Author: Michelle Dryden

Categories
Business

Best’s Market Segment Report: U.S. Life/Annuity industry sees record capitalization, improved earnings while navigating pandemic in 2021

OLDWICK, N.J. — (BUSINESS WIRE) — U.S. life insurance and annuity writers achieved record levels of capitalization, maintained strong liquidity and posted improved earnings in 2021 despite historically low interest rates, inflationary headwinds and continued pandemic uncertainty, according to a new AM Best report.

The annual Review & Preview Best’s Market Segment Report, “U.S. Life/Annuity: Record Capitalization, Strong Liquidity, and Improved Earnings in 2021,” notes that although initial fears about the effects of the pandemic on the life/annuity industry have subsided, COVID-19 cases and death claims continued in 2021, further impacting the mortality book of business that is core to life insurers. At the same time, according to the report, many companies benefited from their prior investments in enterprise risk management, took advantage of the opportunity to shed legacy businesses and saw realized and unrealized gains from strong financial markets. The industry’s capital and surplus showed solid growth through third-quarter 2021, up $26.2 billion to $480.9 billion, and is likely to continue to grow for full-year 2021. The life/annuity segment recorded net income of $27.0 billion in the nine-month period, up 105% from the same prior-year period, with overall sales of life insurance and annuities seeing strong growth.

 

“The pandemic drove home the importance of life insurance and consumers adjusted to life during a pandemic,” said Michael Porcelli, senior director, AM Best. “Companies also became acclimated to the remote work and sales environment, which was needed to compete during COVID-19.”

 

Other highlights in the report include:

  • Schedule BA assets continued to grow, to 8.4% of total invested assets at third-quarter 2021, compared with 6.2% in 2016, although some insurers have securitized Schedule BA assets and sold them to institutional investors as a way to diminish exposure and capital risk charges.
  • Although the commercial mortgage loan market has seen increases in delinquencies, exacerbated by the pandemic, life/annuity insurers’ allocations still grew, albeit with a modest shift to industrial properties and multifamily housing from office and retail.
  • Overall headwinds from the low interest rate environment, as evidenced by an investment yield that has declined each year of the past decade and was 4.1% in 2020, are likely to continue to create drag on margins until longer-term interest rates and credit spreads return to more-historical levels.
  • New capital continues to enter the life/annuity market, driven by private equity firms with an ability to source and manage fixed-income assets and greater interest in the pension risk transfer market. Additionally, with insurers willing to shed certain blocks of business, merger and acquisition activity ramped up in 2021.

 

AM Best expects the life/annuity industry to reach an equilibrium between companies seeking opportunities to build a less capital-intensive business, minimize the pressure of persistent low interest rates on profitability and diversify earnings; and companies with fixed-income asset management sourcing, evaluation capabilities and a capital-intensive business appetite. “As 2021 has shown, life/annuity insurers will seek to unload interest-sensitive lines of business, including variable and fixed annuities, as well as capital-intensive lines of business, such as long-term care and universal life with secondary guarantees,” said Porcelli. “Also, given consumers’ growing awareness of the need for financial security, companies looking for scale and efficiency may make investments in and partnerships with insurtechs a higher priority.”

 

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=318212.

 

A video discussion with Porcelli and Jacqalene Lentz, director, AM Best, is available at http://www.ambest.com/v.asp?v=ambrpla322.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Michael Porcelli, FSA
Senior Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business Healthcare

Zoetis to participate in the Barclays Global Healthcare Conference

PARSIPPANY, N.J. — (BUSINESS WIRE) — $ZTS #Fortune500—Zoetis Inc. (NYSE:ZTS) will participate in the Barclays Global Healthcare Conference on Thursday, March 17, 2022. Wetteny Joseph, Executive Vice President and Chief Financial Officer, will represent the company and respond to questions from analysts. He is scheduled to present at 9:30 a.m. ET.

Investors and other interested parties will be able to access a live audio webcast of the presentation by visiting http://investor.zoetis.com/events-presentations. A replay of the presentation will also be available on the Zoetis website at the conclusion of the event.

 

About Zoetis

As the world’s leading animal health company, Zoetis is driven by a singular purpose: to nurture our world and humankind by advancing care for animals. After 70 years innovating ways to predict, prevent, detect, and treat animal illness, Zoetis continues to stand by those raising and caring for animals worldwide – from livestock farmers to veterinarians and pet owners. The company’s leading portfolio and pipeline of medicines, vaccines, diagnostics and technologies make a difference in over 100 countries. A Fortune 500 company, Zoetis generated revenue of $7.8 billion in 2021 with approximately 12,100 employees. For more information, visit www.zoetis.com.

 

ZTS-COR

ZTS-IR

Contacts

Media Contacts:

Bill Price

1-973-443-2742 (o)

william.price@zoetis.com

Kristen Seely

1-973-443-2777 (o)

kristen.seely@zoetis.com

Investor Contact:

Steve Frank

1-973-822-7141 (o)

steve.frank@zoetis.com

Categories
Business

MetLife Investment Management originates $15.6 billion in private placement debt and private structured credit In 2021

WHIPPANY, N.J. — (BUSINESS WIRE) — MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), recently announced it originated $15.6 billion in private placement debt and private structured credit across 247 transactions in 2021. This included $3.0 billion of investments originated on behalf of unaffiliated institutional clients. MIM’s total private placement assets under management stood at $103.7 billion as of December 31, 2021.1

 

MIM’s private placement origination for 2021 included $8.4 billion, $5.1 billion, and $2.1 billion in corporate, infrastructure, and structured credit transactions, respectively, and added 104 new credits to the portfolio.

