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American Water Charitable Foundation provides $40,000 donation to Center for Aquatic Sciences

CAMDEN, N.J. — (BUSINESS WIRE) — The American Water Charitable Foundation, a 501(c)(3) organization established by American Water, the largest publicly traded U.S. water and wastewater utility company, today announced a $40,000 donation to the Center for Aquatic Sciences in support of their 2023 Community and Urban Science Enrichment (“CAUSE”) Program.

 

“The American Water Charitable Foundation is proud to continue our partnership with the Center for Aquatic Sciences by funding the CAUSE program for a fourth year,” said Carrie Williams, President of the American Water Charitable Foundation. “As neighbors on the Camden Waterfront, we remain committed to strengthening and improving educational opportunities for Camden’s youth and supporting the next generation of environmental leaders.”

 

CAUSE, the Center for Aquatic Sciences’ flagship program, has served youth in Camden, N.J. since 1993. It’s a community-focused development model that:

  • Strengthens STEM academic preparedness for Camden teens
  • Increases diversity in STEM career fields
  • Creates employment opportunities for Camden youth
  • Provides no-cost STEM enrichment experiences for Camden youth in grades K-12

 

“Our partnership with American Water and the American Water Charitable Foundation has been critical to the continued success of the CAUSE program and the Center’s goal to support Camden youth as environmental leaders. We are deeply grateful for their continued support and proud to be celebrating the 30th anniversary of CAUSE with American Water as our partner,” said Nicole M. Gillespie Ph.D., President & CEO, Center for Aquatic Sciences.

 

Since its inception, CAUSE has provided opportunities for more than 400 Camden teens as interns and 3,000 Camden children as campers.

 

About the Center for Aquatic Sciences

The Center for Aquatic Sciences is a 501(c)(3) not-for-profit organization founded in 1989 and has since been advancing the understanding of and concern for aquatic animals and their habitats. The Center’s mission is: “education and youth development through promoting the understanding, appreciation and protection of aquatic life and habitats.” In performing this mission, the Center strives to be a responsible member of the community, assisting in its economic and social redevelopment by providing opportunities for education, enrichment, and employment. For more information, visit www.aquaticsciences.org.

 

About American Water Charitable Foundation

The American Water Charitable Foundation is a 501(c)(3) nonprofit organization that provides a formal way to demonstrate the company’s ongoing commitment to be a good neighbor, citizen, and contributor to the communities where American Water and its employees live, work and operate. For more information, visit amwater.com/awcf and follow the American Water Charitable Foundation on Facebook.

 

About American Water

With a history dating back to 1886, American Water (NYSE: AWK) is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,400 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to more than 14 million people in 24 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and diversityataw.com. Follow American Water on Twitter, Facebook and LinkedIn.

Contacts

Media
Alicia Barbieri

Manager, Corporate Communications

(856) 676-8103

alicia.barbieri@amwater.com

Categories
Business

AM Best affirms Credit Ratings of United Fire Group, Inc. and its property/casualty subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of the property/casualty (P/C) subsidiaries of United Fire Group, Inc. (UFG) [NASDAQ: UFCS] (collectively known as United Fire & Casualty Group), which operate under an intercompany pooling agreement led by United Fire & Casualty Company. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of UFG. The outlook of these Credit Ratings (ratings) is negative. All companies are headquartered in Cedar Rapids, IA. (See below for a detailed listing of the companies and ratings.)

The ratings reflect United Fire & Casualty Group’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

 

In maintaining the negative outlooks that were assigned in December 2020, AM Best recognizes the execution risk associated with the implementation of the enterprise-wide strategic plan intended to improve operational and financial performance given competitive market conditions, as well as ongoing exposure to catastrophe events that could potentially result in additional pressure on balance sheet fundamentals.

 

The ratings also reflect the group’s solid risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), diversified product offerings, long-standing agency relationships, solid regional franchise and the financial flexibility afforded by UFG. These positive rating factors are offset partially by the competitive market conditions and resulting adverse reserve development, particularly in its other liability line of business, specifically excess and surplus, umbrella and construction defect occurring during the third quarter of 2022. In addition, the group maintains exposure to potential catastrophe and weather-related losses. The Long-Term ICR of UFG recognizes the capital strength of its operating subsidiaries.

 

The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been affirmed with negative outlooks for United Fire & Casualty Company and its following P/C subsidiaries:

  • Lafayette Insurance Company
  • Addison Insurance Company
  • United Fire & Indemnity Company
  • United Fire Lloyds
  • Mercer Insurance Company
  • Financial Pacific Insurance Company
  • Mercer Insurance Company of New Jersey, Inc.
  • Franklin Insurance Company
  • UFG Specialty Insurance Company

 

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 Performance Assessments, 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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Gordon McLean
Senior Financial Analyst
+1 908 439 2200, ext. 5304
gordon.mclean@ambest.com

Raymond Thomson, CPCU, ARe, ARM
Associate Director
+1 908 439 2200, ext. 5621
raymond.thomson@ambest.com

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

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Categories
Business Lifestyle Regulations & Security Technology

Knightscope (Nasdaq: KSCP) receives 5 new contracts

Public Safety Innovator Continues to Accelerate Growth Alongside Sustained Renewals

 

MOUNTAIN VIEW, Calif. — (BUSINESS WIRE) — $KSCP #SecurityRobotKnightscope, Inc. (Nasdaq: KSCP), a leading developer of autonomous security robots, continues to accelerate market expansion with five new contracts for its Autonomous Security Robot (ASR) and Blue Light Emergency Communication services across multiple U.S. states.


The contracts and deployment locations are as follows:

  • A property management group in Chicago will have a K5 ASR patrolling the parking lot of a mixed-use facility with both retail and professional clients as tenants. This will be the Company’s second deployment in the City of Chicago in an area where crime, trespassing, vehicle break-ins, and catalytic converter thefts are at epidemic levels.
  • A police department in North Carolina has purchased a K1 Call Box to aid in direct emergency communications for its citizens.
  • Knightscope scored another Tribal casino client, which will be the first contract in Oklahoma. There are 39 Tribal Nations in Oklahoma alone, and they collectively have over 80 casinos.
  • An airport in New Jersey is replacing a competitor’s product with a K1 Blue Light Emergency Phone.
  • 4 K1 Call Boxes will be going to a construction company in Texas completing a new bridge. The phones will be used to assist in suicide prevention.

