Life Science News

Applied UV, Inc. (NasdaqCM: AUVI ) ("Applied UV" or the "Company"), a pathogen elimination technology company that applies the power of narrow-range ultraviolet light ("UVC") for surface areas and catalytic bioconversion technology for air purification to destroy pathogens safely, thoroughly, and automatically, announces Shareholder letter.

Dear Applied UV Inc., Shareholders,

I am writing to reflect on the Company's 2021 accomplishments and provide to the extent possible, insights into our focus for 2022. Despite the pandemic that crippled the world, 2021 saw the company complete significant positive milestones that, in my opinion, were truly historic in nature. Given the herculean effort put forth by our entire Team and Board, what we accomplished as a public company since the completion of our Initial Public Offering almost 18 months ago, in my opinion, is not currently being recognized in our valuation.

Why we are we here! The Center for Disease Control states that 1 in 25 patients have at least one Hospital Associated Infection (HAI) annually and that 3 million serious infections occur every year in long-term care facilities. Scientists globally have been advocating improving air quality post pandemic, significantly boosting global adoption to control airborne pathogen transmission. Governments globally mandating health agencies to address air quality via grants and mechanisms to ease visitation and protect facilities against future pathogens (Centers for Medicare and Medicaid Services February 2022 Long-term Care Initiative). Indoor air quality has become an even more important issue as world economies start the recovery process. In 2021, 39 scientists reiterated the need for a "paradigm shift" and called for improvements in, "how we view and address the transmission of respiratory infections to protect against unnecessary suffering and economic losses." Most recently, on March 22, 2022, the Federal Government through the Environmental Protection Agency (EPA) issued "Clean Air Guidelines" aimed at improving air quality in public spaces to prevent the transmission and spread of airborne related pathogens. In addition, on March 25, 2022, the White House announced its "Clean Air in Buildings Challenge" through the Office of Science and Technology Policy. This initiative is seen to emphasize what scientists globally have been championing. In its launch, the White House explained, "Research shows changing the air in a room multiple times an hour with filtered or clean outdoor air — using a window fan, by using higher MERV filters in an Heating, Ventilation, and Air Conditioning (HVAC) system, using portable air cleaning devices, and even just opening a window — can reduce the risk of COVID-19 transmission — with studies showing five air changes an hour reduce transmission risk by 50 percent. And, improving indoor air has benefits beyond COVID-19: it will reduce the risk of getting the flu, a common cold, or other diseases spread by air, and lead to better overall health outcomes." Lastly, in addition to this, the global air purifier market size is set to grow exponentially. It was valued at $9.24 billion in 2021 and is predicted to grow to approximately $22.84 billion by 2030. According to Precedence Research, the immense demand for air purification and sterilization in the US will be driven by the commercial sector. While these are merely statistics, our mandate and mission is to rapidly build a science-based pathogen elimination platform that is safe effective and simple, that protects businesses, facilities and people around the globe.

What we have accomplished – Since our inception, the Company has completed a $5.8M IPO, a $7.3M follow-on offering, a $13.8M Series Preferred and, a $9.2M Secondary offering all of which enabled the completion of three acquisitions (Akida Holdings, Kes Science and Technologies and Scientific Air Management) which position AUVI as a fully integrated company offering total pathogen disinfection platforms (Air & Surface). With the acquisitions complete, our wholly owned subsidiary, SteriLumen addresses the ever-changing challenges of air and surface pathogens, healthcare-acquired infections ("HAIs"), hospital borne infections (HBI's), protecting businesses, the facilities they occupy, their employees, and consumers who frequent them. The Company's products are targeted for use in facilities that have high customer touch and turnover which, include hospitals, hotels, commercial facilities, sports arenas, dental offices, schools, food processing, post-harvest, cannabis grow facilities, long-term care and other public spaces. As we continue to grow and build out our air purification and surface disinfection platform portfolio, we are continually looking for synergistic, attractive air purification businesses to allow us to gain further market penetration and share. We also will seek out low-cost opportunities to bolster our legacy hospitality business, Munnworks. The recent Visionmark ( www.visionmarknyc.com ) asset acquisition is an example of just that, as it expands our reach further into the luxury hospitality world of hotel construction and remodeling beyond its core mirror business while also potentially contributing top line revenues to Munnworks.

