital-intensive facility.  We are now confident that we will be capable of producing commercially-scalable quantities of TerraSanteTM and TerraMGTM in preparation for initial registration approvals.  The continuous-flow design process ran without any reported upsets and we are close to maximum theoretical recovery of our targeted mustard extracts in the concentrate. This milestone successfully demonstrates a low-risk continuous-flow process, while further mitigating commercialization risk.”

Utilizing a third party contract manufacturer markedly derisks commercial capabilities in MustGrow’s soil amendment and biofertility technologies, as well as biocontrol and postharvest food preservation, which are currently under development with four global partners: Janssen PMP, Bayer, Sumitomo Corporation, and NexusBioAg.

———

About MustGrow

MustGrow is an agriculture biotech company developing organic biocontrol, soil amendment and biofertility products by harnessing the natural defense mechanism and organic materials of the mustard plant to sustainably protect the global food supply and help farmers feed the world.  MustGrow and its leading global partners — Janssen PMP (pharmaceutical division of Johnson & Johnson), Bayer, Sumitomo Corporation, and Univar Solutions’ NexusBioAg — are developing mustard-based organic solutions to potentially replace harmful synthetic chemicals.  Concurrently, with new formulations derived from food-grade mustard, the Company is pursuing the adoption and use of its technology in the soil amendment and biofertily markets.  Over 150 independent tests have been completed, validating MustGrow’s safe and effective approach to crop and food protection and yield enhancements.  Pending regulatory approval, MustGrow’s patented liquid products could be applied through injection, standard drip or spray equipment, improving functionality and performance features.  Now a platform technology, MustGrow and its global partners are pursuing applications in several different industries from preplant soil treatment and weed control, to postharvest disease control and food preservation, to soil amendment and biofertility.  MustGrow has approximately 49.7 million basic common shares issued and outstanding and 55.6 million shares fully diluted.  For further details, please visit www.mustgrow.ca.

ON BEHALF OF THE BOARD

“Corey Giasson”

Director & CEO
Phone: +1-306-668-2652
info@mustgrow.ca

MustGrow Forward-Looking Statements

Certain statements included in this news release constitute “forward-looking statements” which involve known and unknown risks, uncertainties and other factors that may affect the results, performance or achievements of MustGrow.

Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”.  Examples of forward-looking statements in this news release include, among others, statements MustGrow makes regarding: (i) estimated grower level revenue; (ii) the ability of the Company to produce commercially-scalable quantities of TerraSanteTM and TerraMGTM; (iii) risk levels associated with the continuous flow process; (iv) the continued success of its commercialization strategey including the commercial run-rate production of its mustard plant-based biocontrol liquid via a contract manufacturer; and (v) the maximum theoretical recovery of targeted mustard extracts in the concentrate.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of MustGrow to differ materially from those discussed in such forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, MustGrow.  Important factors that could cause MustGrow’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) the preferences and choices of agricultural regulators with respect to product approval timelines; (ii) the ability of MustGrow’s partners to meet obligations under their respective agreements; and (iii) other risks described in more detail in MustGrow’s Annual Information Form for the year ended December 31, 2022 and other continuous disclosure documents filed by MustGrow with the applicable securities regulatory authorities which are available at www.sedar.com.  Readers are referred to such documents for more detailed information about MustGrow, which is subject to the qualifications, assumptions and notes set forth therein.

This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States.

Neither the TSXV, nor their Regulation Services Provider (as that term is defined in the policies of the TSXV), nor the OTC Markets has approved the contents of this release or accepts responsibility for the adequacy or accuracy of this release.

© 2023 MustGrow Biologics Corp. All rights reserved.

Will 2023 Be the Summer of Small-Cap Stocks?

Posted on by phoffman@channelchek.com

The Mid-Year Sector Rotation is Benefitting Small-Cap Investors

“This time is different” is a saying often used in investing, usually just before the investor does something that they will soon regret. I say “regret” because, although the timing of patterns that have repeated themselves time and time again may change, well-entrenched investment rules very rarely change.

Over the past year, what I have perceived as undervalued stocks – coincidentally, all companies with a small market cap – have been prominently placed on my stocks watchlist.   While last year was a bad year for most of the market, these underperformed during that down market. So, they became even cheaper. I fully expected the stocks to eventually get investor attention and begin to move upwaard – in fact, I have had reason to believe this for a while of the small-cap sector in general.