 

Knightscope’s expanded product line is helping its clients protect the places people live, work, study and visit in many new ways. In addition to this ongoing new growth, Knightscope perseveres with sustained renewals received from existing clients, further validating the long-term effectiveness of its technologies.

  • A Houston-based hospital signed a 2-year renewal for its 2 K3 ASRs. This will be the 5th and 6th years of service for these Texan robots.
  • Featured in multiple local news stories touting a significant reduction in vehicle break ins, auto thefts and other types of crimes, a Portland hotel renewed its agreement to keep their K5 patrolling its parking lot for another year.

 

These renewals are a testament to the positive impact Knightscope’s technologies have actually solving real problems at a very affordable rate. Click here to discover what Knightscope tools will best help you in your specific application today.

 

About Knightscope

Knightscope is an advanced security technology company based in Silicon Valley that builds fully autonomous security robots that deter, detect and report. Knightscope’s long-term ambition is to make the United States of America the safest country in the world. Learn more about the company at www.knightscope.com. Follow Knightscope on Facebook, Twitter, LinkedIn and Instagram.

 

Forward-Looking Statements

This press release may contain ”forward-looking statements” about Knightscope’s future expectations, plans, outlook, projections and prospects. Such forward-looking statements can be identified by the use of words such as ”should,” ”may,” ”intends,” ”anticipates,” ”believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” ”proposes” and similar expressions. Although Knightscope believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Readers are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Knightscope’s Annual Report on Form 10-K for the year ended Dec. 31, 2021. Forward-looking statements speak only as of the date of the document in which they are contained, and Knightscope does not undertake any duty to update any forward-looking statements except as may be required by law.

Contacts

Public Relations:
Stacy Stephens
Knightscope, Inc.
(650) 924-1025

Corporate Communications:

IBN (InvestorBrandNetwork)

Los Angeles, California

www.InvestorBrandNetwork.com
310.299.1717 Office

Editor@InvestorBrandNetwork.com

Categories
Business Healthcare Lifestyle Science

Seagen, Astellas and Merck announce FDA acceptance of sBLAs for PADCEV® (enfortumab vedotin-ejfv) with KEYTRUDA® (pembrolizumab) for the first-line treatment of certain patients with locally advanced or metastatic urothelial cancer

– This combination has the potential to be the first treatment option combining an antibody-drug conjugate plus an immunotherapy in this treatment setting –

– FDA granted the applications Priority Review with a PDUFA date of April 21, 2023 –

 

BOTHELL, Wash. & TOKYO & RAHWAY, N.J. — (BUSINESS WIRE) — Seagen Inc. (Nasdaq: SGEN),Astellas Pharma Inc. (TSE:4503) and Merck (NYSE: MRK), known as MSD outside of the United States and Canada, today announced the U.S. Food and Drug Administration (FDA) has accepted for Priority Review supplemental Biologics License Applications (sBLAs) for PADCEV® (enfortumab vedotin-ejfv) and KEYTRUDA® (pembrolizumab) for use of these two agents in combination for the treatment of patients with locally advanced or metastatic urothelial cancer (la/mUC) who are not eligible to receive cisplatin-containing chemotherapy. The respective applications are intended to expand both labels for PADCEV and KEYTRUDA. The agency set a Prescription Drug User Fee Act (PDUFA) goal date for each application of April 21, 2023.

 

“We look forward to working closely with the FDA as we seek potential accelerated approval for this combination in the hopes that it can be another treatment option for patients with locally advanced or metastatic urothelial cancer who are not eligible for cisplatin-containing chemotherapy,” said Ahsan Arozullah, M.D., M.P.H., Senior Vice President and Head of Development Therapeutic Areas, Astellas.

 

The combination therapy was granted Breakthrough Therapy designation by the FDA in February 2020. The respective sBLAs are supported by efficacy and safety data from the phase 1b/2 EV-103 trial (NCT03288545, also known as KEYNOTE-869) Dose Escalation/Cohort A and Cohort K. Results from Dose Escalation/Cohort A were published in the Journal of Clinical Oncology.1 Results from Cohort K were presented in a late-breaking session at the 2022 European Society for Medical Oncology (ESMO) Congress.2

 

“Urothelial cancer, the most common type of bladder cancer, is associated with poor survival in the advanced stage,” said Marjorie Green, M.D., Senior Vice President and Head of Late-Stage Development, Seagen. “The investigational results from our clinical development program support the combination of PADCEV and KEYTRUDA as a potential treatment for this patient population.”

 

Please see Important Safety Information at the end of this press release for both drugs, including a warning and precaution for immune-mediated adverse reactions for pembrolizumab and BOXED WARNING for PADCEV (enfortumab vedotin-ejfv) for serious skin reactions.

 

“Despite advancements in treatment options, approximately half of advanced bladder cancer patients in the U.S. are ineligible for cisplatin-based chemotherapy, and these patients need new options. We are encouraged by the investigational results of the combination of PADCEV and KEYTRUDA for this patient population and are fully committed to work to bring this new approach forward to patients,” said Dr. Eliav Barr, Senior Vice President, Head of Global Clinical Development and Chief Medical Officer, Merck Research Laboratories.

 

Seagen, Astellas and Merck are further investigating enfortumab vedotin plus pembrolizumab in the ongoing phase 3 EV-302 study (NCT04223856, also known as KEYNOTE-A39), evaluating the clinical benefit for the investigational treatment combination in patients with previously untreated advanced urothelial cancer. The trial is intended to serve as the confirmatory trial for the potential accelerated approval in the U.S. and serve as the basis for global registration.

 

The studies are part of an extensive program evaluating this combination in multiple stages of urothelial cancer, including two phase 3 clinical trials in muscle-invasive bladder cancer in EV-304 (NCT04700124, also known as KEYNOTE-B15) and EV-303 (NCT03924895, also known as KEYNOTE-905).

 

About Bladder and Urothelial Cancer

It is estimated that approximately 81,180 people in the U.S. were diagnosed with bladder cancer in 2022.3 Urothelial cancer accounts for 90% of all bladder cancers and can also be found in the renal pelvis, ureter and urethra.4 Approximately 12% of cases are locally advanced or metastatic urothelial cancer at diagnosis.5 Globally, approximately 573,000 new cases of bladder cancer and 212,000 deaths are reported annually.6

 

About the EV-103/KEYNOTE-869 Trial

The EV-103 trial (NCT03288545) is an ongoing, multi-cohort, open-label, multicenter phase 1b/2 study of enfortumab vedotin alone or in combination with pembrolizumab and/or chemotherapy in first- or second-line settings in patients with locally advanced or metastatic urothelial cancer (la/mUC) and in patients with muscle-invasive bladder cancer.

