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‘We’re going for it’: back in UK’s biggest restaurant, and one of its smallest pubsCustomers put concerns about new Covid variants to one side at hospitality venues big and smallCoronavirus – latest updatesSee all our coronavirus coverage Hayley Bailey and her nephew Scott Silcox at Za Za Bazaar on Bristol’s harbourside. Photograph: Adrian Sherratt
SAN DIEGO, May 17, 2021 (GLOBE NEWSWIRE) -- Oncternal Therapeutics, Inc. (Nasdaq: ONCT), a clinical-stage biopharmaceutical company focused on the development of novel oncology therapies, today announced the appointment of industry veteran Salim Yazji, M.D., as Chief Medical Officer. “Salim brings a wealth of relevant experience to Oncternal during this exciting time as we begin to advance our pipeline toward the registrational phase,” said James Breitmeyer, M.D., Ph.D., Oncternal’s President and CEO. “We believe that his extensive background in oncology drug development and strategy, experience with global regulatory authorities, and proven leadership ability make him an ideal fit for Oncternal as we advance our lead clinical product candidate, cirmtuzumab, along with our ROR1 targeted CAR-T program and clinical TK216 product candidate and make key strategic decisions about next steps.” Dr. Yazji stated, “I am excited to be joining Oncternal as the Company’s novel pipeline matures and the organization pivots towards key decisions in its clinical programs in both hematological and solid tumors. I look forward to working with the focused team at Oncternal to advance regulatory strategy and execute upon the Company’s current and future clinical development programs.” Dr. Yazji has held positions of increasing responsibility in both large and entrepreneurial organizations. He founded Elpida Therapeutics in January 2019 and co-founded Ajuta Therapeutics in October 2019, where he served as Chief Executive Officer until February 2021. He has also served on the Board of Directors of Versatope Therapeutics since April 2019. From March 2018 to January 2019, he served as Chief Medical Officer of PMV Pharma, and from November 2016 to February 2018, he served as Executive Vice President and Chief Medical Officer of Calimmune, which was acquired by CSL Behring in August 2017. Prior to that, he served as Vice President & Global Head of Oncology at Baxter International from 2013 to 2015 and its spinoff Baxalta from 2015 until it was acquired by Shire Plc in July 2016. From 2009 to 2013, he held global positions of increasing responsibility within Novartis where he led multiple oncology registrational clinical trials, most recently as Senior Global Clinical Leader. Prior to 2009, he held positions with Exelixis, PDL BioPharma, and Johnson & Johnson. Dr. Yazji obtained his MD from the Pavlov School of Medicine, University of St. Petersburg, St. Petersburg, Russia, and completed his post-graduate training at the University of Texas M.D. Anderson Cancer Center, Park Plaza Hospital, Houston and the Almozov Hospital, St. Petersburg, Russia. Equity Inducement Grant On May 17, 2021, Oncternal granted Dr. Yazji options to purchase a total of 425,000 shares of Oncternal common stock, including options to purchase 70,600 shares of Oncternal common stock granted as an inducement award under Oncternal’s 2021 Employment Inducement Incentive Award Plan, which provides for the granting of equity awards to new employees of Oncternal as an inducement to join the Company. The options have a 10-year term and an exercise price equal to the closing price of Oncternal’s common stock on May 17, 2021. The options vest over a four-year period, with 25% of the options vesting on the first anniversary of Dr. Yazji’s employment start date, and the rest vesting in equal monthly installments over three years thereafter. The inducement award was approved by Oncternal’s compensation committee, comprised entirely of independent directors, as required by Nasdaq Rule 5635(c)(4), and was