While these watchlist stocks, in my mind, became even better values, I never told myself the market may have fundamentally changed, which would mean small caps will no longer be the relied-upon outperformers over time, as they have been historically. I did not think that “this time it might be different.”

Based on the two major small-cap indexes stellar performance so far this June, and a couple of my watchlist stock’s movements, my long wait may have been worthwhile and may soon be replaced by action.

Source: Koyfin

S&P 600 & Russell 2000 Indexes

Small-cap stocks have certainly turned up the heat so far in June. What’s more, is the larger indexes would seem to be losing steam as they have run so far for so long that, unless this time is different, they may be due for a retrenchment.

The renewed enthusiasm for the smaller and perhaps riskier stocks, over large caps, with businesses that tend to be more diversified, have deeper pockets, and more overall resources, is likely based on a number of normal factors. Smaller companies tend to operate leaner, so a higher percentage of revenue can flow to the bottom line in a growing economy. The two-week-old rally comes as many cyclical stocks, and industries that do best in a growing economy are springing to life, especially since the debt ceiling negotiations have been resolved, the banking system is seen as out of trouble, and the Fed has broken records in its tightening pace yet still unemployment is low.

The reduced clouds on the horizon and higher multiples of large-cap stocks seem to have given investors motivation to move to small cap stocks with lower multiples, and with less fear of the economy falling apart any time soon.

Investors are rotating into companies with lower market caps. Looking above at the two small-cap indexes, the S&P 600 (IJS as a proxy) is low in tech stocks that are heavily weighted in the worse-performing indexes. Financials and industrials make up 34% (tech is just 14%) of the S&P 600 Small-caps. The S&P 600 is up 8.87% so far in June compared to the large cap S&P 500 which only gained half as much. The Russell 2000 Small-cap Index is up 8.55% so far in June. This is also the month when investors watch the Russell Reconstitution, which is the rebalancing of the Russell 3000, Russell 1000, and Russell 2000 index based on remeasuring market-caps on the top 3000 stocks. There will be a great deal of attention to the reshuffling come the last Friday of the month.

Take Away

Is it different this time? Are small cap stocks going to play catch up as investors, hungry for value, and growing concerned that larger companies may be overvalued, and an overall increased comfort level that fewer dangers loom on the economic horizon, rotate some assets there? They have whetted their appetite, if the outperformance continues, I suspect they may go back for seconds, then others might join.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://www.economist.com/media/pdf/this-time-is-different-reinhart-e.pdf

https://www.barrons.com/articles/small-cap-stocks-apple-big-tech-9d3b5669

Pause, Pivot, or Push Higher – What to Review After the FOMC Announcement

Posted on by phoffman@channelchek.com

The FOMC Member’s Change in Sentiment is a Big Focus

Whether the Fed moves rates up after the June FOMC or not could mean little to whether there is additional drag on the economy. The short end of the yield curve, where savers benefit, has risen each time the Fed has raised rates. Out further, the 10-year T-Note, which is the benchmark for 30-year mortgages and from which corporate 10-year notes are spread, has been remarkably steady. Nine months ago, when Fed Funds were 3.00%- 3.25%, the 10-Year Treasury yielded 3.76%. Today the Fed Funds target rate is 5.00-5.25%, the 10-Year is still at 3.76%. This may be why the Fed has had a difficult time reeling in inflation, longer interest rates, where they impact the economy most, had reached 4.25% last October, the Fed has since tightened 200bp, and 10-year rates have traded around 50 bp lower     since the October high, despite the tightening. And for the same reason, mortgage rates are lower now than they were last October.

Summary Of Economic Projections

More meaningful for market participants might be the Summary of Economiuc Projections (SEP). Outside of a normal knee-jerk reaction after Wednesday’s policy announcement, or a quick trade that can be had off Powell’s press conference remarks, what the Fed members now expect by year-end is a better indication of any new mindset on monetary policy.  

The Summary of Economic Projections includes estimates from the FOMC members showing where they see rates at the end of 2023 (and beyond). At the March meeting (see below), most of the Fed policymakers saw rates staying at current levels, with a few signaling additional hikes may be coming. While Powell will answer questions at the press conference that may be indicative of what they are thinking, the change in the SEP numbers (released in the statement after the meeting) is a better indicator of whether the Fed is now more hawkish or dovish.