The Company's product portfolio is currently used by globally recognized names including Walmart, Whole Foods, SuperValue, Delmonte, Esmeralda, Joel Goet Wines, Athena Healthcare, NYC Health and Hospitals, Kaiser Permanente, Advent Health, University Rochester Medical Center and Baptist Health South Florida. This past year, the Company's product portfolio expanded its reach and deployed its air purification products into The Palace Versailles, Uruguayan School Systems, Tennessee Department of Corrections, Armed Forces Research Institute of Medical Sciences (AFRIMS), US Army Aberdeen Proving Grounds, Schools throughout South Korea, NYU Medical Center, University of Rochester Medical Center, The Federal VA Hospital System, Baptist Health South, Kaiser Permanente Medical of California, and, New York Health + Hospital Corp.

The Company works with a global base of distributors to sell both its air purification and surface disinfection products as well as the Munnworks product lines. The past year, the Company has signed distribution agreements covering Africa (360BioPharma), US Healthcare (Axis), Lootah Batta Water and Environment (United Arab Emirates), and Plandent Division, a wholly owned subsidiary of Planmeca Oy (Scandinavia). The Company plans to continue to expand its global distribution base of significant breadth and scale to introduce the entire air purification and surface disinfection product lines to new markets. These include Long-Term Care, healthcare, prisons, cannabis grow facilities, wineries, food preservation, and logistics. By leveraging the synergies of the acquired companies, taking advantage of global cross sales and marketing initiatives through its international distribution base, the Company plans to launch one of the largest, targeted, multi-faceted marketing campaigns in our short history led by a Fortune 500 executive with extensive experience in this regard.

The Company's product portfolio is one of the only research-backed, clinically proven pure-play air and surface disinfection technology companies with international distribution and globally recognized end users, with product developed for NASA. In addition to the numerous recognized research institutions and globally recognized names who published the reports that were completed by the acquired companies, Airocide was independently proven to kill SARS, MERSA and Anthrax. This past year saw independent testing verifying that the Company's air purification (Airocide) and surface disinfection (Lumicide) products were proven to kill both Candida Auris (Resinnova Laboratories) and SARS CoV-2 (COVID-19) (MRIGlobal).

It is important to note, we are driven by a single competitive principal, which is that we have a patented, disruptive air purification and surface disinfection technology platform that is differentiated by the global customers who use it to protect their facilities and customers and, the independent studies validating its efficacy. Our enthusiasm could not be any higher about the impact that our air purification and surface disinfection platform could have as the world's businesses and economies re-open from this three-year pandemic armed with a technology that can prevent this type of global disruption from re-occurring in the future.

We have updated our website with the most recent Investor Presentation that covers more of our plans for 2022. You can also find more information maintained at www.applieduvinc.com .

In closing, as true of rapidly growing companies, we are well along the learning curve, are extremely mindful of the challenges and grateful for the opportunities. I can assure you that the entire team and board are solely focused towards refining our path forward and the result will be a stronger company with a board and senior management team possessing the expertise to navigate this exciting next chapter in our corporate history. On behalf of the entire management team and board, thank you for your continued support. As we continue this journey, it is our sincere hope and expectation that we will unlock shareholder value and the truest potential through focused execution. Please feel free to contact me directly with any questions.

