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, Senior Vice President – Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Phase I testing completed. Phase I testing of Defense Metals’ fully integrated pilot plant at SGS Lakefield was successfully completed. During five days of operation, the plant ran continuously over a total run time of 110 hours. The goal of the Phase I program was to test the hydrometallurgical process and identify any changes that might be required prior to a longer test program. Defense Metals and SGS Lakefield confirmed the viability of the process, optimized certain design parameters, and identified areas that will be improved ahead of the Phase II pilot plant run scheduled for late April.
Proving the process works. The 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 which is expected to be completed in the first quarter of 2024.
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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.
Does the News Chatter Surrounding Cryptocurrencies Match the Interest in the Asset Class?
Over the 14 years since bitcoin sprung to life, expectations have ranged from overwhelming enthusiasm over its possibilities to fear of the risks inherent in an, as yet, not integrated payment method. A recent 50% run up in bitcoin has refired up the believers, but the most heard about crypto is still valued at less than half of its high point. Issues beyond volatility that cause some to disregard cryptocurrencies as a payment method are regulatory threats, the environmental cost of mining, and failed exchanges. During the week March 13-19, Pew Research Center conducted a survey measuring usage, confidence, and investment success. The survey is important for those paying attention to crypto as it cuts through our personal opinions and offers less biased statistics.
Survey Says…
Most Americans, 88% have heard of cryptocurrency. Almost 40% of those that are aware of crypto told surveyors they are not at all confident in the reliability and safety of crypto, with an additional 36% not very confident. Of the results for those that responded that they are extremely confident the result is 4%, and 2% as very confident. Of those that have heard of it, 18% say they are somewhat confident.
Digital technology is shown to be less embraced with age. Although the current concern for crypto is high, some age groups have a greater concern than others. This is reflected in that those 50 and older who know about cryptocurrency and are more inclined to say 85% they are not confident in its reliability and safety. Compare this to those adults 49 and younger, where the figure drops to 66%.
Does sex play a role in skepticism toward cryptocurrencies? 80% of women say they are not confident in it, compared with 71% of men out of the 88% that have heard of crypto.
Does experience lead to acceptance, or acceptance lead to experience? For those that invested in one or more digital currencies, 20% say they are extremely or very confident that it is safe and reliable. For those that have no experience investing in it, the slice drops to 2%. It is worth understanding that of the group that has had experience with crypto, 43% still responded that they are not very or not at all confident in it.
Cryptocurrency Usage in the U.S.
Younger males are more likely to use cryptocurrency compared with men 50 and older and women overall. The number of men 18-29 that have used crypto is more than double that of woman of the same age, 41% of men ages 18 to 29 compared with 16% of women in the same age range.
Adults with upper incomes that have used crypto totaled 22%, with middle incomes slightly less at 19%. Lower incomes that have ever invested in, traded or used cryptocurrency compared at 13%.
Few that have invested in or transacted using cryptocurrency used it for the first time within the past year. Pew Research asked when they first used cryptocurrency, 74% of those who have ever invested in, traded, or used cryptocurrency say they did for the first time one to five years ago. Only 16% say they first did this within the past year, and 10% more than five years ago.
For college graduates, 25% and those with some college experience, 20% showed they were more likely than those with just a high school education or less, 10% to answer that their cryptocurrency investments hurt their personal finances.
Results of Investment
Of those that have invested in crypto, 15% say their investments have done better than expected, 32% say they have done about the same as expected and 7% are unsure. 19% of cryptocurrency users say the investments have hurt their personal finances at least a little.
Most users, 45% indicated their investments performed worse than expected.
Measuring the impact the speculation had on users’ personal finances, three-in-five users (60%) say that they have neither helped nor hurt. Roughly equal shares say that these investments have helped (20%) or hurt (19%) their finances. Just 7% say cryptocurrency has helped their finances a lot and 3% say it has hurt a lot.
Take Away
There seems to be far more noise reporting cryptocurrencies than activity or actual usage. This could mean a number of things. One could read into this that the asset’s potential when the fear lifts are high and the potential includes a large percentage of those that are now keeping away. The argument suggests that the ongoing dramatic headlines are warranted since once the potential is realized, there could be much greater movement than we have already seen. Bitcoin had once gone from pennies to $68,000 $USD. Another reason for so much news coverage for an asset class that is favored is it is still novel, so we are all evaluating the asset class as investors; since we’re showing interest or intrigue, news services will report on it to gain audience. If we turn our attention elsewhere, that is then what we will hear more about.
