Neuraptive Therapeutics Announces FDA Clearance of IND Application for NTX-001, a Novel Approach for the Treatment of Patients with Peripheral Nerve Injuries

• NTX-001 is a potentially transformative adjunctive treatment for peripheral nerve injuries, using a propriety system for the reconnection of severed nerves

• Neuraptive will conduct a Phase 2 Multicenter, Randomized, Controlled Study Evaluating the Safety and Efficacy of NTX-001 versus Standard of Care in Patients with Acute Single Transected Peripheral Nerve Injuries of the Upper Extremities

PHILADELPHIA-Thursday 30 April 2020 [ AETOS Wire ]

(BUSINESS WIRE)-- Neuraptive Therapeutics, Inc. (Neuraptive), a clinical-stage biotechnology company dedicated to developing novel therapeutics and medical products to address the unmet needs in the treatment of peripheral nerve injuries (PNI), today announced that the U.S. Food and Drug Administration (FDA) has cleared Neuraptive's Investigational New Drug (IND) application for NTX-001 in patients with acute single transected PNI.

"We are pleased to have received clearance for the company’s first IND, and are excited to initiate the trial later this year," said Evan Tzanis, Executive Vice President and Head of Research and Development. "We look forward to working with investigators as we advance Neuraptive’s NTX-001 into the clinic for the treatment of peripheral nerve injuries."

Peripheral nerve injuries resulting in surgeries are common, occurring in more than 600,000 patients annually in the United States, with approximately 80% of nerve injuries occur in the upper extremities. Neuraptive’s Phase 2 study will evaluate the safety and efficacy of NTX-001 versus the current standard of care in upper extremity injuries. NTX-001 is being developed in the U.S. via the FDA 505 (b) (2) development pathway, in which the components contained in the product are present in existing, approved drug products, allowing for the potential of a more streamlined development program.

"Current interventions do not prevent the irreversible degeneration that occurs within 48 to 72 hours following injury. We believe that NTX-001 has the potential to diminish or prevent this degenerative process so that nerves recover more quickly, and patients can avoid disabilities that commonly result from these types of nerve injuries," said Ivan Gergel, MD, Executive Chairman of the Board of Neuraptive. "We are hopeful that NTX-001 can be a revolutionary treatment for physicians to offer their patients undergoing PNI repairs."

About Neuraptive Therapeutics

Neuraptive is creating innovative novel therapies for nerve repairs to improve clinical outcomes for patients and surgeons who care for them. The company's franchise therapeutic product, NTX-001, has the potential to improve the quality and speed of recovery of nerve sensation and function for eligible patients who have sustained traumatic injuries or who are undergoing reconstructive surgical procedures. Neuraptive is rapidly advancing its pipeline and will leverage its capabilities to transition into a clinical-stage company. Investors include New Rhein Healthcare Investors through its Fund 18 and Ben Franklin Technology Partners. The company is headquartered in Philadelphia, PA, and has offices near Boulder, CO, as well as surgical translational medical facilities at the Colorado University Anschutz Medical Center in Aurora, CO. For more information, see www.neuraptive.com.

About New Rhein Healthcare Investors

New Rhein is a venture capital/early growth stage fund manager whose investment strategy focuses on proven molecules used in new ways, such as new delivery forms and potential new uses and indications. In this way, New Rhein limits science-based risk and concentrates on development and execution. Prior investments have included medicines for Alzheimer’s disease, ophthalmic disorders, respiratory disease, and molecular oncology diagnostics. New Rhein’s partners, associates, and advisors are knowledgeable former industry executives with solid track records of operational, investment, and transactional experience. New Rhein combines significant deal-making expertise with deep operating experience, allowing it to tailor the right deal for the right situation and work with its portfolio companies to achieve maximum value for their products. For more information, see www.newrhein.com.

Cautionary Note on Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. including, among others, statements we make regarding the time for the commencement of clinical trials. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events and trends, the economy and other future conditions and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control.

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Contacts
Investor Relations Neuraptive Therapeutics, Inc
IR@neuraptive.com

Evan Tzanis
Phone: +1-484-787-3203

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Radicle Growth and Syngenta Launch The Radicle Protein Challenge by Syngenta to Invest $1.25m in Technologies to Support the Future of Protein

Application Period Open Through May 29; Calls on Companies of All Stages Solving Protein Challenges from Plant-Based to Regenerative Ag to Apply for Funding



SAN DIEGO-Wednesday 29 April 2020 [ AETOS Wire ]

(BUSINESS WIRE)-- Radicle Growth, an acceleration fund, and Syngenta, a leading agriculture company helping to improve global food security, today announced the launch of The Radicle Protein Challenge by Syngenta. Together, Radicle and Syngenta will identify two companies with novel solutions to support the future of protein (which could include new or experimental protein sources, or protein conversion technologies) that are solving challenges spanning from plant-based ag to the regenerative side of agriculture, to invest $1.25m in.

Radicle and Syngenta are seeking entrepreneurs representing companies of all stages from around the world to apply for the $1.25 million in investment—$1 million for the Challenge winner and the $250k for the second-place winner—to accelerate the growth of their technologies. Applications are open through May 29, 2020. The winners will not only receive a significant investment and custom accelerator program from Radicle Growth but will have access to Radicle and Syngenta’s broad agriculture expertise and global agtech networks to advance and promote their technology.

“Innovative protein sources are increasingly important for a growing population. We are excited to be collaborating with Radicle and entrepreneurs from around the world to accelerate innovation and I am looking forward to seeing lots of creative ideas,” said Erik Fyrwald, CEO, Syngenta. “Our mission at Syngenta of helping farmers to make the best use of available resources and grow the crops we need in an environmentally friendly and healthy way, includes providing them with the best products, technologies and agronomic advice.”

After entries close, several months of due diligence work will begin and 4-6 finalists will be identified from the pool of applicants. The finalists will participate in a Pitch Day competition this Fall. Each company will have the opportunity to present in front of a leading panel of judges, including Erik Fyrwald, who will deliberate and select the two winners.

“Recent Gallup data confirms that nearly a quarter of Americans are eating less meat than ever before. This has increased the demand for plant-based and cellular agriculture alternatives to traditional protein sources,” said Kirk Haney, Managing Partner of Radicle Growth. “Many companies focused on this space have been hard at work with plans to launch in the near-term. Getting the product right to meet consumer demand is only half the battle, the pricing also needs to be right. We look forward to seeing the companies emerging in, and looking to grow, in this space and providing them the capital they need to overcome the challenges of growing this segment and staying ahead of consumer demands.”

For more information on The Radicle Protein Challenge by Syngenta, visit http://radicle.vc/the-radicle-challenge/.

About Radicle Growth
Radicle Growth is a San Diego-based acceleration fund that selects innovative agtech and food tech startups for investment, ensuring that powerful, disruptive technologies reach their full potential. In addition to providing seed-stage capital, they provide a fertile environment for visionaries in the ag space to flourish. Their proprietary platform is one of a kind in the agriculture industry, filling a huge void in the market by identifying the most innovative technologies and accelerating them with a range of value-creation initiatives. To connect and learn more about Radicle Growth follow us on LinkedIn, Instagram, Twitter.

