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Business Healthcare

First ‘Medical Travel Month’ January 2022: Medical Travel & Digital Health News sponsors inclusion in Society for Healthcare Marketing & Development, American Hospital Association’s Calendar of Health Observances & Recognition Days

MAHWAH, N.J. — (BUSINESS WIRE) — Medical Travel & Digital Health News (MTDHN), the leading bi-monthly online newsletter covering the business of medical travel and digital solutions worldwide, today announces its sponsorship of the first “Medical Travel Month” for January 2022, to be included in the Society for Health Care Strategy & Market Development, American Hospital Association’s “ 2022 Calendar of Health Observances & Recognition Days.”

“Medical Travel Month raises awareness for quality medical care options beyond what is available locally,” says Laura Carabello, executive editor and publisher, MTDHN. “Traveling for care, both domestically and internationally, allows Americans to access high-quality, affordable medical care for many treatments and procedures. By raising awareness for medical tourism, we can demonstrate to employers and individuals the value of accessing care from Centers of Excellence or other settings throughout the country.”

In the wake of the COVID-19 pandemic, many Americans have lost insurance coverage as a result of unemployment, encountered higher medical expenses and faced high out-of-pocket expenses under high-deductible plans. These factors fueled an upsurge in domestic and international medical travel as employers have struggled to provide high quality care at lower cost.

Heather Ridenoure, senior director of Product, Contigo Health, which leads partnerships between large national employers and hospital systems, says, “We’ve learned a lot from the coronavirus and saw a decrease in the number of medical travelers during the height of the pandemic. That has changed drastically in the last six months with a significant increase, and we are looking at items, such as virtual evaluations and assessments, with providers prior to traveling. Virtual therapy services are also on the rise to meet the needs of individuals when they return home. We are working hard to make appropriate medical and surgical care accessible for everyone.”

According to Dr. Maan Fares, chairman, Global Patient Services, Cleveland Clinic, “During the beginning of the pandemic, there had been an enormous impact on the ability of patients to travel for healthcare for various reasons. A remarkable exception was the pediatric population which continued to travel despite all difficulties. After the severe decline of patient travel at the height of the pandemic, we have seen a significant demand for international patients seeking care in the United States.”

Patients started to seek care at various stages of the pandemic, with an overall steady increase overtime.

Fares adds, “As a global healthcare organization, we are lucky to have been able to provide healthcare for our patients closer to where they live because of our global footprint of locations, including Toronto, Abu Dhabi, Ohio, Florida and Nevada. This has helped during the pandemic. Also, our distance/digital health teams have been able to connect with our patients to provide care and advice within the comfort of their homes during this time.”

Fare notes that as the vaccine became more available across different markets, they saw a steady increase in patients, concluding, “We are optimistic that with increasing global levels of vaccination, patients will be able to travel for their healthcare needs and won’t have to delay receiving care.”

Hospitals and medical travel facilities are invited to submit a 500-word descriptor with photos to be featured in MTDHN at no charge editor@medicaltraveltoday.com.

About Medical Travel & Digital Health News

MTDHN, a leading international B2B online newsletter, reaches self-insured employers, benefits consultants, TPAs, brokers, stop loss companies and other intermediaries. www.medicaltraveltoday.com

Contacts

Media:
Dylan Matukaitis

CPR Communications

dmatukaitis@cpronline.com
201.641.1911 x 49

Categories
Business Local News

Rocket Pharmaceuticals to present at the 40th Annual J.P. Morgan Healthcare Conference

CRANBURY, N.J. — (BUSINESS WIRE) — Rocket Pharmaceuticals, Inc. (NASDAQ: RCKT), a clinical-stage company advancing an integrated and sustainable pipeline of genetic therapies for rare childhood disorders, today announces that Gaurav Shah, M.D., Chief Executive Officer, will deliver a company presentation virtually at the 40th Annual J.P. Morgan Healthcare Conference on Monday, Jan. 10 at 1:30 p.m. ET.

A live audio webcast of the presentation will be available under “Events” in the Investors section of the Company’s website at https://ir.rocketpharma.com/. The webcast replay will be available on the Rocket website following the conference.