Corporate origination in 2021 extended across a broad range of industries and was led by investment in financials, REITs, transportation and sports finance.

 

Jennifer Potenta, Head of Corporate Private Placements at MIM, noted: “The deep industry knowledge, structuring expertise and relationships maintained by our group’s sector-specific credit analysts helped facilitate strong origination volume in end markets where we saw attractive value.”

 

Corporate origination highlights included $2.8 billion in financing for U.K. and European issuers, over $650 million of investment into the Healthcare and Lifesciences sector – featuring a directly-placed, multi-currency loan totaling nearly $250 million – and in excess of $600 million in credit tenant lease transactions across 10 offerings.

 

John Tanyeri, Head of Infrastructure/Project Finance at MIM, noted: “Infrastructure origination rebounded strongly in 2021 as pandemic concerns continued to ease and project sponsors refocused on new deal activity.”

 

Infrastructure origination was led by $1.0 billion of investment in transportation-related projects and assets. Additionally, origination associated with U.K. and European issuers was particularly strong, representing $1.7 billion, or one-third, of total investment. Lastly, investment in energy savings contracts, renewable power, and social housing and infrastructure-related projects accounted for approximately $1.9 billion of origination, further supporting MIM’s sustainability focus.

 

Private structured credit continued to find attractive opportunities throughout 2021 by focusing on investments not commonly found in public markets, such as alternative asset financing and transactions backed by low-income housing.

 

“Given global economic growth, we expect the capital markets to remain active,” said Nancy Mueller Handal, head of Private Fixed Income & Alternatives at MIM. “Our team continues to be well-positioned to source, structure, and execute on financing opportunities in support of our issuers and clients.”

 

About MetLife Investment Management

MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and as of December 31, 2021 had $669.0 billion in total assets under management. 2

 

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

 

Forward-Looking Statements

The forward-looking statements in this news release, such as “continues,” “expect,” “remain,” “seek” and “well-positioned,” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.

 

Endnotes

1 At estimated fair value. Includes all corporate and infrastructure private placement debt (collectively, Private Placement Debt) and private structured credit investments managed by MIM.

 

2 Total assets under management is comprised of all MetLife general account and separate account assets and unaffiliated/third party assets, at estimated fair value, managed by MIM.

Contacts

For Media:
Dave Franecki

+1 (973) 264-7465

dave.franecki@metlife.com

Categories
Business Culture

Miranda Lambert’s MuttNation & Tractor Supply Co. donate over $250,000 to animal shelters

Mutts Across America Program Makes Surprise Donation in Every State

BRENTWOOD, Tenn. — (BUSINESS WIRE) — #4H—Miranda Lambert’s MuttNation Foundation and Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, teamed up to donate more than $250,000 to animal shelters across the United States. Through MuttNation’s Mutts Across America program, the organizations issued a surprise $5,000 donation to one shelter or foster-based rescue in each state plus Washington DC, as well as a “Wildcard” pick.


“With over 14,000 shelters and rescue groups in the US, and so many deserving of support, selecting just one in each state is always the biggest challenge,” said Bev Lambert, Miranda’s mother and co-founder of MuttNation, who conceived Mutts Across America eight years ago.

 

“Mutts Across America was MuttNation’s very first signature program. It lets us recognize the great work done by so many dedicated people helping shelter pets across the country,” added Miranda, the multiple GRAMMY, CMA, ACM artist and reigning ACM Entertainer of the Year. “We’re so proud to have Tractor Supply Company as our partner. Together we are accomplishing so much and, thanks to their incredibly generous support, we’re able to make a real difference for tens of thousands of animals.”

 

Since the initiative’s inception, MuttNation’s Mutts Across America has supported more than 400 shelters with over $1.5 million in grants. Tractor Supply first partnered with MuttNation for the initiative in 2021.

 

“Our Tractor Supply team loves animals, and Miranda and Bev’s passion and enthusiasm for shelter pets is an inspiration,” said Seth Estep, Tractor Supply’s EVP and Chief Merchandising Officer. “The Mutts Across America grants can have a tremendous impact on the facilities that support these abandoned and neglected animals. We are honored to partner with MuttNation in this initiative to help these shelters perform this difficult but important work.”

 

MuttNation conducts countless hours of research before selecting the winning nonprofits. Organizations do not apply to participate and receive no advance notice of the award.

 

In addition to the Mutts Across America partnership, Tractor Supply is the exclusive retailer of MuttNation pet products and On The Farm pet food and treats. A percentage of all sales goes to the MuttNation Foundation to further support its mission to promote and facilitate the adoption of shelter pets.

