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Healthcare Science

LEO Pharma presents long-term safety and efficacy data for tralokinumab in adults with moderate-to-severe atopic dermatitis at AAD VMX 2021

  • Interim analysis at 56 weeks from ECZTEND, an open-label extension trial, demonstrates sustainable and durable efficacy of tralokinumab in adult patients1
  • Patients enrolled in ECZTRA 1 and 2 parent trials who continued into ECZTEND have now been treated with tralokinumab for two years1
  • The overall safety profile of tralokinumab was consistent with that observed in the parent trials1

BALLERUP, Denmark, & MADISON, N.J. — (BUSINESS WIRE) — LEO Pharma A/S, a global leader in medical dermatology, today announced results on the long-term safety and efficacy profile of tralokinumab in adult patients with moderate-to-severe atopic dermatitis. Results were shared as an oral presentation during the American Academy of Dermatology Virtual Meeting Experience (AAD VMX) 2021.

Tralokinumab is a high affinity, human monoclonal antibody that specifically binds to and inhibits the IL-13 cytokine, a key driver of atopic dermatitis signs and symptoms.2,3 It is an investigational therapy in clinical development, and its safety and efficacy are currently being evaluated by regulatory authorities.

The interim analysis at 56 weeks in the ECZTEND trial (NCT03587805) showed tralokinumab 300 mg every other week plus optional topical corticosteroids (TCS) demonstrated long-term improvements in itch, sleep, and in atopic dermatitis signs and symptoms.1 Patients who had enrolled in pivotal Phase 3 trials ECZTRA 1 and 2 who continued into ECZTEND were on treatment for at least two years.1

“Atopic dermatitis is a complex, chronic skin disease that can have devastating and lasting impacts due to the unpredictable nature of the disease. Since patients can live with atopic dermatitis for decades, clinicians are looking for new treatment options that provide predictable long-term results,” said Andrew Blauvelt, MD, MBA, President of Oregon Medical Research Center in Portland, Oregon, and lead investigator for ECZTEND. “We are encouraged by the sustained improvements seen over time in patients treated with tralokinumab in the ECZTEND trial, showing great potential for a promising new treatment option for adults living with uncontrolled moderate-to-severe atopic dermatitis.”

The ongoing 268-week open-label extension trial is investigating the long-term safety and efficacy of tralokinumab 300 mg every other week in patients who previously participated in parent trials ECZTRA 1-8 and TraSki investigator-initiated study.1 The primary endpoint was defined as the number of adverse events during the treatment period from baseline up to Week 268.1

Interim analysis at Week 56 included patients from parent trials ECZTRA 1, 2, ECZTRA 3 and ECZTRA 5. Interim efficacy results at Week 56 were based on the Investigator Global Assessment score of clear or almost clear skin (IGA 0/1) and at least a 75% improvement in the Eczema Area and Severity Index score (EASI-75).1

IGA 0/1 (% of

patients [n/N])

EASI

Score

(Median)

EASI % Change

From Parent Trial

Baseline (Median)

EASI-50

(% of

patient [n/N])

EASI-75

(% of

patients [n/N])

EASI-90

(% of

patient [n/N])

EASI ≤7

(% of

patients [n/N])

Pruritus

NRS Worst

Weekly

Score

(Mean

[SD])

Eczema-

related

Weekly Sleep

NRS Score

(Mean [SD])

Week 56

49.7 (255/513)

1.8

-93.6

95.1 (488/513)

82.8 (425/513)

61.0 (313/513)

79.7 (409/513)

3.3 (2.6)

2.0 (2.4)

Participants included 1,174 patients from ECZTEND at data cut-off.1 Observed outcomes for all patients enrolled 60 weeks prior to data cut-off (n=513) were analyzed at Week 56.1 At parent-trial baseline, ECZTEND baseline, and Week 56, median EASI score was 26.6, 4.7, and 1.8, respectively.1 At Week 56, IGA and EASI response rates were 49.7% (IGA 0/1), 95.1% (EASI-50), 82.8% (EASI-75), 61.0% (EASI-90), and 79.7% (EASI ≤7). An EASI score of ≤7 corresponds to mild atopic dermatitis.1

At the same 56-week data cut-off, measurements of itch and sleep disruptions due to itch were also reported.1 At Week 56, the mean worst weekly pruritus (i.e. itch) numeric rating scale (NRS) score was 3.3 (parent-trial baseline was 7.7) while the mean eczema-related weekly sleep NRS score was 2.0 (parent-trial baseline was 6.9).1

In the two-year cohort of patients who completed 52 weeks of tralokinumab treatment in parent studies (ECZTRA 1 and 2) and at least 56 weeks in ECZTEND (n=291), observed EASI response rates were 93.8% (EASI-50), 82.5% (EASI-75), and 59.8% (EASI-90), demonstrating sustained efficacy after two years of treatment.1 The efficacy and response rates demonstrated by this two-year cohort were consistent with that of the overall group at data cut-off (56 weeks).1These results indicate patients receiving long-term treatment with tralokinumab sustained the response rates and improvements in itch and sleep achieved in the parent trials.1

The long-term safety of tralokinumab treatment were also assessed.4 By the data cut-off, 11.8% of patients had withdrawn from the study, and discontinuation rates due to an adverse event were low (1.6%).4

In the safety analysis set (n=1,174), from the start of the ECZTEND trial to data cut-off, 71.9% of patients experienced an adverse event; most were mild or moderate in severity.4 The most frequently reported adverse events (≥5% of patients receiving tralokinumab) included viral upper respiratory tract infection (mainly reported as common cold; 21.3%), atopic dermatitis (13.5%), and upper respiratory tract infection (7.1%). Conjunctivitis was reported in 5.9% of patients.4

“Atopic dermatitis is a condition that can impact patients over decades, which is why we are very encouraged by these long-term study results that show the potential of tralokinumab over time,” said Jörg Möller, Executive Vice President, Global Research and Development, LEO Pharma. “Tralokinumab is currently being evaluated by health authorities around the world, and we hope to introduce this targeted treatment option soon.”