It is truly a speculative asset class with little history. While some are betting everything on crypto, far more are currently just spectators on the sidelines. The hype and attention it is currently receiving may not match actual investor interest.
Elon Musk Announces New Financial Functionality on Twitter
Starting today, Twitter will provide tweeters the ability to buy and sell stocks and crypto on its platform via eTORO. Twitter owner, Elon Musk has been indicating he intends to turn the popular micro-blogging platform into a “super app.” Today’s move shows substantial headway in allowing financial transactions to be conducted on the social media platform. Other company goals since Musk’s purchase of the company include ride hailing, and attracting video influencers that may be disenchanted with YouTube restrictions on speech.
What Will the Twitter eTORO Partnership Provide?
Founded in 2007, eTORO has become one of the largest social investment networks and trading platforms. According to its website, it is “built on social collaboration and investor education: a community where users can connect, share, and learn.”
Twitter will partner with the platform to allow users (known as tweeters and Twitterers) to trade stocks and cryptocurrencies as part of a deal with the social investing company.
This partnership will provide access to view charts and trade stocks, cryptocurrencies, and other investment assets from eToro via its mobile platform. Together this significantly expands real-time trading data available to users who already have access on Twitter to real-time data, however this arrangement adds all the bells and whistles a modern trading app can provide.
Twitter will be expanding its use of cashtags as well. Twitter added pricing data for $Cashtags (company ticker preceded by “$”) in December 2022. Since January, there have been more than 420 million searches using Cashtags – the number of searches averages 4.7 million a day.
eToro CEO Yoni Assia told CNBC the deal will help better connect the two brands, adding that in recent years its users have increasingly turned to Twitter to “educate themselves about the markets.”
Assia said there is a great deal of “very high quality” content available in real-time and that the partnership with Twitter will help eToro expand to reach new audiences tapping this as a source of information.
Update on Elon
After Musk’s purchase of Twitter, many advertisers stepped back and watched to see how far the company would go to allow less moderated interaction. On Wednesday (April 12) Musk said that “almost all” advertisers had returned to the app. However, Stellantis and Volkswagen, two large competitors with Musk run Tesla, said they do not yet plan to resume advertising.
Musk told a Morgan Stanley conference last month he wants Twitter to become “the biggest financial institution in the world.” This begs those that follow Musk to ask, “Why stop there, why not include Mars?”
What Else
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MELVILLE, N.Y. – April 12, 2023– Comtech (NASDAQ: CMTL) today announced the appointment of technology and aerospace industry veteran Donald Walther as the company’s new Chief Legal Officer (CLO).
As a trusted advisor, Walther brings nearly three decades of legal expertise to his position as Comtech’s CLO. Walther’s experience spans both private and public companies in the commercial and defense sectors that are well aligned with Comtech’s future growth trajectories in U.S. and International markets. In his most recent position, Walther served as CLO and Corporate Secretary at Robotic Research, a global leader in autonomous driving technology. Previously, Walther served as General Counsel for API Technologies Corp., TopBuildCorp., and Esterline Corporation where he led global organizations like Comtech through transformational change. Earlier, Walther held executive positions at The Heico Companies LLC, ITT Corporation, and The Boeing Company, where he was engaged in the commercial and defense businesses.
“Our One Comtech transformation is working-enabling us to expand into new markets; up-tier our systems, solutions, and services; and introduce new as-a-service business models,” said Ken Peterman, President and CEO, Comtech. “As Comtech continues to scale globally, we are expanding our leadership bench with some of the best and brightest in the industry to create more comprehensive value for our customers and make a lasting, positive impact in the world. As a trusted advisor known across global technology and aerospace markets, Don brings the deep expertise and skillset needed to position Comtech for the future.”
In his position as CLO, Walther will oversee the development and execution of corporate legal strategy, trade compliance, export control, security, contracts, and global leadership growth trajectories across U.S. and international markets. With Walther’s appointment as CLO, Yelena Simonyuk will continue supporting Comtech in a variety of legal matters while focusing her efforts and leadership in matters related to Security and Exchange Commission and other regulatory compliance and expanding her robust role in support of the Comtech Board of Directors as General Counsel.
“Comtech’s technology leadership and unique culture of innovation offer a truly unique opportunity to help connect the unconnected and empower individuals around the world,” said Walther. “I am thrilled to join this talented team as Comtech delivers on the customer-centric vision shared by its employees, shareholders, partners, and customers.”
