Categories
Business International & World

AM Best’s BestWeek features interview with CEO of Afghanistan’s oldest insurance company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance–In the latest issue of AM Best’s BestWeek, the CEO of Kabul-based Insurance Corporation of Afghanistan, the country’s first and largest insurance company, said in an exclusive interview that he expects his company to keep operating despite the political climate and ongoing chaos.

The withdrawal of U.S. forces after two decades prompted a swift and full takeover of Afghanistan by the Taliban, leading to mass evacuations and fleeing Afghan civilians. With Taliban control, Jamal Asfour, CEO of Kabul-based Insurance Corporation of Afghanistan, said the Middle Eastern country is stuck in political limbo as the international community weighs reaction.

 

“We see the statements of the Taliban,” said Asfour. “We see that there is a political gap currently in the country, which needs careful attention because this political gap is affecting our insurance industry.” He added that without international recognition, insurance-related restrictions could be placed on major banks, telecom companies or other major organizations operating in Afghanistan.

 

Asfour, who spoke with BestWeek from Jordan, said for now, his company is restarting operations, and that it work with regulators to ensure all products meet anticipated Shariah requirements. Insurance Corporation of Afghanistan was founded in 2007, and offers individual and business insurance including aviation, business, terrorism and political risk, health insurance, personal accident coverage and medical malpractice lines, among others. AM Best has no credit ratings issued in Afghanistan.

 

See the full interview in the Aug. 23, 2021, issue of BestWeek, which is published by AM Best for insurance professionals, and is available as part of a subscription to the Best’s News & Research service. More information about the Best’s News & Research subscription service is available at http://www.ambest.com/sales/insurancenewsandresearch.asp. For more information, contact AM Best Customer Service at +1 908 439 2200, ext. 5742 or at +1 800 424 2378 when calling from the United States and Canada.

 

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 Company, Inc. and/or its affiliates.

ALL RIGHTS RESERVED.

Contacts

Patricia Vowinkel
Executive Editor, BestWeek
+1 908 439 2200, ext. 5540
patricia.vowinkel@ambest.com

Categories
Sports & Gaming Technology

theScore selects Toronto’s Waterfront Innovation Centre as site for new, expansive headquarters

80,000-Square-Foot Waterfront Location Will House Company’s Rapidly Expanding Workforce

 

TORONTO — (BUSINESS WIRE) — $SCR–Score Media and Gaming Inc. (TSX: SCR; NASDAQ: SCR) (“theScore” or the “Company”) and Menkes Developments Ltd. (“Menkes”) together with partner BentallGreenOak announced today that they have entered into an agreement for theScore to lease an 80,000-square-foot space in the Waterfront Innovation Centre, an office and retail development property in downtown Toronto. The Company will occupy more than 85-percent of The Exchange, one of two buildings that make up the state-of-the-art complex.


theScore, an innovative digital sports media, gaming and technology leader, is headquartered in Toronto with roots in the city that date back to 1997. This new expansive office space will house theScore’s rapidly growing workforce and accommodate its accelerating business operations, including the highly anticipated rollout of online sports betting in Canada.

“As our technology-driven business has grown across North America so too has theScore family, particularly in product development and engineering, with new team members joining every week. We are committed to supporting our strong Toronto roots, continuing to grow our operations and workforce, and are thrilled to do so in a new, state-of-the-art waterfront office space,” said theScore Chairman and CEO, John Levy. “Moving into this newly constructed building affords us the opportunity to design our ideal work environment and provides ample space for our rapidly expanding team. The Waterfront is fast becoming a hub for some of Ontario’s most innovative and forward-thinking companies, and we are excited that it will be our home for many years to come.”

“Ontario’s deep talent pool, cutting edge innovation ecosystem, and competitive business costs make our province an ideal place for businesses to invest and grow,” said Ontario Minister of Economic Development, Job Creation, and Trade, Vic Fedeli. “Leaders in Ontario’s tech and entertainment sector like theScore will be at the forefront of our economic growth and recovery as we proceed out of the pandemic. We congratulate theScore on their expansion in Toronto and for their continued support of homegrown tech talent.”

“The decision made by theScore to lease space at Toronto’s Waterfront Innovation Centre is not only a testament to the continued growth of our technology and innovation sector, but it will act as another confidence boost as we move forward in our pandemic recovery. Toronto has long been a city where businesses have chosen to come set up shop or expand their operations, and the decision by theScore will help further amplify that Toronto story that we are a city that welcomes businesses, new ideas, innovation and much more,” said Mayor John Tory. “I want to thank theScore and Menkes for this partnership and for choosing to expand their team here – all of which will help increase economic growth and create new opportunities for our city and its residents.”

“This is an exciting partnership for us and we are proud to bring a like minded company into our unique space,” said Menkes Developments President, Commercial/Industrial, Peter Menkes. “With theScore looking to expand and grow their business in Canada, we believe the Waterfront Innovation Centre will set them up for success through an environment that fosters collaboration by providing superior technology and amenities.”

The building’s design will allow theScore to create an open and collaborative office environment tailored to its business. In particular, theScore will benefit from the Waterfront’s ultra-high-speed broadband fibre-optic network, which will deliver internet connection speeds faster than the North American average, as well as sophisticated audio-visual and video conferencing tools.

On August 5, 2021, it was announced that Penn National Gaming, Inc. (“Penn National”) had entered into an agreement to acquire theScore in a deal that brings together two industry leaders to create North America’s leading digital sports media, gaming and technology company. Pursuant to the agreement, Penn National intends to operate theScore as a stand-alone business, led by the Levy Family, with the Company remaining headquartered in Toronto. Penn National was attracted to theScore, in part, for its ready access to a deep pool of Canadian engineering and technology expertise. Penn National expects to leverage Canada’s world class technology talent pool to expand theScore’s engineering and production workforce based in Toronto as the business scales.