Best Regards,

Max Munn
Interim Chief Executive Officer / Director

About Applied UV

Applied UV is focused on the development and acquisition of technology that address infection control in the healthcare, hospitality, commercial and municipal markets. The Company has two wholly owned subsidiaries - SteriLumen, Inc. ("SteriLumen") and Munn Works, LLC ("Munn Works"). SteriLumen's connected platform for Data Driven Disinfection™ applies the power of ultraviolet light (UVC) to destroy pathogens safely, thoroughly, and automatically, addressing the challenge of healthcare-acquired infections ("HAIs"). Targeted for use in facilities that have high customer turnover such as hospitals, hotels, commercial facilities, and other public spaces, the Company's Lumicide™ platform uses UVC LEDs in several patented designs for infection control in and around high-traffic areas, including sinks and restrooms, killing bacteria, viruses, and other pathogens residing on hard surfaces within devices' proximity. The Company's patented in-drain disinfection device, Lumicide Drain, is the only product on the market that addresses this critical pathogen intensive location. SteriLumen's Airocide® air purification devices are research backed, clinically proven, and developed for NASA with assistance from the University of Wisconsin. Airocide® is listed as an FDA Class II Medical device, utilizes a proprietary photocatalytic (PCO) bioconversion technology that draws air into a reaction chamber that converts damaging molds, microorganisms, dangerous airborne pathogens, destructive VOCs, allergens, odors and biological gasses into harmless water vapor and green carbon dioxide without producing ozone or other harmful byproducts. Airocide® applications include healthcare, hospitality, grocery chains, wine making facilities, commercial real estate, schools, dental offices, post-harvest, grocery, cannabis facilities and homes. For more information about Applied UV, Inc., and its subsidiaries, please visit the following websites: https://www.applieduvinc.com/ ; https://sterilumen.com/ ; https://www.airocide.com https://kesscience.com ; https://scientificairmanagement.com www.airoclean420.com and, https://munnworks.com/ .

Forward-Looking Statements

The information contained herein may contain "forward‐looking statements." Forward-looking statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of Applied UV concerning its business strategy, future operating results and liquidity and capital resources outlook. Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

For additional Company Information:

Applied UV Inc.
Max Munn
Applied UV Interim CEO
max.munn@sterilumen.com

Contact:
Brett Maas, Managing Principal
Hayden IR
brett@haydenir.com
(646) 536-7331

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AUVI:NSD
Applied UV

Applied UV


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Medical Device Stocks: 5 Biggest Companies in 2022

Medical Device Stocks: 5 Biggest Companies in 2022

The top medical device companies are a vital component of the overarching life science industry, as well as a major force in treating many diseases and conditions.

The global medical device market was valued at US$434.2 billion in 2021, and is expected to grow at a compound annual growth rate of 6.3 percent to reach US$625.3 billion in 2027.

Growth in the global medical device industry is tied to the rapid rise of an aging population, increased infectious and chronic diseases, as well as technological advancements in both the field of life science and in emerging technologies such as 3D printing, robotics and the internet of things.

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New Study Shows Abbott's Blood Test for Concussion Could Predict Outcomes from Brain Injury and Inform Treatment Interventions

  • The study concluded that elevated levels of two proteins help predict how a person will recover from a traumatic brain injury (TBI), providing important information to determine appropriate care
  • Researchers used Abbott's i-STAT™ TBI Plasma test – the only FDA-cleared rapid test on a portable analyzer for concussion – and Abbott's core laboratory ARCHITECT instrument to measure two biomarkers in blood plasma associated with brain injury

A new study published in The Lancet Neurology demonstrates the ability of two blood-based biomarkers to predict how someone will recover from traumatic brain injury (TBI). Testing for these two biomarkers in the immediate aftermath of an injury can help health care providers determine the best way to treat and care for patients.

This research shows that when a clinician conducts a blood test for these brain proteins soon after a possible injury, they quickly get a more accurate picture of how severe the injury is, the expected course of recovery and the longer-term implications of the TBI. The markers were measured using Abbott's i-STAT™ TBI Plasma test , as well as on the company's ARCHITECT core laboratory instrument using research prototype assays, both of which helped predict recovery.

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Knight Therapeutics Reports Second Quarter 2022 Results

-- Achieves Record Quarterly Revenues and EBITDA 1 --

Knight Therapeutics Inc. (TSX: GUD) ("Knight" or "the Company"), a leading pan-American (ex-US) specialty pharmaceutical company, today reported financial results for its second quarter ended June 30, 2022. All currency amounts are in thousands except for share and per share amounts. All currencies are Canadian unless otherwise specified.

Q2 2022 Highlights

Financials

  • Revenues were $75,820, an increase of $10,024 or 15% over the same period in prior year.
  • Gross margin of $38,295 or 51% compared to $28,871 or 44% in the same period in prior year.
  • Adjusted EBITDA 1 was $17,890, an increase of $8,494 or 90% over the same period in prior year.
  • Net loss on financial assets measured at fair value through profit or loss of $7,692.
  • Net income was $2,516, compared to net income of $29,004 in the same period in prior year.
  • Cash inflow from operations was $11,521, compared to a cash inflow from operations of $12,409 in the same period in prior year.