Walther graduated from Duke University and earned a JD and MBA from the University of Chicago. He is the recipient of multiple industry and leadership awards and is a Six Sigma Green Belt with extensive experience in Strategic Goal Deployment.
About Comtech
Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions.For more information, please visit www.comtech.com.
Forward-Looking Statements
Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results and performance could differ materially from such forward-looking information. The Company’s Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.
VANCOUVER, BC, April 12, 2023 /CNW/ – Defense Metals Corp. (“Defense Metals” or the “Company“) (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce that the Phase I of its hydrometallurgical pilot plant at SGS Lakefield has been successfully completed.
John Goode, Consulting Metallurgist to Defense Metals and who attended the pilot plant, commented:
“This first fully integrated pilot plant demonstration of the proposed Wicheeda hydrometallurgical process delivered exactly what was required of it. We have confirmed the general workability of the process, optimized certain design parameters, and identified areas that will be improved ahead of the Phase II pilot plant. The SGS Lakefield team did an excellent job of construction and operation of the circuit, and their efforts are much appreciated.”
The main objective of Phase I of the pilot plant was to test the flowsheet for operability and identify any changes that might be required before a longer test campaign. During the five days of continuous operation, the parameters for the various unit operations were varied slightly to allow optimization of the circuit ahead of the Phase II pilot plant run scheduled for late-April 2023.
Assays are still being received and evaluation of the results has not yet been finalized. However, to date it can be reported that the extraction of Pr (praseodymium) and Nd (neodymium) from the acid bake calcine was in excess of 90%, the impurity removal circuits were very efficient, and reagent regeneration and water recirculation were effective. Minor changes will be made to the circuit ahead of Phase II and an alternative product precipitant will be used.
Methodology
The fully integrated Pilot Plant included sulphuric acid baking, water leaching, three stages of impurity removal, rare earth precipitation, magnesia regeneration and recycling, and process water recycle. The plant ran continuously and without interruption for 24 h/day over a total run time of 110 hours. Operations were handled by a total of ten SGS technicians and metallurgists on each of two shifts managed by senior day-shift staff.
Qualified Person
The scientific and technical information contained in this news release, as it relates to the metallurgical aspects of the Wicheeda Rare-Earth Project, has been reviewed and approved by John Goode, P. Eng., who is a Qualified Person as defined by National Instrument 43-101 and who has provided the technical information relating to metallurgy in this news release.
About the Wicheeda REE Property
Defense Metals 100% owned, 4,262-hectare (~10,532-acre) Wicheeda Light REE property is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. The Wicheeda REE Project is readily accessible by all-weather gravel roads and is near infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia.
The 2021 Wicheeda REE Project Preliminary Economic Assessment technical report (“PEA”) outlined a robust after-tax net present value (NPV@8%) of $517 million and an 18% IRR1. This PEA contemplated an open pit mining operation with a 1.75:1 (waste:mill feed) strip ratio providing a 1.8 Mtpa (“million tonnes per year”) mill throughput producing an average of 25,423 tonnes REO annually over a 16 year mine life. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.
About Defense Metals Corp.
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 markets, 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 Light Rare Earth Element Deposit 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”.
Defense Metals is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “forward–looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, the expected benefits and outcomes of the hydrometallurgical pilot plant, the expected completion of the hydrometallurgical pilot plant and the expected timelines, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological, metallurgical and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.
____________________________
1 Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).
FLORHAM PARK, N.J., April 12, 2023 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing a growing pipeline of targeted immunotherapies for cancer and infectious disease, announced it will host a Key Opinion Leader (KOL) Roundtable on Interleukin-12 (IL-12) for analysts, investors and the scientific community from 8:00 to 9:00 AM, ET on April 21, 2023.
This PDS Biotech-sponsored event will focus on the potential of an IL-12 immunocytokine in oncology and the clinical results and promise demonstrated to date with PDS0301, the company’s novel investigational tumor-targeting IL-12 fusion protein. The novel investigational antibody targeted IL-12 enhances the proliferation, potency and longevity of T cells in the tumor microenvironment while also limiting its presence in the blood, which appears to promote tolerability and safety. The event will be moderated by PDS Biotech’s Chief Medical Officer, Dr. Lauren Wood, and will feature presentations from the following cancer research experts:
James Gulley, M.D., Ph.D., Co-Director of the Center for Immuno-Oncology, Deputy Director of the Center for Cancer Research, and Acting Clinical Director of the National Cancer Institute
Jeffrey Schlom, Ph.D., Co-Director of the Center for Immuno-Oncology at the Center for Cancer Research of the National Cancer Institute
Registration for PDS Biotech’s IL-12 Focused KOL Roundtable is now open, and a live webcast of the event will be available online in the investor relations section of the company’s website at PDS Biotech – Investor Relations. A replay will be available on the company website for 90 days following the webcast.
