IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that the “Main Street Matters” podcast, produced by Job Creators Network, will join the Salem Podcast Network, effective June 7, 2023.
Main Street Matters is America’s small business megaphone and will feature inspirational real-life stories of the struggles and successes of small business owners. By highlighting their grit, determination, and passion Main Street Matters will prove the American Dream is still alive. The podcast will be co-hosted by Alfredo Ortiz, President and CEO of Job Creators Network, and Elaine Parker, President of Job Creators Network Foundation. Two episodes of the podcast will be released each week.
“We are so happy to add a podcast to our lineup that talks to small business owners and entrepreneurs — the lifeblood of the economy,” said Salem Senior Vice President of Spoken Word, Phil Boyce. “Alfredo and Elaine are two of the best voices out there in this space and will be able to help so many people grow and succeed.”
“Job Creators Network is proud to partner with Salem to launch this important podcast,” said Alfredo Ortiz. “‘Main Street Matters’ will elevate the concerns of small business job creators and promote the positive American vision of entrepreneurship. This small business message is needed now to counter big government narratives and policies.”
“Small businesses are the backbone of the American economy, yet they are under constant pressure from bad government policy,” said Elaine Parker. “Job Creators Network is excited to tell their stories in the new podcast, ‘Main Street Matters’, to build public support for policies that help them flourish. We are excited to partner with Salem, the premiere audio distribution channel of conservative thought.”
The Job Creators Network (JCN) is the country’s leading organization fighting for economic freedom by advocating for pro-growth policies and pushing back against government overreach. JCN provides business and community leaders with the tools and training to become an effective voice for free enterprise in the media, in Congress, in state capitals, and with their employees. By creating advocates, we can hold politicians accountable and reduce the efforts of big government to over-regulate and overtax America’s small business owners.
As the president and CEO of the Job Creators Network, Alfredo Ortiz has led the defense of small businesses from the onslaught of bad government policies. He has testified before legislative committees about the impact of taxation and regulation on small business growth. He served as a Commissioner to the White House Hispanic Prosperity Initiative. Ortiz was instrumental in helping pass the historic tax cuts bill of 2017. Before joining JCN, Ortiz was a marketing and corporate strategy consultant, working for various Fortune 500 companies. He has been widely published in major media outlets, including The Wall Street Journal, USA Today, CNBC, The Hill, and U.S. News & World Report and is a frequent guest on cable news networks and national radio talk shows, including CNN, Fox News, Hugh Hewitt, Mike Gallagher, and the Dennis Prager Show as well as C-SPAN. Ortiz received his MBA at the University of Michigan and graduated from Pomona College with a bachelor’s degree in economics.
Elaine Parker has more than 20 years of experience in the communications field, beginning her career as a Public Relations Manager for Chrysler. She later became an independent communications consultant specializing in public policy advocacy, media strategies, and crisis communications. In her roles with the Job Creators Network and the Job Creators Network Foundation, she frequently appears as a guest on television and nationally syndicated radio shows and has published op-eds in FoxNews.com, Washington Examiner, Los Angeles Daily News, RealClear Policy, Townhall, The Hill, The Orange County Register, the Orlando Sentinel and other national publications. Parker is a graduate of the University of Central Florida, where she studied Business Administration.
The Salem Podcast network launched in January 2021 and is ranked as the 10th most listened to podcast network on the Triton Digital platform, with 17 million average downloads per month.
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.
Net loss totaled ($4.7) million, or ($0.15) per diluted share; non-GAAP net loss totaled ($2.6) million, or ($0.09) per diluted share
Balance sheet remains strong, with cash and cash equivalents of $25.3 million, no debt, and year-over-year inventories down 11.8%
Management increases guidance for fiscal year
FORT WAYNE, Ind., June 07, 2023 (GLOBE NEWSWIRE) — Vera Bradley, Inc. (Nasdaq: VRA) today announced its financial results for the first quarter ended April 29, 2023.
In this release, Vera Bradley, Inc. or “the Company” refers to the entire enterprise and includes both the Vera Bradley and Pura Vida brands. Vera Bradley on a stand-alone basis refers to the Vera Bradley brand.
First Quarter Comments
Jackie Ardrey, Chief Executive Officer of the Company, noted, “We are pleased that meaningful gross margin expansion and diligent expense control led to significant year-over-year improvement in bottom-line performance for the quarter.
“On the revenue side, Vera Bradley factory stores experienced challenging traffic trends in March and April that led to weaker-than-expected performance for the quarter. This was partially offset, however, by several positive highlights in other areas of our business.
“First, we experienced our first positive quarterly revenue performance in five quarters at Pura Vida, primarily driven by non-comparable retail store sales. We also saw improved year-over-year sales trends in both our Pura Vida wholesale and e-commerce channels. Second, we delivered strong Vera Bradley e-commerce performance and solid Vera Bradley full-line store revenues. Vera Bradley Indirect revenues declined, as expected, due to a non-recurring key account order that took place in last year’s first quarter, but the underlying business remains healthy.”
