News Category: Portfolio

Endeavor BioMedicines Closes $101M Series B Financing to Advance Clinical-Stage Precision Medicine Pipeline

Three oncology and fibrotic disease programs in clinical development by end of 2022

SAN DIEGO (BUSINESS WIRE) — Endeavor BioMedicines, a clinical-stage biotechnology company targeting the core drivers of terminal diseases including oncology and fibrosis, today announced the completion of a $101 million Series B financing, led by Ally Bridge Group and Avidity Partners. New investors participating in the round include Perceptive Advisors, Piper Heartland Healthcare Capital, Revelation Partners, funds managed by Tekla Capital Management LLC, and funds and accounts advised by T. Rowe Price Associates, Inc. Existing investors Omega Funds and Longitude Capital also participated. Proceeds will support the advancement of Endeavor’s pipeline programs, including ENV-101 (taladegib), a small molecule inhibitor of the PTCH1 receptor in the Hedgehog signaling pathway for the treatment of cancer and idiopathic pulmonary fibrosis (IPF), as well as ENV-201, a potentially best-in-class small molecule inhibitor of ULK1/2 for the treatment of KRAS-driven cancers.

“Endeavor BioMedicines is developing precision medicines targeting the genetic culprits of cancer and fibrosis,” said John Hood, Ph.D., Co-Founder, CEO and Chairman of Endeavor BioMedicines.“Researchers have investigated Hedgehog and ULK1 signaling pathways over the last decade, but now we have the understanding and capability to identify the patients who will benefit most from them. The capital raised from a committed, top-tier investor syndicate enables us to deliver the right drug to the right patients in order to get the best clinical outcome.”

ENV-101: Targeting the Hedgehog Signaling Pathway in Oncology and Pulmonary Disease

ENV-101 (taladegib), an orally available small molecule inhibitor of the Hedgehog signaling pathway, has already demonstrated impressive clinical efficacy and safety in nearly 200 subjects enrolled across six completed studies. Initially targeted for a broad group of patients with basal cell carcinoma (BCC), Endeavor is now investigating precision therapy approaches for ENV-101 in multiple types of cancers driven by the oncogenic driver mutation PTCH1, as well as in IPF.

PTCH1, an oncogenic driver mutation in the Hedgehog signaling pathway is found in approximately 2% of all cancers. Because of its prevalence across multiple types of cancer Endeavor plans to enroll patients in a tumor agnostic study that includes any patient with oncogenic hedgehog mutations irrespective of tissue of origin. Endeavor is currently enrolling patients in an open label Phase 2 clinical trial in oncology (www.clinicaltrials.gov identifier NCT05199584).

In IPF, myofibroblasts (the repair cells activated by the Hedgehog pathway) become dysregulated and relentlessly remodel lung tissue, forming fibrotic scars and contracting the lung. Selectively inhibiting this pathway in lung tissue effectively inactivates the myofibroblasts responsible for the disorder and forces them to undergo apoptosis, thereby eliminating the key cellular driver of IPF. A Phase 2 clinical trial designed to assess the efficacy and safety of taladegib as a monotherapy in subjects with mild to moderate IPF is currently enrolling (www.clinicaltrials.gov identifier NCT04968574).

ENV-201: Targeting Autophagy and ULK1/2 Inhibition

ENV-201 is an orally available small molecule inhibitor of ULK1/2, a critical enzyme in a cellular recycling process called autophagy that is often linked to drug resistance in KRAS- and STK11-mutated cancers. Tumor cells harness this recycling process to supply much-needed nutrients and metabolites when there are not enough in the available blood supply. Tumors, such as those with KRAS mutations, with high levels of autophagy are resistant to standard therapies, and those patients generally have a very poor prognosis. Researchers have also found that specific genetic mutations frequently found in lung, colorectal and pancreatic cancers cause those tumors to be highly dependent on this recycling pathway.

The combined research supports a precision approach targeting ULK1/2 to inhibit autophagy in genetically defined cancers alone or in combination with existing chemo-, targeted- and immuno-therapeutics. Endeavor plans to complete IND-enabling studies and advance the program into the clinic in the next year.

Appointments to the Board of Directors

As part of the financing, Andrew Lam, Pharm.D. (Ally Bridge Group) and Monal Mehta, Ph.D. (Avidity Partners) will join John Hood, Ph.D. (Board Chair), Bernard Davitian (Omega Funds), and Patrick Enright (Longitude Capital), on the board.

“Endeavor is led by a proven and experienced management team with a track record of value creation of underappreciated assets,” said Andrew Lam.

“We are proud to be supporting a great team that has advanced an exciting pipeline of precision medicines in a short amount of time to deliver disease-modifying therapies for patients,” said Monal Mehta.

About Endeavor BioMedicines

Endeavor BioMedicines is a clinical-stage precision medicine company targeting the core drivers of multiple terminal diseases, including oncology and fibrosis. We combine advancements in technology with an evolving understanding of terminal diseases to develop best-in-class medicines with the potential to reverse the most severe health conditions. Our lead program, ENV-101, is a Hedgehog signaling inhibitor with proven clinical activity that we are investigating in multiple cancers and in idiopathic pulmonary fibrosis. At Endeavor, we are a highly qualified, innovative and focused team that has come together to live up to our name and bold mission: to help patients feel better and live longer. Please visit us on our website at www.endeavorbiomedicines.com and on our LinkedIn and Twitter pages.

Transcarent Raises $200 Million in Series Funding Highlighting Growing Demand for a Different Health and Care Experience Aligned with the Needs of Self-Insured Employers

Led by Kinnevik and Human Capital and joined by Ally Bridge Group, General Catalyst, 7wireVentures and existing Transcarent investors
Leading health systems Northwell Health, Intermountain Healthcare, and Rush University Medical Center invest to accelerate Transcarent’s newly designed care delivery and payment models

PALO ALTO, Calif.– (BUSINESS WIRE) –Transcarent, a new and different health and care experience company for employees of self-insured employers and their families, today announced a $200 million Series C investment led by Kinnevik and Human Capital, with participation from Ally Bridge Group and leading health systems including Northwell Health, Intermountain Healthcare, and Rush University Medical Center. The funding round also included participation from existing investors, including General Catalyst, 7wireVentures, Alta Partners, Merck Global Health Innovation Fund, Jove Equity Partners, Threshold Ventures, and GreatPoint Ventures.