granted as an inducement material to Dr. Yazji entering into employment with Oncternal in accordance with Nasdaq Rule 5635(c)(4). About Oncternal Therapeutics Oncternal Therapeutics is a clinical-stage biopharmaceutical company focused on the development of novel oncology therapies for the treatment of cancers with critical unmet medical need. Oncternal focuses drug development on promising yet untapped biological pathways implicated in cancer generation or progression. The clinical pipeline includes cirmtuzumab, an investigational monoclonal antibody designed to inhibit the ROR1 pathway, a type I tyrosine kinase-like orphan receptor, that is being evaluated in a Phase 1/2 clinical trial in combination with ibrutinib for the treatment of patients with mantle cell lymphoma (MCL) and chronic lymphocytic leukemia (CLL) and in an investigator-sponsored, Phase 1b clinical trial in combination with paclitaxel for the treatment of women with HER2-negative metastatic or locally advanced, unresectable breast cancer, as well as a Phase 2 clinical trial of cirmtuzumab in combination with venetoclax, a Bcl-2 inhibitor, in patients with relapsed/refractory CLL. We are also developing a chimeric antigen receptor T cell (CAR-T) therapy that targets ROR1, which is currently in preclinical development as a potential treatment for hematologic cancers and solid tumors. The clinical pipeline also includes TK216, an investigational targeted small-molecule inhibitor of the ETS family of oncoproteins, that is being evaluated in a Phase 1/2 clinical trial for patients with Ewing sarcoma alone and in combination with vincristine chemotherapy. More information is available at https://oncternal.com/. Forward-Looking Information Oncternal cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negatives of these terms or other similar expressions. These statements are based on Oncternal’s current beliefs and expectations. Forward-looking statements include statements regarding Oncternal’s development programs, including Oncternal’s clinical plans. Forward-looking statements are subject to risks and uncertainties inherent in Oncternal’s business, including risks associated with the clinical development and process for obtaining regulatory approval of Oncternal’s product candidates, such as potential delays in the commencement, enrollment and completion of clinical trials; the risk that results seen in a case study of one patient likely will not predict the results seen in other patients in the clinical trial; the risk that interim results of a clinical trial do not predict final results and that one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data, as follow-up on the outcome of any particular patient continues, and as more patient data become available; and other risks described in Oncternal’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Oncternal 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. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Oncternal Contacts: InvestorsRichard Vincent firstname.lastname@example.org Investor ContactCorey Davis, Ph.D. LifeSci Advisors 212-915-2577 email@example.com
Raven Industries, Inc. (NASDAQ:RAVN) today reported financial results for the first quarter that ended April 30, 2021.
Cutera, Inc. (NASDAQ: CUTR) ("Cutera" or the "Company"), a leading provider of energy-based aesthetic systems for practitioners worldwide, today announced that Sheila Hopkins will be joining its Board of Directors, effective immediately.
Liberty Global plc ("Liberty Global") (NASDAQ: LBTYA, LBTYB and LBTYK) will be presenting at the J.P. Morgan European Technology, Media & Telecoms and Media Conference on Wednesday, May 26, 2021 at 11:40 a.m. Eastern Time. Liberty Global may make observations concerning its historical operating performance and outlook. The presentation will be webcast live at www.libertyglobal.com. We intend to archive the webcast under the Investor Relations section of our website for approximately 30 days.
