Categories
Business Technology

ImageCare Centers unveils PINK Better Mammo service, featuring Profound AI®, the world’s first FDA cleared artificial intelligence solution for 3D mammography

MORRISTOWN, N.J. — (BUSINESS WIRE) — ImageCare Centers is unveiling its new “PINK Better Mammo” service with the addition of ProFound AI® for Digital Breast Tomosynthesis (DBT). ProFound AI® was the first artificial intelligence (AI) software for DBT, or 3D mammography, to be FDA cleared; the software is clinically proven to improve accuracy and efficiency for radiologists reading mammography.i The technology will be rolled out to all of ImageCare’s mammography centers this October.


PINK Breast Center, the women’s health services arm of ImageCare Centers, has been using ProFound AI since September 2019. The technology has improved workflow and reading accuracy at the facility since adoption, offering benefits to both clinicians and patients. ProFound AI not only reduced the rate of false positives and unnecessary recalls for women, it decreased the amount of biopsies and increased the chance the biopsies performed were needed.

 

“We are always striving to adopt the latest in cutting-edge technology – we were among the first in our communities to adopt DBT and ProFound AI,” according to Lisa Sheppard, MD, founder of PINK Breast Center. “As soon as we implemented ProFound AI, we started using it on all of our DBT breast cancer screenings. It greatly improved our workflow and enabled us to get back to rapid reads and offered the opportunity to provide results for patients in real-time.”

 

DBT, or 3D mammography, offers many advantages over 2D mammography, including increased cancer detection rates with fewer false positives that lead to unnecessary and costly recalls, but it also increases reading time almost two-fold, compared to 2D mammography alone. While 2D mammography typically yields four images for each screening patient, DBT produces hundreds of images for each patient, thus substantially increasing the daily workload for clinicians. DBT is especially useful for women with dense breasts because breast cancer and breast tissue both appear white on a mammogram, making it difficult for the radiologist to read. DBT improves the radiologist’s ability to find cancers and can reduce the need for biopsies.

 

Built with the latest in deep-learning technology, ProFound AI rapidly analyzes each DBT image, or slice, detecting malignant soft tissue densities and calcifications with unrivaled accuracy. Certainty of Finding and Case Scores are assigned to each detection and each case respectively. These scores represent the algorithm’s confidence that a detection or case is malignant, providing crucial information for radiologists that may assist them in clinical decision making.

 

“ProFound AI is revolutionizing the way mammography is read. With superior performance and sensitivity, the software offers unrivaled accuracy and time-savings benefits,” according to Stacey Stevens, President of iCAD, the manufacturer of ProFound AI. “As one of the latest tools in the fight against breast cancer, we are pleased that it will soon be available to more women in New Jersey.”

 

ProFound AI for DBT was clinically proven in a large reader study to increase radiologists’ sensitivity by 8 percent, minimize the rate of false positives and unnecessary recalls by 7 percent and reduce reading time by 52.7 percent.i ProFound AI was also clinically proven to slash reading time by up to 57.4 percent for radiologists reading cases of women with dense breasts.ii

 

“When ProFound AI highlights an area, we know it’s something to investigate. It’s much more selective than other CAD technologies and offers a remarkable improvement in terms of the focus,” says Dr. Sheppard. She adds, “This technology has made a tremendous impact on patient care at PINK Breast Center. It helps to ensure that the biopsies we perform are more likely to be cancer, and we also now have fewer false positives and callbacks.”

 

To schedule an annual mammogram, please visit www.imagecarecenters.com/for-patients/request-appointment/.

 

About ImageCare Centers

ImageCare Centers is committed to providing the most advanced medical diagnostic imaging to their patients, so they are comfortable and at ease. With their caring and compassionate staff, and team of skilled radiologists, they offer a wide array of State-of the-Art Radiology services including Open and Closed MRIs, Sedation MRIs, CT scans, Ultrasounds, X-rays, DEXA Bone Density Scans, 3D Mammograms with Artificial Intelligence, Pediatric Radiology and PET/CT scans. ImageCare has centers conveniently located throughout North and Central New Jersey in Bergen, Essex, Hunterdon, Middlesex, Monmouth, Morris, Passaic, Sussex, and Warren Counties.

 

For more information, please visit www.imagecarecenters.com.

 

About iCAD, Inc.

Headquartered in Nashua, NH, USA, iCAD is a global medical technology leader providing innovative cancer detection and therapy solutions. For more information, visit www.icadmed.com.

i Conant, E et al. (2019) Improving Accuracy and Efficiency with Concurrent Use of Artificial Intelligence for Digital Breast Tomosynthesis. Radiology: Artificial Intelligence. 1(4). Accessed via https://pubs.rsna.org/doi/10.1148/ryai.2019180096

ii Hoffmeister, J. (2018). Artificial Intelligence for Digital Breast Tomosynthesis – Reader Study Results. [White paper]. Accessed via https://www.icadmed.com/assets/dmm253-reader-studies-results-rev-a.pdf

Contacts

Tim Dwyre, Director of Marketing

tdwyre@imagecarecenters.com
(973) 723-1696

Jessica Burns, Director of Public Relations and Content Strategy, iCAD

jburns@icadmed.com
(201) 423-4492

Categories
Business News Now!

Concreit raises $6 million to enable anyone to invest in diversified professionally managed real estate fund with as little as $1

Through its unique mobile application, Concreit is providing an alternative savings vehicle to simplify real estate investing by facilitating weekly earned payouts with on-demand customer withdrawals

 

SEATTLE — (BUSINESS WIRE) — #DanastalderConcreit, the company opening diversified real estate investing to everyone, today announced that it has closed $6 million in seed funding in a round led by Matrix Partners. Hyphen Capital, as well as individual investors including Jon Stein, founder and CEO of Betterment; Andy Liu, partner at Unlock Venture Partners; and investor and advisor Ben Elowitz. Dana Stalder, general partner at Matrix, will join the Concreit board of directors.


Today also marks the official launch of the Concreit app, which enables anyone to invest in the global multi-trillion dollar private real estate market for as little as $1(1). Most investors can open a Concreit account and make their first investment in minutes on their mobile device. The platform facilitates weekly earned payouts, automated investments and on-demand withdrawals, while compounding earned payouts weekly(2). Concreit’s first private REIT fund(3), focused on passive income, consists of lower-risk fixed-income private market residential and commercial real estate first-lien mortgages, which has an annualized return of 5.47%(4). The fund is managed by a team of industry professionals with an aggregate of over $10B in asset management experience.

 

Many popular real estate (“RE”) platforms burden investors with choosing properties and deals—presenting the paradox of choice. Concreit simplifies and demystifies real estate by giving investors access to simplified passive income.

 

“We are democratizing the real estate investing process because everyone deserves equal access to the opportunities that can change their financial situation,” said Concreit CEO and founder Sean Hsieh. “When I made a bit of money in my last company, I wanted to invest it intelligently. I saw the opportunity to earn a great APR through private real estate investing, while gaining less correlation with traditional public stocks or bonds markets. But they were only for the already wealthy or required multi-year commitments of capital. Concreit gives everyone access to a real estate portfolio and the ability to have access to withdrawals when they need them.”

 

A Better Way to Invest

Real estate investing has fueled some of the world’s largest investment portfolios for years(5), but many traditional real estate funds require heavy upfront investments ranging from $10,000-$100,000. Investors also need investing experience to navigate complexities of the real estate market, preventing the majority of would-be investors from participating. Additionally, traditional private fund investors typically receive redemptions on a quarterly basis, at best. Concreit changes all of this by facilitating on-demand customer withdrawals.

 

The Concreit platform provides an innovative and flexible investing experience to anyone interested in capitalizing on the real estate market. It enables consumers to invest incrementally; they can add money when it’s convenient or financially feasible for them. They can also take advantage of auto-invest scheduling to help grow potential returns even faster due to the compounding attributes. Additionally, Concreit automatically reinvests dividends to help compounding seamlessly, but unlike investors in traditional real estate funds, Concreit investors can schedule withdrawals whenever they want access to their money, subject to availability and approval; dividends can be paid weekly.