This round brings Transcarent’s total funding raised to $298 million in just over one year and highlights the growing demand from self-insured employers for Transcarent’s new and different approach to managing care for their employees and their families and the strong interest of innovative health delivery systems to explore new payment models.

“At Transcarent, we’ve created a new and different health and care experience that puts consumers back in charge and is simply better aligned for employers, employees and their families, and the providers who deliver high quality care in this country,” said Glen Tullman, Chief Executive Officer of Transcarent. “Health consumers want an experience they can understand and feel comfortable with, that provides unbiased information, trusted guidance, and easy access to high value care and that always puts quality first. They want better solutions for everyday care, for medications, for surgeries, for care that is delivered where and when they need it, ideally at home and not always during the day, and for high quality solutions for complex care like cancer. And they want all of that in one place. This is long overdue and judging by the interest we’re receiving in the market from all of us who pay for care and the companies that employ us, everyone likes what we’re doing.”

Transcarent serves as the on-ramp for self-insured employers and their employees to a new kind of experience unlike anything in healthcare today. Transcarent provides personalized health and care support for virtually all of the most common and most challenging needs, including not just essentials like urgent care but also including lower cost medications, personalized behavioral health symptom evaluation and support, along with, where appropriate, specialty care like surgeries, care at home, cancer, and expert second opinions. Members get 24/7 access to trusted digital and live guidance (real humans) and direct access to high-value care. Most Members receive no bills nor are they responsible for co-pays and co-insurance. This is because Transcarent offers what no other company does today – a fully at-risk model which pays providers up-front for care and partners with employers without any up-front or per-employee-per-month (PEPM) fees.

“For years, we’ve been anxiously waiting for more wide-ranging reform towards value in the healthcare industry and felt it has never been fully addressed – mostly because no one entity was willing to build a better end-to-end health and care experience from the ground up. We see Transcarent as the first company to address the challenge head on in a new and different way that is focused, first and foremost, on the consumer,” said Christian Scherrer, Investment Manager for Kinnevik, who is co-leading the Series C funding round.

Michael Dowling, Chief Executive Officer of Northwell Health commented, “Northwell Health has long been committed to doing our part to drive health reform in our region. It’s why we launched Northwell Direct to deliver high-quality employer health services tied to new payment models. Today, we’re proud to be partnering with and investing in Transcarent as a way to accelerate our efforts on a national level.”

Hemant Taneja, Managing Partner of General Catalyst, who led Transcarent’s early funding rounds along with 7wireVentures said, “From the first days we began to white board the ideas behind Transcarent, we realized that there was an opportunity to fundamentally change the dynamics of the industry, empower consumers with information, intelligence, and access in a way that had never before been done in healthcare. All the while, making it easier to stay healthy, less costly, and putting everyone on the same level playing field by eliminating care blocks like co-pays and co-insurance. Transcarent is all about using technology to increase access, improve quality, and reduce cost while creating an experience people love. At General Catalyst, this is core to our health assurance work.”

Armaan Ali, Co-Founder and CEO of Human Capital, commented, “Transcarent is leading the way in reimagining how consumers access information to make informed decisions about their personal health and care. The company is poised for transformative growth and continuing to attract top-level talent will be essential. In addition to joining as investors, we have already begun our partnership with Transcarent by deploying key industry technology human resource leaders to help Transcarent continue to build a world-class team. We are thrilled to be working closely with Glen and his team on this next phase in the company’s growth.”

Over the last year, Transcarent has made significant strides, bringing on board a world class leadership team, completing the acquisition and integration of BridgeHealth, the leading provider of surgical and value-based care serving over one million Members, and most recently, announcing that Walmart (NYSE: WMT) has selected Transcarent as their go-to-market solution for self-insured employers, and will be working together to make it easy for self-insured employers and their employees to access Walmart services including Walmart’s everyday low-cost pricing on pharmaceuticals for the first time.

For more Information, visit us at www.transcarent.com and follow us on Twitter or LinkedIn.

About Transcarent

Transcarent is a new and different health and care experience company putting people back in charge. Using a combination of software, technology, Health Guides, and data science, Transcarent empowers consumers with the kind of unbiased information, trusted guidance and access to high-value care that leads to better care, better outcomes, and more cost-effective decisions and allows Members to share in the benefits of their decisions. Transcarent believes that having the right information, tools, and incentives in the decision-making process can positively transform the way we all experience our health and care. For more Information, visit us at www.transcarent.com and follow us on Twitter or LinkedIn.

BD Acquires Venclose, Inc. To Extend Treatment Innovations In Chronic Venous Disease

Acquisition marks BD’s entry point to the treatment of Chronic Venous Insufficiency — adding transformative solutions to its existing venous disease portfolio with the potential to reshape patient care.
Addition of Venclose aligns with two key tenets of BD’s innovation agenda: improving chronic disease outcomes and enabling new care settings.

FRANKLIN LAKES, N.J., Dec. 2, 2021 /PRNewswire/ — BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, announced today it has acquired Venclose, Inc., a provider of solutions for the treatment of chronic venous insufficiency (CVI) — a disease that is the result of malfunctioning valves and can lead to varicose veins.

CVI represents a significant and growing therapeutic need within the health care system — impacting up to 40% of women and 17% of men in the United States.1 Venclose is a leader in CVI treatment through its innovative Radio Frequency (RF) ablation technology platform designed for versatility, efficiency and simplicity. RF ablation is the predominant treatment of CVI and has wide acceptance among physicians. Compared to the alternative laser treatment therapy for CVI, RF ablation catheters can potentially reduce post-operative pain and bruising in patients.