About PDS Biotechnology
PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of targeted cancer and infectious disease immunotherapies based on our proprietary Versamune®, Versamune® plus PDS0301, and Infectimune™ T cell-activating platforms. We believe our targeted immunotherapies have the potential to overcome the limitations of current immunotherapy approaches through the activation of the right type, quantity and potency of T cells. To date, our lead Versamune® clinical candidate, PDS0101, has demonstrated the ability to reduce tumors and stabilize disease in combination with approved and investigational therapeutics in patients with a broad range of HPV16-associated cancers in multiple Phase 2 clinical trials and will be advancing into a Phase 3 clinical trial in combination with KEYTRUDA® for the treatment of recurrent/metastatic HPV16-positive head and neck cancer in 2023. Our Infectimune™ based vaccines have also demonstrated the potential to induce not only robust and durable neutralizing antibody responses, but also powerful T cell responses, including long-lasting memory T cell responses in pre-clinical studies to date. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.
About PDS0301
PDS0301 is a novel investigational fusion protein of a tumor-targeting antibody and Interleukin 12 (IL-12) that enhances the proliferation, potency and longevity of T cells in the tumor microenvironment. Together with Versamune® based immunotherapies PDS0301 may work synergistically to promote a targeted T cell attack against cancers. PDS0301 is given by a simple subcutaneous injection. Clinical data suggest the addition of PDS0301 to Versamune® based immunotherapies, such as PDS0101, can demonstrate significant disease control by shrinking tumors and/or prolonging survival in patients with recurrent/metastatic cancers with poor survival prognosis.
Forward Looking Statements
This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “forecast,” “guidance”, “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway and the Company’s current expectations regarding its plans for future equity financings; the Company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Company’s operations or require the Company to relinquish rights to the Company’s technologies or product candidates; the Company’s limited operating history in the Company’s current line of business, which makes it difficult to evaluate the Company’s prospects, the Company’s business plan or the likelihood of the Company’s successful implementation of such business plan; the timing for the Company or its partners to initiate the planned clinical trials for PDS0101, PDS0203 and other Versamune® and Infectimune™ based product candidates; the future success of such trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaboration studies concerning PDS0101, PDS0203 and other Versamune® and Infectimune™ based product candidates and the Company’s interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including the Company’s ability to fully fund its disclosed clinical trials, which assumes no material changes to the Company’s currently projected expenses), futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim or preliminary results (including, without limitation, any preclinical results or data), which are not necessarily indicative of the final results of the Company’s ongoing clinical trials; any Company statements about its understanding of product candidates mechanisms of action and interpretation of preclinical and early clinical results from its clinical development programs and any collaboration studies; to aid in the development of the Versamune® platform; and other factors, including legislative, regulatory, political and economic developments not within the Company’s control. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s annual, quarterly and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Versamune® is a registered trademark and Infectimune™ is a trademark of PDS Biotechnology.
COMPANY TO SHARE PRELIMINARY SAFETY AND EFFICACY DATA FROM ONGOING PHASE 1/2 TRIAL OF OCU400 FOR THE TREATMENT OF RETINITIS PIGMENTOSA AND LEBER CONGENITAL AMAUROSIS
MALVERN, Pa., April 11, 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 it will host an Investor and Analyst Event on April 14, 2023, at 8 a.m. ET. During the webcast and conference call, members of the Ocugen leadership team and key opinion leaders will review preliminary safety and efficacy results from the Phase 1/2 trial of OCU400 for the treatment of retinitis pigmentosa (RP) and Leber congenital amaurosis (LCA).
The event will feature:
Shankar Musunuri, PhD, MBA, Chairman, CEO and Co-founder, Ocugen
Arun Upadhyay, PhD, Chief Scientific Officer, Head of Research, Development & Medical, Ocugen
Huma Qamar, MD, MPH, Head of Clinical Development and Medical Affairs, Ocugen
David Birch, PhD, Scientific Director, Retina Foundation of the Southwest, primary investigator of the study
Neena B. Haider, PhD, Fellow of ARVO and inventor of modifier gene therapy
Webcast and Conference Call Details
Dial-in Numbers: (800) 715-9871 for U.S. callers and (646) 307-1963 for international callers Conference ID: 4898155 Webcast: Available on the events section of the Ocugen investor site
A replay of the call and archived webcast will be available for approximately 45 days following the event on the Ocugen investor site.
