Tag: Capital

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Healthcare

Metagenomi closes USD 65 million Series A financing led by Leaps by Bayer and Humboldt Fund

• Metagenomi is a genomic medicines company pioneering precision gene editing systems to advance curative therapies for oncology and genetic diseases

• Proprietary and wholly owned gene editing platform offers the potential to expand the range of treatable diseases and to improve patient access to cell and gene therapies

EMERYVILLE, Calif., US, and LEVERKUSEN, Germany–(BUSINESS WIRE)–Metagenomi, a next generation gene editing company launched by UC Berkeley scientists in 2018, successfully completed a USD 65 million Series A financing round and emerged from stealth mode today. The Series A round was led by Leaps by Bayer and Humboldt Fund. Other investors included Sozo Ventures, Agent Capital, InCube Ventures and HOF Capital.

CRISPR-based gene editing is one of the most important discoveries in recent years, and a critical technology for next generation therapeutic development. With the ability to edit DNA, scientists can address a whole range of diseases – but there are still hurdles to overcome such as delivery, immunogenicity, selectivity, and genomic accessibility with current technologies. To enable efficient technological solutions, Metagenomi is building a proprietary suite of CRISPR-based gene editing systems by applying computational algorithms to screen thousands of genomes from microorganisms around the world. The approach leverages big data and the science of metagenomics to quickly identify novel gene editing systems with properties that leapfrog first generation technologies. These include the capability to precisely edit genomes via single base changes, knockouts, or integrations, with lower potential for off-target effects. While in stealth mode, Metagenomi has developed a vast portfolio of these innovative gene editing systems, and it is Metagenomi’s goal to improve patient access to gene editing technologies by providing safe, accurate modalities for use in therapeutic development.

“Gene editing is a paradigm shifting technology which will continue to move the needle from treatment to cure in many genetically inherited diseases and significantly improve the world around us for the better,” said Dr. Juergen Eckhardt, Head of Leaps by Bayer. “Leaps by Bayer is committed to advancing new breakthroughs in gene editing and is thrilled to partner with Metagenomi in its mission to discover tomorrow’s gene editing technologies.”

“Metagenomi is accelerating innovation in gene editing technology to help patients with genetic diseases that are incurable today. This means developing a vast database of gene editing capabilities to enable unprecedented therapeutic approaches,” said Brian C. Thomas, CEO and co-founder of Metagenomi. “Working with visionary investors, such as Leaps by Bayer and Humboldt Fund, will allow us to deliver on our promise to partners and fuel the development of our own pipeline of innovative curative medicines.”

Capital raised during this round will enable Metagenomi to accelerate the expansion of its gene editing systems for potential therapeutic use. In addition, Metagenomi will advance research and preclinical validation for its own pipeline. New hires will help sustain the growth Metagenomi has seen in 2020 and carry the company through further scientific advancements. Joining Metagenomi as Chief Business Officer is Jak Knowles who will oversee exploration of partnerships with industry leaders in the cell and gene therapy space.

“With the Nobel Prize in Chemistry this year honoring CRISPR, the technology will continue to sweep through laboratories around the world and be examined for its countless potential applications,” said Dr. Sebastian Bernales, General Partner of Humboldt Fund.

About Bayer and Leaps by Bayer

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2019, the Group employed around 104,000 people and had sales of 43.5 billion euros. Capital expenditures amounted to 2.9 billion euros, R&D expenses to 5.3 billion euros. For more information, go to www.bayer.com.

Leaps by Bayer, a unit of Bayer AG, leads impact investments into solutions to some of today’s biggest challenges in health and agriculture. The investment portfolio includes more than 30 companies. They are all working on potentially breakthrough technologies to overcome some specific challenges such as, e.g. regenerating lost tissue function, reducing the environmental impact of agriculture, preventing or curing cancer, and others. For more information, go to www.leaps.bayer.com

About Humboldt Fund

Humboldt Fund is a venture capital fund that supports innovative, early-stage companies by investing in the biotech revolution. At Humboldt Fund, we identify and invest in pioneers of engineering, physical sciences and life sciences to bring emerging biotech enterprises to a global market. Together we explore, discover and create new technologies that disrupt global conventions and solve the critical issues of our world, while creating value and prosperity. For a more information, please go to www.humboldtfund.com

About Metagenomi

At Metagenomi, we are accelerating innovation in cell and gene therapy with a wave of proprietary CRISPR-based systems to accurately edit DNA where current technologies cannot. Our metagenomics-powered discovery platform and analytical expertise reveal novel cellular machinery sourced from otherwise unknown organisms. We adapt and forge these naturally evolved systems into powerful therapeutic tools that can be leveraged by partners and fuel our own pipeline of potentially curative medicines. Our goal is to revolutionize gene editing and unlock its power for the benefit of patients around the world. For more information, please visit https://metagenomi.co/

scw (2020-0245)