LEO Pharma recently received a positive opinion for tralokinumab from the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency on April 23, 2021.

Additional data will be presented by LEO Pharma at AAD VMX, including a sub-analysis of the pivotal Phase 3 trial, ECZTRA 1, that showed the impact of tralokinumab on skin barrier abnormalities.

About tralokinumab

Tralokinumab is a human, monoclonal antibody developed to specifically neutralize the IL-13 cytokine, which plays a key role in the immune process underlying atopic dermatitis signs and symptoms. Tralokinumab specifically binds to the IL-13 cytokine with high affinity, thereby inhibiting interaction with the IL-13 receptor α1 and α2 subunits (IL-13Rα1 and IL-13Rα2).2,3

About the ECZTEND – Long-Term Extension (LTE) Trial

ECZTEND is a Phase 3, long-term (up to 268 weeks), open-label, single-arm, extension trial to evaluate the safety and efficacy of tralokinumab in patients with atopic dermatitis who participated in the previous tralokinumab monotherapy trials (ECZTRA 1 and ECZTRA 2), the combination therapy tralokinumab plus TCS trial (ECZTRA 3), the Drug-drug interaction (DDI) trial (ECZTRA 4), the vaccine trial (ECZTRA 5), and the oral cyclosporine A trial (ECZTRA 7), the combination therapy tralokinumab plus TCS trial in Japanese subjects (ECZTRA 8), and the tralokinumab monotherapy skin barrier function trial (TraSki).5

About ECZTRA 1, 2, ECZTRA 3 and ECZTRA 5 Trials

ECZTRA 1 and ECZTRA 2 (ECZema TRAlokinumab trials Nos. 1 and 2) were randomized, double-blind, placebo-controlled, multinational 52-week trials, which included 802 and 794 adult patients, respectively, to evaluate the efficacy and safety of tralokinumab (300 mg) as monotherapy in adults with moderate-to-severe atopic dermatitis who were candidates for systemic therapy.6

ECZTRA 3 (ECZema TRAlokinumab trial No. 3) was a double-blind, randomized, placebo-controlled, multinational 32-week trial, which included 380 adult patients, to evaluate the efficacy and safety of tralokinumab (300 mg) in combination with TCS in adults with moderate-to-severe atopic dermatitis who are candidates for systemic therapy.7

ECZTRA 5 (ECZema TRAlokinumab trial No. 5) was a randomized, double-blind, placebo-controlled, 30-week, Phase 2 trial which included 215 adult patients with atopic dermatitis to evaluate the effect of tralokinumab (300 mg) on vaccine antibody responses (Tdap and meningococcal vaccines) in adults with moderate-to-severe atopic dermatitis who are candidates for systematic therapy. Patients were treated with either tralokinumab or placebo for 16 weeks. The safety, efficacy, and tolerability of tralokinumab when administered with the studied vaccines was also assessed.8

About atopic dermatitis

Atopic dermatitis is a chronic, inflammatory, skin disease characterized by intense itch and eczematous lesions.9 Atopic dermatitis is the result of skin barrier dysfunction and immune dysregulation, leading to chronic inflammation.10 Type 2 cytokines, including IL-13, play a central role in the key aspects of atopic dermatitis pathophysiology.2

About LEO Pharma

LEO Pharma helps people achieve healthy skin. The company is a leader in medical dermatology with a robust R&D pipeline, a wide range of therapies and a pioneering spirit. Founded in 1908 and owned by the LEO Foundation, LEO Pharma has devoted decades of research and development to advance the science of dermatology, setting new standards of care for people with skin conditions. LEO Pharma is headquartered in Denmark with a global team of 6,000 people, serving 93 million patients in 130 countries. In 2020, the company generated net sales of DKK 10,133 million. For more information please visit www.LEO-Pharma.com.

References

  1. Blauvelt A, et al. Long-term Improvements Observed in Tralokinumab-treated Patients With Moderate-to-severe Atopic Dermatitis: An ECZTEND Interim Analysis. American Academy of Dermatology Association Virtual Meeting Experience (AAD VMX); April 23-25, 2021. On-demand video oral presentation 29393.
  2. Bieber T. Interleukin-13: targeting an underestimated cytokine in atopic dermatitis. Allergy. 2020; 75:54-62.
  3. Popovic B, et al. Structural characterisation reveals mechanism of IL-13-neutralising monoclonal antibody tralokinumab as inhibition of binding to IL-13Rα1 and IL-13Rα2. J Mol Biol. 2017; 429:208–19.
  4. Blauvelt A, et al. Long-term Safety, Efficacy, and Adherence to Tralokinumab Treatment in Moderate-to-severe Atopic Dermatitis for up to 3 Years: Interim Readout of ECZTEND, a Phase 3, Long-term Extension Trial. American Academy of Dermatology Association Virtual Meeting Experience (AAD VMX); April 23-25, 2021. E-poster 27697.
  5. ClinicalTrials.gov. National Library of Medicine (U.S.). Long-term Extension Trial in Subjects With Atopic Dermatitis Who Participated in Previous Tralokinumab Trials – ECZTEND. Identifier NCT03587805. https://clinicaltrials.gov/ct2/show/NCT03587805.
  6. Wollenberg A, et al. Tralokinumab for moderate‐to‐severe atopic dermatitis: results from two 52‐week, randomized, double‐blind, multicentre, placebo‐controlled phase III trials (ECZTRA 1 and ECZTRA 2). Br J Dermatol. 2021; 437-449.
  7. Silverberg JI, et al. Tralokinumab plus topical corticosteroids for the treatment of moderate‐to‐severe atopic dermatitis: results from the double‐blind, randomized, multicentre, placebo‐controlled phase III ECZTRA 3 trial. Br J Dermatol. 2021; 450-463.
  8. Merola J, et. al. Tralokinumab Does Not Impact Vaccine-induced Immune Responses: Results From a 30-week, Randomized, Placebo-controlled Trial in Adults With Moderate-to-severe Atopic Dermatitis. (EZCTRA 5) J Am Acad Dermatol. 2021.
  9. Weidinger S, et al. Atopic dermatitis. Lancet. 2016; 387:1109-1122.
  10. Boguniewicz M, et al. Atopic dermatitis: a disease of altered skin barrier and immune dysregulation. Immunol Rev 2011;242(1):233-46.