About Syngenta
Syngenta is one of the world’s leading agriculture companies. Our ambition is to help safely feed the world while taking care of the planet. We aim to improve the sustainability, quality and safety of agriculture with world class science and innovative crop solutions. Our technologies enable millions of farmers around the world to make better use of limited agricultural resources. With 28,000 people in more than 90 countries we are working to transform how crops are grown. Through partnerships, collaboration and The Good Growth Plan we are committed to improving farm productivity, rescuing land from degradation, enhancing biodiversity and revitalizing rural communities. To learn more visit www.syngenta.com and www.goodgrowthplan.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200428005037/en/

Contacts

Danielle Dougan for Radicle Growth
ddougan@radicle.vc
978-430-9680

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Northern Data AG announces acquisition of Canadian data center specialist Kelvin Emtech Group

• Key step forward for existing strategy of expansion into Canada

• Continuing to accelerate North America growth and expansion

• Decisive and additive know-how for data centers construction



FRANKFURT AM MAIN, Germany-Wednesday 29 April 2020 [ AETOS Wire ]

(BUSINESS WIRE) -- Northern Data AG (XETRA: NB2, ISIN: DE000A0SMU87), one of the world's largest providers of high-performance computing (HPC) solutions, acquires the Kelvin Emtech Group (KE Group), headquartered in Montreal (Quebec, Canada) with offices in Toronto. The KE Group is a specialist with over 25 years of expertise and comprehensive know-how as well as extensive intellectual property in the design, construction, and operation of innovative data centers together with long established relationships with key counterparts. This additive experience and know-how is expected to significantly accelerate Northern Data’s existing strategy of expansion in Canada and across North America, thus enabling the Company to accelerate its growth considerably.

Founded in 1994, the KE Group provides services for blue-chip customers such as Canada's largest telecommunications group Bell Canada (NYSE: BCE), the IT service provider CGI Inc. (NYSE: GIB), and the International Business Machines Corporation (NYSE: IBM). The KE Group will in the future focus on HPC expansion projects for Northern Data in North America. The team of more than 30 employees is headed by the Group President and CEO Denis Pelletier, who has around 30 years of experience as an engineer and manager and was responsible for the realization of projects with a volume of USD 1.4 billion at Alstom/GE Hydro, among others.

In the course of the recent sharp increase in demand for computing capacity, partly as a result of the COVID-19 pandemic, the know-how and experience of the KE Group are crucial for Northern Data to simultaneously develop new locations. With the acquisition of the KE Group, Northern Data has gained one of the most important resources for the construction of new sites and can thus accelerate both simultaneous development and construction of sites in view of the urgent global demand for computing capacity.

Northern-Data-CEO Aroosh Thillainathan comments on the acquisition: "We have experienced an extreme growth momentum in recent weeks driven by the high demand for computing capacity and in particular for HPC solutions. In the wake of this growth, we are excited to acquire the Canadian KE Group. The know-how and intellectual property of the KE Group is not only a valuable addition to our expertise but also enables us to accelerate simultaneous development and the establishment of additional locations. Above all in its home market Canada, we see the acquisition as a basis to build up further locations for our high-performance computing solutions in the medium-term.”

Denis Pelletier, President, and CEO of KE Group adds: "We are very pleased to be part of Northern Data Group and to bring our experience and expertise in building and operating HPC data centers in the future. With its newest location in Texas, Northern Data is realizing an impressive project. It is a particular pleasure for us to now actively work side by side with the Northern Data team at other locations in North America.”

The acquisition of the entire KE Group will be carried out by means of a capital increase against contribution in kind through the issue of 83,333 shares, which are subject to a complete lock-up for a period of three years.

About Northern Data:

Northern Data AG builds and offers global infrastructure solutions in the field of High-Performance Computing (HPC), offering solutions in the fields of machine learning and artificial intelligence, big data analytics, blockchain applications, game streaming and others. Operating internationally the Company evolved from the merger of German Northern Bitcoin AG and American Whinstone US, Inc. and is now a recognized leader in the provision of HPC solutions worldwide. The Company offers HPC solutions, both stationary in large state-of-the-art data centers as well as in high-tech mobile data centers, which can be located at any location worldwide. In doing so, it combines self-developed software and hardware with intelligent concepts for sustainable energy supply. In Texas, Whinstone is currently building the largest HPC data center in the USA and, at the same time, the world's largest dedicated HPC facility.

About the Kelvin Emtech Group:

The KE Group consists of the three Canadian companies Kelvin Emtech Inc, K.E. Technologie, and CEDTECH Construction Inc. With more than 30 employees, KE Group, headquartered in Quebec, Canada, is one of the leading data center design companies in Canada and has more than 25 years of experience in developing electromechanical infrastructures for its customers. The KE Group specializes in complete electromechanical installations in connection with 24/7 services for data centers of type TIER I to TIER IV as well as all critical infrastructures in areas such as IT, telecommunications, or communications engineering. The activities include testing, requirement analyses, planning as well as construction and operation of the installations.

Disclaimer:

This press release does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities of Northern Data AG and does not constitute a prospectus of Northern Data AG. The information contained in this press release is not intended to form the basis of any financial, legal, tax or other business decision. Investment or other decisions should not be made solely on the basis of this press release. As with all business and investment matters, please consult qualified professional advice.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200428005697/en/

Contacts

Press contact:
Northern Data AG
Dr. Hans Joachim Dürr
Head of Corporate Communications
E-Mail: h.duerr@northerndata.de
Phone: +49 69 348 752 8

Investor Relations:
Sven Pauly
E-Mail: ir@northerndata.de
Telefon: +49 89 89 82 72 27



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Emirates Mars Mission: Hope Probe Ready for Launch from Japan’s Tanegashima Space Centre

Abu Dhabi, United Arab Emirates-Wednesday 29 April 2020 [ AETOS Wire ]

The UAE Space Agency and the Mohammed Bin Rashid Space Center announced the safe transfer of the Mars Hope spacecraft to its launch site at Tanegashima Space Centre. The transfer was conducted in an 83-hour operation brought forward from its scheduled May shipment date because of the travel and movement restrictions imposed by international efforts to contain the impact of Covid-19. The Emirates Mars Mission, dubbed The Hope Probe is the first interplanetary exploration undertaken by an Arab nation.

“We’re on track for our July launch now,” said EMM Mission lead Omran Sharaf. “Mitigation planning and early action, along with the support of our partners and the Japanese Government saved the day – the whole operation was basically a race against the clock and Covid-19 to ensure we managed to have the spacecraft at Tanegashima ready for its July/August launch window to Mars.”

A team of engineers travelled to Tanegashima two weeks prior to the probe’s early transfer in order to go through quarantine in time to meet the arriving shipment. A second team of engineers accompanied the spacecraft, is now in quarantine and scheduled to be ready for final tests and preparation of the spacecraft to launch on a Mitsubishi MH2A rocket.

The transfer operation saw an Antonov 124 heavy lifter carry the spacecraft in a specialised temperature and atmosphere-controlled container from Maktoum International Airport in The Emirates to Chubu Centrair International Airport at Nagoya, Japan. The spacecraft was then loaded onto a sea freighter, carried to Tanegashima’s Shimama Seaport and then transferred by night to the launch site.

The Emirates Mars Mission was conceived to disrupt and accelerate the development of the UAE’s space sector, education and science community. Led by MBRSC under the supervision of the UAE Space Agency, the mission will send the Mars Hope probe to orbit Mars in February 2021. Hope aims to build the first full picture of Mars’ climate throughout the Martian year.

EMM and the Hope probe are the culmination of a knowledge transfer and development effort started in 2006, which has seen Emirati engineers working with partners around the world to develop the UAE’s spacecraft design, engineering and manufacturing capabilities. The spacecraft was named as a symbol of hope for all Arab youth.