 

The 2022 Mutts Across America grant recipients are:

Haven No Kill Animal Shelter- Alabama

Bethel Friends of Canines- Alaska

ArkanPaws Animal Rescue- Arkansas

Almost There- A Mom & Pups Rescue- Arizona

Rescue Ranch Adoption Ctr.- California

MAMACO Rescue- Moms& Mutts Core Rescue- Colorado

Looking Glass Animal Rescue- Connecticut

It Takes A Village Animal Rescue- Delaware

HALO No Kill Rescue Shelter- Florida

City Dogs & City Kitties- District of Columbia

Releash Atlanta- Georgia

KARES-Hohala Animal Relo/Educ. Services- Hawaii

PAWS of Teton Valley- Idaho

ARF-Animal Rescue Foundation- Illinois

Tails & Trails Rescue- Indiana

Forever Home Dog Rescue- Iowa

PALS (Proud Animal Lovers Shelter)- Kansas

KY Equine Adoption Center- Kentucky

Louisiana Baby Mommas- Louisiana

PPR- Passion for Pets Rescue- Maine

Rescue Angels of Southern Maryland- Maryland

Animal Rescue Front- Massachusetts

Last Day Dog Rescue- Michigan

Pet Haven- Minnesota

Tired Dog Rescue- Mississippi

Home 2 Home Canine Orphanage- Missouri

Beartooth Humane Alliance- Montana

Homeward Bound in the Heartland Animal Res.- Nebraska

Animal Rescue Relay- Nevada

Sato Heart Rescue- New Hampshire

Fur Friends in Need- New Jersey

Paws & Stripes- New Mexico

Almost Home Animal Rescue & Adoption- New York

Family Addition Dog Rescue- North Carolina

Souris Valley Animal Shelter- North Dakota

SAM- Save a Mom Pregnant Dog Rescue- Ohio

Animal Rescue League of Okemah-ARLO- Oklahoma

Dogs For Better Lives- Oregon

Lifesavers Animal Rescue- Pennsylvania

Almost Home Rescue- Rhode Island

Healing Species- South Carolina

Aberdeen Area Humane Society- South Dakota

Halfway Home Animal Rescue- Tennessee

Austin Humane Society- Texas

Ruff Patch Rescue- Utah

Potter’s Angels Rescue- Vermont

Their Voice Rescue- Virginia

Concern for Animals- Washington

Hampshire County Pet Adoption Program- West Virginia

Woof Gang Rescue- Wisconsin

Animal Adoption Center- Wyoming

4 Corners Wolf Dog Rescue Sanctuary- WILDCARD (NM)

 

About MuttNation Foundation

Founded by Miranda and her mom, Bev Lambert, in 2009, MuttNation is a donation-supported 501(c)(3) nonprofit organization with a mission to promote the adoption of shelter pets, advance spay & neuter and educate the public about the benefits of these actions. MuttNation also works with transport partners to assist and relocate animals under threat of euthanasia and during times of natural disaster. With a goal of finding a forever home for every shelter animal, MuttNation supports animal rescues across the country, provides positive reinforcement for the shelter adoption experience, works to raise awareness for its causes and develops and implements initiatives to further its mission-driven goals. www.muttnation.com

 

About Miranda Lambert:

Vanner Records/RCA Nashville superstar Miranda Lambert’s storied career has spanned seven consecutive No. 1 albums, seven No. 1 hit radio singles, more than 70 prestigious awards and countless sales certifications, earning the Texan praise from NPR as “the most riveting country star of her generation.”

 

Following 2019’s critically acclaimed release of her seventh consecutive No. 1 album, Wildcard, Lambert ushered in her next musical era with the recent release of new single “If I Was a Cowboy,” while also adding her voice to Netflix’s new season of Queer Eye with inclusive anthem “Y’all Means All.” She is set to hit the road on The Bandwagon Tour with Little Big Town this spring.

 

In addition to Wildcard, the celebrated singer/songwriter’s lauded discography includes The Weight of These Wings (2016), Platinum (2014), Four The Record (2011), Revolution (2009), Crazy Ex-Girlfriend (2007) and Kerosene (2005). In addition, she has released three albums with her trio, the Pistol Annies, as well as 2021’s The Marfa Tapes, a critically acclaimed, raw and intimate recording with collaborators Jack Ingram and Jon Randall.

 

The most decorated artist in the history of the Academy of Country Music, Lambert has earned 37 ACM Awards (including Entertainer of the Year and a record-setting nine consecutive Female Artist of the Year Awards), 14 CMA Awards, three GRAMMY Awards, the Nashville Symphony Harmony Award, ACM Gene Weed Milestone Award and ACM Song of the Decade Award, plus was named 2019’s RIAA Artist of the Year. She is the youngest artist ever to serve as the Country Music Hall of Fame & Museum’s Artist in Residence, joining a legendary list of predecessors including Kris Kristofferson, Guy Clark, Tom T. Hall, Jerry Douglas and more.

 

Lambert’s MuttNation Foundation, a 501c3 nonprofit has raised over $6 million since its inception in 2009. The Foundation’s mission is to promote the adoption of rescue pets, support animal shelters across the country, advance spay & neuter and assist with the transport of animals during times of natural disaster. For more information, visit www.muttnation.com.