April 2021 MAT-42680

Contacts

Linda Mayer
Global Product Communications

+1 973 908 7924

limay@leo-pharma.com

Henrik Kyndlev
Global External Communications

+45 3140 6180

hdtdk@leo-pharma.com

Categories
Business Technology

AeroFarms expands global headquarters to support growth and innovation

Indoor vertical farming leader continues commitment to Newark as it expands presence within the community

Co-Founder & CEO David Rosenberg recognized as ROI-NJ Top Technology Influencer

 

NEWARK, N.J. — (BUSINESS WIRE) — $SV #Agriculture–AeroFarms, a certified B Corporation and leader in indoor vertical farming, today announced that the Company has received its certificate of occupancy for expansion of its global headquarters in Newark, New Jersey. To support its corporate expansion, AeroFarms recently completed the build out of an additional 25,000 square-feet at its headquarters for new office space and more expansive R&D and Innovation Centers of Excellence.

In 2015, AeroFarms partnered closely with the City of Newark and the New Jersey Economic Development Authority (NJEDA), to relocate its headquarters to Newark from the Finger Lakes region of New York with the goal of creating more than 75 year-round jobs in the local community. Today, AeroFarms employs in Newark more than 150 team members, and the Company is delivering on its vision of not only serving the broader New York metro area, but also serving as the global epicenter for large scale commercial indoor vertical farming and the latest in breakthrough proprietary technologies addressing some of the world’s most pressing agricultural challenges.

AeroFarms has been leading the way for innovation and technology breakthroughs since its inception and will continue to build on this legacy through continued R&D and infrastructure to maintain its leadership position as the Company scales. Earlier this week, AeroFarms Co-Founder and CEO David Rosenberg was recognized as a Top Technology Influencer by New Jersey media outlet ROI-NJ, further demonstrating the Company’s leadership in technology and innovation.

“New Jersey and Newark have been the perfect home for AeroFarms to recruit the best talent for horticulture, engineering, data science, operations, and food safety enabling us to reimagine agriculture in the Garden State,” said Rosenberg. “We are scaling farms around the world, partnering closely with major multi-national retailers, and our newly expanded global headquarters will be a showcase for our transformative work and innovation that will further drive our mission to grow the best plants possible for the betterment of humanity.”

AeroFarms has a long history of community involvement, including partnering with Ironbound Community Corporation and NJ Reentry Program, which offers career opportunities to those previously incarcerated. In addition, AeroFarms has made an impact with its Community Farms, working with partners such as Newark-based Philips Academy Charter School and their EcoSpaces program. The Company also partnered with the City of Jersey City and the World Economic Forum’s Healthy Cities and Communities initiative for the first ever municipal indoor vertical farming program, consisting of ten vertical farms throughout Jersey City located in senior centers, schools, public housing complexes, and municipal buildings. The ten sites will grow 19,000 pounds of vegetables annually, using targeted aeroponics water mist and minimal electricity, and the food will be provided to the community for no cost.

About AeroFarms

Since 2004, AeroFarms has been leading the way for indoor vertical farming and championing transformational innovation for agriculture. On a mission to grow the best plants possible for the betterment of humanity, AeroFarms is a Certified B Corporation Company with global headquarters in Newark, New Jersey, United States. Named one of the World’s Most Innovative Companies by Fast Company two years in a row and one of TIME’s Best Inventions, AeroFarms patented, award-winning indoor vertical farming technology provides the perfect conditions for healthy plants to thrive, taking agriculture to a new level of precision, food safety, and productivity while using up to 95% less water and no pesticides versus traditional field farming. AeroFarms enables local production to safely grow all year round for its commercial retail brand that offers peak flavor always®. In addition, through its proprietary growing technology platform, AeroFarms has developed multi-year strategic partnerships ranging from government to major Fortune 500 companies to help uniquely solve agriculture supply chain needs. For additional information, visit: https://aerofarms.com/.

On March 26, 2021, AeroFarms announced a definitive business combination agreement with Spring Valley Acquisition Corp. (Nasdaq: SV). Upon the closing of the business combination, AeroFarms will become publicly traded on Nasdaq under the new ticker symbol “ARFM”. Additional information about the transaction can be viewed here: https://aerofarms.com/investors/

No Offer or Solicitation

This press release does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with a proposed potential business combination among Spring Valley and AeroFarms or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement/prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act.

Forward Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this presentation, regarding Spring Valley’s proposed acquisition of AeroFarms, Spring Valley’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of AeroFarms and Spring Valley and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on 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 AeroFarms and Spring Valley. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction or that the approval of the stockholders of Spring Valley or AeroFarms is not obtained; failure to realize the anticipated benefits of the proposed transaction; risks relating to the uncertainty of the projected financial information with respect to AeroFarms; risks related to the expansion of AeroFarms’ business and the timing of expected business milestones; the effects of competition on AeroFarms’ business; the ability of Spring Valley or AeroFarms to issue equity or equity-linked securities or obtain debt financing in connection with the proposed transaction or in the future, and those factors discussed in Spring Valley’s final prospectus dated November 25, 2020 under the heading “Risk Factors,” and other documents Spring Valley has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Spring Valley nor AeroFarms presently know, or that Spring Valley nor AeroFarms 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 Spring Valley’s and AeroFarms’ expectations, plans, or forecasts of future events and views as of the date of this press release. Spring Valley and AeroFarms anticipate that subsequent events and developments will cause Spring Valley’s and AeroFarms’ assessments to change. However, while Spring Valley and AeroFarms may elect to update these forward-looking statements at some point in the future, Spring Valley and AeroFarms specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Spring Valley’s and AeroFarms’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts

AeroFarms Contacts

Investor Relations:

Jeff Sonnek

ICR

Jeff.Sonnek@icrinc.com
1-646-277-1263

Media Relations:

Marc Oshima
AeroFarms

MarcOshima@AeroFarms.com
1-917-673-4602

Categories
Regulations & Security

NEPT Investor Alert: Bronstein, Gewirtz & Grossman, LLC reminds Neptune Wellness Solutions Inc. shareholders of Class Action and encourages investors 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 Neptune Wellness Solutions Inc. (“Neptune” or the “Company”) (NASDAQ: NEPT) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Neptune securities between July 24, 2019 and February 16, 2021, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/nept.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.