Contacts
Tasnim Hijazi,

+971-52-1607687

thijazi@apcoworldwide.com

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Well Living Lab, Delos, Cushman & Wakefield and Hines Align to Advance Return-to-Workplace Guidelines in Response to the COVID-19 Pandemic

Well Living Lab to evaluate methods and establish guidelines to reduce air and surface viral transmission, strengthen physical-distancing measures and enhance employee performance as organizations contemplate their return to offices

ROCHESTER, Minn-Wednesday 29 April 2020 [ AETOS Wire ]

(BUSINESS WIRE)-- The Well Living Lab, a Delos and Mayo Clinic collaboration dedicated to researching the indoor environment’s impact on human health, today announced a comprehensive plan to study the design and operation of workspaces to help prevent the spread of respiratory viruses. This will include research conducted in the lab, along with applications and interventions into corporate offices in the U.S. and internationally.

The Well Living Lab, adjacent to the Mayo Clinic campus in Rochester, Minnesota, will use its configurable “living lab” office space to generate insights and evaluate technologies for reducing the risk of respiratory virus transmission in work environments. Rich in sensor technology and highly configurable, the lab is designed to simulate a number of indoor environmental settings. Cushman & Wakefield will contribute their expertise in workplace strategy and design practices, including protocols for maintaining physical distancing policies and other concepts for returning to offices. Delos will contribute expertise in air filtration strategies for reducing particulate matter concentration, surface hygiene protocols, algorithms designed to remediate indoor environmental concerns, and software to promote occupant adoption of behavioral changes necessary to support healthy environments. Hines will contribute lessons learned from their six-decade history of creating innovative, sustainable real estate with thought leadership and management expertise from many of the firm’s key leaders in development, engineering, innovation and property management across product sectors.

“We know that buildings have a tremendous impact on our health and well-being, and the role of indoor spaces has now become more important than ever,” said Paul Scialla, Delos Founder and CEO. “As we contemplate reopening our offices in the wake of COVID-19, it is critical that we take an evidence-based approach to make our workspaces safer when we return. We are excited about the opportunity to extend the Well Living Lab’s pioneering research at the intersection of health, building and behavioral sciences into the field with leading organizations such as Cushman & Wakefield and Hines.”

To advance return-to-work guidelines, the Well Living Lab will leverage its field study capabilities for interventions in Cushman & Wakefield’s and Hines’ offices, along with Delos’ global headquarters in New York. Hines has a global management portfolio of more than 500 properties and is identifying locations, buildings and workspaces that will complement and fuel this research. Collectively, the information gathered from all participant sites will be aggregated to inform the continued advancement of guidelines. The study is also designed to include participation in other field locations from additional corporate tenants and landlords.

“We look forward to this continued collaboration with Delos and the Well Living Lab as we work together to promote a safe workplace as offices reopen,” said Brett White, Cushman & Wakefield Executive Chairman & CEO. “We’re planning to demonstrate scientific, evidence-based studies to our ongoing product innovation as we help our clients prepare for the coming recovery.”

Hines CEO Jeff Hines commented, “Our people have been pioneers in creating progressive real estate that advances the built environment, so joining this effort is a natural way for us to give back, while continuing to anticipate and meet the needs of tenants, clients and investors.”

Well Living Lab researchers will evaluate ways to optimize the effectiveness of reducing air particulate matter concentration, surface decontamination, behavioral patterns of physical distancing, building entry protocols such as thermal screening, as well as the performance, emotional resiliency, and satisfaction of employees. Delos’ health, building and behavioral scientists will provide advisory support throughout the study. The Well Living Lab’s framework of discovery, translation and application, adapted from Mayo Clinic’s research approach, will move findings into the field to impact lives.

“Our clients are very interested in new workplace strategies that align with the science at the forefront of the fight against COVID-19,” said Despina Katsikakis, Head of Workplace Business Performance, Cushman & Wakefield. “We’re pleased to expand on our 6 Feet Office prototype with further testing in areas like advanced air filtration and surface hygiene technologies.”

Since 2016, the Well Living Lab has assembled leading alliance organizations to study the convergence of building sciences and health sciences. This includes the International WELL Building Institute (IWBI), a public benefit corporation and Well Living Lab alliance member. IWBI established a COVID-19 task force in March 2020 to advance the role of buildings in protecting and enhancing health. Over 450 public health experts, virologists, government officials, academics and business leaders, as well as architects, designers, building scientists and real estate professionals have been collaborating on principles of prevention and preparedness, resiliency and recovery as it pertains to creating safer and healthier workplaces, both in terms of the physical spaces as well as the policies and protocols that support employee health overall. Members of the task force include 17th Surgeon General of the United States Richard Carmona; Well Living Lab Scientific Advisory Council member and distinguished professor at UCLA in the Fielding School of Public Health and the Geffen School of Medicine Dr. Jonathan Fielding; assistant professor of exposure and assessment science and Director of the Healthy Buildings program at Harvard T.H. Chan School of Public Health’s Joseph Allen; former Robert Wood Johnson Foundation President and CEO and distinguished professor of population health and health equity at the University of Pennsylvania Dr. Risa Lavizzo-Mourey; Cushman & Wakefield’s Head of Workplace Business Performance Despina Katsikakis; Hines Global Sustainability Manager Adam Slakman; former Director-General of Chinese Center for Disease Control & Prevention and distinguished professor at Center for Healthy Cities, Institute for China Sustainable Urbanization, Tsinghua University Wang Yu, M.D., PhD. Insights and conclusions from this task force will inform the ongoing research conducted by the Well Living Lab, and the IWBI will assess the findings of the research platform to continue to advance the WELL Building Standard.

“The Well Living Lab is uniquely positioned to bring together building and health sciences expertise and technologies to generate and disseminate discoveries,” said Dr. Veronique Roger, Well Living Lab Director of Research and Mayo Clinic cardiologist. “This knowledge will help prepare the world for post COVID-19 safe environments in office and other settings.”

About the Well Living Lab

The Well Living Lab, a collaboration of Delos and Mayo Clinic, is dedicated to identifying how indoor environments impact human health and well-being. It conducts scientific research with human subjects in a simulated real-world environment and shares practical findings that can be applied to improving indoor spaces where people spent approximately 90 percent of their time. The lab has 5,500 square-feet of sensor rich, reconfigurable space in downtown Rochester, Minnesota. Learn more at welllivinglab.com

About Delos

Delos is a wellness real estate and technology company with a mission to be the world’s leading catalyst for improving the health and well-being of people by improving the indoor environments where they live, work, sleep and play. Informed by more than seven years of research and rigorous analysis of environmental health impacts on people, Delos and its subsidiaries offer an array of evidence-based technology and solutions for the built environment. Delos is the founder of the International WELL Building Institute and the WELL Building Standard, the premier standard for buildings, interior spaces and communities seeking to implement, validate and measure features that support and advance human health and wellness. The International WELL Building Institute administers and continues WELL’s development and drives market adoption. Registrations under the WELL Building Standard have surpassed 4,100 projects in 59 countries, encompassing more than 530 million square feet. Delos collaborated with the Mayo Clinic to create the Well Living Lab, a scientific research center that uses exclusively human-centered research to understand the interaction between health and well-being and indoor environments. The company’s advisory board is comprised of leading professionals across real estate, healthcare, government policy and sustainability, including the 17th Surgeon General of the United States Richard Carmona, UCLA’s Dr. Jonathan Fielding, renowned wellness luminary Deepak Chopra, and sustainability advocate Leonardo DiCaprio. For more information about Delos, please visit www.delos.com.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion* of assets under management, including $71 billion for which Hines serves as an investment manager, including non-real estate assets, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. *AUM includes both the global Hines organization as well as RIA AUM.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200427005702/en/

Contacts

Well Living Lab: Laura Kjarland, kjarland.laura@mayo.edu
Delos: Jamie Matos, Jamie.Matos@delos.com
Cushman & Wakefield: Grace Wilk, Grace.Wilk@cushwake.com
Hines: George Lancaster, George.Lancaster@hines.com


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Africa Finance Corporation Appoints New Chairman and Announces Changes to Its Board

LAGOS, Nigeria-Wednesday 29 April 2020 [ AETOS Wire ]

(BUSINESS WIRE) -- Africa Finance Corporation (“AFC” or the “Corporation”), the leading infrastructure solutions provider in Africa, today announces the appointment of Dr. Kingsley Obiora as its new Chairman as well as the appointment of Mr. Henry Oroh, Ms. Soula Proxenos, and Mr. Batchi Baldeh Non-Executive Directors.