 

MirandaLambert.com | Facebook | Twitter | Instagram | YouTube

 

About Tractor Supply

Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, has been passionate about serving its unique niche, targeting the needs of recreational farmers, ranchers and all those who enjoy living the rural lifestyle, for more than 80 years. Tractor Supply offers an extensive mix of products necessary to care for home, land, pets and animals with a focus on product localization, exclusive brands and legendary customer service for the Out Here lifestyle. With more than 46,000 Team Members, the Company’s physical store assets, combined with its digital capabilities, offer customers the convenience of purchasing products they need anytime, anywhere and any way they choose at the everyday low prices they deserve. At January 1, 2022, the Company operated 2,003 Tractor Supply stores in 49 states, a consumer mobile app and an e-commerce website at www.TractorSupply.com.

 

Tractor Supply Company also owns and operates Petsense, a small-box pet specialty supply retailer focused on meeting the needs of pet owners, primarily in small and mid-size communities, and offering a variety of pet products and services. At January 1, 2022, the Company operated 178 Petsense stores in 23 states. For more information on Petsense, visit www.Petsense.com.

 

To stay up to date on all things for Life Out Here, follow Tractor Supply on Facebook, Instagram and Twitter.

Contacts

Media Contact for Tractor Supply Company:
Mary Winn Pilkington

(615) 440-4212

5401 Virginia Way

Brentwood, Tennessee 37027

TractorSupply.com

Media Contacts for Miranda Lambert:
Ebie McFarland | Janet Buck

Essential Broadcast Media

(615) 327-3259

ebie@ebmediapr.com | janet@ebmediapr.com

Courtney Beebe

Sony Music Nashville

(615) 946-7287

courtney.beebe@sonymusic.com

For MuttNation:

Nina Miller

nmiller@muttnation.com

Categories
Business Lifestyle

EVgo energizes new station at Wawa in Philadelphia bringing Evgo chargers to 6 stores across the convenience retailer’s chain

New charging station in Philadelphia is the first operational EVgo station at a Wawa store in Pennsylvania

LOS ANGELES — (BUSINESS WIRE) — EVgo Inc, the nation’s largest public fast charging network for electric vehicles (EVs) and Wawa Inc., a regional convenience store retailer, yesterday announced the opening of the first live EVgo public fast charging station at a Wawa store in Pennsylvania. The new charging station, located at 3901 Aramingo Ave in Philadelphia, Pennsylvania, powers four charging stalls through two 100 kW fast chargers and one 350 kWh fast charger, capable of simultaneous charging. The launch of this new station marks EVgo’s sixth charging site at a Wawa location, and was celebrated with a ribbon cutting ceremony and lineup of local speakers on-site yesterday, March 9th.


“Our partnership with EVgo ensures Wawa stores are able to provide convenient EV charging services along with other amenities drivers are looking for,” said Vincent Cipollone, Director of Retail Fuels, Wawa. “Our store on Aramingo Avenue provides EV charging services to Philadelphia and is part of our current network of 80 stores hosting EV charging, which builds upon our mission of providing conveniences designed to meet the needs of our customers and furthering our commitment to sustainability through our partnership with EVgo.”

 

EVgo customers charging and shopping at Wawa have the added flexibility of going into the store for fresh, built-to-order foods, beverages, and coffee or taking advantage of Wawa’s curbside delivery through the Wawa app.

 

“Many convenience stores are strategically located along high-traffic areas, and EVgo and Wawa are a great match – as a priority destination for customers seeking quick access to food and fuel,” said Cathy Zoi, CEO of EVgo. “An effective transition to electric vehicles requires infrastructure and our work with Wawa allows us to provide ideal locations for customers, particularly in the dense urban area of Philadelphia where many EV drivers may not have access to home chargers. We look forward to bringing more sites online with Wawa.”

 

Built in collaboration with General Motors and funded in part by the Pennsylvania Department of Environment Protection’s Driving PA Forward initiative, this new station will provide a convenient and reliable EV charging experience close to where drivers live, work and play. Within Pennsylvania, public DC fast chargers are an integral part to achieving the state’s climate objectives of a 25% reduction in greenhouse gas emissions by 2025 and an 80% reduction by 2050. EVgo and Wawa are slated to develop additional fast charging infrastructure in the state, bringing more charging options and working towards the goals of the Pennsylvania Climate Action Plan.

 

EVgo and Wawa have two additional charging sites currently under construction – one site in Pennsylvania and another in Maryland – which are expected to be operational in the next few months. Today, EVgo’s public fast charging network in Pennsylvania features 40 charging stalls, 32 DC fast chargers and 7 L2 chargers.

 

With stores in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington, D.C. Wawa’s partnership with EVgo builds upon the company’s existing EV charging offerings and recent milestones, such as surpassing one million EV charging sessions in 2021. Currently, Wawa offers EV charging at 80 locations across its operating area.

 

A ribbon cutting ceremony took place at the new charging site yesterday, March 9th, and featured a lineup of local officials including Vincent Cipollone, Director of Retail Fuels, Wawa; Patrick McDonnell, Pennsylvania Environmental Protection Secretary; Christine Knapp, Director of the Office of Sustainability for the City of Philadelphia; and Ted Brooks, Vice President of Investor Relations at EVgo.

 

For more information around the locations of EV chargers within the EVgo charging network, visit www.evgo.com.

