Archive for June, 2020
$MEDS Trxade Group Appoints Senior Healthcare Executive Ashton Maaraba as President of Bonum Health
June 09, 2020 — Trxade Group, Inc. (NASDAQ: MEDS) an integrated drug procurement, delivery and healthcare platform, announced today that Ashton Maaraba is joining the Company as President of Bonum Health, Trxade Group’s telemedicine practice.
Maaraba joins Trxade Group with over 20 years of experience in developing and directing strategic national sales, marketing, and operating initiatives in ever-changing, dynamic environments. His most recent position was the President of AshHealth, a healthcare market advisory firm located in Rochester, New York, where he spearheaded all facets of the business including market research, data analysis, financial development, business management and operations.
Maaraba was previously the Senior Vice President of Change Healthcare/eRx Network Inc., one of the largest, independent healthcare technology companies providing software and analytics, connectivity, communications, payments, consumer engagement and workflow optimization solutions. He helped implement the company’s modernization plans and vision into strategy and tactics, and managed the deployment team responsible for 30% of the company’s transactions of prescription drugs claims, adjudication, and copy assistance programs. Maaraba oversaw their client portfolio of over 60,000 pharmacies, physicians, health insurers and Pharmacy Benefit Management (PBM) organizations across the U.S. Prior to this role Ashton held key leadership positions for PharmaSmart International navigating the company through explosive growth in sales, operations and strategy for nearly 10 years, a class II medical device and healthcare data intelligence manufacturing and distribution company, and FLAVORx, a medicinal flavoring company where, he was credited with deployment and implementation of healthcare products, and services to nearly 50,000 retail pharmacies and specialty locations across the US, Canada, Australia and U.K.
“I am pleased to welcome Ashton Maaraba as President of Bonum Health, our emerging telemedicine platform which has begun to enter a transformative period,” said Suren Ajjarapu, Chief Executive Officer of Trxade Group, “Ashton is an intuitive leader with acute business acumen and expertise in channel development and market development. I am confident in his ability to drive widespread adoption of Bonum Health amongst both employers seeking to provide unique healthcare perks to their workers as well as to individuals seeking a low-cost, convenient way to speak with a doctor.”
“Coming from leadership positions in the healthcare industry, the value-add of Bonum Health is readily apparent to me – I am truly excited to join Trxade Group and help drive the success of its telemedicine practice – improving the quality of healthcare received for thousands,” said Ashton Maaraba, President of Bonum Health, “I look forward to working closely with Suren to drive forward long-term shareholder value creation through the addition of patients to our proprietary telemedicine platform, referring them to the care of our trusted network of independent pharmacy partners.”
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Group, Inc. (Nasdaq: MEDS) is an integrated drug procurement, delivery and healthcare platform that fosters price transparency, thereby improving profit margins for both buyers and sellers of pharmaceuticals. Trxade Group operates across all 50 states with the central mission of making healthcare services affordable and accessible. Founded in 2010, Trxade Group is comprised of four synergistic operating platforms; (1) the Trxade B2B trading platform with 11,400 registered pharmacies, (2) Integra Pharma Solutions, Trxade Group’s virtual wholesale division, (3) the Bonum Health platform offering affordable telehealth services; and (4) the DelivMeds app, which coordinates a nationwide distribution network through independent pharmacies or mail order delivery. For additional information, please visit us at www.trxade.com, www.delivmeds.com, and www.bonumhealth.com.
Forward-Looking Statements
This press release may contain forward-looking statements, including information about management’s view of Trxade’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Trxade, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in filings made by Trxade with the Securities and Exchange Commission, including, but not limited to, in the “Risk Factors” sections in its Form 10-Ks and Form 10-Qs and in its Form 8-Ks, which we have filed, and file from time to time, with the U.S. Securities and Exchange Commission. These reports are available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on Trxade’s future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. Trxade cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Investor Relations:
Greg Falesnik
Managing Director
MZ Group – MZ North America
(949) 385-6449
MEDS@mzgroup.us
www.mzgroup.us
$POAI Announces Financial Results for Q1 2020, Provides Business Update
Predictive Oncology (NASDAQ: POAI), a knowledge-driven company focused on applying artificial intelligence (“AI”) to personalized medicine and drug discovery, on Monday reported financial results for the quarter ended March 31, 2020 and provided a business update. “We remain steadfast in our approach to assembling a portfolio of assets that leverages our unique collection of cancer tumors to develop and market AI-based, predictive models for personalized cancer treatments that improve patient outcomes,” Dr. Carl Schwartz, Predictive Oncology CEO, stated in the news release. “Our collection of more than 150,000 cancer tumors, amassed and curated over a 10-year period, gives us a strong competitive advantage as we are the only company that can perform a ‘reach back’ to examine actual outcomes over an extended period of time. In collaboration with UPMC, we are on schedule to conclude an initial study of the application of artificial intelligence for treatment of ovarian cancer patients during the second quarter. We believe this critical research will provide us with a representative sample that successfully demonstrates the value of our tumor database, validates our processes and enables the next step in our path to commercialization.”
To view the full press release, visit http://nnw.fm/vBh4v
About Predictive Oncology Inc.
Predictive Oncology (NASDAQ: POAI) operates through three segments (Domestic, International and other), which contain four subsidiaries; Helomics, TumorGenesis, Skyline Medical and Skyline Europe. Helomics applies artificial intelligence to its rich data gathered from patient tumors to both personalize cancer therapies for patients and drive the development of new targeted therapies in collaborations with pharmaceutical companies. Helomics’ CLIA-certified lab provides clinical testing that assists oncologists in individualizing patient treatment decisions, by providing an evidence-based roadmap for therapy. In addition to its proprietary precision oncology platform, Helomics offers boutique CRO services that leverage its TruTumor(TM), patient-derived tumor models coupled to a wide range of multi-omics assays (genomics, proteomics and biochemical), and an AI-powered proprietary bioinformatics platform to provide a tailored solution to its clients’ specific needs. Predictive Oncology’s TumorGenesis subsidiary is developing a new rapid approach to growing tumors in the laboratory, which essentially “fools” cancer cells into thinking they are still growing inside a patient. Its proprietary Oncology Discovery Technology Platform kits will assist researchers and clinicians to identify which cancer cells bind to specific biomarkers. Once the biomarkers are identified they can be used in TumorGenesis’ Oncology Capture Technology Platforms which isolate and help categorize an individual patient’s heterogeneous tumor samples to enable the development of patient specific treatment options. Helomics and TumorGenesis are focused on ovarian cancer. Predictive Oncology’s Skyline Medical division markets its patented and FDA cleared STREAMWAY System, which automates the collection, measurement and disposal of waste fluid, including blood, irrigation fluid and others, within a medical facility, through both domestic and international divisions. The company has achieved sales in five of the seven continents through both direct sales and distributor partners. For more information, please visit www.Predictive-Oncology.com.
NOTE TO INVESTORS: The latest news and updates relating to POAI are available in the company’s newsroom at http://nnw.fm/POAI
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$GGBXF 420 with CNW – Why Some People May Not See Results After Consuming CBD
Over the past few years, cannabidiol (“CBD”) has gained the reputation of a cure all, and marketers have leaned quite heavily into it. Plenty of companies that process and sell CBD have taken to making all kinds of medical claims to attract customers. However, the truth of the matter is that a large portion of the evidence backing CBD’s medical abilities is anecdotal, and the cannabis extract definitely won’t fix all your health issues.
It has become immensely popular in recent years, with CBD gummies being the third most searched for food in 2018. What a lot of marketing campaigns fail to say is that for the most part, CBD reacts with different people in different ways, and another person’s experience with CBD will not exactly mirror your own. So why do some people fail to see tangible results after consuming CBD?
For starters, CBD reacts with the endocannabinoid system (“ECS”), a peripheral nervous system in charge of maintaining the homeostasis or internal balance of the body. It is made up of individual cannabinoid receptors spread throughout the body, and everyone’s ECS is unique in both its make up and level of functionality. Like a fingerprint, no two are alike, so everyone’s reaction will be slightly different based on their ECS.
While smoking or vaping cannabis has a more or less instantaneous effect, CBD can take a while, depending on the method of application. Topicals will offer quick results but if you’re ingesting your CBD, it may take you weeks of daily consistent use for the effects to kick in. A lot of the time, new users will approach it with an ‘instant gratification’ mindset, and seeing no results after a few doses, drop too soon.
Additionally, you may just be using the wrong product. Despite being only a few years old, the CBD space is filled with a huge variety of products. In broad terms, there are the full-spectrum products, which contain a host of other cannabinoids and terpenes, and there are the isolates, where all the other chemicals are stripped away to leave only CBD. Full-spectrum products are more popular as the sum of all the cannabinoids and terpenes work together in a complementary way in what has been termed the ‘entourage effect.’
Like most medicines, CBD doesn’t work in a vacuum, and you will have to put in effort for it to be effective. Eat healthy, exercise regularly, get plenty of sleep, and consistent CBD use will supplement your healthy lifestyle.