Corporate Developments

  • Purchased 1,460,684 common shares through Knight's normal course issuer bid ("NCIB") at an average price of $5.30 for an aggregate cash consideration of $7,739.
  • Shareholders re-elected Jonathan Ross Goodman, Samira Sakhia, James C. Gale, Robert N. Lande, Michael J. Tremblay, Nicolás Sujoy and Janice Murray on the Board of Directors.

Products

  • Entered into an exclusive license, distribution and supply agreement with Helsinn Healthcare SA ("Helsinn") for AKYNZEO® oral/IV (netupitant/palonosetron/fosnetupitant/palonosetron) in Canada, Brazil and select LATAM countries and ALOXI® oral/IV (palonosetron) in Canada.
  • Entered into exclusive license and supply agreements with Rigel Pharmaceuticals ("Rigel") to commercialize fostamatinib in LATAM.
  • Obtained marketing authorization transfer of Exelon® from Novartis to Knight in Colombia, Brazil, and Mexico, and transferred Exelon®'s commercial activities from Novartis to Knight's affiliate in Colombia.

Subsequent Events

  • Relaunched AKYNZEO® in Brazil in July 2022.
  • Transferred marketing authorization of Exelon® from Novartis to Knight's affiliate in Chile.
  • Executed a settlement agreement with former controlling shareholders of GBT and will receive US$4.6 million.
  • Launched a NCIB in July 2022 to purchase up to 7,988,986 common shares of the Company over the next 12 months.

"I am excited to announce that Knight achieved record quarterly revenues this quarter and see continuous growth in each of our key therapeutic categories primarily driven by the lifting of COVID-19 restrictions as well as the impact of the acquisition of Exelon®. Almost one year after closing that transaction, we have completed the Exelon® marketing authorization transfers to Knight in our key LATAM territories and have assumed Exelon® commercial activities in Colombia. We also continued to execute on the business development front and entered into exclusive license, distribution and supply agreements with Helsinn and Rigel in our key territories,", said Samira Sakhia, President and Chief Executive Officer of Knight Therapeutics Inc.

__________
1 EBITDA and Adjusted EBITDA are a non-GAAP measures, refer to section "Non-GAAP measures" and "Reconciliation to adjusted EBITDA" for additional details


SELECT FINANCIAL RESULTS
[In thousands of Canadian dollars]

Change Change
Q2-22 Q2-21 $ 1 % 2 YTD-22 YTD-21 $ 1 % 2
Revenues 75,820 65,796 10,024 15% 139,627 111,865 27,762 25%
Gross margin 38,295 28,871 9,424 33% 70,772 49,451 21,321 43%
Gross margin % 51 % 44% 51% 44%
Operating expenses 4 35,959 28,855 7,104 25% 68,752 51,670 17,082 33%
Net income (loss) 2,516 29,004 (26,488 ) 91% (16,295 ) 32,562 (48,857 ) 150%
EBITDA 3 17,890 9,271 8,619 93% 31,202 14,431 16,771 116%
Adjusted EBITDA 3 17,890 9,396 8,494 90% 31,202 14,975 16,227 108%
  1. A positive variance represents a positive impact to net income (loss) and a negative variance represents a negative impact to net income (loss)
  2. Percentage change is presented in absolute values
  3. EBITDA and adjusted EBITDA are non-GAAP measures, refer to the definitions in section "Non-GAAP measures" for additional details
  4. Operating expenses include selling and marketing expenses, general and administrative expenses, research and development expenses, amortization and impairment of intangible assets


SELECT BALANCE SHEET ITEMS
[In thousands of Canadian dollars]

Change
06-30-22 12-31-21 $ % 1
Cash, cash equivalents and marketable securities 136,235 149,502 (13,267 ) 9 %
Trade and other receivables 131,570 103,875 27,695 27 %
Inventory 76,400 72,397 4,003 6 %
Financial assets 162,306 192,443 (30,137 ) 16 %
Accounts payable and accrued liabilities 82,635 65,590 17,045 26 %
Bank loans 32,483 35,927 (3,444 ) 10 %
  1. Percentage change is presented in absolute values