Designed by Toronto’s Sweeny & Co Architects Inc., the 475,000-square-foot Waterfront Innovation Centre is comprised of two buildings, with three distinct but interconnected components: The Exchange, The Hive, and The Nexus, a space that will serve as a public square and directly connect the two buildings. The complex offers state-of-the-art amenities, including high-speed broadband networking (fueled in part by self-generating solar power), floor-to-ceiling windows and expansive collaboration spaces. The Waterfront Innovation Centre, co-owned by Menkes and BentallGreenOak, on behalf of Sun Life Assurance Company of Canada, was developed in partnership with Waterfront Toronto, neighbours Sugar Beach on Toronto’s eastern waterfront. The building’s office space is now approximately 91% pre-leased.

About Score Media and Gaming

Score Media and Gaming Inc. empowers millions of sports fans through its digital media and sports betting products. Its media app ‘theScore’ is one of the most popular in North America, delivering fans highly personalized live scores, News stats, and betting information from their favorite teams, leagues, and players. The Company’s sports betting app ‘theScore Bet’ delivers an immersive and holistic mobile sports betting experience and is currently available to place wagers in New Jersey, Colorado, Indiana and Iowa. Publicly traded on the Toronto Stock Exchange (TSX: SCR) and the Nasdaq Global Select Market (NASDAQ:SCR), theScore also creates and distributes innovative digital content through its web, social and esports platforms.

About Menkes

Menkes Developments Ltd. is an award-winning, fully integrated real estate company involved in the construction, ownership and management of office, industrial, retail and residential properties. Founded in 1954, the company is one of the largest private developers in Canada, with a primary focus in the Greater Toronto Area. Menkes is known for its innovative, multi-disciplinary approach and particularly for its expertise in large-scale, mixed-use development. Past projects include the Empress Walk entertainment, shopping and residential complex in North York City Centre, and two landmark projects in Toronto’s South Core district, 25 York (TELUS Harbour) office tower and the two million square foot One York commercial retail complex.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.

These statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intends,” “plans,” “goal,” “seeks,” “may,” “will,” “should,” or “anticipates” or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Specifically, forward-looking statements include, but are not limited to, statements regarding Penn National’s acquisition of theScore, Penn National’s digital strategy, and the potential benefits of the acquisition of theScore, including benefits for Penn National’s digital betting and content platform through the integration of theScore. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company’s future financial results and business. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include, but are not limited to: (a) the magnitude and duration of the impact of the COVID-19 pandemic on general economic conditions, capital markets, unemployment, consumer spending and the Company’s liquidity, financial condition, supply chain, operations and personnel; (b) the closing of the acquisition of the Company may be delayed or may not occur at all, for reasons beyond our control; (c) the requirement to satisfy the closing conditions in the agreement with Penn National, including receipt of regulatory approvals and the approval of shareholders of theScore; (d) potential adverse reactions or changes to business or regulatory relationships resulting from the announcement or completion of the acquisition; (e) the ability of Penn National or theScore to retain and hire key personnel; (f) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of Penn National and theScore to terminate the agreement between the companies; and (g) other factors as discussed in theScore’s Annual Information Form as filed with applicable securities regulatory authorities in Canada and as filed with the U.S. Securities and Exchange Commission, and elsewhere in documents that theScore files from time to time with such securities regulatory authorities in Canada and with the U.S. Securities and Exchange Commission, including its Management’s Discussion & Analysis and Management Information Circular. The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.

Contacts

Dan Sabreen

Director, Communications

Score Media and Gaming Inc,

Tel: 917-722-388 ext. 706

E: dan.sabreen@thescore.com

Jamie Okorofsky

Manager, Communications

Menkes Developments Ltd.

Tel: 647-252-1952

E: jamie.okorofsky@menkes.com

Categories
Business

AM Best upgrades credit ratings of Nazareth Mutual Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insuranceAM Best has upgraded the Financial Strength Rating (FSR) to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” (Good) from “bbb-” (Good) of Nazareth Mutual Insurance Company (Nazareth) (Nazareth, PA). The outlook of the Long-Term ICR has been revised to positive from stable while the outlook of the FSR is stable.

The Credit Ratings (ratings) reflect Nazareth’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The upgrades of the FSR and Long-Term ICR reflect Nazareth’s improved ERM assessment, driven by a developed risk management framework and expanded risk management capabilities, which are appropriately commensurate with the risk profile of the business. The potential for unfavorable impact on capital strength due to tail-risk exposure events has been mitigated significantly in recent years, as measured by Best’s Capital Adequacy Ratio (BCAR) at the 1-in-500-year severity level.

The positive outlook on the Long-Term ICR reflects Nazareth’s strengthened balance sheet, supported by key metrics of financial strength over the past five years. Improved operating performance has powered robust policyholders’ surplus growth over the past few years, which in turn has moved important quantitative metrics such as underwriting leverage, liquidity measures and cash flows in a favorable direction.

The limited business profile assessment is driven largely by Nazareth’s geographic concentration in Pennsylvania, which exposes results to frequent and severe weather-related events, as well as potential judicial, economic or regulatory challenges.

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

Christopher Jackson
Financial Analyst
+1 908 439 2200, ext. 5721
christopher.jackson@ambest.com

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

Kenneth Tappen
Senior Financial Analyst
+1 908 439 2200, ext. 5248
kenneth.tappen@ambest.com

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

Categories
Art & Life Healthcare

Labcorp and Community Clinical Oncology Research Network collaborate to assess social and economic impacts of disparities in cancer care

The PREFER Registry and Biobank Will Help Inform Cancer Clinical Trials in Diverse Populations

 

BURLINGTON, N.C. & EDISON, N.J. — (BUSINESS WIRE) — Labcorp (NYSE: LH), a leading global life sciences company, and Community Clinical Oncology Research Network, LLC (CCORN), a leading research organization, today announced their collaboration to better understand the impact of disparities in precision medicine for people with cancer. Information gathered from a patient registry and biobank will be used to help design future cancer clinical trials in diverse populations.


“Labcorp and CCORN are joining forces to ensure oncology clinical research reaches community oncology practices serving individuals from diverse populations who are living with cancer,” said Prasanth Reddy, M.D., MPH, FACP, Labcorp’s senior vice president and head of oncology. “While progress has been made to improve outcomes in cancer medicine, especially over the past two decades, current standards of care remain woefully inadequate, due in part to a lack of access and diversity in clinical trials, as well as limited access to advanced diagnostic testing. Advanced diagnostic testing offered by Labcorp, much like genomic sequencing, is critical to ensure the right drug reaches the right patient at the right time in their cancer journey. The PREFER (PRospective rEgistry oF advanced stage cancER) patient registry will provide key insights derived from clinical and lab data on the unmet needs among people with cancer from diverse populations, helping us reduce the impact of health care disparities and fully realize the power of precision medicine for these patients.”

