PLANTATION, Fla.–(BUSINESS WIRE)–Chewy, Inc. (NYSE: CHWY) (“Chewy”), a trusted destination for pet parents and partners everywhere, has released its financial results for the fiscal fourth quarter and full year 2023 ended January 28, 2024, and posted a letter to its shareholders on its investor relations website at https://investor.chewy.com.

Fiscal Q4 2023 Highlights:

• Net sales of $2.83 billion improved 4.2 percent year over year
• Gross margin of 28.2 percent expanded 10 basis points year over year
• Net income of $31.9 million, including share-based compensation expense and related taxes of $60.7 million
• Net margin of 1.1 percent expanded 80 basis points year over year
• Basic and diluted earnings per share of $0.07, an increase of $0.05 year over year
• Adjusted EBITDA⁽¹⁾ of $86.5 million, a decrease of $6.2 million year over year
• Adjusted EBITDA margin⁽¹⁾ of 3.1 percent contracted 30 basis points year over year
• Adjusted net income⁽¹⁾ of $80.3 million, an increase of $10.0 million year over year
• Adjusted basic earnings per share⁽¹⁾ of $0.19, an increase of $0.02 year over year
• Adjusted diluted earnings per share⁽¹⁾ of $0.18, an increase of $0.02 year over year

Fiscal 2023 Highlights:

• Net sales of $11.15 billion improved 10.2 percent year over year
• Gross margin of 28.4 percent expanded 40 basis points year over year
• Net income of $39.6 million, including share-based compensation expense of $248.5 million
• Net margin of 0.4 percent contracted 10 basis points year over year
• Basic and diluted earnings per share of $0.09, a decrease of $0.03 year over year
• Adjusted EBITDA⁽¹⁾ of $368.1 million, an increase of $61.3 million year over year
• Adjusted EBITDA margin⁽¹⁾ of 3.3 percent expanded 30 basis points year over year
• Adjusted net income⁽¹⁾ of $296.2 million, an increase of $69.8 million year over year
• Adjusted basic earnings per share⁽¹⁾ of $0.69, an increase of $0.15 year over year
• Adjusted diluted earnings per share⁽¹⁾ of $0.69, an increase of $0.16 year over year

“I am proud of the performance the team delivered to close out a strong fourth quarter and full year. In 2023, we gained market share while simultaneously expanding margins and accelerating free cash flow generation,” said Sumit Singh, Chief Executive Officer of Chewy. “As we embark on 2024, we remain committed to further expanding our margins and generating meaningful free cash flow for our shareholders. Furthermore, we are excited about the strategic opportunities ahead and our role in continuing to drive innovation across the pet category.”

Management will host a conference call and webcast to discuss Chewy’s financial results today at 5:00 pm ET.

Chewy Fiscal Fourth Quarter and Full Year 2023 Financial Results Conference Call

When: Wednesday, March 20, 2024

Time: 5:00 pm ET

Live webcast and replay: https://investor.chewy.com
Conference call registration: https://www.netroadshow.com/events/login?show=3c58ea47&confId=61388

⁽¹⁾ Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, and adjusted basic and diluted earnings per share are non-GAAP financial measures. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.

About Chewy

Our mission is to be the most trusted and convenient destination for pet parents and partners everywhere. We believe that we are the preeminent online source for pet products, supplies and prescriptions as a result of our broad selection of high-quality products and services, which we offer at competitive prices and deliver with an exceptional level of care and a personal touch to build brand loyalty and drive repeat purchasing. We seek to continually develop innovative ways for our customers to engage with us, as our websites and mobile applications allow our pet parents to manage their pets’ health, wellness, and merchandise needs, while enabling them to conveniently shop for our products. We partner with approximately 3,500 of the best and most trusted brands in the pet industry, and we create and offer our own private brands. Through our websites and mobile applications, we offer our customers approximately 115,000 products and services offerings, to bring what we believe is a high-bar, customer-centric experience to our customers.

Forward-Looking Statements

This communication contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this communication, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions.

Although we believe that the forward-looking statements contained in this communication are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those in such forward-looking statements, including but not limited to, our ability to: sustain our recent growth rates and successfully manage challenges to our future growth, including introducing new products or services, improving existing products and services, and expanding into new jurisdictions and offerings; successfully respond to business disruptions; successfully manage risks related to the macroeconomic environment, including any adverse impacts on our business operations, financial performance, supply chain, workforce, facilities, customer services and operations; acquire and retain new customers in a cost-effective manner and increase our net sales, improve margins, and maintain profitability; manage our growth effectively; maintain positive perceptions of the Company and preserve, grow, and leverage the value of our reputation and our brand; limit operating losses as we continue to expand our business; forecast net sales and appropriately plan our expenses in the future; estimate the size of our addressable markets; strengthen our current supplier relationships, retain key suppliers and source additional suppliers; negotiate acceptable pricing and other terms with third-party service providers, suppliers and outsourcing partners and maintain our relationships with such parties; mitigate changes in, or disruptions to, our shipping arrangements and operations; optimize, operate, and manage the expansion of the capacity of our fulfillment centers; provide our customers with a cost-effective platform that is able to respond and adapt to rapid changes in technology; limit our losses related to online payment methods; maintain and scale our technology, including the reliability of our websites, mobile applications, and network infrastructure; maintain adequate cybersecurity with respect to our systems and ensure that our third-party service providers do the same with respect to their systems; maintain consumer confidence in the safety, quality, and health of our products; limit risks associated with our suppliers and our outsourcing partners; comply with existing or future laws and regulations in a cost-efficient manner; utilize net operating loss and tax credit carryforwards, and other tax attributes, and limit fluctuations in our tax obligations and effective tax rate; adequately protect our intellectual property rights; successfully defend ourselves against any allegations or claims that we may be subject to; attract, develop, motivate and retain highly-qualified and skilled employees; predict and respond to economic conditions, industry trends, and market conditions, and their impact on the pet products market; reduce merchandise returns or refunds; respond to severe weather and limit disruption to normal business operations; manage new acquisitions, investments or alliances, and integrate them into our existing business; successfully compete in new offerings; manage challenges presented by international markets; successfully compete in the pet products and services health and retail industry, especially in the e-commerce sector; comply with the terms of our credit facility; raise capital as needed; and maintain effective internal control over financial reporting and disclosure controls and procedures.

You should not rely on forward-looking statements as predictions of future events, and you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of factors. We have based the forward-looking statements contained in this communication primarily on our current assumptions, expectations, and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” included under Part I, Item 1A of our Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission and elsewhere in this communication. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this communication. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this communication. While we believe that such information provides a reasonable basis for these statements, this information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this communication relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this communication to reflect events or circumstances after the date of this communication or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted EBITDA Margin

To provide investors with additional information regarding our financial results, we have disclosed in this earnings release adjusted EBITDA, a non-GAAP financial measure that we calculate as net income excluding depreciation and amortization; share-based compensation expense and related taxes; income tax provision; interest income (expense), net; transaction related costs; changes in the fair value of equity warrants; severance and exit costs; and litigation matters and other items that we do not consider representative of our underlying operations. We have provided a reconciliation below of adjusted EBITDA to net income, the most directly comparable GAAP financial measure.