Appointment of Dr. Obiora as Chairman of the Board of Directors

A distinguished economist who also currently serves as Deputy Governor (Economic Policy) of the Central Bank of Nigeria, Dr Obiora brings 19 years of banking and financial services experience. He has advised three Nigerian Presidents on economic policy, as well as a Governor of the Central Bank of Nigeria (CBN).

Prior to this, he was an Alternate Executive Director in the International Monetary Fund (IMF) in Washington DC, USA. In this capacity, he was a member of the Executive Board, collectively responsible for conducting the daily operations of the IMF. He also assisted to represent the interests of 23 African Countries, including Nigeria, at the Board.

Dr. Obiora holds two doctorates, the first in Monetary & International Economics, and the second in Econometrics, from the University Ibadan, Nigeria and the George Washington University, USA respectively.

Dr. Obiora replaces Dr. Joseph Nnanna, who following three years of distinguished service to the Corporation, retires from AFC’s Board of Directors.

Additional appointments

Alongside Dr. Obiora, AFC also announces the following board appointments:

Ms. Soula Proxenos joins the Corporation as an Independent Non-Executive Director. She was previously Managing Director of International Housing Solutions, the South African real estate fund manager focused on affordable housing. She holds several Independent Non-Executive Directorships and is an Adjunct Lecturer at John Hopkins SAIS and the Carey Business School

Ms. Proxenos was also Managing Director at the US’s Fannie Mae’s International Housing Financial Services as well as having had responsibility for transforming Old Mutual’s business prior and during South Africa’s political transformation. She brings more than 30 years of financial services experience and holds an MBA from Stellenbosch as well as a BA from Witwatersrand University.

Mr. Batchi Baldeh joins the Corporation as Non-Executive Director representing the African Development Bank following its recent equity subscription of AFC. An investment banker, infrastructure developer and utility management specialist, Mr. Baldeh brings 33 years of experience, including his current position as Director, Power Systems Development at the African Development Bank. He is also an alumni of AFC, where he served as Director, Power Business, Investments Division, and has also advised several African governments, the World Bank Group, the European Union, and other public and private organisations.

Mr. Baldeh holds a BSc (Hons) in Electrical & Electronic Engineering from Newcastle-upon-Tyne University, UK and is a member of the Institute of Engineering & Technology, UK, as well as a fellow of the Institute of Directors, Southern Africa. He also holds MBA from Boston University, USA,

Mr. Henry Oroh, who joined AFC as a Non-Executive Director representing Zenith Bank International Plc, where he also holds the position of Executive Director. Mr. Oroh has two decades of international banking experience, including having previously served as Managing Director & CEO of Zenith Bank Ghana, as well as having spent seven years with Citibank in Operations, Treasury and Marketing.

A chartered accountant, Mr. Oroh holds an LLB from the University of London, a bachelor’s degree in accounting from the University of Benin and is a member of the Chartered Institute of Bankers, Nigeria. He also holds MBA from the Lagos State University.

Samaila Zubairu, President & CEO of AFC, commented on the announcement: “On behalf of the AFC Board, I welcome Dr. Obiora as Chairman. His experience, having had worked with governments and multilateral finance institutions in a variety of capacities, including debt sustainability and development financing, is incredibly relevant to the Corporation as we make strides to create inclusive and sustainable growth across Africa.

“I am also equally pleased to welcome Ms. Proxenos, Mr Oroh and Mr Baldeh to our Board of Directors, they will broaden and deepen the significant experience and skills of our Non-Executive Board and will assist the Corporation with its growth strategy.

“Lastly, I would like to thank Dr. Nnanna, who not only provided strong and excellent leadership to our organisation during a period of various transitions, but also gave much needed wise counsel. I speak on behalf of the Corporation as whole in thanking him for his service.”

Dr. Obiora also commented on the announcement: “AFC has over the past decade grown to become a leading investors in Africa, delivering projects that have transformed communities and economies. As I join the organisation as Board Chairman, I look forward to leveraging my experience to this esteemed organisation in helping it expand its investment footprint across the width and breadth of Africa.”



Notes to Editors

About AFC - www.africafc.org

AFC, an investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private sector-led infrastructure investment across Africa. With a current balance sheet of approximately US$5.07 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service. AFC successfully raised US$1,150 million (US$650 million and US$500 million) in 2019, US$500 million in 2017 and US$750 million in 2015 through Eurobond issuances; out of its Board-approved US$3 Billion Global Medium-Term Note (MTN) Programme. All Eurobond issues were oversubscribed and attracted investors from Asia, Europe and the USA.

AFC’s investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. To date, the Corporation has invested over US$6.6 billion in projects within 30 countries across Africa.

Follow us on Twitter - @africa_finance

View source version on businesswire.com: https://www.businesswire.com/news/home/20200427005317/en/

Contacts
Lucy Savage
Senior Vice President, Communications
Tel: + 234 1 279 9600
Email: lucy.savage@africafc.org

Bobby Morse / Augustine Chipungu
Buchanan Communications
Tel: +44 20 7466 5000
Email: afc@buchanan.uk.com





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Takeda Announces U.S. FDA Breakthrough Therapy Designation for Mobocertinib (TAK-788) for the Treatment of NSCLC Patients with EGFR Exon 20 Insertion Mutations

– Designation Represents Positive Progress for a Unique Patient Population in Need of Targeted Therapy Options

CAMBRIDGE, Mass. & OSAKA, Japan-Wednesday 29 April 2020 [ AETOS Wire ]

(BUSINESS WIRE)-- Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (“Takeda”) today announced that the U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy Designation for its investigational drug mobocertinib (TAK-788) for the treatment of patients with metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 20 insertion mutations whose disease has progressed on or after platinum-based chemotherapy. There are currently no approved therapies designed to treat this specific form of NSCLC. Mobocertinib is a small-molecule tyrosine kinase inhibitor (TKI) designed to selectively target EGFR and human EGFR 2 (HER2) exon 20 insertion mutations.

The Breakthrough Therapy Designation is based on the overall response rate (ORR) and the long-term benefit seen in patients who responded in a Phase 1/2 study evaluating the safety and efficacy of mobocertinib in patients with locally advanced or metastatic NSCLC whose tumors harbor EGFR exon 20 insertion mutations and have been previously treated with systemic chemotherapy. This signals a potential advancement in addressing the needs of patients for whom no targeted therapies exist and current treatment options provide limited benefit.

“We are pleased that the FDA has recognized the therapeutic potential mobocertinib offers for patients with EGFR exon 20 insertion-mutant NSCLC who are desperately in need of effective treatment options,” said Christopher Arendt, Head, Oncology Therapeutic Area Unit, Takeda. “At Takeda, we are committed to developing novel medicines for hard-to-treat diseases. Establishing Breakthrough Therapy Designation for mobocertinib is one step forward in our efforts to help change the current standard of care for this underserved population.”

“Although most EGFR mutations can be targeted by currently available TKIs, people with exon 20 insertion mutations often suffer and feel forgotten since available EGFR inhibitors don’t work well in their cancer,” said Jill Feldman, Lung Cancer Patient, Advocate, and Co-Founder of the EGFR Resisters. “We are excited by the potential this treatment has to extend the lives of people who have had no approved treatment options to target their disease.”