NEWARK, N.Y., May 17, 2021 (GLOBE NEWSWIRE) -- Ultralife Corporation (NASDAQ: ULBI) has received a firm-fixed price indefinite-delivery/indefinite-quantity contract from the U.S. Army for purchases of Conformal Wearable Batteries not to exceed $168 million during the three-year base award period with the potential for up to an additional $350 million should the six one-year option periods be exercised. The timing of deliveries and quantities are at the discretion of the U.S. Army, and include successful completion of First Article Testing demonstrating full compliance with the contractual product specifications and program requirements. Ultralife’s contract was awarded as part of a $1.25 billion multiple-award contract for Conformal Wearable Batteries being developed under the U.S. Army’s Tactical Power Generation Program. The lightweight, Lithium-Ion rechargeable batteries will provide soldiers with a power source capable of sustaining dismounted operations in remote areas for up to 24 hours and are envisioned to increase soldier mobility by reducing the weight and quantity of batteries needed to be carried. “Ultralife is a long-standing supplier to the U.S. military and our products are recognized for their long-life, unsurpassed safety record and reliability under the toughest conditions. Our selection to participate in what could be a military battery program extending up to nine years, demonstrates the effectiveness of our new product development strategy of designing and building technically advanced batteries in collaboration with our strategic partners,” said Michael D. Popielec, Ultralife’s President and Chief Executive Officer. “We look forward to expanding our heritage of supporting soldier modernization initiatives by providing the highest quality, mission-critical power solutions.” About Ultralife Corporation Ultralife Corporation serves its markets with products and services ranging from power solutions to communications and electronics systems. Through its engineering and collaborative approach to problem solving, Ultralife serves government, defense and commercial customers across the globe. Headquartered in Newark, New York, the Company's business segments include Battery & Energy Products and Communications Systems. Ultralife has operations in North America, Europe and Asia. For more information, visit www.ultralifecorporation.com. Company Contact: Investor Relations Contact:Ultralife CorporationLHAPhilip A. Fain Jody Burfening315-210-6110(212) firstname.lastname@example.org email@example.com
The National Institute of Allergy and Infectious Diseases will fund the continued clinical development of product candidate SPR206CAMBRIDGE, Mass., May 17, 2021 (GLOBE NEWSWIRE) -- Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset clinical-stage biopharmaceutical company focused on identifying, developing, and commercializing treatments in high unmet need areas involving multi-drug resistant bacterial infections and rare diseases, today announced that it has been awarded funding of $2.09 million, with the potential for up to an additional $21.3 million over 5 years, from the National Institute of Allergy and Infectious Diseases (NIAID), one of 27 institutes and centers that make up the National Institutes of Health (NIH). The funding will support the further clinical development of SPR206, an intravenously (IV)-administered next-generation polymyxin product candidate derived from Spero’s potentiator platform that is being developed to treat serious multi-drug resistant (MDR) Gram-negative infections in the hospital setting. The initial award provides funding for pharmacokinetic/pharmacodynamic studies to aid in dose selection, manufacturing process development, clinical microbiology, and support for regulatory interactions. If fully exercised, the award additionally provides funding for a broad range of activities including new drug application (NDA)-enabling toxicology studies, drug substance, and drug product manufacturing, a Phase 1 absorption, distribution, metabolism, and excretion (ADME) study, and a Phase 2 clinical proof-of-concept study to evaluate the efficacy of SPR206 in target indications. “We are honored to receive this award and look forward to continuing the productive collaboration we have had with NIAID on the SPR206 program over the past several years,” said Ankit Mahadevia, M.D., Chief Executive Officer of Spero Therapeutics. “The award provides funding that will allow us to accelerate SPR206’s clinical development and represents an important external validation for the program. SPR206’s potent, broad-spectrum antimicrobial activity and lack of nephrotoxicity at predicted therapeutic dose levels in a completed Phase 1 study highlight its potential as a much-needed new treatment option for serious drug-resistant infections and provides clear differentiation compared to prior-generation polymyxin antibiotics. We are grateful to have this new support from NIAID and the continued support of our partners at the Department of Defense and Everest Medicines as we work to develop this promising drug candidate.” About SPR206SPR206 is an IV-administered next generation polymyxin product candidate designed to act directly on Gram-negative bacterial infections through the molecule’s interactions with the bacterial outer membrane. SPR206 has demonstrated potent broad-spectrum activity against Gram-negative bacteria, including organisms identified by the Centers for Disease Control and Prevention and the World Health Organization as urgent and serious threats to human health. Spero has completed a first-in-human Phase 1 assessment of SPR206 in which the product candidate was generally well tolerated and demonstrated no evidence of nephrotoxicity at anticipated therapeutic doses. Spero expects to initiate a Phase 1 bronchoalveolar lavage (BAL) clinical trial assessing the penetration of SPR206 into the pulmonary compartment and a Phase 1 renal