We have included adjusted EBITDA and adjusted EBITDA margin in this earnings release because each is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating adjusted EBITDA and adjusted EBITDA margin facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain variable charges. Accordingly, we believe that adjusted EBITDA and adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

We believe it is useful to exclude non-cash charges, such as depreciation and amortization and share-based compensation expense from our adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax provision; interest income (expense), net; transaction related costs; changes in the fair value of equity warrants; and litigation matters and other items which are not components of our core business operations. We believe it is useful to exclude severance and exit costs because these expenses represent temporary initiatives to realign resources and enhance operational efficiency, which are not components of our core business operations. Adjusted EBITDA has limitations as a financial measure and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures;
• adjusted EBITDA does not reflect share-based compensation and related taxes. Share-based compensation has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy;
• adjusted EBITDA does not reflect interest income (expense), net; or changes in, or cash requirements for, our working capital;
• adjusted EBITDA does not reflect transaction related costs and other items which are either not representative of our underlying operations or are incremental costs that result from an actual or planned transaction or initiative and include changes in the fair value of equity warrants, severance and exit costs, litigation matters, integration consulting fees, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems; and
• other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Because of these limitations, you should consider adjusted EBITDA and adjusted EBITDA margin alongside other financial performance measures, including various cash flow metrics, net income, net margin, and our other GAAP results.

The following table presents a reconciliation of net income to adjusted EBITDA, as well as the calculation of net margin and adjusted EBITDA margin, for each of the periods indicated.

We define net margin as net income divided by net sales and adjusted EBITDA margin as adjusted EBITDA divided by net sales.

Adjusted Net Income and Adjusted Basic and Diluted Earnings per Share

To provide investors with additional information regarding our financial results, we have disclosed in this earnings release adjusted net income and adjusted basic and diluted earnings per share, which represent non-GAAP financial measures. We calculate adjusted net income as net income excluding share-based compensation expense and related taxes, changes in the fair value of equity warrants, and severance and exit costs. We calculate adjusted basic and diluted earnings per share by dividing adjusted net income attributable to common stockholders by the weighted-average shares outstanding during the period. We have provided a reconciliation below of adjusted net income to net income, the most directly comparable GAAP financial measure. We have included adjusted net income and adjusted basic and diluted earnings per share in this earnings release because each is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating adjusted net income and adjusted basic and diluted earnings per share facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain variable gains and losses that do not represent a component of our core business operations. We believe it is useful to exclude non-cash share-based compensation expense because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude changes in the fair value of equity warrants because the variability of equity warrant gains and losses is not representative of our underlying operations. We believe it is useful to exclude severance and exit costs because these expenses represent temporary initiatives to realign resources and enhance operational efficiency, which are not components of our core business operations. Accordingly, we believe that these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

Adjusted net income and adjusted basic and diluted earnings per share have limitations as financial measures and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Other companies may calculate adjusted net income and adjusted basic and diluted earnings per share differently, which reduces their usefulness as comparative measures. Because of these limitations, you should consider adjusted net income and adjusted basic and diluted earnings alongside other financial performance measures, including various cash flow metrics, net income, basic and diluted earnings per share, and our other GAAP results.

The following table presents a reconciliation of net income to adjusted net income, as well as the calculation of adjusted basic and diluted earnings per share, for each of the periods indicated.

Contacts

Investor Contact:
Jennifer Hsu

ir@chewy.com

Media Contact:
Diane Pelkey

dpelkey@chewy.com

The post Chewy Announces Fiscal Fourth Quarter and Full Year 2023 Financial Results appeared first on Fintech News.

DUBLIN–(BUSINESS WIRE)–The “Global Sustainable Data Center Market – Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.

The global landscape of data centers is undergoing a pivotal shift towards sustainability and efficiency, as revealed in a comprehensive new research publication now available on our website. The comprehensive analysis of the sustainable data center market showcases a surge in the industry, with projected growth at a CAGR of 9.72% from 2022 to 2028, reflecting broadening investments and innovations in this crucial technological field.

Highlighted within the report are the catalytic policy drivers and regulations promoting the green data center development market, including impactful agreements and standards such as the Paris Agreement, the Climate Neutral Data Centre Pact, and eco-friendly certifications like LEED and ISO50001. These initiatives have been instrumental in propelling the Latin American market towards greener data center solutions and are anticipated to make significant strides by 2030 as facilities shift to rely solely on renewable energy sources.

Key Market Trends Emphasizing Renewable Energy and Efficiency

• Hyperscale data center leaders such as AWS, Google, and Meta are increasingly procuring renewable energy to power operations, with some providers like QTS Realty Trust aiming to achieve 100% renewable energy usage by 2025.
• Emerging cooling technologies, including free cooling chillers and liquid immersion cooling, are set to reduce power consumption, directly influencing the data center’s Power Use Effectiveness (PUE) and bolstering environmental sustainability.
• Tropical climate test beds, like those underway in Singapore, signal a promising future for more efficient data centers in similar global climates.

Strides in Government Support and Modular Data Center Deployment

In a powerful government push toward sustainability, significant funding has been allocated by entities such as the US Department of Energy to support R&D in energy-efficient cooling solutions, highlighting the importance of innovation in the sector. Additionally, modular data centers are being recognized for their reduced environmental impact and operational cost savings, with a 30% reduction compared to traditional data centers. The utilization of plant-based and other sustainable construction materials further illustrates the market’s shift to environmentally conscious alternatives.

Geographical Analysis: Western Europe and the Nordics at the Forefront

The report’s geographic analysis reveals that Western Europe and Nordic countries are leading in the adoption of renewable energy sources for data center operations. North America, along with several APAC nations, shows a strong commitment to sustainability, with extensive use of renewable energy, while other regions are progressively contributing to the global sustainability effort with their own initiatives.

Vendor Landscape and Segment Insights

As the vendor landscape evolves, large-scale colocation and hyperscale data center operators are crucial drivers for market growth, adopting advanced systems like lithium-ion UPS and microgrids to enhance sustainability. The electrical and mechanical infrastructure segments are also spotlighted for their role in supporting market growth through the deployment of modern, eco-friendly solutions.

Key Attributes:

A selection of companies mentioned in this report includes

• ACCONIA Energia
• AGL
• AMP Energy
• AQ Compute
• Adani Green Energy (AGEL)
• Africa Data Centres
• AirTrunk
• Airtel (Nxtra Data)
• Algonquin Power & Utilities Corp.
• Alibaba Cloud
• Aligned Data Centers
• Amazon Web Services (AWS)
• American Tower
• Apex Clean Energy
• Apple
• Atman
• atNorth
• Avaada Energy
• Better Energy
• Big Data Exchange (BDx)
• Bryt Energy
• CDC Data Centres
• Chayora
• China Telecom
• Chindata Group
• CloudHQ
• Cologix
• Colt Data Centre Services (COLT DCS)
• Compass Datacenters
• Conrad Energy
• Corscale Data Centers
• CtrlS Datacenters
• CyrusOne
• Cyxtera Technologies
• DE Shaw Renewable Investments
• Data4 Group
• DataBank
• Datafarm Energy
• Digital Edge DC
• Digital Realty
• Distributed Power Technologies
• Dominion Energy
• EDF Renewables
• ERG
• EdgeConneX
• Eneco
• Enel Group
• Engie
• Equinix
• Faro Energy
• Flexential
• GDS Services
• Global Switch
• Google
• Green Mountain (AZRIELI GROUP)
• GreenSquareDC
• GreenYellow
• Gulf Data Hub
• HDF Energy
• HostDime
• Huawei Technologies
• IXAfrica
• Iberdrola
• Ilmatar Energy
• Iron Mountain
• KIO Networks
• Kao Data
• Keppel Data Centres
• Khazna Data Centers
• Leeward Renewable Energy
• Lightsource bp
• Lumen Technologies (Cirion Technologies)
• MC Retail Energy
• MP2 Energy
• Meta
• Microsoft
• Moro Hub
• NEXTDC
• NTR
• NTT Global Data Centers
• Nautilus Data Technologies
• Neoen
• Netia
• NextEra Energy
• Novva Data Centers
• Ørsted
• OVHcloud
• OneAsia Network
• Oracle
• Orange Business Services
• Pacific Gas and Electric Company
• Pattern Energy
• Penta Infra
• Princeton Digital Group
• QTS Realty Trust
• RWE Renewables
• RZK Energia
• RackBank
• Raxio Group
• ReNew Power
• Renantis
• Rocky Mountain Power
• Rostelecom Data Centers
• ST Telemedia Global Data Centres
• STACK Infrastructure
• SUNeVision Holdings
• Sabey Data Centers
• Scala Data Centers
• ScottishPower
• Serverfarm
• Shell
• Shizen Energy
• Sify Technologies
• Simply Energy
• Solar Alliance
• SpaceDC
• Sunseap Group
• Switch
• T5 Data Centers
• Telehouse
• Tencent Cloud
• Tenglong Holdings Group
• The AES Corporation
• Torch Clean Energy
• TotalEnergies
• VNET Group
• Vantage Data Centers
• Yandex
• Yondr
• Yotta Infrastructure