Breakthrough Therapy Designation from the U.S. FDA is granted to accelerate the development and regulatory review of investigational drugs that are intended to treat serious or life-threatening ailments. Agents with this designation have shown preliminary clinical evidence that indicates that the drug may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints.

Takeda will present for the first time the development of mobocertinib, including the first public disclosure of the structure, during the American Association for Cancer Research (AACR) Virtual Annual Meeting I in a New Drugs on the Horizon session on Tuesday, April 28, from 11:14-11:34 a.m. ET.

About EGFR Exon 20 Insertion-Mutant NSCLC

NSCLC is the most common form of lung cancer, accounting for approximately 85% of the estimated 1.8 million new cases of lung cancer diagnosed each year worldwide, according to the World Health Organization.1,2 Patients with EGFR exon 20 insertion mutations make up only about 1-2% of patients with NSCLC.3,4 This disease carries a worse prognosis than other EGFR mutations because there are currently no FDA-approved therapies that target exon 20 mutations, and current EGFR TKIs and chemotherapy provide limited benefit for these patients.

About Mobocertinib (TAK-788)

Mobocertinib is a potent, small-molecule TKI specifically designed to selectively target EGFR and HER2 exon 20 insertion mutations. In 2019, the U.S. FDA granted mobocertinib Orphan Drug Designation for the treatment of lung cancer with HER2 mutations or EGFR mutations including exon 20 insertion mutations.

Results from the ongoing Phase 1/2 trial of mobocertinib, which is evaluating the efficacy and safety of mobocertinib at 160 mg once daily in previously treated patients with EGFR exon 20 insertions, showed mobocertinib yielded a median progression-free survival (PFS) of 7.3 months and a confirmed overall response rate (ORR) of 43% (n=12/28) in patients with locally advanced or metastatic EGFR exon 20 insertion-mutant NSCLC. The safety profile of mobocertinib was manageable (N= 72). The most common treatment-related adverse events (AEs) were diarrhea (85%), nausea (43%), rash (36%), vomiting (29%) and decreased appetite (25%). These results were presented at the 2019 American Society of Clinical Oncology (ASCO) Annual Meeting.

The mobocertinib development program began in the NSCLC population and is expected to expand to additional underserved populations in other tumor types. Mobocertinib is an investigational drug for which efficacy and safety have not been established.

Takeda in Lung Cancer

Takeda is dedicated to expanding treatment options in the ALK+ NSCLC and EGFR/HER2 insertion-mutant NSCLC treatment landscapes. Our comprehensive programs include the following clinical trials to continue to address unmet needs for people living with lung cancer:

Mobocertinib:

Phase 1/2 study evaluating the safety, pharmacokinetics and antitumor activity of oral EGFR/HER2 inhibitor mobocertinib in patients with NSCLC. This trial has completed enrollment.
Phase 2 EXCLAIM, pivotal extension cohort of the Phase 1/2 trial, which was designed to evaluate the efficacy and safety of mobocertinib at 160 mg once daily in previously treated patients with EGFR exon 20 insertion mutations. This trial has completed enrollment.
Phase 3 EXCLAIM-2, global, randomized study evaluating the efficacy of mobocertinib as a first-line treatment compared to platinum-based doublet chemotherapy in treatment-naïve patients with locally advanced or metastatic NSCLC whose tumors harbor EGFR exon 20 insertion mutations. This trial is now enrolling.
Phase 1, open-label, multicenter, dose-escalation study evaluating the safety, tolerability and pharmacokinetics of mobocertinib in Japanese patients with locally advanced or metastatic NSCLC. This trial has completed enrollment.
Phase 2 J-EXCLAIM, open-label, multicenter, study evaluating the efficacy of mobocertinib as a first-line treatment in Japanese patients with locally advanced or metastatic NSCLC whose tumors harbor EGFR exon 20 insertion mutations. This trial is now enrolling.
Phase 1, open-label, multicenter, drug-drug interaction study of mobocertinib and midazolam, a sensitive CYP3A substrate, in patients with advanced NSCLC. This trial is now enrolling.
ALUNBRIG, a next-generation TKI designed to target and inhibit ALK molecular alterations:

Phase 1/2 trial, which was designed to evaluate the safety, tolerability, pharmacokinetics and preliminary anti-tumor activity of ALUNBRIG. This trial has completed enrollment.
Pivotal Phase 2 ALTA trial investigating the efficacy and safety of ALUNBRIG at two dosing regimens in patients with ALK+ locally advanced or metastatic NSCLC who had progressed on crizotinib. This trial has completed enrollment.
Phase 3 ALTA-1L, global, randomized trial assessing the efficacy and safety of ALUNBRIG in comparison to crizotinib in patients with ALK+ locally advanced or metastatic NSCLC who have not received prior treatment with an ALK inhibitor. This trial has completed enrollment.
Phase 2 J-ALTA, single-arm, multicenter trial in Japanese patients with ALK+ NSCLC, focusing on patients who have progressed on alectinib. This trial has completed enrollment.
Phase 2 ALTA 2, global, single-arm trial evaluating ALUNBRIG in patients with advanced ALK+ NSCLC who have progressed on alectinib or ceritinib. This trial has completed enrollment.
Phase 3 ALTA 3, global randomized trial comparing the efficacy and safety of ALUNBRIG versus alectinib in participants with ALK+ NSCLC who have progressed on crizotinib. This trial is now enrolling.
For additional information on the mobocertinib and ALUNBRIG clinical trials, please visit www.clinicaltrials.gov.

Takeda’s Commitment to Oncology

Our core R&D mission is to deliver novel medicines to patients with cancer worldwide through our commitment to science, breakthrough innovation and passion for improving the lives of patients. Whether it’s with our hematology therapies, our robust pipeline, or solid tumor medicines, we aim to stay both innovative and competitive to bring patients the treatments they need. For more information, visit www.takedaoncology.com.

About Takeda Pharmaceutical Company Limited

Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) is a global, values-based, R&D-driven biopharmaceutical leader headquartered in Japan, committed to bringing Better Health and a Brighter Future to patients by translating science into highly-innovative medicines. Takeda focuses its R&D efforts on four therapeutic areas: Oncology, Rare Diseases, Neuroscience, and Gastroenterology (GI). We also make targeted R&D investments in Plasma-Derived Therapies and Vaccines. We are focusing on developing highly innovative medicines that contribute to making a difference in people's lives by advancing the frontier of new treatment options and leveraging our enhanced collaborative R&D engine and capabilities to create a robust, modality-diverse pipeline. Our employees are committed to improving quality of life for patients and to working with our partners in health care in approximately 80 countries.

For more information, visit https://www.takeda.com.

Important Notice

For the purposes of this notice, “press release” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this release. This press release (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this press release. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This press release is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The companies in which Takeda directly and indirectly owns investments are separate entities. In this press release, “Takeda” is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

Forward-Looking Statements

This press release and any materials distributed in connection with this press release may contain forward-looking statements, beliefs or opinions regarding Takeda’s future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. Without limitation, forward-looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could” “anticipates”, “estimates”, “projects” or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding Takeda’s global business, including general economic conditions in Japan and the United States; competitive pressures and developments; changes to applicable laws and regulations; the success of or failure of product development programs; decisions of regulatory authorities and the timing thereof; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic, on Takeda and its customers and suppliers, including foreign governments in countries in which Takeda operates, or on other facets of its business; the timing and impact of post-merger integration efforts with acquired companies; the ability to divest assets that are not core to Takeda’s operations and the timing of any such divestment(s); and other factors identified in Takeda’s most recent Annual Report on Form 20-F and Takeda’s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda’s website at: https://www.takeda.com/investors/reports/sec-filings/ or at www.sec.gov. Takeda does not undertake to update any of the forward-looking statements contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this press release may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda’s future results.