Patient registries are observational study methods used to collect standardized information about a group of patients who share a condition or experience. PREFER will enroll up to 2,500 patients with advanced solid-tumor cancer from multiple sites across the United States beginning Sept. 1, 2021. OmniSeq INSIGHTsm, a comprehensive genomic and immune-profiling, tissue-based test that incorporates next-generation sequencing technology, will be used to help identify the prevalence of actionable biomarkers and driver mutations that are unique to different ethnicities.

As a part of their collaboration, Labcorp and CCORN will also create a biobank, enabling the broader oncology community to access real-world evidence and identify the source of disparities. Information from the biobank and patient registry could prove useful in improving the design of oncology clinical trials, assist in patient recruitment efforts, and help encourage the expansion of genomic profiling testing in diverse populations.

“Diverse populations already suffer from a lack of access to adequate cancer diagnosis and treatment, including reduced screening rates and staging at diagnosis, along with the financial challenges people often face following a diagnosis of cancer,” said Dr. Kashyap Patel, founder and Chairman of CCORN, President of the Community Oncology Alliance and CEO of the Carolina Blood and Cancer Care. “Drug development processes have been relatively unsuccessful in reflecting demographic diversity in clinical trials, which further contributes to disparities in care and outcomes for those groups. It’s imperative that we determine how and why disparities occur, and this collaboration with Labcorp will be a major step in this regard.”

The National Comprehensive Cancer Network guidelines recommend and position clinical trials as a treatment option for cancer, yet less than 5% of patients diagnosed with cancer are enrolled in these trials due to lack of awareness, social determinants of health, and geographic and logistical obstacles. By ensuring diversity in trials, the oncology community will have a deeper understanding of how to continue advancing personalized medicine in cancer care and thereby improve outcomes for all patients.

Additionally, a 2020 American Association for Cancer Research report on cancer disparities estimated that 34% of cancer deaths among U.S. adults age 25 to 74 could be prevented if disparities in clinical trial participation were actively addressed.

About CCORN (Community Clinical Oncology Research Network)

CCORN is a startup company founded by a visionary team of oncologists with a collective research experience stretching over three decades and over 100 publications, and presentations at both national and international levels. Their mission is to close the widespread disparities in cancer burden, cancer care and precision medicine.

About Labcorp

Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With more than 70,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $14 billion in FY2020. Learn about Labcorp at www.Labcorp.com, or follow us on LinkedIn and Twitter @Labcorp.

Contacts

Media: Christopher Allman-Bradshaw — 336-436-8263

Media@Labcorp.com

Investors: Chas Cook — 336-436-5076

Investor@Labcorp.com

Categories
Local News Science

Bristol Myers Squibb receives European Commission approval for Abecma (Idecabtagene Vicleucel), the first anti-BCMA CAR T cell therapy for relapsed and refractory multiple myeloma

Abecma represents the only cell therapy approved for multiple myeloma

Approval of Abecma is based on the pivotal KarMMa trial of patients worldwide, including five European countries, which demonstrated rapid, deep and durable responses with a well-understood and predictable safety profile

Abecma expands upon Bristol Myers Squibb’s leadership in cell therapy research and multiple myeloma, offering an innovative option to patients in need

 

PRINCETON, N.J. — (BUSINESS WIRE) — $BMY #ABECMABristol Myers Squibb (NYSE: BMY) today announced that the European Commission (EC) has granted Conditional Marketing Authorization for Abecma (idecabtagene vicleucel; ide-cel), a first-in-class B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy, for the treatment of adult patients with relapsed and refractory multiple myeloma, who have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 antibody and have demonstrated disease progression on the last therapy.

Abecma is the first and only CAR T cell therapy approved that is directed to recognize and bind to BCMA, a protein that is nearly universally expressed on cancer cells in multiple myeloma, leading to the death of BCMA-expressing cells.1 Abecma is delivered via a single infusion with a target dose of 420 x 106 CAR-positive viable T cells within a range of 260 to 500 x 106 CAR-positive viable T cells. Abecma is approved for use in all European Union (EU) member states.*

“The EC approval of Abecma is an important milestone for the treatment of multiple myeloma, and moves us closer to offering a first-in-class, personalized therapy to patients in Europe battling this incurable disease after exhausting prior treatment options with the three standards of care,” said Samit Hirawat, M.D., chief medical officer, Bristol Myers Squibb. “With this third regulatory approval for Abecma worldwide, we are proud to be advancing the science of cell therapy and continuing to bring this first anti-BCMA CAR T cell therapy to patients in need.”

In Europe, nearly 50,000 people are diagnosed with multiple myeloma each year.2 Despite advances in treatment, multiple myeloma remains an incurable disease, and many patients suffer through periods of remission and relapse. Patients with relapsed and refractory multiple myeloma who have been exposed to all three major drug classes often have poor clinical outcomes and few remaining treatment options.3,4,5,6

“In multiple myeloma, when a patient’s cancer is no longer responding to their current treatment regimen or the patient relapses, the disease becomes increasingly difficult to treat,” said Jesus San Miguel, M.D., Ph.D., Medical Director of the Clinica Universidad de Navarra, Navarra, Spain and KarMMa clinical trial investigator. “In the KarMMa trial, treatment with ide-cel proved to elicit deep and durable responses in a significant proportion of patients with triple-class exposed multiple myeloma, including many who were heavily pretreated and had high-risk disease. The approval is important for patients in Europe, as it represents another potential therapeutic option for clinically meaningful outcomes and long-term disease control.”

Bristol Myers Squibb is committed to making Abecma commercially available to patients in the EU. The company is currently focused on several required factors, including treatment center qualification and onboarding, completion of reimbursement procedures and scaling up its manufacturing capacity to meet increasing global demand. The company is also actively pursuing options to expand its manufacturing global supply network to make Abecma available to more patients around the world, including the addition of a European-based manufacturing facility in Leiden, Netherlands. Meanwhile, Bristol Myers Squibb will continue to manufacture Abecma for EU and U.S. patients at the company’s state-of-the-art cellular immunotherapy manufacturing facility in Summit, New Jersey.