 

Early investors have increased their overall contributions by an average of 5x over the lives of their accounts(6). Given this early traction, Concreit is now ready to formally launch and promote its platform so that more consumers can take advantage.

 

“Concreit is my perfect way to decouple from Wall Street’s public markets and gain the potential for meaningful weekly dividend payouts,” said Brandon T., a Concreit investor from New Jersey. “The automatic Instant Earn feature is not offered by other fintech companies. Concreit has been a fantastic complement to diversify and add to my overall portfolio.”(7)

 

Humble Beginnings

Concreit was founded by Hsieh and Jordan Levy, a pair of serial entrepreneurs who previously founded and bootstrapped the successful VoIP communications platform, Flowroute. Upon Flowroute’s acquisition in 2018, Hsieh and Levy wanted to build a company that could help everyday people become more financially secure. Hsieh, a second-generation immigrant, grew from humble beginnings working in his family’s restaurant, where they shared the dream of achieving financial freedom through real estate.

 

Similarly, Levy grew up watching his parents build a small construction business from scratch. He was intrigued by the idea of passive income through single family rental homes, but became disillusioned with the overhead, risk and hassle of managing one’s own single family rental investments. Drawing on these formative experiences, as well as their technology expertise, Hsieh and Levy set out to design a mobile-first offering that could enable small investors to benefit from real estate without the burden of making repairs at 2 a.m. on a Saturday. With Concreit, people gain the financial benefits of real estate investing without the complications.

 

“What Concreit has built is incredibly hard to do from both a technology and regulatory standpoint, but Sean and Jordan are absolutely driven to make it not just a viable platform for investing, but an outstanding and rewarding experience for even the most novice, passive investors,” said Matrix’s Dana Stalder. “The economics speak for themselves, and the flexibility Concreit allows should motivate anyone to jump into real estate investing.”

 

Available now, there are no fees to invest on the platform or mobile app. Download it from the App Store or Google Play and start your investment journey with Concreit today.

 

About Concreit

Concreit is opening the opaque world of private real estate investing to the masses. Its free mobile app allows consumers to invest as little as $1 into a fund managed by a team of investment professionals. Withdrawals can be requested at any time through the app and sent upon approval, empowering investors to achieve financial goals easier than ever before. Concreit is based in Seattle and backed by fintech experts and top technologists, including Matrix Partners, Hyphen Capital, Jon Stein, Andy Liu and Ben Elowitz.

Securities offered through Dalmore Group, LLC, member FINRA & SIPC.

  1. Investing in real estate involves risks including the potential loss of principal. A real estate portfolio is subject to risks similar to those associated with the direct ownership of real estate and real estate debt, as the investments are sensitive to factors such as changes to real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and credit worthiness of the issuer & borrowers. Portfolios concentrated in real estate assets may experience price volatility and other risks associated with non-diversification. US real estate investments may also be affected by tax and regulatory requirements. Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there is no assurance that a portfolio will match or outperform any particular benchmark. There is no guarantee that investment objectives will be achieved, and past performance is not indicative of future results. Concreit is not a bank and does not provide accounts that are FDIC insured.
  2. On-demand withdrawals mean that investors may request withdrawals at any time, subject to manager approval.
  3. Concreit Fund 1 LLC is presently a private equity real estate fund that intends to elect for REIT status when it is eligible.
  4. The annualized return was calculated from July 1, 2020 to July 1, 2021 of investments in the Concreit Fund I LLC, a private real estate fund.
  5. Edward N. Wolff. National Bureau of Economic Research. “Household Wealth Trends in the United States, 1962 to 2016: Has Middle Class Wealth Recovered?” November 2017. https://www.nber.org/papers/w24085
  6. This data was averaged from all investors that signed up from July 1, 2020 to August 31, 2020 and calculated until May 31, 2021.
  7. The persons providing the testimonials on this website have experience in the services that Concreit provides. Their respective experience with Concreit may not be representative of all other Clients of Concreit. Testimonials are not paid for by Concreit. Testimonials do not constitute a guarantee of future performance or success related to any product, transaction or service.

Contacts

Amber Moore

GMK Communications for Concreit

amber@gmkcommunications.com

Categories
Healthcare Science

DESTINY-Gastric06 phase 2 trial of ENHERTU® initiated in China in patients with HER2 positive advanced gastric cancer

TOKYO & MUNICH & BASKING RIDGE, N.J. — (BUSINESS WIRE) — Daiichi Sankyo Company, Limited (hereafter, Daiichi Sankyo) and AstraZeneca today announced that the first patient was dosed in DESTINY-Gastric06, a phase 2 trial in China evaluating the safety and efficacy of ENHERTU® (trastuzumab deruxtecan) in patients with HER2 positive locally advanced or metastatic gastric or gastroesophageal junction (GEJ) adenocarcinoma previously treated with at least two prior regimens including a fluoropyrimidine and a platinum agent.

Approximately half of all worldwide cases of gastric cancer occur in China,1,2 with about 80% of patients presenting with advanced disease at the time of diagnosis.3 For patients with HER2 positive metastatic gastric cancer in China, there are limited HER2 directed therapies available following disease progression with a trastuzumab-containing regimen, and more options are needed to address this continued unmet need.4

 

Initiation of the DESTINY-Gastric06 trial is an important step in the clinical development of ENHERTU in China for the treatment of patients with HER2 positive metastatic gastric cancer,” said Gilles Gallant, BPharm, PhD, FOPQ, Senior Vice President, Global Head, Oncology Development, Oncology R&D, Daiichi Sankyo. “Given the impressive results seen in other studies of ENHERTU in this setting, we anticipate this study will further support our efforts to bring an important HER2 directed antibody drug conjugate to patients and the medical community in China.”

 

About DESTINY-Gastric06

DESTINY-Gastric06 is an open-label, single-arm phase 2 trial in China evaluating the safety and efficacy of ENHERTU (6.4 mg/kg) in patients with HER2 positive locally advanced or metastatic gastric or GEJ adenocarcinoma previously treated with at least two prior regimens including a fluoropyrimidine and a platinum agent.

 

The primary endpoint of DESTINY-Gastric06 is confirmed objective response rate (ORR). Secondary endpoints include investigator assessed ORR, progression-free survival, duration of response, disease control rate, overall survival, pharmacokinetics, immunogenicity and safety.

 

DESTINY-Gastric06 will enroll approximately 75 patients at multiple sites in China. For more information about the trial, visit clinicaltrials.gov.

 

About HER2 Positive Gastric Cancer

Gastric (stomach) cancer is the fifth most common cancer worldwide and the fourth highest leading cause of cancer mortality.5 There were approximately one million new cases of gastric cancer and 768,000 deaths reported worldwide in 2020.5 Gastric cancer is typically diagnosed in the advanced stage but even when diagnosed in earlier stages of the disease the survival rate remains modest,6,7,8 with a five-year survival rate of 5% to 10% for advanced or metastatic disease.9

 

Incidence rates for gastric cancer are markedly higher in eastern Asia, particularly in China, where approximately half of all worldwide cases occur.2,5 Gastric cancer is the third most common cancer in China with about 478,000 new cases and is the third leading cause of cancer-related death with approximately 374,000 deaths in 2020.2 Approximately 80% of patients present with advanced disease at the time of diagnosis in China.3

 

Approximately one in five gastric cancers are considered HER2 positive.10,11 HER2 is a tyrosine kinase receptor growth-promoting protein expressed on the surface of many types of tumors including breast, gastric, lung and colorectal cancers.11 HER2 overexpression may be associated with a specific HER2 gene alteration known as HER2 amplification.11

 

Recommended first-line treatment for HER2 positive advanced or metastatic gastric cancer in China is combination chemotherapy plus trastuzumab, an anti-HER2 medicine, which has been shown to improve survival outcomes when added to chemotherapy.1 For patients with HER2 positive metastatic gastric cancer in China, there are limited HER2 directed therapies available following disease progression with a trastuzumab-containing regimen, and more options are needed to address this continued unmet need.4

 

About ENHERTU

ENHERTU® (trastuzumab deruxtecan; fam-trastuzumab deruxtecan-nxki in the U.S. only) is a HER2 directed antibody drug conjugate (ADC). Designed using Daiichi Sankyo’s proprietary DXd ADC technology, ENHERTU is the lead ADC in the oncology portfolio of Daiichi Sankyo and the most advanced program in AstraZeneca’s ADC scientific platform. ENHERTU consists of a HER2 monoclonal antibody attached to a topoisomerase I inhibitor payload, an exatecan derivative, via a stable tetrapeptide-based cleavable linker.