1 World Health Organization. Latest Global Cancer Data. https://www.who.int/cancer/PRGlobocanFinal.pdf. Accessed May 11, 2019.
2 American Cancer Society. What is Non-Small Cell Lung Cancer? https://www.cancer.org/cancer/non-small-cell-lung-cancer/about/what-is-non-small-cell-lung-cancer.html.
3 Riess, Jonathan W. Diverse EGFR Exon 20 Insertions and Co-Occurring Molecular Alterations Identified by Comprehensive Genomic Profiling of NSCLC. https://www.jto.org/article/S1556-0864(18)30770-6/fulltext. Accessed April 7, 2020.
4 Fang, Wenfeng. BMC Cancer. EGFR exon 20 insertion mutations and response to osimertinib in non-small-cell lung cancer. https://bmccancer.biomedcentral.com/articles/10.1186/s12885-019-5820-0. Accessed April 7, 2020.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200427005219/en/

Contacts
Japanese Media
Kazumi Kobayashi
kazumi.kobayashi@takeda.com
+81 (0) 3-3278-2095

Media outside Japan
Lauren Padovan
lauren.padovan@takeda.com
+1 (617) 444-1419


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Opentrons Partners With Zymo Research To Offer an Affordable, Automated COVID-19 Testing Platform

BROOKLYN, N.Y.-Saturday 25 April 2020 [ AETOS Wire ]

(BUSINESS WIRE) -- Zymo Research Corp, a California-based life science reagent company and Opentrons Labworks, Inc, makers of affordable and easy-to-use lab robotics, have partnered to create a robust engine for SARS-CoV-2 molecular testing.

As the COVID-19 crisis persists, the need for high-throughput, fast turn-around, and affordable testing platforms will become a matter of vital security to facilitate routine testing for communities around the world. The automated RNA extraction pipeline created with the Opentrons OT-2 liquid handling robot, verified labware, and magnetic module together with Zymo Research’s Quick-DNA/RNA Viral MagBead Kit can serve as the foundation for any lab seeking to perform high-sensitivity SARS-CoV-2 testing.

“The pairing of technologies from Opentrons and Zymo Research establishes a new, automated RNA extraction solution at a time when the legacy suppliers are unable to keep up with demand,” said Will Canine, co-founder and CPO at Opentrons. “We are proud to be able to bring this affordable, easy-to-use system to the market very quickly in partnership with Zymo Research.”

Additionally, any OT-2 robot user can download open-source scripts to automate Quick-DNA/RNA Viral MagBead Kit to perform the protocol in their own lab. These are the same protocols being used in CLIA labs developing tests to be run in anticipation of FDA EUA.

”Our country and this world are in a time of need. Zymo Research is doing whatever it takes to ensure that products relating to COVID-19 testing are getting to those labs and companies working on the front lines. We are proud to partner with a company like Opentrons to produce a simple solution that facilitates much-needed testing,” said Marc Van Eden, PhD, Vice President of Business Development at Zymo Research.

To learn more about the Opentrons COVID-19 Testing System, email covid-19@opentrons.com.

About Zymo Research Corp.

Zymo Research is a privately owned company that has been serving the scientific community with state-of-the-art molecular biology tools since 1994. “The Beauty of Science is to Make Things Simple” is their motto, which is reflected in every product they produce, from their epigenetics to DNA/RNA purification technologies. Historically recognized as the leader in epigenetics, Zymo Research is breaking boundaries with novel solutions for sample collection, microbiomic measurements, and NGS technologies that are high quality and simple to use. To learn more visit www.zymoresearch.com.

About Opentrons

Opentrons makes automation accessible for any lab, starting with affordable pipetting robots for biologists. With its easy-to-use hardware and an open software platform, Opentrons automates manual lab work and empowers collaborative research for life scientists. Opentrons has helped over 1,500 labs in 45 countries save time, money and lab costs—including 47 of the top 50 academic universities in the world such as MIT, Oxford, and Stanford, and 9 of the top 10 pharmaceutical companies such as GSK, Merck, and Novartis. To learn more, visit opentrons.com.



This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200423005020/en/

Contacts
Laurie Vazquez
press@opentrons.com

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Enabling brands to win greater consumer attention during these unprecedented times

DMS launches timely updates to its Social Ads Solution

Dubai, United Arab Emirates, -Tuesday 28 April 2020 [ AETOS Wire ]

Today, more so than ever before, the Covid-19 situation has made us all reflect on how much our world is connected, especially through social media. But for brands, the benefits of a connected world come bundled with the challenges of consumer attention and trust.

DMS’s Social Ads Solution was originally launched in June 2019, to address these challenges. Since then, it has been widely adopted as an effective way for brands to extend their creative assets from any social platform onto the web. The solution uniquely enables brands to extend their social media campaigns to a brand-safe environment (across DMS’s portfolio of highly-credible premium publishers), ensuring that they reach users in a “reading state of mind” and benefit from increased consumer engagement rates, along with higher in-view times, attention and viewability.

With social media serving as an “always-on” channel, and even more so during a crisis, DMS, along with its tech partner Polar, has launched a series of exciting updates aimed at supporting brands during this unprecedented time:

Creative automation for brands: New capability that automatically pulls in brands’ organic social posts in real time from their proprietary channel onto DMS’s publisher sites, enabling relevant social creatives to reach audiences across the web for an always-on campaign.

Support for TikTok: In addition to Facebook, Instagram, Twitter, LinkedIn and Pinterest, brands can now also extend their TikTok campaigns onto the web across DMS’s portfolio of premium publishers.

E-Commerce focused carousel format: The latest e-commerce driven carousel serves as a very attractive feature for encouraging different creatives, which can be leveraged as shoppable units, with each creative driving users to a different landing page destination.

Custom creatives: This format allows brands to utilize their social creatives without any social logos or engagement buttons. A call to action can also be included.

Social Good by DMS: Committed to supporting its brand partners during both good and challenging times, this good-will feature allows brands engaged in community activities to amplify their CSR initiatives across DMS publishers.

Commenting on the development, DMS’s Native Advertising Product Director, Carol Matta,  stated that “In a time of social distancing, it comes with no surprise that people have been spending more time on different social platforms to stay connected and informed. The timely introduction of these very well thought out updates to DMS’s Social Ads Solution, ensures that our brand partners will continue to gain more traction and attention from their social campaigns as they are reaching users in a ‘reading state of mind’ on credible publisher sites, and benefiting from increased engagement rates.”

To view all the formats of DMS Social Ads Solution including the latest updates, please visit https://demo.polar.me/.

Contacts

Choueiri Group

Assad Jamil, +97144545454

ajamil.mr@choueirigroup.com


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ABB: Q1 2020 Results

COVID-19 impacts results; weighs on outlook

• Orders $7.3 billion, -4%; comparable +1%
• Revenues $6.2 billion, -9%; comparable -7%¹
• Income from operations $373 million; margin 6.0%
• Operational EBITA¹ $636 million; margin¹ 10.2%, including 30 basis points stranded costs
• Net income $376 million, -30%
• Basic EPS $0.18, -30%²; operational EPS¹ $0.30, -2%
• Cash flow from operating activities -$577 million

ZURICH--(BUSINESS WIRE/AETOSWire)-- “The COVID-19 pandemic impacted our first quarter results, lowering revenues and operating margins in all our businesses, although order growth held up well. We are doing our utmost to ensure the health and safety of our employees while maintaining business continuity, serving our customers and continuing to invest in R&D for the long-term,” said Björn Rosengren, CEO of ABB.