impairment clinical trial of SPR206 in the second quarter of 2021. For more information on these trials and their design, see ClinicalTrials.gov identifiers NCT04868292 (BAL trial) and NCT04865393 (renal impairment trial). SPR206 has been granted Qualified Infectious Disease Product (QIDP) designation by the United States Food and Drug Administration for the treatment of complicated urinary tract infections and hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia (HABP/VABP). About SperoSpero Therapeutics, Inc. is a multi-asset, clinical-stage biopharmaceutical company focused on identifying, developing and commercializing novel treatments for multi-drug-resistant (MDR) bacterial infections and rare diseases. Spero’s lead product candidate, tebipenem HBr (tebipenem pivoxil hydrobromide; formerly SPR994), is being developed as the first oral carbapenem antibiotic for use in complicated urinary tract infections (cUTI) and acute pyelonephritis (AP). In September 2020, Spero announced positive top-line results from its Phase 3 ADAPT-PO clinical trial of tebipenem HBr in cUTI and AP. Spero is also developing SPR720 as a novel oral therapy product candidate for the treatment of rare, orphan pulmonary disease caused by non-tuberculous mycobacterial (NTM) infections. Spero also has an IV-administered next generation polymyxin product candidate, SPR206, developed from its potentiator platform, which is being developed to treat MDR Gram-negative infections in the hospital setting. For more information, visit https://sperotherapeutics.com. About NIAIDNIAID conducts and supports basic and applied research to better understand, treat, and ultimately prevent infectious, immunologic, and allergic diseases. For more than 60 years, NIAID research has led to new therapies, vaccines, diagnostic tests, and other technologies that have improved the health of millions of people in the United States and around the world. NIAID has a unique mandate, which requires NIAID to respond to emerging public health threats. NIAID advances the understanding, diagnosis, and treatment of many of the world’s most intractable and widespread diseases. Key research areas include newly emerging and re-emerging infectious diseases such as tuberculosis and influenza, HIV/AIDS, biodefense, and immune-mediated diseases including asthma and allergy. Department of DefenseSelect SPR206 studies are supported by the Office of the Assistant Secretary of Defense for Health Affairs, through the Joint Warfighter Medical Research Program under Award No. W81XWH 19 1 0295. Opinions, interpretations, conclusions and recommendations are those of the author and are not necessarily endorsed by the Department of Defense. Forward Looking StatementsThis press release may contain forward-looking statements. These statements include, but are not limited to, statements about the initiation, timing and submission to the FDA of a NDA for tebipenem HBr and the potential approval of tebipenem HBr by the FDA; additional future funding from NIAID and additional activities, including additional studies, as a result of such future funding; the design, initiation, timing, progress and results of Spero’s preclinical studies and clinical trials and its research and development programs, including the commencement of Spero’s planned Phase 1 bronchoalveolar lavage (BAL) clinical trial assessing the penetration of SPR206 into the pulmonary compartment and its renal impairment study of SPR206; management’s assessment of the results of such preclinical studies and clinical trials; the direct and indirect impact of the pandemic caused by an outbreak of a new strain of coronavirus (COVID-19) on Spero’s business and operations, including manufacturing, research and development costs, clinical trials, regulatory processes and employee expenses; and Spero’s cash forecast and anticipated expenses, the sufficiency of its cash resources and the availability of additional non-dilutive funding from governmental agencies beyond any initially funded awards. In some cases, forward-looking statements can be identified by terms such as “may,” “will,” “should,” “expect,” “plan,” “aim,” “anticipate,” “could,” “intent,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including Spero’s ability to timely complete the NDA submission to the FDA for tebipenem HBr; Spero’s need for additional funding; the lengthy, expensive, and uncertain process of clinical drug development; whether results obtained in preclinical studies and clinical trials will be indicative of results obtained in future clinical trials; Spero’s reliance on third parties to manufacture, develop, and commercialize its product candidates, if approved; the ability to develop and commercialize Spero’s product candidates, if approved; the potential impact of the COVID-19 pandemic; Spero’s ability to retain key personnel and to manage its growth; whether Spero’s cash resources will be sufficient to fund its continuing operations for the periods and/or trials anticipated; and other factors discussed in the “Risk Factors” set forth in filings that Spero periodically makes with the U.S. Securities and Exchange Commission. The forward-looking statements included in this press release represent Spero’s views as of the date of this press release. Spero anticipates that subsequent events and developments will cause its views to change. However, while Spero may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Spero’s views as of any date subsequent to the date of this press release. Investor Relations Contact: Ashley Robinson LifeSci Advisors firstname.lastname@example.org Media Contact: email@example.com
AngioDynamics, Inc. (NASDAQ: ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, peripheral vascular disease, and oncology, today announced that Jim Clemmer, President and Chief Executive Officer, will present at the UBS Virtual Global Healthcare Conference at 12:00 p.m. ET on Tuesday, May 25, 2021.