“We’re committed to setting a new standard of excellence for people living with venous disease, and that starts with providing physicians with innovative technologies,” said Paddy O’Brien, worldwide president of Peripheral Intervention for BD. “Our acquisition of Venclose will enable us to offer a more robust portfolio of solutions to physicians who are treating the full range of venous conditions. The Venclose™ RF Ablation System strategically complements our category-leading portfolio of venous disease technologies and aligns with our focus on innovations that provide transformative solutions to improve outcomes for chronic disease and enable the transition into new care settings.”

The Venclose™ System is compactly designed and provides two heating length sizes (2.5 cm and 10 cm) in one 6 FR sized catheter. This dynamic dual heating length catheter provides multiple operational benefits to physicians.

With 30 percent more heating length than the longest leading competitive RF ablation catheter, the Venclose™ System can enable physicians to efficiently ablate more vein during each heating cycle and help to lower the total number of ablations required for in-vein treatment. The dual heating length means that physicians can ablate both long and short vein segments with the same catheter — reducing inventory management burden compared to catheters with shorter and/or static heating length sizes.

The system’s technology is also designed to help deliver a patient-centric approach to care. For example, its touchscreen display provides real-time procedure data to help inform physicians’ treatment decisions. The system also provides audible tones for thermal delivery — allowing physicians to focus more of their time and attention on the patient.

Venclose was founded in 2014 to enhance the treatment of CVI through RF ablation technology. The company has since been committed to delivering technological advancements and procedural efficiencies to physicians treating CVI, while also helping to improve patient satisfaction. The Venclose™ System is currently available in a variety of health care settings across the U.S. and areas of Europe.

Terms of the transaction were not disclosed. The transaction is expected to be immaterial to BD’s fiscal 2022 financial results.

About BD

BD is one of the largest global medical technology companies in the world and is advancing the world of health™ by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 70,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians’ care delivery process, enable laboratory scientists to accurately detect disease and advance researchers’ capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and Twitter @BDandCo.

1 https://pubmed.ncbi.nlm.nih.gov/15723761/

 

Arbor Biotechnologies Closes $215 Million Oversubscribed Series B Financing to Advance Next-Generation Precision Editing Therapeutics

The most extensive toolbox of proprietary genomic editors in the industry to enable development of curative, next-generation genetic medicines
Co-founded by David Walt, Ph.D. and Feng Zhang, Ph.D.

CAMBRIDGE, Massachusetts (GLOBE NEWSWIRE) — Arbor Biotechnologies, a biotechnology company discovering and developing the next generation of genetic medicines, today announced the completion of an oversubscribed and up-sized $215 million Series B financing. Including this round, the Company has raised over $300 million to date.

Arbor plans to use the proceeds to advance its lead programs in liver and CNS disease into the clinic and progress a pipeline of precision editing therapeutics, while also continuing to invest in its novel discovery engine to develop the next generation of gene editing technology.

The round was led by Temasek, Ally Bridge Group, and TCG Crossover. Additional new investors included Arrowmark Partners, Deep Track Capital, Great Point Ventures, Illumina Ventures, Janus Henderson Investors, Logos Capital, Ono Venture Investment, Piper Heartland Healthcare Capital, Ridgeback Capital Investments, Section 32, Surveyor Capital (a Citadel company), T. Rowe Price Associates, Tao Capital Partners, funds managed by Tekla Capital Management LLC, Woodline Partners LP, and an undisclosed global investment fund. This round also included investment from strategic partner Vertex Pharmaceuticals and continued support from existing investors, such as ARCH Venture Partners.

As part of the Series B Financing, Chen Yu, Managing Partner at TCG Crossover, will join the Company’s Board of Directors.

“We are pleased to have attracted capital and support from top investors as well as our collaboration partner, Vertex Pharmaceuticals, to help us achieve our vision of developing curative, next-generation genetic medicines for patients with serious genetic diseases,” said Devyn Smith, Ph.D., CEO, Arbor Biotechnologies. “By leveraging our proprietary discovery engine — which applies machine learning and AI to mine our protein database containing billions of proteins — we have successfully built the most extensive toolbox of wholly owned CRISPR genomic editors in the industry. This breadth of tools and IP enables us, and our partners, to approach numerous diseases with gene editing solutions that can be tailored to edit or rewrite the genetic errors that result in disease pathology. This provides us with the ability to target the root cause of genetic diseases.”

Continued Dr. Smith: “With this investment, we are well-positioned to continue advancing toward the clinic with our initial focus in liver and first-in-class treatments for CNS diseases, as well as continue to build out our proprietary discovery engine. While our primary focus has been on developing our bespoke CRISPR nucleases, we are also looking to progress our other precision editing innovations, such as CRISPR transposases.”

Commented Paul Meister, Chairman of the Board: “The investment from these leading entities validates the power of the platform and tools we have discovered at Arbor Biotechnologies. We welcome Dr. Yu to the board and look forward to his contributions as the company works toward deploying these new therapies to treat patients in the near future.”

Added Frank Yu, Founder, CEO, and CIO at Ally Bridge Group: “We’re proud to lead Arbor Biotechnologies’ Series B financing to enable this world class team to further develop the leading next-generation gene editing platform and catalyze novel gene editing approaches and novel curative therapies.”

About Arbor

Arbor Biotechnologies is a life sciences company discovering and developing the next generation of genetic medicines based on wholly owned genomic editors discovered from its machine learning/AI driven discovery platform. Since its founding in 2016 by Feng Zhang, David Walt, David Scott and Winston Yan, Arbor has built the most extensive toolbox of proprietary genomic editors in the industry. Using the discovery platform, Arbor can discover, screen, and engineer novel editing enzymes and effectors that can then be tailored to the underlying cause of disease to result in potentially curative medicines for patients. As Arbor continues to advance its pipeline toward the clinic with an initial focus in liver and CNS disease, the Company has also partnered with Vertex Pharmaceuticals on several gene editing and ex vivo cell therapy programs to broaden the reach of its novel nuclease technology.