The variation in the way different people respond to CBD may be the reason why industry actors like Round Meadow Holdings Corp. and Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) encourage customers to read all the available literature before choosing a CBD product to buy.
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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$GNPX Selected to Join Russell 3000(R) Index
Genprex (NASDAQ: GNPX), a clinical-stage gene therapy company developing potentially life-changing technologies for patients with cancer and diabetes, today announced that it is scheduled to join the U.S. broad-market Russell 3000 Index, which includes the 3,000 publicly traded companies on the Nasdaq and NYSE exchanges with the largest market capitalizations. According to the update and a preliminary list of additions, Genprex will join the index when FTSE Russell, a leading global index provider, reconstitutes its 2020 indices after the markets close on Friday, June 26, 2020. “The selection of Genprex for the Russell 3000(R) Index will add to the awareness of our company among institutional investors, money managers and index funds, as well as highlight to them our suitability as an investment,” Genprex’s CEO and Chairman Rodney Varner said in the news release. “This inclusion indicates that our leadership in developing gene therapies is resonating with investors. It comes at a time when we are preparing to initiate our Phase I/II clinical trial to evaluate our lead drug candidate, Oncoprex, in combination with AstraZeneca’s Tagrisso(R) for the treatment of non-small cell lung cancer (“NSCLC”) and preparing to file our IND to initiate a clinical trial of Oncoprex in combination with Merck’s Keytruda(R) in NSCLC. We believe our inclusion in the Russell 3000 Index is yet another significant milestone for us, as it will further increase our exposure with a broader group of institutional investors.”
To view the full press release, visit http://nnw.fm/T7kkH
About Genprex, Inc.
Genprex, Inc. is a clinical-stage gene therapy company developing potentially life-changing technologies for patients with cancer and diabetes. Genprex’s technologies are designed to administer disease-fighting genes to provide new treatment options for large patient populations with cancer and diabetes who currently have limited treatment options. Genprex works with world-class institutions and collaborators to in-license and develop drug candidates to further its pipeline of gene therapies in order to provide novel treatment approaches. The Company’s lead product candidate, Oncoprex(TM), is being evaluated as a treatment for non-small cell lung cancer (“NSCLC”). Oncoprex has a multimodal mechanism of action that has been shown to interrupt cell signaling pathways that cause replication and proliferation of cancer cells; re-establish pathways for apoptosis, or programmed cell death, in cancer cells; and modulate the immune response against cancer cells. Oncoprex has also been shown to block mechanisms that create drug resistance. In January 2020, the U.S. Food and Drug Administration granted Fast Track Designation for Oncoprex immunogene therapy for NSCLC in combination therapy with osimertinib (AstraZeneca’s Tagrisso(R)). For more information, please visit the company’s website at www.Genprex.com
NOTE TO INVESTORS: The latest news and updates relating to GNPX are available in the company’s newsroom at http://nnw.fm/GNPX
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$SRAX Long-Time Advocate of Consumer-Controlled Data, Provides Template for CCPA Compliance
- Enforcement of country’s strictest privacy act, the California Consumer Privacy Act, begins July 1
- SRAX leads way in offering consumers full control over their information.
- Company’s proprietary BIGtoken platform allows people to own, earn from data while providing advertisers access to verified consumer data.
Beginning July 1 — only a few days away — enforcement of the California Consumer Privacy Act (“CCPA”) begins. Designed to give consumers more control over their personal information, the law was passed in California but impacts companies across the country. As many companies are scrambling to fall within the regulatory guidelines, SRAX Inc. (NASDAQ: SRAX), a digital marketing company focused on providing consumer data-management services, has long been an advocate of consumers having full control over their information and, in fact, provides compensation to consumers who choose to share their data.
The CCPA was passed in 2018 with additional amendments added as late as October 2019. “Considered to be the most comprehensive in the country, the California Consumer Privacy Act (CCPA) is set to take effect January 1, 2020, with enforcement beginning July 1, 2020. This expansive act is designed to give consumers more control over their personal information and will reach beyond California’s borders,” reported a “Forbes” article (http://nnw.fm/dsaT7).
“Even if your for-profit SMB isn’t located in the Golden State, you may still be on the hook to comply,” the article continued. “Do you do business or have customers (or potential customers) in California? If you answered yes to this question, and you meet one of the following criteria, your company must conform to CCPA regulations:
- Your annual gross revenue is more than $25 million.
- Your organization receives, shares, or sells personal information of more than 50,000 individuals.
- Your company earns 50% or more of its annual revenue from selling personal information of consumers.”
Noting that many states are using California’s law as a template for their own, the article warns that “it’s just a matter of time before privacy regulations affect your business.”
SRAX, however, remains unaffected by these privacy laws because the company has long recognized and respected the need for consumers to control their personal information. In fact, while the company’s core business is providing consumer information for marketing purposes, SRAX has always given the control of that data to the consumer through its proprietary BIGtoken platform.
SRAX’s BIGtoken service offers powerful and unique benefits to both consumers and advertisers. The more than 16 million (and growing) BIGtoken users can choose what information they share and when it is shared; they are also rewarded with cash or gift cards when they opt in their data and each time that data is accessed.
Advertisers that buy BIGtoken information know that they are receiving quality information that has passed through multiple layers of verification for superior accuracy. In addition, they can rest assured that they are receiving information from fully informed and consenting consumers.
SRAX’s technology unlocks data for brands in the CPG, investor relations, luxury, and lifestyle verticals. Through its various platforms, SRAX is monetizing its data sets and growing multiple recurring revenue streams. In addition to BIGtoken, the company offers Sequire, a premier platform for investor intelligence and communication. Through Sequire, public companies can track their investors’ behaviors and trends and use those insights to engage current and potential investors across marketing channels.
For more information, visit the company’s website at www.SRAX.com.
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://nnw.fm/SRAX
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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$POAI Reports First Quarter 2020 Financial Results, Provides Business Update
Predictive Oncology (NASDAQ: POAI), a knowledge-driven company focused on applying artificial intelligence (“AI”) to personalized medicine and drug discovery, today reported financial results for the quarter ended March 31, 2020 and provided a business update.
Financial and Business Highlights
- Continued initial study to sequence ovarian tumors and validate ‘reach back’ process; study is on schedule to be completed in the second quarter of 2020
- Developing a potential COVID-19 vaccine in collaboration with Dr. Daniel Carter, former NASA Chief of the Biophysics and Advanced Materials Branch and recipient of NASA Inventor of the Year Awards and NASA Exceptional Service Medal
- Signed a letter of intent to acquire Quantitative Medicine, a biomedical analytics and computational biology company; closing is expected in the second quarter of 2020
- Signed a term sheet to acquire both BioDtech and Soluble Therapeutics and its HSC™ Technology; closing expected in second quarter of 2020.
- Streamlined capital structure with conversion of $2.1 million promissory note held by the company’s CEO to newly issued equity
- Strengthened balance sheet with issuance of 1.4 million shares of common stock and 1.4 million unregistered warrants for estimated gross proceeds of $2.2 million
“We remain steadfast in our approach to assembling a portfolio of assets that leverages our unique collection of cancer tumors to develop and market AI-based, predictive models for personalized cancer treatments that improve patient outcomes,” commented Dr. Carl Schwartz, Predictive Oncology CEO. “Our collection of more than 150,000 cancer tumors, amassed and curated over a 10-year period, gives us a strong competitive advantage as we are the only company that can perform a ‘reach back’ to examine actual outcomes over an extended period of time. In collaboration with UPMC, we are on schedule to conclude an initial study of the application of artificial intelligence for treatment of ovarian cancer patients during the second quarter. We believe this critical research will provide us with a representative sample that successfully demonstrates the value of our tumor database, validates our processes and enables the next step in our path to commercialization.”
“The pending acquisitions of several innovative biotechnology companies provides further encouragement, as we believe this consolidation will further enhance the breadth of our capabilities by leveraging high quality formulations and stable protein and peptide-based solutions for the rapid manufacture of vaccines and other drug therapies,” added Dr. Schwartz.
Dr. Schwartz concluded, “We improved our liquidity position and streamlined our capital structure with the conversion of a $2.1 million convertible note, previously held by me, to newly issued equity. This action demonstrates my confidence in the commercial viability of our work, and when combined with the additional capital we raised through an equity offering, provides us with the cash runway to fund key clinical, regulatory and operational milestones for the next several quarters. In addition, we have significantly reduced the corporate structure of our Skyline Medical business to enable it to operate independently as we consider strategic alternatives for this business.”
First Quarter 2020 Financial Results
Revenues were $295,943 compared with $255,241 for the first quarter of 2019. Revenues in both years were primarily driven through the sale of Predictive Oncology’s proprietary STREAMWAY units, of which 5 units and 7 units were sold, respectively, in each of the first three months of 2020 and 2019. Gross margins remained strong at 69% in the first quarter of 2020 compared with 71% in the 2019 period. The slight decrease was due to Helomics’ costs surpassing the revenue earned. However, exclusive of Helomics, gross profit margin related to the Skyline Medical business in the first quarter of 2020 increased to 77%.