 

About Rocket Pharmaceuticals, Inc.

Rocket Pharmaceuticals, Inc. (NASDAQ: RCKT) is advancing an integrated and sustainable pipeline of genetic therapies that correct the root cause of complex and rare childhood disorders. The Company’s platform-agnostic approach enables it to design the best therapy for each indication, creating potentially transformative options for patients afflicted with rare genetic diseases. Rocket’s clinical programs using lentiviral vector (LVV)-based gene therapy are for the treatment of Fanconi Anemia (FA), a difficult to treat genetic disease that leads to bone marrow failure and potentially cancer, Leukocyte Adhesion Deficiency-I (LAD-I), a severe pediatric genetic disorder that causes recurrent and life-threatening infections which are frequently fatal, Pyruvate Kinase Deficiency (PKD), a rare, monogenic red blood cell disorder resulting in increased red cell destruction and mild to life-threatening anemia, and Infantile Malignant Osteopetrosis (IMO), a bone marrow-derived disorder. Rocket’s first clinical program using adeno-associated virus (AAV)-based gene therapy is for Danon Disease, a devastating, pediatric heart failure condition. For more information about Rocket, please visit www.rocketpharma.com.

 

Rocket Cautionary Statement Regarding Forward-Looking Statements

Various statements in this release concerning Rocket’s future expectations, plans and prospects, including without limitation, Rocket’s expectations regarding its guidance for 2022 in light of COVID-19, the safety and effectiveness of product candidates that Rocket is developing to treat Fanconi Anemia (FA), Leukocyte Adhesion Deficiency-I (LAD-I), Pyruvate Kinase Deficiency (PKD), and Danon Disease, the expected timing and data readouts of Rocket’s ongoing and planned clinical trials, Rocket’s plans for the advancement of its Danon Disease program following the lifting of the FDA’s clinical hold and the safety, effectiveness and timing of related pre-clinical studies and clinical trials, may constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these forward-looking statements, which often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “will give,” “estimate,” “seek,” “will,” “may,” “suggest” or similar terms, variations of such terms or the negative of those terms. Although Rocket believes that the expectations reflected in the forward-looking statements are reasonable, Rocket cannot guarantee such outcomes. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, Rocket’s ability to monitor the impact of COVID-19 on its business operations and take steps to ensure the safety of patients, families and employees, the interest from patients and families for participation in each of Rocket’s ongoing trials, our expectations regarding the delays and impact of COVID-19 on clinical sites, patient enrollment, trial timelines and data readouts, our expectations regarding our drug supply for our ongoing and anticipated trials, actions of regulatory agencies, which may affect the initiation, timing and progress of pre-clinical studies and clinical trials of its product candidates, Rocket’s dependence on third parties for development, manufacture, marketing, sales and distribution of product candidates, the outcome of litigation, and unexpected expenditures, as well as those risks more fully discussed in the section entitled “Risk Factors” in Rocket’s Annual Report on Form 10-K for the year ended December 31, 2020, filed March 1, 2021 with the SEC. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and Rocket undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Media

Kevin Giordano

Director, Corporate Communications

kgiordano@rocketpharma.com

Investors

Mayur Kasetty, M.D., M.B.A.

Director, Business Development & Operations

investors@rocketpharma.com

Categories
Business Healthcare

Eagle Pharmaceuticals to present at the 40th Annual J.P. Morgan Healthcare Conference

WOODCLIFF LAKE, N.J. — (BUSINESS WIRE) — Eagle Pharmaceuticals, Inc. (Nasdaq: EGRX) (“Eagle” or the “Company”) today announced that Scott Tarriff, President and Chief Executive Officer, and Brian Cahill, Chief Financial Officer, will present virtually at the 40th Annual J.P. Morgan Healthcare Conference as follows:

Date:

Wednesday, January 12, 2022

Time:

4:30PM ET

Webcast:

https://jpmorgan.metameetings.net/events/healthcare22/sessions/39965-eagle-pharmaceuticals/webcast?gpu_only=true&kiosk=true

 

The webcast of the presentation will be accessible for 30 days thereafter, via the Company’s website at www.eagleus.com, under the Investors section.