“In the second quarter, we expect ABB’s operations to be significantly challenged by a sharp drop in demand due to lockdowns in many parts of the world. Nevertheless, we will accelerate our efforts to manage our costs and safeguard liquidity, while moving ahead with decentralizing the group and our target to complete the divestment of Power Grids at the end of the second quarter.”

KEY FIGURES			CHANGE
($ millions, unless otherwise indicated)	Q1 2020	Q1 2019	US$	Comparable
Orders	7,346	7,613	-4%	+1%
Revenues	6,216	6,847	-9%	-7%
Income from operations	373	590	-37%
Operational EBITA1	636	766	-17%	-16%3
as % of operational revenues	10.2	11.2	-1.0 pts
Income from continuing operations, net of tax	326	415	-21%
Net income attributable to ABB	376	535	-30%
Basic EPS ($)	0.18	0.25	-30%2
Operational EPS ($)1	0.30	0.30	-2%2	-1%2
Cash flow from operating activities4	(577)	(256)	-125%

On December 17, 2018, ABB announced an agreed sale of its Power Grids business. Consequently, the results of the Power Grids business are presented as discontinued operations.

Summary

Against the backdrop of COVID-19, orders for the first quarter remained robust, with Motion and Industrial Automation both benefiting from strong large orders. However, revenues declined in all businesses, reflecting a drop in product demand due to the pandemic, at first in China, and then across other parts of the world, with mobility restrictions also constraining system installation and services activities. These developments, in turn, weighed on operating margins in all businesses, reflecting that certain costs remain essential for business continuity.

Orders

Orders were 4 percent lower (up 1 percent comparable) in the quarter compared to the prior year period. Foreign exchange translation effects had a net negative impact of 3 percent and portfolio changes a net negative impact of 2 percent. The order backlog was 1 percent lower (up 8 percent comparable) at the end of the quarter.

Regional overview

• Orders from Europe were 1 percent higher (5 percent comparable), supported by large orders. At the country level, performance was mixed. Sweden, Norway, the Netherlands and the UK were strong, but in Germany, Switzerland, Italy and Spain, where COVID-19 impacted earlier, orders declined when compared to the prior year period. In Germany, orders were 7 percent lower (4 percent comparable).
• Orders from the Americas were steady (up 2 percent comparable), reflecting the later onset of COVID-19 in the region. Orders from the United States were 2 percent higher (up 2 percent comparable).
• In Asia, Middle East and Africa (AMEA), orders were 12 percent lower (7 percent comparable). Orders from India, South Korea, Thailand and Indonesia advanced well while orders from Australia, Singapore and Japan fell back. In China, where the impacts of COVID-19 materialized first, orders declined 21 percent (16 percent comparable).

End-market overview

• In discrete industries, orders were disrupted in most end-markets, while orders from automotive and automotive-sector related industries were materially lower.
• In process industries, ABB saw solid demand from customers in the mining and pulp & paper segments. Unconventional oil & gas and conventional power generation remained challenged.
• In transport & infrastructure, investments were robust, with strong growth in ports, rail and water & wastewater, as well as good order growth in distribution utilities.
• Buildings market activity eased as construction companies faced increased constraints to activities from quarantine efforts.

Revenues

Revenues were 9 percent lower (7 percent comparable) year-on-year. Foreign exchange translation effects had a net negative impact of 1 percent and portfolio changes a net negative impact of 1 percent. The book-to-bill ratio for the quarter was 1.18x¹, compared to 1.11x in the prior year period.

Income from operations and operational EBITA

Income from operations of $373 million declined 37 percent. The result includes a combined $263 million of non-operational items, including $65 million acquisition-related amortization, a net $80 million loss related to timing differences on commodities and foreign exchange, restructuring charges for the ABB-OS simplification program, as well as transaction and separation costs related to the carve-out of Power Grids and the Solar inverters business.

Operational EBITA¹ of $636 million was 17 percent lower (16 percent in local currencies). The operational EBITA margin¹ of 10.2 percent was 100 basis points lower year-on-year. All businesses reported lower margins compared to the prior year period, partly offset by improved Corporate and Other, mainly due to lower non-core and stranded costs. Stranded costs of $21 million were reflected in Corporate and Other.

Net income and basic earnings per share

Net income from continuing operations was $326 million, 21 percent lower year-on-year. Net income from discontinued operations of $54 million was lower, with the business impacted by the transfer of stranded costs, ongoing restructuring costs and net losses related to timing differences on commodities and foreign exchange.

Group net income attributable to ABB was $376 million and basic EPS $0.18, both 30 percent² lower year-on-year. The group’s effective tax rate was 19.5 percent and includes the positive effects from resolving certain estimated tax contingencies. Operational EPS of $0.30¹ was 2 percent² lower compared to the prior year period.

Cash flow from operating activities

Cash flow from operating activities declined to -$577 million, compared to -$256 million in the first quarter of 2019, including $22 million lower cash flow from operating activities from discontinued operations relative to a year ago.

Cash flow from continuing operating activities was impacted versus the prior year period mainly by timing differences on employee incentive payments, which were distributed in the first quarter this year as opposed to the second quarter last year, as well as by lower income from operations and less favorable timing of tax payments. This was partly offset by improvements in working capital management, including better harmonization of payment terms for trade payables. Net working capital as a percent of revenues was 12.3 percent at quarter end.

Q1 2020 Business results

Electrification (EL)

KEY FIGURES			CHANGE			– Subdued short-cycle industrial demand and slowing buildings demand drove orders lower, while select markets including distribution utilities and infrastructure proved resilient. By region, in comparable terms, orders were slightly up in Europe, subdued in the Americas and challenged in AMEA, particularly China. – Revenues were lower due to curtailed project activities and lower product sales arising from production outages, mainly in Asia. – Margins were held back by lower volumes and weak performance in solar. This was partly mitigated by improving performance in Installation Products and cost initiatives.
($ millions, unless otherwise indicated)	Q1 2020	Q1 2019	US$	Comparable
Orders	3,121	3,363	-7%	-2%
Order backlog	4,386	4,394	0%	+9%
Revenues	2,773	3,057	-9%	-7%
Operational EBITA1	318	377	-16%
as % of operational revenues	11.4%	12.4%	-1.0 pts

Industrial Automation (IA)

KEY FIGURES			CHANGE			– IA’s strong order development was driven by large orders awarded in the mining, pulp and paper and ports segments. Conventional power generation remained challenged while oil & gas, particularly unconventional, slowed. Orders were up in all regions, led by Europe. – Comparable revenue development reflects ongoing challenges to book-and-bill activities and increasingly curtailed project installation and service activities. – Margins moved lower due to unfavorable business mix, project execution delays and mobility constrained service activities.
($ millions, unless otherwise indicated)	Q1 2020	Q1 2019	US$	Comparable
Orders	1,757	1,666	+5%	+8%
Order backlog	5,183	5,139	+1%	+6%
Revenues	1,462	1,518	-4%	-1%
Operational EBITA1	144	205	-30%
as % of operational revenues	9.7%	13.5%	-3.8 pts

Motion (MO)

KEY FIGURES			CHANGE			– Strong long-cycle order growth was led by large orders in rail and for water applications. In addition, the business also won orders from new OEM customers and saw a strong end of the quarter in China. These positives outpaced a broad-based deterioration in short-cycle demand, particularly for drives. Order growth was led by Europe and AMEA, while the Americas were steady. – Revenues reflect lower book-and-bill and postponement of deliveries where customer sites closed. – Margin contraction was driven by lower volumes and incremental logistics costs, partly offset by cost mitigation.
($ millions, unless otherwise indicated)	Q1 2020	Q1 2019	US$	Comparable
Orders	1,901	1,800	+6%	+8%
Order backlog	3,259	2,942	+11%	+15%
Revenues	1,510	1,605	-6%	-4%
Operational EBITA1	230	263	-13%
as % of operational revenues	15.3%	16.4%	-1.1 pts