 

ENHERTU (5.4 mg/kg) is approved in Canada, EU, Israel, Japan, UK and U.S. for the treatment of adult patients with unresectable or metastatic HER2 positive breast cancer who have received two or more prior anti-HER2 based regimens in the metastatic setting based on the results from the DESTINY-Breast01 trial.

 

ENHERTU (6.4 mg/kg) is also approved in Israel, Japan and U.S. for the treatment of adult patients with locally advanced or metastatic HER2 positive gastric or gastroesophageal junction adenocarcinoma who have received a prior trastuzumab-based regimen based on the results from the DESTINY-Gastric01 trial.

 

ENHERTU is approved in the U.S. with Boxed WARNINGS for Interstitial Lung Disease and Embryo-Fetal Toxicity. For more information, please see accompanying full Prescribing Information, including Boxed WARNINGS, and Medication Guide.

 

About the ENHERTU Clinical Development Program

A comprehensive global development program is underway evaluating the efficacy and safety of ENHERTU monotherapy across multiple HER2 targetable cancers including breast, gastric, lung and colorectal cancers. Trials in combination with other anticancer treatments, such as immunotherapy, are also underway.

 

ENHERTU was highlighted in the Clinical Cancer Advances 2021 report as one of two significant advancements in the “ASCO Clinical Advance of the Year: Molecular Profiling Driving Progress in GI Cancers,” based on data from both the DESTINY-CRC01 and DESTINY-Gastric01 trials, as well as one of the targeted therapy advances of the year in non-small cell lung cancer (NSCLC), based on the interim results of the HER2 mutated cohort of the DESTINY-Lung01 trial.

 

In May 2020, ENHERTU received Breakthrough Therapy Designation in the U.S. for the treatment of patients with metastatic NSCLC whose tumors have a HER2 mutation and with disease progression on or after platinum-based therapy.

 

About the Daiichi Sankyo and AstraZeneca Collaboration

Daiichi Sankyo and AstraZeneca entered into a global collaboration to jointly develop and commercialize ENHERTU in March 2019, and datopotamab deruxtecan (Dato-DXd) in July 2020, except in Japan where Daiichi Sankyo maintains exclusive rights for each ADC. Daiichi Sankyo is responsible for manufacturing and supply of ENHERTU and datopotamab deruxtecan.

 

U.S. Important Safety Information for ENHERTU

Indications
ENHERTU is a HER2-directed antibody and topoisomerase inhibitor conjugate indicated for the treatment of adult patients with:

  • Unresectable or metastatic HER2-positive breast cancer who have received two or more prior anti-HER2-based regimens in the metastatic setting.

    This indication is approved under accelerated approval based on tumor response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.

  • Locally advanced or metastatic HER2-positive gastric or gastroesophageal junction adenocarcinoma who have received a prior trastuzumab-based regimen.

 

 

WARNING: INTERSTITIAL LUNG DISEASE and EMBRYO-FETAL TOXICITY

  • Interstitial lung disease (ILD) and pneumonitis, including fatal cases, have been reported with ENHERTU. Monitor for and promptly investigate signs and symptoms including cough, dyspnea, fever, and other new or worsening respiratory symptoms. Permanently discontinue ENHERTU in all patients with Grade 2 or higher ILD/pneumonitis. Advise patients of the risk and to immediately report symptoms.
  • Exposure to ENHERTU during pregnancy can cause embryo-fetal harm. Advise patients of these risks and the need for effective contraception.

 

Contraindications

None.

Warnings and Precautions

Interstitial Lung Disease / Pneumonitis

Severe, life-threatening, or fatal interstitial lung disease (ILD), including pneumonitis, can occur in patients treated with ENHERTU. Advise patients to immediately report cough, dyspnea, fever, and/or any new or worsening respiratory symptoms. Monitor patients for signs and symptoms of ILD. Promptly investigate evidence of ILD. Evaluate patients with suspected ILD by radiographic imaging. Consider consultation with a pulmonologist. For asymptomatic ILD/pneumonitis (Grade 1), interrupt ENHERTU until resolved to Grade 0, then if resolved in ≤28 days from date of onset, maintain dose. If resolved in >28 days from date of onset, reduce dose one level. Consider corticosteroid treatment as soon as ILD/pneumonitis is suspected (e.g., ≥0.5 mg/kg/day prednisolone or equivalent). For symptomatic ILD/pneumonitis (Grade 2 or greater), permanently discontinue ENHERTU. Promptly initiate systemic corticosteroid treatment as soon as ILD/pneumonitis is suspected (e.g., ≥1 mg/kg/day prednisolone or equivalent) and continue for at least 14 days followed by gradual taper for at least 4 weeks.

 

Metastatic Breast Cancer

In clinical studies, of the 234 patients with unresectable or metastatic HER2-positive breast cancer treated with ENHERTU 5.4 mg/kg, ILD occurred in 9% of patients. Fatal outcomes due to ILD and/or pneumonitis occurred in 2.6% of patients treated with ENHERTU. Median time to first onset was 4.1 months (range: 1.2 to 8.3).

 

Locally Advanced or Metastatic Gastric Cancer

In DESTINY-Gastric01, of the 125 patients with locally advanced or metastatic HER2-positive gastric or GEJ adenocarcinoma treated with ENHERTU 6.4 mg/kg, ILD occurred in 10% of patients. Median time to first onset was 2.8 months (range: 1.2 to 21.0).

 

Neutropenia

Severe neutropenia, including febrile neutropenia, can occur in patients treated with ENHERTU. Monitor complete blood counts prior to initiation of ENHERTU and prior to each dose, and as clinically indicated. For Grade 3 neutropenia (Absolute Neutrophil Count [ANC] <1.0 to 0.5 x 109/L) interrupt ENHERTU until resolved to Grade 2 or less, then maintain dose. For Grade 4 neutropenia (ANC <0.5 x 109/L) interrupt ENHERTU until resolved to Grade 2 or less. Reduce dose by one level. For febrile neutropenia (ANC <1.0 x 109/L and temperature >38.3ºC or a sustained temperature of ≥38ºC for more than 1 hour), interrupt ENHERTU until resolved. Reduce dose by one level.

 

Metastatic Breast Cancer

In clinical studies, of the 234 patients with unresectable or metastatic HER2-positive breast cancer who received ENHERTU 5.4mg/kg, a decrease in neutrophil count was reported in 62% of patients. Sixteen percent had Grade 3 or 4 decrease in neutrophil count. Median time to first onset of decreased neutrophil count was 23 days (range: 6 to 547). Febrile neutropenia was reported in 1.7% of patients.

 

Locally Advanced or Metastatic Gastric Cancer

In DESTINY-Gastric01, of the 125 patients with locally advanced or metastatic HER2-positive gastric or GEJ adenocarcinoma treated with ENHERTU 6.4 mg/kg, a decrease in neutrophil count was reported in 72% of patients. Fifty-one percent had Grade 3 or 4 decreased neutrophil count. Median time to first onset of decreased neutrophil count was 16 days (range: 4 to 187). Febrile neutropenia was reported in 4.8% of patients.

 

Left Ventricular Dysfunction

Patients treated with ENHERTU may be at increased risk of developing left ventricular dysfunction. Left ventricular ejection fraction (LVEF) decrease has been observed with anti-HER2 therapies, including ENHERTU. In the 234 patients with unresectable or metastatic HER2-positive breast cancer who received ENHERTU, two cases (0.9%) of asymptomatic LVEF decrease were reported. In DESTINY-Gastric01, of the 125 patients with locally advanced or metastatic HER2-positive gastric or GEJ adenocarcinoma treated with ENHERTU 6.4 mg/kg, no clinical adverse events of heart failure were reported; however, on echocardiography, 8% were found to have asymptomatic Grade 2 decrease in LVEF. Treatment with ENHERTU has not been studied in patients with a history of clinically significant cardiac disease or LVEF <50% prior to initiation of treatment.