 

About Eagle Pharmaceuticals, Inc.

Eagle is a fully integrated pharmaceutical company with research and development, clinical, manufacturing and commercial expertise. Eagle is committed to developing innovative medicines that result in meaningful improvements in patients’ lives. Eagle’s commercialized products include RYANODEX®, BENDEKA®, BELRAPZO®, and its oncology and CNS/metabolic critical care pipeline includes product candidates with the potential to address underserved therapeutic areas across multiple disease states. Additional information is available on Eagle’s website at www.eagleus.com.

 

Contacts

Investor Relations for Eagle Pharmaceuticals, Inc.:
Lisa M. Wilson

In-Site Communications, Inc.

T: 212-452-2793

E: lwilson@insitecony.com

Categories
Business Lifestyle

GO, car subscription startup, launches in 4 additional markets

This Brings The Popular Alternative to Car Ownership to Atlanta, Dallas, Houston and Charlotte

PHILADELPHIA — (BUSINESS WIRE) — GO, a first-of-its-kind car subscription startup, announced the addition of 4 new markets today. GO is now available in 8 major U.S. markets. These include Philadelphia, Northern New Jersey, Miami, Orlando, Atlanta, Dallas, Houston, and Charlotte. More markets will be announced mid-year.

 

Distinct from traditional auto lease and finance, GO’s model offers subscribers a simple and affordable alternative to car ownership.

 

“We’ve had tremendous demand for our offering and are pleased to bring GO to customers in these new cities,” said Michael Beauchamp, GO’s Founder and CEO.

 

Through the service, customers in available markets can order their car completely online in under 5 minutes and save up to 25% per month. There’s no down payment and no hidden fees. The entire process is handled virtually without stepping foot in a physical location. In most cases, cars are even delivered to the customer’s home at no charge.

 

GO is the first company to offer a car subscription service geared specifically toward daily drivers, unlike previous car subscriptions that focused on swapping vehicles and short-term use. With significant advantages over the typical car buying process, GO’s innovative model brings evolution to the industry and represents a new paradigm for car shopping.

 

“GO was created to streamline and simplify an antiquated process. Customers win thanks to technology and efficiency driving our unique business model,” said Beauchamp.

 

To learn more about GO, visit https://www.driveGO.com

Contacts

Company Name: GO

Contact Person: Michael Beauchamp

Phone Number: 855-827-2230

Website: www.driveGO.com

Categories
Business News Now!

Alpine Investors sells MidAmerica Administrative & Retirement Solutions to U.S. Retirement & Benefits Partners

SAN FRANCISCO & TAMPA, Fla. — (BUSINESS WIRE) — Alpine Investors (“Alpine”), a people-driven private equity firm, today announced the sale of its portfolio company, MidAmerica Administrative & Retirement Solutions (“MidAmerica”) to U.S. Retirement & Benefits Partners (“USRBP”). MidAmerica administers retirement and health & welfare plans for public sector employers. Terms of the sale were not disclosed.

MidAmerica was founded in 1995 with the goal of making health & retirement benefits funding simple and effective for public school employees, firefighters, law enforcement officers, and other public sector workers across the country.

 

In 2015, Alpine acquired MidAmerica with the aim of developing and empowering its team and bringing awareness to its products. Through its CEO program, Alpine hired and installed MidAmerica’s CEO, Jim Tormey, who built out a strong management team focused on providing valuable benefits funding and administration solutions. Jim Tormey and the MidAmerica management team will continue with the Company in their current roles.

 

MidAmerica has since become a leading third-party administrator providing both retirement and health & welfare solutions for the public sector. Under Tormey’s leadership, client retention soared to over 99% each year and its employee Net Promotor Score increased over 70 points. The team drove substantial improvements in its service offering as demonstrated by a significant decrease in claims processing times, average call wait time, and call abandonment rates.

 

“Jim’s people-driven mindset and customer-centric focus has created both a strong team culture and an ever-growing list of happy customers. We look forward to the next phase of growth for MidAmerica under the support and strategic guidance of USRBP,” said Matt Moore, partner at Alpine.