Concert announced that Vertex purchased the potential future milestones under their 2017 asset purchase agreement relating to VX-561 for $32 million.
CAMBRIDGE, Mass., May 17, 2021 (GLOBE NEWSWIRE) -- Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage biopharmaceutical company engineering a novel class of injectable biologics to selectively engage and modulate targeted T cells within the patient’s body, provided a business and clinical progress update for the first quarter 2021. “During the first quarter of 2021 and early second quarter, we continued to make significant progress advancing the Phase 1a/1b monotherapy trial of CUE-101 and continued development of our expanding pipeline and technology platforms, as well as enhancing our capital resources,” said Daniel Passeri, chief executive officer of Cue Biopharma. “Importantly, we recently reported a confirmed partial response (PR) in a patient from our ongoing Phase 1 monotherapy dose escalation trial of CUE-101 and look forward to providing further details as well as describing the development implications for CUE-101 and potential of the CUE-100 series and Immuno-STAT™ platform, during the quarterly update call.” Kerri-Ann Millar, chief financial officer of Cue Biopharma, added, “We finished the first quarter of 2021 in a solid financial position which was further strengthened by the deployment of our at-the-market (ATM) common stock facility in April that enabled us to boost our cash position by an additional $10.4 million giving us operational runway into the fourth quarter of 2022.” Recent News & Business Updates Reported PR in one patient and stable disease (SD) in five patients, confirmed by RECIST criteria, providing evidence of single-agent clinical activity of CUE-101 in the ongoing Phase 1 monotherapy dose escalation trial in late stage second-line and beyond patients with HPV+ recurrent/metastatic head and neck cancer, as well as evidence of both tumor-specific CD8+ T cell expansion and dose-dependent increases in NK cells.Extended cash runway with sales in April of an aggregate of $10.4 million shares of our common stock pursuant to our ATM equity offering sales agreement with Stifel. As of April 30, 2021, we sold a cumulative total of 2,099,700 shares of common stock for aggregate net proceeds of $32.7M, net of commissions paid, under the sales agreement. Initiated Phase 1 dose escalation clinical trial of CUE-101 in combination with Merck’s KEYTRUDA®, an anti-PD-1 biologic agent, as first-line therapy in patients with advanced HPV16+ head and neck cancer.Appointed renowned experts Abul K. Abbas, M.D., distinguished professor in pathology and former chair of the department of pathology at the University of California, San Francisco (UCSF) and Michael Kalos, Ph.D., managing director of Next Pillar Consulting, LLC and former executive vice president and head of research and development at ArsenalBio, to our Scientific Advisory Board (SAB). First-Quarter 2021 Financial Results The Company reported collaboration revenue of approximately $1.6 million and $0.9 million for the three months ended March 31, 2021 and 2020, respectively. Research and development expenses were $9.8 million and $9.9 million for the three months ended March 31, 2021 and 2020, respectively. The decrease in research and development expenses of $0.9 million was primarily due to a decrease in laboratory and drug substance manufacturing costs as the clinical supply for our lead drug candidate, CUE-101, was produced during 2020, as well as a reduction in clinical and travel related expenses. General and administrative expenses were $4.3 million and $4.0 million for the three months ended March 31, 2021 and 2020, respectively. The increase in general and administrative expense of $0.3 million was primarily due to an increase in stock-based compensation expense and legal fees incurred in the first quarter of 2021 as compared to the same period in 2020. Cue Biopharma, Inc.Selected Consolidated Statement of Operations Data(in thousands) Three Months EndedMarch 31, 2021 2020 Collaboration revenue$1,553 $900 Operating expenses: General and administrative 4,255 3,989 Research and development 9,816 9,906 Total operating expenses 14,071 13,895 Loss from operations (12,518) (12,995)Other income: Interest income, net 13 177 Net Loss$(12,505) $(12,818)Net loss per common share – basic and diluted$(0.41) $(0.48)Weighted