“We are building a collaborative team with the mindset of generating long-term revenue increases, expanding gross margin, and ensuring strong financial discipline and cost control, which we expect will drive long-term profitable growth,” Ardrey continued. “The team is working hard and taking strategic, proactive steps to steadily grow Pura Vida’s revenues and to reverse the trends in Vera Bradley’s factory channel through the expansion of successfully tested targeted marketing programs designed to drive traffic and average order size.”
Ardrey added, “The hard work on Project Restoration began in the first quarter, which is focused on four key pillars of the business for each brand – Consumer, Brand, Product, and Channel – to drive this long-term profitable growth. To support Project Restoration and lay the foundation for our success, we made additional corporate changes and announced $12 million in incremental annualized cost reductions, including the elimination of approximately 25 corporate positions as part of an overall plan to further right-size the expense structure of the Company.”
Michael Schwindle joined the Company as Chief Financial Officer on May 8, 2023. “His track record of driving profitable growth, along with his passion for retail and operational excellence, will be instrumental as the Company executes Project Restoration and in the years beyond,” Ardrey noted. The Company also made several organizational changes in the Marketing, E-commerce, Product Design, and Product Development areas that flattened and streamlined the organizational structure to improve execution; make faster decisions; and provide support for the four pillars of Project Restoration. These most recent organizational changes and non-payroll expense reductions are expected to produce annualized savings of approximately $12 million, on top of the Company’s Fiscal 2023 cost reductions.
“We are committed to delivering improved value to our shareholders,” Ardrey continued. “These efforts will allow us to simplify our structure, be a more agile organization, and reset our expense base, so we can focus fully on Project Restoration and on delivering both healthy top- and bottom-line growth in the future.”
Summary of Financial Performance for the First Quarter
Consolidated net revenues totaled $94.4 million compared to $98.5 million in the prior year first quarter ended April 30, 2022.
For the current year first quarter, Vera Bradley, Inc.’s consolidated net loss totaled ($4.7) million, or ($0.15) per diluted share. These results included $2.0 million of net after tax charges, comprised of $1.4 million of severance charges, $0.5 million for the amortization of definite-lived intangible assets, and $0.1 million of consulting and professional fees primarily associated with cost saving and strategic initiatives. On a non-GAAP basis, Vera Bradley, Inc.’s consolidated first quarter net loss totaled ($2.6) million, or ($0.09) per diluted share.
For the prior year first quarter, Vera Bradley, Inc.’s consolidated net loss totaled ($7.0) million, or ($0.21) per diluted share. These results included $0.9 million of net after tax charges, comprised of $0.4 million of intangible asset amortization and $0.4 million of impairment charges, and $0.1 million of consulting fees associated with cost savings initiatives. On a non-GAAP basis, Vera Bradley, Inc.’s consolidated first quarter net loss totaled ($6.0) million, or ($0.18) per diluted share.
Non-GAAP Numbers
The current year non-GAAP first quarter income statement numbers referenced below exclude the previously outlined severance charges, intangible asset amortization, and consulting and professional fees. The prior year non-GAAP first quarter income statement numbers referenced below exclude the previously outlined intangible asset amortization, impairment charges, and consulting fees.
First Quarter Details
Current year first quarter Vera Bradley Direct segment revenues totaled $58.9 million, a 4.4% decrease from $61.6 million in the prior year first quarter. Comparable sales declined 3.3% in the first quarter, primarily due to weakness in the factory channel. The Company permanently closed 19 full-line and two factory outlet stores and opened five factory outlet stores over the last twelve months.
Vera Bradley Indirect segment revenues totaled $15.4 million, a 9.4% decrease from $17.0 million in the prior year first quarter. Prior year revenues reflected a large one-time key account order that was not repeated in the current year.
Pura Vida segment revenues totaled $20.1 million, a 1.2% increase over $19.8 million in the prior year first quarter, primarily driven by new store growth resulting in non-comparable retail store sales.
First quarter consolidated gross profit totaled $51.7 million, or 54.8% of net revenues, compared to $52.5 million, or 53.3% of net revenues, in the prior year first quarter. The current year gross profit rate was favorably impacted by lower year-over-year inbound and outbound freight expense and the sell-through of previously-reserved inventory, partially offset by an increase in promotional activity.
Consolidated SG&A expense totaled $58.5 million, or 62.0% of net revenues, for the quarter, compared to $60.9 million, or 61.9% of net revenues, for the prior year first quarter. On a non-GAAP basis, consolidated SG&A expense totaled $55.6 million, or 58.9% of net revenues, for the current quarter, compared to $59.4 million, or 60.3% of net revenues, for the prior year first quarter. Vera Bradley’s current year non-GAAP SG&A expenses were lower than the prior year primarily due to cost reduction initiatives and a reduction in variable-related expenses related to lower sales volume.