Shoreline Biosciences Announces $140 million Financing to Advance Pipeline of Next Generation Cell Immunotherapies

Financing accelerates the growth of Shoreline’s pipeline of iPSC-based cell immunotherapies for the treatment of seriously ill patients and enables the buildout of smart manufacturing capabilities

SAN DIEGO, Nov. 2, 2021 /PRNewswire/ — Shoreline Biosciences, Inc. (Shoreline), a biotechnology company developing intelligently designed allogeneic off-the-shelf, standardized, and targeted induced pluripotent stem cells (iPSC) derived natural killer (NK) and macrophage cellular immunotherapies, today announced the completion of a $140M financing, led by Ally Bridge Group, with participation from new investors Eventide Asset Management, BeiGene, Irving Investors, Kingdon, NS Investment, Piper Heartland Healthcare Capital, and Superstring. Existing investors Boxer Capital, BVF Partners, L.P., Commodore Capital, Cormorant Asset Management, Janus Henderson Investors, Kite, a Gilead Company, Stork Capital, Wedbush Healthcare Partners and an undisclosed leading global investment firm, also participated. In connection with the financing, Frank Yu, Founder, CEO and CIO of Ally Bridge Group, joined the Shoreline Board of Directors.

“We are proud of Shoreline’s tremendous progress over the past year, including next generation, more persistent and more effective iPSC-derived NK cells, enhancing our core technologies, advancing our preclinical programs, establishing transformative and validating partnerships with Kite and BeiGene, creating smart manufacturing methods, and attracting exceptional talent to support our next phase of development and growth,” said Kleanthis G. Xanthopoulos, Ph.D., Shoreline’s co-founder, Chairman and Chief Executive Officer. “With this financing and our corporate partnerships, Shoreline has now more than $300 million to continue building our pipeline of safe, effective and affordable cellular immunotherapies for both solid tumors and hematologic malignancies.”

“Having invested in – and followed closely for several years — the iPSC-derived NK cells-based therapeutics field which has made highly encouraging progress in the clinic, we are convinced of the true differentiation demonstrated by the Shoreline technology platform. Ally Bridge Group, a leading investor in best-in-class cell therapy companies from oncology to autoimmune diseases, expects Shoreline to be a new category leader,” said Frank Yu, Founder, CEO and CIO of Ally Bridge Group.

The proceeds from the financing will allow Shoreline to continue the advancement of its proprietary iPSC platform focused on developing next generation natural killer (NK) cell and macrophage-cell therapies, create potent and persistent NK cell-specific Chimeric Antigen Receptors (CARs) as well as switchable CAR-NK cell engagers and macrophage-specific CARs to treat blood cancers, solid tumors, and other health conditions. With the close of this financing, Shoreline is well-capitalized with greater than $300 million, including committed partnership R&D funding, to execute on its goals and advance its pipeline.

About Shoreline Biosciences

Shoreline is dedicated to creating next-generation cellular immunotherapies for cancer that overcome the current limitations of first-generation cell therapy products. Shoreline is building a pipeline of natural killer cell and macrophage-cell therapy candidates derived from its deep expertise in iPSC differentiation methods and genetic reprogramming of disease relevant pathways. Shoreline has strategic partnerships with Kite, a Gilead Company, and BeiGene, a global biotechnology company, Contract Development and Manufacturing Organization partnerships with well-established organizations, and is supported by high-quality investors. Shoreline Biosciences is headquartered in San Diego, CA.

For more information, please visit www.shorelinebio.com and engage with us on LinkedIn

Quantum Surgical Secures €40 million to Support the Commercial Launch of Epione

Montpellier, France, October 19th, 2021– Quantum Surgical, an innovative medical robotic company, announced today that it has secured €40 million (US$48 million) of financing. Led by existing key investor Ally Bridge Group (“ABG”) with an investment of €20 million (US$24 million), this round also includes funding from the European Investment Bank, Bpifrance, and Caisse d’Epargne Languedoc Roussillon. This brings the total amount of funds completed by Quantum Surgical to €50 million since its inception.

Following CE mark approval announced in September, this funding will support company’s operations dedicated to the commercial launch of Epione®, a medical robot designed to assist physicians in performing safer and more efficient percutaneous tumor ablations in the abdomen. Epione® aims to allow more patients to benefit from minimally invasive liver cancer treatment, a technique consisting of inserting a needle percutaneously to burn a tumor.

“We are delighted to have closed this round of financing and honored by the strong, continued support of our key long-term investor Ally Bridge Group all the way since the days of our previous company Medtech SA just before its acquisition by Zimmer Biomet in 2016. These additional funds will support the company to accelerate the clinical adoption of Epione®, our medical robot for liver cancer treatment,” said Bertin NAHUM, CEO, and co-founder of Quantum Surgical.

“As an early investor of Quantum Surgical, ABG is proud to continue to support the company’s impressive achievement throughout the Covid-19 pandemic, evidenced by its recent CE mark approval,” said Frank Yu, Founder, CEO and CIO at Ally Bridge Group. “We expect to see significant milestones to be achieved by Quantum in the near term that will allow Epione® to treat more liver cancer patients sooner and better than the current standard of care.”

“The EIB is pleased to contribute to the development of Quantum Surgical and its innovative technology to improve the treatment of liver cancer. Against the continued Covid-19 challenges, this €15 million funding, with the backing of the Pan European Guarantee Fund (EGF), demonstrates Europe’s focus on supporting innovation and promising technologies in the field of healthcare, an area that is essential for people’s well-being”, said Ambroise Fayolle, vice-president of the European Investment Bank.

About Quantum Surgical

Quantum Surgical is an innovative medical robotics company committed to contributing to the development of tomorrow’s healthcare. It aims to set new standards in cancer treatment by allowing more patients to benefit from innovative, targeted and less invasive treatments.

Quantum Surgical is introducing Epione®, a unique medical robot designed to assist physicians plan, guide, and assess percutaneous ablation of tumors in the abdomen, a technique in which a needle is inserted through the skin to the tumor to burn it.

Co-founded in 2017 by Bertin NAHUM, Quantum Surgical is headquartered in Montpellier, France.