 

“Over the last few years, the team at MidAmerica has prioritized continuous improvement which has resulted in best-in-class service quality, renewed trust from our customers, and an uptick in organic growth,” said Jim Tormey. “Our partnership with USRBP will allow MidAmerica to continue on its mission of allowing public sector employers to reduce costs, attract and retain great talent, and deliver financial peace of mind for their employees.”

 

Raymond James served as the exclusive financial advisor to MidAmerica and Wilson Sonsini served as legal counsel.

 

About Alpine Investors

Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in middle-market companies in the software and services industries. Its PeopleFirst strategy includes a CEO-in-Residence program which allows Alpine to bring proven leadership to situations where additional or new management is needed post-transaction. Alpine is currently investing out of its $1 billion seventh fund. For more information, visit http://www.alpineinvestors.com.

 

About MidAmerica Administrative & Retirement Solutions

Founded in Lakeland, Florida in 1995, MidAmerica was built with a customer-centric culture, laying the foundation for an organization that focuses on taking care of the people who do so much to serve our communities. Currently, MidAmerica services more than half a million participants across 33 states. For more information, visit www.mymidamerica.com.

 

About U.S. Retirement & Benefits Partners

U.S. Retirement & Benefits Partners, with headquarters in Iselin, NJ, is one of the nation’s largest independent, national financial services firms specializing in employee benefit and employer-sponsored retirement plans in the K-12 public school, governmental, corporate, and non-profit markets. USRBP serves over 2.5 million participants through 45 regional Partner Firms. For more information, visit www.usrbpartners.com.

Contacts

Audrey Harris

aharris@alpineinvestors.com

Categories
Business Healthcare Regulations & Security

Teva statement following New York jury ruling in opioids trial

PARSIPPANY, N.J. — (BUSINESS WIRE) — Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries, Ltd. (NYSE and TASE: TEVA) strongly disagrees with today’s outcome and will prepare for a swift appeal as well as continue to pursue a mistrial.

In NY, the plaintiffs presented no evidence of medically unnecessary prescriptions, suspicious or diverted orders, no evidence of oversupply by the defendants – or any indication of what volumes were appropriate – and no causal relationship between Teva’s conduct including its marketing and any harm to the public in the state.

 

Prior to deliberation, Teva sought a mistrial based on, among other issues, the state’s misrepresentation of the amount of opioids sold by Teva in NY by more than 500 times.

 

Teva continues to focus on increasing access to essential medicines to patients, including opioid medications for approved indications. Most importantly, the Company continues to pursue a national settlement in the best interest of patients.

 

As recently as last month, a court in California issued a decision finding that Teva did not cause a public nuisance in Orange County, Los Angeles County, Santa Clara County and the City of Oakland and that Teva did not make any false or misleading statements in connection with marketing prescription opioids in California.

 

Additionally, last month the Oklahoma Supreme Court overturned an earlier judgment against a pharmaceutical manufacturer and ruled that the public nuisance law in Oklahoma does not extend to the manufacturing, marketing and selling of prescription opioids.

Contacts

IR Contacts

United States
Ran Meir

(267) 468-4475

Israel
Yael Ashman

972 (3) 914-8262

PR Contacts

United States
Kelley Dougherty

(973) 658-0237

Yonatan Beker

(973) 264 7378

Categories
Business

Stonepeak signs recapitalization of portfolio company Cologix in support of continued market leading growth

NEW YORK & DENVER — (BUSINESS WIRE) — Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the recapitalization of Cologix, the largest private interconnection and hyperscale edge platform in North America. The recapitalization is being effectuated as a sale of Cologix by Stonepeak Infrastructure Fund II LP and co-investors (Fund II) to Stonepeak-managed vehicles comprising a combination of existing Fund II investors who have chosen to reinvest in the business in partnership with a number of new third-party investors.