The Company’s first quarter consolidated operating loss totaled ($6.4) million, or (6.8%) of net revenues, compared to an operating loss of ($8.2) million, or (8.4%) of net revenues, in the prior year first quarter. On a non-GAAP basis, the consolidated operating loss totaled ($3.5) million, or (3.7%) of net revenues, compared to ($6.7) million, or (6.8%) of net revenues, in the prior year.
By segment:
Vera Bradley Direct’s first quarter operating income was $7.3 million, or 12.5% of Direct net revenues, compared to operating income of $5.5 million, or 8.9% of Direct net revenues, in the prior year. On a non-GAAP basis, Vera Bradley Direct’s current year first quarter operating income was $7.7 million, or 13.0% of Direct net revenues, compared to $5.5 million, or 8.9% of Direct net revenues, in the prior year.
Vera Bradley Indirect’s first quarter operating income was $4.7 million, or 30.6% of Indirect net revenues, compared to $5.5 million, or 32.3% of Indirect net revenues, in the prior year.
Pura Vida’s first quarter operating income was $1.6 million, or 7.8% of Pura Vida net revenues, compared to $1.1 million, or 5.3% of Pura Vida net revenues, in the prior year. On a non-GAAP basis, Pura Vida’s current year first quarter operating income was $2.3 million, or 11.4% of Pura Vida net revenues, compared to $1.8 million, or 9.2% of Pura Vida net revenues, in the prior year.
Balance Sheet
Net capital spending for the first quarter totaled $0.8 million compared to $1.7 million in the prior year.
Cash and cash equivalents as of April 29, 2023 totaled $25.3 million compared to $46.6 million at fiscal year end. The Company had no borrowings on its $75 million ABL credit facility at quarter end.
Total quarter-end inventory was $142.7 million, compared to $161.8 million at the end of the first quarter last year.
During the first quarter, the Company repurchased approximately $0.7 million of its common stock (approximately 0.1 million shares at an average price of $5.71). $27.0 million remains under the Company’s $50.0 million repurchase authorization that expires in December 2024.
Forward Outlook
Management is updating guidance for the fiscal year ending February 3, 2024 (“Fiscal 2024”) based on first quarter performance, Company initiatives underway, and current macroeconomic trends and expectations.
Excluding net revenues, all forward-looking guidance numbers referenced below are non-GAAP. The prior year income statement numbers exclude the previously disclosed charges for goodwill and intangible asset impairment; net inventory and purchase order-related adjustments; severance, retention, and stock-based retirement compensation; consulting and professional fees primarily associated with cost savings initiatives, the CEO search, and strategic initiatives; amortization of definite-lived intangible assets; store and right-of-use asset impairment charges; new CEO sign-on bonus and relocation; and goodMRKT exit costs. Current year guidance excludes any similar charges.
For Fiscal 2024, the Company’s expectations are as follows:
Consolidated net revenues of $490 to $510 million. Net revenues totaled $500.0 million in Fiscal 2023. Both Vera Bradley and Pura Vida revenues are expected to be approximately flat on a year-over-year basis.
A consolidated gross profit percentage of 52.8% to 53.8% compared to 51.4% in Fiscal 2023. The Fiscal 2024 gross margin rate is expected to be favorably impacted by lower year-over-year freight expense, cost reduction initiatives, and the sell-through of previously-reserved inventory, partially offset by an increase in promotional activity.
Consolidated SG&A expense of $237 to $247 million compared to $245.3 million in Fiscal 2023. An expected decline in SG&A expense is being driven by Company-wide cost reduction initiatives, partially offset by restoring short-term and long-term incentive compensation to more normalized levels and incremental marketing investment intended to accelerate customer file growth.
Consolidated operating income of $24 to $28 million compared to $12.3 million in Fiscal 2023.
Free cash flow of between $35 and $40 million compared to a cash usage of $21.7 million in Fiscal 2023.
Consolidated diluted EPS of $0.57 to $0.67 based on diluted weighted-average shares outstanding of 30.7 million and an effective tax rate of approximately 28%. Diluted EPS totaled $0.24 last year.
Net capital spending of approximately $5 million compared to $8.2 million in the prior year, reflecting investments associated with new Vera Bradley Factory stores and technology and logistics enhancements.
Disclosure Regarding Non-GAAP Measures
The Company’s management does not, nor does it suggest that investors should, consider the supplemental non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Further, the non-GAAP measures utilized by the Company may be unique to the Company, as they may be different from non-GAAP measures used by other companies.
The Company believes that the non-GAAP measures presented in this earnings release, including (cash usage) free cash flow; gross profit; selling, general, and administrative expenses; operating loss; net loss; net loss attributable and available to Vera Bradley, Inc.; and diluted net loss per share available to Vera Bradley, Inc. common shareholders, along with the associated percentages of net revenues, are helpful to investors because they allow for a more direct comparison of the Company’s year-over-year performance and are consistent with management’s evaluation of business performance. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures can be found in the Company’s supplemental schedules included in this earnings release.