“Multiple myeloma patients who have tried and exhausted multiple rounds of treatment options have been hoping for new and transformative options,” said Brian G.M. Durie, Chairman, International Myeloma Foundation. “The approval of Abecma, an innovative anti-BCMA CAR T cell therapy, is an exciting milestone for patients in the European Union.”

Abecma was granted Conditional Marketing Authorization under the European Medicines Agency PRIME (Priority Medicines) scheme. Conditional Marketing Authorization is granted in the interest of public health where the benefit of immediate availability fulfills a critical unmet need. Conditional Marketing Authorization in the EU is initially valid for one year but can be extended or converted into a full Marketing Authorization after the submission and assessment of additional confirmatory data. For full details on the Special Warnings and Precautions for Use and Adverse Reactions (including appropriate management), please refer to the EU Summary of Product Characteristics (SmPC).

Bristol Myers Squibb offers various programs and resources to address the needs of patients and caregivers and help support access to therapies, including Abecma.

*Centralized Marketing Authorization does not include approval in Great Britain (England, Scotland and Wales).

Abecma Clinical Trial Results

The efficacy of Abecma is based on results from the pivotal KarMMa study in which 128 patients with relapsed and refractory multiple myeloma who had received at least three prior therapies including an immunomodulatory agent, a proteasome inhibitor and an anti-CD38 antibody and were refractory to the last treatment regimen were treated with Abecma.7

In the study, the overall response rate (ORR) was 73% (95% CI: 66-81), and 33% of patients achieved a complete response (CR; 95% CI: 25-41). Onset of response was rapid with a median time to response of one month. In addition, responses were durable, with a median duration of response of 10.6 months (95% CI: 8.0 – 11.4), and 23 months (95% CI: 11.4 – 23.3) for those who achieved a CR.7

In a pooled safety analysis of 184 patients treated with Abecma in the KarMMa and CRB-401 studies, cytokine release syndrome (CRS) occurred in 81% of patients, with Grade >3 CRS, using the Lee grading system, occurring in 5.4% of patients. There was one case of fatal (Grade 5) CRS reported. The median time to onset of CRS was one day (range: 1-17 days) and the median duration of CRS was five days (range: 1-63 days). Any grade neurotoxicity (NT) of the 128 patients receiving Abecma in the KarMMa study occurred in 18% of patients, including Grade 3 events in 3.1% of patients, with no Grade 4 or 5 events occurring. The median time to onset of NT was two days (range: 1-10 days) and the median duration was three days (range: 1-26 days).7

The most common (>20%) adverse reactions in the pooled safety analysis included neutropenia, CRS, anaemia, thrombocytopenia, infections – pathogen unspecified, leucopenia, fatigue, diarrhoea, hypokalaemia, hypophosphataemia, nausea, lymphopenia, pyrexia, cough, hypocalcaemia, infections – viral, headache, hypomagnesaemia, upper respiratory tract infection, arthralgia, and oedema peripheral. The most common Grade 3 or 4 adverse reactions were neutropenia (88.6%), anaemia (58.2%), thrombocytopenia (53.5%), leucopenia (45.1%), lymphopenia (30.4%), infections – pathogen unspecified (17.9%), hypophosphataemia (17.4%), febrile neutropenia (14.7%), hypocalcaemia (7.1%), infections – viral (7.1%), pneumonia (6.0%), CRS (5.4%), hypertension (5.4%) and hyponatraemia (5.4%).7

U.S. Important Safety Information

BOXED WARNING: CYTOKINE RELEASE SYNDROME, NEUROLOGIC TOXICITIES, HLH/MAS, AND PROLONGED CYTOPENIA

  • Cytokine Release Syndrome (CRS), including fatal or life-threatening reactions, occurred in patients following treatment with ABECMA. Do not administer ABECMA to patients with active infection or inflammatory disorders. Treat severe or life-threatening CRS with tocilizumab or tocilizumab and corticosteroids.
  • Neurologic Toxicities, which may be severe or life-threatening, occurred following treatment with ABECMA, including concurrently with CRS, after CRS resolution, or in the absence of CRS. Monitor for neurologic events after treatment with ABECMA. Provide supportive care and/or corticosteroids as needed.
  • Hemophagocytic Lymphohistiocytosis/Macrophage Activation Syndrome (HLH/MAS) including fatal and life-threatening reactions, occurred in patients following treatment with ABECMA. HLH/MAS can occur with CRS or neurologic toxicities.
  • Prolonged Cytopenia with bleeding and infection, including fatal outcomes following stem cell transplantation for hematopoietic recovery, occurred following treatment with ABECMA.
  • ABECMA is available only through a restricted program under a Risk Evaluation and Mitigation Strategy (REMS) called the ABECMA REMS.

Cytokine Release Syndrome (CRS): CRS, including fatal or life-threatening reactions, occurred following treatment with ABECMA. CRS occurred in 85% (108/127) of patients receiving ABECMA. Grade 3 or higher CRS (Lee grading system) occurred in 9% (12/127) of patients, with Grade 5 CRS reported in one (0.8%) patient. The median time to onset of CRS, any grade, was 1 day (range: 1 – 23 days) and the median duration of CRS was 7 days (range: 1 – 63 days) in all patients including the patient who died. The most common manifestations of CRS included pyrexia (98%), hypotension (41%), tachycardia (35%), chills (31%), hypoxia (20%), fatigue (12%), and headache (10%). Grade 3 or higher events that may be associated with CRS include hypotension, hypoxia, hyperbilirubinemia, hypofibrinogenemia, acute respiratory distress syndrome (ARDS), atrial fibrillation, hepatocellular injury, metabolic acidosis, pulmonary edema, multiple organ dysfunction syndrome and HLH/MAS.