About Ocugen, Inc. Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at www.ocugen.com and follow us on Twitter and LinkedIn.
Cautionary Note on Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.
Contact: Tiffany Hamilton Head of Communications IR@ocugen.com
With more than 60 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in adult nightclubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, Scarlett’s Cabaret, Diamond Cabaret, and PT’s Showclub. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.
Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2Q23 Preliminary Revenues. RCI reported preliminary 2Q23 revenue for the Nightclubs and Bombshells. Total revenues of $70.8 million were up 12.3% year-over-year. Y-o-Y SSS were up 0.2%. Nightclubs revenue of $56.6 million was up 18.6% y-o-y and 3.7% on a SSS basis, while Bombshells revenue of $14.3 million was off 7.1% y-o-y and down 12.1% on a SSS basis. We had estimated full 2Q23 revenue at $71 million.
Organic, Acquisitions Drive Nightclubs. Revenue from clubs owned prior to FY22 increased 2.1% y-o-y. The 11 clubs acquired in October 2021 were up 19.5% y-o-y, a testament to the implementation of the RCI operating playbook. The six clubs acquired since the beginning of FY23 added $1.8 million, while the three remodeled/renamed clubs contributed $1.2 million. RCI continued to see intermittent softness in select blue collar clubs during the quarter, with several clubs also impacted by adverse weather conditions.
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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.
MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.
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.
Phase 2 Part A Safety Data Shows Safety and Tolerability. MAIA Biotechnology reported positive safety data from the Part A safety stage of the THIO-101 trial. The dose tested was safe and well tolerated, consistent with our expectations. We expect the trial to continue with the dose-finding Part B phase, with data late in the year.
THIO-101 Trial Announced First Safety Data. THIO-101 is a Phase 2 study testing THIO in combination with Libtayo, an anti-PD1 checkpoint inhibitor (cemipliumab, from Regeneron, Not Rated). This uses THIO’s direct cytotoxic action to kill cancer cells and stimulate an immune response followed by Libtayo’s action as a checkpoint inhibitor to kill remaining cancer cells.
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Lee Enterprises, Incorporated provides local news, information, and advertising primarily in midsize markets in the United States. It publishes 49 daily newspapers, as well as offers 300 weekly newspapers and specialty publications in 23 states. The company also provides online advertising and services; and online infrastructure and online publishing services for approximately 1,500 daily and weekly newspapers and shoppers. In addition, it offers commercial printing services. The company has a strategic alliance with Yahoo!, Inc. to provide its classified employment advertising customer base the opportunity to post job listings and other employment products on Yahoo!�s HotJobs national platform. Lee Enterprises, Incorporated was founded in 1890 and is based in Davenport, Iowa.
Michael Kupinski, Director of Research – Digital, Media & Technology Analyst, Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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Managing its cash flow. The company announced that it will be implementing cost reductions resulting in annualized savings of $60 million in fiscal year 2023. We have adjusted our quarterly estimates to reflect the current weaker than expected revenue outlook and significantly lower expenses. This report highlights our quarterly and full year 2023 and 2024 revenue and adj. EBITDA revisions.
A tough quarter ahead. We believe that the company’s fiscal second quarter will be somewhat similar to the first quarter, given that the cost reductions impact will largely fall in the fiscal second half. As such, we believe that adj. EBITDA trends will significantly improve in the back half of the fiscal year.
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Endeavour Silver is a mid-tier precious metals mining company that operates two high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
Mark Reichman, Senior Vice President – Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Production modestly ahead of our expectations. First quarter 2023silver and gold production amounted to 1,623,545 ounces and 9,342 ounces, respectively, or 2,370,905 ounces on a silver equivalent basis. Silver and gold ounces sold amounted to 1,667,408 ounces and 9,126 ounces, respectively. At quarter-end, Endeavour held 435,722 ounces of silver and 1,263 ounces of gold bullion inventory and 35,347 ounces of silver and 503 ounces of gold in concentrate inventory.