Forward-Looking Statements

This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Contacts

Bayer:

Daniel Childs, phone +1 (973) 437-0809

Email: daniel.childs@bayer.com

Find more information at www.leaps.bayer.com
Follow us on Twitter: @LeapsByBayer

Metagenomi:
Ashlye Hodge, phone: +1 (510) 734-4409
Email: ashlye@metagenomi.com

Find more information at https://metagenomi.co/
Follow us on Twitter: @metagenomi

Humboldt Fund:
Francisco Dopazo, phone +1 617 922 0826
Email: francisco.dopazo@humboldtfund.com

Find more information at https://humboldtfund.com/

Categories
Business

AM Best affirms credit ratings of Junto Resseguros S.A. and Junto Seguros S.A.

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Junto Resseguros S.A. (Junto Re) and Junto Seguros S.A. (Junto Seg) (collectively referred to as Junto). The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in Brazil.

The ratings reflect Junto’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Junto Re is classified as a local reinsurer in Brazil and mainly operates as a captive reinsurer for Junto Seg, an organization that has been writing surety directly for more than two decades. Junto Seg is the market-facing company of the group and one of the leading surety writers in Brazil. Junto benefits operationally from its minority shareholder, Travelers Brazil Acquisition LLC (with a 49.5% ownership), which is ultimately owned by The Travelers Companies, Inc. These benefits include collaboration on ERM, employee development, retrocession placement, claims handling, business development and other operational functions. Junto maintains low underwriting leverage and strong liquidity metrics, with a comprehensive retrocession program that provides additional capacity and reduces the company’s overall exposure.

Partially offsetting these positive rating factors is Junto’s concentration risk as essentially a monoline surety writer with business concentration in a single country. Junto’s future plans to mitigate this risk include expansion into related lines of business. Junto also executed a capital reduction and increased dividend payments to reduce the level of its surplus and optimize its capital structure. This did not result in a significant decrease in risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), as the company’s net premiums written were significantly lower in 2019. Going forward, if net premiums resume growth, the risk-adjusted capitalization could be affected negatively if there is not a corresponding increase in capital.

Additionally, Brazil’s (re)insurance market continues to be highly competitive, with homegrown and global (re)insurers vying for market share. With Brazil’s economy showing a meaningful downturn caused by the COVID-19 pandemic, companies continue to seek international expansion while keeping an eye on opportunities in the (re)insurance market. Surety has been one of the fastest-growing segments in the (re)insurance industry in Brazil.

Positive rating triggers include a successful long-term execution of the group’s growth and diversification strategy and consistent operating performance, along with sustained and robust risk-adjusted capitalization. Negative rating triggers include a deterioration in either operating results or risk-adjusted capitalization, the inability to execute its growth and diversification strategy, a continued weakness in Brazil’s economy or a downgrade in Brazil’s country risk tier.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Guilherme Monteiro Simoes
Senior Financial Analyst
+1 908 439 2200, ext. 5301
guy.simoes@ambest.com

Scott Mangan
Associate Director
+1 908 439 2200, ext. 5593
scott.mangan@ambest.com

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

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

Categories
Business

A boss idea: New Jersey-based team launches ShoreHaven Wealth Partners with Dynasty Financial Partners

Team Previously Managed $420 Million in Client Assets

ST. PETERSBURG, Fla.–(BUSINESS WIRE)–Leading wealth advisor Lawrence Durso, his son Michael Durso and advisor Michael Lombardi today announced the launch of their new firm, ShoreHaven Wealth Partners, an independent wealth management firm based in Red Bank, New Jersey. The team had previously worked together at Durso Wealth Management Group at Morgan Stanley where they managed $420 million in client assets.

ShoreHaven Wealth Partners is an independent wealth management firm working with a select group of affluent multigenerational families and high net worth individuals, to protect, grow and transition their assets. Many of their clients are family-owned businesses who face succession and transition challenges.

Joining ShoreHaven Wealth from Morgan Stanley are the following professionals:

  • Lawrence Durso, a veteran wealth advisor. Mr. Durso has worked in the financial services industry since 1978;
  • his son, Michael Durso, CFA, an investment specialist. He has worked in financial services since 2006;
  • Michael Lombardi, CFP, also has experience working in financial services since 2006, and
  • Sheryl Iannuzzelli, Director of Relationship Management, Chief Compliance Officer

ShoreHaven Wealth Partners has joined the Dynasty Financial Partners network. Through Dynasty, the firm has access, on their clients’ behalf, to a full array of capital markets and investment banking capabilities, as well as a vast range of investment research and consulting, advanced technology, proprietary analytical tools, and an online research center. They have also selected Fidelity Institutional as the custodian for their clients’ assets. ShoreHaven Wealth has chosen Black Diamond for performance reporting.