For more information about this report visit https://www.researchandmarkets.com/r/vpot02

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

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The post Global Sustainable Data Center Market Sees Notable Growth with Increased Focus on Renewable Energy and Efficient Cooling Solutions – ResearchAndMarkets.com appeared first on Fintech News.

VeriSilicon’s scalable and flexible DC8200 IP delivers display device adaptability and high-quality effects, offering immersive visual experience

SHANGHAI–(BUSINESS WIRE)–#DisplayProcessor–VeriSilicon (688521.SH) today announced the successful integration of its Display Processor IP DC8200 into StarFive’s JH-7110 RISC-V mass production SoC. With high performance, low power consumption and high security features, this collaboration delivers a complete intelligent vision processing platform solution tailored for diverse applications including cloud computing, industrial control, Network Attached Storage (NAS), tablets, and Human-Machine Interface (HMI).

VeriSilicon’s DC8200 IP supports advanced image quality enhancements, enabling user premium visual experiences. It can be configured to provide optimal solutions for target applications. By integrating VeriSilicon’s proprietary compression technology, DC8200 significantly reduces DDR bandwidth, thereby enhancing overall efficiency. Moreover, DC8200 supports dual operating systems and collaborates with the RISC-V CPU to meet diverse product requirements.

Additionally, DC8200 can form robust subsystems through seamless integration with VeriSilicon’s video/image processing IPs, delivering immersive experience to end users with crisp edge, fine detail enhancement, and rich color.

Thomas Xu, CEO of StarFive, said, “Our RISC-V based JH-7110 SoC performs a variety of complex video image processing and intelligent visual computing tasks, meeting the diverse real-time visual processing needs at the edge. VeriSilicon’s display processor IP offers high visual quality with low power consumption. We are committed to advancing innovation based on RISC-V technology. With companion pixel processing IP available through our IP partners, RISC-V based products can be brought to market at an accelerated pace.”

“Starfive’s JH-7110 is a leading RISC-V based intelligent vision processor equipped with advanced smart display capabilities. In the smart display domain, there exists a strong market demand for sophisticated image quality enhancement technologies,” said Wei-Jin Dai, Executive VP and GM of IP Division at VeriSilicon. “The Display Processor IP, as part of our extensive Glass-to-Glass (from camera-in to display-out) intelligent pixel processing IP portfolio, is engineered to deliver superior image quality while ensuring low power consumption. The integration of our DC8200 with JH-7110 is instrumental in driving the performance of numerous screens within the RISC-V ecosystem.”

About StarFive

Founded in 2018, StarFive is a Chinese local high-tech company with independent intellectual properties. As the leader of the RISC-V software and hardware ecosystem in China, StarFive provides world-leading products and solutions on RISC-V covering IP, SoC, development boards, etc.

StarFive has independently developed RISC-V CPU IPs and NoC IPs, of which Dubhe-90 is the max performance commercial RISC-V CPU IP in China, and StarLink-700 is the first mesh coherent interconnect fabric IP in China. Based on these core IPs, StarFive can also provide customers with RISC-V subsystem IP solutions for multi-core, big.little core, and manycore. These products can be applied in high-performance and energy-efficient scenarios, including industrial control, desktop computing, mobile, network communication, machine learning, artificial intelligence, and data centers. Meanwhile, StarFive has also delivered JH-7110 SoC, the world’s first high-performance RISC-V multimedia processor for mass-production. For more information, please visit https://www.starfivetech.com

About VeriSilicon

VeriSilicon is committed to providing customers with platform-based, all-around, one-stop custom silicon services and semiconductor IP licensing services leveraging its in-house semiconductor IP. For more information, please visit: http://www.verisilicon.com

Contacts

Media Contact: press@verisilicon.com

The post StarFive’s RISC-V Based JH-7110 Intelligent Vision Processing Platform Adopted VeriSilicon’s Display Processor IP appeared first on Fintech News.

Investors can subscribe through Securitize Markets, LLC to participate in the fund

BlackRock invests in Securitize to drive transformation for digital assets infrastructure

NEW YORK–(BUSINESS WIRE)–BlackRock today unveils its first tokenized fund issued on a public blockchain, the BlackRock USD Institutional Digital Liquidity Fund (“BUIDL” or the “Fund”). BUIDL will provide qualified investors with the opportunity to earn U.S. dollar yields by subscribing to the Fund through Securitize Markets, LLC.

“This is the latest progression of our digital assets strategy,” said Robert Mitchnick, BlackRock’s Head of Digital Assets. “We are focused on developing solutions in the digital assets space that help solve real problems for our clients, and we are excited to work with Securitize.”

Tokenization remains a key focus of BlackRock’s digital asset strategy. Through the tokenization of the Fund, BUIDL will offer investors important benefits by enabling the issuance and trading of ownership on a blockchain, expanding investor access to on-chain offerings, providing instantaneous and transparent settlement, and allowing for transfers across platforms. BNY Mellon will enable interoperability for the Fund between digital and traditional markets.

“Tokenization of securities could fundamentally transform capital markets. Today’s news demonstrates that traditional financial products are being made more accessible through digitization. Securitize is proud to be BlackRock’s transfer agent, tokenization platform and placement agent of choice in digitizing and expanding access to its investment products,” said Securitize co-founder and CEO Carlos Domingo.

BUIDL seeks to offer a stable value of $1 per token and pays daily accrued dividends directly to investors’ wallets as new tokens each month. The Fund invests 100% of its total assets in cash, U.S. Treasury bills, and repurchase agreements, allowing investors to earn yield while holding the token on the blockchain. Investors can transfer their tokens 24/7/365 to other pre-approved investors. Fund participants will also have flexible custody options allowing them to choose how to hold their tokens.

The initial ecosystem participants in BUIDL include Anchorage Digital Bank NA, BitGo, Coinbase, and Fireblocks, among other market participants and infrastructure providers in the crypto industry.