For more information, please visit Quantum Surgical and follow on LinkedIn and Twitter.

About Ally Bridge Group

Ally Bridge Group (the “Firm”) is a global healthcare investment management firm focused on high-impact life science innovation across private and public markets. The Firm was founded in 2013 by Frank Yu, Chief Executive Officer and Chief Investment Officer, with offices in New York and Hong Kong. Through its scientific and clinical research overlaid with M&A and capital markets expertise, Ally Bridge Group seeks to capture investment opportunities across the capital structure addressing unmet medical needs.

For more information, please visit https://ally-bridge.com

About EIB

The European Investment Bank (EIB) is the long-term financing institution of the European Union (EU), and its shareholders are the 27 EU Member States. The EIB’s remit is to contribute towards the integration, balanced development and economic and social cohesion of the EU Member States. It borrows large volumes of funds on the capital markets and lends them on very favourable terms to support projects that contribute to attaining the European Union’s objectives. The EIB is working to ensure that the European Union is on the cutting edge of the next wave of innovation, particularly in the healthcare sector. As the EU climate bank, the EIB is one of the leading providers of funding for investments in the green transition to a more low-carbon and sustainable growth model.

For more information, please visit www.eib.org/press

Morgan Stanley Expansion Capital and Ally Bridge Group Lead $135 million Investment in Elligo

Proceeds Used to Acquire ClinEdge and Invest Further in Technology & Data Platform

SAN FRANCISCO–(BUSINESS WIRE)–Morgan Stanley Expansion Capital and Ally Bridge Group, today announced the firms have completed an investment in Elligo Health Research®, (“Elligo”), a healthcare-enabling research organization powered by the novel IntElligo technology. The $135 million Series E financing also included participation from Norwest Venture Partners and all major existing investors, including Cerner, Hatteras Venture Partners, Noro-Moseley Partners, Piper Sandler Merchant Banking, Shumway Capital, and Syneos Health. In addition to funding the purchase of ClinEdge, this financing allows Elligo to invest further in its technology platform and leverage data in new ways to address current challenges in the clinical trial industry, enhancing Elligo’s mission of accelerating clinical research and allowing it to further the industry’s goal to improve diversity, equity, and inclusion among research participants.

With access to over 150 million diverse patients, Elligo combines proprietary data, technology, and services to support all trial designs — traditional, hybrid, and direct-to-patient — to expand and accelerate patient access to client trials. Elligo’s solutions address rising challenges faced by all key stakeholders in the clinical trial industry, including top pharma and biotech companies, contract research organizations, and research sites.

“This investment allows Elligo to execute on a key acquisition, as well as evaluate other complementary acquisitions to add technologies and services to accelerate research, improve the patient experience, and make research more accessible,” said Morgan Stanley Expansion Capital Managing Director and General Partner, Melissa Daniels, who has joined Elligo’s board. “The clinical trials industry is experiencing a new phase of disruption. There’s an opportunity to use technology, data analytics, and services to eliminate long-standing trial conduct pitfalls and bottlenecks that primarily impact patients.”

“We are pleased to support Elligo in this exciting new chapter,” said Charles Chon, Partner and Head of Medical Technologies at Ally Bridge Group. “In combination with ClinEdge, the company is uniquely positioned to continue its tremendous growth trajectory and have substantial impact on access to clinical trials.”

“This commitment from Morgan Stanley Expansion Capital, Ally Bridge Group, and others will not only help us better serve our existing clients, but also empower us to expand our technology and services on a global scale,” said Elligo CEO John Potthoff. “The net effect of that will be increased access to clinical trials as a care option for large numbers of patients. We will accelerate revolutionizing the way clinical trials are conducted from pre-identification of patients through healthcare to study enrollment, conduct, and study data delivery.”

Elligo made use of a portion of this infusion of capital immediately, with its recently announced acquisition of ClinEdge, a research practice management and clinical services organization for clinical research sites, pharma companies, and clinical research organizations. This combination creates the largest end-to-end healthcare-enabling research organization in the world.

Holland & Knight LLP served as lead legal counsel to the investor syndicate. Perella Weinberg Partners served as financial advisor and Goodwin Proctor LLP served as legal counsel to Elligo.

About Morgan Stanley Expansion Capital

Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. Morgan Stanley Expansion Capital targets growth equity and credit investments within technology, healthcare, consumer, digital media, and other high-growth sectors. For over three decades, Morgan Stanley Expansion Capital has successfully pursued growth investment opportunities and has completed investments in over 200 companies leveraging the global brand and network of Morgan Stanley. For further information about Morgan Stanley Expansion Capital, please visit https://www.morganstanley.com/im/expansioncapital.

About Ally Bridge Group

Ally Bridge Group (the “Firm”) is a global healthcare investment management firm focused on high-impact life science innovation across private and public markets. The Firm was founded in 2013 by Frank Yu, Chief Executive Officer and Chief Investment Officer, with approximately $3.0 billion of assets under management as of September 1, 2021 across its offices in New York and Hong Kong. Through its scientific and clinical research overlaid with M&A and capital markets expertise, Ally Bridge Group seeks to capture investment opportunities across the capital structure addressing unmet medical needs. For more information, please visit https://ally-bridge.com.

About Elligo Health Research

Elligo Health Research, a healthcare-enabling research organization powered by our novel IntElligo Research Stack technology, uses electronic health records and the trusted patient and physician relationship to ensure all patients have access to clinical research as a care option. We directly engage physicians and patients who otherwise would not participate in clinical research and accelerate the development of new pharmaceutical, biotechnology, and medical device and diagnostic products. Learn more at elligodirect.com.

Illumina Acquires GRAIL to Accelerate Patient Access to Life-Saving Multi-Cancer Early-Detection Test

GRAIL will remain a separate and independent unit, pending ongoing regulatory and legal review

SAN DIEGO, /PRNewswire/ — Illumina, Inc. (NASDAQ: ILMN) announced today that it has acquired GRAIL, a healthcare company focused on life-saving early detection of multiple cancers, but will hold GRAIL as a separate company during the European Commission’s ongoing regulatory review.