Identify CRS based on clinical presentation. Evaluate for and treat other causes of fever, hypoxia, and hypotension. CRS has been reported to be associated with findings of HLH/MAS, and the physiology of the syndromes may overlap. HLH/MAS is a potentially life-threatening condition. In patients with progressive symptoms of CRS or refractory CRS despite treatment, evaluate for evidence of HLH/MAS.

Fifty four percent (68/127) of patients received tocilizumab; 35% (45/127) received a single dose while 18% (23/127) received more than 1 dose of tocilizumab. Overall, across the dose levels, 15% (19/127) of patients received at least 1 dose of corticosteroids for treatment of CRS. All patients that received corticosteroids for CRS received tocilizumab.

Overall rate of CRS was 79% and rate of Grade 2 CRS was 23% in patients treated in the 300 x 106 CAR+ T cell dose cohort. For patients treated in the 450 x 106 CAR+ T cell dose cohort, the overall rate of CRS was 96% and rate of Grade 2 CRS was 40%. Rate of Grade 3 or higher CRS was similar across the dose range. The median duration of CRS for the 450 x 106 CAR+ T cell dose cohort was 7 days (range: 1-63 days) and for the 300 x 106 CAR+ T cell dose cohort was 6 days (range: 2-28 days). In the 450 x 106 CAR+ T cell dose cohort, 68% (36/53) of patients received tocilizumab and 23% (12/53) received at least 1 dose of corticosteroids for treatment of CRS. In the 300 x 106 CAR+ T cell dose cohort, 44% (31/70) of patients received tocilizumab and 10% (7/70) received corticosteroids. All patients that received corticosteroids for CRS also received tocilizumab. Ensure that a minimum of 2 doses of tocilizumab are available prior to infusion of ABECMA.

Monitor patients at least daily for 7 days following ABECMA infusion at the REMS-certified healthcare facility for signs and symptoms of CRS. Monitor patients for signs or symptoms of CRS for at least 4 weeks after infusion. At the first sign of CRS, institute treatment with supportive care, tocilizumab and/or corticosteroids as indicated.

Counsel patients to seek immediate medical attention should signs or symptoms of CRS occur at any time.

Neurologic Toxicities: Neurologic toxicities, which may be severe or life-threatening, occurred following treatment with ABECMA, including concurrently with CRS, after CRS resolution, or in the absence of CRS. CAR T cell-associated neurotoxicity occurred in 28% (36/127) of patients receiving ABECMA, including Grade 3 in 4% (5/127) of patients. One patient had ongoing Grade 2 neurotoxicity at the time of death. Two patients had ongoing Grade 1 tremor at the time of data cutoff. The median time to onset of neurotoxicity was 2 days (range: 1 – 42 days). CAR T cell-associated neurotoxicity resolved in 92% (33/36) of patients with a median duration of neurotoxicity was 5 days (range: 1 – 61 days). The median duration of neurotoxicity was 6 days (range: 1 – 578) in all patients including those with ongoing neurotoxicity at the time of death or data cut off. Thirty-four patients with neurotoxicity had CRS. Neurotoxicity had onset in 3 patients before, 29 patients during, and 2 patients after CRS. The rate of Grade 3 neurotoxicity was 8% in the 450 x 106 CAR+ T cell dose cohort and 1.4% in the 300 x 106 CAR+ T cell dose cohort. The most frequently reported (greater than or equal to 5%) manifestations of CAR T cell-associated neurotoxicity include encephalopathy (20%), tremor (9%), aphasia (7%), and delirium (6%). Grade 4 neurotoxicity and cerebral edema in 1 patient has been reported with ABECMA in another study in multiple myeloma. Grade 3 myelitis and Grade 3 parkinsonism have been reported after treatment with ABECMA in another study in multiple myeloma.

Monitor patients at least daily for 7 days following ABECMA infusion at the REMS-certified healthcare facility for signs and symptoms of neurologic toxicities. Rule out other causes of neurologic symptoms. Monitor patients for signs or symptoms of neurologic toxicities for at least 4 weeks after infusion and treat promptly. Neurologic toxicity should be managed with supportive care and/or corticosteroids as needed.

Counsel patients to seek immediate medical attention should signs or symptoms of neurologic toxicity occur at any time.

Hemophagocytic Lymphohistiocytosis (HLH)/Macrophage Activation Syndrome (MAS): HLH/MAS occurred in 4% (5/127) of patients receiving ABECMA. One patient treated in the 300 x 106 CAR+ T cell dose cohort developed fatal multi-organ HLH/MAS with CRS. In another patient with fatal bronchopulmonary aspergillosis, HLH/MAS was contributory to the fatal outcome. Three cases of Grade 2 HLH/MAS resolved. The rate of HLH/MAS was 8% in the 450 x 106 CAR+ T cell dose cohort and 1% in the 300 x 106 CAR+ T cell dose cohort. All events of HLH/MAS had onset within 10 days of receiving ABECMA with a median onset of 7 days (range: 4-9 days) and occurred in the setting of ongoing or worsening CRS. Two patients with HLH/MAS had overlapping neurotoxicity. The manifestations of HLH/MAS include hypotension, hypoxia, multiple organ dysfunction, renal dysfunction, and cytopenia. HLH/MAS is a potentially life-threatening condition with a high mortality rate if not recognized early and treated. Treatment of HLH/MAS should be administered per institutional standards.

ABECMA REMS: Due to the risk of CRS and neurologic toxicities, ABECMA is available only through a restricted program under a Risk Evaluation and Mitigation Strategy (REMS) called the ABECMA REMS. Further information is available at www.AbecmaREMS.com or 1-888-423-5436.

Hypersensitivity Reactions: Allergic reactions may occur with the infusion of ABECMA. Serious hypersensitivity reactions, including anaphylaxis, may be due to dimethyl sulfoxide (DMSO) in ABECMA.

Infections: ABECMA should not be administered to patients with active infections or inflammatory disorders. Severe, life-threatening, or fatal infections occurred in patients after ABECMA infusion. Infections (all grades) occurred in 70% of patients. Grade 3 or 4 infections occurred in 23% of patients. Overall, 4 patients had Grade 5 infections (3%); 2 patients (1.6%) had Grade 5 events of pneumonia, 1 patient (0.8%) had Grade 5 bronchopulmonary aspergillosis, and 1 patient (0.8%) had cytomegalovirus (CMV) pneumonia associated with Pneumocystis jirovecii. Monitor patients for signs and symptoms of infection before and after ABECMA infusion and treat appropriately. Administer prophylactic, preemptive, and/or therapeutic antimicrobials according to standard institutional guidelines.