Source:  Board of Governors of the Federal Reserve System

A big shift toward expectations of higher rates would indicate a more hawkish stance. It will be useful to note how projections have evolved compared to March – Chair Powell will, of course, provide further color through his press conference.

Pause, Pivot, or Push Higher

Has the view changed with recent economic data? Was the view in March skewed by what could have turned into a banking crisis? We’ll see in hard numbers, without reading between any lines. We can see in black and white what the aggregate thinking is of the members when behind closed doors, where the important discussions happen – inside the FOMC meeting room.

After the announcement, Channelchek subscribers will receive a summary in their email of the announcement, changes in language from previous meetings, and the new SEP to compare any change in sentiment (subscribe at no cost).

While the actual impact on the overall economy of a 25bp move compared to a Fed pause may have little impact on the economy, company earnings, or even Treasury Bonds, each time the Fed raises overnight rates, there are investors that are more comfortable with a larger allocation of cash. Depending on where “uninvested” assets are held, they may be earning near 5%. This is a risk to stock prices as some investors may find be comfortable with money market returns for a larger portion of their portfolios. Fewer assets in the stock market have a depressing effect on prices.

Take Away

While pre and post-Fed meeting investor conversations tend to swirl around words like, “pause”, “pivot”, and “tighten”, the Fed’s overall change in rate expectations, which they have the most control over, is more telling than any polished statement or press briefing. These numbers are on the SEP report.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://ycharts.com/indicators/10_year_treasury_rate

Release – Snail Inc. Participates in the 3XP Web3 Gaming Expo

Posted on by aweinsoff@channelchek.com

Research News and Market Data on SNAL

June 12, 2023 at 8:31 AM EDT

CULVER CITY, Calif., June 12, 2023 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail”), a leading, global independent developer and publisher of interactive digital entertainment, today announced its participation at the recent 3XP Web3 Gaming Expo. The event was held at the Pasadena Convention Center in California from June 8-9th.

Jim Tsai, Chief Executive Officer of Snail, participated in a panel discussion titled “Blockchain & Traditional Gaming: Competitors or Collaborators?” as a guest speaker. In the discussion, Mr. Tsai shared insightful perspectives on the converging landscapes of blockchain technology and traditional gaming, adding a unique dimension to this critical industry dialogue.

The 3XP Web3 Gaming Expo is an annual event for gamers, developers, investors, and enthusiasts to come together and explore the newest technologies and gaming trends in the web3 gaming industry. It includes a variety of speakers, vendors, competitions, and activities designed to appeal to the modern gaming demographic, serving as a comprehensive platform for the exploration and celebration of innovations in the web3 gaming landscape.

Jim Tsai remarked, “We are excited about our participation at the 3XP Web3 Gaming Expo. Our engagement at the Expo underscores Snail’s commitment to remaining at the forefront of emerging trends and technological evolution in the gaming sector. The Expo offered us a unique platform to connect with fellow industry leaders, fostering an environment conducive to mutual learning and potential strategic partnerships. We are committed to leveraging these opportunities to further augment Snail’s market presence and diverse offerings.”

About Snail, Inc.

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other game developers and publishers and both large and small, public and private Internet companies; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, the Apple App Store, the Google Play Store, My Nintendo Store and the Amazon Appstore; the potential for strategic partnerships; and assumptions underlying any of the foregoing.

Contacts:

Investors:

investors@snail.com 

Release – Ocugen, Inc. Announces Adjournment Of Annual Meeting Of Shareholders

Posted on by aweinsoff@channelchek.com

Research News and Market Data on OCGN

June 9, 2023

MALVERN, Pa., June 09, 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 announced that the Company’s 2023 Annual Meeting of Shareholders (Annual Meeting) was convened and adjourned, without any business being conducted, due to lack of the required quorum.