Net loss was $4.5 million compared with $3.3 million for the first quarter of 2019. General & administrative expenses rose 89% to $2.8 million in the first quarter of 2020 as a result of additional costs related to the Helomics business. Operational expenses increased to $548,753, compared with $466,566 in the first quarter of 2019. Selling expenses decreased to $264,409 compared with $554,216 in the first quarter of 2019.
Outlook
Management continues to focus its resources on the Helomics and TumorGenesis divisions and the Company’s primary mission of applying artificial intelligence to precision medicine, drug discovery and the mediums used to replace rats and mice in preliminary cancer studies. Management reaffirms that it is focusing the majority of its resources on maximizing opportunities within the Company’s precision medicine business.
About Predictive Oncology Inc.
Predictive Oncology (NASDAQ: POAI) operates through three segments (Domestic, International and other), which contain four subsidiaries; Helomics, TumorGenesis, Skyline Medical and Skyline Europe. Helomics applies artificial intelligence to its rich data gathered from patient tumors to both personalize cancer therapies for patients and drive the development of new targeted therapies in collaborations with pharmaceutical companies. Helomics’ CLIA-certified lab provides clinical testing that assists oncologists in individualizing patient treatment decisions, by providing an evidence-based roadmap for therapy. In addition to its proprietary precision oncology platform, Helomics offers boutique CRO services that leverage its TruTumor™, patient-derived tumor models coupled to a wide range of multi-omics assays (genomics, proteomics and biochemical), and an AI-powered proprietary bioinformatics platform to provide a tailored solution to its clients’ specific needs. Predictive Oncology’s TumorGenesis subsidiary is developing a new rapid approach to growing tumors in the laboratory, which essentially “fools” cancer cells into thinking they are still growing inside a patient. Its proprietary Oncology Discovery Technology Platform kits will assist researchers and clinicians to identify which cancer cells bind to specific biomarkers. Once the biomarkers are identified they can be used in TumorGenesis’ Oncology Capture Technology Platforms which isolate and help categorize an individual patient’s heterogeneous tumor samples to enable the development of patient specific treatment options. Helomics and TumorGenesis are focused on ovarian cancer. Predictive Oncology’s Skyline Medical division markets its patented and FDA cleared STREAMWAY System, which automates the collection, measurement and disposal of waste fluid, including blood, irrigation fluid and others, within a medical facility, through both domestic and international divisions. The company has achieved sales in five of the seven continents through both direct sales and distributor partners. For more information, please visit www.Predictive-Oncology.com.
Forward-Looking Statements
Portions of the narrative set for this document that are not statements of historical or current facts are forward-looking statements, in particular, the commercial outlook provided above. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors.
These factors include, in addition to those mentioned elsewhere herein:
- We may not be able to continue operating without additional financing;
- Current negative operating cash flows;
- The terms of any further financing, which may be highly dilutive and may include onerous terms;
- Risks related to the 2019 merger with Helomics including; 1) significant goodwill could result in further impairment; 2) possible failure to realize anticipated benefits of the merger; 3) costs associated with the merger may be higher than expected; 4) the merger may result in the disruption of our existing businesses; and 5) distraction of management and diversion of resources;
- Risks related to our partnerships with other companies, including the need to negotiate the definitive agreements; possible failure to realize anticipated benefits of these partnerships; and costs of providing funding to our partner companies, which may never be repaid or provide anticipated returns;
- Risks related to the transaction with Quantitative Medicine including: 1) completion of the transaction; 2) possible failure to realize anticipated benefits of the merger; 3) costs associated with the merger may be higher than expected; 4) the merger may result in the disruption of our existing businesses; and 5) distraction of management and diversion of resources;
- Risk that we will be unable to complete the transaction with InventaBioTech;
- Risk that we will be unable to protect our intellectual property or claims that we are infringing on others’ intellectual property;
- The impact of competition;
- Acquisition and maintenance of any necessary regulatory clearances applicable to applications of our technology;
- Inability to attract or retain qualified senior management personnel, including sales and marketing personnel;
- Risk that we never become profitable if our product is not accepted by potential customers;
- Possible impact of government regulation and scrutiny;
- Unexpected costs and operating deficits, and lower than expected sales and revenues, if any;
- Adverse results of any legal proceedings;
- The volatility of our operating results and financial condition, and,
- Other specific risks that may be alluded to in this report.
Investor Relations Contact:
Hayden IR
James Carbonara
(646)-755-7412
james@haydenir.com
— Tables Follow –
Predictive Oncology, Inc.
Consolidated Balance Sheets
March 31, 2020 | December 31, 2019 | |||||||
(unaudited) | (audited) | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 3,056,243 | $ | 150,831 | ||||
Accounts Receivable | 269,777 | 297,055 | ||||||
Inventories | 155,683 | 190,156 | ||||||
Prepaid Expense and Other Assets | 262,470 | 160,222 | ||||||
Total Current Assets | 3,744,173 | 798,264 | ||||||
Fixed Assets, net | 1,377,724 | 1,507,799 | ||||||
Intangibles, net | 3,605,417 | 3,649,412 | ||||||
Lease Right-of-Use Assets | 631,392 | 729,745 | ||||||
Goodwill | 15,690,290 | 15,690,290 | ||||||
Total Assets | $ | 25,048,996 | $ | 22,375,510 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts Payable | $ | 3,128,520 | $ | 3,155,641 | ||||
Notes Payable – Net of Discounts of $493,490 and $350,426 | 3,817,176 | 4,795,800 | ||||||
Accrued Expenses | 2,142,591 | 2,371,633 | ||||||
Derivative Liability | 2,814,798 | 50,989 | ||||||
Deferred Revenue | 44,129 | 40,384 | ||||||
Lease Liability – Net of Long-term Portion | 427,211 | 459,481 | ||||||
Total Current Liabilities | 12,374,425 | 10,873,928 | ||||||
Notes Payable, net of current portion | 2,115,000 | – | ||||||
Lease Liability | 204,181 | 270,264 | ||||||
Total Liabilities | 14,693,606 | 11,144,192 | ||||||
Stockholders’ Equity: | ||||||||
Preferred Stock, 20,000,000 authorized inclusive of designated below | ||||||||
Series B Convertible Preferred Stock, $.01 par value, 2,300,000 shares authorized, 79,246 and 79,246 shares outstanding | 792 | 792 | ||||||
Series D Convertible Preferred Stock, $.01 par value, 3,500,000 shares authorized, 3,500,000 and 3,500,000 outstanding | 35,000 | 35,000 | ||||||
Series E Convertible Preferred Stock, $.01 par value, 350 shares authorized, 208 and 258 outstanding | 2 | 3 | ||||||
Common Stock, $.01 par value, 100,000,000 shares authorized, 5,852,718 and 4,056,652 outstanding | 58,527 | 40,567 | ||||||
Additional paid-in capital | 97,289,097 | 93,653,667 | ||||||
Accumulated Deficit | (87,028,028 | ) | (82,498,711 | ) | ||||
Total Stockholders’ Equity | 10,355,390 | 11,231,318 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 25,048,996 | $ | 22,375,510 | ||||
Predictive Oncology, Inc.
Consolidated Statements of Operations
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Revenue | $ | 294,943 | $ | 255,241 | ||||
Cost of goods sold | 92,657 | 73,717 | ||||||
Gross margin | 202,286 | 181,524 | ||||||
General and administrative expense | 2,828,476 | 1,497,945 | ||||||
Operations expense | 548,753 | 466,566 | ||||||
Sales and marketing expense | 264,409 | 554,216 | ||||||
Total operating loss | (3,439,352 | ) | (2,337,203 | ) | ||||
Other income | 27,110 | 53,432 | ||||||
Other expense | (1,117,075 | ) | (569,776 | ) | ||||
Loss on equity method investment | – | (439,637 | ) | |||||
Net loss | $ | (4,529,317 | ) | $ | (3,293,184 | ) | ||
Loss per common share – basic and diluted | $ | (0.93 | ) | $ | (2.09 | ) | ||
Weighted average shares used in computation – basic and diluted | 4,886,328 | 1,573,15 | 2 |
$GNPX Chairman and CEO to Present at the MoneyShow June Virtual Event
Genprex (NASDAQ: GNPX), a clinical-stage gene therapy company developing potentially life-changing technologies for patients with cancer and diabetes, today announced that it will present at the MoneyShow June Virtual Event at 12:50 p.m. EDT on Wednesday, June 10, 2020. According to the update, Genprex’s CEO and Chairman, Rodney Varner, will deliver a company overview and provide updates on its product pipeline, including its lead drug candidate, Oncoprex(TM) immunogene therapy, which received Fast Track Designation from the Food and Drug Administration for its combination therapy with AstraZeneca’s Tagrisso(R). He will also provide an overview of Genprex’s in-licensing of a preclinical gene therapy candidate that has the potential to cure Type 1 and Type 2 diabetes. Interested parties may register for Varner’s live presentation by visiting the following link: http://nnw.fm/JmeV0.
To view the full press release, visit http://nnw.fm/9rYuV
About Genprex, Inc.