Call Information
A conference call to discuss results for the first quarter is scheduled for today, Wednesday, June 7, 2023, at 9:30 a.m. Eastern Time. A broadcast of the call will be available via Vera Bradley’s Investor Relations section of its website, www.verabradley.com. Alternatively, interested parties may dial into the call at (888) 394-8218, and enter the access code 9903988. A replay will be available shortly after the conclusion of the call and remain available through June 21, 2023. To access the recording, listeners should dial (844) 512-2921, and enter the access code 9903988.
About Vera Bradley, Inc.
Vera Bradley, Inc. operates two unique lifestyle brands – Vera Bradley and Pura Vida. Vera Bradley and Pura Vida are complementary businesses, both with devoted, emotionally-connected, and multi-generational female customer bases; alignment as casual, comfortable, affordable, and fun brands; positioning as “gifting” and socially-connected brands; strong, entrepreneurial cultures; a keen focus on community, charity, and social consciousness; multi-channel distribution strategies; and talented leadership teams aligned and committed to the long-term success of their brands.
Vera Bradley, based in Fort Wayne, Indiana, is a leading designer of women’s handbags, luggage and other travel items, fashion and home accessories, and unique gifts. Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand is known for its innovative designs, iconic patterns, and brilliant colors that inspire and connect women unlike any other brand in the global marketplace.
In July 2019, Vera Bradley, Inc. acquired a 75% interest in Creative Genius, Inc., which also operates under the name Pura Vida Bracelets (“Pura Vida”). Pura Vida, based in La Jolla, California, is a digitally native, highly-engaging lifestyle brand founded in 2010 by friends Paul Goodman and Griffin Thall. Pura Vida has a differentiated and expanding offering of bracelets, jewelry, and other lifestyle accessories. The Company acquired the remaining 25% of Pura Vida in January 2023.
The Company has three reportable segments: Vera Bradley Direct (“VB Direct”), Vera Bradley Indirect (“VB Indirect”), and Pura Vida. The VB Direct business consists of sales of Vera Bradley products through Vera Bradley Full-Line and Factory stores in the United States, www.verabradley.com, www.verabradley.ca, Vera Bradley’s online outlet site, and the Vera Bradley annual outlet sale in Fort Wayne, Indiana. The VB Indirect business consists of sales of Vera Bradley products to approximately 1,700 specialty retail locations throughout the United States, as well as select department stores, national accounts, third party e-commerce sites, and third-party inventory liquidators, and royalties recognized through licensing agreements related to the Vera Bradley brand. The Pura Vida segment consists of sales of Pura Vida products through the Pura Vida websites, www.puravidabracelets.com, www.puravidabracelets.eu, and www.puravidabracelets.ca; through the distribution of its products to wholesale retailers and department stores; and through its Pura Vida retail stores.
Website Information
We routinely post important information for investors on our website www.verabradley.com in the “Investor Relations” section. We intend to use this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.
Investors and other interested parties may also access the Company’s most recent Corporate Responsibility and Sustainability Report outlining its ESG (Environmental, Social, and Governance) initiatives at https://verabradley.com/pages/corporate-responsibility.
Vera Bradley Safe Harbor Statement
Certain statements in this release are “forward-looking statements” made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events and are subject to various risks and uncertainties that may cause actual results to differ materially from those that we expected, including: possible adverse changes in general economic conditions and their impact on consumer confidence and spending; possible inability to predict and respond in a timely manner to changes in consumer demand; possible loss of key management or design associates or inability to attract and retain the talent required for our business; possible inability to maintain and enhance our brands; possible inability to successfully implement the Company’s long-term strategic plans; possible inability to successfully open new stores, close targeted stores, and/or operate current stores as planned; incremental tariffs or adverse changes in the cost of raw materials and labor used to manufacture our products; possible adverse effects resulting from a significant disruption in our distribution facilities; or business disruption caused by pandemics. Risks, uncertainties, and assumptions also include the possibility that Pura Vida acquisition benefits may not materialize as expected and that Pura Vida’s business may not perform as expected. More information on potential factors that could affect the Company’s financial results is included from time to time in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s public reports filed with the SEC, including the Company’s Form 10-K for the fiscal year ended January 28, 2023. We undertake no obligation to publicly update or revise any forward-looking statement. Financial schedules are attached to this release.
Research Directed by Faculty of the Center for Transplantation Sciences, Massachusetts General Hospital
TNX-1500 is Expected to Enter Phase 1 Clinical Development in Third Quarter 2023
CHATHAM, N.J, June 07, 2023 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), a clinical-stage biopharmaceutical company, today announced data from two oral presentations and one poster presentation at the 2023 American Transplant Congress (ATC) by faculty at the Center for Transplantation Sciences, Massachusetts General Hospital. The data involve studies of Tonix’s TNX-1500 (Fc-modified anti-CD40L monoclonal antibody) in development for the prevention of organ transplant rejection. The molecular target of TNX-1500 is CD40-ligand (CD40L), which is also known as CD154. Copies of the presentations are available on the Tonix Pharmaceuticals website at www.tonixpharma.com.