Cologix is North America’s leading network-neutral interconnection and hyperscale edge data center company with more than 600 networks and over 300 cloud providers across the platform. The company provides critical IT infrastructure to more than 1,600 customers through its operations that span 40 interconnection and hyperscale data centers in 11 North American markets. Cologix maintains a strong focus on environmental, social and governance efforts across its business and to date has undertaken various sustainability initiatives, including the use of hydropower, optimizing water usage, and installing the most efficient uninterruptible power supplies in the industry.

 

Fund II acquired a majority stake in Cologix in March of 2017 and subsequently partnered with Mubadala Investment Company for an incremental growth capital investment in January 2020. Since 2017, Cologix has invested approximately $1 billion of incremental capital in building out the company’s footprint through various organic and inorganic initiatives.

 

Cyrus Gentry, Managing Director at Stonepeak, said, “It has been fantastic to partner with Bill and team over the past four years as they have significantly expanded the footprint of the business through both organic development and M&A to build a truly premier interconnection and hyperscale edge platform in North America. Our thesis around the criticality of interconnection in today’s digital society makes an enduring partnership with a business like Cologix an incredibly exciting opportunity.”

 

“With this transaction, Cologix is even better positioned to accelerate its expansion by directly supporting the rapid growth of Cologix’s customers,” added Cologix Chief Executive Officer Bill Fathers. “We will continue to leverage our unique footprint of carrier-dense interconnection hubs, public cloud onramps and growing campuses across 11 markets in North America.”

 

The transaction is expected to close in the first quarter of 2022, subject to a market check process, regulatory approvals and the satisfaction of customary closing conditions.

 

Goldman Sachs & Co. LLC is acting as financial advisor to Stonepeak. RBC Capital Markets, LLC is acting as financial advisor to Fund II and will run the market check process. Simpson Thacher & Bartlett LLP is acting as legal counsel to Stonepeak.

 

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $43.5 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy transition, power and renewable energy, transport and logistics, and water. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, and Sydney. For more information, please visit www.stonepeakpartners.com.

 

About Cologix

Cologix provides carrier and cloud neutral hyperscale edge data centers and services across North America. Cologix is the interconnection hub for cloud service providers, carriers and a rich ecosystem of partners who want to deploy applications at the very edge across Canada and the U.S. With a growing portfolio of next generation facilities that meet the unique requirements for hyperscale growth with deep connectivity, Cologix offers massive scale and tailor-made data center solutions to accelerate customers’ digital transformation. For on-demand connectivity for scale and control, Cologix Access Marketplace provides fast, reliable, self-service provisioning. For a tour of one of our data centers in Ashburn, Columbus, Dallas, Jacksonville, Lakeland, Minneapolis, Montreal, New Jersey, Silicon Valley, Toronto or Vancouver visit www.cologix.com or email sales@cologix.com. Follow Cologix on LinkedIn and Twitter.

 

About Mubadala Investment Company

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.

 

Mubadala’s $243.4 billion (AED 894 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.

 

Mubadala’s Digital Infrastructure unit, headed by Mounir Barakat, invests in physical assets around the world underpinning the global trend of digitalization and increasing demand for connectivity, data storage and compute power.

 

Headquartered in Abu Dhabi, Mubadala has offices in London, Rio de Janeiro, Moscow, New York, San Francisco and Beijing. For more information about Mubadala Investment Company, please visit: www.mubadala.com.

Contacts

Stonepeak
Kate Beers

beers@stonepeak.com
+1 646-540-5225

Cologix
Krista Shepard

krista.shepard@cologix.com
+1 720-739-5396

Categories
Business Healthcare

Legend Biotech announces appointment of Dr. Ying Huang to the Board of Directors

SOMERSET, N.J. — (BUSINESS WIRE) — $LEGN–Legend Biotech Corporation (NASDAQ: LEGN) (“Legend Biotech”), a global, clinical-stage biotechnology company developing and manufacturing novel therapies, announced today that Dr. Ying Huang, Legend Biotech’s Chief Executive Officer and Chief Financial Officer, has been appointed as a director to Legend Biotech’s Board of Directors. Dr. Huang will serve as a Class I director.