Genprex, Inc. is a clinical-stage gene therapy company developing potentially life-changing technologies for patients with cancer and diabetes. Genprex’s technologies are designed to administer disease-fighting genes to provide new treatment options for large patient populations with cancer and diabetes who currently have limited treatment options. Genprex works with world-class institutions and collaborators to in-license and develop drug candidates to further its pipeline of gene therapies in order to provide novel treatment approaches. The Company’s lead product candidate, Oncoprex(TM), is being evaluated as a treatment for non-small cell lung cancer (“NSCLC”). Oncoprex has a multimodal mechanism of action that has been shown to interrupt cell signaling pathways that cause replication and proliferation of cancer cells; re-establish pathways for apoptosis, or programmed cell death, in cancer cells; and modulate the immune response against cancer cells. Oncoprex has also been shown to block mechanisms that create drug resistance. In January 2020, the U.S. Food and Drug Administration granted Fast Track Designation for Oncoprex immunogene therapy for NSCLC in combination therapy with osimertinib (AstraZeneca’s Tagrisso(R)). For more information, please visit the company’s website at www.Genprex.com
NOTE TO INVESTORS: The latest news and updates relating to GNPX are available in the company’s newsroom at http://nnw.fm/GNPX
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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$SRAX BIGtoken Platform Integral in Shift Towards Data-Driven Marketing
- SRAX’s BIGtoken platform gains relevance on heels of renewed focus on data-driven marketing
- BIGtoken recently launched various new initiatives, including use of sponsored surveys, Lightning Insights, sponsored actions and more
- Kraft’s recent BIGtoken-powered marketing campaign enjoyed 6.6% return on ad spend, far outpacing competing advertising campaigns launched by rivals
- The Publicis Groupe published its second study using BIGtoken’s Lightning Insights tool, highlighting platform’s quick, efficient ability to generate customer insights
In late 2014, UK cell provider Three introduced its award-winning ‘Holiday Spam’ campaign, promoting the mobile company’s roaming data offering which enabled customers to use their phones abroad at no extra cost (http://nnw.fm/6nIhv). The ad campaign featured people ‘spamming’ their friends with their holiday snaps, a concept which resulted from the company’s costly and painstaking investigation into people’s behavior while on vacation – a form of research which SRAX Inc.’s (NASDAQ: SRAX) proprietary BIGtoken platform has now appropriated into an efficient and accessible service offering. The rise of data-driven marketing and the ability to personalize and launch targeted ad campaigns has become critical in improving ad content quality and driving customer engagement. Moreover, it has also grown in significance as a result of a renewed focus by cost-conscious marketers in to their return on ad spends (ROAS). With the use of SRAX’s BIGtoken offering, companies are now able to tap into the platform’s 16.7 million subscribers in an instantaneous fashion – deriving invaluable and oftentimes otherwise inaccessible customer insights and feedback quickly and efficiently.
The BIGtoken platform was initially conceptualized as a means of enabling customers to monetize their data by marketing its access to interested counterparties. Advertisers were able to receive high-quality, targeted data while users were able to control what data was sold to whom, gaining compensation in return. However, the current reach and abilities of the platform far exceed its original intentions. Over the past two quarters, SRAX has launched a number of new initiatives within its proprietary offering, including the dissemination of sponsored surveys, Lightning Insights, insights-driven media as well as sponsored actions – all of which have contributed to the platform’s dramatic increase in monetization in recent months.
Leading up to the 2019 holiday season, global food & beverage giant Kraft Heinz Co. approached SRAX for assistance with its newest marketing campaign, one which would be tailored towards women located in a certain area and professing specific interests. Through the use of over 100 proprietary data points, SRAX’s BIGtoken platform was able to formulate a target audience for Kraft’s campaign which met the company’s desired criteria. The campaign was a notable success, resulting in a 6.6% ROAS for Kraft (http://nnw.fm/M6bc2). Kraft’s marketing campaign success was even more remarkable given that it was run concurrently with two other advertising initiatives, led by Walmart and Evite respectively, both of which failed to produce positive returns. Within an extremely competitive consumer packaged goods (CPG) industry, BIGtoken’s insights were instrumental in contributing to the marketing campaign’s success and driving new consumer activations.
“BIGtoken has evolved from a consumer opt-in data platform for advertising activation to a full-service marketing stack,” said co-founder of BIGtoken Kristoffer Nelson. (http://nnw.fm/cneW5). “Beginning with audience insights, marketers can discover profound insights about their target audience to activate against. From here, new insights and learnings are applied inflight to improve performance. And once the campaign concludes, locations and sales measurements are applied to further learn, optimize and iterate.”
However, BIGtoken’s abilities have not been limited to determining target audiences. During the COVID-19 outbreak, marketers and data analysts found themselves blindsided, unable to gain insights into their end consumers’ rapidly changing behavior as a significant proportion of their conventional tools were rendered largely useless by nation-wide ‘shelter at home’ orders.
Publicis Groupe, one of the world’s largest advertising firms, seized the opportunity to carry out a unique study utilizing BIGtoken’s Lightning Insights service, examining consumption patterns and customer behavior surrounding the Mother’s Day celebrations in May (http://nnw.fm/b3uRP). The study found that 84% of respondents had celebrated Mother’s Day 2020 in some way, with over 68% of respondents sending gifts, gift cars, or food to their loved ones – the majority of whom chose to do so through online means.
Marketers are increasingly able to use BIGtoken to gain rapid and insightful feedback into their target consumer group’s consumption habits, their planned purchases as well as their preferred acquisition methods. With global consumer brands increasingly on the lookout for newer and more creative ways to interact with their potential consumers (http://nnw.fm/6y2Vx), SRAX’s BIGtoken platform and the valuable insights generated by its captive subscriber base could find itself in greater demand than ever anticipated.
For more information, visit the company’s website at www.SRAX.com
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://nnw.fm/SRAX
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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$SGLB Changes Format of 2020 Annual Stockholders Meeting to Virtual Webcast
Sigma Labs (NASDAQ: SGLB), a leading developer of quality assurance software for the additive manufacturing industry, today announced that, due to the current impact of the COVID-19 pandemic and limitations within the state of New Mexico on all non-essential gatherings of individuals, it has changed the format of its annual stockholders meeting. According to the update, the 2020 meeting will be in the format of a virtual webcast, and Sigma Labs invites stockholders to participate remotely. The meeting is scheduled to take place at 10:00 a.m. Mountain Time on June 15, 2020. Interested parties may register to attend at http://nnw.fm/vZ5YJ.
To view the full press release, visit http://nnw.fm/3gLq3
About Sigma Labs
Sigma Labs, Inc. (NASDAQ: SGLB) is a leading provider of quality assurance software to the commercial 3D metal printing industry under the PrintRite3D(R) brand. Sigma is a software company that specializes in the development and commercialization of real-time computer aided inspection (“CAI”) solutions known as PrintRite3D(R) for 3D advanced manufacturing technologies. Sigma Labs’ advanced computer-aided software product revolutionizes commercial additive manufacturing, enabling non-destructive quality assurance mid-production, uniquely allowing errors to be corrected in real-time. For more information, please visit www.SigmaLabsInc.com.
NOTE TO INVESTORS: The latest news and updates relating to SGLB are available in the company’s newsroom at http://nnw.fm/SGLB
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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$MEDS Pharmaceutical Marketplace Continues Profitable Expansion
- Revenues for Q1 2020 up 46% year over year
- Gross profit of 75% shows viability of business model
- Close to 12,000 independent pharmacies now using online marketplace
Stellar results recently reported by Trxade Group Inc. (NASDAQ: MEDS) are an indication that, increasingly, independent pharmacies, drug distributors and manufacturers are turning to the company’s web-based purchasing platform. At $2.2 million, revenues for Q1 2020 were up 46% year over year, with gross profit coming in at an extraordinary 74.4%. Now that more than 11,900 pharmacies are using the marketplace, Trxade seems set to fulfil its mission of signing most of the nation’s 24,000 independent pharmacies. If so, the company’s combined annual purchasing power of over $92 billion would make Trxade the nation’s premier marketplace for America’s vital pharmaceutical supplies.
Both for patients and pharmacists, the pharmaceutical marketplace that Trxade provides is a welcome adjunct to the healthcare sector. The online platform not only identifies the best available prices for prescription drugs, a constant concern of patients, but helps pharmacists avoid negative reimbursement costs, which reduce their profit margins. The fact that close to half of the nation’s independent pharmacies are already using the Trxade marketplace appears to be proof that the company is offering a superior solution to reduction of margins due to Prescription Benefit Managers (PBMs) via cost containment and better pharmaceutical accessibility.
Once unknown in the healthcare financing landscape, PBMs now dominate the U.S. health sector. Many PBMs have revenues that exceed those of the top pharmaceutical manufacturers. For example, Express Scripts reported revenue of $100 billion in 2017, about twice as much as Pfizer, which is the largest pharmaceutical company in the world. Incredible as it may seem, the distribution of pharmaceuticals is a much more lucrative business than the manufacture of pharmaceuticals. Indeed, distribution margins also exceed those earned by pharmacies at the retail level.