 

Assess LVEF prior to initiation of ENHERTU and at regular intervals during treatment as clinically indicated. When LVEF is >45% and absolute decrease from baseline is 10-20%, continue treatment with ENHERTU. When LVEF is 40-45% and absolute decrease from baseline is <10%, continue treatment with ENHERTU and repeat LVEF assessment within 3 weeks. When LVEF is 40-45% and absolute decrease from baseline is 10-20%, interrupt ENHERTU and repeat LVEF assessment within 3 weeks. If LVEF has not recovered to within 10% from baseline, permanently discontinue ENHERTU. If LVEF recovers to within 10% from baseline, resume treatment with ENHERTU at the same dose. When LVEF is <40% or absolute decrease from baseline is >20%, interrupt ENHERTU and repeat LVEF assessment within 3 weeks. If LVEF of <40% or absolute decrease from baseline of >20% is confirmed, permanently discontinue ENHERTU. Permanently discontinue ENHERTU in patients with symptomatic congestive heart failure.

 

Embryo-Fetal Toxicity

ENHERTU can cause fetal harm when administered to a pregnant woman. Advise patients of the potential risks to a fetus. Verify the pregnancy status of females of reproductive potential prior to the initiation of ENHERTU. Advise females of reproductive potential to use effective contraception during treatment and for at least 7 months following the last dose of ENHERTU. Advise male patients with female partners of reproductive potential to use effective contraception during treatment with ENHERTU and for at least 4 months after the last dose of ENHERTU.

 

Additional Dose Modifications

Thrombocytopenia

For Grade 3 thrombocytopenia (platelets <50 to 25 x 109/L) interrupt ENHERTU until resolved to Grade 1 or less, then maintain dose. For Grade 4 thrombocytopenia (platelets <25 x 109/L) interrupt ENHERTU until resolved to Grade 1 or less. Reduce dose by one level.

 

Adverse Reactions

Metastatic Breast Cancer

The safety of ENHERTU was evaluated in a pooled analysis of 234 patients with unresectable or metastatic HER2-positive breast cancer who received at least one dose of ENHERTU 5.4 mg/kg in DESTINY-Breast01 and Study DS8201-A-J101. ENHERTU was administered by intravenous infusion once every three weeks. The median duration of treatment was 7 months (range: 0.7 to 31).

 

Serious adverse reactions occurred in 20% of patients receiving ENHERTU. Serious adverse reactions in >1% of patients who received ENHERTU were interstitial lung disease, pneumonia, vomiting, nausea, cellulitis, hypokalemia, and intestinal obstruction. Fatalities due to adverse reactions occurred in 4.3% of patients including interstitial lung disease (2.6%), and the following events occurred in one patient each (0.4%): acute hepatic failure/acute kidney injury, general physical health deterioration, pneumonia, and hemorrhagic shock.

 

ENHERTU was permanently discontinued in 9% of patients, of which ILD accounted for 6%. Dose interruptions due to adverse reactions occurred in 33% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose interruption were neutropenia, anemia, thrombocytopenia, leukopenia, upper respiratory tract infection, fatigue, nausea, and ILD. Dose reductions occurred in 18% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose reduction were fatigue, nausea, and neutropenia.

 

The most common (≥20%) adverse reactions, including laboratory abnormalities, were nausea (79%), white blood cell count decreased (70%), hemoglobin decreased (70%), neutrophil count decreased (62%), fatigue (59%), vomiting (47%), alopecia (46%), aspartate aminotransferase increased (41%), alanine aminotransferase increased (38%), platelet count decreased (37%), constipation (35%), decreased appetite (32%), anemia (31%), diarrhea (29%), hypokalemia (26%), and cough (20%).

 

Locally Advanced or Metastatic Gastric Cancer

The safety of ENHERTU was evaluated in 187 patients with locally advanced or metastatic HER2-positive gastric or GEJ adenocarcinoma in DESTINY-Gastric01. Patients intravenously received at least one dose of either ENHERTU (N=125) 6.4 mg/kg once every three weeks or either irinotecan (N=55) 150 mg/m2 biweekly or paclitaxel (N=7) 80 mg/m2 weekly for 3 weeks. The median duration of treatment was 4.6 months (range: 0.7 to 22.3) in the ENHERTU group and 2.8 months (range: 0.5 to 13.1) in the irinotecan/paclitaxel group.

 

Serious adverse reactions occurred in 44% of patients receiving ENHERTU 6.4 mg/kg. Serious adverse reactions in >2% of patients who received ENHERTU were decreased appetite, ILD, anemia, dehydration, pneumonia, cholestatic jaundice, pyrexia, and tumor hemorrhage. Fatalities due to adverse reactions occurred in 2.4% of patients: disseminated intravascular coagulation, large intestine perforation, and pneumonia occurred in one patient each (0.8%).

 

ENHERTU was permanently discontinued in 15% of patients, of which ILD accounted for 6%. Dose interruptions due to adverse reactions occurred in 62% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose interruption were neutropenia, anemia, decreased appetite, leukopenia, fatigue, thrombocytopenia, ILD, pneumonia, lymphopenia, upper respiratory tract infection, diarrhea, and hypokalemia. Dose reductions occurred in 32% of patients treated with ENHERTU. The most frequent adverse reactions (>2%) associated with dose reduction were neutropenia, decreased appetite, fatigue, nausea, and febrile neutropenia.

 

The most common (≥20%) adverse reactions, including laboratory abnormalities, were hemoglobin decreased (75%), white blood cell count decreased (74%), neutrophil count decreased (72%), lymphocyte count decreased (70%), platelet count decreased (68%), nausea (63%), decreased appetite (60%), anemia (58%), aspartate aminotransferase increased (58%), fatigue (55%), blood alkaline phosphatase increased (54%), alanine aminotransferase increased (47%), diarrhea (32%), hypokalemia (30%), vomiting (26%), constipation (24%), blood bilirubin increased (24%), pyrexia (24%), and alopecia (22%).

 

Use in Specific Populations

  • Pregnancy: ENHERTU can cause fetal harm when administered to a pregnant woman. Advise patients of the potential risks to a fetus. There are clinical considerations if ENHERTU is used in pregnant women, or if a patient becomes pregnant within 7 months following the last dose of ENHERTU.
  • Lactation: There are no data regarding the presence of ENHERTU in human milk, the effects on the breastfed child, or the effects on milk production. Because of the potential for serious adverse reactions in a breastfed child, advise women not to breastfeed during treatment with ENHERTU and for 7 months after the last dose.
  • Females and Males of Reproductive Potential: Pregnancy testing: Verify pregnancy status of females of reproductive potential prior to initiation of ENHERTU. Contraception: Females: ENHERTU can cause fetal harm when administered to a pregnant woman. Advise females of reproductive potential to use effective contraception during treatment with ENHERTU and for at least 7 months following the last dose. Males: Advise male patients with female partners of reproductive potential to use effective contraception during treatment with ENHERTU and for at least 4 months following the last dose. Infertility: ENHERTU may impair male reproductive function and fertility.
  • Pediatric Use: Safety and effectiveness of ENHERTU have not been established in pediatric patients.
  • Geriatric Use: Of the 234 patients with HER2-positive breast cancer treated with ENHERTU 5.4 mg/kg, 26% were ≥65 years and 5% were ≥75 years. No overall differences in efficacy were observed between patients ≥65 years of age compared to younger patients. There was a higher incidence of Grade 3-4 adverse reactions observed in patients aged ≥65 years (53%) as compared to younger patients (42%). Of the 125 patients with locally advanced or metastatic HER2-positive gastric or GEJ adenocarcinoma treated with ENHERTU 6.4 mg/kg in DESTINY-Gastric01, 56% were ≥65 years and 14% were ≥75 years. No overall differences in efficacy or safety were observed between patients ≥65 years of age compared to younger patients.
  • Hepatic Impairment: In patients with moderate hepatic impairment, due to potentially increased exposure, closely monitor for increased toxicities related to the topoisomerase inhibitor.