BlackRock Financial Management, Inc., will be the investment manager of the Fund and Bank of New York Mellon will serve as the custodian of the Fund’s assets and its administrator. Securitize will act as a transfer agent and tokenization platform, managing the tokenized shares and reporting on Fund subscriptions, redemptions, and distributions. Securitize Markets will act as placement agent, making the Fund available to eligible investors. PricewaterhouseCoopers LLP has been appointed as the Fund’s auditor for the period ending December 31, 2024.

The Fund will issue shares pursuant to Rule 506(c) under the Securities Act of 1933 and Section3(c)(7) of the Investment Company Act. The Fund’s initial investment minimum is $5 million.

BlackRock has also made a strategic investment in Securitize. As part of the investment, Joseph Chalom, BlackRock’s Global Head of Strategic Ecosystem Partnerships, has been appointed to Securitize’s Board of Directors.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading financial technology provider, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate

About Securitize

Securitize, the leader in tokenizing real-world assets, is driving the compliant digitization of financial assets through next-generation blockchain technology. Securitize, or through its subsidiaries, is a registered broker-dealer (member Finra / SIPC) and operates a primary marketplace, an alternative trading system, as well as a top 10 transfer agent and has an exempt reporting adviser. Learn more at http://www.securitize.io.

Disclosures

Interests in BUIDL have not been registered with the Securities Exchange Commission under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Interests in BUIDL will not be listed on any exchange.

Private market investments are speculative and considered risky, including potential loss of your investment, and may not be appropriate for every shareholder. Any discussion of liquidity is purely speculative. Past performance is not indicative of future results.

Securities are offered through Securitize Markets, LLC, (“Securitize Markets”) a registered broker-dealer and member FINRA/SIPC. Neither Securitize Markets, nor any of its affiliates provide any investment advice or make any investment recommendations to any persons, ever, and no communication through herein or in any other medium should be construed as such. Securities offered by Securitize Markets have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

BUIDL may not be able to maintain a stable value of $1.00 per token at all times. Investments in tokens using blockchain, such as an investment in BUIDL, involve a high degree of risk, including risks that are different from the risks of investing in traditional assets. These risks include, but are not limited to, risk of regulatory uncertainty, market adoption, market manipulation, market exiting, price volatility and security risk and may expose investors to loss of principal. Investments in private placements are also speculative and involve a high degree of risk. Investors must be able to afford the loss of their entire investment. Offers to sell, or the solicitations of offers to buy any security can only be made to qualified investors through official offering documents that contain important information about risks, fees and expenses associated with the applicable securities. Investors should conduct their own due diligence and are encouraged to consult with a financial advisor, attorney, accountant, tax advisors, and any other professional that can help them to understand and assess the risks associated with any investment opportunity. Past performance is not indicative of future results.

BlackRock Financial Management, Inc. (the “Investment Manager”), a Delaware corporation that is an indirectly wholly-owned subsidiary of BlackRock, Inc., is the investment manager of the Fund and is responsible for its investment activities subject to the policies, control and supervision of the board of directors of the Fund. The Investment Manager is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended.

In connection with its services as placement agent for BUIDL, the Investment Manager will pay to Securitize Markets cash compensation as follows: (i) an upfront flat fee and (ii) a quarterly fee with respect to each investor who is introduced to BUIDL by Securitize Markets generally equal to a percentage of the average daily net asset value of such investor’s interests in BUIDL for the applicable calendar quarter, with the amount of the upfront fee to be credited against the quarterly fee.

The compensation paid by the Investment Manager to Securitize Markets for acting as placement agent to BUIDL creates a conflict of interest for Securitize Markets. In particular, the amount of compensation received by Securitize Markets will depend on the number of investors that are introduced to BUIDL. As a result, Securitize Markets is incentivized to recommend that prospective investors invest in BUIDL. In addition, BlackRock’s investment in Securitize Markets creates a conflict of interest for the Investment Manager.

Securitize Markets or one or more of its affiliates may be a BlackRock client or investor.

Contacts

Media Contacts
BlackRock: Chantal.DeSoto@blackrock.com, Amanda.Knox@blackrock.com
Securitize: Suzanne.Pinto@securitize.io

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Paystand’s innovations recognized from a pool of 4000 global fintech nominations in the 8^th annual awards program as company continues to grow its blockchain-enabled DeFi network

SCOTTS VALLEY, Calif.–(BUSINESS WIRE)–Paystand, the global leader in blockchain-enabled B2B payments, today announced it has won the DeFi Innovation category in the 2024 Fintech Breakthrough Awards. More than 4000 fintech nominations were submitted for this competition.

The 8^th Annual Fintech Breakthrough Awards program recognizes the most outstanding technology and companies propelling the speed of use of digital payment models and online product and service channels, shifting how companies operate. Paystand has been honored as one of the ‘breakthrough’ innovators in the fintech market today. Notable companies also named as fintech winners include Coinbase, J.P. Morgan Chase, Mastercard, Citi, Experian, and more.

The award recognizes Paystand for its decentralized finance technology, including:

• The Paystand Network, which allows every Paystand customer as well as their payers (more than 800,000), to leverage the blockchain-enabled network for fast, secure and zero-transaction fees money movement. More than $8 billion has been transacted with the help of decentralized finance on Paystand.
• Paystand Spend, a toolkit which allows businesses to also spend the money they get within the Paystand Network without having to execute any additional transactions. Money appears in only one business day in their Paystand account when engaging with other Paystand Network subscribers and are eligible for the industry’s first reward program for Bitcoin.
• The world’s first Ethereum-based dynamic discounting application. In a world where cash is the lifeblood of businesses and can spell the life or death of a company, sellers can incentivize their buyers to pay early by offering customizable discounts to reduce DSO (days sales outstanding).

“We are incredibly proud to be recognized as the leader in DeFi innovation. With the power of the blockchain, Paystand is empowering businesses to escape financial gravity, thrive without unnecessary fees, and emerge as pioneers in a digitally-transformed financial era,” said Jeremy Almond, CEO, Paystand. “Our journey is intertwined with businesses embracing technology, as we steer them toward efficient financial operations, creating a new norm in the industry.”

The Paystand Network has been especially important during periods of banking uncertainty (the failure of Silicon Valley Bank in 2023 is one example). During that crisis, Paystand clients who banked with SVB could hold on to their received payments within the Network until they had a new bank account established to deposit them into. Knowing about the crisis, Paystand also was able to proactively put a stop on funds heading for SVB and let their clients know that their money was safe. In addition, Paystand’s ability to speed up the AR process, so companies could get their money faster, also helped out while bank funds were inaccessible. Paystand estimates that they helped more than 30 clients navigate the crisis during this time.

Paystand customers come from the ‘real economy’ including industries such as manufacturing, logistics, distribution, insurance, renewable energy and more, all continuing to grow. These customers are able to accelerate their time to cash through the blockchain-enabled Paystand Network.

Paystand’s Additional DeFi Initiatives

In February 2024, Paystand announced the launch of Paystand.org, its corporate social responsibility (CSR) arm, which harnesses the power of blockchain and emerging bitcoin circular economies to create financial opportunities within vulnerable and underrepresented communities.

“At Paystand, we believe that the Bitcoin Blockchain has the power to change the world and provide opportunities for economically disadvantaged people,” said Alexandra Navarro, Head of Paystand.org. “Lack of access to banking, burdensome service fees, long payment delays with too many intermediaries, and difficulty obtaining credit and capital are just a few of the challenges that unbanked people face. With the three pillars of financial inclusion, tech adoption, and education for underserved populations, Paystand.org is partnering with organizations who are tackling these problems directly.”