“We are delighted to have Dr. Huang join our Board of Directors,” said Sally Wang, Chairwoman of Legend Biotech. “As Legend Biotech’s Chief Executive Officer and Chief Financial Officer, Dr. Huang has been instrumental to Legend Biotech’s progress to date, and his extensive knowledge of Legend Biotech will surely enhance our Board of Directors.”

 

Ying Huang, Ph.D., has served as Legend Biotech’s Chief Executive Officer since September 2020 and as its Chief Financial Officer since July 2019. Prior to joining Legend Biotech, Dr. Huang was a Managing Director and Head of Biotech Equity Research at BofA Securities, Inc. from August 2014 to July 2019, where he led a team of analysts covering more than 30 biotechnology companies including Amgen, Gilead, Celgene, Biogen and others that encompass a wide range of therapeutic areas. Dr. Huang became a biotechnology analyst in 2007 and worked at Wells Fargo (formerly Wachovia), Credit Suisse, Gleacher and Barclays before joining BofA Securities, Inc. Prior to his Wall Street career, Dr. Huang was a Principal Scientist at Schering-Plough (now Merck & Co.) in the Department of Chemical Research focusing on small molecule drug discovery in the therapeutic areas of cardiovascular and central nervous system. He is also the co-author of multiple patents and peer-reviewed publications. Dr. Huang holds a Ph.D. in Bio-organic Chemistry from Columbia University. Dr. Huang also studied at Columbia Business School and in the Special Class for the Gifted Young at the University of Science and Technology of China.

 

About Legend Biotech

Legend Biotech is a global, clinical-stage biotechnology company dedicated to treating, and one day curing, life-threatening diseases. Headquartered in Somerset, New Jersey, we are developing advanced cell therapies across a diverse array of technology platforms, including autologous and allogenic chimeric antigen receptor T-cell, T-cell receptor (TCR-T), and natural killer (NK) cell-based immunotherapy. From our three R&D sites around the world, we apply these innovative technologies to pursue the discovery of safe, efficacious and cutting-edge therapeutics for patients worldwide.

 

We are currently engaged in a strategic collaboration to develop and commercialize our lead product candidate, ciltacabtagene autoleucel (cilta-cel), an investigational BCMA-targeted CAR-T cell therapy for patients living with multiple myeloma. Applications seeking approval of cilta-cel for the treatment of patients with relapsed or refractory multiple myeloma (RRMM) are currently under regulatory review by several health authorities around the world, including the U.S. Food and Drug Administration and the European Medicines Agency.

Contacts

Investor Contacts:


Joanne Choi, Senior Manager of Investor Relations and Corporate Communications, Legend Biotech

joanne.choi@legendbiotech.com

Crystal Chen, Manager of Investor Relations and Corporate Communications, Legend Biotech

crystal.chen@legendbiotech.com

Press Contact:


Tina Carter, Corporate Communications Lead, Legend Biotech

tina.carter@legendbiotech.com or media@legendbiotech.com

Categories
Healthcare Science

Tevogen Bio reinforces IP portfolio with additional U.S. patent for its investigational T cell therapy for treatment of COVID-19

METUCHEN, N.J. — (BUSINESS WIRE) — #COVID19—Tevogen Bio, a clinical stage biotechnology company specializing in cell and gene therapies in oncology and viral infections, today announced that the U.S. Patent and Trademark Office (USPTO) has granted patent of the pharmaceutical compositions of its investigational SARS-CoV-2 Specific Allogeneic T cell therapy for treatment of COVID-19 (US 11,207,401). The patent reinforces Tevogen’s growing IP portfolio which already includes a patent that covers method of treatment of COVID-19 using SARS-COV-2 Specific Allogeneic Cytotoxic T Lymphocytes.

Dr. Neal Flomenberg, M.D., Chairman of Tevogen’s Scientific Advisory Board stated, “The magnitude of mutations in Omicron and the variant’s impact on almost all available monoclonal antibodies and vaccines, are concerning. I am hopeful about Protease Inhibitors, another tool against this virus. However, the narrow window of time between confirmed diagnosis and administration to get therapeutic benefit, and interactions with commonly used drugs in many high-risk patients, is a challenge. One advantage of TVGN-489 recognizing multiple targets spread across the entire viral genome is that this helps mitigate the impact of mutations.”