Febrile neutropenia was observed in 16% (20/127) of patients after ABECMA infusion and may be concurrent with CRS. In the event of febrile neutropenia, evaluate for infection and manage with broad spectrum antibiotics, fluids, and other supportive care as medically indicated.

Viral Reactivation: Cytomegalovirus (CMV) infection resulting in pneumonia and death has occurred following ABECMA administration. Monitor and treat for CMV reactivation in accordance with clinical guidelines. Hepatitis B virus (HBV) reactivation, in some cases resulting in fulminant hepatitis, hepatic failure, and death, can occur in patients treated with drugs directed against plasma cells. Perform screening for CMV, HBV, hepatitis C virus (HCV), and human immunodeficiency virus (HIV) in accordance with clinical guidelines before collection of cells for manufacturing.

Prolonged Cytopenias: Patients may exhibit prolonged cytopenias following lymphodepleting chemotherapy and ABECMA infusion. In the KarMMa study, 41% of patients (52/127) experienced prolonged Grade 3 or 4 neutropenia and 49% (62/127) experienced prolonged Grade 3 or 4 thrombocytopenia that had not resolved by Month 1 following ABECMA infusion. Rate of prolonged neutropenia was 49% in the 450 x 106 CAR+ T cell dose cohort and 34% in the 300 x 106 CAR+ T cell dose cohort. In 83% (43/52) of patients who recovered from Grade 3 or 4 neutropenia after Month 1, the median time to recovery from ABECMA infusion was 1.9 months. In 65% (40/62) of patients who recovered from Grade 3 or 4 thrombocytopenia, the median time to recovery was 2.1 months. Median time to cytopenia recovery was similar across the 300 and 450 x 106 dose cohort.

Three patients underwent stem cell therapy for hematopoietic reconstitution due to prolonged cytopenia. Two of the three patients died from complications of prolonged cytopenia. Monitor blood counts prior to and after ABECMA infusion. Manage cytopenia with myeloid growth factor and blood product transfusion support according to institutional guidelines.

Hypogammaglobulinemia: Plasma cell aplasia and hypogammaglobulinemia can occur in patients receiving treatment with ABECMA. Hypogammaglobulinemia was reported as an adverse event in 21% (27/127) of patients; laboratory IgG levels fell below 500 mg/dl after infusion in 25% (32/127) of patients treated with ABECMA.

Monitor immunoglobulin levels after treatment with ABECMA and administer IVIG for IgG <400 mg/dl. Manage per local institutional guidelines, including infection precautions and antibiotic or antiviral prophylaxis.

The safety of immunization with live viral vaccines during or following ABECMA treatment has not been studied. Vaccination with live virus vaccines is not recommended for at least 6 weeks prior to the start of lymphodepleting chemotherapy, during ABECMA treatment, and until immune recovery following treatment with ABECMA.

Secondary Malignancies: Patients treated with ABECMA may develop secondary malignancies. Monitor life-long for secondary malignancies. If a secondary malignancy occurs, contact Bristol Myers Squibb at 1-888-805-4555 to obtain instructions on patient samples to collect for testing of secondary malignancy of T cell origin.

Effects on Ability to Drive and Operate Machinery: Due to the potential for neurologic events, including altered mental status or seizures, patients receiving ABECMA are at risk for altered or decreased consciousness or coordination in the 8 weeks following ABECMA infusion. Advise patients to refrain from driving and engaging in hazardous occupations or activities, such as operating heavy or potentially dangerous machinery, during this initial period.

Adverse Reactions: The most common nonlaboratory adverse reactions (incidence greater than or equal to 20%) include CRS, infections – pathogen unspecified, fatigue, musculoskeletal pain, hypogammaglobulinemia, diarrhea, upper respiratory tract infection, nausea, viral infections, encephalopathy, edema, pyrexia, cough, headache, and decreased appetite.

Please see full Prescribing Information, including Boxed WARNINGS and Medication Guide, and Summary of Product Characteristics for ABECMA.

About Abecma

Abecma is the first-in-class B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy, first approved in the U.S. in March 2021 for the treatment of adult patients with relapsed or refractory multiple myeloma after four or more prior lines of therapy, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody. Abecma is also approved in Canada for relapsed and refractory multiple myeloma. Abecma recognizes and binds to BCMA on the surface of multiple myeloma cells leading to CAR T cell proliferation, cytokine secretion, and subsequent cytolytic killing of BCMA-expressing cells.

Abecma is being jointly developed and commercialized in the U.S. as part of a Co-Development, Co-Promotion, and Profit Share Agreement with Bristol Myers Squibb and bluebird bio. Bristol Myers Squibb will assume sole responsibility for Abecma drug product manufacturing and commercialization outside of the U.S.

Bristol Myers Squibb: Creating a Better Future for People with Cancer

Bristol Myers Squibb is inspired by a single vision—transforming patients’ lives through science. The goal of the company’s cancer research is to deliver medicines that offer each patient a better, healthier life and to make cure a possibility. Building on a legacy across a broad range of cancers that have changed survival expectations for many, Bristol Myers Squibb researchers are exploring new frontiers in personalized medicine, and through innovative digital platforms, are turning data into insights that sharpen their focus. Deep scientific expertise, cutting-edge capabilities and discovery platforms enable the company to look at cancer from every angle. Cancer can have a relentless grasp on many parts of a patient’s life, and Bristol Myers Squibb is committed to taking actions to address all aspects of care, from diagnosis to survivorship. Because as a leader in cancer care, Bristol Myers Squibb is working to empower all people with cancer to have a better future.

Learn more about the science behind cell therapy and ongoing research at Bristol Myers Squibb here.

About Bristol Myers Squibb

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube, Facebook and Instagram.