In addition to their work with underserved populations, Paystand’s CEO Jeremy Almond co-hosts The reDeFined Podcast, a show that invites blockchain technology builders, entrepreneurs, and thought leaders from different industries to explain the impact blockchain technology is having behind the scenes.

“What we’re building at Paystand is just a small piece of a wider movement happening globally,” said Almond. “It’s important that we celebrate the quiet work behind the scenes building a decentralized financial system with real economic empowerment. We’re honored to be recognized by the Fintech Breakthrough Awards for Paystand’s tech.”

About Paystand

Paystand is on a mission to create an open commercial finance system, starting with a zero-fee network for B2B payments. Paystand is the largest B2B receivables, payables and payments network running on a commercial blockchain. The company makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. The AR/AP solutions are designed for both U.S. and LATAM businesses of all sizes. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on Twitter and LinkedIn.

Contacts

Erica Zeidenberg

PR for Paystand Inc.

erica@hottomato.net
925-518-8159

The post Paystand Named Winner of Fintech Breakthrough Award for DeFi Innovation appeared first on Fintech News.

PHOENIX–(BUSINESS WIRE)–The ticker in the release dated March 12, 2024 should read: (OTC: FLCX).

The updated release reads:

QUANTUM ENERGY CORPORATION ANNOUNCES COMPLETION OF SECOND LICENSED DISTRIBUTOR AGREEMENT WITH VIRIDIS ENERGY PARTNERS

Quantum Energy Corporation (OTC: FLCX), (“Quantum” or “the Company”), a worldwide exclusive licensee and manufacturer of the transformative Quantum Direct Energy System for the commercial, government and consumer energy markets, today announced it finalized a second Licensed Distributor Agreement (“Agreement”) with Viridis Energy Partners, Inc. (“Viridis”). The Agreement was executed on March 8, 2024.

Harry Ewert, Quantum Division President, represented and closed the transaction for the Company.

Viridis has now executed and paid for a non-exclusive Quantum Licensed Distributorship for Maricopa County, Arizona, which includes the Phoenix metropolitan area. Viridis is the first Quantum Licensed Distributor in Arizona. Viridis is also a Quantum Licensed Distributor for Southeastern Michigan, including the Detroit metro area.

Viridis is headed by veteran power and electrical executive Keith Masserant, and seasoned Michigan finance and business leader Paul Swinkey. Mr. Masserant operates Mid-American Group of Newport, Michigan, a world-leader nuclear energy contractor and electrical service company employing more than 500 people. The Viridis Arizona Distributorship will initially employ a staff of about 25.

Revenue from the Agreement is in the form of a License Fee to Quantum of $500,000 with an additional $1,500,000 in stocking inventory of Quantum Direct Energy System products.

Viridis will announce its office and facility location in April of this year. Quantum currently operates two facilities in Arizona.

Viridis will offer the entire Quantum product line, which now exceeds 400 products and services.

As previously announced, Viridis will also be involved in commercial testing of the new Quantum solar (photovoltaic) product line, the first ultra-lightweight (about 15% of the weight of a monocrystalline) solar panel that does not require the use of glass. The Quantum licensed technology is artificial intelligence controlled, deploys and cleans through automation daily, and requires no structural modification or physical penetration of roofs or exterior structures for installation. The entirety of the solar system, which is part of a Quantum Direct Energy System, is fully rebuildable and recyclable. The Company has large-scale field-testing programs set for California, Arizona, Washington, Michigan and Ohio.

All products manufactured by Quantum and offered for sale will be certified by Underwriters Laboratory and the Canadian Standards Association for use.

“Viridis intends to grow with Quantum, and we are extremely pleased to now own a Quantum Distributorship in Arizona, with more expansion planned,” said Paul Swinkey, Viridis’ president.

Chief Operating Officer Craig Kitchen stated, “This is our second contract with Viridis. Quantum was in need of a licensed distributor in Arizona, just on forward-looking installation contracts and the current installation backlog in Arizona. Viridis will provide Quantum with much-needed installation, product and service support in one of our home states.”

Division President Harry Ewert stated, “Quantum’s revenues continue to climb on distributor agreements, and the Company’s 240-month recurring revenue model is very popular with our customers. Customers paying zero upfront costs and equipment costs that are less than their current utility-derived power is driving interest in our Direct Energy Systems in the U.S. and Canada.”

About Quantum Energy Corporation

Quantum is the worldwide exclusive licensee and manufacturer of the Quantum Direct Energy System, a transformative photonic, magnetic propulsion engine, capacitor and battery energy system for directly generating and distributing electrical energy for industrial, institutional, commercial, governmental, remote and residential installations. Quantum’s unique and patent-pending technologies combine the very best uses of photonic, magnetic and rare earth processing and manufacturing, turning the future from solar power to the new frontier of Photon Power.

Forward-Looking Statements

Certain statements contained in this press release are forward-looking statements and are based on future expectations, plans, and prospects for our business and operations and involve a number of risks and uncertainties. Important factors could cause events or our results of operations to vary significantly from our forward-looking statements. The forward-looking statements in this release are made as of the date hereof and we disclaim any duty to supplement, update or revise such statements on a going forward basis.

Contacts

Investor and Media Contact:
Brett Maas, Managing Partner

Hayden IR

(646) 536-7331

Brett@haydenir.com
www.haydenir.com
Twitter: HaydenIR

The post CORRECTING and REPLACING Quantum Energy Corporation Announces Completion of Second Licensed Distributor Agreement with Viridis Energy Partners appeared first on Fintech News.

Cementing itself as the first and only Layer-1 web3 game publisher, Saga primes for Mainnet launch in April

SAN FRANCISCO–(BUSINESS WIRE)–#AI—Saga, a leading Layer-1 protocol and developer ecosystem in web3, today unveiled Saga Origins, a new game publishing division devoted to bringing cutting-edge, quality games to market. With this landmark announcement, Saga becomes the first and only web3 chain to establish a dedicated game publishing arm for developers to partner with to release their projects.

Saga Origins is committed to offering a full service and collaborative approach to bring games to a global mass market. Whereas developers would traditionally secure grants only to build and launch their games, Saga Origins offers added beneficial support, including partnerships with influencers to generate awareness, sponsored user acquisition campaigns, community building, and promotional support. Through its on-going Play-to-Airdrop campaigns, Saga, game studios and guilds, all team up to organize tournaments where players are rewarded with highly sought after $SAGA tokens for their participation. Most recently in January, Saga completed its revolutionary The Three Kingdoms airdrop campaign with participating partners Avalanche, Polygon and Solana.

“Saga Origins is our love letter to the developers building games in web3. While the onus of bringing users to the platforms often falls on the game developers, we want to buck that convention and use our platform to bring users to the games instead,” said Rebecca Liao, co-founder and CEO of Saga. “Saga Origins will allow developers to bring provocative, expansive, and uncompromising titles to consumers that will revolutionize how we will all view game experiences.”

Today’s unveiling was made at the Saga Multiverse Reveal event against the backdrop of the Game Developers Conference (GDC), where Liao opened the afternoon with a keynote focused on the Saga Multiverse, powered by both generative AI and blockchain, and Saga Origins. Liao and her Saga team were joined by industry executives, game developers and strategic partners at the event. The creators of Parallel, Wilder World and Wanderers, in a panel moderated by Brycent, explored what defines the new era of web3 gaming. In addition to announcing Saga Origins, guests were treated to first looks and demos of games currently in development on the Saga chain, including Rogue Nation, a fast-paced modern rogue-like game, and Another World, a metaverse game supporting crossover IP and community engagement.