Revenues: For the quarter ended June 30, 2022 revenues increased by $10,024 or 15% compared to the same period in prior year. The growth in revenues excluding the impact of hyperinflation was $9,836 or 15% and is explained by the following:

  • Knight recognized revenues of $12,390 for Exelon®, an increase of $8,202 or 200% driven by the following factors:
    • The timing of the acquisition of Exelon® executed on May 26, 2021
    • Estimated increase in revenues between $4,000 to $4,500 driven by the purchasing pattern of certain customers as well as higher sales in Brazil in anticipation of the transfer of commercial activities from Novartis to Knight
  • An increase in revenues of $1,634 driven by the growth of recently launched products including the Q1-22 launches of Lenvima®, Rembre® and Halaven® in Colombia, an increase in patient treatments as our markets reduce COVID-19 restrictions and buying patterns offset by a decrease in revenues of certain of our oncology branded generics products due to market entrance of new competitors. In addition, revenues decreased by approximately $4,500 to $6,000 due to lower demand of certain of our infectious diseases products associated with COVID-19.

Gross margin: For the quarter ended June 30, 2022, gross margin increased from 44% to 51% explained by a change in product mix as well as the acquisition of Exelon®. The revenues of Exelon® is recorded as a net profit transfer from Novartis with the exception of revenues generated in Colombia upon the transfer of commercial activities to Knight in June 2022. The gross margin would have been 54% versus 51% (YTD-21: 44% to 46%) after excluding the adjustment of hyperinflation accounting in accordance with IAS 29.

Knight expects gross margin as a % of revenues to decline over the next quarters as the commercial activities of Exelon® are transferred to Knight on a country-by-country basis and the Company records revenues with related cost of sales instead of a net profit transfer.

Selling and marketing: For the quarter ended June 30, 2022, S&M expenses were $10,926, an increase of $1,742 or 19%, compared to the same period in prior year due to an increase in compensation expenses, certain variable costs such as logistics fees as well as an increase in selling and marketing activities related to key promoted products and Exelon®.

General and administrative: For the quarter ended June 30, 2022, G&A expenses were $10,566, an increased of $1,115 or 12%, compared to the same period in prior year due to an increase in compensation expense, certain consulting and professional fees partially offset by the lower costs of related to stock options

Research and development: For the quarter ended June 30, 2022, R&D expenses were $3,412, an increase of $827 or 32%, compared to the same period in prior year. The variance is not significant.

Amortization of intangible assets: For the quarter ended June 30, 2022, amortization of intangible assets was $11,055, an increase of $3,420 or 45%, compared to the same period in prior year driven by acquisition of Exelon®.

Interest income: Interest income is the sum of interest income on financial instruments measured at amortized cost and other interest income. For the quarter ended June 30, 2022, interest income was $2,427, an increase of 36% or $641, compared to the same period in prior year due to higher interest rates.

Interest expense: For the quarter ended June 30, 2022, interest expense was $1,717, an increase of $1,049 or 157%, compared to the same period in prior year due to higher interest rates partially offset by a lower average bank loan balance.

Adjusted EBITDA: For the quarter ended June 30, 2022, adjusted EBITDA increased by $8,494 or 90%. The growth in adjusted EBITDA is driven by an increase in gross margin of $9,424, offset by an increase in operating expenses.

Net loss or income: For the quarter ended June 30, 2022, net income was $2,516 compared to net income of $29,004 for the same period in prior year. The variance mainly resulted from the above-mentioned items and (1) a net loss on the revaluation of financial assets measured at fair value through profit or loss of $7,692 versus a net gain of $28,472 in the same period in prior year, mainly due to unrealized revaluations of the strategic fund investments, offset by (2) a foreign exchange gain of $4,507 mainly due to the unrealized gains on intercompany balances driven by the appreciation of the USD compared to a foreign exchange loss of $3,194 in the same period in prior year mainly due to depreciation of the USD.