 

About PADCEV

PADCEV (enfortumab vedotin-ejfv) is a first-in-class antibody-drug conjugate (ADC) that is directed against Nectin-4, a protein located on the surface of cells and highly expressed in bladder cancer.7 Nonclinical data suggest the anticancer activity of PADCEV is due to its binding to Nectin-4-expressing cells followed by the internalization and release of the anti-tumor agent monomethyl auristatin E (MMAE) into the cell, which result in the cell not reproducing (cell cycle arrest) and in programmed cell death (apoptosis).8

 

PADCEV (enfortumab vedotin-ejfv) U.S. Indication & Important Safety Information

BOXED WARNING: SERIOUS SKIN REACTIONS

  • PADCEV can cause severe and fatal cutaneous adverse reactions including Stevens-Johnson syndrome (SJS) and Toxic Epidermal Necrolysis (TEN), which occurred predominantly during the first cycle of treatment, but may occur later.
  • Closely monitor patients for skin reactions.
  • Immediately withhold PADCEV and consider referral for specialized care for suspected SJS or TEN or severe skin reactions.
  • Permanently discontinue PADCEV in patients with confirmed SJS or TEN; or Grade 4 or recurrent Grade 3 skin reactions.

 

Indication

PADCEV® is indicated for the treatment of adult patients with locally advanced or metastatic urothelial cancer (mUC) who:

  • have previously received a programmed death receptor-1 (PD-1) or programmed death-ligand 1 (PD-L1) inhibitor and platinum-containing chemotherapy, or
  • are ineligible for cisplatin-containing chemotherapy and have previously received one or more prior lines of therapy.8

 

Important Safety Information

Warnings and Precautions

Skin reactions Severe cutaneous adverse reactions, including fatal cases of SJS or TEN, occurred in patients treated with PADCEV. SJS and TEN occurred predominantly during the first cycle of treatment but may occur later. Skin reactions occurred in 55% of the 680 patients treated with PADCEV in clinical trials. Twenty-three percent (23%) of patients had maculo-papular rash and 33% had pruritus. Grade 3-4 skin reactions occurred in 13% of patients, including maculo-papular rash, rash erythematous, rash or drug eruption, symmetrical drug-related intertriginous and flexural exanthema (SDRIFE), dermatitis bullous, dermatitis exfoliative, and palmar-plantar erythrodysesthesia. In clinical trials, the median time to onset of severe skin reactions was 0.6 months (range: 0.1 to 6.4 months). Among patients experiencing a skin reaction leading to dose interruption who then restarted PADCEV (n=59), 24% of patients restarting at the same dose and 16% of patients restarting at a reduced dose experienced recurrent severe skin reactions. Skin reactions led to discontinuation of PADCEV in 2.6% of patients. Monitor patients closely throughout treatment for skin reactions. Consider topical corticosteroids and antihistamines, as clinically indicated. For persistent or recurrent Grade 2 skin reactions, consider withholding PADCEV until Grade ≤1. Withhold PADCEV and refer for specialized care for suspected SJS, TEN or for Grade 3 skin reactions. Permanently discontinue PADCEV in patients with confirmed SJS or TEN, or for Grade 4 or recurrent Grade 3 skin reactions.

 

Hyperglycemia and diabetic ketoacidosis (DKA), including fatal events, occurred in patients with and without pre-existing diabetes mellitus, treated with PADCEV. Patients with baseline hemoglobin A1C ≥8% were excluded from clinical trials. In clinical trials, 14% of the 680 patients treated with PADCEV developed hyperglycemia; 7% of patients developed Grade 3-4 hyperglycemia. The incidence of Grade 3-4 hyperglycemia increased consistently in patients with higher body mass index and in patients with higher baseline A1C. Five percent (5%) of patients required initiation of insulin therapy for treatment of hyperglycemia. The median time to onset of hyperglycemia was 0.6 months (range: 0.1 to 20.3). Hyperglycemia led to discontinuation of PADCEV in 0.6% of patients. Closely monitor blood glucose levels in patients with, or at risk for, diabetes mellitus or hyperglycemia. If blood glucose is elevated (>250 mg/dL), withhold PADCEV.

 

Pneumonitis Severe, life-threatening or fatal pneumonitis occurred in patients treated with PADCEV. In clinical trials, 3.1% of the 680 patients treated with PADCEV had pneumonitis of any grade and 0.7% had Grade 3-4. In clinical trials, the median time to onset of pneumonitis was 2.9 months (range: 0.6 to 6 months). Monitor patients for signs and symptoms indicative of pneumonitis, such as hypoxia, cough, dyspnea or interstitial infiltrates on radiologic exams. Evaluate and exclude infectious, neoplastic and other causes for such signs and symptoms through appropriate investigations. Withhold PADCEV for patients who develop persistent or recurrent Grade 2 pneumonitis and consider dose reduction. Permanently discontinue PADCEV in all patients with Grade 3 or 4 pneumonitis.

 

Peripheral neuropathy (PN) occurred in 52% of the 680 patients treated with PADCEV in clinical trials, including 39% with sensory neuropathy, 7% with muscular weakness and 6% with motor neuropathy; 4% experienced Grade 3-4 reactions. PN occurred in patients treated with PADCEV with or without pre-existing PN. The median time to onset of Grade ≥2 PN was 4.6 months (range: 0.1 to 15.8 months). Neuropathy led to treatment discontinuation in 5% of patients. Monitor patients for symptoms of new or worsening peripheral neuropathy and consider dose interruption or dose reduction of PADCEV when PN occurs. Permanently discontinue PADCEV in patients who develop Grade ≥3 PN.

 

Ocular disorders were reported in 40% of the 384 patients treated with PADCEV in clinical trials in which ophthalmologic exams were scheduled. The majority of these events involved the cornea and included events associated with dry eye such as keratitis, blurred vision, increased lacrimation, conjunctivitis, limbal stem cell deficiency, and keratopathy. Dry eye symptoms occurred in 34% of patients, and blurred vision occurred in 13% of patients, during treatment with PADCEV. The median time to onset to symptomatic ocular disorder was 1.6 months (range: 0 to 19.1 months). Monitor patients for ocular disorders. Consider artificial tears for prophylaxis of dry eyes and ophthalmologic evaluation if ocular symptoms occur or do not resolve. Consider treatment with ophthalmic topical steroids, if indicated after an ophthalmic exam. Consider dose interruption or dose reduction of PADCEV for symptomatic ocular disorders.