Liao further added, “Our Mainnet launch is the culmination of over two years of tireless work by our Saga core team to offer the most performant, lowest cost infrastructure possible to web3 developers. As proud and excited as we are to soon share this release with our Innovators and broader community, it’s only the beginning. When projects come online, games and entertainment content come to life, the Saga economy becomes the engine of our ecosystem, and our Multiverse truly begins.”

The Multiverse presentation premiered a cinematic Saga Mainnet trailer ahead of the highly anticipated launch, revealing an April release window.

As a leading Layer-1 protocol, Saga is an innovative solutions platform that seamlessly brings web3 games to market. Its technology is hyper-focused on developer needs, and dedicated to ensuring blockspace is abundant and can be simply accessed. There are 335 Innovator projects and counting building on its protocol, of which 80% are games. Additionally, Saga has cemented partnerships with flagship web3 projects including Polygon, Avalanche, and Celestia, positioning itself as a leader in web3 development.

This celebration of gaming during GDC not only reinforces Saga’s commitment to games, but also tees up its upcoming Mainnet launch. Only weeks away, Mainnet will bring together web3 gaming in an extensive launch campaign for the benefit of the entire Saga community. Details will be revealed closer to the Mainnet launch. The inaugural projects and partnerships under Saga Origins will be announced in the near future.

About Saga

Recognized as a leading developer ecosystem in crypto and web3 gaming, Saga is creating the developer environment of the future. Its mission is to help creators unblock themselves and build where blockspace is at its most plentiful and simple. Saga was founded in 2022. Early seed investors include Placeholder, Maven11, Longhash, Samsung, Com2uS, and Polygon. Originally built on Cosmos, Saga has furthered its presence by bringing typically disparate but the best ecosystems into its Saga Multiverse through ongoing strategic partnerships.

Saga Origins is the Saga game publishing arm. Launched in March 2024, it aims to build a portfolio of games that will make players think and feel in new ways. Creatively, Saga Origins projects are provocative, like web3, and the titles will push the envelope on what’s considered gaming on all fronts.

To learn more about the Saga protocol, check out our website, litepaper, and developer documentation. Be sure to join Saga’s Discord and Telegram and follow Saga on Twitter for the latest news and updates.

Contacts

Sonia Im | Angella Austin

ONE PR Studio for Saga

saga.xyz@oneprstudio.com

The post Saga Announces Saga Origins Game Publishing Arm During GDC 2024 appeared first on Fintech News.

Conference Call and Webcast March 20 at 8:00 AM Eastern Time / 7:00 AM Central Time

• ReMEDy2 Clinical Site Activation Commenced in December 2023
• Strengthened Management Team with Lorianne Masuoka, M.D., as Chief Medical Officer
• $53 Million Cash with Runway to 2026

MINNEAPOLIS–(BUSINESS WIRE)–DiaMedica Therapeutics Inc. (Nasdaq: DMAC), a clinical-stage biopharmaceutical company focused on developing novel treatments for neurological disorders and cardio-renal disease, today provided a business update and financial results for the year ended December 31, 2023. Management will host a conference call Wednesday, March 20, 2024, at 8:00 AM Eastern Time / 7:00 AM Central Time to discuss its business update and full year 2023 financial results.

ReMEDy2 Phase 2/3 AIS Clinical Developments

DiaMedica has been actively engaging with clinical study sites in the United States and globally. In the U.S., the first clinical sites were opened in December 2023 and as of the date of this press release, six sites have been opened. The majority of the U.S. sites are expected to be activated by the third quarter of 2024. With the support of the Canadian Stroke Consortium, the activation of study sites in Canada is expected to begin in the third quarter of 2024. In Australia, the Company has received provisional endorsement from the Australian Stroke Trials Network (ASTN) and Australian site activation is expected to commence in the fourth quarter of 2024. Initial steps are also being taken to expand ReMEDy2 into the United Kingdom and Europe.

As previously discussed, the Company submitted a protocol modification to the U.S. Food and Drug Administration (FDA) in October 2023 intended to enhance the probability of clinical success in the ReMEDy2 clinical trial. These modifications included focusing participant eligibility to those subjects with only moderate acute ischemic strokes (AIS) in the anterior circulation. Moderate strokes are commonly defined as those stroke patients having a baseline National Institutes of Health Stroke Score (NIHSS) of 5-15. Moderate severity strokes frequently result from occlusions in small vessels, and if diagnosed after the tissue plasminogen activator (tPA; ACTIVASE^®) treatment window has closed, typically have limited treatment alternatives as they are generally not candidates for mechanical thrombectomy. The exclusion of posterior circulation strokes aligns with enrollment criteria used by Shanghai Pharmaceuticals, the marketer of urinary-derived KLK1, called KAILIKANG^®, in its registration studies in China. Given the ReMEDy2 primary endpoint of modified Rankin Scale (mRS) score of 0-1 (excellent outcome), the Company believes that focusing on strokes of moderate severity will maximize the potential performance improvement in participants treated with DM199 vs. placebo, meaning that this change should increase the number of participants receiving DM199 achieving an excellent outcome as compared to the placebo group. This change is also consistent with results from the Company’s Phase 2, ReMEDy1 stroke trial, where the subgroup of participants with moderate strokes, not receiving mechanical thrombectomy prior to enrollment, showed a greater percentage of patients on DM199 achieving an mRS of 0-1 compared to placebo, recognizing that the trial had a relatively small number of participants.

At this time, based upon information obtained from current and potential clinical study sites, the Company believes that full enrollment for the 144 patients for the interim analysis will be completed in the first quarter of 2025. For more information about the ReMEDy2 AIS Phase 2/3 clinical trial, please visit (www.remedytrial.com).

Dr. Lorianne Masuoka joined DiaMedica in January 2024 with more than 25 years of experience building and expanding high value pipelines in the biopharmaceutical industry that have resulted in drug approvals and strategic alliances. She is a board-certified neurologist, experienced in treating stroke patients, who has successfully created and overseen high performing teams to lead the clinical development of new medicines, with a focus in neurology and oncology. Dr. Masuoka served as Chief Medical Officer of Epygenix Therapeutics, Marinus Pharmaceuticals (Nasdaq: MRNS), Cubist Pharmaceuticals ($9.5B acquisition by Merck), and Nektar Therapeutics (Nasdaq: NKTR) where, as a member of executive management, she managed teams in the areas of clinical research, pharmacovigilance, biostatistics and data management, regulatory affairs, and clinical operations. Previously, she held various roles of increasing responsibility at FivePrime Therapeutics ($1.9B acquisition by Amgen) and Chiron (now Novartis). In addition to her executive roles, Dr. Masuoka most recently served as a Board member at Pfenex Inc. ($516M acquisition by Ligand) and served as a Board member at Opiant Pharmaceuticals (up to $500M acquisition by Indivior). Dr. Masuoka received her medical degree from the University of California, Davis, where she also completed her residency in neurology. She completed her epilepsy fellowship at Yale University and is board certified by the American Board of Psychiatry and Neurology. Lorianne also recruited a former colleague to join DiaMedica’s team as Vice President of Clinical Operations. Ms. Rebekah de Vitry Fries has over 15 years of clinical operations experience including Epygenix Therapeutics; Takeda and Marinus Pharmaceuticals.