Illumina, the global leader in DNA sequencing, first announced its intention to acquire GRAIL nearly a year ago, reuniting Illumina with GRAIL four years after it was spun off. GRAIL’s Galleri blood test detects 50 different cancers before they are symptomatic. Illumina’s acquisition of GRAIL will accelerate access and adoption of this life-saving test worldwide.

Regulators in the EU are reviewing the transaction, but a decision is projected after the deal expires. GRAIL has no business in the EU, and the company believes that the European Commission does not have jurisdiction to review the merger as the EU merger thresholds are not met, nor are they met in any EU member state. The General Court of the European Union will hear Illumina’s jurisdictional challenge later this year. By holding GRAIL separate while proceedings are ongoing, Illumina is positioned to abide by whatever final decision is reached in these legal processes.

There is no legal impediment to acquiring GRAIL in the US. Illumina is committed to working through the ongoing FTC administrative process, and as always, will abide by whatever outcome is ultimately reached in the US courts.

The reasons to reunite the two companies are compelling:

  • The deal will save lives. Cancer kills around 10 million people annually worldwide and 600,000 people in the US alone. Cancers responsible for nearly 71% of cancer deaths have no recommended early detection screening, and most cancers are detected when chances of survival are lower. Illumina feels there is a moral obligation to have the deal decided by a thoughtful and full review by the EU regulators and the US courts. This can only be done if Illumina acquires GRAIL now. Otherwise, the company is locked into a situation where the deal terms will expire before there is a chance for full review; the clock will just run out.
  • Right now, the Galleri test is available but costs $950 because it is not covered by insurance. Reuniting the two companies is the fastest way to make the test broadly available and affordable. Illumina’s expertise in market development and access has resulted in coverage of genomic testing for over 1 billion people around the world already. This experience will help lead to coverage and reimbursement for the Galleri test.
  • GRAIL and Illumina have a long history. Illumina formed GRAIL and spun it out in 2016. GRAIL’s first employees were part of Illumina, which still owns 12 percent of the company. GRAIL and Illumina are not competitors—this is a vertical acquisition.
  • Based on past experience, when Illumina enters a market, the market expands. When Illumina entered the non-invasive prenatal testing space, prices dropped, reimbursement expanded, the number of providers increased, and more expectant parents had access to testing.
  • Illumina’s acquisition of GRAIL is driven by the belief that this test should be available to as many people as possible as quickly as possible. From fighting the COVID-19 pandemic to matching cancer patients to therapies, Illumina’s mandate is to save lives and transform healthcare. The first COVID-19 viral sequence was on an Illumina machine and now genomic surveillance has emerged as a critical tool in the global fight against the pandemic, with over 70 countries now using Illumina platforms for COVID-19 variant tracking.

“Just as we are now able to screen for early-stage diabetes and high cholesterol, we will soon be able to conduct multi-cancer early detection with a simple blood test in your doctor’s office,” said Francis deSouza, Chief Executive Officer of Illumina.  “Since early detection of cancer saves lives, this new genomic test will be nothing short of transformational for human health and the economics of healthcare.”

“The merger with Illumina will get the Galleri test to people far faster. We aim to accelerate this process so the test will be available in doctors’ offices everywhere, fully reimbursed,” said Hans Bishop, Chief Executive Officer of GRAIL. “A one-year acceleration of access to the Galleri test for the US population has the potential to save 10,000 lives over a 9-year period.”

“The decision to make the acquisition and hold the companies separate permits the regulatory processes to proceed while safeguarding the life-saving, pro-competitive benefits of this vertical transaction without the deal expiring. We will abide by any outcome ultimately reached by the courts,” said Charles Dadswell, General Counsel of Illumina.

About Illumina

Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as the global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit www.illumina.com and connect with us on Twitter, Facebook, LinkedIn, Instagram, and YouTube.

Transaction Details

As previously disclosed, the merger consideration for Illumina’s acquisition of GRAIL included cash and shares of Illumina common stock, as well as contingent value rights (CVRs) or additional shares of Illumina common stock.

GRAIL stockholders, including Illumina, are entitled to cash consideration of approximately $3.5 billion or, excluding Illumina, approximately $3.1 billion.  We are also spending approximately $0.4 billion in cash to cover the tax withholding requirements from net settling shares of Illumina common stock issuable to GRAIL employees.

The base stock consideration was subject to a collar, where the number of shares issued at closing varied in the event the 20-trading-day volume weighted average price of Illumina stock as of 10 trading days prior to closing is between $295 and $399 but was fixed at 11.3 million shares if such volume weighted average share price is above $399, which is where the stock has traded over the last couple months.

In addition to the cash consideration and the base stock consideration, GRAIL stockholders were entitled, at their election, to receive CVRs or additional shares of Illumina common stock. The CVRs entitle holders to receive future payments representing a pro rata portion of certain GRAIL-related revenues each year for a 12-year period starting at close.  This will reflect a 2.5% payment right to the first $1 billion of revenue each year for 12 years.  Revenue above $1 billion each year will be subject to a 9% contingent payment right during this same period. Holders of approximately 47% of GRAIL equity interests and/or awards (on a fully diluted basis), or 54% excluding Illumina, elected to receive the CVR consideration.

The alternative additional stock consideration (that GRAIL stockholders could elect to receive in lieu of CVRs) consisted of up to $850 million of shares of Illumina common stock, with the number of shares issued capped at a specified amount if the 20-trading-day volume weighted average price of Illumina stock as of 10 trading days prior to closing is less than $280, which did not occur. In total, we will be issuing approximately 9.8 million shares of Illumina common stock as part of this acquisition. The number of shares issued reflects approximately 11.3 million shares of base stock consideration and approximately 0.7 million shares of additional stock consideration (in lieu of CVRs), reduced by approximately 1.4 million shares to which Illumina is entitled in respect of its GRAIL stock and approximately 0.8 million shares in respect of GRAIL employee net share settlement.