 

Tevogen CEO Dr. Ryan Saadi, M.D., M.P.H. added, “While publication of this patent is another major milestone for Tevogen and I am hopeful that TVGN-489 will play a critical role in overcoming the biggest public health crisis of our time, we must prioritize basic public health measures to reduce infections. COVID-19 related health complications can be debilitating for our society and our economy. A collaborative approach encompassing all stakeholders is essential to overcome this prolonged pandemic.”

 

TVGN-489 is currently in clinical trial for high-risk patients (TCTL) at Thomas Jefferson University in Philadelphia. Trial details and recruitment information are available at Clinical Trials – Tevogen.

 

About TVGN-489

TVGN-489 is a highly purified, SARS-CoV-2-specific cytotoxic CD8+ T lymphocyte product, which detects targets spread across the entire viral genome. These targeted CTLs are expected to recognize and kill off virally infected cells, allowing the body to replace them with healthy, uninfected cells. TVGN-489 has already demonstrated strong antiviral activity against SARS-CoV-2 in preclinical studies.

 

About Tevogen Bio

Tevogen Bio is driven by a team of distinguished scientists and highly experienced biopharmaceutical leaders who have successfully developed and commercialized multiple franchises. Tevogen’s leadership believes that accessible personalized immunotherapies are the next frontier of medicine, and that disruptive business models are required to sustain medical innovation in the post-pandemic world.

 

Forward-Looking Statements

This press release contains certain forward-looking statements relating to Tevogen Bio™ Inc.’s (the “Company”) development and patient access of its innovations in infectious diseases and oncology. These statements are based on management’s current expectations and beliefs as of the date of this release and are subject to a number of factors which involve known and unknown risks, delays, uncertainties and other factors not under the company’s control which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. In any forward-looking statement in which the Company expresses an expectation or belief as to future results, such expectations or beliefs are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will be achieved. These factors include results of current or pending clinical trials, risks associated with intellectual property protection, financial projections, sales, pricing and actions by the FDA/EMA. The Company undertakes no obligation to update the forward-looking statements or any of the information in this release, or provide additional information, and expressly disclaims any and all liability and make no representations or warranties in connection herewith or with respect to any omissions herefrom.

Contacts

Media:
Katelyn Joyce

Corporate Communications Lead

Katelyn.joyce@tevogen.com

Categories
Business

AM Best places credit ratings of SILAC Insurance Company under review with developing implications

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has placed under review with developing implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of SILAC Insurance Company (SILAC) (Salt Lake City, UT).

SILAC has been placed under review with developing implications as the company’s risk-adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR), has declined to an assessed level of weak as of year-end 2020. The company’s capital was strained significantly by rapid top-line growth and an increase in below investment grade bonds in its general account investment portfolio. However, during 2021, SILAC reduced its allocation to below investment grade bonds.

 

SILAC has taken steps to counter the weak BCAR assessment with the receipt of a $40 million capital contribution during fourth-quarter 2021 from its parent company, SILAC, Inc., and a commitment on a $60 million surplus note to be closed in early January 2022. Additionally, SILAC has committed to increasing the internal management target of the company’s risk based capital to 600% authorized control level (ACL) (300% company action level [CAL]) from 400% ACL (200% CAL). AM Best acknowledges that SILAC has recorded favorable earnings over the past year, which has contributed positively to SILAC’s capital position. However, the company’s relatively high level of financial and reinsurance leverage somewhat diminishes the overall quality of capital for the organization, and interest expense may put some pressure on earnings over the near to medium term.

 

The ratings will remain under review until AM Best can fully assess the company’s capital plans, including its ability to secure additional capital and manage top-line growth to maintain an acceptable level of risk-adjusted capitalization, as measured by BCAR, for its current ratings.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

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 © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Shauna Nelson

Senior Financial Analyst
+1 908 439 2200, ext. 5365
shauna.nelson@ambest.com

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

Michael Adams
Associate Director
+1 908 439 2200, ext. 5133
michael.adams@ambest.com

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