“We have been focused on engaging and activating high-quality stroke centers to set the foundation for patient enrollment,” commented Dr. Masuoka. “We are encouraged by the level of interest from quality study sites and are committed to bringing DM199 to stroke patients.”

Balance Sheet and Cash Flow

DiaMedica reported total cash, cash equivalents and investments of $52.9 million, current liabilities of $2.8 million and working capital of $50.9 million as of December 31, 2023, compared to total cash, cash equivalents and investments of $33.5 million, $2.2 million in current liabilities and $31.7 million in working capital as of December 31, 2022. The increases in cash, cash equivalents and investments and in working capital were due primarily to the $36.8 million of net proceeds from the April and June 2023 private placements, partially offset by cash used to fund operating activities during the year ended December 31, 2023.

Net cash used in operating activities for the year ended December 31, 2023 was $18.7 million compared to $11.5 million for the year ended December 31, 2022. The increase in cash used in operating activities was driven primarily by the Company’s higher net loss and increased amortization of discounts on purchased marketable securities, partially offset by non-cash share-based compensation and the effects of the changes in operating assets and liabilities during 2023.

Financial Results

Research and development (R&D) expenses increased to $13.1 million for the year ended December 31, 2023, up from $7.8 million for the year ended December 31, 2022. The increase was driven principally by costs incurred for the in-use studies performed to address the previous clinical hold on the Company’s ReMEDy2 AIS trial, costs incurred for the Phase 1C study and increased manufacturing and process development costs for DM199. Also contributing to the increase were higher personnel costs, including non-cash share-based compensation, associated with expanding the clinical team. DiaMedica expects its R&D expenses to increase moderately as we globally expand the ReMEDy2 trial. The increases will be moderated by the completion of prior clinical trials during 2023.

General and administrative (G&A) expenses were $8.2 million for the year ended December 31, 2023, up from $6.2 million for the year ended December 31, 2022. This increase was primarily driven by increased legal fees incurred in connection with the Company’s lawsuit against Pharmaceutical Research Associates Group B.V. (PRA Netherlands) and increased personnel costs incurred in conjunction with expanding the Company’s team. Increased costs for patent prosecution and non-cash share-based compensation also contributed to the increase. DiaMedica expects that its G&A costs we will remain steady or decline slightly as compared to prior periods.

Other income, net, was $1.9 million for the year ended December 31, 2023 compared to $0.4 million for 2022. This increase was driven by increased interest income recognized during 2023 as compared to 2022, related to both higher interest rates and increased marketable securities balances during 2023.

Conference Call and Webcast Information

DiaMedica Management will host a conference call and webcast to discuss its business update and full year quarter 2023 financial results on Wednesday, March 20, 2024, at 8:00 AM Eastern Time / 7:00 AM Central Time:

Interested parties may access the conference call by dialing in or listening to the simultaneous webcast. Listeners should log on to the website or dial in 15 minutes prior to the call. The webcast will remain available for playback on the Company’s website, under investor relations – events and presentations, following the earnings call and for 12 months thereafter. A telephonic replay of the conference call will be available until March 27, 2024, by dialing (800) 645-7964 (U.S. Toll Free) and entering the replay passcode: 2125#.

About ReMEDy2 Trial

The ReMEDy2 trial is an adaptive design, randomized, double-blind, placebo-controlled trial studying the use of the Company’s product candidate, DM199, to treat acute ischemic stroke (AIS) patients. The trial is intended to enroll approximately 350 patients at up to 100 sites in the United States with planned global expansion. Patients enrolled in the trial will be treated for three weeks with either DM199 or placebo, beginning within 24 hours of the onset of AIS symptoms, with the final follow-up at 90 days. The trial excludes patients treated with tissue plasminogen activator (tPA) and/or mechanical thrombectomy. DiaMedica believes that the proposed trial has the potential to serve as a pivotal registration study of DM199 in this patient population.

About DM199

DM199 is a recombinant (synthetic) form of human tissue kallikrein-1 (rKLK1; rinvecalinase alpha). rKLK1 is identical to naturally produced KLK1, a serine protease enzyme that plays an important role in the regulation of diverse physiological processes via a molecular mechanism that increases production of nitric oxide and prostacyclin. In the case of ischemic stroke, the administration of DM199 is intended to enhance blood flow to infarction (blood clot) site and boost neuronal survival in the ischemic penumbra by dilating arterioles surrounding the site of the infarction and inhibition of apoptosis (neuronal cell death) while also facilitating neuronal remodeling through the promotion of angiogenesis. KLK1 deficiency may play a role in multiple vascular and fibrotic diseases such as stroke, chronic kidney disease, retinopathy, vascular dementia, and resistant hypertension where current treatment options are limited or ineffective. DiaMedica is the first company to have developed and clinically studied rKLK1. Non-recombinant, tissue extracted KLK1 protein, produced from the pancreas of pigs and human urine, has been approved for decades outside the U.S. and Europe for patients in Japan, China and South Korea with a variety of ischemic conditions such as AIS, chronic renal disease, retinopathy and hypertension. DM199 is currently being studied in patients with AIS. In September 2021, the FDA granted Fast Track Designation to DM199 for the treatment of AIS.

About DiaMedica Therapeutics Inc.

DiaMedica Therapeutics Inc. is a clinical stage biopharmaceutical company committed to improving the lives of people suffering from serious diseases with a focus on acute ischemic stroke. DiaMedica’s lead candidate DM199 is the first pharmaceutically active recombinant (synthetic) form of the KLK1 protein, an established therapeutic modality in Asia for the treatment of acute ischemic stroke and other vascular diseases. For more information visit the Company’s website at www.diamedica.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and forward-looking information that are based on the beliefs of management and reflect management’s current expectations. When used in this press release, the words “anticipates,” “believes,” “look forward,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “hope,” “should,” or “will,” the negative of these words or such variations thereon or comparable terminology, and the use of future dates are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include statements regarding the Company’s expectations regarding the effect of the protocol amendments to increase the probability of clinical success of DM199 for the treatment of AIS in the ReMEDy2 trial and streamline the site selection and activation process, timing for site activations and geographic locations thereof and enrollment in the ReMEDy2 trial, anticipated clinical benefits and success of DM199, and cash runway to 2026. Such statements and information reflect management’s current view and DiaMedica undertakes no obligation to update or revise any of these statements or information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Applicable risks and uncertainties include, among others, uncertainties relating to the effects of the protocol amendments, timing of site activations and enrollment, regulatory applications and related filing and approval timelines; the possibility of additional future adverse events associated with or unfavorable results from the ReMEDy2 trial; the possibility of unfavorable results from DiaMedica’s ongoing or future clinical trials of DM199; the risk that existing preclinical and clinical data may not be predictive of the results of ongoing or later clinical trials; DiaMedica’s plans to develop, obtain regulatory approval for and commercialize its DM199 product candidate for the treatment of acute ischemic stroke and cardio-renal disease and its expectations regarding the benefits of DM199; DiaMedica’s ability to conduct successful clinical testing of DM199 and within its anticipated parameters, enrollment numbers, costs and timeframes; the adaptive design of the ReMEDy2 trial and the possibility that the targeted enrollment and other aspects of the trial could change depending upon certain factors, including additional input from the FDA and the blinded interim analysis; the perceived benefits of DM199 over existing treatment options; the potential direct or indirect impact of COVID-19, hospital and medical facility staffing shortages, and worldwide global supply chain shortages on DiaMedica’s business and clinical trials, including its ability to meet its site activation and enrollment goals; DiaMedica’s reliance on collaboration with third parties to conduct clinical trials; DiaMedica’s ability to continue to obtain funding for its operations, including funding necessary to complete planned clinical trials and obtain regulatory approvals for DM199 for acute ischemic stroke and cardio-renal disease, and the risks identified under the heading “Risk Factors” in DiaMedica’s annual report on Form 10-K for the fiscal year ended December 31, 2023 and subsequent U.S. Securities and Exchange Commission filings. The forward-looking information contained in this press release represents the expectations of DiaMedica as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While DiaMedica may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Contacts

Scott Kellen

Chief Financial Officer

Phone: (763) 496-5118

skellen@diamedica.com

Paul Papi

Corporate Communications

Phone: (508) 444-6790

ppapi@diamedica.com

The post DiaMedica Therapeutics Provides a Business Update and Announces Full Year 2023 Financial Results appeared first on Fintech News.