 

To report SUSPECTED ADVERSE REACTIONS, contact Daiichi Sankyo, Inc. at 1-877-437-7763 or FDA at 1-800-FDA-1088 or fda.gov/medwatch.

Please see accompanying full Prescribing Information, including Boxed WARNINGS, and Medication Guide.

About Daiichi Sankyo in Oncology

The oncology portfolio of Daiichi Sankyo is powered by our team of world-class scientists that push beyond traditional thinking to create transformative medicines for people with cancer. Anchored by our DXd antibody drug conjugate (ADC) technology, our research engines include biologics, medicinal chemistry, modality and other research laboratories in Japan, and Plexxikon Inc., our small molecule structure-guided R&D center in the U.S. We also work alongside leading academic and business collaborators to further advance the understanding of cancer as Daiichi Sankyo builds towards our ambitious goal of becoming a global leader in oncology by 2025.

 

About Daiichi Sankyo

Daiichi Sankyo is dedicated to creating new modalities and innovative medicines by leveraging our world-class science and technology for our purpose “to contribute to the enrichment of quality of life around the world.” In addition to our current portfolio of medicines for cancer and cardiovascular disease, Daiichi Sankyo is primarily focused on developing novel therapies for people with cancer as well as other diseases with high unmet medical needs. With more than 100 years of scientific expertise and a presence in more than 20 countries, Daiichi Sankyo and its 16,000 employees around the world draw upon a rich legacy of innovation to realize our 2030 Vision to become an “Innovative Global Healthcare Company Contributing to the Sustainable Development of Society.” For more information, please visit: www.daiichisankyo.com.

References:

1 Yang L, et al. Chin J Cancer Res. 2018;30(3):291-298.

2 WHO. International Agency for Cancer Research. China. Accessed September 2021.

3 National Health Commission of the People’s Republic of China. Chin J Cancer Res. 2019;31(5):707-737.

4 Wang F, et al. Cancer Commun (Lond). 2021 Aug;41(8):747-795.

5 WHO. International Agency for Cancer Research. Stomach. Accessed September 2021.

6 Zhao D, et al. J Hematol Oncol. 2019;12(1):50.

7 SEER Cancer Stat Facts: Stomach Cancer. Accessed September 2021.

8 Cancer Research UK. Stomach Cancer Survival Statistics. Accessed September 2021.

9 Casamayor M, et al. Ecancermedicalscience. 2018;12:883.

10 Iqbal N, et al. Mol Biol Int. 2014:852748.

11

Contacts

Media:

Global:
Victoria Amari

Daiichi Sankyo, Inc.

vamari@dsi.com
+1 908 900 3010 (mobile)

Japan:
Masashi Kawase

Daiichi Sankyo Co., Ltd.

kawase.masashi.a2@daiichisankyo.co.jp
+81 3 6225 1126 (office)

Investor Relations Contact:
DaiichiSankyoIR@daiichisankyo.co.jp

Read full story here

Categories
Business Local News

Billtrust named one of ‘New Jersey’s Best Places to Work’ for third consecutive year

NJBIZ Recognizes B2B Accounts Receivable Automation and Integrated Payments Leader

LAWRENCEVILLE, N.J. — (BUSINESS WIRE) — Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, announced today it has been named among New Jersey’s 2021 Best Places to Work by NJBIZ, a leading business journal. Headquartered in Lawrenceville, NJ, Billtrust was named in the 250+ employee large company category. This is the third consecutive year Billtrust has been recognized and the seventh time since the award was inaugurated.

“We’re very proud to again be named one of New Jersey’s top employers,” said Jeanne O’Connor, Chief Talent Officer at Billtrust. “Billtrust offers a supportive work environment that gives everyone equal opportunity, access to resources and a sense of belonging.”

The NJBIZ honor comes during a year in which Billtrust became a public company and began trading on the Nasdaq Global Select Market and the Nasdaq Capital Market. It also introduced the next major version of its Business Payments Network (BPN), an open network supporting buyers and suppliers allowing both accounts payable and accounts receivable platforms to exchange invoices, payments and remittance data.

NJBIZ Best Places to Work honorees are decided based upon their participation in the Best Places to Work survey from the BridgeTower Media firm Best Companies Group. The program confidentially collects data, allowing workers to comfortably share feedback about their employers.

 

About Billtrust

Billtrust (NASDAQ: BTRS) is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com.

 

Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Company’s filings with the SEC, including those under the header “Risk Factors” in the Registration Statement on Form S-4 filed with the SEC by South Mountain Merger Corp. on October 26, 2020, as amended. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts

Media Contact: Meredith Simpson, Msimpson@Billtrust.com

Categories
Business Healthcare

Spring Hills’ Post-Acute Care facility launches new regional partnerships to advance patient care

Under Spring Hills Management, Post-Acute Facility’s Overall Rating from the Centers for Medicare and Medicaid Services Climbs Significantly

 

WOODBURY, N.J. — (BUSINESS WIRE) — #populationhealthSpring Hills, an innovative leader in post-acute care, senior living and home care with 35 locations across seven states, has established Spring Hills Post Acute Woodbury as a premier partner to regional health systems. With its close proximity to Philadelphia, the Woodbury center is well-positioned to serve patients from residing within this major metro region. Located at 467 Cooper Street, Spring Hills Post Acute Woodbury offers state-of-the-art rehabilitation services with personalized support, and fully integrated population health management.

Spring Hills Post Acute Woodbury is one of five former Atrium facilities that officially joined the Spring Hills family in July 2021. A bold innovator in the post-acute care sector, Spring Hills commenced management and oversight of the Atrium facility in January 2019. The facility has since increased ratings from the Centers for Medicare and Medicaid Services’ Five Star Quality Rating System from two to four stars, a major jump that results from patient-care improvements.

“Spring Hills Post Acute Woodbury has earned a reputation for excellence in post-acute care, and our recognition is the result of an experienced clinical team leading the charge in close collaboration with our many care partners,” said Michael Guglielmo, administrator at Spring Hills Post Acute Woodbury. “As we continue to deepen relationships with our community, regional medical providers and physician groups, we look forward to building on all of the good work and successes achieved since 2019.”

During the past two years, the Spring Hills team made comprehensive improvements to the facility’s quality of care and compliance, financial, operational, and communications standards and efficiencies. Integrating Spring Hills’ unique culture was essential to this process. The company’s commitment to high standards and values and to continually enhancing the patient care experience is the cornerstone of their operations.

“The team at Woodbury has demonstrated incredible tenacity in their effort to raise the bar for post-hospital care for people in the region,” said Alex Markowits, Founder and President/CEO. “Spring Hills Post Acute Woodbury serves as a model for success due to our team’s collective, collaborative pursuit of extraordinary care.”

In addition to implementing comprehensive quality improvements, under Spring Hills management, Post Acute Woodbury has formed new partnerships with regional medical providers including world-renowned academic medical center Penn Medicine and Virtua, South Jersey’s largest healthcare provider. Working closely with medical staff, Spring Hills Post Acute Woodbury launched the center’s first comprehensive cardiac program. Notably, the program included the ability to care for left ventricular assist device (LVAD) patients at the facility. A testament to the expertise and capabilities of the clinical teams, the comprehensive cardiac program yielded successful treatment and the speedy recovery of a high volume of clinically complex heart failure patients.

“New partnerships coupled with industry recognition underscore the hard work of our Woodbury clinicians and staff delivering excellent patient experiences and care day in and day out,” said Jason Hutchens, Senior Vice President of Operations, Post Acute Care, Spring Hills. “We look forward to building on this model and helping our patients live healthier, happier lives after a brief rehabilitation stay at our center.”

Spring Hills Post Acute Woodbury offers state-of-the art monitoring and rehabilitation services including non-invasive hemodynamic monitoring, aquatic therapy in a HydroWorx rehabilitation pool, AlterG Treadmills and NeuroGym rehabilitation therapy equipment. Patients have access to a cardiologist, a dedicated Patient Concierge and private room accommodation.