 

About EVgo

EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 310,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.

 

About Wawa, Inc.

Wawa, Inc., a privately held company, began in 1803 as an iron foundry in New Jersey. Toward the end of the 19th Century, owner George Wood took an interest in dairy farming and the family began a small processing plant in Wawa, PA in 1902. The milk business was a huge success, due to its quality, cleanliness and “certified” process. As home delivery of milk declined in the early 1960s, Grahame Wood, George’s grandson, opened the first Wawa Food Market in 1964 as an outlet for dairy products. Today, Wawa is your all day, every day stop for freshly prepared foods, beverages, coffee, fuel services and surcharge-free ATMs. Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington, D.C. The stores offer a large fresh foodservice selection, including Wawa brands such as custom prepared hoagies, freshly-brewed coffee, hot breakfast sandwiches, specialty beverages and an assortment of soups, sides and snacks. Forbes.com Ranks Wawa as #29 of America’s Largest Private Companies in 2021 and #12 on Forbes 100 Halo List in 2022. For more information, visit us on www.wawa.com or follow us on Facebook, Twitter or Instagram at @wawa.

 

Contacts

For Investors:

Ted Brooks, VP of Investor Relations

investors@evgo.com
310-954-2943

For Media:

press@evgo.com

Categories
Business Science

Enzychem Lifesciences announces completion of Clinical Study Report (CSR) for Phase 2 study of EC-18 in Chemoradiation-induced Oral Mucositis

ENGLEWOOD CLIFFS, N.J. — (BUSINESS WIRE) — #CRIOM—Enzychem Lifesciences (KOSDAQ: 183490), a late-stage biotechnology company, announced today that the company has completed the final Clinical Study Report (CSR) for their Phase 2 study of EC-18 in Chemoradiation-induced Oral Mucositis (CRIOM), entitled “Phase 2, multi-center, randomized, double-blind, placebo-controlled study to evaluate the safety and efficacy of EC-18 in altering the severity and course of oral mucositis (OM) in subjects being treated with concomitant chemoradiation therapy for cancers of the mouth, oropharynx, hypopharynx, and nasopharynx.”

The phase 2 U.S. study was designed as 2 stages with 105 randomized subjects at 21 sites to evaluate the safety, tolerability, and efficacy of its lead compound, EC-18 on mitigating severe oral mucositis (SOM) in head and neck subjects receiving concomitant chemoradiation therapy for cancers of the mouth, oropharynx, hypopharynx, and nasopharynx.

 

An iDSMB evaluated the safety endpoint every two weeks in a blinded fashion, until 30 days after the last dosing of Stage 1. If a safety issue was noted, the iDSMB was instructed to unblind the treatment assignments to ascertain if the adverse event (AE) was associated with the study drug. Since no safety issues were identified at the end of Stage 1, Stage 2 commenced using 2000 mg of the study drug, consistent with a positive safety outcome.

 

The primary efficacy endpoint demonstrated that the median duration of SOM (defined as WHO Grades 3 or 4) from baseline through short-term follow-up period (STFU) was 0.0 days in the EC-18 group versus 13.5 days in the placebo group (100% reduction).

 

The secondary efficacy endpoints showed that the incidence of SOM from baseline through the active treatment period was reduced by 37.1% in the EC-18 group when compared to the placebo group (40.9% vs. 65.0%). Similarly, the incidence of SOM from baseline through the STFU period also reported a reduction by 35.0% in comparison to the placebo group (45.5% vs. 70.0%). Based on the estimated median time to onset of SOM with a confidence interval of 95% utilizing the Kaplan Meier analysis, the time of onset of SOM was 8 days longer in the EC-18 group in comparison to the placebo group (43 days vs. 51 days). Also, EC-18 showed a median delay of 11.5 days in time to the first use of opioid analgesics when compared to the placebo group (37 days vs. 25.5 days).

 

About Enzychem Lifesciences

Enzychem Lifesciences (KOSDAQ: 183490) is a clinical-stage biopharmaceutical company focused on developing oral small molecule therapies for patients with unmet medical needs in oncology, metabolic and inflammatory diseases. EC-18 acts as an immunomodulator, facilitating the resolution of inflammation and early return to homeostasis. Enzychem is headquartered in South Korea, with an office in the United States. For more information, please visit www.enzychem.com.

Contacts

Investors / Business Development

Ted Kim

Director of Business Development

ted.kim@enzychem.com

Media

Sanghyun Lee

Public Relations Associate

noah.lee@enzychem.com

Categories
Business News Now!

S3 Ventures announces $250M Fund VII – The largest venture capital fund focused on Texas-based startups

  • Austin-based venture capital firm with assets under management surpassing $900 million invests primarily in Texas-based startups across three sectors: business technology, digital experiences and health care technology
  • S3 Ventures is solely backed by a philanthropic family with a multibillion-dollar foundation. The firm’s single-LP structure enables patient capital and stronger alignment with visionary founder needs
  • S3 makes initial investments from $500,000 to $10 million in seed, Series A or Series B rounds with capacity to invest more than $20 million throughout the life of a company
  • Founded in 2005, S3’s investments exceed 50, including more than 25 active portfolio companies and more than 20 exits. Those portfolio companies have raised nearly $2 billion in total financing

 

AUSTIN, Texas — (BUSINESS WIRE) — #funding—S3 Ventures today announced a $250 million Fund VII — the latest and largest venture capital fund focused on the state of Texas. With $900 million in assets under management, the Austin-based VC is the largest firm that primarily invests in Texas-based startups.