The oral presentations titled, “Fc-Modified anti-CD154 Mab Induced Long Term Renal Allograft Survival without Thromboembolic Complications” by Dr. Ryo Otsuka et al. and “Efficacy of CD154 Blockade with TNX-1500 to prevent heart allograft immune injury” by Dr. Ikechukwu Ileka et al., and the poster presentation titled “anti-CD154 mAb (TNX-1500) Alone, or in Combination with Rapamycin, MMF, or anti-CD28 mAb (VEL-101) Prolongs Cynomolgus Cardiac Allograft Survival” by Dr. Kohei Kinoshita et al. include data demonstrating that TNX-1500 showed activity in preventing organ rejection and was well tolerated in non-human primates. Blockade of CD40L with TNX-1500 monotherapy consistently prevented pathologic alloimmunity in non-human primate kidney and cardiac allograft models without clinical thrombosis. Dr. Kinoshita was recognized with “Poster of Distinction” for his poster presentation.
“The animal studies found that TNX-1500 retains activity to prevent rejection and preserve graft function, which we believe provides strong rationale for us to pursue development of TNX-1500 to prevent rejection in human transplant,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “We expect to begin a Phase 1 trial with TNX-1500 in the third quarter of 2023. There remains a significant need for new treatments with improved activity and tolerability to prevent organ transplant rejection. TNX-1500 is a third generation anti-CD40L mAb that has been designed by protein engineering to decrease FcγRII binding and to reduce the potential for thrombosis. We believe TNX-1500 has the potential for treating and preventing organ transplant rejection. Beyond transplantation, we believe TNX-1500 has potential for treating autoimmune conditions including systemic lupus erythematosus, Sjögren’s syndrome and multiple sclerosis.”
Tonix Pharmaceuticals Holding Corp.*
Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of central nervous system (CNS), rare disease, immunology and infectious disease product candidates. Tonix’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL (cyclobenzaprine HCl sublingual tablet), is in mid-Phase 3 development for the management of fibromyalgia with topline data expected in the fourth quarter of 2023. TNX-102 SL is also being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Enrollment in a Phase 2 study has been completed, and topline results are expected in the third quarter of 2023. TNX-1900 (intranasal potentiated oxytocin), in development for chronic migraine, is currently enrolling with topline data expected in the fourth quarter of 2023. TNX-601 ER (tianeptine hemioxalate extended-release tablets), a once-daily formulation being developed as a treatment for major depressive disorder (MDD), is also currently enrolling with interim data expected in the fourth quarter of 2023. TNX-4300 (estianeptine) is a small molecule oral therapeutic in preclinical development to treat MDD, Alzheimer’s disease and Parkinson’s disease. TNX-1300 (cocaine esterase) is a biologic designed to treat cocaine intoxication and has been granted Breakthrough Therapy designation by the FDA. A Phase 2 study of TNX-1300 is expected to be initiated in the third quarter of 2023. Tonix’s rare disease portfolio includes TNX-2900 (intranasal potentiated oxytocin) for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan Drug designation by the FDA. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of allograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the third quarter of 2023. Tonix’s infectious disease pipeline includes TNX-801, a vaccine in development to prevent smallpox and mpox, for which a Phase 1 study is expected to be initiated in the first quarter of 2024. TNX-801 also serves as the live virus vaccine platform or recombinant pox vaccine platform for other infectious diseases. The infectious disease portfolio also includes TNX-3900 and TNX-4000, classes of broad-spectrum small molecule oral antivirals.
*All of Tonix’s product candidates are investigational new drugs or biologics and have not been approved for any indication.
This press release and further information about Tonix can be found at www.tonixpharma.com.
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2023, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
Toronto, Ontario, June 6, 2023 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) announces that its Annual and Special Meeting of Shareholders (the “Meeting”) will be held at 2:30pm EST on Wednesday, June 14, 2023 at the Company’s offices at 8 King Street East, Suite 1800, Toronto, ON M5C 1B5. The formal part of the Meeting will be followed by a brief presentation. Shareholders are invited to follow along the proceedings of the Meeting via Zoom Events. Questions may be posed in person at the Meeting or sent online during the Zoom Event.
Zoom Event Details
Event Date and Time: June 14, 2023, 2:30 PM America/New York
Event Name: Aurania Resources Ltd. Annual and Special Meeting of Shareholders
Aurania shareholders can click this link to register and join the event on June 14th.
Meeting ID: VwX2aCzERRe17va7iquBMg
Proxy Voting Deadline
The Zoom Event is for listening to the proceedings of the Meeting only. To ensure your vote is counted, please cast your vote prior to Monday, June 12th, 2022, at 2:30pm EST as per the details in your form of proxy. Meeting materials can be found on Aurania’s website under the Annual General Meeting tab.
Financial Statements and MD&A (Management’s Discussion & Analysis)
Aurania’s annual financial statements for the year-ended December 31, 2022, and the interim financial statements and MD&A for three months ended March 31, 2022, are available on SEDAR and the Company’s website.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
For further information, please contact:
Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.comNeither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.