ABOUT SPRING HILLS

Spring Hills post-acute care, assisted living and memory care communities and home care services provide comprehensive support, including population health management, for seniors and those with chronic health needs. All communities take a personal and distinctive approach, with the highest standards for proactive health care and quality of living, at every stage of a resident’s life.

Led by Alexander Markowits, Founder and President/CEO, Spring Hills is committed to providing seamless care experiences to meet the unique needs and preferences of residents, patients and their families. Spring Hills has 35 locations across seven states: Post-Acute Care in NJ; Assisted Living and Home Care in FL, NV, NJ, NY, OH and VA; and Memory Care in FL, NV, TX and VA. For more information, visit www.springhills.com.

Contacts

Valerie Beesley

Finn Partners for Spring Hills

valerie.beesley@finnpartners.com

Categories
Business

AM Best affirms credit ratings of Markel Corporation and its subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” (Good) of Markel Corporation (Markel) (Glen Allen, VA) and affirmed all of its Long-Term Issue Credit Ratings (Long-Term IRs) (see below for a detailed list of Long-Term IRs and indicative Long-Term IRs). AM Best also has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of all the members of the Markel North America Insurance Group (Markel NA). (See below for a detailed list of companies.) Additionally, AM Best has affirmed the FSR of A (Excellent) the Long-Term ICRs of “a+” (Excellent) for Markel Bermuda Limited (Hamilton, Bermuda) and its affiliate, Markel Global Reinsurance Company (Delaware) (collectively called Markel Bermuda).

Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of State National Insurance Company, Inc. and its subsidiaries, which are referred to as State National Group (State National) (see below for a detailed listing of companies). All State National companies are headquartered in Bedford, TX.

 

At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Lloyd’s Syndicate 3000 (Markel Syndicate Management Limited) (Syndicate 3000) (United Kingdom).

 

The outlook of these Credit Ratings (ratings) is stable.

 

The ratings of Markel NA, which is considered the lead rating unit in the Markel enterprise, reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM). The balance sheet strength assessment for Markel NA is supported by its risk-adjusted capital level, which is in the strongest category, as measured by Best’s Capital Adequacy Ratio (BCAR). The balance sheet strength assessment further considers Markel NA’s consistently favorable loss reserve development patterns over time and the effectiveness of its reinsurance program in protecting against major losses associated with large catastrophes. Offsetting these factors somewhat are variability in the capital base resulting from the group’s equity investments, as it maintains a level of common stock leverage that is substantially elevated relative to peer group averages; its slightly elevated levels of net and gross leverage that result from its above-average retention of business; and the group’s catastrophe appetite, which can result in surplus variations in years with an accumulation of smaller catastrophe losses.

 

Markel NA’s adequate operating performance assessment is based on its underwriting results, which generally outperform peers by a significant margin based on better-than-average loss and loss adjustment expense ratios. This outperformance is offset by a generally weaker-than-average underwriting expense ratio and an operating ratio that has been just slightly better than average over the past five years. The group’s investment policy reflects Markel’s long-term capital appreciation objectives. As a result, the group typically reports favorable return metrics but below-average net investment income, which negatively impacts overall operating results. The group has demonstrated an ability to increase surplus organically through underwriting profits, but policyholder dividends over the last five years have resulted in most investment-related gains being transferred to the ultimate parent. This is reflective of the parent’s capital management strategy, in which profits generally are funneled upward to allow for greater financial flexibility within the enterprise.

 

The group maintains a favorable business profile, ranking among the 25 largest property/casualty insurance organizations in the United States, based on consolidated U.S. direct premiums written in 2020. It is the third-largest writer of excess and surplus (E&S) business in the United States, after Lloyd’s and American International Group, Inc. The group’s business is well-diversified by line of business and state within the United States. The group also includes Markel’s European operating companies, providing international diversification. The group’s participation in admitted and nonadmitted markets provides it with advantages across market cycles.

 

Markel’s ERM program is appropriately embedded within the organization to manage the risks of its complex global operations, which include insurance and noninsurance sectors. The group has demonstrated an ability to operate effectively at moderately higher levels of leverage than its peers, in part through the effectiveness of the ERM program.

 

The ratings of State National reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM. State National’s balance sheet continued to be supported by a strongest level of risk-adjusted capital level. The group’s balance sheet strength is enhanced by the effectiveness with which it has managed its Program Services business over time. State National continues to produce underwriting and operating results on its lender services business that consistently outperform its peers. The group’s business profile reflects its leadership position in lender and program services, while taking into consideration the increasingly competitive nature of both segments.

 

The ratings of Markel Bermuda reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The group’s balance sheet strength assessment reflects its strongest level of risk-adjusted capitalization, as measured by BCAR, which recently has benefited from reduced exposure to natural catastrophes as a result of its withdrawal from risk-bearing property catastrophe and property excess of loss business in its global reinsurance segment, as well as the levels of favorable reserve development in recent years. The group’s operating results have been variable in recent years, reflecting competitive reinsurance market conditions and loss reserve development, which while generally favorable, did not reflect the levels of historical reserve redundancy enjoyed by a number of its peers. The assessment of business profile acknowledges the group’s diverse geographies and lines of business in which the group operates, offset by the group’s modest relative position within the global reinsurance market. Markel Bermuda’s ratings also reflect rating enhancement it receives as a result of its strategic importance to the Markel enterprise, as well as the benefits it receives through its relationship with other Markel subsidiaries.

 

The ratings of Syndicate 3000 reflect the balance sheet strength of the Lloyd’s market, which AM Best assesses as very strong, as well as the market’s strong operating performance, favorable business profile and appropriate ERM. Markel is the ultimate parent company of Syndicate 3000’s managing agent, Markel Syndicate Management Limited, and of its corporate member, Markel Capital Limited. Syndicate 3000 is important to Markel as its main underwriting center for large U.S. and international marine, energy, specialty and financial lines written in the London market.

 

The ratings of Markel reflect the ratings of its operating insurance subsidiaries, as well as its financial leverage and coverage metrics, which remain within AM Best’s guidelines. At June 30, 2021, following the issuance of $600 million in senior unsecured notes due 2052 in May, the proceeds of which will be used to redeem the company’s $350 million of senior notes due July 2022, Markel’s adjusted debt to total capital ratio measured 24.2%. Unadjusted debt to total capital measured 26.2% as of that date.

 

The FSR or A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed, each with a stable outlook, for the following members of Markel NA, including European entities that are grouped with the rating unit:

  • Markel Insurance SE
  • Essentia Insurance Company
  • Evanston Insurance Company
  • FirstComp Insurance Company
  • Markel American Insurance Company
  • Markel Insurance Company
  • Markel International Insurance Company Ltd.
  • SureTec Insurance Company

 

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed, each with a stable outlook, for the following members of State National:

  • State National Insurance Company, Inc.
  • National Specialty Insurance Company
  • United Specialty Insurance Company
  • City National Insurance Company
  • Independent Specialty Insurance Company
  • Pinnacle National Insurance Company
  • Superior Specialty Insurance Company

 

The following Long-Term IRs have been affirmed, each with a stable outlook:

Markel Corporation—

— “bbb+” (Good) on $350 million 4.9% senior unsecured notes, due 2022

— “bbb+” (Good) on $250 million 3.625% senior unsecured notes, due 2023

— “bbb+” (Good) on $300 million 3.5% senior unsecured notes, due 2027

— “bbb+” (Good) on $300 million 3.35% senior unsecured notes, due 2029

— “bbb+” (Good) on $200 million 7.35% senior unsecured notes, due 2034

— “bbb+” (Good) on $250 million 5.0% senior unsecured notes, due 2043

— “bbb+” (Good) on $500 million 5.0% senior unsecured notes, due 2046

— “bbb+” (Good) on $300 million 4.3% senior unsecured notes, due 2047

— “bbb+” (Good) on $600 million 5.0% senior unsecured notes, due 2049

— “bbb+” (Good) on $500 million 4.15% senior unsecured notes, due 2050

— “bbb+” (Good) on $600 million 3.45% senior unsecured notes, due 2052

— “bbb-” (Good) on $600 million 6.00% preferred stock

 

The following indicative Long-Term IRs under the existing shelf registration have been affirmed, each with a stable outlook:

Markel Corporation—

— “bbb+” (Good) on senior unsecured debt

— “bbb” (Good) on subordinated debt

— “bbb-” (Good) on preferred securities

 

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

Alan Murray
Senior Financial Analyst
+1 908 439 2200, ext. 5535
alan.murray@ambest.com

Jennifer Marshall
Director
+1 908 439 2200, ext. 5327
jennifer.marshall@ambest.com

Barnaby Unwin Hoskins
Financial Analyst
+44 20 7626 6264
barnaby.unwinhoskins@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

CoreLogic reports June U.S. foreclosure rate lowest in over two decades

Serious delinquency rates decline for the 10th consecutive month as U.S. homeowners remain resilient in the face of the pandemic

 

IRVINE, Calif. — (BUSINESS WIRE) — CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for June 2021.