The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose that: (1) the cost of Neptune’s integration of the assets and operations acquired in the SugarLeaf Acquisition would be larger than the Company had acknowledged, placing significant strain on the Company’s capital reserves; (2) accordingly, it was reasonably foreseeable that the company would need to conduct additional stock offerings to raise more capital; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.

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/nept or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Neptune you have until May 17, 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 Hurwitz

212-697-6484 | info@bgandg.com

Categories
Local News Science Technology

Asana BioSciences to present additional efficacy data from chronic hand eczema phase 2b trial of oral SYK/JAK inhibitor gusacitinib at AAD VMX late-breaking session

LAWRENCEVILLE, N.J. — (BUSINESS WIRE) — Asana BioSciences, a clinical stage biopharmaceutical company, announced that it will present additional positive results from a Phase 2b study evaluating the efficacy and safety of its investigational oral Janus kinase family (JAK) and spleen tyrosine kinase (SYK) inhibitor gusacitinib (ASN002) in adult patients with moderate-to-severe chronic hand eczema (CHE) in a late-breaking research program at the American Academy of Dermatology Virtual Meeting (AAD VMX 2021), to be held April 23 – 25, 2021.

The details of the presentation are as follows:

Study Title: Efficacy, Patient Reported Outcomes and Safety of Gusacitinib (ASN002) in Chronic Hand Eczema: Results of a Phase 2b, Randomized, Double-blind, Placebo-Controlled Study.

Presenter: Howard Sofen, M.D., Associate Clinical Professor of Medicine/Dermatology and Pediatrics, University of California, Los Angeles, and Chief of Dermatology at LA County/Olive View Medical Center United States

Session: Late Breaking Abstracts

Date/Time: 24th April 2021 /2:00 – 3:00 PM US EDT

Chronic hand eczema is often debilitating and affects approximately 10% of the U.S. population and millions of people worldwide. The Phase 2b study was a randomized, double-blind, placebo-controlled, parallel-group study evaluating oral gusacitinib (40 mg or 80 mg once daily) in moderate to severe CHE patients for up to 32 weeks, with the primary endpoint of mean modified total lesion severity score (mTLSS) at week 16 (NCT03728504). The physician global assessment (PGA) and pruritus were among the key secondary endpoints studied.

Howard Sofen, MD, the presenting and one of the lead investigators said, “The results of this trial are very impressive and provide evidence that gusacitinib may be an effective once-daily, oral treatment option for CHE patients who are unable to achieve adequate control with topical corticosteroids and other unapproved treatments. Gusacitinib showed a significant effect on mTLSS, PGA, pain, and pruritus at week 16. Rapid improvements in primary and secondary endpoints were observed during the first 2 weeks of treatment, and effects were sustained over the 32-week study. In addition, gusacitinib was effective in patients with chronic foot eczema and atopic dermatitis (as measured by vIGA in CHE patients who also had AD involvement) in this study. The most common treatment-emergent adverse events were upper respiratory tract infection, headache, nausea, and nasopharyngitis. No pulmonary embolism, opportunistic infections, malignancies, major adverse cardiovascular events, or deaths were reported in the study,” Dr. Sofen said.

About Asana BioSciences, LLC

Asana BioSciences is a clinical stage biopharmaceutical company based in Lawrenceville, NJ. Asana is focused on discovery and development of novel targeted investigational medicines in immunology/inflammation and oncology.

ASN003 is in Phase 1 development for BRAFV600 mutated metastatic melanoma, metastatic colorectal and advanced non-small cell lung cancer, and advanced solid tumors with PI3K pathway alterations (NCT02961283).

ASN004 is an antibody drug conjugate that targets the 5T4 oncofetal antigen, which is expressed in a wide range of malignant tumors but has very limited expression in normal tissues. ASN004 demonstrates robust and durable antitumor activity after single administration in multiple human tumor xenograft models. A First-in-Human Phase 1 trial is planned for the first half of 2021.

ASN008 is a novel, topical Na+-channel blocker with high functional selectivity for itch and pain sensing neurons without affecting motor neurons. In a Phase 1b study in atopic dermatitis patients, topical application of ASN008 showed rapid onset of pruritus relief after a single application, which lasted between 8-12 hours, and no tachyphylaxis to this response was observed after 2 weeks of daily application (NCT03798561). ASN008 also has potential for the treatment of pain, urologic and other chronic conditions.

ASN009 is a selective antagonist of the purinergic P2X3 ion channel that is activated by extracellular ATP and involved in various pain, urological and respiratory disease conditions. Preclinical proof-of-concept has been demonstrated with ASN009 in a cough model. ASN009 is currently in preclinical development.

www.asanabiosciences.com

Contacts

Louis Denis

Asana BioSciences

997 Lenox Drive, Suite 220

Princeton Pike Corporate Center

Lawrenceville, NJ 08648

Ph: +1(860) 941-5029

Louis.Denis@AsanaBio.com

Categories
Business

AM Best places credit ratings of Hallmark Financial Services, Inc. and its subsidiaries under review with developing implications

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has placed under review with developing implications the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” and the Long-Term Issue Credit Rating (Long-Term IR) of Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ:HALL]. Concurrently, AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term ICRs of “a-” of the members of Hallmark Insurance Group (Hallmark Group). The companies’ operations are headquartered in Dallas, TX. (See below for a detailed listing of the companies and Credit Ratings [ratings].)