“We are excited to launch ShoreHaven Wealth Partners as an independent firm. We believe there are great opportunities to create a customized planning process for our clients as well as create our own brand. And, in the future, we anticipate adding like-minded advisors to our firm,” said Mr. Larry Durso.

“The ShoreHaven team is a group of seasoned financial advisors and experts and they are well-positioned to flourish in the independent space. Because of the relationship between Larry and his son Mike, the team brings a particularly insightful perspective to their clients in understanding the impact of family dynamics on the management of wealth across generations,” said Shirl Penney, CEO of Dynasty Financial Partners. “The movement to independence is continuing – even during the lockdown – and we are pleased that an increasing number of RIAs are choosing Dynasty as their platform services partner to help them scale, grow, expand margins, operate more efficiently, and better care for their clients. We are thrilled to welcome ShoreHaven Wealth to the Dynasty Network!”

BIOS

Lawrence Durso, Founding Partner, CEO

Larry Durso founded ShoreHaven Wealth Partners in 2020 with his son Michael and Michael Lombardi. Most recently he had led the Durso Wealth Management Group at Morgan Stanley, where he was a Managing Director- Wealth Management.

Lawrence Durso has worked in the financial services industry since 1978. He has primarily focused on creating solutions for unique problems typically associated with high net worth clients and their families. Additionally, he holds multiple securities registrations and life and health insurance licenses.

He holds a Bachelor’s Degree (summa cum laude) from St. John’s University and a Master’s Degree from Columbia University.

Mr. Durso is active in several charitable organizations, including St. John’s University (past President of the SJU Staten Island Alumni Association) and the Daughters of Saint Paul. He is currently Chairman of the Board of Directors for the Lt. Dennis W. Zilinski II Memorial Fund, also a member of the Algonquin Arts Theatre Board of Trustees and an active Supporter of the Society for the Prevention of Teen Suicide.

Michael Durso, CFA®, Founding Partner, Chief Investment Officer

Michael Durso is a co-founder and Chief Investment Office (CIO) of ShoreHaven Wealth Partners. As CIO, he is responsible for oversight of ShoreHaven’s asset allocation, manager selection, and investment strategy.

He has over a decade of experience in the financial services industry and has worked with clientele ranging from pensions, foundations, endowments, home offices and financial advisors to successful professionals and their families.

He began his career at AllianceBernstein in 2006, where he worked with financial advisors as a Senior Regional Consultant. In 2009, he joined BlackRock, where he was a Vice President within the iShares ETF business. Prior to joining Morgan Stanley in 2016, he worked at SKY Harbor Capital Management, where he was responsible for relationship management in the Americas.

He earned his BBA degree in Finance with a minor in Marketing from James Madison University in 2006. While at James Madison, he was a varsity member of the Track and Cross Country program and 2003 IC4A Men’s Cross Country Championship team. He was also a member of Phi Sigma Pi National Honors Fraternity.

Michael a CFA® Charter Holder and member of the New York Society of Securities Analysts (NYSSA).

Michael Lombardi, CFP®, Founding Partner, Chief Planning Officer

Prior to co-founding ShoreHaven Wealth Partners, he worked with Lawrence Durso in the Durso Wealth Management Group at Morgan Stanley since 2012. Mr. Lombardi began his career as a financial advisor at Wachovia Securities in 2006, shortly after earning his B.S. in finance from The College of New Jersey. He completed the Certified Financial Planning Program at Boston University and, in 2013, was awarded the CFP® certification.

Sheryl Iannuzzelli, Director of Relationship Management, Chief Compliance Officer

Sheryl Iannuzzelli runs the day-to-day operations of the team. She joined the Durso Wealth Management Group at Morgan Stanley in 1995. Ms. Iannuzzelli holds a bachelor’s degree from Seton Hall University.

About ShoreHaven Wealth Partners

ShoreHaven Wealth Partners is an independent wealth management firm based in Red Bank, New Jersey that works with a select group of affluent multigenerational families and high net worth individuals, to protect, grow and transition their assets. Many of their clients are family-owned businesses who face succession and transition challenges.