This isn’t the way it was supposed to work. The introduction of PBMs, third-party administrators of prescription drug programs, was intended, among other things, to reduce the purchase costs of drugs by consolidating their buying power. However, instead of driving costs down, PBMs appear to be doing the opposite. Over the past decade, independent pharmacies have experienced declining margins, due mostly to rising fees from these very same PBMs.
Now, however, Trxade is giving pharmacies a real opportunity to actually reduce purchase costs, along with other benefits. The integrated pharmaceutical services company provides its web-based purchasing platform for transactions between independent pharmacies and drug distributors. Known as the Trxade Exchange, the platform provides small pharmacies with access to the wider pharmaceutical distribution network, allowing them to search for and view products from manufacturers, buying groups and wholesalers on a real-time, continuous basis. In addition, through the Trxade E-Hub software, users of the Trxade Exchange become members of a network of associated pharmacies, as well as gain access to warehousing and drug-delivery services.
For more information, visit the company’s website at www.TrxadeGroup.com
NOTE TO INVESTORS: The latest news and updates relating to MEDS are available in the company’s newsroom at http://nnw.fm/MEDS
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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$SRAX Innovative Stock for Ads Program Contributes to Significant Sales Rebound
SRAX (NASDAQ: SRAX) recently held its FY 2019 and Q1 2020 results conference call (http://nnw.fm/JRe52). An article further discussing the company’s results reads, “SRAX’s fiscal 2019 revenues of $3.6 million showed a 3% year-to-year increase while Q1 2020 sales fell to $350,000 relative to the $592,000 recorded in 2019, the latter decline largely a result of customers opting to defer their media spend to the second quarter. While first-quarter revenues tend to mark the seasonal low for the company, SRAX was able to launch new initiatives, namely its pioneering Stock for Ads program and BIGtoken Lighting Insights platform, both of which have contributed to a significant sales rebound in the second quarter. . . . A key driver for the company’s recent surge in marketing revenues has been its innovative Stock for Ads program, which has enabled customers to launch new media campaigns while paying with stock, thereby permitting companies to conserve cash. SRAX has sought to expand the scope of its program by tabling agreements with 31 banks and brokers, including the likes of B. Riley Financial Inc., who in turn have sought to promote and cross-sell SRAX’s marketing capabilities and Stocks for Ads program to their underlying client bases. Thus far this year, publicly listed U.S. companies have raised capital by selling stock at over twice the pace at which they did in 2019 (http://nnw.fm/7KTdD), a clear illustration of the popularity and potential of equity-based financing options.”
To view the full article, visit http://nnw.fm/2tySk
About SRAX Inc.
SRAX is a digital-marketing and consumer-data-management technology company. SRAX’s technology unlocks data for brands in the CPG, investor relations, luxury and lifestyle verticals. Through its various platforms, SRAX is monetizing its data sets and growing multiple recurring revenue streams. BIGtoken is a consumer-managed data marketplace where people can own and earn from their data. The platform also provides advertisers and media companies access to transparent, verified consumer data to better reach and serve audiences. Sequire is a premier platform for investor intelligence and communication. Through Sequire, public companies can track their investors’ behaviors and trends, and use those insights to engage current and potential investors across marketing channels. For more information on SRAX and its verticals, visit www.SRAX.com.
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://nnw.fm/SRAX
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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$SGLB to Present at June 2020 Virtual Investor Summit
Sigma Labs (NASDAQ: SGLB), a leading developer of quality assurance software for the additive manufacturing industry, today announced that it will present at the Virtual Investor Summit, slated to take place June 9-12, 2020. Sigma is scheduled to present at 11:30 a.m. Eastern Time on Wednesday, June 10, and its President and CEO Mark Ruport will host virtual one-on-one investor meetings throughout the event. Conference participation is by invitation only and registration is mandatory.
InvestorBrandNetwork (“IBN”), in continued collaboration with InvestorSummit Group (“ISG”), is the official media partner and main sponsor for the June 2020 Virtual Investor Summit. In this capacity, IBN is providing wire-grade press releases, content syndication through 5,000+ distribution partners, visibility on a growing social media network of investor-oriented brands, and individual coverage of the participating companies through a highly interactive portal with one-click access to advanced market research tools.
To view the full press release, visit http://nnw.fm/jZj1a
About Sigma Labs
Sigma Labs, Inc. (NASDAQ: SGLB) is a leading provider of quality assurance software to the commercial 3D metal printing industry under the PrintRite3D(R) brand. Sigma is a software company that specializes in the development and commercialization of real-time computer aided inspection (“CAI”) solutions known as PrintRite3D(R) for 3D advanced manufacturing technologies. Sigma Labs’ advanced computer-aided software product revolutionizes commercial additive manufacturing, enabling non-destructive quality assurance mid-production, uniquely allowing errors to be corrected in real-time. For more information, please visit www.SigmaLabsInc.com.
NOTE TO INVESTORS: The latest news and updates relating to SGLB are available in the company’s newsroom at http://nnw.fm/SGLB
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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$PBIO Initial Manufacturing Run of Revolutionary BaroShear(TM) K45 Processing System Completely Sold Out
Pressure BioSciences (OTCQB: PBIO), a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and platform technology solutions to the worldwide biotechnology, biotherapeutics, cosmeceuticals, nutraceuticals, and food & beverage industries, today announced its receipt of an order for the 12th and final system scheduled to be built in the Company’s initial manufacturing run of its revolutionary BaroShear(TM) K45 processing system. The BaroShear K45, based on the Company’s proprietary Ultra Shear Technology(TM) (UST(TM)) platform, is a unique and powerful nanoemulsification system designed to resolve one of today’s most critical problems facing the global hemp-derived cannabinoid industry: how to make hemp-derived cannabinoid oil effectively soluble in water, to optimize absorption and bioavailability when consumed or applied. “We are extremely gratified and excited that the initial manufacturing run of our BaroShear K45 processing systems has sold out,” PBI CEO and President Richard T. Schumacher said in the news release. “We are also pleased that an impressive, up-and-coming company like Canopy CBD Farms was able to participate in and place an order for the final available unit in our first manufacturing run. We are confident that the BaroShear K45 will differentiate them in the marketplace with a substantial advantage over their competition.”
To view the full press release, visit http://nnw.fm/lBWN8
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (OTCQB: PBIO) is a leader in the development and sale of innovative, broadly enabling, pressure-based solutions for the worldwide life sciences and other industries. Its products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions (e.g., cell lysis, biomolecule extraction). The company’s primary focus is in the development of PCT-based products for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil & plant biology, forensics, and counter-bioterror applications. Additionally, major new market opportunities have emerged in the use of its pressure-based technologies in the following areas: (1) the use of its recently acquired, patented technology from BaroFold, Inc. (the “BaroFold” technology) to allow entry into the bio-pharma contract services sector, and (2) the use of its recently-patented, scalable, high-efficiency, pressure-based Ultra Shear Technology (“UST”) platform to (i) create stable nanoemulsions of otherwise immiscible fluids (e.g., oils and water) and to (ii) prepare higher quality, homogenized, extended shelf-life or room temperature stable low-acid liquid foods that cannot be effectively preserved using existing non-thermal technologies. For more information, visit www.PressureBioSciences.com.
NOTE TO INVESTORS: The latest news and updates relating to PBIO are available in the company’s newsroom at http://nnw.fm/PBIO
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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$POAI CEO Discusses Acquisitions, Exclusive Database of Historical Tumor Data in Recent Interview
- POAI boasts unique historical database documenting actual drug responses of tumors – the largest in the world with over 150,000 tumors across 137 types
- Drug discovery funding for subsidiary Helomics planned through relationships with large pharmaceutical companies
- Company planning to acquire two new biological firms in the precision medicine space
Predictive Oncology Inc. (NASDAQ: POAI) is a knowledge-driven medicine company focused on applying data and artificial intelligence (AI) to cancer personalized medicine and drug discovery. In a recent interview (http://nnw.fm/o7Ysq), POAI director and CEO Dr. Carl Schwartz discussed the acquisition of two biological firms, along with details about the company’s proprietary Helomics database. Comprised of hundreds of thousands of tumors across numerous cancer types, this key asset gives the company a significant advantage over its competitors in the precision medicine industry.
“Predictive’s major asset is its Helomics subsidiary and its proprietary database of over 150,000 cancer tumors covering over 137 types of cancers, with over 30,000 tumors related to ovarian cancer, which is sort of our specialty,” Schwartz stated of the database, which was created as a result of Helomics clinical testing of drug response and biomarker profiling of tumors ordered by a nationwide network of oncologists. “This is the largest inventory of its kind in the world.”
“The results of this tumor profiling were reported to the referring oncologist and used as a guide to individualizing the therapy of that patient,” Schwartz explained.
As part of its research into building AI-driven predictive models of tumor drug response and outcome (http://nnw.fm/Tk3V5), Helomics is generating additional, deeper genomic profiling of tumors in its collection and coupling this with a ‘reach back,’ to the originating oncologist to obtain the eventual outcomes of the patients over an extended period of time. The retrospective project with UPMC-Magee is one of the first such examples of this (http://nnw.fm/YsJ30).