These ratings have been placed under review with developing implications following the announcement by Hallmark Financial that it intends to pursue an initial public offering (IPO) of its specialty commercial business. Hallmark Financial plans to offer a non-controlling ownership stake in the core business of its specialty commercial business segment, as a separate company named Hallmark Specialty Group, Inc. (Hallmark Specialty). The number of shares and price range for Hallmark Specialty has yet to be determined; however, the offered shares are expected to represent an economic ownership stake of approximately 50% as Hallmark Financial intends to retain a majority of the combined vote power of Hallmark Specialty. The IPO process is expected to be completed during the third quarter of 2021.

The under review status reflects the uncertainty surrounding the amount and utilization of capital that will be generated from the IPO process. In addition, the IPO is dependent upon a number of factors and uncertainties heightening execution risk inherent with this transaction. Should the IPO be unsuccessful in raising sufficient funds, Hallmark Group’s risk-adjusted capital may fall below AM Best’s expectations. However, the benefits of the proposed transaction would allow Hallmark Financial and Hallmark Specialty to focus on respective seasoned books of business and profitability to achieve strategic priorities. The ratings will remain under review until AM Best has assessed the ultimate organizational structure of the group and its risk-adjusted capital position, following completion of the IPO.

The FSR of A- (Excellent) and the Long-Term ICRs of “a-” have been placed under review with developing implications for the following members of Hallmark Insurance Group:

  • American Hallmark Insurance Company of Texas
  • Hallmark Insurance Company
  • Hallmark Specialty Insurance Company
  • Hallmark County Mutual Insurance Company
  • Hallmark National Insurance Company

The following Long-Term IR has been placed under review with developing implications:

Hallmark Financial Services, Inc.—

  • “bbb-” on $50 million 6.25% senior unsecured notes, due 2029

The following indicative Long-Term IRs for securities available under the shelf registration have been placed under review with developing implications:

Hallmark Financial Services, Inc.—

  • “bbb-” on senior unsecured debt
  • “bb+” on subordinated debt
  • “bb” on preferred stock

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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

Daniel Mangano
Senior Financial Analyst
+1 908 439 2200, ext. 5547
daniel.mangano@ambest.com

Jacqalene Lentz, CPA
Director
+1 908 439 2200, ext. 5762
jacqalene.lentz@ambest.com

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

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

Categories
Business Healthcare

Jim Corrigan named Chief Executive Officer of ConnectiveRx

Current CEO Harry Totonis Becomes Chairman of the Board of Managers

WHIPPANY, N.J. — (BUSINESS WIRE) — The ConnectiveRx Board of Managers today announced that President Jim Corrigan has been named Chief Executive Officer of the company, an industry-leading provider of technology-enabled patient support and access solutions for specialty and branded medications, effective immediately. Corrigan succeeds Harry Totonis, who has been named Chairman of the Board of Managers and will lead strategic partnerships, investments and M&A strategy in that position. Additionally, Chief Commercial Officer Frank Dana will expand his role to President and Chief Commercial Officer, continuing to lead business development and network partnerships for the company.

As a member of the Strategic Advisory Board of Genstar Capital, ConnectiveRx’s majority shareholder, Harry Totonis, working with Genstar, established ConnectiveRx in 2015. During his tenure as CEO, he has guided the company through three successful acquisitions, expanded the company’s services to support the entire patient medication journey, and accelerated organic growth from 200 to 1700 employees. Today, ConnectiveRx partners with more than 120 pharmaceutical manufacturers and supports over 530 pharmaceutical brands.

“Under Harry’s leadership and strategic foresight, he has grown a family-owned copay business into an industry-leading pharmaceutical services company that is revolutionizing how patients access and afford specialty medications. We look forward to continuing to work with Harry as a member of our Strategic Advisory Board and in his new role as Chairman of the Board at ConnectiveRx,” said Eli Weiss and Jean-Pierre Conte, Managing Directors of Genstar Capital.

Prior to ConnectiveRx, Jim Corrigan’s 30+ year career is highlighted by his most recent role as President and CEO of ERT, a clinical trial technology provider. Under his leadership, ERT quadrupled in size. Jim also served a long tenure as CEO of surgery products for GE’s multi-million-dollar life sciences division.

“Jim has an excellent track record of leadership in the life sciences industry driving transformative growth across both publicly and privately owned organizations. Our leadership styles are complementary and our priorities of delivering superior patient, customer and employee experiences are consistent, which is why he is the right person to lead ConnectiveRx as the next CEO.”

Jim Corrigan added, “I joined ConnectiveRx because I believe in the company’s mission of helping patients access and afford their medications. I’m honored to partner with Harry and lead our great team through its next chapter of growth while continuing to deliver on the company’s dedication to innovation, exceptional customer partnership and patient service.”

About ConnectiveRx

ConnectiveRx takes the pain out of the prescription process for pharmaceutical manufacturers, healthcare providers and their patients. Through a technology-driven platform of patient support, affordability, awareness and adherence solutions for branded and specialty medications, the company is a strategic partner that helps navigate the complex prescription journey for more than 84 million patients and 1.6 million healthcare providers each year.

ConnectiveRx is headquartered in both Whippany, NJ and Pittsburgh, PA. To learn more, visit www.connectiverx.com or follow us on Twitter, LinkedIn and Facebook @ConnectiveRx.

Contacts

Danielle Daly

Chief Marketing and Communications Officer

danielle.daly@connectiverx.com

Categories
Business Local News

Rosemark, a new business focused on enhancing customer relationships, led by industry veteran Chris Kuenne, launches with equity investment from Newlight Partners

PRINCETON, N.J. — (BUSINESS WIRE) — Rosemark Group (“Rosemark”), a new company focused on helping brands build deeper relationships with their consumers, recently announced that it has entered into an agreement under which Newlight Partners LP (“Newlight”), a growth equity investor, will make an equity investment of up to $150 million in the company. Rosemark will use the investment to build the next leader in customer marketing by acquiring and accelerating the growth of tech-enabled marketing companies focused on deepening consumer relationships. Rosemark is founded and led by Chris Kuenne, an entrepreneurial pioneer with more than 35 years of experience converting deeper consumer insights into thriving brands.