For the month of June, 4.4% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2.7-percentage point decrease in delinquency compared to June 2020, when it was 7.1%. Despite the positive trend, overall delinquencies remain above the February 2020, pre-pandemic rate of 3.6%.

 

To gain an accurate view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In June 2021, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows:

 

  • Early-Stage Delinquencies (30 to 59 days past due): 1.1%, down from 1.8% in June 2020.
  • Adverse Delinquency (60 to 89 days past due): 0.3%, down from 1.8% in June 2020.
  • Serious Delinquency (90 days or more past due, including loans in foreclosure): 3%, down from 3.4% in June 2020. While still high, this is the tenth consecutive month of declines, and the lowest serious delinquency rate since May 2020.
  • Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.2%, down from 0.3% in June 2020. This is the lowest foreclosure rate recorded since CoreLogic began recording data (1999).
  • Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, down from 1% in June 2020.

 

In June, the federal foreclosure moratorium was extended once more through July 31 to provide homeowners additional time to get financially back on track. The moratorium has helped move the foreclosure rate to a new generational low. However, a CoreLogic survey of mortgage holders found that nearly half (43%) of respondents said they do not understand government mortgage relief programs, which could be contributing to higher overall delinquency rates.

 

“The downward trend in delinquencies, especially serious cases, is very encouraging — and a testimony to the impact of the significant economic rebound over the past six months, as well as government stimuli, record-low mortgage rates and loan modification options,” said Frank Martell, president and CEO of CoreLogic. “Providing resources to homeowners experiencing distress to help educate them on available government and private-sector support will aide in shrinking delinquency and foreclosure rates even more over the remainder of this year.”

 

“While job and income growth has helped to push delinquency rates down, there are many families that remain in financial distress,” said Dr. Frank Nothaft, chief economist at CoreLogic. “More than one million borrowers had missed six or more payments as of June, triple the number of borrowers pre-pandemic. CoreLogic analysis found that as of June 2021, borrowers in forbearance and behind on mortgage payments had missed an average of 10 monthly payments.”

 

State and Metro Takeaways:

  • In June, all U.S. states logged a decrease in annual overall delinquency rates, with New Jersey (down 4.8 percentage points), New York (down 4.4 percentage points) and Florida (down 4.1 percentage points) leading with the largest declines.
  • All U.S. metros also posted an annual decrease in overall delinquency rates in June, with Miami (down 6.6 percentage points), Laredo, Texas (down 5.7 percentage points) and Kingston, New York (down 5.6 percentage points) posting the largest decreases.
  • Nevertheless, elevated overall delinquency rates remain in some metros, including Odessa (11.1%) and Laredo (10.7%), Texas; Vineland, New Jersey (10.6%); and Pine Bluff, Arkansas (10.4%).

 

The next CoreLogic Loan Performance Insights Report will be released on October 12, 2021, featuring data for July 2021. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence.

 

Methodology

The data in The CoreLogic LPI report represents foreclosure and delinquency activity reported through June 2021. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. CoreLogic has approximately 75% coverage of U.S. foreclosure data.

 

About the CoreLogic Consumer Housing Sentiment Study

3,000+ consumers were surveyed by CoreLogic via Qualtrics. The study is an annual pulse of U.S. housing market dynamics concentrated on consumers looking to purchase a home, consumers not looking to purchase a home, and current mortgage holder. The survey was conducted in April 2021 and hosted on Qualtrics. The survey has a sampling error of ~3% at the total respondent level with a 95% confidence level.

 

Source: CoreLogic

The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Amy Brennan at newsmedia@corelogic.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

 

About CoreLogic

CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, CoreLogic HPI and CoreLogic HPI Forecast are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

Contacts

Amy Brennan

CoreLogic

newsmedia@corelogic.com

Categories
Business News Now!

Williams-Sonoma, Inc. launches the key rewards credit card program in partnership with Capital One

New Credit Card Program Offers New Ways to Earn Rewards Across Pottery Barn, Williams Sonoma, West Elm And More, Plus Best-In-Class Rewards On Grocery And Dining

 

SAN FRANCISCO — (BUSINESS WIRE) — Williams-Sonoma, Inc. (NYSE: WSM), the world’s largest digital-first, design-led and sustainable home retailer, officially announced today the launch of The Key Rewards Credit Card Program with Capital One that will reward cardmembers on purchases made at Williams Sonoma, Inc. brands and everywhere the card is accepted. The new cards are designed to enhance and improve upon Williams-Sonoma, Inc.’s best-in-class rewards program, The Key Rewards.


The Key Rewards Credit Card Program

With The Key Rewards Credit Card Program, cardmembers can earn rewards on purchases across Williams-Sonoma, Inc. brands including Williams Sonoma, Williams Sonoma Home, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, Mark & Graham and West Elm – both online and in-store – for a simplified cross-brand shopping experience. The Visa card also rewards members with best-in-class rewards on grocery and dining.

 

The Key Rewards Credit Card Program offers unlimited:

  • 10% rewards on purchases at Williams Sonoma, Pottery Barn, West Elm and Mark & Graham for the first 30 days, and 5% thereafter
  • OR 12-month promotional financing on purchases of $750 or more

 

With the co-brand Visa card, cardmembers will also earn:

  • 4% rewards at grocery stores and restaurants; and
  • 1% rewards everywhere else the card is accepted

 

“Our partnership with Capital One and the introduction of The Key Rewards Credit Card Program will provide enhanced opportunities to reward existing and new customers for shopping online and in our stores across all of our brands,” said Laura Alber, President and Chief Executive Officer of Williams-Sonoma, Inc.

 

Even More Rewards for Cardmembers

In addition to earning valuable rewards towards purchases at the Williams-Sonoma, Inc. family of brands, cardmembers will also enjoy:

  • Free standard shipping at Williams Sonoma
  • $25 birthday reward
  • $0 annual fee
  • Early access to promotions
  • Sneak peeks of new collections
  • Cross-brand design services with Design Crew, including free consultation with design experts

 

Available in four designs, The Key Rewards Credit Card Program, is comprised of:

  • Visa Signature Cards: Williams Sonoma Key Rewards Visa, Pottery Barn Key Rewards Visa, West Elm Key Rewards Visa, Key Rewards Visa
  • Private-label Credit Card: Williams Sonoma Key Rewards Card, Pottery Barn Key Rewards Card, West Elm Key Rewards Card, Key Rewards Card

 

Cardmembers can also take advantage of digital tools from Capital One that look out for customers and their money, including: real-time purchase notifications, security alerts, 0% fraud liability if the card is lost or stolen, and the ability to lock and unlock their card directly through the Capital One mobile app.

 

“Our mutual commitment to providing an enhanced customer experience is engrained throughout the new credit card program,” said Buck Stinson, SVP, Card Partnerships at Capital One. “The cross-brand approach, paired with rewarding cardmembers for exploring their complementary interests in the form of valuable benefits and enhanced rewards, was a top priority.”

 

Commitment to Sustainability

Both partners are bringing their commitment to sustainability to The Key Rewards Credit Card program by offering Capital One’s first co-brand recycled plastic credit card. The cards – which are made from 85.5% recycled materials – help to reduce the amount of plastic that will eventually make its way into landfills, and underscores both companies’ commitment to protecting the planet from mindful manufacturing to energy efficiency.