 

Infusion site extravasation Skin and soft tissue reactions secondary to extravasation have been observed after administration of PADCEV. Of the 680 patients, 1.6% of patients experienced skin and soft tissue reactions, including 0.3% who experienced Grade 3-4 reactions. Reactions may be delayed. Erythema, swelling, increased temperature, and pain worsened until 2-7 days after extravasation and resolved within 1-4 weeks of peak. Two patients (0.3%) developed extravasation reactions with secondary cellulitis, bullae, or exfoliation. Ensure adequate venous access prior to starting PADCEV and monitor for possible extravasation during administration. If extravasation occurs, stop the infusion and monitor for adverse reactions.

 

Embryo-fetal toxicity PADCEV can cause fetal harm when administered to a pregnant woman. Advise patients of the potential risk to the fetus. Advise female patients of reproductive potential to use effective contraception during PADCEV treatment and for 2 months after the last dose. Advise male patients with female partners of reproductive potential to use effective contraception during treatment with PADCEV and for 4 months after the last dose.

 

Adverse Reactions

Most Common Adverse Reactions, Including Laboratory Abnormalities (≥20%)

Rash, aspartate aminotransferase (AST) increased, glucose increased, creatinine increased, fatigue, PN, lymphocytes decreased, alopecia, decreased appetite, hemoglobin decreased, diarrhea, sodium decreased, nausea, pruritus, phosphate decreased, dysgeusia, alanine aminotransferase (ALT) increased, anemia, albumin decreased, neutrophils decreased, urate increased, lipase increased, platelets decreased, weight decreased and dry skin.

 

EV-301 Study: 296 patients previously treated with a PD-1/L1 inhibitor and platinum-based chemotherapy.

Serious adverse reactions occurred in 47% of patients treated with PADCEV; the most common (≥2%) were urinary tract infection, acute kidney injury (7% each) and pneumonia (5%). Fatal adverse reactions occurred in 3% of patients, including multiorgan dysfunction (1.0%), hepatic dysfunction, septic shock, hyperglycemia, pneumonitis and pelvic abscess (0.3% each). Adverse reactions leading to discontinuation occurred in 17% of patients; the most common (≥2%) were PN (5%) and rash (4%). Adverse reactions leading to dose interruption occurred in 61% of patients; the most common (≥4%) were PN (23%), rash (11%) and fatigue (9%). Adverse reactions leading to dose reduction occurred in 34% of patients; the most common (≥2%) were PN (10%), rash (8%), decreased appetite and fatigue (3% each). Clinically relevant adverse reactions (<15%) include vomiting (14%), AST increased (12%), hyperglycemia (10%), ALT increased (9%), pneumonitis (3%) and infusion site extravasation (0.7%).

 

EV-201, Cohort 2 Study: 89 patients previously treated with a PD-1/L1 inhibitor and not eligible for platinum-based chemotherapy.

Serious adverse reactions occurred in 39% of patients treated with PADCEV; the most common (≥3%) were pneumonia, sepsis and diarrhea (5% each). Fatal adverse reactions occurred in 8% of patients, including acute kidney injury (2.2%), metabolic acidosis, sepsis, multiorgan dysfunction, pneumonia and pneumonitis (1.1% each). Adverse reactions leading to discontinuation occurred in 20% of patients; the most common (≥2%) was PN (7%). Adverse reactions leading to dose interruption occurred in 60% of patients; the most common (≥3%) were PN (19%), rash (9%), fatigue (8%), diarrhea (5%), AST increased and hyperglycemia (3% each). Adverse reactions leading to dose reduction occurred in 49% of patients; the most common (≥3%) were PN (19%), rash (11%) and fatigue (7%). Clinically relevant adverse reactions (<15%) include vomiting (13%), AST increased (12%), lipase increased (11%), ALT increased (10%), pneumonitis (4%) and infusion site extravasation (1%).

 

Drug Interactions

Effects of other drugs on PADCEV (Dual P-gp and Strong CYP3A4 Inhibitors)

Concomitant use with a dual P-gp and strong CYP3A4 inhibitors may increase unconjugated monomethyl auristatin E exposure, which may increase the incidence or severity of PADCEV toxicities. Closely monitor patients for signs of toxicity when PADCEV is given concomitantly with dual P-gp and strong CYP3A4 inhibitors.

 

Specific Populations

Lactation Advise lactating women not to breastfeed during treatment with PADCEV and for at least 3 weeks after the last dose.

Hepatic impairment Avoid the use of PADCEV in patients with moderate or severe hepatic impairment.

 

For more information, please see the full Prescribing Information including BOXED WARNING for PADCEV here.

About KEYTRUDA® (pembrolizumab) injection, 100 mg

KEYTRUDA is an anti-programmed death receptor-1 (PD-1) therapy that works by increasing the ability of the body’s immune system to help detect and fight tumor cells. KEYTRUDA is a humanized monoclonal antibody that blocks the interaction between PD-1 and its ligands, PD-L1 and PD-L2, thereby activating T lymphocytes which may affect both tumor cells and healthy cells.

 

Merck has the industry’s largest immuno-oncology clinical research program. There are currently more than 1,600 trials studying KEYTRUDA across a wide variety of cancers and treatment settings. The KEYTRUDA clinical program seeks to understand the role of KEYTRUDA across cancers and the factors that may predict a patient’s likelihood of benefitting from treatment with KEYTRUDA, including exploring several different biomarkers.

 

Selected KEYTRUDA® (pembrolizumab) Indications in the U.S.

Urothelial Carcinoma

KEYTRUDA is indicated for the treatment of patients with locally advanced or metastatic urothelial carcinoma (mUC):

  • who are not eligible for any platinum-containing chemotherapy, or
  • who have disease progression during or following platinum-containing chemotherapy or within 12 months of neoadjuvant or adjuvant treatment with platinum-containing chemotherapy.

Non-muscle Invasive Bladder Cancer

KEYTRUDA is indicated for the treatment of patients with Bacillus Calmette-Guerin-unresponsive, high-risk, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ with or without papillary tumors who are ineligible for or have elected not to undergo cystectomy.