“I want to strongly emphasize that Helomics has a significant competitive advantage in obtaining outcome data via ‘reach back’,” stated Schwartz. “Unlike other companies that have to wait for up to 5 years or more for the patient to go through treatment to get quality outcome data, we have historical data from 15 plus years of clinical testing available now,” he emphasized, referring to the proprietary database and AI-driven predictive models that are of particular interest to pharmaceutical companies for drug discovery, giving POAI a significant advantage over other competitors in the precision medicine space.
POAI aims to fund the research activities of Helomics through a path similar to that taken by Foundation Medicine and its collaborative research relationship with Roche Pharmaceuticals. As its Helomics subsidiary continues its CancerQuest 2020 project with UPMC Magee Women’s Hospital, it is also collaborating with Interpace Diagnostics to build an AI-driven model of thyroid cancer and with ChemImage to investigate novel prostate cancer diagnostics.
The company has also invested in TumorGenesis, a second wholly owned subsidiary, in addition to engaging in the process of acquiring two other biological firms: Soluble Therapeutics and BioDtech.
The details discussed in the interview demonstrate POAI’s ability to validate its process, Schwartz noted, mentioning the company’s intent to “go to the pharma industry for major funding for development of AI-driven predictive models based on our extensive database.”
“We’re pretty excited about this. We think we’re going to finally get to the top of the heap here very shortly,” he concluded.
POAI is bringing precision medicine, or tailored medical treatment using the individual characteristics of each patient, to the treatment of cancer. Through its Helomics division, the company leverages its unique, clinically validated patient derived (PDx) smart tumor profiling platform to provide oncologists with a roadmap to help individualize therapy. In addition, the company is leveraging artificial intelligence and its proprietary database of over 150,000 cancer cases tumors to build AI-driven models of tumor drug repose to improve outcomes for the patients of today and tomorrow.
For more information, visit the company’s website at www.Predictive-Oncology.com
NOTE TO INVESTORS: The latest news and updates relating to POAI are available in the company’s newsroom at http://nnw.fm/POAI
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$GGBXF 420 with CNW – Poll Shows Most Arizona Voters Support Cannabis Legalization Measure
Cannabis has come a long way indeed. Despite suffering federal prohibition for decades, attitudes towards the plant are changing, and more people are looking at cannabis with an open mind. At the moment, numerous states have legalized either medical or recreational marijuana, or even both, and despite the current coronavirus crisis, there are several legalization initiatives currently in the works.
According to a new poll, if marijuana activists in Arizona are able to place a legalization initiative before voters this November, it will likely pass by a wide margin. The survey described the proposed measure, the Smart and Safe Arizona Act, and asked 400 likely voters if they would support it should it be put to ballot. The legalization initiative would make it legal for adults 21 and older to purchase and possess cannabis, and it would also impose a tax on legal sales.
Two thirds, or 65.5% of the respondents said they would support the proposed measure, an 11.5% increase from the 54% who said were in favor of a policy change in a poll late last year. 47% of the respondents said they would ‘definitely’ support the measure and 18.5% said they would ‘probably’ back it. On the other hand, 19% of the respondents said they would ‘definitely’ not back the measure and 6% said they ‘probably’ wouldn’t support it.
Smart and Safe Arizona, the campaign behind the legalization initiative, stated in April that it had collected more than enough signatures to qualify for the ballot. By the end of March, Smart and Safe Arizona had collected more than 320,000 signatures, which was about 80,000 more than was required to make the ballot. The campaign says that the signatures haven’t been verified by the state yet, and it has pledged to continue petitioning to ensure it is successful.
Stacy Pearson, campaign manager for Smart and Safe Arizona, says they are on track to turn in more than 400,000 signatures by the July 2 deadline. “The HighGround poll is encouraging and tracks with what our internal polling shows, Arizonians are ready to legalize marijuana. Particularly in this economic environment, new jobs and tax revenue are important to voters.”
The poll, which was conducted from May 18-22, found that the only group that appeared divided on the issue was those who identified as ‘very conservative’. All the other demographics were firmly in the legalization camp.
“As long as Smart and Safe Arizona can qualify for the ballot, all signs point to 2020 being the year that recreational marijuana finally becomes legal in Arizona,” Paul Bentz, Senior Vice President of research and strategy at HighGround says. “Of course, there is still strong opposition among some of those who represent the most conservative segments of the electorate. We should expect a legal challenge coming from that audience because at this point, that’s likely the only way they can defeat this issue.”
The possibility of getting recreational marijuana legalized in Arizona during the coming election is likely to be seen as welcome news by sector players like Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) in a year that has been unexpectedly hard for the entire industry, especially given the disruptions caused by the ongoing pandemic.
About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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$UUUU Ideally Positioned to Capitalize on Trump Administration’s Strategy to Revitalize Nuclear Fuel, Uranium Industries
Energy Fuels (NYSE American: UUUU) (TSX: EFR), the leading uranium producer in the United States, is strategically positioned to capitalize on the Trump administration’s recently announced plan to revitalize the U.S. nuclear energy industry (http://nnw.fm/Hdi64). An article discussing the company reads, “Trump’s proposal to spend $150 million on a strategic U.S. uranium reserve will purchase uranium from domestic uranium producers that include Energy Fuels, the largest producer of uranium in the United States in recent years, and with assets that have accounted for over one-third of the nation’s natural uranium supply since 2006. With a licensed capacity of more than 8 million pounds of uranium per year, the company’s White Mesa Mill in Utah is the only conventional uranium mill in the country. Energy Fuels also owns and operates two ISR uranium facilities with an additional 3.5 million pounds of annual licensed capacity. . . . ‘Energy Fuels is the leading U.S. uranium producer, because we have proven assets with exceptional track records of production and environmental protection,’ UUUU CEO Mark Chalmers said in a recent corporate presentation (http://nnw.fm/SE2e8).‘Energy Fuels has been the largest producer of uranium over the last few years, and we have more uranium production assets and capacity to increase production quicker and on a greater scale than any other producer in the United States by far.’”
To view the full article, visit http://nnw.fm/06Dy1
About Energy Fuels
Energy Fuels is a leading U.S,-based uranium mining company, supplying U3O8 to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant. Its corporate offices are near Denver, Colorado, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the United States today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also currently on standby. In addition to the above production facilities, Energy Fuels has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S., including several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol UUUU; the company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol EFR. For more information, visit the company’s website at www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://nnw.fm/UUUU
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$CNPOF Announces Financial Highlights, Corporate Milestones for Q4 and FY 2020
Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, on Wednesday released its audited consolidated financial statements for the fiscal year ended March 31, 2020 (“FY 2020”) and management’s discussion and analysis (“MD&A”) for the three and twelve months ended March 31, 2020. “The global economic uncertainty brought on by COVID-19 capped off a volatile and challenging year for the cannabis sector. Despite these challenges, I am pleased with what our team achieved last year. However, we were not immune to this volatility, and following a strategic and operational review of our business, we recently announced a number of changes aimed at strengthening our financial discipline and positioning Canopy Rivers for sustained success moving forward,” Narbé Alexandrian, president and CEO of Canopy Rivers, said in the news release. “Reflecting on the past year, there were several significant achievements that make me optimistic for fiscal year 2021. First, our portfolio companies reached new milestones, including the licensing of PharmHouse, the expansion of TerrAscend’s U.S. operations, and ZeaKal’s successful trials of its PhotoSeed(TM) technology. Second, our graduation to the TSX and the launch of our Strategic Advisory Board signaled our company’s continued maturation. Finally, we made four new investments, including two in ag-tech, which we believe is a critical component of the value chain that is poised to disrupt the cannabis sector.”
To view the full press release, visit http://cnw.fm/3CjLn
About Canopy Rivers
Canopy Rivers is a venture capital firm specializing in cannabis. Its unique investment and operating platform is structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers identifies strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire portfolio. For more information, visit www.CanopyRivers.com.
NOTE TO INVESTORS: The latest news and updates relating to CNPOF are available in the company’s newsroom at http://cnw.fm/CNPOF
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CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
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$MEDS Announces Plans to Present at the June 2020 Virtual Investor Summit
Trxade Group (NASDAQ: MEDS), an integrated drug procurement, delivery and healthcare platform, today announced that management will present at the June 2020 Virtual Investor Summit slated to take place June 9-12, 2020. According to the update, Trxade Group management is scheduled to present at 10:20 AM ET (7:20 AM PT) on Tuesday, June 9, 2020, and will host virtual one-on-one investor meetings throughout the event. Conference participation is by invitation only and registration is mandatory. Please contact your conference representative for more information or to schedule a virtual one-on-one meeting.