Cash, cash equivalents and marketable securities : As at June 30, 2022, Knight had $136,235 in cash, cash equivalents and marketable securities, a decrease of $13,267 or 9% as compared to December 31, 2021. The variance is primarily due to outflows related to due to upfront payments and certain milestones mainly related to in-licensing of AKYNZEO® and ALOXI® from Helsinn as well as fostamatinib from Rigel, shares repurchased through NCIB, partially offset by cash inflows from operating activities.

Financial assets: As at June 30, 2022, financial assets were at $162,306, a decrease of $30,137 or 16%, as compared to the prior year, mainly due to negative mark-to-market adjustments of $23,520 driven by the decline in the share prices of the publicly-traded equities of our strategic fund investments due to general market conditions and distributions of $4,336. Given the nature of the fund investments there could be significant fluctuations in the fair value of the underlying assets.

Bank Loans: As at June 30, 2022, bank loans were at $32,483, a decrease of $3,444 or 10% as compared to the prior period, due to loan repayments of $5,391, partially offset by the appreciation of BRL and accrued interest.

Product Updates

The marketing authorizations of Exelon® for Colombia, Mexico, Chile and Brazil were transferred to Knight. The Company expects that remaining marketing authorizations will be transferred in the second half of 2022. Furthermore, Knight has assumed the commercial activities of Exelon® in Colombia and expects to assume commercial activities in Brazil, Mexico and Chile in Q3-22.

Knight entered into an exclusive license, distribution and supply agreement with Helsinn for AKYNZEO® oral/IV (netupitant/palonosetron / fosnetupitant/palonosetron) in Canada, Brazil and select LATAM countries and ALOXI® oral/IV (palonosetron) in Canada. AKYNZEO ® oral is approved and marketed in Canada for the prevention of acute and delayed nausea and vomiting associated with highly emetogenic cancer chemotherapy and the prevention of acute nausea and vomiting associated with moderately emetogenic cancer therapy that is uncontrolled by a 5-HT3 receptor antagonist alone in adults. AKYNZEO ® oral is also approved and marketed in Argentina and Brazil for the prevention of acute and delayed nausea and vomiting associated with highly emetogenic cisplatin-based cancer chemotherapy and prevention of acute and delayed nausea and vomiting associated with moderately emetogenic cancer chemotherapy in adults. ALOXI® solution for injection is approved and marketed in Canada for the prevention of acute and delayed nausea and vomiting associated with moderately emetogenic cancer chemotherapy and highly emetogenic cancer chemotherapy, including high dose cisplatin in adults. In Canada, the product is also indicated in pediatric patients aged 2 to 17 years for the prevention of acute nausea and vomiting associated with moderately and highly emetogenic cancer chemotherapy. ALOXI® oral is approved in Canada for use in adults for the prevention of acute nausea and vomiting associated with moderately emetogenic cancer chemotherapy. According to IQVIA, sales of AKYNZEO® in Canada and Brazil were approximately $7 million in 2021. Knight assumed commercial activities of AKYNZEO® in Brazil and Argentina in July 2022 and will begin commercial activities following a transition period from Helsinn's current licensees in Canada.

Knight entered into exclusive license and supply agreements with Rigel Pharmaceuticals for the exclusive rights to commercialize fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor, in Latin America. Fostamatinib is commercially available in the United States under the brand name TAVALISSE® and in Europe under the brand name TAVLESSE® for the treatment of chronic immune thrombocytopenia. On June 8, 2022, Rigel announced topline efficacy and safety data from the Phase 3 clinical trial of fostamatinib in patients with warm autoimmune hemolytic anemia (wAIHA). The trial did not demonstrate statistical significance in the primary efficacy endpoint of durable hemoglobin response in the overall study population. The safety profile was consistent with prior clinical experience, and no new safety issues were identified. Rigel is conducting an in-depth analysis of this data to better understand differences in patient characteristics and outcomes and expects to discuss these findings with the FDA to determine the path forward in wAIHA. Fostamatinib is also in Phase 3 clinical trials for the treatment of hospitalized patients with COVID-19 1,2 .