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.
ASCO Presentation On Head and Neck Cancer Reviewed. PDS Biotechnology held a conference call to review data from the Phase 2 VERSATILE-002 trial that was presented at the annual ASCO meeting on Monday, June 5. Management also briefly commented on a misinterpretation posted on social media sites that caused a sharp price decline and a trading halt in the stock.
VERSATILE-002 Data Consistent With Previous Results. As discussed in our Research Note from May 30, the presentation updated the Phase 2 VERSATILE trial data presented at ASCO ’22. At that time, preliminary data from the first 17 patients to reach the 9-month evaluation post was presented. The update included data from 34 patients that had reached the 12-month evaluation point.
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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.
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.
Results from Telbel deep drilling program. Maple Gold released complete gold assay results from the first phase of deep drilling at the Telbel Mine area of the Joutel Gold Project which is held in the 50/50 joint venture between Maple and Agnico Eagle Mines Limited. Multi-element assay results are pending. The joint venture completed a total of 7,343 meters of drilling in three master drill holes and four wedge drill holes with holes TB-22-001 and TB-22-003 and their respective wedges testing the down-plunge extension of gold mineralization beneath the historic Telbel workings. Hole TB-22-002 was a step-out to test the southeast continuity of the Eagle-Telbel system.
High-grade potential at depth. Results from the deep drilling program support the strike and depth continuity of the Eagle-Telbel Mine Horizon beyond the current limits of drilling and the presence of multiple mineralized horizons along with the presence of high-grade gold mineralization beneath the underground mine workings and deepest historical gold intercepts. All three holes intersected significant horizons of semi-massive to massive sulfides, with Hole TB-23-003W2 intersecting significant gold mineralization approximately 575 meters below the lowest level of historic mining at Telbel.
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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.
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
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Twin Peaks IPO. FAT Brands announced plans to pursue an initial public offering of its Twin Peaks restaurant business. Management previously had indicated the significant value creating potential of Twin Peaks for FAT Brands’ shareholders, although the timing is sooner than we had expected. FAT expects to retain a majority ownership.
The Business. Twin Peaks recently opened its 100th location and should end the year with approximately 115 lodges, an almost 40% increase in unit count since the acquisition. The brand also has a committed development pipeline for an additional 109 franchise locations. Over the next several years, Twin Peaks plans to double its unit count to more than 200 lodges with about 80% franchised. The planned unit growth is expected to increase systemwide sales to approximately $1.0 billion. Over the next three years, Twin Peaks’ contribution to FAT Brands adjusted EBITDA should increase from $40 million to $60 million.
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.
Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Pilot plant program. The Wicheeda REE project pilot plant is being configured to produce a high purity rare earth precipitate suitable as feed stock for a rare earths element (REE) separation plant. The objective of the pilot plant is to demonstrate, at a larger scale, the processing of Wicheeda flotation concentrate to produce rare earths using the acid bake hydrometallurgy process and to collect data for a preliminary feasibility study (PFS) which is expected to be completed during the first half of 2024.
Phase II completed. Defense Metals recently completed Phase II hydrometallurgical pilot plant test work and has commenced work on the Wicheeda preliminary feasibility study. Phase II operations were performed by SGS Canada Inc. at Lakefield, Ontario and were completed in early May and entailed processing 370 kilograms (kg) of flotation concentrate produced in an earlier flotation pilot plant operation. The recent work provided the metallurgical test data required for Defense Metals’ engineering consultants to commence the design work that is an important part of the PFS.
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Gregory Aurand, Senior Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.
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2nd Tranche. The Company announced Monday they had closed a 2nd tranche for $288,000 (currencies in Canadian $). This tranche, on the back of the closed $3.86 million 1st tranche announced previously, consisted of gross cash proceeds of $41,250 and $241,141 in convertible debt conversions that had matured May 1, 2023. In this 2nd tranche, 1.922608 million units at $0.15 per unit were issued. Each unit consisted of one share of common and one purchase warrant exercisable at $0.35 per share.
Clarification To Company May 5, 2023 Press Release And Correction. In the Company’s press release Monday June 5, 2023, it was clarified that the $3.86 million non-brokered 1st tranche placement, which closed early May, consisted of $1.267 million in gross cash proceeds and debt conversions of $2.589 million. While the two tranches remove $2.84 million in liabilities, gross cash proceeds from the tranches totaled approximately $1.31 million. In our prior noted dated June 1, 2023, we indicated ChitogenX raised $5.3 million subsequent to its fiscal January 31, 2023 yearend. However, gross cash proceeds were approximately $3.0 million.
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.
Brain Tumors are Cognitive Parasites – How Brain Cancer Hijacks Neural Circuits and Causes Cognitive Decline
Researchers have long known that brain tumors, specifically a type of tumor called a glioma, can affect a person’s cognitive and physical function. Patients with glioblastoma, the most fatal type of brain tumor in adults, experience an especially drastic decline in quality of life. Glioblastomas are thought to impair normal brain functions by compressing and causing healthy tissue to swell, or competing with them for blood supply.