To view the full press release, visit http://nnw.fm/mHnn8
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Group, Inc. (NASDAQ: MEDS) is an integrated drug procurement, delivery and healthcare platform that fosters price transparency, thereby improving profit margins for both buyers and sellers of pharmaceuticals. Trxade Group operates across all 50 states with the central mission of making healthcare services affordable and accessible. Founded in 2010, Trxade Group is comprised of four synergistic operating platforms; (1) the Trxade B2B trading platform with 11,400 registered pharmacies, (2) Integra Pharma Solutions, Trxade Group’s virtual wholesale division, (3) the Bonum Health platform offering affordable telehealth services; and (4) the DelivMeds app, which coordinates a nationwide distribution network through independent pharmacies or mail order delivery. For additional information, please visit www.Trxade.com, www.DelivMeds.com and www.BonumHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to MEDS are available in the company’s newsroom at http://nnw.fm/MEDS
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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$POAI Acquires Soluble Therapeutics, Inc. and BioDtech, Inc.
Predictive Oncology (NASDAQ: POAI), a knowledge-driven company focused on applying artificial intelligence (“AI”) to personalized medicine and drug discovery, on Tuesday announced the completion of the acquisitions of two wholly owned subsidiaries of InventaBioTech, Inc., Soluble Therapeutics, Inc. and BioDtech, Inc. Included in the acquisition were certain intellectual property relating to contract research organization (“CRO”) services and technology, certain equipment useful in such services and technology and all other assets of Soluble Therapeutics and BioDtech. In consideration, POAI issued 125,000 shares of common stock and waived all remaining amounts due and payable to the company under a secured promissory note of InventaBioTech in the principal amount of $1,070,000. “These two acquisitions meaningfully expand revenue and monetization prospects for our precision medicine business. First, the Soluble Therapeutics assets increase the company’s capabilities to provide services for the pharmaceutical and biotech industries and predict and provide the best formulation with the highest concentration and the most stable solution for protein and peptide-based drugs. Second, the company’s purchase of BioDtech’s assets provides it with ownership over BioDtech’s successfully developed test used to ‘unmask’ endotoxins, which allows a monitoring physician to perhaps change the strategy of treatment or treat the patient with antibiotics. These acquisitions will allow Predictive Oncology to further maximize opportunities within the company’s precision medicine business,” Predictive Oncology CEO and Director Dr. Carl Schwartz stated in the news release.
To view the full press release, visit http://nnw.fm/7vQBa
About Predictive Oncology Inc.
Predictive Oncology operates through three segments (domestic, international and other) that contain four subsidiaries: Helomics, TumorGenesis, Skyline Medical and Skyline Europe. Helomics applies artificial intelligence to its rich data gathered from patient tumors to both personalize cancer therapies for patients and drive the development of new targeted therapies in collaborations with pharmaceutical companies. Helomics’ CLIA-certified lab provides clinical testing that assists oncologists in individualizing patient-treatment decisions by providing an evidence-based road map for therapy. In addition to its proprietary precision oncology platform, Helomics offers boutique CRO services that leverage its TruTumor(TM), patient-derived tumor models coupled with a wide range of multi-omics assays (genomics, proteomics and biochemical), and an AI-powered proprietary bioinformatics platform to provide a tailored solution to its clients’ specific needs. Predictive Oncology’s TumorGenesis subsidiary is developing a new rapid approach to growing tumors in the laboratory, which essentially “fools” cancer cells into thinking they are still growing inside a patient. Its proprietary Oncology Discovery Technology Platform Kits will assist researchers and clinicians to identify which cancer cells bind to specific biomarkers. Once the biomarkers are identified, they can be used in TumorGenesis’ Oncology Capture Technology Platforms, which isolate and help categorize an individual patient’s heterogeneous tumor samples to enable the development of patient-specific treatment options. Helomics and TumorGenesis are focused on ovarian cancer. Predictive Oncology’s Skyline Medical division markets its patented and FDA-cleared STREAMWAY System, which automates the collection, measurement and disposal of waste fluid, including blood, irrigation fluid and others, within a medical facility, through both domestic and international divisions. The company has achieved sales in five of the seven continents through both direct sales and distributor partners. For more information, visit the company’s website at www.Predictive-Oncology.com.
NOTE TO INVESTORS: The latest news and updates relating to POAI are available in the company’s newsroom at http://nnw.fm/POAI
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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$GGBXF Announces Update on Insolvency Proceedings Under the CCAA
Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) and certain of its direct and indirect wholly owned subsidiaries (collectively “GGB”, the “company” or the “Applicants”) on Tuesday released an update on its insolvency proceedings under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”). As announced on May 20, 2020, GGB filed for insolvency protection under the CCAA and obtained an order from the Ontario Superior Court of Justice (the “Court”) granting protection for an initial 10 day period until May 29, 2020, as extended until June 12, 2020. According to the update, the Court, on June 2, 2020, granted a motion filed by the company and issued an order. The “Amended and Restated Order”: (i) extends the stay period until August 15, 2020; (ii) increases the amount of the Court-ordered charge over the Applicants’ assets, property and undertakings in connection with the Applicants’ debtor-in-possession financing agreement with All Js Greenspace LLC (“All Js”) (the “DIP Agreement”); (iii) approves the implementation of a sale and investment solicitation process (the “SISP”); and (iv) approves a stalking-horse agreement among the company, All Js and Capital Transfer Agency in its capacity as the debenture holder trustee of the company’s (A) US$45,500,000 aggregate principal amount of 15.00% secured convertible debentures that matured May 17, 2020 and (B) US$23,717,000 aggregate principal amount of 5.00% secured convertible debentures maturing in 2024 (All Js and Capital Transfer Agency in such capacities are collectively referred to as the “Secured Credit Bidders”) pursuant to which the Secured Credit Bidders would act as stalking-horse bidders under the SISP.
To view the full press release, visit http://cnw.fm/EQtM3
About Green Growth Brands Inc.
Green Growth Brands creates remarkable experiences in cannabis. The company’s brands include CAMP, The+Source, and 8 Fold. GGB is expanding its cannabis operations throughout the U.S., via dispensaries in Nevada, Massachusetts and Florida. For more information, visit the company’s website at www.GreenGrowthBrands.com.
NOTE TO INVESTORS: The latest news and updates relating to GGBXF are available in the company’s newsroom at http://cnw.fm/GGBXF
About CannabisNewsWire
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
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$CNPOF Reports Fourth Quarter and Fiscal Year 2020 Financial Highlights
Strong financial position with $47 million cash on hand and no debt
Commenced operational ramp-up at 1.3 million sq.ft. flagship joint venture
Expanded ag-tech exposure in portfolio
Significant corporate milestones, including graduation to the TSX and launch of Strategic Advisory Board
TORONTO, June 3, 2020 – Canopy Rivers Inc. (the “Company” or “Canopy Rivers“) (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, today released its audited consolidated financial statements for the fiscal year ended March 31, 2020 (“FY 2020“) and management’s discussion and analysis (“MD&A“) for the three and twelve months ended March 31, 2020.
“The global economic uncertainty brought on by COVID-19 capped off a volatile and challenging year for the cannabis sector. Despite these challenges, I am pleased with what our team achieved last year. However, we were not immune to this volatility, and following a strategic and operational review of our business, we recently announced a number of changes aimed at strengthening our financial discipline and positioning Canopy Rivers for sustained success moving forward,” said Narbé Alexandrian, President and CEO of Canopy Rivers. “Reflecting on the past year, there were several significant achievements that make me optimistic for fiscal year 2021. First, our portfolio companies reached new milestones, including the licensing of PharmHouse, the expansion of TerrAscend’s U.S. operations, and ZeaKal’s successful trials of its PhotoSeed™ technology. Second, our graduation to the TSX and the launch of our Strategic Advisory Board signalled our company’s continued maturation. Finally, we made four new investments, including two in ag-tech, which we believe is a critical component of the value chain that is poised to disrupt the cannabis sector.”
“While headwinds persist, we remain positive as we evaluate new opportunities that we believe will ultimately create value for our shareholders and help build the cannabis industry of tomorrow,” added Alexandrian.