Celgene and Juno Therapeutics are wholly owned subsidiaries of Bristol-Myers Squibb Company. In certain countries outside the U.S., due to local laws, Celgene and Juno Therapeutics are referred to as, Celgene, a Bristol Myers Squibb company and Juno Therapeutics, a Bristol Myers Squibb company.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the research, development and commercialization of pharmaceutical products.

Contacts

Bristol Myers Squibb

Media Inquiries:
media@bms.com

Kimberly Whitefield

Kimberly.Whitefield@bms.com

Investors:
Tim Power

609-252-7509

timothy.power@bms.com

Read full story here

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Business

CCOM Group, Inc. announces PPP loan forgiveness

HAWTHORNE, N.J. — (BUSINESS WIRE) — CCOM Group, Inc. (“CCOM”) (OTC Pink: “CCOM,” “CCOMP”), announces its PPP loans have been forgiven.

In April 2020, the Company, through its subsidiaries, Universal Supply Group, Inc., The RAL Supply Group, Inc. and S&A Supply, Inc, received funding from the Small Business Administration’s (“SBA”) Paycheck Protection Program (the “PPP Loan”) in the amounts of $1,415,256, $650,000 and $220,000, respectively, or $2,285,256 in total. The Company has been notified by KeyBank National Association that it has received 100% loan forgiveness from the SBA. The forgiveness will be recognized as a gain on debt extinguishment.

 

About CCOM Group, Inc.

CCOM Group, Inc. (“CCOM”) distributes heating, ventilating and air conditioning equipment (HVAC), parts and accessories, whole-house generators, climate control systems, and plumbing and electrical fixtures and supplies, primarily in New Jersey, New York, Massachusetts and portions of eastern Pennsylvania, Connecticut and Vermont through its subsidiaries: Universal Supply Group, Inc., www.usginc.com, The RAL Supply Group, Inc., www.ralsupply.com, and S&A Supply, Inc., www.sasupplyinc.com. CCOM is headquartered in New Jersey, and, with its affiliates, operates out of 15 locations in its geographic trading area. For more information on CCOM’s operations, products and/or services, please visit www.ccom-group.com.

Contacts

Peter D. Gasiewicz, Chief Executive Officer
William Salek, Chief Financial Officer

(973) 427-8224

Categories
Business Technology

Castor leads next-gen clinical trials that support digital therapeutics

– Castor is supporting the next generation of digital therapeutics that can improve patient lives with disease-modifying potential

– Castor has worked with more than 30 DTx companies

 

HOBOKEN, N.J. — (BUSINESS WIRE) — #DTxCastor, a leading provider of clinical trial technology to democratize clinical research, announced that it is powering the next generation of clinical trials with more than 30 digital therapeutics (DTx) studies ongoing. A new class of therapeutics is rapidly advancing medicine: digital therapeutics or “DTx”. These digital treatments have disease-modifying properties that are effective for a wide range of debilitating and deadly diseases.

 

Castor is supporting this fast-growing segment in clinical trials, as DTx is expected to have continued exponential growth with a CAGR of 30%, according to a recent industry report. Castor helps DTx companies overcome many of the unique challenges they face in clinical trials, from recruitment, screening, and informed consent to data capture – while integrating sensor and app data seamlessly through an open API.

 

MedRhythms, a digital therapeutics company based in Portland, Maine, uses sensors, music, and software to build evidence-based, neurologic interventions to measure and improve walking. Intended to be a rehabilitative device for walking improvement, MedRhythms’ first product intends to serve chronic stroke patients with walking difficulties, and seeks to improve the speed and quality of walking. MedRhythms selected Castor as their Clinical Data Platform, citing Castor’s transparency with cost predictions, user-friendliness, and the ability to try a full version of Castor before buying.

 

“Castor’s solutions were easy to navigate and intuitive to use, which is why we were interested in working with them,” said MedRhythms CEO & Founder, Brian Harris. “They were able to accommodate the amount of data from our multi-site randomized controlled trial, and our sites have expressed how much they have enjoyed using Castor as well.”

 

For MedRhythms, even monitoring, often one of the most cumbersome trial activities, turned into a seamless process since sites quickly grasped Castor’s user interface. With Castor, study teams found it easy to log in, add a participant and randomize with Castor’s built-in randomization tool.

 

“Castor is powering the future of medicine, a new category of prescription digital therapeutics at the forefront of revolutionizing healthcare,” said Derk Arts, Ph.D., M.D., CEO & Founder, Castor. “Healthcare is slowly moving away from traditional therapies or a physical medical device, and instead adopting software as a medical device (SaMD). This shift changes everything about how we need to approach a novel clinical study in digital therapeutics. We look forward to powering additional studies with Castor’s DCT and Hybrid Trial platform to advance the field of digital medicine.”

 

Register for DTx East on September 28th to hear how Castor is “Reshaping the Future of Clinical Trials for Digital Therapeutics.”

 

About Castor

Castor is a leading provider of decentralized and hybrid clinical trial solutions to democratize research. With the highest rated eClinical platform for decentralized and hybrid clinical trials, Castor’s plug and play platform offers rapid deployment at scale, enabling researchers to create a trial in a matter of clicks, with easy enrollment, consent and real-world data capture. Castor is bringing human-centered design to the clinical trial process, from recruitment to analysis, and improving the quality, security and reusability of data for researchers worldwide. For more information, visit www.castoredc.com. Follow us on Twitter at @castor.

Contacts

Media

Kimberly Ha

KKH Advisors

kimberly.ha@kkhadvisors.com

Categories
Business Technology

Best’s Insurance Law Podcast discusses how the 5G rollout could affect insurance claims

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best and Best’s Insurance Professional Resources have released the latest installment of the Best’s Insurance Law Podcast series, which examines timely insurance issues from a legal perspective.

This episode looks at potential claims related to radio frequency radiation from cell phones and towers as 5G is rolled out, including preventative steps being taken and issues that may concern claims and risk managers.

The podcast features Attorney Michael Watza of the law firm Kitch Drutchas Wagner Valitutti & Sherbrook. Mr. Watza heads the governmental litigation and affairs department of the firm. His areas of expertise include litigated, legislative and administrative solutions on behalf of municipal, non-profit and private sector clients in the fields of telecommunications, energy, complex litigation and legislative consulting.