Kuenne and his team are assembling best-in-class companies to join the Rosemark platform, which will support the unique culture of each company to enable its growth as an independent brand. Rosemark will create cohesion across the platform through its operational expertise, consumer connection strategy, and its cross-brand business development efforts, including Rosemark’s proprietary Quantitative Persona™(QP) method.

“Marketing has made a significant shift to the numeric, algorithmic, and the measurable where purchase conversion is king. This is creating a mercenary mindset where the connection between brand and consumer is increasingly transactional, without regard to the motivations and preferences that deepen the consumer’s connection to the brand,” explains Chris Kuenne, CEO of Rosemark. “Brand relationships based primarily on transactions diminish over time. That’s not good for either brands or the bottom line.”

Rosemark aims to reverse this trend through systematically deepening the relationship between brands and their most valuable consumers.

“We are building Rosemark from the ground up to reverse this trend through systematically deepening the relationship between brands and their most valuable consumers,” added Mr. Kuenne. “We will reduce the complexities that marketers face today, shine a light on their most valuable consumers, and deliver experiences and programs that build more enduring consumer-brand connections. In doing so, we believe we can help lead marketing into its next chapter. We are grateful to have the support from Newlight, whose approach of working closely with management to build great businesses is fully aligned with ours.”

“We are excited about supporting the Rosemark team and their mission to help companies enhance customer lifetime value. We believe the Rosemark Group model will be very attractive to high growth entrepreneurs and we look forward to partnering with them to acquire these businesses and drive incremental growth,” said Adam Stulberger, a Partner at Newlight Partners.

About Rosemark

Rosemark is an operating company focused on enhancing Consumer Lifetime Value. Rosemark will acquire and help accelerate the growth of best-in-class service and technology companies. Under the leadership of Chris Kuenne, the Rosemark team will partner with motivated entrepreneurs who are seeking a strategic and financial growth partner to help them achieve their vision for impact. Prior to founding Rosemark, Kuenne founded, built, and scaled, the global digital agency Rosetta. Several of Rosemark’s leadership team also held senior positions at Rosetta, which was sold to the Publicis Groupe for $575 Million.

About Newlight Partners LP

Newlight Partners LP is a growth equity firm focused on building businesses in partnership with founders and exceptional management teams. For more than 15 years, the Newlight team has helped build successful enterprises in five sectors, including telecommunications, financial services, power & infrastructure, healthcare and business services. Led by David Wassong and Ravi Yadav, the Newlight team has invested approximately $6 billion in over 100 investments since 2005, first as the Strategic Investments Group at Soros Fund Management LLC (Soros), and now as Newlight after the team’s spin out from Soros in 2018. Newlight has approximately $4 billion in capital commitments and assets under management.

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

Contacts

Media Contacts:
For Rosemark

Shannon Hartley

(609) 651-5394

Shannon.Hartley@rosemark.com

For Newlight Partners LP

Nathaniel Garnick

Gasthalter & Co.

(212) 257-4170

Categories
Business Technology

Iteris selected by Rutgers University to support New Jersey Department of Transportation and Middlesex County’s Connected and Automated Vehicle Initiative

Multi-phase, Multi-year Program Leverages Iteris’ Smart Mobility Infrastructure Management Expertise to Prepare Cities and States for Advancements in Connected and Automated Vehicle Technology

  • Goals of the initiative include establishing a Smart Mobility Testing Ground in Middlesex County, NJ for NJDOT, local transportation agencies and private-sector researchers in downtown New Brunswick
  • Iteris tools will support the development of CAV innovation, while delivering equitable and accessible mobility and safety solutions to the local community
  • Deal represents growing demand for Iteris’ specialized consulting services in a key geographic market

SANTA ANA, Calif. — (BUSINESS WIRE) — $ITI #CAIT—Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has been selected by Rutgers University’s Center for Advanced Infrastructure and Transportation (CAIT) to support the design and implementation of the Middlesex County – Smart Mobility Testing Ground (MC-SMTG) in New Jersey, representing growing demand for Iteris’ specialized consulting services in a key geographic market.

Under the terms of the sub-contract agreement with Rutgers University for the multi-phase, multi-year program, Iteris will complete the concept design and testing in the initial phase, and participate as partner in the public-private-and-academic partnership (PPAP) team that will carry out the proposed construction and testing ground development phase.


The MC-SMTG will serve as the foundational element of an innovation hub in collaboration with the New Jersey Department of Transportation (NJDOT) that will attract public and private-sector researchers testing advanced driving system applications in real-world conditions while also serving as a source of high-resolution transportation data.

Consistent with NJDOT commissioner Diane Gutierrez-Scaccetti’s vision of “Commitment to Communities,” an initial focus of the project will be delivering easily accessible safety applications such as those offered by Iteris to improve safety and travel conditions in the corridor in the first year of operation.

Iteris will provide its design and safety application expertise to design and implement an environment for smart mobility application testing to address several key challenges for local communities along key corridors, including congestion, safety, environmental, energy and community equity issues.

The MC-SMTG is envisioned to become a core foundational platform for the New Jersey transportation community, positioning the state as a national leader in CAV innovations and supporting its pursuit of funding opportunities in the new era of smart mobility technologies.

“The MC-SMTG is a critical element in accelerating the delivery of the benefits that can be derived from these new smart mobility technologies, and the project will further establish Rutgers CAIT as a center of excellence in transportation innovation in the connected and automated vehicle arena,” said Dr. Ali Maher, professor and director at Rutgers CAIT. “Iteris will play a key role as a supporting private-sector partner, providing its design, implementation and smart mobility application development expertise.”

“We are proud to support Rutgers University, NJDOT and Middlesex County’s forward-thinking CAV development and testing initiative with our design and smart mobility application development expertise,” said Dr. Moe Zarean, regional vice president, Consulting Solutions at Iteris. “Iteris’ continued involvement in the growing connectedness of multimodal road users positions us well to help communities around the nation be ready for the future, and ultimately improve the safety and efficiency of our nation’s transportation networks.”