See additional selected indications for KEYTRUDA in the U.S. after the Selected Important Safety Information.

 

Selected Important Safety Information for KEYTRUDA

Severe and Fatal Immune-Mediated Adverse Reactions

KEYTRUDA is a monoclonal antibody that belongs to a class of drugs that bind to either the PD-1 or the PD-L1, blocking the PD-1/PD-L1 pathway, thereby removing inhibition of the immune response, potentially breaking peripheral tolerance and inducing immune-mediated adverse reactions. Immune-mediated adverse reactions, which may be severe or fatal, can occur in any organ system or tissue, can affect more than one body system simultaneously, and can occur at any time after starting treatment or after discontinuation of treatment. Important immune-mediated adverse reactions listed here may not include all possible severe and fatal immune-mediated adverse reactions.

 

Monitor patients closely for symptoms and signs that may be clinical manifestations of underlying immune-mediated adverse reactions. Early identification and management are essential to ensure safe use of anti–PD-1/PD-L1 treatments. Evaluate liver enzymes, creatinine, and thyroid function at baseline and periodically during treatment. For patients with TNBC treated with KEYTRUDA in the neoadjuvant setting, monitor blood cortisol at baseline, prior to surgery, and as clinically indicated. In cases of suspected immune-mediated adverse reactions, initiate appropriate workup to exclude alternative etiologies, including infection. Institute medical management promptly, including specialty consultation as appropriate.

 

Withhold or permanently discontinue KEYTRUDA depending on severity of the immune-mediated adverse reaction. In general, if KEYTRUDA requires interruption or discontinuation, administer systemic corticosteroid therapy (1 to 2 mg/kg/day prednisone or equivalent) until improvement to Grade 1 or less. Upon improvement to Grade 1 or less, initiate corticosteroid taper and continue to taper over at least 1 month. Consider administration of other systemic immunosuppressants in patients whose adverse reactions are not controlled with corticosteroid therapy.

 

Immune-Mediated Pneumonitis

KEYTRUDA can cause immune-mediated pneumonitis. The incidence is higher in patients who have received prior thoracic radiation. Immune-mediated pneumonitis occurred in 3.4% (94/2799) of patients receiving KEYTRUDA, including fatal (0.1%), Grade 4 (0.3%), Grade 3 (0.9%), and Grade 2 (1.3%) reactions. Systemic corticosteroids were required in 67% (63/94) of patients. Pneumonitis led to permanent discontinuation of KEYTRUDA in 1.3% (36) and withholding in 0.9% (26) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Pneumonitis resolved in 59% of the 94 patients.

 

Pneumonitis occurred in 8% (31/389) of adult patients with cHL receiving KEYTRUDA as a single agent, including Grades 3-4 in 2.3% of patients. Patients received high-dose corticosteroids for a median duration of 10 days (range: 2 days to 53 months). Pneumonitis rates were similar in patients with and without prior thoracic radiation. Pneumonitis led to discontinuation of KEYTRUDA in 5.4% (21) of patients. Of the patients who developed pneumonitis, 42% interrupted KEYTRUDA, 68% discontinued KEYTRUDA, and 77% had resolution.

 

Immune-Mediated Colitis

KEYTRUDA can cause immune-mediated colitis, which may present with diarrhea. Cytomegalovirus infection/reactivation has been reported in patients with corticosteroid-refractory immune-mediated colitis. In cases of corticosteroid-refractory colitis, consider repeating infectious workup to exclude alternative etiologies. Immune-mediated colitis occurred in 1.7% (48/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (1.1%), and Grade 2 (0.4%) reactions. Systemic corticosteroids were required in 69% (33/48); additional immunosuppressant therapy was required in 4.2% of patients. Colitis led to permanent discontinuation of KEYTRUDA in 0.5% (15) and withholding in 0.5% (13) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Colitis resolved in 85% of the 48 patients.

 

Hepatotoxicity and Immune-Mediated Hepatitis

KEYTRUDA as a Single Agent

KEYTRUDA can cause immune-mediated hepatitis. Immune-mediated hepatitis occurred in 0.7% (19/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.4%), and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 68% (13/19) of patients; additional immunosuppressant therapy was required in 11% of patients. Hepatitis led to permanent discontinuation of KEYTRUDA in 0.2% (6) and withholding in 0.3% (9) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, none had recurrence. Hepatitis resolved in 79% of the 19 patients.

 

KEYTRUDA With Axitinib

KEYTRUDA in combination with axitinib can cause hepatic toxicity. Monitor liver enzymes before initiation of and periodically throughout treatment. Consider monitoring more frequently as compared to when the drugs are administered as single agents. For elevated liver enzymes, interrupt KEYTRUDA and axitinib, and consider administering corticosteroids as needed. With the combination of KEYTRUDA and axitinib, Grades 3 and 4 increased alanine aminotransferase (ALT) (20%) and increased aspartate aminotransferase (AST) (13%) were seen at a higher frequency compared to KEYTRUDA alone. Fifty-nine percent of the patients with increased ALT received systemic corticosteroids. In patients with ALT ≥3 times upper limit of normal (ULN) (Grades 2-4, n=116), ALT resolved to Grades 0-1 in 94%.

Contacts

Seagen Contacts:
For Media
David Caouette

(310) 430-3476

dcaouette@seagen.com

For Investors
Douglas Maffei, Ph.D.

(425) 527-4881

dmaffei@seagen.com

Astellas Contacts:
For Media
Cassie Hogenkamp

(847) 942-0980

cassie.hogenkamp@astellas.com

For Investors
Astellas Pharma Inc.

Corporate Advocacy & Relations

+81-3-3244-3202

Merck Contacts:
For Media
Julie Cunningham

(617) 519-6264

Chrissy Trank

(640) 650-0694

For Investors
Peter Dannenbaum

(908) 740-1037

Damini Chokshi

(908) 740-1807

Read full story here

Categories
Business Lifestyle Regulations & Security Travel & Leisure

New York speeds up traffic with award-winning cashless tolling system by Kapsch TrafficCom

  • Highest traffic volume and commercial traffic toll point in the USA to use cashless tolling
  • Intelligent Transportation Society NY awarded Kapsch with the ITS Project of the Year 2022

 

VIENNA & NEW YORK — (BUSINESS WIRE) — Kapsch TrafficCom USA announces the delivery completion for a new tolling system covering four bridges and two tunnels between New York and New Jersey. The final step of the project, for which the Port Authority of New York and New Jersey and Kapsch TrafficCom were awarded ITS NY Project of the Year 2022, went live on December 11th.