S3’s seventh fund is representative of a decade-long acceleration in startup funding across the state — concentrated in Austin, Dallas, Houston and San Antonio. The rapid growth of local capital sources in recent years has enabled hundreds of Texas startups to raise multiple rounds in their home state — rather than rely on coastal firms for financing.

 

Since its founding in 2005, S3 Ventures has been backed by one limited partner — a highly philanthropic family with a multibillion-dollar foundation focused on addressing social inequities. With its single-LP structure, the firm is undistracted by fundraising and unencumbered by many of the constraints faced by traditional VC firms, thereby providing patient capital that better aligns with a founder’s long-term vision.

 

“In our first 17 years, we have been fortunate to partner with truly visionary founders who have transformed the way we work, live and heal,” said S3 Managing Director Brian R. Smith. “We look forward to working with many more in the years ahead.”

 

S3 Ventures makes initial investments from $500,000 to $10 million in seed, series A or series B rounds with the capacity to invest more than $20 million throughout the life of a company.

 

A Texas-sized Track Record of Success

S3 has made more than 50 investments to date, with more than 25 active portfolio companies and more than 20 exits. S3 portfolio companies have raised nearly $2 billion in total financing.

 

Recent exits include:

  • 2021 — Initial public offering by Alkami Technology (Nasdaq: ALKT), a Plano-headquartered digital-banking fintech company;
  • 2021 — $500-million acquisition of Levelset, an Austin and New Orleans-based construction-payment company, by California-based construction management software business Procore Technologies (NYSE: PCOR);
  • 2020 — $160-million+ acquisition of Acessa Health, an Austin-headquartered developer of a minimally invasive treatment for fibroids, by Massachusetts-based women’s health medical-technology company Hologic (Nasdaq: HOLX);
  • 2020 — acquisition of Live Oak Technology, an Austin-headquartered remote financial transaction platform, by San Francisco-headquartered DocuSign (NASDAQ: DOCU)
  • 2018 — acquisition of Favor Delivery, an Austin-headquartered on-demand delivery service company, by San Antonio-based grocer H-E-B;
  • 2018 — acquisition of TVA Medical, an Austin-headquartered developer of minimally invasive procedures for chronic-kidney disease patients, by New Jersey-based Becton, Dickinson and Co. (NYSE: BDX)

 

Alkami Technology co-founder and Chief Strategy & Product Officer Stephen Bohanon attributes S3’s patient-capital model as contributing to the company’s success.

 

“S3 was an investor during the full lifecycle of the company, from seed stage to IPO,” Bohanon said. “They supplied early capital, guidance, process and governance. They also attracted growth-stage investors by leveraging their network, which helped us rapidly scale-up to our public offering.”

 

Texas Set to Become Second-largest U.S. Tech Ecosystem

“We believe that by 2030, Texas could be the second-largest technology ecosystem in the country,” Smith said. “That growth is being driven by long-term demographic shifts and broad-based economic strength of not just Austin, but also Dallas, Houston and San Antonio.”

 

The firm’s portfolio focus underscores its vision of the Lone Star State becoming the nation’s No. 2 premier tech hub. To date, S3 has made 36 investments in Austin, four in Dallas and six in Houston.

 

Current Texas-based portfolio companies are spread across the state, with:

  • 14 Austin investments — including UpEquity, a real estate startup democratizing the home buying process; Atmosphere TV, a cable alternative that provides free-streaming TV for businesses; and Interplay Learning, a provider of 3D simulation-based training for the skilled trades;
  • 3 Dallas investments — including Alkami Technology, a digital banking platform; NoiseAware; a provider of automated noise monitoring and resolution systems for property managers; and IFM Restoration, an online marketplace that connects contractors with owners of single family rental homes;
  • 3 Houston investments — including BrainCheck, a provider of interactive cognitive assessment and care planning technology; Saranas, an early bleed detection system; and BuildForce, a construction labor marketplace.

 

S3 Ventures’ Deep Stable of Investment Experts

Smith founded the firm with a $20 million first fund 17 years ago. An electrical engineer who began his career at IBM, Smith previously founded Austin-headquartered Crossroads Systems in 1994, leading it as CEO through five rounds of VC funding, an IPO and beyond. He now leads the firm’s team of eight investment professionals, all based in Austin.

 

General Partner Charlie Plauche, who has led over a dozen of the firm’s investments and multiple exits, started as an intern and joined full time in 2011, after earning an MBA from the McCombs School of Business at the University of Texas at Austin. Plauche previously worked at Alabama-based Harbert Private Equity.

 

The firm’s newest partner, Eric Engineer, joined in 2018, after serving as CEO of Invodo, an S3 Ventures portfolio company acquired that year. Engineer previously worked at Sevin Rosen Funds in Dallas; Microsoft in Redmond, Washington; and, Trilogy Software in Austin. Engineer earned an MBA at Harvard Business School, and a master’s degree and a bachelor’s degree in computer science from Rice University in Houston.