Cautionary Notes on Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “may,” “target,” similar expressions and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the effects of the consummation of the transaction and the anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the possibility of fines, penalties, remedies or restrictions sought or imposed by governmental or regulatory authorities as a result of consummating the transaction, (ii) the possibility of other adverse consequences to, among other things, Illumina’s reputation, its relationships with governmental or regulatory authorities or its ability to successfully complete future acquisitions and/or divestitures as a result of consummating the transaction, (iii) the potential impact of unforeseen liabilities, future capital expenditures, revenues, costs, expenses, earnings, synergies, economic performance, indebtedness, financial condition and losses on the future prospects, business and management strategies for the management, expansion and growth of Illumina’s business after the consummation of the transaction, (iv) potential adverse reactions or changes to business relationships resulting from the completion of the transaction, (v) any negative effects of the consummation of the transaction on the market price of Illumina’s common stock and on Illumina’s operating results, (vi) risks associated with third-party contracts containing consent and/or other provisions that have been triggered by the consummation of the transaction, (vii) the risks and costs associated with the integration of, and the ability of Illumina to integrate, GRAIL, Inc.’s (“GRAIL”) business successfully and to achieve anticipated synergies, including any delay in integration following any hold separate period, (viii) the risks and costs associated with the development and commercialization of, and Illumina’s ability to develop and commercialize, GRAIL’s products, including Galleri, the cancer screening test developed by GRAIL; (ix) Illumina’s ability to obtain regulatory clearance for its products from government agencies; (x) Illumina’s ability to obtain approval by third-party payors to reimburse patients for its products; (xi) the risk that disruptions from the consummation of the transaction or any associated legal or regulatory proceedings or obligations will harm Illumina’s business, including current plans and operations, (xii) legislative, regulatory and economic developments, (xiii) the other risks described in the Consent Solicitation Statement of GRAIL, Inc. and Prospectus of Illumina, Inc. (the “Consent Solicitation Statement/Prospectus”) that is included in the registration statement on Form S-4 (File No. 333-250941) filed by Illumina with the Securities and Exchange Commission (the “SEC”) (as amended, the “Registration Statement”), as well as in Illumina’s most recent annual reports on Form 10-K and quarterly reports on Form 10-Q and in the registration statement on Form S-1 filed with the SEC by GRAIL on September 9, 2020, as amended on September 17, 2020, and (xiv) management’s response to any of the aforementioned factors.

These risks, as well as other risks associated with the transaction, are more fully discussed in the Consent Solicitation Statement/Prospectus that is included in the Registration Statement. While the list of factors presented here is, and the list of factors presented in the Registration Statement are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Illumina’s financial condition, results of operations, credit rating or liquidity. Illumina does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

 

Exhibit A Net Consideration (unaudited)
Shares
(in millions)		 Cash
(in billions)
All GRAIL Shareholders 11.3 $3.5
(-) Illumina Holdings (a) (1.4) (0.4)
GRAIL Shareholders (excluding Illumina) 9.9 3.1
(+) Additional Stock (in lieu of CVRs) (b) 0.7 –
(+) Employee Share Net Settlement (c) (0.8) 0.4
Net Consideration (excluding Illumina) (d) 9.8 $3.5

 

(a)

Illumina owned 12.0% of the outstanding equity interests in GRAIL on a fully diluted basis.

(b)

GRAIL stockholders were entitled, at their election, to receive contingent value rights (CVRs) or additional shares of Illumina common stock. Holders of approximately 46% of GRAIL total equity interests and/or awards (on a fully diluted basis; excluding Illumina) elected to receive additional shares of Illumina common stock.

(c)

In accordance with the Amendment to the Agreement and Plan of Merger, dated as of February 4, 2021, the withholding tax obligation for the stock received by current and former GRAIL employees in respect of their equity awards was satisfied on a “net settlement” basis. As a result, the total number of shares issued was reduced by a number of shares with a value equal to such withholding obligation, and an equivalent cash amount was paid by Illumina in respect of such withholding obligations.

(d)  

Excludes potential future consideration for the approximately 54% of GRAIL stockholders (on a fully diluted basis; excluding Illumina) that elected to receive the CVRs.  The CVRs entitle holders to receive future payments representing a pro rata portion of certain GRAIL-related revenues each year for a 12-year period starting at close.  This will reflect a 2.5% payment right to the first $1 billion of revenue each year for 12 years.  Revenue above $1 billion each year will be subject to a 9% contingent payment right during this same period.

Sonoma Biotherapeutics Raises $265 million in an Oversubscribed Series B Financing to Translate the Promise of Cell Therapy into Curative Medicines for Autoimmune and Other Inflammatory Diseases

Sonoma Biotherapeutics’ platform and product candidates aim to restore immune system balance through complementary regulatory T cell (Treg) therapy and effector T cell (Teff) conditioning
Series B financing comprised of strong syndicate of leading life science investors
Financing supports the advancement of Sonoma Bio’s Treg therapy platform, a novel Teff conditioning therapy and the build-out of a robust processing and manufacturing facility

SOUTH SAN FRANCISCO, Calif. & SEATTLE–(BUSINESS WIRE)–Sonoma Biotherapeutics, an immune tolerance company focused on the development of regulatory T cell (Treg) therapies, has announced an oversubscribed $265 million Series B financing. Proceeds from the financing will be used to advance Sonoma Bio’s Treg cell therapy platform and a novel Teff conditioning biologic into the clinic to treat multiple, severe autoimmune and inflammatory diseases and to further invest in and scale up manufacturing operations in order to support supply for initial clinical studies.

“We are ushering in a new era of medicine, using immune cells as living therapies that persist in the body, providing a lasting and potentially curative activity to treat autoimmune and inflammatory diseases,” said Jeffrey Bluestone, Ph.D., Co-founder and CEO of Sonoma Biotherapeutics. “We are laser focused on applying this approach to the vast unmet medical need that exists in immune-driven diseases, where engineered Treg cell therapies can help restore and reset the immune system when it goes awry.”