average common shares outstanding – basic and diluted 30,434,525 26,569,681 Cue Biopharma, Inc.Selected Consolidated Balance Sheet Data(in thousands) March 31, 2021 December 31, 2020 Cash and cash equivalents 73,257 74,866 Marketable securities - 10,003 Total current assets 77,405 87,527 Working Capital 60,772 71,212 Total assets 88,721 99,533 Total Stockholders' equity 69,669 78,911 About Cue BiopharmaCue Biopharma, a clinical-stage biopharmaceutical company, is engineering a novel class of injectable biologics to selectively engage and modulate targeted T cells directly within the patient’s body to transform the treatment of cancer, infectious diseases and autoimmune diseases. The company’s proprietary Immuno-STAT™ (Selective Targeting and Alteration of T cells) platform, is designed to harness the body’s intrinsic immune system without the need for ex vivo manipulation. Headquartered in Cambridge, Massachusetts, the company is led by an experienced management team and independent Board of Directors with deep expertise in immunology and immuno-oncology as well as the design and clinical development of protein biologics. For more information, visit https://www.cuebiopharma.com and follow us on Twitter at https://twitter.com/CueBiopharma. Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by those sections. Such forward-looking statements include, but are not limited to, those regarding: the company’s estimate of the period in which it expects to have cash to fund its operations; the company’s belief that the Immuno-STAT platform stimulates targeted immune modulation through the selective engagement of disease-relevant T cells; and the company’s business strategies, plans and prospects. Forward-looking statements, which are based on certain assumptions and describe the company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the company’s limited operating history, limited cash and a history of losses; the company’s ability to achieve profitability; potential setbacks in the company’s research and development efforts including negative or inconclusive results from its preclinical studies, its ability to secure required U.S. Food and Drug Administration (“FDA”) or other governmental approvals for its product candidates and the breadth of any approved indication; adverse effects caused by public health pandemics, including COVID-19, including possible effects on the company’s trials; negative or inconclusive results from the company’s clinical trials or preclinical studies or serious and unexpected drug-related side effects or other safety issues experienced by participants in clinical trials; delays and changes in regulatory requirements, policy and guidelines including potential delays in submitting required regulatory applications to the FDA; the company’s reliance on licensors, collaborators, contract research organizations, suppliers and other business partners; the company’s ability to obtain adequate financing to fund its business operations in the future; operations and clinical the company’s ability to maintain and enforce necessary patent and other intellectual property protection; competitive factors; general economic and market conditions and the other risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of the company’s most recently filed Annual Report on Form 10-K and any subsequently filed Quarterly Report(s) on Form 10-Q. Any forward-looking statement made by the company in this press release is based only on information currently available to the company and speaks only as of the date on which it is made. The company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Investor ContactGeorge B. Zavoico, Ph.D.VP, Investor Relations & Corporate Development Cue Biopharma, Inc. firstname.lastname@example.org Media ContactDarren Opland, Ph.D.LifeSci Communicationsdarren@lifescicomms.com
Wall Street stocks ended lower on Monday, weighed down by tech shares as signs of growing inflation worried investors about the potential for tighter monetary policy. "What is causing the decline, no surprise to anybody, is the worry about inflation and interest rates," said Sam Stovall, chief investment strategist at CFRA Research in New York. "As a result that's causing the growth group, in particular technology and consumer discretionary stocks, to experience weakness, while some of the more value-oriented groups are holding up a bit better."