This project is in addition to several CAV deployments Iteris is already working on across the United States – including oversight of pilot deployments, smart work zones, advanced pedestrian detection and automated commercial vehicle inspections. Iteris also led the development and evolution of the U.S. Intelligent Transportation Systems (ITS) architecture reference for over three decades, initiating the Connected Vehicle Reference Implementation Architecture in 2012 and continuing to support the evolution of the combined ARC-IT for the US Department of Transportation’s Federal Highway Administration.

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,” “outlooks,” “target,” “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 related to the awarded contract and our services in connection with the project. 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, perform our services on a timely and cost-effective basis; government funding and budgetary issues, and potential related funding delays; the impact of general economic, political, and other conditions in the markets we address; 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

Media 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
Environment

New Jersey Resources marks Earth Day with the launch of the Coastal Climate Initiative

Supports the Fight Against Climate Change at the Jersey Shore

WALL, N.J. — (BUSINESS WIRE) — Building on its track record of sustainability leadership, New Jersey Resources (NYSE: NJR), a diversified energy company and parent company of New Jersey Natural Gas (NJNG), marks Earth Day with the launch of the Coastal Climate Initiative — a program aimed at advancing climate change solutions to positively impact the communities it serves.

The program kicks off with support for The Nature Conservancy in New Jersey, an environmental nonprofit with over 60 years of experience working to protect water and lands in New Jersey, and their work to restore saltwater tidal wetlands in the Barnegat Bay – part of NJNG’s service territory. The salt marsh islands in Barnegat Bay and along the New Jersey shore are vital ecosystems and have been identified by the New Jersey Department of Environmental Protection as playing a critical role in the state meeting its emissions reduction targets.

“As a business headquartered at the Jersey Shore and serving its communities, combating climate change and helping advance the state’s clean energy goals are top priorities for New Jersey Resources,” said Steve Westhoven, president and CEO of New Jersey Resources. “Through our Coastal Climate Initiative, we’re teaming up with The Nature Conservancy in New Jersey to take action on climate solutions that will restore precious natural habitats in the Barnegat Bay, reduce emissions and make a real difference for our communities on the front line of climate change.”

The Nature Conservancy, alongside a broad coalition of partners, is advancing an innovative restoration technique that holds great potential for large-scale renewal of struggling marshes in New Jersey.

Coastal marshes act as “carbon sinks”, reducing emissions by actively removing carbon from the atmosphere and safely sequestering it away in the ground. They also act as a natural barrier against climate impacts, reducing the impact of storm surge and providing a barrier to help protect people and property in New Jersey’s coastal communities.

“The support and partnership of New Jersey Resources comes at a critical time as we look to expand our work and identify restoration needs and plans for more than 80 marsh islands throughout the Barnegat Bay,” said Dr. Barbara Brummer, state director of The Nature Conservancy in New Jersey. “We thank New Jersey Resources and their customers for taking action and supporting this opportunity to make a real, long-term difference combating the effects of climate change.”

The Coastal Climate Initiative builds on NJR’s support for The Nature Conservancy in this effort, which began with an initial $25,000 donation announced earlier this year.

How the Program Works:

Through the Coastal Climate Initiative, NJNG customers can join this effort with a simple, on-bill donation option that will directly support the salt marsh restoration and preservation efforts being led by The Nature Conservancy in New Jersey.

To maximize the impact of their contributions, NJR will match each customer donation dollar for dollar up to $50,000. All donations go directly to The Nature Conservancy.

NJNG customers can donate to the Coastal Climate Initiative at njng.com/climate.

NJR’s Record of Sustainability Action

Today’s announcement builds on NJR’s strong record as a sustainability and environmental leader across its businesses:

  • Achieved its goal of a 50% reduction in its New Jersey operational emissions from 2006 levels, 10 years ahead of schedule; set a new, higher target of a 60% emissions reduction by 2030.
  • Expected to make 50% of its more than $2.6 billion of capital expenditures across NJR’s businesses in sustainability investments over the next four years.
  • NJNG has invested nearly $2 billion in its system over the last decade, building the most environmentally sound natural gas distribution system in the state, as measured by leaks per mile.
  • NJR has invested significantly in New Jersey’s clean energy economy, as the largest solar owner and operator in New Jersey, with 357 megawatts total installed capacity.
  • Since 2009, NJNG invested nearly $220 million to help customers install energy-efficient equipment.
  • NJNG was also recognized today as an Environmental Champion by Cogent Syndicated 2021 Utility Trusted Brand & Customer EngagementTM Residential Study.

To learn more about NJR’s commitment to sustainability, visit NJRSustainability.com.

Forward-looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJR’s climate change initiatives and investments as well as NJR’s environmental, sustainability and clean energy goals and emission reduction targets.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities Exchange Commission (“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

  • New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, and Burlington counties.
  • NJR Clean Energy Ventures invests in, owns, and operates solar projects with a total capacity of more than 357 megawatts, providing residential and commercial customers with low-carbon solutions.
  • NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
  • Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility, and our 20% equity interest in the PennEast Pipeline Project.
  • NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR:

www.njresources.com
Follow us on Twitter @NJNaturalGas.

“Like” us on facebook.com/NewJerseyNaturalGas.

Contacts

Media:
Michael Kinney

732-938-1031

mkinney@njresources.com

Investors:
Dennis Puma

732-938-1229

dpuma@njresources.com

Categories
Environment Technology

Straus Family Creamery and BMW Group celebrate Earth Day with advancement of Low Carbon Fuel Standard Program for cow-powered climate change solutions

Founder Albert Straus Mitigates Climate Change with Dairy Farming Model that Reduces Methane Emissions and Generates Income for Dairy Farmers

PETALUMA, Calif. — (BUSINESS WIRE) — #AlbertStraus—Straus Family Creamery, a leader in climate-positive organic dairy farming innovation, announces the evolution in a first-of-its-kind collaboration with BMW Group. Through California Air Resources Board’s Low Carbon Fuel Standard (LCFS) Program, BMW can “power” their customers’ electric vehicles with ultra-low carbon intensity electric fuel produced from biodigester technology on the Straus Organic Dairy Farm. The BMW collaboration strengthens Albert Straus’ vision to create a replicable carbon-neutral farming model on his farm, and it provides an opportunity for California dairy farmers to generate new income sources.