 

With the new system, the toll point with the highest traffic volume and commercial traffic in the United States will offer cashless tolling. This means that millions of drivers taking the tunnels or bridges into the city are no longer forced to stop at toll booths.

 

With the system for the Lincoln Tunnel going live, we have concluded six years of tireless work to enable cashless tolling for drivers crossing between New York and New Jersey,” comments JB Kendrick, President Kapsch TrafficCom USA. “I want to thank the team for their effort and, of course, also the Port Authority for the great cooperation in this project.”

 

Port Authority Executive Director Rick Cotton comments: This upgrade is a win-win for all drivers who use our crossings by cutting precious minutes from daily commutes, by reducing vehicle accidents in toll lanes, and by decreasing emissions from vehicles waiting in line to pay cash at toll booths.

 

The scope of the project included the replacement of the legacy toll collection system at all Hudson River and Staten Island Bridge crossings operated by the Port Authority with AET technology provided by Kapsch. For E-ZPass users, nothing will change. Those without E-ZPass will have their license plates automatically recorded and receive their bills via mail.

 

The tolling system covers four bridges, two tunnels, thirteen zones, two-way traffic with one direction tolled at reversable lanes and three plazas. Kapsch installed new tolling sensors and equipment providing proprietary stereoscopic nVDC technology in order to create all electronic transactions.

 

FULL TEXT press release at: https://www.kapsch.net/en/press

Kapsch TrafficCom is a globally renowned provider of transportation solutions for sustainable mobility with successful projects in more than 50 countries.

Contacts

Kapsch TrafficCom AG

Sandra Bijelic

P +43 50 811 1720

sandra.bijelic@kapsch.net

Categories
Business Lifestyle

Clay Fisher named chief marketing officer for Kinetic by Windstream

LITTLE ROCK, Ark. — (BUSINESS WIRE) — Clay Fisher has been named chief marketing officer of Kinetic. As a marketing executive with a track record of driving growth for major subscription-based consumer brands, Fisher brings a rare mix of marketing, product, and e-commerce management expertise to the company.


Clay’s success in customer acquisition, retention and revenue growth will bring an added level of sophistication to our marketing efforts that will elevate the Kinetic brand,” said Jeff Small, president of Kinetic.

 

Fisher previously worked as senior vice president of consumer marketing and revenue at The New York Times, where he oversaw the transition from a primarily ad revenue-based business model to a subscription-based business model by doubling subscriptions in just three years. Prior to that, he was vice president of the digital media group for DIRECTV. He’s also held a range of marketing leadership roles for Travelocity, Monster.com and his own digital marketing agency.

 

Fisher holds a master’s degree in technology management from Columbia University and a bachelor’s in marketing from George Washington University. He lives in Ridgewood, New Jersey, with his wife and three sons.

 

About Kinetic

Kinetic by Windstream is a business unit of Windstream Holdings, a privately held communications and software company. Kinetic provides premium broadband, entertainment and security services through an enhanced fiber network to consumers and businesses primarily in rural areas in 18 states. The company also offers managed communications services, including SD-WAN and UCaaS, and high-capacity bandwidth and transport services to businesses across the U.S. Additional information is available at GoKinetic.com. Follow us on Twitter at @GoKineticHome.

 

Category: Kinetic

Contacts

Kerri Case

kerri.case@windstream.com

Categories
Business Lifestyle Science Technology

L3Harris to acquire Aerojet Rocketdyne

MELBOURNE, Fla. & EL SEGUNDO, Calif. — (BUSINESS WIRE) — L3Harris Technologies (NYSE: LHX) and Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) together announced the signing of a definitive agreement for L3Harris to acquire Aerojet Rocketdyne for $58 per share, in an all-cash transaction valued at $4.7 billion, inclusive of net debt.

 

This marks L3Harris’ second acquisition announcement of 2022, demonstrating its continued focus on delivering critical capabilities to warfighters while strengthening the nation’s defense industrial base through increased competition.

 

“We’ve heard the DoD leadership loud and clear: they want high-quality, innovative and cost-effective solutions to meet both current and emerging threats, and they’re relying upon a strong, competitive industrial base to deliver those solutions,” said Christopher E. Kubasik, L3Harris CEO and Chair.

 

“With this acquisition, we will use the combined talents of more than 50,000 employees to drive continuous process improvement, enhance business operations and elevate the performance of this crucial national asset.”

 

A proven provider of world-class propulsion systems and energetics to the DoD, NASA and other partners and allies worldwide, Aerojet Rocketdyne has a 100-year heritage of excellence delivering some of the most significant moments in space exploration and discovery, while leading the industry with investments in rocket propulsion that support America’s warfighters and enhance integrated deterrence.

 

The acquisition will ensure the defense industrial base and our customers will have a strengthened merchant supplier to effectively address both current and emerging threats – and promote scientific discovery and innovation – through targeted investment in advanced missile technologies, hypersonics and more.

 

“This agreement will accelerate innovation for national security propulsion solutions while providing a premium cash value for our shareholders and tremendous benefits for our employees, customers, partners and the communities in which we operate,” said Eileen P. Drake, CEO and President of Aerojet Rocketdyne. “Joining L3Harris is a testament to the world-class organization and team we’ve built and represents a natural next phase of our evolution. As part of L3Harris, we will bring our advanced technologies together with their substantial expertise and resources to accelerate our shared purpose: enabling the defense of our nation and space exploration. This is an exciting new chapter for Aerojet Rocketdyne and our over 5,200 dedicated team members, providing them with additional opportunities, and we look forward to working closely with L3Harris to complete this transaction.”

 

Aerojet Rocketdyne currently generates approximately $2.3 billion in annual revenue. The company’s employees operate primarily out of advanced manufacturing facilities in Canoga Park, California; Camden, Arkansas; West Palm Beach and Orlando, Florida; Huntsville, Alabama; Orange, Virginia; Redmond, Washington; Stennis Space Center, Mississippi; Jonesborough, Tennessee; and Carlstadt, New Jersey.

 

The cash acquisition will be funded with existing cash and the issuance of new debt. The deal is expected to close in 2023, subject to required regulatory approvals and clearances and other customary closing conditions.

 

Additional information regarding this transaction can be found at the L3Harris investor page and the Aerojet Rocketdyne investor page.