A quorum consists of the presence at the Annual Meeting either online during the live audio webcast or represented by proxy of the holders of a majority of the voting power of our outstanding shares of common stock entitled to vote at the Annual Meeting. There were fewer than a majority of shares entitled to vote present, either in person or by proxy at the Annual Meeting. The Annual Meeting therefore had no quorum, and accordingly, the Annual Meeting has been adjourned. The Annual Meeting will resume with respect to all proposals at 11 a.m. Eastern Time on Friday, June 23, 2023 and will continue to be held virtually.

The record date for determining shareholders eligible to vote at the Annual Meeting will remain the close of business on April 13, 2023. Shareholders who have already submitted a proxy do not need to vote again for the reconvened Annual Meeting, as the proxies submitted will remain valid. Shareholders who have already submitted proxies and would like to change their vote with respect to any of the proposals can update their vote in the manner set forth in the Definitive Proxy Statement. Your vote will be recorded at the Annual Meeting in accordance with your most recently submitted proxy.

Ocugen shareholders as of close of business on the April 13, 2023 record date who have not yet voted are encouraged to vote online at www.proxyvote.com or by telephone at 1-800-690-6903. Shareholders that need assistance voting or have questions, may contact Ocugen’s proxy solicitation firm, Innisfree M&A Incorporated, at (877) 750-8198.

Voting on all proposals will be open until the conclusion of Ocugen’s 2023 Annual Meeting on June 23, 2023.

If you hold your shares of our common stock with a broker, bank, or other holder of record as nominee or agent, you may be subject to an earlier voting deadline and you should carefully review any materials received from the nominee or agent regarding how to vote your shares.

A copy of the Definitive Proxy Statement is available to shareholders on the Company’s website and at the website maintained by the SEC at www.sec.gov.

Ocugen shareholders as of the April 13, 2023 record date for the Annual Meeting are invited to attend the virtual Annual Meeting by visiting www.virtualshareholdermeeting.com/OCGN2023.

Important Information

This material may be deemed to be solicitation material in respect of the Annual Meeting to be reconvened and held on June 23, 2023. In connection with the Annual Meeting, the Company filed a Definitive Proxy Statement with the SEC on April 20, 2023. BEFORE MAKING ANY VOTING DECISIONS, SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE ANNUAL MEETING. The Definitive Proxy Statement was mailed to shareholders who are entitled to vote at the Annual Meeting. No changes have been made to the proposals to be voted on by shareholders at the Annual Meeting. The Company’s Definitive Proxy Statement and any other materials filed by the Company with the SEC can be obtained free of charge at the SEC’s website at www.sec.gov or the Company’s website www.ocugen.com.

About Ocugen, Inc.
Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, 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 Corporate Communications
IR@ocugen.com 

Lifeway Foods (LWAY) – A Chat With David Kanen

Posted on by cpereira@noblefcm.com


Monday, June 12, 2023

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.

A Chat. We had an opportunity to speak with David Kanen about his Lifeway investment and letter to the Board. Mr. Kanen reiterated a number of points he brought up in his letter, which we encourage investors to read. Mr. Kanen noted his desire to see other investors become familiar with the Lifeway opportunity.

What About the Proxy Contest? Mr. Kanen observed that, in his opinion, even if Edward and Ludmila Smolyansky are unable to mount a proxy contest this year, the terms of the settlement agreement would enable Edward and Ludmila to renew their quest at the 2024 annual meeting.


Get the Full Report

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. 

Comtech Telecommunications (CMTL) – Third Quarter Results Released

Posted on by cpereira@noblefcm.com


Monday, June 12, 2023

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

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.

Delivering on the Transformation. Led by CEO Ken Peterman, Comtech is delivering on its transformation. 3Q23 was the sixth consecutive quarter of top line revenue growth, with improving adjusted EBITDA margins. The Company is seeing noticeable improvement in its growth and profit improvement initiatives, in our view.

3Q23 Results. Revenue of $136.3 million was up 1.9% sequentially, within guidance. Y-o-Y revenue was up 11.6%. We were at $136 million. Adjusted EBITDA totaled $12.5 million, versus $11.2 million in 3Q22. We were at $12.2 million. Comtech reported a net loss of $9.2 million, or a loss of $0.33 per share, compared to a net loss of $1.7 million, or $0.06 per share last year. Adjusted EPS was $0.11 versus $0.25. We had forecast a net loss of $4 million, or a loss of $0.14 per share and adjusted EPS of $0.12.


Get the Full Report

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.