ILS and Everlaw Team on High-Profile, High-Impact Multi-District Litigation

OAKLAND, Calif.–(BUSINESS WIRE)–#AI—Everlaw, the cloud-native investigation and litigation platform, today announced a multi-year strategic partnership with the plaintiffs’ ediscovery firm, International Litigation Services (ILS). Together, the companies’ offerings will enable best-in-class services on the Everlaw platform for the plaintiffs bar, helping clients chart a straighter path to the truth.

The partnership extends Everlaw’s ediscovery platform with state-of-the-art technology, rich collaboration features, advanced AI and a modern, intuitive interface to ILS consultants who specialize in optimizing workflows, algorithms, and processes to discover hidden truths that plaintiffs’ counsel know exist, but can require special technology to unearth.

“Everlaw and ILS are a match made in heaven for the data-heavy, complex cases that we focus on such as mass torts, securities litigation and antitrust,” said ILS President and Chief Executive Officer Josh Rosenberg. “ILS gives plaintiffs’ firms the leading edge when it comes to everything ediscovery, and we’re excited that our new partnership with Everlaw will extend that opportunity.”

Everlaw and ILS are partnering on a high-profile, high-impact multi-district litigation case. This new agreement will likely accelerate the adoption of Everlaw’s ediscovery platform and ILS services for plaintiffs in subsequent areas such as securities fraud, antitrust, class-action suits, mass torts and other complex matters.

In 2024, plaintiff firms may expect growing caseloads including a rise in securities litigation – around cryptocurrency exchanges, antitrust for tech companies, mass torts, qui tam, class actions and medical malpractice. ILS’s ediscovery expertise aims to level the playing field with the large firms often involved in mass tort lawsuits and multidistrict litigation. Everlaw enables customers to quickly categorize documents with its superior analytics and artificial intelligence features such as clustering and predictive coding. Everlaw Storybuilder helps firms organize evidence and collaborate across multiple parties and extended timeframes.

Frank Maderal, founding partner of Maderal Byrne PLLC, said, “This year is looking like a watershed for the plaintiff bar with new litigation. ILS and Everlaw are a great combination that helped our team build a coding panel to quickly categorize data. Everlaw’s advanced analytics and ease-of-use helped our team sort through evidence quickly, as ILS guides us with their expertise.”

“The speed in which plaintiffs can uncover hidden relationships between people and data means charting a straighter path to the truth – the holy grail of the plaintiff’s bar,” said Rich Liu, chief business officer at Everlaw. “Plaintiff firms look to ILS to deliver critical expertise, skills and project management, and with Everlaw, they’ll access best-in-class ediscovery services for both quality and speed. The new MDL is a great example of how we are partnering.”

About ILS

Established in 1988, ILS has become the nation’s preeminent plaintiff-only ediscovery provider. ILS specializes in leveling the playing field for the plaintiffs’ bar by providing high-quality discovery services to help clients win their cases. ILS stands apart from other ediscovery vendors in its commitment to serving only the plaintiffs’ bar. ILS clients know that they are sharing their vital case strategies with like-minded professionals who are as committed and passionate about getting justice for plaintiffs as they are. ILS experts are trained in the fields of engineering, linguistics, and litigation, in addition to science and medical professionals, combining their knowledge with leading ediscovery techniques.

About Everlaw

Everlaw helps legal teams navigate the increasingly complex ediscovery landscape to chart a straighter path to the truth. Trusted by Fortune 100 corporate counsel, 91 of the Am Law 200, and all 50 state attorneys general, Everlaw’s combination of intuitive experience, advanced technology, and partnership with customers empowers organizations to tackle the most pressing technological challenges—and transform their approach to discovery and litigation in the process. Founded in 2010 and based in Oakland, Calif., Everlaw is funded by top-tier investors, including Andreessen Horowitz, CapitalG, HIG Growth Partners, K9 Ventures, Menlo Ventures, and TPG Growth.

Learn more at https://www.everlaw.com and follow us on LinkedIn.

Contacts

Everlaw Media Contact:

Colleen Haikes

press@everlaw.com

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RIDGELAND, Miss.–(BUSINESS WIRE)–Vergent LMS, a premier fintech lending platform, announces a strategic integration partnership with AvanteUSA, a leading provider of collection services for loans across the full credit spectrum from sub-prime to super-prime.

This collaboration aims to integrate Vergent’s cutting-edge software with AvanteUSA’s collections capabilities, offering enhanced lending solutions to financial institutions worldwide. By integrating services, lenders have expanded access to efficient loan and receivables management services, including first- and third-party collections, debt settlement, and debt purchasing.

“We are excited to formally launch our partnership with Vergent due to their reputation for a superior offering in the market, stellar customer service and support, and their expansive customer base,” said Michael Moore, CEO of AvanteUSA. “Through our partnership, we look to streamline the process for lenders to leverage the services offered by AvanteUSA.”

Through Vergent, lenders receive access to robust loan management software, designed to automate workflows, streamline processes, and seamlessly transfer loan data. Through this partnership, Vergent’s lenders will also have access to AvanteUSA’s collection solutions, including custom reporting, strategic planning, skip tracing services, custom call campaigns, collector monitoring, and PowerQue technology.

“We’re excited to partner with AvanteUSA to further assist our clients with their debt recovery and reporting needs,” said Scott Putnam, CEO of Vergent LMS. “Through this collaboration, we’re able to extend the sophisticated capabilities we already offer our clients through the lifecycle of a loan. We know our clients will find value in our new partnership.”

About Vergent Loan Management Software

Ridgeland, Mississippi-based Vergent Loan Management Software (Vergent LMS) provides premier omnichannel loan management software for lending institutions and financial services organizations. Founded in 2006 as eSoftware, Vergent Loan Management Software serves over 3,000 storefronts in the U.S., Canada, Mexico, and Central America. To learn more about Vergent LMS, go to www.VergentLMS.com.

About Avante USA

AvanteUSA is a uniquely qualified Accounts Receivable Management firm equipped with workflow solutions that guarantee a results-driven relationship from the start while also emphasizing the importance of integrity, honesty, and privacy. AvanteUSA helps organizations establish long-term goals and objectives necessary to promote success. With robust debt collection services, AvanteUSA is committed to helping financial institutions recover outstanding debt while preserving customer relationships. For more information about Avante USA, visit avanteusa.com.

Contacts

Rich Winter

Dir. Of Marketing, Vergent LMS rwinter@vergentlms.com
601.203.2445

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