 

About L3Harris Technologies

L3Harris Technologies, an agile global aerospace and defense technology innovator, delivers end-to-end solutions meeting our customers’ mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has more than $17 billion in annual revenue and customers in more than 100 countries.

 

About Aerojet Rocketdyne

Aerojet Rocketdyne, a subsidiary of Aerojet Rocketdyne Holdings, Inc., is a world-recognized aerospace and defense leader that provides propulsion systems and energetics to the space, missile defense and strategic systems, and tactical systems areas, in support of domestic and international customers. For more information, visit www.Rocket.com and www.AerojetRocketdyne.com.

 

Regarding this Acquisition

Barclays Capital Inc. and Goldman Sachs & Co. LLC are serving as financial advisors, and Simpson Thacher & Bartlett LLP is serving as legal counsel to L3Harris. Citi and Evercore Inc. are serving as co-lead financial advisors, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Aerojet Rocketdyne.

 

Forward-Looking Statements

This press release contains forward-looking statements that reflect each company’s management’s current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Each company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Important risk factors that could cause actual results or outcomes to differ from those expressed in the forward-looking statements are described in the “Risk Factors” sections of each company’s Annual Report on Form 10-K for the year ended December 31, 2021, and subsequent quarterly reports on Form 10-Q. In addition, the following factors, among others, could cause actual results to differ materially from the forward-looking statements or historical performance: delays in, or failures in respect of, anticipated satisfaction of closing conditions, unexpected costs, liabilities or delays, legal proceedings or the ability to obtain regulatory approvals and the satisfaction of other closing conditions in a timely manner or at all. Statements about business acquisitions, including benefits and future plans, are forward-looking and involve risks and uncertainties. The forward-looking statements speak only as of the date of this press release, and L3Harris and Aerojet Rocketdyne disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

Additional Information and Where to Find It

In connection with the proposed transaction, Aerojet Rocketdyne will file relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including Aerojet Rocketdyne’s proxy statement on Schedule 14A (the “Proxy Statement”). Aerojet Rocketdyne plans to mail to its stockholders a definitive Proxy Statement in connection with the proposed transaction. AEROJET ROCKETDYNE URGES YOU TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT AEROJET ROCKETDYNE, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors will be able to obtain a free copy of the Proxy Statement and other related documents (when available) filed by Aerojet Rocketdyne with the SEC at the website maintained by the SEC at www.sec.gov. Investors also will be able to obtain a free copy of the Proxy Statement and other documents (when available) filed by Aerojet Rocketdyne with the SEC by accessing the Investor Relations section of Aerojet Rocketdyne’s website at http://rocket.com.

 

Participants in the Solicitation

Aerojet Rocketdyne and certain of its directors, executive officers and employees may be considered to be participants in the solicitation of proxies from Aerojet Rocketdyne’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of Aerojet Rocketdyne in connection with the proposed transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise will be included in the Proxy Statement when it is filed with the SEC. You may also find additional information about Aerojet Rocketdyne’s directors and executive officers in Aerojet Rocketdyne’s proxy statement for its 2022 annual meeting of stockholders, which was filed with the SEC on May 3, 2022 and in subsequently filed Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. You can obtain free copies of these documents from Aerojet Rocketdyne using the contact information below.

Contacts

Media Contacts
Paul Swiergosz
L3Harris Technologies

Paul.Swiergosz@L3Harris.com
(321) 378-5631

Steve Warren
Aerojet Rocketdyne

Steven.Warren@rocket.com
(703) 650-0278

Investor Contacts
Rajeev Lalwani
L3Harris Technologies

Rajeev.Lalwani@L3Harris.com
(321) 727-9383

Kelly Anderson
Aerojet Rocketdyne

IR@AerojetRocketdyne.com
(310) 252-8155

Categories
Business Lifestyle

Best’s Special Report: U.S. insurers’ structured securities holdings continue to rise

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — Insurers continued to follow a years-long trend by increasing their structured securities investments in 2021, with 3% growth year over year to $1.14 trillion, according to a new AM Best special report. However, indications portray an uncertain picture for 2022 as issuances have dropped significantly.

The Best’s Special Report, “Insurers’ Structured Securities Holdings Continue to Rise,” also notes that despite the overall increase in holdings, insurers’ allocations to structured securities have shifted somewhat. Residential mortgage-backed securities still represent the largest allocation among structured securities despite insurers pulling back holdings by more than 30% since 2011. At the same time, commercial mortgage-backed securities have increased by 46% during the same timeframe and other asset-backed securities, which include collateralized loan obligations (CLO), have more than doubled.

 

According to the report, insurers have been investing more heavily in CLOs is the search for better yields on their portfolios, although the quality of CLOs is lower than that of the popular mortgage-backed securities, when viewed by NAIC ratings.

 

“In the past few years, other asset-backed securities, including CLOs, have made up a much greater proportion of other-than-temporary-impairments, rising to 27.3% in 2021 from 10.7% in 2019, and may continue to rise if concerns about pressure on the underlying collateral are realized,” said Helen Andersen, industry analyst, AM Best. “However, CLO issuance saw a drastic decline in 2021, and holdings are concentrated in larger insurers with the capacity for more rigorous due diligence and extensive research on the underlying collateral pool.”

 

As demand rises in the rising rate environment, the issuance of structured securities has seen a stark drop through October 2022, according to published reports, with credit cards being the only asset-backed security to see growth. The report adds that CLOs’ floating interest rates can be an advantage in a rising interest rate environment, although they also can increase risk on the underlying pool of borrowers.

 

Most structured securities are held by the life/annuity industry, at more than $800 billion in 2021. These securities have consistently made up a little less than a third of the bonds held by life/annuity companies the last decade. The property/casualty industry has been investing more heavily in structured securities the last few years, with its share of the industry’s bond holdings increasing to just under 30% in 2021. Health insurers hold the smallest dollar amount of structured securities, but the holdings represent the highest percentage of their total bonds. Structured securities can provide bond portfolio diversification, and AM Best views allocations to various types of structured securities as it would many other traditional asset classes.

 

To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=327428.

 

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Helen Andersen
Industry Analyst
+1 908 439 2200, ext. 5722
helen.andersen@ambest.com

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

Al Slavin

Senior Public Relations Specialist

+1 908 439 2200, ext. 5098

al.slavin@ambest.com

Categories
Business Lifestyle

AM Best to host analytical briefing on global reinsurance market conditions for 2023

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best will host an analytical briefing on Monday, Jan. 23, 2023 that will address the current global reinsurance market conditions and include a discussion of January 1 renewal season, changes in reinsurers’ risk appetites and evolving business models.