 

Aaron Perman is a principal at S3 Ventures and has worked with the majority of S3’s portfolio companies. A graduate of the University of Southern California, Perman joined the firm in 2013 from Los Angeles based hedge fund Western Standard. Perman also served as CEO of New York based Qualia Media prior to its acquisition.

 

About S3 Ventures

Founded in 2005, S3 Ventures is an Austin-based venture capital firm that has raised seven funds with more than $900 million in assets under management. S3 is the largest VC firm focused on Texas. S3 Ventures typically makes its initial investment in seed through series B rounds, with checks ranging from $500,000 to $10 million, into startups innovating in business technology, digital experiences and health care technology. The firm has the capacity to invest more than $20 million during a company’s lifetime. S3 has made more than 50 investments to date, with more than 25 active portfolio companies and more than 20 exits. S3’s portfolio companies have gone on to raise nearly $2 billion in financing. Since its inception, S3 has been backed by a single philanthropic family with a multibillion-dollar foundation. With its sole-LP structure, the firm is undistracted by fundraising and unencumbered by many of the constraints faced by traditional VC firms, providing patient capital that better aligns with the needs of visionary founders. More at https://www.s3vc.com/.

Contacts

Ethan Parker

Treble
s3ventures@treblepr.com

Categories
Business Lifestyle

Provenir appoints Francisco Franch to lead expansion in Spain

Demand for company’s AI-powered risk decisioning software continues to drive global expansion

 

PARSIPPANY, N.J. — (BUSINESS WIRE) — #AI—Provenir, a global leader in AI-powered risk decisioning software, today announced Francisco Franch will be leading Sales in Spain to serve the growing number of financial services organizations seeking AI-powered risk decisioning solutions. Franch will oversee sales operations, business development and go-to-market strategies for Spain.

Franch brings more than 18 years’ experience in financial services, including four years in Sales for EMEA at Provenir. He also held several progressive sales roles at Ejecutivo de Cuentas developing marketing strategies and identifying and building technology partnerships to reach new customers.

 

“Customer expectation for real-time decisions continues to drive fintechs and financial services providers to find solutions to meet this demand,” said Frode Berg, Provenir’s Managing Director of EMEA. “Across EMEA, we’re experiencing significant growth and interest in our real-time decisioning solution. Francisco will lead Sales in Spain where we are expanding quickly. Customers and prospects will benefit significantly from his experience with Provenir’s AI-powered risk decisioning software and his rich industry knowledge.”

 

Provenir’s AI-powered risk decisioning software is the industry’s first, true risk-decisioning ecosystem for financial services organizations. It provides a comprehensive real-time view of unified decisioning-performance, third-party and historical data, as well as automated analytics. Through one unified digital experience, users can create the platform-as-a-service (PaaS) cloud solution that best fits their business needs.

 

About Provenir

Provenir helps fintechs, financial institutions, and payment providers make smarter decisions faster by simplifying the risk decisioning process. Its no-code, cloud-native SaaS products form a risk decision engine for real-time approvals and make it easy to rapidly create sophisticated decisioning workflows. With a global data marketplace for seamless integration, powerful AI and machine learning models, and real-time insights, Provenir has supercharged decisioning speed. Provenir works with disruptive financial services organizations in more than 40 countries and processes more than 2 billion transactions annually.

Contacts

Erin Lutz

Lutz Public Relations and Marketing (for Provenir)

949-293-1055 | erin@lutzpr.com

Categories
Business Technology

PARTS iD, Inc. to report fourth quarter and full year 2021 results on March 14, 2022

CRANBURY, N.J. — (BUSINESS WIRE) — PARTS iD, Inc. (NYSE American: ID) (“PARTS iD” or “Company), the owner and operator of, among other verticals, “CARiD.com,” a leading digital commerce platform for the automotive aftermarket, announced today that the company will release its financial results for the fourth quarter and year ended December 31, 2021, after the market close on Monday, March 14, 2022. Management will host a conference call that afternoon (March 14, 2022) at 4:30 p.m. ET to discuss the financial results.

 

There will be a slide presentation that accompanies management’s prepared remarks. The slides and audio will be accessible through a live webcast at https://www.partsidinc.com/. Investors and analysts interested in participating in the call are also invited to dial (877) 407-9129 (domestic) or (201) 493-6753 (international).

 

An archived webcast of the conference call will be available at https://www.partsidinc.com/. A telephonic replay of the conference call will be available until March 28, 2022, by dialing (877) 660-6853 (domestic) or (201) 612-7415 (international) and entering the conference identification number: 13727714

 

About PARTS iD, Inc.

PARTS iD is a technology-driven, digital commerce company focused on creating custom infrastructure and unique user experiences within niche markets. Founded in 2008 with a vision of creating a one-stop eCommerce destination for the automotive parts and accessories market, management believes that the Company is a market leader and proven brand-builder, fueled by its commitment to delivering a revolutionary shopping experience; comprehensive, accurate and varied product offerings; and continued digital commerce innovation.