First-of-its-Kind Collaboration: Straus Organic Dairy Farm and BMW Group

The Straus Organic Dairy Farm and BMW Group’s collaboration created a new farm-to-electric pathway in 2019 that ensured the Straus farm could recently invest in and test an advanced biodigester technology. With costs between $1 and $2 million, small-scale methane digesters have not been affordable for smaller dairies. This advanced technology is an upgraded version of the methane biodigester that has been operating on the Straus farm since 2004.

“Dairy farms have an essential role in being a solution to climate change. I really appreciate BMW Group’s willingness and collaboration in helping us create a viable farming system,” said Albert Straus, founder and CEO, Straus Family Creamery.

Low Carbon Fuel Standard Program Successes

Straus Organic Dairy Farm’s methane biodigester converts the methane from cows’ manure into electricity and is on track to generate approximately 250 megawatts of renewable electricity in 2021. The newly designed biodigester technology will help make methane biodigesters more affordable for small-scale organic dairy farms, enabling the reduction of methane (a greenhouse gas which is 86 times more potent than carbon dioxide) emissions and creating additional revenue sources for farmers through the sale of carbon credits through the LCFS program.

A biogas generator currently powers the Straus Organic Dairy Farm and exports energy to the California power grid. In January 2021, the electricity started being used to “power” BMW electric vehicles. This collaboration creates two to four times more revenue than the standard utility agreement for the Straus farm. The biodigester also helps the Straus farm decrease yearly methane emissions by 720 metric tons as it generates renewable energy.

Organic Dairy Farming Creates Cow-Powered Climate Change Solutions

“The exciting thing about dairy biodigesters is that they create a double-carbon emission reduction. On the one hand, they capture methane emissions from manure on farms that would otherwise be released into the atmosphere. And they also produce electricity which replaces fossil-fuel generation on the grid,” said Adam Langton, Energy Services Manager of Connected mobility, BMW of North America.

Farmers are addressing methane emissions under the state’s greenhouse gas reduction laws passed several years ago. These laws mandate a methane emission reduction of 40 percent below 2013 levels by 2030. The digester trial on the Straus Organic Dairy Farm demonstrates a model for small-scale organic dairy farmers who want to adopt methane biodigester technology.

The climate crisis is an urgent concern for businesses and agricultural communities. The Biden administration is paying close attention to agriculture, both for its role in creating emissions and its role in mitigating them. Science is focusing on regenerative farming (also known as carbon farming) practices that focus on reducing carbon in the atmosphere through sequestering carbon back into the soil and reducing methane emissions through manure management.

“Achieving a dramatic reduction in climate emissions from dairy farms requires multiple solutions, but the central piece of the dairy farm carbon-neutral equation is methane biodigester technology,” said Joseph Button, Sustainability Director, Straus Family Creamery.

BMW Group’s new ChargeForward is the first smart charging program to offer customer incentives for maximizing the integration of renewable energy with EV charging. “Renewable energy is a key component of BMW Group’s sustainability strategy. We are aiming to power all of our electric vehicles here in California with 100 percent clean energy, and the partnership with Straus Organic Dairy Farm is helping us make this a reality in California,” said Langton.

Launching next week, this advanced smart charging initiative is available to all BMW battery electric (BEV) and plug-in hybrid (PHEV) vehicle drivers in Northern and Central California who are also PG&E residential, electric customers. Interested BMW EV consumers can complete an application at www.bmwchargeforward.com to check eligibility.

Click here to watch a video and download an infographic to learn more about the Straus Family Creamery and BMW Group collaboration. A longstanding proponent of climate-smart agriculture, Albert Straus and Straus Family Creamery demonstrate that organic dairy farming is a climate change solution. Click here for their latest Sustainability Report.

About Straus Family Creamery

Based in Petaluma, CA, Straus Family Creamery is a Northern California, certified organic creamery offering minimally processed organic dairy products made from organic milk supplied by family farms in Marin and Sonoma Counties, including the Straus Organic Dairy Farm, which is the first certified organic dairy farm west of the Mississippi River. Straus Family Creamery, the first 100 percent certified organic creamery in the United States, continues to make business decisions based on its mission to help sustain family farms, revitalize rural communities, and protect the environment. The family-owned business sustains collaborative relationships with the family farms that supply it milk, offering stable prices and predictability in what can otherwise be a volatile marketplace. Learn about the Straus difference at StrausFamilyCreamery.com, Facebook, Instagram, Twitter, YouTube, and Linkedin.

About BMW Group in America

BMW of North America, LLC has been present in the United States since 1975. Rolls-Royce Motor Cars NA, LLC began distributing vehicles in 2003. The BMW Group in the United States has grown to include marketing, sales, and financial service organizations for the BMW brand of motor vehicles, including motorcycles, the MINI brand, and Rolls-Royce Motor Cars; Designworks, a strategic design consultancy based in California; technology offices in Silicon Valley and Chicago, and various other operations throughout the country. BMW Manufacturing Co., LLC in South Carolina is the BMW Group global center of competence for BMW X models and manufactures the X3, X4, X5, X6 and X7 Sports Activity Vehicles. The BMW Group sales organization is represented in the U.S. through networks of 348 BMW passenger car and BMW Sports Activity Vehicle centers, 144 BMW motorcycle retailers, 116 MINI passenger car dealers, and 38 Rolls-Royce Motor Car dealers. BMW (US) Holding Corp., the BMW Group’s sales headquarters for North America, is located in Woodcliff Lake, New Jersey.

Contacts

Shereen Mahnami

Director of Communications

Straus Family Creamery

707-776-2887×2149

Shereen@strausmilk.com

Haven Bourque

HavenBMedia

415-505-3473

Haven@HavenBMedia.com