_______________

1 Clinicaltrials.gov: NCT04629703
2 Clinicaltrials.gov: NCT04924660


Corporate Updates

NCIB

On July 12, 2022, the Company announced that the Toronto Stock Exchange approved its notice of intention to launch a NCIB ("2022 NCIB"). Under the terms of the 2022 NCIB, Knight may purchase for cancellation up to 7,988,986 common shares of the Company which represented 10% of its public float as at June 30, 2022. The 2022 NCIB commenced on July 14, 2022 and will end on the earlier of July 13, 2023 or when the Company completes its maximum purchases under the NCIB. Furthermore, Knight entered into an agreement with a broker to facilitate purchases of its common shares under the NCIB. Under Knight's automatic share purchase plan, the broker may purchase common shares which would ordinarily not be permitted due to regulatory restrictions or self-imposed blackout periods.

For the three-month period ended June 30, 2022, the Company purchased 1,460,684 common shares at an average price of $5.30 for an aggregate cash consideration of $7,739. The Company did not acquire any common shares subsequent to the quarter ended June 30, 2022.

Settlement Agreement

Knight executed a settlement agreement and general release ("Settlement Agreement") with the former shareholders of GBT. The Company made certain claims ("Claims") with respect to its indemnification rights under the purchase agreement for the acquisition of GBT. Under the Settlement Agreement, Knight will receive $5.9 million (US$4.6 million) as settlement for the Claims, which will be recorded in the Statement of Income.

Conference Call Notice

Knight will host a conference call and audio webcast to discuss its second quarter ended June 30, 2022, today at 8:30 am ET. Knight cordially invites all interested parties to participate in this call.

Date: Thursday, August 11, 2022
Time: 8:30 a.m. ET
Telephone : Toll Free: 1-855-669-9657 or International 1-412-317-0790
Webcast: www.gud-knight.com or Webcast
This is a listen-only audio webcast. Media Player is required to listen to the broadcast.

Replay: An archived replay will be available for 30 days at www.gud-knight.com

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Bausch Health to Appeal XIFAXAN® Patent Decision to U.S. Court of Appeals for the Federal Circuit

Bausch Health Companies Inc. (NYSETSX: BHC), and its gastroenterology business Salix Pharmaceuticals, today announced that, consistent with the company's July 28, 2022 press release, the U.S. District Court of Delaware has issued a decision in the matter of Salix Pharmaceuticals, Ltd. et al v. Norwich Pharmaceuticals, Inc. finding certain XIFAXAN® (rifaximin) 550 mg HE patents valid and infringed and certain XIFAXAN composition and IBS-D patents invalid.  As previously stated, the Company will appeal this decision to the U.S. Court of Appeals for the Federal Circuit and it expects an appeal decision to issue within 12 to 18 months.

To date, Norwich has not received tentative or final approval of its ANDA from the FDA.  Unless and until FDA approves a revised Norwich ANDA that omits the XIFAXAN HE indication, and any injunction issued by the Court is modified, Norwich is not permitted to launch a generic equivalent of XIFAXIN.

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Medtronic to announce financial results for its first quarter of fiscal year 2023

Medtronic plc (NYSE:MDT), a global leader in healthcare technology, today announced that it will report financial results for its first quarter of fiscal year 2023 on Tuesday, August 23, 2022 . A news release will be issued at approximately 5:45 a.m. Central Daylight Time (CDT) and will be available at https:news.medtronic.com . The news release will include summary financial information for the company's first quarter of fiscal year 2023, which ended on Friday, July 29, 2022 .

Medtronic will host a video webcast at 7:00 a.m. CDT on Tuesday, August 23, 2022 , to discuss results for its first quarter of fiscal year 2023. The webcast can be accessed at https://investorrelations.medtronic.com .

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Salix Supports CMS Announcement of First ICD-10 Code for Hepatic Encephalopathy

CMS Issues New Specific ICD-10 Code K76.82 for HE

Bausch Health Companies Inc. (NYSETSX: BHC) ("Bausch Health") and its gastroenterology business, Salix Pharmaceuticals, ("Salix"), one of the largest specialty pharmaceutical companies in the world committed to the prevention and treatment of gastrointestinal (GI) and liver diseases and disorders, today announced its support of the publication of a new specific ICD-10 code from the Centers for Medicare & Medicaid Services (CMS) for hepatic encephalopathy (HE) based on the growing incidence of chronic liver disease in the United States.

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