Robotics & Discrete Automation (RA)

KEY FIGURES			CHANGE			– Order developments for robotics reflect continued deterioration in the automotive and related industries plus weakening in general industries and 3C demand. Machine automation recorded strong growth, benefiting from prior design wins and customer stockpiling. – Growth was strong in the Americas, however orders were weak in Europe, and challenged in AMEA. – Revenues were impacted by lower demand, particularly for systems business and service activities, exacerbated in China because of COVID-19 lockdowns. – Margin contraction reflects mainly lower volumes, partly mitigated by cost savings.
($ millions, unless otherwise indicated)	Q1 2020	Q1 2019	US$	Comparable
Orders	811	967	-16%	-14%
Order backlog	1,454	1,556	-7%	-2%
Revenues	671	851	-21%	-19%
Operational EBITA1	59	95	-38%
as % of operational revenues	8.8%	11.2%	-2.4 pts

Corporate and Other

KEY FIGURES			CHANGE			– Corporate and Other operational EBITA improved to -$115 million. Compared to a year ago this reflects lower stranded and non-core costs and lower ongoing corporate costs, partly offset by the absence of gains that benefited the result in the first quarter of 2019. – In the first quarter of 2020, stranded costs of $21 million were recognized, impacting operational EBITA by 30 basis points.
($ millions, unless otherwise indicated)	Q1 2020	Q1 2019	US$
Orders	(244)	(183)	+61
Revenues	(200)	(184)	+16
Income from operations	(173)	(230)	(57)
Operational EBITA1	(115)	(174)	(59)

Corporate and Other orders and revenues primarily represent intersegment eliminations.

COVID-19 response

ABB’s primary focus is on securing the health and safety of our employees while maintaining business continuity. ABB is constantly monitoring the evolving situation and taking all necessary precautions, in line with local government and WHO guidelines. With the COVID-19 pandemic ongoing, ABB is working constantly with customers and partners to maintain the supply of goods and services. As part of this response, ABB is maximizing use of remote service tools and ABB Ability™ digital solutions, including free remote services. The majority of ABB’s production facilities remain fully or partly operational at this time, with some disruption being experienced at production and service sites in specific countries. Where possible the company is adjusting resources to meet the anticipated slow-down in demand and eliminating non-essential costs.

The Board of Directors and the Executive Committee of ABB are voluntarily taking a 10 percent reduction in board compensation and salary for the duration of the crisis. In addition, ABB will contribute CHF 1 million to the International Committee of the Red Cross (ICRC) COVID-19 effort.

The company and its employees are helping communities, for example by using ABB’s resources to deliver protective equipment to hospitals and frontline workers in some of the most badly affected countries, such as China and Italy, as well as through equipment donations and fundraising efforts.

Transformation progress

In preparation for its divestment, Power Grids is fully operational on a stand-alone basis. ABB has eliminated the majority of the ~$290 million annual stranded costs that resulted when Power Grids was deconsolidated. ABB aims to resolve any remaining dis-synergies from the carve-out through the ABB-OS simplification program. The divestment is targeted for completion at the end of the second quarter, as planned, and ABB remains committed to a share buyback program using net cash proceeds from the transaction. ABB is planning to execute this in an efficient and responsible way, taking account of the prevailing circumstances.

Decentralization and the refinement of ABB’s operating model through ABB-OS is continuing, enabling the businesses to act quickly to respond to the circumstances around COVID-19 while working towards delivering the cost savings for the Group as planned.

During the quarter, the Electrification business completed the divestment of the solar inverters activities to FIMER SpA on February 29, 2020. On March 17, 2020, ABB Electrification completed the acquisition of a majority stake in Chargedot Shanghai New Energy Technology Co., Ltd. The purchase expands ABB’s relationship with leading electric vehicle manufacturers in China and broadens its offering with hardware and software developed specifically for local requirements. Further, ABB Electrification acquired Cylon Controls Ltd, on March 3, 2020, enhancing its Smart Buildings portfolio in the commercial buildings segment.

Short-term outlook

The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the COVID-19 pandemic. Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration, as many countries, including the United States, continue to face restrictions with anticipated long-term economic consequences.

The impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook in specific end markets such as oil and gas, conventional power generation, automotive and marine. Some end markets such as distribution utilities, data centers, logistics and rail continue to show relative resilience.

ABB is not currently providing guidance for full year 2020. ABB expects its results to be significantly impacted in the second quarter. Orders and revenues are expected to show material sequential decline in all businesses, with Robotics & Discrete Automation expected to decline by more than 30 percent year-on-year. While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it also expects the loss of volume to further dampen margins. Despite short-term disruptions, ABB is confident in the underlying resilience of its businesses and operating model. The company has a strong balance sheet and is confident that its liquidity needs will be well covered.

More information

The Q1 2020 results press release and presentation slides are available on the ABB News Center at www.abb.com/news and on the Investor Relations homepage at www.abb.com/investorrelations. A conference call and webcast for analysts and investors is scheduled to begin today at 10:00 a.m. CEST (9:00 a.m. BST). To pre-register for the conference call or to join the webcast, please refer to the ABB website: www.abb.com/investorrelations. The recorded session will be available after the event on ABB’s website.

ABB (ABBN: SIX Swiss Ex) is a technology leader that is driving the digital transformation of industries. With a history of innovation spanning more than 130 years, ABB has four, customer-focused, globally leading businesses: Electrification, Industrial Automation, Motion, and Robotics & Discrete Automation, supported by the ABB Ability™ digital platform. ABB’s Power Grids business will be divested to Hitachi in 2020. ABB operates in more than 100 countries with about 144,000 employees.

INVESTOR CALENDAR
CEO first perspectives (webcast)	June 10, 2020
Q2 2020 results	July 22, 2020

Important notice about forward-looking information

This press release includes forward-looking information and statements as well as other statements concerning the outlook for our business, including those in the sections of this release titled “COVID-19 response”, “Transformation progress” and “Short-term outlook”. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, the economic conditions of the regions and industries that are major markets for ABB. These expectations, estimates and projections are generally identifiable by statements containing words such as “anticipates”, “expects,” “believes,” “estimates,” “plans”, “targets” or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release and which could affect our ability to achieve any or all of our stated targets. The important factors that could cause such differences include, among others, business risks associated with the volatile global economic environment and political conditions, costs associated with compliance activities, market acceptance of new products and services, changes in governmental regulations and currency exchange rates and such other factors as may be discussed from time to time in ABB Ltd’s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 20-F. Although ABB Ltd believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved.

Zurich, April 28, 2020

Björn Rosengren, CEO

__________

1 For a reconciliation of non-GAAP measures, see “supplemental reconciliations and definitions” in the attached Q1 2020 Financial Information.

2 EPS growth rates are computed using unrounded amounts. Comparable operational earnings per share is in constant currency (2019 exchange rates not adjusted for changes in the business portfolio).

3 Constant currency (not adjusted for portfolio changes).

4 Amount represents total for both continuing and discontinued operations.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200427005920/en/

Source: AETOSWire

Contacts

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Switzerland
Media Relations
Phone: +41 43 317 71 11
Email: media.relations@ch.abb.com
or
Investor Relations
Phone: +41 43 317 71 11
Email: investor.relations@ch.abb.com

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