Their objective is to help clients enjoy what’s important in their lives, through the benefit of financial prosperity. For more information, please visit: www.ShoreHavenWealth.com and on Twitter: @ShoreHavenWP

About Dynasty Financial Partners

Dynasty Financial Partners is known for assisting advisors of integrity to better service their clients, run their businesses more profitably, grow faster, and enhance the enterprise value of their firms. Dynasty does this by providing wealth management and technology platforms for select independent financial advisory firms. Dynasty creates access to valuable resources and industry-leading capabilities through an open architecture platform, enabling advisors to address their clients’ needs and to protect and grow their wealth. Dynasty supports independent advisors and their teams in being independent, but not alone, by creating exclusive community events and experiences. Dynasty also offers access to flexible capital solutions to help advisors expand, scale, and grow their business. Dynasty’s core principle is “objectivity without compromise,” and the firm is committed to developing solutions that allow investment advisors to act as true fiduciaries to their clients. ​

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

Also visit Dynasty on social media:

LinkedIn: https://www.linkedin.com/company/dynasty-financial-partners
Twitter: @DynastyFP
Youtube: http://bit.ly/1MKXhC8

Contacts

Media
Sally Cates

sallycates@dynastyfinancialpartners.com
212-373-1000

Categories
Business

Columbia Care raises approximately $14 million of non-dilutive capital through second sale leaseback

The Transaction Includes the Company’s New Jersey Cultivation and Manufacturing Facility and Dispensary; Additional Sale Leaseback Financings Expected in 2H 2020

NEW YORK–(BUSINESS WIRE)–Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”) announced the close of its sale leaseback transaction with Innovative Industrial Properties (NYSE:IIPR) (“IIP”) valued at approximately $14 million. The transaction includes the Company’s dispensary, cultivation and manufacturing facilities in Vineland, New Jersey, totaling approximately 54,000 square feet.

Upon closing, Columbia Care entered into a long-term, triple-net lease agreement with IIP and will continue to develop, operate, and manage the properties. The Company’s New Jersey dispensary commenced sales operations in June, while its cultivation facility recently completed its first harvest and is expected to sell finished, packaged products into both the wholesale and retail markets. Columbia Care expects to continue expanding its cultivation, manufacturing and packaging capabilities over the next 12 months, in addition to adding two more dispensaries and introducing home delivery throughout the state. New Jersey is a rapidly growing market that is expected to transition from medical-only to adult use in 1Q 2021. There are currently 78,000 registered patients and only 11 operating dispensaries in the state.

“Coupled with our other recent financing announcements, this incremental non-dilutive capital will bolster our already strong balance sheet and enable us to continue to execute against our growth and profitability initiatives across the United States,” said Nicholas Vita, CEO of Columbia Care. “With the adult use cannabis measure likely to be passed by New Jersey voters in November, we remain well-positioned to be one of the market leaders in the Garden State. Columbia Care is thrilled to partner with IIP as we capitalize on the positive tailwinds across our various markets and achieve adjusted EBITDA profitability later this year.”

IIP President and CEO Paul Smithers commented: “We are excited to partner with the team at Columbia Care as we believe the cannabis market in New Jersey is poised for strong growth in the coming years. We look forward to enabling Columbia Care to further its position as a leading operator in the state.”

About Columbia Care Inc.

Columbia Care is one of the largest and most experienced cultivators, manufacturers and providers of medical and adult use cannabis products and related services with licenses in 18 US jurisdictions1 and the EU. Columbia Care has completed more than 1.8 million sales transactions since inception and working in collaboration with renowned and innovative teaching hospitals and medical centers globally, continues to be a patient-centered health and wellness company setting the standard for compassion, professionalism, quality, care and innovation in the rapidly expanding cannabis industry. For more information on Columbia Care, please visit www.col-care.com.

Caution Concerning Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws and reflect the Company’s current expectations regarding future events. The Company has made assumptions with respect to its New Jersey operations including adult use legalization passage, home delivery, its ability to find suitable additional dispensary locations as well as its ability to negotiate additional lease arrangements satisfactory to the Company; complete all planned construction in a timely manner and attract qualified staff. Columbia Care has also made certain general industry assumptions in the preparation of such forward-looking statements including projections that may be impacted by macroeconomic factors and other factors not controllable by the Company. While Management believes its assumptions and forward-looking statements to be reasonable at the time of preparation, there can be no assurance that actual results will be consistent with such forward-looking statements. Investors are also advised to review other risk factors discussed under “Risk Factors” in Columbia Care’s Annual Information Form dated March 31, 2020, filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com and described from time to time in documents filed by the Company with Canadian securities regulatory authorities.

1 Includes Colorado, subject to successful completion of the acquisition of The Green Solution and W. Virginia industrial hemp cultivation license.

Contacts

Investor Contact:
Gary F. Santo, Jr.

Investor Relations

+1.212.271.0915

ir@col-care.com

Media Contact:
Gabriella Velez

5WPR

columbiacare@5wpr.com