What exactly causes cognitive decline in brain tumor patients is still unknown. In our recently published research, we found that tumors can not only remodel neural circuits, but that brain activity itself can fuel tumor growth.
This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It represents the research-based findings and thoughts of, Saritha Krishna, Postdoctoral Fellow in Neurological Surgery, University of California, San Francisco, and Shawn Hervey-Jumper, Associate Professor of Neurological Surgery, University of California, San Francisco.
We are a neuroscientist and neurosurgeon team at the University of California, San Francisco. Our work focuses on understanding how brain tumors remodel neuronal circuits and how these changes affect language, motor and cognitive function. We discovered a previously unknown mechanism brain tumors use to hijack and modify brain circuitry that causes cognitive decline in patients with glioma.
Brain Tumors in Dialogue with Surrounding Cells
When we started this study, scientists had recently found that a self-perpetuating positive feedback loop powers brain tumors. The cycle begins when cancer cells produce substances that can act as neurotransmitters, proteins that help neurons communicate with each other. This surplus of neurotransmitters triggers neurons to become hyperactive and secrete chemicals that stimulate and accelerate the proliferation and growth of the cancer cells.
We wondered how this feedback loop affects the behavior and cognition of people with brain cancer. To study how glioblastomas engage with neuronal circuits in the human brain, we recorded the real-time brain activity of patients with gliomas as they were shown pictures of common objects or animals and asked to name what they depicted while they were undergoing brain surgery to remove the tumor.
While the patients engaged in these tasks, the language networks in their brains were activated as expected. However, we found that the brain regions the tumors had infiltrated quite remote from known language zones of the brain were also activated during these tasks. This unexpected finding shows that tumors can hijack and restructure connections in the brain tissue surrounding them and increase their activity.
This may account for the cognitive decline frequently associated with the progression of gliomas. However, by directly recording the electrical activity of the brain using electrocorticography, we showed that despite being hyperactive, these remote brain regions had significantly reduced computational power. This was especially the case for processing more complex, less commonly used words, such as “rooster,” in comparison with simple, more commonly used words, such as “car.” This meant that brain cells entangled in the tumor are so compromised that they need to recruit additional cells to carry out tasks previously controlled by a smaller defined area.
We make an analogy to an orchestra. The musicians need to play in synchrony for the music to work. When you lose the cellos and the woodwinds, the remaining musicians can’t deliver the piece as effectively as when all players are present. Similarly, when brain tumors hijack the areas surrounding it, the brain is less able to effectively function.
Gabapentin as a Promising Drug for Glioblastoma
Now we understood that tumors can impair cognition by affecting neural connections. Next, we further examined their connections with each other and with healthy neurons using mouse models and brain organoids, which are clusters of brain cells grown in a Petri dish.
These experiments, led by one of us, Saritha Krishna, found that tumor cells secrete a protein called thrombospondin-1 that plays a key role in promoting the hyperactivity of brain cells. We wondered whether blocking this protein, which normally helps neurons form synapses, would halt tumor growth and extend the survival of mice with glioblastoma.
Glioma cells could potentially be treated by repurposing the anti-seizure drug gabapentin. Castro Lab, Michigan Medicine/NIH via Flickr, CC BY-NC
To test this hypothesis, we treated mice with a common anti-seizure drug called gabapentin that blocks thrombospondin-1. We found that gabapentin was able to keep the brain tumors from expanding for several months. These findings highlight the potential of repurposing this existing drug to control brain tumor growth.
Our study suggests that targeting the communication between healthy brain cells and cancer cells could offer another way to treat brain cancer. Combining gabapentin with other conventional therapies could complement existing treatments, helping mitigate cognitive decline and potentially improving survival. We are now exploring new ways to take advantage of this drug’s potential to halt tumor growth. Our goal is to ultimately translate the findings of our study to clinical trials in people.
Regulation on Artificial Intelligence Innovation is Dumb, Says IBM CEO
Is IBM’s CEO flip-flopping on the impact of artificial Intelligence on jobs? What are his thoughts on AI regulation? In an interview with Bloomberg last month, IBM’s CEO Arvind Krishna said his company would slow or suspend hiring because he expects about 30% of nearly 26,000 positions could be replaced by AI over a five-year period at his company, that was calculated as 7,800 supplanted by AI. In a new interview this month with Barron’s, Krishna addresses the expected impact on jobs and makes light of the idea that humanity is at great risk from AI technology.
Spoiler Alert, AI is Good
AI will actually create, not destroy jobs – and it is not going to destroy the world. This is the view of IBM’s CEO Krishna, discussing artificial Intelligence in a feature with Barron’s published in the most recent Tech Trader column.