Corrections and clarificationsEmilie Tant letter | 3D-printed house
A dream of belonging: for Indigenous Australians, the fabled ‘outback’ is homeAboriginal people have the skills, refined over thousands of years, to care for this fragile, fire-prone ancient continentRead more of our Modern Outback series hereSign up for email notifications from our Modern Outback series Queensland’s channel country shot from a plane. ‘Homeland is the correct term for this continent,’ writes Indigenous Australian author Alexis Wright. ‘Not outback, and certainly not wilderness.’ Photograph: David Maurice Smith/The Guardian
Australia’s largest pastoral landowner received $6.7m in jobkeeper as profits soared AACo boss described payments as ‘appropriate’ despite operating profit of $23.5m in six monthsRead more of our Modern Outback series hereSign up for email notifications from our Modern Outback series AACo received $6.7m in jobkeeper payments, helping drive it to an operating profit of $23.5m, a dramatic improvement on the $6.3m it declared in the same period in 2019. Photograph: Tim Wimborne/Reuters
THE COLONY, Texas, May 17, 2021 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) ("Quest"), a national leader in environmental waste and recycling services, today announced financial results for the first quarter ended March 31, 2021. First Quarter 2021 Highlights Revenue was $35.1 million, a 38.6% increase compared with the first quarter of 2020.Gross profit was $6.4 million, a 41.8% increase compared with the first quarter of 2020.Gross margin was 18.3% of revenue compared with 17.9% during the first quarter of 2020.Net income per share attributable to common stockholders was $0.06, compared with a net loss per share of $(0.02) per share during the first quarter of 2020.Adjusted EBITDA was $2.6 million, a quarterly record and a 390% increase compared with the first quarter of 2020. “This year is off to a great start with growth from new and existing customers, significantly driven by an increase in waste volumes with customers, particularly in the industrial end market as their activity levels accelerated to make up for COVID-related constraints experienced last year. These increases more than offset the impact of the pandemic-led economic downturn in the automotive service and restaurant end markets. Comparisons also benefited from a full quarter of contribution from the Green Remedies acquisition we completed last October. Importantly, we demonstrated the operating leverage in our business model while driving 390% improvement in Adjusted EBITDA,” said S. Ray Hatch, President and Chief Executive Officer. “While we expect the increase in the industrial activity may fluctuate in the coming quarters, activity levels in those end markets that were hardest hit by the pandemic continue to improve and we anticipate showing improvements in year-over-year financial results for the balance of the year.” First Quarter 2021 Earnings Conference Call and Webcast Quest will conduct a conference call Monday, May 17, 2021, at 5:00 PM ET, to review the financial results for the first quarter ended March 31, 2021. Investors interested in participating on the live call can dial 1-866-548-4713 within the U.S. or 1-323-794-2093 from abroad, referencing conference ID: 1559471. The conference call, which may include forward-looking statements, is also being webcast and is available via the investor relations section of Quest’s website at https://investors.qrhc.com/investors. A replay of the webcast will be archived on Quest’s investor relations website for 90 days. Reconciliation of U.S. GAAP to Non-GAAP Financial Measures In this press release, a non-GAAP financial measure, "Adjusted EBITDA," is presented. From time-to-time, Quest considers and uses this supplemental measure of operating performance in order to provide an improved understanding of underlying performance trends. Quest believes it is useful to review, as applicable, both (1) GAAP measures that include (i) depreciation and amortization, (ii) interest expense, (iii) stock-based compensation expense, (iv) income tax expense, and (v) certain other adjustments, and (2) non-GAAP measures that exclude such items. Quest presents this non-GAAP measure because it considers it an important supplemental measure of Quest's performance. Quest's definition of this adjusted financial measure may differ from similarly named measures used by others. Quest believes this measure facilitates operating performance comparisons from period to period by excluding items that Quest does not believe reflect its fundamental business performance and are not representative or indicative of its results of operations. This non-GAAP measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for Quest's