Updating estimates. Endeavour’s 2023 production guidance calls for silver production in the range of 5.7 million to 6.3 million ounces and gold production of 36,000 to 40,000 ounces. We forecast silver and gold production of 6.2 million ounces and 37,633 ounces, respectively. While our revenue and EBITDA estimates increased modestly to $212.1 million and $59.5 million, respectively from $210.8 million and $59.0 million, our quarterly and full earnings per share estimates are unchanged. The increase in our revenue estimate is largely due to higher commodity price assumptions.
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Mark Reichman, Senior Vice President – Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Expectations for 2023. In February, Coeur provided 2023 gold and silver production guidance of 320.0 to 370.0 thousand ounces and 10.0 to 12.0 million ounces, respectively. Production is weighted toward the second half of the year due to the impact of the Rochester expansion and higher gold production at Wharf. Operationally, we expect the third quarter to be the company’s strongest based on the Rochester mine’s production profile.
Updating estimates. We have lowered our 2023 EBITDA and EPS estimates to $132.7 million and $(0.23) from $158.1 million and $0.00. We have refined our quarterly production estimates and also raised our cost estimates. We note that the company’s guidance on taxes could result in variances to our EPS estimates. While the company expects first quarter cash taxes in the range of $14 to $18 million, we note that cash taxes paid and recorded income tax expense may differ. We have also adjusted our EBITDA estimate to reflect certain items such as inventory adjustments.
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The March FOMC Minutes Show the Fed is Less Aligned
We may be entering a period when we have a Federal Reserve that is split on the direction of monetary policy. This could be the case as early as the May 2-3 FOMC meeting. At least, that is one indication that arose from the just-released minutes of the Committee from the March 21-22 meeting. U.S. economic activity was strong leading up to the meeting, then the collapse of two banks occurred. The concerns that followed prompted several Federal Reserve officials to consider whether the central bank should pause its aggressive pace of hiking interest rates.
Split Federal Reserve
The minutes offer insight into what may follow this year. Over the past ten sessions, the FOMC minutes showed the central bank’s focus has been on quickly tightening policy to squelch persistent inflation. Now after nine consecutive interest-rate hikes and quantitative tightening, the conversation has shifted from wondering how fast they can move to whether and when the Fed should pause. At least, it has for some of the Committee members. Soft landings are seldom successfully orchestrated by monetary policy changes; more often, they set the stage for a recession.
In public addresses since the March meeting, Fed officials have appeared to be somewhat split on the way forward. Chicago Fed President Austan Goolsbee, for example, said on April 11 that the Fed needs to be cautious. “We should gather further data and be careful about raising rates too aggressively until we see how much work the headwinds are doing for us in getting down inflation,” Goolsbee said.
Less concerned about a recession and more concerned about winning the war on inflation, Cleveland Fed President Loretta Mester said last week she believes the correct move is for the Fed to continue tightening “a little bit higher” before pausing as the economy and inflation adjusts.
Bank Failure Considerations
The March monetary policy meeting was surrounded by uncertainty for both Fed watchers and some FOMC members. The meeting took place only days after the collapse of Silicon Valley Bank and Signature Bank. Other indicators of a strong economy pointed to an aggressive move from the voting members. But, with the banking sector wounded or perhaps worse, it remained a nailbiter up until 2 pm on March 22 when the Federal Open Market Committee announced a quarter-point interest-rate hike.
While all has since been quiet related to U.S. banks, at the time, the extent of the problem was far from known. The potential economic impact it could have, led Fed staff to project a mild recession starting later in 2023, according to the minutes. This tells financial markets and others impacted by Fed moves that some Fed officials were seriously considering holding steady on rates.
The minutes show, the combination of “slower-than-expected progress on disinflation,” a tight labor market, and the view that the new emergency lending programs had stabilized the financial sector, allowed the central bank to again raise rates. The minutes indicated, “Many participants remarked that the incoming data before the onset of the banking sector stresses had led them to see the appropriate path for the federal funds rate as somewhat higher than their assessment at the time of the December meeting.” Reading on, the minutes said, “After incorporating the banking-sector developments, participants indicated that their policy rate projections were now about unchanged from December.”
Take Away
Although they are released several weeks after each meeting, the Fed minutes are always closely watched for clues as to how central-bank officials are feeling and where monetary policy is likely heading over the next several weeks or months. The indication from these minutes, behind a backdrop of Fed regional president addresses, indicate a less than unified Fed. Unless there is a good deal of unexpected trouble within the banking sector or economy or a clear tick up in economic measures such as employment, the May 3 post-meeting announcement on policy will be tough to forecast.