Marquee life sciences and healthcare-focused investors participated in the Series B, led by the global life science-focused investment group Ally Bridge Group, with participation from new investors including ArrowMark, Avidity Partners, Casdin Capital, Deep Track Capital, Fidelity Management & Research Company LLC, Frazier Healthcare Partners, GV, Janus Henderson Investors, Mirae Asset, NS Investment, Osage University Partners, Piper Heartland Healthcare Capital, Vertex Ventures HC and an undisclosed global investment fund. Existing investors also supported this financing, including 8VC, ARCH Venture Partners, Alexandria Venture Investments, the JDRF T1D Fund, LifeForce Capital, Lilly Asia Ventures Biosciences and Octagon Capital. Since its founding in 2019, Sonoma Bio has raised more than $335 million.

“We’re proud to lead Sonoma Bio’s Series B financing and support their game-changing efforts to fundamentally change the treatment of autoimmune diseases,” said Frank Yu, Founder, CEO and CIO at Ally Bridge Group. “Sonoma Bio, which creates a new therapeutic paradigm, has assembled a leading world-class team who are pioneering technology to unlock this novel cell therapy approach for autoimmune and inflammatory diseases.”

“The Sonoma Bio team possesses the creativity and breadth of experience to realize the promise of Treg cell therapy for people living with autoimmune and inflammatory diseases,” said Rick Klausner, M.D., Chairman of Sonoma Bio’s Board of Directors. “With the backing of an incredible syndicate of established life science investors, Sonoma Bio has the capital resources, the talent, the technology and the passion to completely transform treatment for patients with these diseases.”

Sonoma Bio’s Platform & Pipeline

Sonoma Bio is pioneering Treg adoptive cell therapies alone and in combination with Teff conditioning therapy to promote immune tolerance in a variety of autoimmune and inflammatory conditions.

The two most advanced programs are:

SBT-77-7101, a novel CAR-based Treg cell therapy for patients with refractory rheumatoid arthritis. SBT-77-7101 CAR-Treg cells adapt the clinically proven paradigm of CAR-Teff cells in cancer to specifically direct the regulatory immune system and develop a powerful new tool to treat autoimmune diseases. CAR-Treg cells possess multiple therapeutic activities within a single medicine, a so-called poly-pharmaceutical, that works directly at the site of inflammation for a durable, lasting clinical response.

SBT-11-5301, a Teff conditioning biologic designed to help clear the inflammatory environment and make Treg cell therapies more effective. SBT-11-5301 is being investigated as a conditioning agent to be used as a monotherapy for the treatment of Type 1 diabetes as well as in combination with the Sonoma Bio Treg cell therapy platform.

Additional Treg cell therapy discovery programs are also underway targeting other autoimmune and inflammatory diseases.

World-class Founding & Management Team

Sonoma Bio’s founding team is world renowned in the field of immune tolerance and Treg biology. Co-founders Drs. Alexander Rudensky and Sonoma Bio’s Chief Scientific Officer, Fred Ramsdell, co-discovered FOXP3, a critical transcription factor for Treg development and function. Drs. Bluestone and Qizhi Tang have pioneered adoptive Treg cell therapy in autoimmune disease and organ transplantation. They are complemented by an experienced leadership team and board of directors to bring Sonoma Bio’s vision together – possessing the genetic engineering, development and manufacturing capabilities in cell therapy needed to translate the Company’s approach into the clinic and beyond.

Addressing Significant Unmet Need

Autoimmune diseases are conditions in which the body’s immune system mistakes its own healthy tissues as foreign and attacks them. Most autoimmune diseases cause inflammation that can affect many parts of the body. Scientists have identified more than 80 autoimmune diseases. Some are well known, such as rheumatoid arthritis, Type 1 diabetes, inflammatory bowel diseases, and multiple sclerosis. According to the National Institute of Health, collectively, autoimmune diseases affect more than 24 million people in the United States. Globally, approximately 4 percent of the world’s population is impacted.

Despite advances in the development of therapies to treat autoimmune diseases, existing medicines often have short-lived efficacy, need to be chronically delivered and are generally ineffective at treating the underlying causes of disease. Patients with these diseases are dramatically underserved, as the standard of care typically consists of cycling on and off of various treatments that are ineffective for long-term use and are often toxic or immunosuppressive. Treg cell therapies show promise in fundamentally changing how we treat these patient populations – resetting immune tolerance and helping patients to eliminate toxic treatments and no longer face a lifetime of disease management at significant costs to the healthcare system.

About Sonoma Biotherapeutics

Sonoma Biotherapeutics is a South San Francisco and Seattle-based company leading the development of adoptive Treg cell therapies for autoimmune and inflammatory diseases. Using genome editing and target-specific cell therapy, Sonoma is focused on developing its best-in-class platform across the entire spectrum of Treg cell therapeutic capabilities. Founded by pioneers in Treg biology and cell therapy, the company brings together leading expertise and proprietary methodologies for the discovery and development of disease-modifying and curative therapies. More information at www.sonomabio.com.

Rapid Micro Biosystems Announces Exercise and Closing of Over-Allotment Option in Initial Public Offering

LOWELL, Mass., Aug. 04, 2021 (GLOBE NEWSWIRE) — Rapid Micro Biosystems, Inc. (Nasdaq: RPID) (“Rapid Micro”), an innovative life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products, today announced that the underwriters of its previously announced initial public offering of Class A common stock have exercised their option to purchase additional shares in part for 1,086,604 shares at the public offering price of $20.00 per share less underwriting discounts and commissions, for additional gross proceeds to Rapid Micro of $21.7 million. The exercise of the over-allotment option closed on August 4, 2021.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Cowen and Company, LLC and Stifel, Nicolaus & Company, Incorporated are acting as joint book-running managers of the offering.

A registration statement on Form S-1 (File No. 333-257431) relating to the offering has been filed with the Securities and Exchange Commission and became effective on July 14, 2021. The offering will be made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (866) 803-9204 or email at prospectus-eq_fi@jpmchase.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY, 11717, by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, telephone: (415) 364-2720 or email at syndprospectus@stifel.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.