GAAP measures. (See attached table "Reconciliation of Net Income (Loss) to Adjusted EBITDA.") About Quest Resource Holding Corporation Quest is a national provider of waste and recycling services that enable our customers to achieve and satisfy their environmental and sustainability goals and responsibilities. Quest provides businesses across multiple industry sectors with single source, customer specific solutions to address a wide variety of waste streams and recyclables generated by their operations. Quest also provides information and data that tracks and reports the environmental results of Quest’s services, provides actionable data to improve business operations, and enables Quest’s customers to achieve and satisfy their environmental and sustainability goals and responsibilities. For more information, visit www.qrhc.com. Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which provides a "safe harbor" for such statements in certain circumstances. The forward-looking statements include, but are not limited to, our belief that the positive momentum we saw in the back half of 2020 has continued in 2021 and we expect growth of new and existing customers will continue to offset the COVID-related downturn that we continue to experience in certain end markets. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, competition in the environmental services industry, the impact of the current economic environment, the spread of major epidemics (including Coronavirus) and other related uncertainties such as government-imposed travel restrictions, interruptions to supply chains, commodity price fluctuations, and extended shut down of businesses, and other factors discussed in greater detail in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2020. You are cautioned not to place undue reliance on such statements and to consult our SEC filings for additional risks and uncertainties that may apply to our business and the ownership of our securities. Our forward-looking statements are presented as of the date made, and we disclaim any duty to update such statements unless required by law to do so. Investor Relations Contact: Three Part Advisors, LLCJoe Noyons 817.778.8424 Financial Tables Follow Quest Resource Holding Corporation and SubsidiariesSTATEMENTS OF OPERATIONS(Unaudited) (In thousands, except per share amounts) Three Months Ended March 31, 2021 2020 Revenue $35,102 $25,332 Cost of revenue 28,662 20,789 Gross profit 6,440 4,543 Selling, general, and administrative 4,263 4,409 Depreciation and amortization 407 334 Total operating expenses 4,670 4,743 Operating income (loss) 1,770 (200)Interest expense 561 84 Income (loss) before taxes 1,209 (284)Income tax expense (benefit) 62 (52)Net income (loss) $1,147 $(232) Net income (loss) applicable to common stockholders $1,147 $(232)Net income (loss) per common share: Basic $0.06 $(0.02)Diluted $0.06 $(0.02) Weighted average number of common shares outstanding: Basic 18,505 15,397 Diluted 19,413 15,397 RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA(Unaudited)(In thousands) Three Months Ended March 31, 2021 2020 Net income (loss) $1,147 $(232)Depreciation and amortization 476 348 Interest expense 561 84 Stock-based compensation expense 310 377 Acquisition, integration, and related costs 19 — Other adjustments 53 9 Income tax expense (benefit) 62 (52)Adjusted EBITDA $2,628 $534 BALANCE SHEETS(In thousands, except per share amounts) March 31, December 31, 2021 2020 (Unaudited) ASSETS Current assets: Cash and cash equivalents $10,754 $7,516 Accounts receivable, less allowance for doubtful accounts of $977 and $935 as of March 31, 2021 and December 31, 2020, respectively 20,723 17,421 Prepaid expenses and other current assets 1,184 1,069 Total current assets 32,661 26,006 Goodwill 66,310 66,310 Intangible assets, net 6,206 6,529 Property and equipment, net, and other assets 3,241 3,384 Total assets $108,418 $102,229 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $20,303 $15,247 Other current liabilities 1,584 1,393 Current portion of notes payable 624 624 Total current liabilities 22,511 17,264 Notes payable, net 14,300 14,948 Other long-term liabilities, net 1,854 1,974 Total liabilities 38,665 34,186 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.001 par value, 10,000 shares authorized, no shares issued or outstanding as of March 31, 2021 and December 31, 2020 — — Common stock, $0.001 par value, 200,000 shares authorized, 18,690 and 18,413 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively 19 18 Additional paid-in capital 166,987 166,425 Accumulated deficit (97,253) (98,400)Total stockholders’ equity 69,753 68,043 Total liabilities and stockholders’ equity $108,418 $102,229
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