Addressing AI job loss, which he has been quoted as expecting, at least for IBM, the blue-chip CEO says he’s somewhat irritated about a recent flurry of news stories that quoted him as saying that IBM could replace 7,800 workers with AI software. Krishna says his comments were taken out of context. He tried to set the record straight explaining, that he actually said was that over the next five years, 30% to 50% of repetitive white-collar jobs could be replaced by AI. He also added the bottom end of the range was most likely. The number used in the reporting came from his response to a follow-up question with the Bloomberg reporter. Krishna was asked how many IBM employees meet the description, he estimated 10%. The math, based on IBM’s workforce, was used to come up with 7,800 employees.
The IBM CEO says the calculation left out another key piece of information.
“I also said that AI is going to create more jobs than it takes away,” Krishna said, “the same way that the agricultural revolution and the services revolution created way more jobs than those that got taken away.” He says we will need new “prompt engineers” to lever AI tools, and more fact-checking to address the accelerated creation of misinformation that he thinks will inevitably accompany the creation of AI tools.
Are Their AI Risks?
On humanity’s risks from AI and potential regulation, the IBM CEO explained, the assertion by some that AI represents an existential threat to humanity—that there’s a risk that AI gets smarter than humans, and then somehow wipes us off the face of the Earth, is bunk – or highly unlikely.
“I’m not there fundamentally,” he said. “It seems like a pretty big stretch. These things are great at memorization and pattern matching. They don’t yet have a knowledge representation. They don’t have any symbolic manipulation. They do math by memory, not by understanding math. There are a lot of things that are yet to be done,” said Krishna.
It was noted in the interview that some people are using nightmare scenarios to make a case for strict regulation of artificial Intelligence and machine learning. While he agrees all should be careful about how and where they use AI, he doesn’t think aggressive regulation is called for. He even believes that any US regulation would cause cheaters within the States or competitive countries, without the imposition of US regulation, to move forward as they see appropriate.
“We don’t want to have regulation on innovation. That’s dumb actually,” said Krishna. “All you are going to do is give an advantage to those who choose to ignore the regulation and those who work outside the US boundaries.”
An AI Quantum Leap?
Quantum computing is a rapidly-emerging technology that harnesses the laws of quantum mechanics to solve problems too complex for classical computers. IBM is a leader in this field. As it relates to the potential combination of AI and quantum computing Krishna thinks we are close to the day when quantum computing will mesh with AI, and open new areas of computing power.
Krishna suggested that to explore benefits of this, one might want to consider the future of the chemical and pharmaceutical industry. “Maybe we go through reading all the literature—that’s AI—and we find some gaps in knowledge,” he says. “Today you fill in those gaps by doing a wet lab experiment which might take three to six months or more. In three to five years, a quantum computer will be able to simulate those experiments and fill in the gaps in a few minutes,” he said.
A key power of quantum computing is its ability to work on vast amounts of data at the same time. Looking further out, perhaps a decade, Krishna expects that quantum computers will be able to create AI models. “Current models with hundreds of billions of parameters can take two to three months to train on a very large cluster of GPUs. With a quantum computer, you’ll be able to train the same model overnight,” he said. His expectation is, “You’ll be able to solve problems that are far beyond what the biggest supercomputers in the world can do now.”
Take Away
As part of his position as CEO of IBM, Arvind Krishna has a window seat to much of the cutting-edge changes in computing technology, including artificial Intelligence. He suggests he was not fully quoted in the article that Bloomberg did covering AI and that the technology is expected to create jobs. It may, however alter available occupations while creating new needs.
He is not in the camp that massive regulation is needed to keep the innovative technology at bay; Krishna believes creative development is best when there is a level playing field.
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.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.
Navy Award. Yesterday, Kratos announced it was awarded a contract by the Naval Surface Warfare Center Dahlgren Division (NSWCDD) for thermo-mechanical and aerothermal ground testing of thermal protection system materials in ballistic reentry and reentry-like environments in its Kratos SRE business unit in Birmingham, Alabama. The five-year contract includes options with a total value up to $46.7 million, with an initial award of $8.6 million under a cost-plus-fixed-fee contract.
Details. Under the award, Kratos will test materials supporting technical efforts for the U.S. and the U.K. with direct oversight from the NSWCDD Reentry Systems Office. The contract enables Kratos SRE to conduct ground testing of thermal protection materials at external ground test facilities and produce flight hardware for the Navy. It requires the unique ability to test and collect data at maximum temperatures of 5,500 degrees Fahrenheit to properly test materials in reentry-like environments.
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.
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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.
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.
New Agreement. MustGrow announced the Company has agreed to a Contract Services Agreement with Bio Ag Product Strategies to develop and commercialize MustGrow’s soil amendment and biofertility technologies, including TerraSante. The agreement is a non-exclusive contract, enabling MustGrow to seek out additional commercial collaborations and funding partnerships. Neither the length of the agreement nor any financials were disclosed.
Who is Bio Ag? Bio Ag Product Strategies is a consulting firm that provides consultation to manufacturers of microbial products for agriculture and support products including biostimulants and prebiotics. According to MustGrow, Bio Ag Product Strategies has tremendous knowledge and a great track record of working with organizations to help develop, market, and target key retailers and farmers.
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.
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