AM Best Managing Director Anthony Diodato will moderate the panel discussion, which is titled, “Roundtable Discussion on Renewals and What 2023 May Hold.” Panelists will include Carlos Wong-Fupuy, senior director, Global Re, AM Best, Somers Re CEO Liz Cunningham and Aditya Dutt, president of Aeolus Capital Management.

 

Additional topics of discussion will include the increased role of Delegated Underwriting Authority Enterprises (DUAEs), capacity in the retrocession and insurance-linked securities segments, and the market outlook for 2023. The hourlong event is scheduled to start at 10 a.m. EST.

 

To register for the complimentary briefing, please go to http://www.ambest.com/conferences/reinsurance2023/index.html.

 

Attendees can submit questions during registration or by emailing webinars@ambest.com. In addition, members of the news media will be presenting questions to the panel. The event will be streamed in video and audio formats, and playback will be available to registered viewers shortly after the event.

 

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 © 2022 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

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

Categories
Business Entertainment News Lifestyle Perks

Parx Casino® launches cashless payment options

Sightline, Light & Wonder Partner to Deliver Cashless Gaming to Parx Guests

 

LAS VEGAS & BENSALEM, Pa. — (BUSINESS WIRE) — Parx Casino® today announced the launch of cashless gaming throughout the casino floor via a partnership between Sightline Payments and cross-platform global games leader Light & Wonder, Inc. (NASDAQ: LNW) (“Light & Wonder,” “L&W”). Sightline’s Play+ is the funding solution for the new Parx Wallet, enabling cashless play throughout the Parx Casino® floor. The Parx Wallet app connects into the Light & Wonder casino management system (CMS) deployed across the property.

Parx Casino® in Bensalem, Pennsylvania is a 260,000 square-foot gaming and entertainment destination. The property features more than 3,000 slot machines, nearly 200 table games, and a 50-table poker room, alongside restaurants, retail, and entertainment venues. In addition to being the leading casino in the Philadelphia market, Parx also operates betPARX, an online casino and mobile sports betting platform, which includes Parx Play+ payments solution.

 

“The Parx Wallet will provide tremendous benefits for our loyal customer base, enhancing their safety and security,” said Marc Oppenheimer, Chief Marketing Officer at Parx Casino®. “The ability to play cashless across our more than 3,000 slot machines with the Parx Wallet and Play+ will provide our customers with easy access to their funds both on and off property.”

 

Customers can download the Parx Wallet app, powered by Light & Wonder, on their smart phone. Once enrolled in Parx’s X-Club casino loyalty program, guests can set up a Parx Play+ account to fund their cashless gaming account through multiple sources, such as a debit card. Parx Play+ patrons will receive the Parx-branded Play+ Discover card in the mail, allowing them to spend their winnings wherever Discover is accepted.

 

Sightline is a leader in cashless payments technology and implements its proprietary, best-in-class security features in its solutions to protect a player’s funds.

 

“We’re thrilled to announce the launch of cashless at Parx Casino®,” said Mandi Hart, Chief Client Solutions Officer at Sightline. “Play+ has proven to be the most convenient, safe, and secure cashless solution on the market. We couldn’t be more ecstatic about what we’ve been able to accomplish alongside Parx and Light & Wonder to improve the customer experience and further the digital transformation of the gaming industry.”

 

“Light & Wonder is committed to exceeding player expectations,” said Jon Wolfe, Light & Wonder Senior Vice President, President of Global Systems & Service, Gaming. “Enabling new technologies by working with companies like Sightline is a way for us to provide the best possible digital experience and remain one of the industry’s leaders.”

 

This launch at Parx Casino® furthers the partnership between Light & Wonder and Sightline to deliver innovative cashless gaming technologies at casinos across North America.

 

© Light & Wonder, Inc. All rights reserved.

 

About Parx Casino®

Parx Casino® is owned and operated by Greenwood Racing Inc. and is the #1 revenue generating casino property in Pennsylvania. Parx Casino® is conveniently located 20 minutes north of center city Philadelphia on Street Road in Bensalem, Bucks County. Parx features over 180,000 square feet of gaming and sports wagering space with 3,000 slot machines, 148 live table games and 48 poker tables in a private room; live thoroughbred horse racing and simulcast action; Xcite Center, a 1,500 seat live entertainment venue; nine restaurants and bars; and complimentary parking for over 5,000 cars. In 2019, Parx Casino® launched sports betting with a $10 million world-class sportsbook and online sports betting. Greenwood Racing Inc. currently conducts online casino gaming and sports wagering operations in New Jersey and Michigan as well as in Pennsylvania under the betPARX brand.

 

About Sightline Payments

Sightline Payments is the U.S. sports betting and casino gaming market’s leading digital payments provider and mobile app developer. Sightline leverages cutting-edge technology to apply modern solutions to a traditionally cash-based industry projected to grow to more than $150 billion in the next few years. Sightline’s suite of mobile solutions gives consumers a safe, secure, and responsible way to fund their online and in-person gaming activities and enables casinos to offer cashless wagering and personalized loyalty options across the entire property. With more than 1.5 million Play+ accounts, 3 million mobile loyalty platform downloads, and 80+ partners across the sports betting, lottery, racing, and online and brick-and-mortar casino markets, Sightline is uniquely positioned to transform the traditional gaming landscape. Learn more at SightlinePayments.com.

 

About Light & Wonder, Inc.

Light & Wonder, Inc. (formerly known as Scientific Games Corporation), is the global leader in cross-platform games and entertainment. Light & Wonder brings together approximately 6,000 employees from six continents to connect content between land-based and digital channels with unmatched technology and distribution. Guided by a culture that values daring teamwork and creativity, Light & Wonder builds new worlds of play, developing game experiences loved by players around the globe. Its OPENGAMING™ platform powers the largest digital-gaming network in the industry. Light & Wonder is committed to the highest standards of integrity, from promoting player responsibility to implementing sustainable practices. To learn more, visit lnw.com.

Contacts

Press

Sightline

Caroline Ponseti

cponseti@theheraldgroup.com

Parx Casino

Carrie Nork Minelli

cnorkminelli@parxcasino.com

Light & Wonder

Media@lnw.com