Contacts

Investors:
Brendon Frey

ICR

ir@partsidinc.com

Media:
Erin Hadden

FischTank PR

partsid@fischtankpr.com

Categories
Business International & World

Cenntro Electric acquires majority interest of Tropos Motors Europe to expand European Assembly Capability and Distribution Networks in EMEA and adds a strategic customer network in Europe

FREEHOLD, N.J. — (BUSINESS WIRE) — Cenntro Electric Group Limited (NASDAQ: CENN), a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced that it entered into an agreement with Mosolf SE & Co. KG (“Mosolf”), one of Europe’s largest automotive logistics and service providers, to acquire a 65% equity interest in Tropos Motors Europe GmbH (“TME”), a wholly owned subsidiary of Mosolf, for €3.25 million and assume 100% of a shareholder loan from Mosolf to TME in the amount of €11.9 million. The transaction is subject to customary closing conditions and is expected to close in March 2022.

TME has been a strategic, private label channel partner and one of the largest customers of Cenntro since 2019. TME assembles and distributes light electric commercial vehicles, based on Cenntro’s Metro® model, in Europe under the brand “ABLE.” As of February 28, 2022, TME has a distribution network of 50 dealers in Germany and 13 importers in Europe across sixteen countries, including France, Spain, Portugal, the Netherlands, Belgium, Austria, Italy, Denmark, and the Czech Republic, and also sells directly to major fleet providers. Following the closing of the acquisition, it is anticipated that TME will assemble and distribute the full line of Cenntro’s products for the European market, including the Metro®, the Logistar™ series and the Neibor® series for last mile on-demand delivery and related services.

 

“This acquisition will accelerate Cenntro’s expansion within EMEA (Europe, Middle East and Africa) and represents a significant step in the Company’s growth strategy to be a leading provider of electric commercial mobility,” said Peter Wang, Chairman and CEO of Cenntro. “Through this acquisition, we gain a significant geographical advantage and the addition of key management personnel within the European region, unlocking significant global growth opportunities for the Company.”

 

The acquisition expands Cenntro’s assembly capabilities and distribution network in EMEA and adds a strategic customer network in Europe.

 

“This is a milestone for both companies. With Cenntro we have the perfect partner to offer different electric commercial vehicles across Europe, Middle East and Africa. We now can meet customer needs even better with a wide range of light to medium-duty commercial vehicles,” said Dr Jörg Mosolf, Chairman and CEO of the MOSOLF Group.

 

About Cenntro Electric Group

Cenntro Electric Group (NASDAQ: CENN) is a leading EV technology company with advanced, market-validated electric commercial vehicles. Cenntro plans to lead the transformation in the automotive industry through scalable, decentralized production and fully digitalized autonomous driving solutions empowered by the Cenntro iChassis. Cenntro has produced and delivered over 3,600 commercial EVs in more than 26 countries. For more information about Cenntro, please visit www.cenntroauto.com.

 

About TROPOS MOTORS EUROPE

Tropos Motors Europe, a subsidiary of the MOSOLF Group, is a specialist for compact, electric commercial vehicles for a wide range of target groups and applications. These include, in particular, delivery and parcel services, industry and intralogistics, technical trades and facility management, food retail, hospitality and tourism, zoos, amusement parks and sports facilities as well as cities and municipalities. www.tropos-motors.de

 

About MOSOLF Group

The MOSOLF Group is one of the leading system service providers for the automobile industry in Europe. The family business, which was founded in 1955, has its headquarters in Kirchheim unter Teck, and provides a range of services. These include tailor-made logistics, technical and service solutions provided using a network of business sites across Europe and a multi-modal fleet. The spectrum of services provided by the MOSOLF Group covers the complete value-added chain for automobile logistics from the end of the production line to recycling. In addition to transporting vehicles (cars, light vans, high & heavy vehicles), workshop services, special vehicle construction, industrial paintwork, mobility services, releasing agent services, and vehicle recycling are all part of the portfolio of services. Within this context, MOSOLF provides all-round, customized solutions for the automobile industry, fleet operators, and dealers from one source and also handles the associated data flow using modern software solutions. To learn more, visit www.mosolf.com.

 

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as “may,” “believe,” “anticipate,” “could,” “should,” “intend,” “plan,” “will,” “aim(s),” “can,” “would,” “expect(s),” “estimate(s),” “project(s),” “forecast(s)”, “positioned,” “approximately,” “potential,” “goal,” “strategy,” “outlook” and similar expressions. Examples of forward-looking statements include, among other things, statements regarding decentralized production, fully digitalized autonomous driving solutions and expected synergies and positive developments that could result from this acquisition. All such forward-looking statements are based on management’s current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the following: our inability to consummate the proposed transaction, including due to the failure to satisfy any closing conditions in the purchase agreement; our ability to successfully integrate the acquired business and to maximize expected synergies; and our ability to realize the expected benefits of the proposed transaction. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro’s public filings with the SEC, including the “Risk Factors” in Cenntro’s Report of Foreign Private Issuer on Form 6-K filed with the Securities and Exchange Commission on January 5, 2022 and which may be viewed at www.sec.gov.

Contacts

Investor Relations Contact:

Chris Tyson

MZ North America

CENN@mzgroup.us
949-491-8235

Company Contact:

PR@cenntroauto.com
IR@cenntroauto.com