Kitch Drutchas Wagner Valitutti & Sherbrook is a qualified member of Best’s Insurance Professional Resources, an insurance industry resource that has featured qualified legal counsel, independent insurance adjusting services and expert service providers since 1929.

Listen or subscribe to the Insurance Law Podcast.

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 Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

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

Iteris continues Eastern U.S. Expansion with Delaware Valley Regional Planning Commission contract for traffic signal timing program

New Contract with Potential Value of $1.5 Million Expands the Company’s Market Penetration in New Jersey

  • Timing improvements will be made for key corridors to improve safety and mobility throughout the four-county region in New Jersey including Burlington, Camden, Gloucester and Mercer counties.
  • Deal accelerates the geographic expansion of Iteris’ specialized consulting services in New Jersey, a critical East Coast sub-corridor that serves as a key link in the nation’s transportation system.

 

SANTA ANA, Calif. — (BUSINESS WIRE) — $ITI #IoTIteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has been awarded a contract by the Delaware Valley Regional Planning Commission (DVRPC) with a potential value of $1.5 million, representing continued demand for Iteris’ specialized consulting services in a key geographic market.


The traffic signal timing program, which includes the option to renew for up to five years, includes signal timing improvements for key corridors throughout the four counties of Burlington, Camden, Gloucester and Mercer in New Jersey, with the goal of improving safety and mobility for the region’s traveling public and freight operators.

New Jersey’s transportation system is a critical East Coast sub-corridor that serves as a key link for moving both people and freight throughout the country. According to TRIP, a national transportation research group, the state’s motorists travel 78.2 billion miles annually.

In support of the DVRPC’s Transportation Improvement Program, and its wider goal of ensuring the efficient transportation of people and goods, Iteris will identify innovative approaches and cost-effective traffic signal retiming techniques to: pre-evaluate corridors throughout the four counties, analyze signal timings, recommend improvements, implement timing revisions, refine timing adjustments, analyze equity and report on performance throughout the program. By reducing delays and stops on key corridors for passenger vehicles and heavy vehicles, the DVRPC’s regional signal timing program will help to reduce CO2 emissions and fuel consumption, which in turn will contribute to environmental and air quality improvements.

“We are proud to be selected by the Delaware Valley Regional Planning Commission to support this important smart mobility infrastructure project in the state of New Jersey, which is a critical link in the nation’s transportation system,” said Jeff Gerken, regional vice president, Consulting Solutions at Iteris. “This traffic signal timing program represents the continued expansion of Iteris’ specialized consulting services in the Eastern U.S., and will ultimately help to increase safety and mobility for the region’s traveling public and freight operators, while also improving air quality and reducing fuel consumption.”

In April 2021, Iteris was awarded a sub-contract agreement by Rutgers University’s Center for Advanced Infrastructure and Transportation (CAIT) University for a multi-year, multi-phase program to support the design and implementation of the Middlesex County – Smart Mobility Testing Ground (MC-SMTG) in the northern New Jersey region, as part of a collaboration with the New Jersey Department of Transportation.

Iteris has designed, deployed or equipped over one third of all signalized intersections in the United States, supporting local and state transportation agencies with advanced detection sensors, and traffic signal design, timing and synchronization services.

About Iteris, Inc.

Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.

Iteris Forward-Looking Statements

This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “seeks,” “estimates,” “may,” “should,” “will,” “can,” and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about our consulting solutions services and statements about the impacts and value of the awarded contract. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, our ability to successfully perform the services cost effectively; agency budgetary constraints; utilization needs of the agency for the services subject to the contract (e.g., seasonality); performance timing and cancellation of task orders; and the potential impact of product and service offerings from competitors. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC’s website (www.sec.gov).

Contacts

Iteris Contact
David Sadeghi

Tel: (949) 270-9523

Email: dsadeghi@iteris.com

Investor Relations
MKR Investor Relations, Inc.

Todd Kehrli

Tel: (213) 277-5550

Email: iti@mkr-group.com

Categories
Business

Best’s Special Report: Publicly Traded U.S. Life/Annuity companies reduced leverage, improved liquidity in 2020

OLDWICK, N.J. — (BUSINESS WIRE) — The prolonged low interest rate environment has allowed publicly traded life/annuity (L/A) insurers to strengthen their balance sheets by replacing higher-cost debt with often significantly lower-cost alternatives, according to a new AM Best special report.

The Best’s Special Report, titled, “Publicly Traded L/A Insurers Reduced Leverage, Improved Liquidity in 2020,” states that the aggregate unadjusted total debt-to-capital ratio for the 16 publicly traded L/A insurers followed for this report has declined since 2011, to 24.1% at year-end 2020. Total debt outstanding decreased by approximately $8 billion (or 8.1%) to $91.4 billion at year-end 2020.

In 2020, the financial leverage of a significant portion of the publicly traded companies declined to its lowest unadjusted level of the last 10 years. The overall decline in debt-to-capital ratios can be attributed to the industry’s record-high capitalization, which enhances the ability to use earnings for debt servicing as well as regular dividend payments. Given the current interest rate environment and some uncertain views of the U.S. economy, many of the larger companies continue to de-leverage (the primary reason for the decline in debt). Prudential Financial reduced its total debt obligations by $6.3 billion in 2020, the largest dollar decrease of all the companies.

With uncertainty surrounding COVID-19 pandemic, many insurers turned to the Federal Home Loan Bank (FHLB) to tap into funds to bolster liquidity to prepare for a worst-case scenario. The aggregate borrowing for the L/A insurers grew year over year by approximately 18% in 2020, to $97.3 billion. Even though aggregate borrowing has increased steadily since 2014, it has been outpaced by collateral pledged, causing the borrow-to-collateral percentage to decline over the period.

Management’s track record of share repurchases and shareholder dividends is also considered in AM Best’s evaluation of operating leverage and expected coverage ratios. Given the uncertainty caused by COVID-19 in 2020, many companies paused their share repurchase programs and cut back on dividends to prepare financially for the worst. For the publicly traded companies, the aggregate capital returned to shareholders declined by 41% to $11.7 billion.

To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=311750.

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 New York, 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

Brian Keleher

Financial Analyst
+1 908 439 2200, ext. 5586
brian.keleher@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