 

For more information about The Key Rewards Credit Card, please visit: www.thekeyrewards.com

 

Eligible Williams Sonoma, Pottery Barn, and West Elm cardholders from prior credit card programs have automatically migrated to the new program.

 

About Williams-Sonoma, Inc.

Williams-Sonoma, Inc. is the world’s largest digital-first, design-led and sustainable home retailer. The company’s products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, our loyalty and credit card program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico, South Korea and India, as well as e-commerce websites in certain locations. We are also proud to lead the industry with our ESG efforts. Our company is Good By Design — we’ve deeply engrained sustainability into our business. From our factories to your home, we’re united in a shared purpose to care for our people and our planet.

 

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $310.3 billion in deposits and $425.2 billion in total assets as of March 31, 2021. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

 

Visit the Capital One newsroom for more Capital One news.

WSM-PR

Contacts

Kendall Coleman

Williams-Sonoma, Inc.

kacoleman@wsgc.com

Jessica Frost

Capital One

Jessica.Frost@capitalone.com

Categories
Business Regulations & Security

LDI shareholder alert: Bronstein, Gewirtz & Grossman, LLC notifies loanDepot, Inc. investors of class action and encourages shareholders to contact the firm

NEW YORK — (BUSINESS WIRE) — Attorney Advertising– Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against loanDepot, Inc. (“loanDepot” or the “Company”) (NYSE: LDI) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired loanDepot securities pursuant and/or traceable to loanDepot’s February 16, 2021, initial public offering (the “IPO” or the “Offering”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/ldi.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.

The Complaint alleges that the Registration Statement was negligently prepared and omitted to disclose material adverse facts. Specifically, Defendants failed to disclose to investors that: (1) the Company’s refinance originations had already declined substantially at the time of the IPO due to industry over-capacity and increased competition; (2) the Company’s gain-on-sale margins had already declined substantially at the time of the IPO; (3) as a result, the Company’s revenue and growth would be negatively impacted; and (4) consequently, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/ldi or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in loanDepot you have until November 8, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Bronstein, Gewirtz & Grossman, LLC

Peretz Bronstein or Yael Nathanson

212-697-6484 | info@bgandg.com

Categories
Business

PGIM Investments launches new growth equity funds seeking industry leaders of tomorrow

NEWARK, N.J. — (BUSINESS WIRE) — PGIM Investments is expanding its global growth equity suite with the launch of two new funds, the PGIM Jennison NextGeneration Global Opportunities Fund and the PGIM Jennison International Small-Mid Cap Opportunities Fund. The funds are managed by an experienced team of investment professionals from Jennison Associates, led by head of Global Equity Mark Baribeau, CFA, and equity portfolio manager John Donnelly, CFA.


Early Access to Next Generation of Growth Companies

The investment team’s unconstrained global approach allows investors to gain early access to the next generation of growth companies through highly concentrated portfolios of small and mid-sized companies that are at an early stage in their growth trajectory.

 

The PGIM Jennison NextGeneration Global Opportunities Fund will have the flexibility to invest in small- and mid-cap companies worldwide, while the PGIM Jennison International Small-Mid Cap Opportunities Fund will generally invest in small- and mid-cap companies outside the United States.

 

“Within the small- and mid-cap space, we are looking for undiscovered, innovative investment opportunities across high-growth areas such as technology, e-commerce, and healthcare,” said Donnelly. “Our investment strategy allows us to invest early in a company’s lifecycle, tapping into opportunities not realized or fully appreciated by the broader investment community with the potential to deliver long-term risk-adjusted returns.”

 

A Leader in Growth Investing

Jennison Associates is a leading active equity manager with a track record spanning more than 50 years. The firm’s investment approach is based on rigorous fundamental bottom-up research, which has resulted in strong historical performance across its suite of growth equity funds.

 

The new funds complement the firm’s $8.7 billion PGIM Jennison Global Opportunities Fund and $5.2 billion PGIM Jennison International Opportunities Fund, both ranked in the top quartile of performance over the 1-, 3- and 5-year time periods within their respective Morningstar categories.1

 

Stuart Parker, president and CEO of PGIM Investments, added, “We are pleased to expand our suite of top-performing global growth equity funds for investors who are looking for exposure to small- and mid-cap companies with high growth potential, from one of the top equity managers in the country.”

 

PGIM Investments is part of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).

 

ABOUT PGIM INVESTMENTS

PGIM Investments LLC and its affiliates offer more than 100 funds globally across a broad spectrum of asset classes and investment styles. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities, alternatives and real estate.

 

ABOUT JENNISON ASSOCIATES LLC

Founded in 1969, Jennison Associates offers a range of equity and fixed income investment strategies. Its equity expertise spans styles, geographies, and market capitalizations. Its fixed income capability includes investment-grade active and structured strategies of various durations. Original fundamental research, specialized investment teams, strong client focus, and highly experienced investment professionals are among the firm’s competitive distinctions. As of June 30, 2021, Jennison managed $241 billion in client assets. For more information, please visit jennison.com.

 

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world2 with approximately $1.5 trillion in assets under management as of June 30, 2021. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

 

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

 

1 Source: Morningstar as of June 30, 2021. Morningstar category rankings are based on total return, do not include the effect of sales charges, and are calculated against all funds in each fund’s respective Morningstar category as of June 30, 2021. Morningstar measures risk-adjusted returns. PGIM Jennison Global Opportunities Fund rankings in the Morningstar World Large-Stock Growth Category: Top 20% for 1-year (69 out of 352 funds); Top 8% for 3-year (20 out of 307 funds); Top 4% for 5-year (9 out of 263 funds). PGIM Jennison International Opportunities Fund rankings in the Morningstar Foreign Large Growth Category: Top 5% for 1-year (15 out of 445 funds); Top 2% for 3-year (5 out of 384 funds); Top 1% for 5-year (5 out of 323 funds).

 

2 Prudential Financial, Inc. (PFI) is the 10th-largest investment manager (out of 477) in terms of global AUM based on the Pensions & Investments Top Money Managers list published on May 31, 2021. This ranking represents assets managed by PFI as of Dec. 31, 2020.

 

© 2021 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Past performance does not guarantee future results. Current performance may be lower or higher than the past performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

 

Consider a fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing.

Investing in mutual funds involves risks. Some mutual funds have more risk than others. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost and it is possible to lose money.

 

The Funds may invest in foreign securities, which are subject to currency fluctuation and political uncertainty; foreign securities may also be less liquid than US stocks and bonds; emerging market securities, which are subject to greater volatility and price declines; and equity and equity-related securities, where the value of a particular security could go down resulting in a loss of money, including small and mid-cap securities, which may be subject to more erratic market movements than large-cap stocks. The Funds are subject to market risks, including economic risks, as well as market disruption and geopolitical risks (the value of investments may decrease, and international conflicts and geopolitical developments may adversely affect the U.S. and foreign financial markets, including increased volatility); liquidity risk exists when particular investments are hard to sell; geographic concentration, which can result in more pronounced risks based upon economic conditions that impact one or more countries or regions more or less than other countries or regions; and currency risk in that the value of a particular currency will change in relation to other currencies . The Funds’ growth style may subject the Funds to above-average fluctuations as a result of seeking higher than average capital growth. As new and relatively small funds, the Funds’ performance may not represent how the Funds are expected to or may perform in the long-term. Large shareholders could subject the Funds to large scale redemption risk. Actively managed funds are subject to the risk that the investment techniques and decisions of the subadviser may not produce the desired results. The Funds are non-diversified which means that the funds may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Your actual cost of investing in the Funds may be higher than the expenses shown in the expense table for a variety of reasons. There is no guarantee the Funds’ objective will be achieved. The risks associated with the Fund are more fully explained in the Fund’s prospectus and summary prospectus.

 

Mutual funds are distributed by Prudential Investment Management Services LLC. Jennison Associates is a registered investment advisor. Both are Prudential Financial companies. © 2021 Prudential Financial, Inc. and its related entities. Jennison, PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

 

Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.

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Contacts

MEDIA CONTACT
Kylie Scott

+1 973 902 2503

kylie.scott@pgim.com