Q4 2020 Financial Results1
Table 1 | ||||
Select Summary of Quarterly Results | Three months ended | Three months ended | ||
31-Mar-20 | 31-Mar-19 | |||
Operating income (before equity method investees and fair value changes) | $ | 2,589 | $ | 2,558 |
Operating expenses | 3,484 | 7,512 | ||
Net operating loss (before equity method investees and fair value changes) | (895) | (4,954) | ||
Equity method investees and fair value changes | (30,671) | 3,524 | ||
Net operating loss | (31,566) | (1,430) | ||
Net loss | (30,515) | (1,826) | ||
Other comprehensive income (loss) (net of tax) | (6,280) | 22,418 | ||
Total comprehensive income (loss) | (36,795) | 20,592 | ||
Basic earnings (loss) per share (“EPS”) | $ | (0.16) | $ | (0.01) |
Diluted EPS | $ | (0.16) | $ | (0.01) |
Cash flows used in operating activities | (686) | 700 | ||
Cash flows used in investing activities | (2,378) | (33,047) | ||
Cash flows provided by financing activities | 110 | 89,601 | ||
Select Summary of Annual Results | Twelve months ended | Twelve months ended | ||
31-Mar-20 | 31-Mar-19 | |||
Operating income (before equity method investees and fair value changes) | $ | 11,922 | $ | 4,867 |
Operating expenses | 19,303 | 30,450 | ||
Net operating loss (before equity method investees and fair value changes) | (7,381) | (25,583) | ||
Equity method investees and fair value changes | (34,576) | 33,610 | ||
Net operating income (loss) | (41,957) | 8,027 | ||
Net income (loss) | (40,566) | 3,918 | ||
Other comprehensive loss (net of tax) | (77,560) | (34,271) | ||
Total comprehensive loss | (118,126) | (30,353) | ||
Basic EPS | $ | (0.22) | $ | 0.03 |
Diluted EPS | $ | (0.22) | $ | 0.02 |
Cash flows used in operating activities | (7,666) | (2,633) | ||
Cash flows used in investing activities | (50,915) | (129,614) | ||
Cash flows provided by financing activities | 1,122 | 190,131 |
1 The financial highlights in this summary are presented in CA$ thousands. |
“Looking back on FY 2020, it is clear that cannabis companies encountered challenging conditions in the capital markets over those 12 months, and the impact of this shows in our financial results for the fiscal year,” said Eddie Lucarelli, CFO of Canopy Rivers. “However, we believe that this is more of a function of the slower-than-expected pace of development of the cannabis economy, rather than its long-term potential, which we continue to believe is significant. Based on our available cash resources and deep sector insights, we believe we are well-positioned to capitalize on the current market conditions and strengthen our portfolio of cannabis disruptors.”
Table 2 | ||||
Three months ended | Three months ended | |||
31-Mar-20 | 31-Mar-19 | |||
Royalty, interest, and lease income | $ | 2,858 | $ | 2,558 |
Provision for credit losses | (269) | – | ||
Operating income (before equity method investees and fair value changes) |
$ | 2,589 | $ | 2,558 |
Consulting and professional fees | $ | 866 | $ | 1,046 |
General and administrative expenses | 1,330 | 1,900 | ||
Share-based compensation | 1,246 | 4,566 | ||
Depreciation and amortization expense | 42 | – | ||
Operating expenses | $ | 3,484 | $ | 7,512 |
Net operating loss (before equity method investees and fair value changes) |
$ | (895) | $ | (4,954) |
Twelve months ended | Twelve months ended | |||
31-Mar-20 | 31-Mar-19 | |||
Royalty, interest, and lease income | $ | 12,191 | $ | 4,867 |
Provision for credit losses | (269) | – | ||
Operating income (before equity method investees and fair value changes) |
$ | 11,922 | $ | 4,867 |
Consulting and professional fees | $ | 3,470 | $ | 2,833 |
General and administrative expenses | 6,630 | 3,132 | ||
Share-based compensation | 9,033 | 24,485 | ||
Depreciation and amortization expense | 170 | – | ||
Operating expenses | $ | 19,303 | $ | 30,450 |
Net operating loss (before equity method investees and fair value changes) |
$ | (7,381) | $ | (25,583) |
Canopy Rivers reported a net operating loss (before equity method investees and fair value changes) of $0.9 million for the quarter.
Royalty, interest, and lease income was $2.6 million, net of a $0.3 million provision for expected credit losses. This includes income from the Company’s royalty and debenture agreements with Agripharm Corp., 10831425 Canada Ltd. d/b/a/ Greenhouse Juice Company, Radicle Medical Marijuana Inc. (“Radicle“), and The Tweed Tree Lot Inc., as well as interest income on the Company’s $40.0 million shareholder loan agreement with PharmHouse Inc. (“PharmHouse“), among other items.
Operating expenses were $3.5 million for the quarter, of which $1.2 million (or approximately 36% of the total) related to share-based compensation, a non-cash expense. Excluding non-cash items, operating expenses decreased by approximately 25% from the comparative period last year. Operating expenses included $0.9 million of consulting and professional fees relating to legal, audit, tax, accounting, and other regulatory advisory fees, as well as $1.3 million of general and administrative expenses relating to employee and director compensation, marketing and business development, and other public company costs. In response to the novel coronavirus (“COVID-19“) pandemic, the Company is taking measures to manage its cash resources. Specifically, subsequent to the end of FY 2020, the Company announced a series of organizational changes focused on generating net positive cash flows from operations. This includes a material reduction in its operating cash outflows (driven by a reduction in headcount, directors’ compensation, marketing expenses, and general corporate expenses) of a targeted minimum of 35% from the Company’s FY 2020 operating cash outflows on a normalized basis.
Table 3 | ||||
Three months ended | Three months ended | |||
31-Mar-20 | 31-Mar-19 | |||
Share of loss from equity method investees | $ | (3,198) | $ | 454 |
Impairment of equity method investees | (11,162) | – | ||
Net change in fair value of financial assets at FVTPL | (16,311) | 3,070 | ||
Equity method investees and fair value changes | $ | (30,671) | $ | 3,524 |
Twelve months ended | Twelve months ended | |||
31-Mar-20 | 31-Mar-19 | |||
Share of loss from equity method investees | $ | (6,155) | $ | (2,165) |
Impairment of equity method investees | (11,162) | – | ||
Net change in fair value of financial assets at FVTPL(2) | (17,259) | 35,775 | ||
Equity method investees and fair value changes | $ | (34,576) | $ | 33,610 |
(2) Net change in fair value of off-market commitment is included in the net change in fair value of financial assets at FVTPL for the twelve months ended March 31, 2019 |
The Company’s share of loss from equity method investees was $3.2 million for the quarter. This includes the Company’s equity interests in Canapar Corp., 10663522 Canada Inc. d/b/a/ Herbert, High Beauty, Inc. (“High Beauty”), LeafLink Services International ULC, PharmHouse, and Radicle. The Company expects these equity method investees to continue to generate net losses in the near term due to the early-stage nature of these businesses as they continue to ramp-up operationally.
In addition to the reported share of losses and in connection with the Company’s regular assessment of indicators of impairment for equity method investees, the Company identified several factors that indicated that the Company’s equity investments in certain portfolio companies may be impaired. These factors included economic and regulatory uncertainty caused by COVID-19, a slowdown in retail distribution in both Canada and the United States, and a slower-than-expected ramp-up of commercial activities for certain entities. In total, the Company recognized impairment charges of $11.2 million for the quarter.
The Company also reported a net decrease in the fair value of financial assets that are reported at fair value through profit or loss (“FVTPL“) of $16.3 million for the quarter. This includes a decrease in the estimated value of certain royalty investments, as the slower-than-expected growth of the cannabis industry and broader economic challenges posed by the outbreak of COVID-19 have increased the risk profiles of the operations of certain counterparties to these agreements.
After consideration of operating income, operating expenses, equity method investees, and FVTPL fair value changes, Canopy Rivers reported a net operating loss of $31.6 million for the quarter.
Table 4 | ||||
Three months ended | Three months ended | |||
31-Mar-20 | 31-Mar-19 | |||
JWC | $ | (2,714) | $ | 3,628 |
TerrAscend | (5,500) | 20,000 | ||
Vert Mirabel | (88) | 3,453 | ||
Eureka | (148) | (2,169) | ||
YSS | (272) | 979 | ||
Headset | 415 | (84) | ||
Zeakal | 1,214 | – | ||
Gross change in fair value of financial assets at FVTOCI | $ | (7,093) | $ | 25,807 |
OCI income tax expense (recovery) | (609) | 3,424 | ||
Net change in fair value of financial assets at FVTOCI(2) | $ | (6,484) | $ | 22,383 |
Twelve months ended | Twelve months ended | |||
31-Mar-20 | 31-Mar-19 | |||
JWC | $ | (12,803) | $ | (325) |
TerrAscend | (56,500) | (32,240) | ||
Vert Mirabel | (14,586) | (1,331) | ||
Eureka | (2,020) | (355) | ||
YSS | (2,721) | (5,213) | ||
Headset | 297 | (76) | ||
Zeakal | 713 | – | ||
Gross change in fair value of financial assets at FVTOCI | (87,620) | (39,540) | ||
OCI income tax expense (recovery) | (9,959) | (5,234) | ||
Net change in fair value of financial assets at FVTOCI(3) | $ | (77,661) | $ | (34,306) |
(3)In addition to the fair value change noted above, net change in fair value of financial assets at FVTOCI also includes FX gains/losses related to equity method investees denominated in USD currency |
Other comprehensive loss was $6.3 million, net of tax, for the quarter, which includes a $6.5 million, net of tax, decrease in the fair value of financial assets that are reported at fair value through other comprehensive income (“FVTOCI“). The primary factors contributing to this loss were a decrease in the fair values of the Company’s investments in TerrAscend Corp. (“TerrAscend“) and James E. Wagner Cultivation Corporation, the latter of which recently filed for protection under the Companies’ Creditors Arrangement Act. Due to the high levels of volatility observed in stock prices of publicly-traded cannabis companies and the market broadly, it is expected that net changes in fair value of financial assets at FVTOCI will continue to exhibit volatility in the near-term.
Table 5 | ||||
As at | As at | |||
Period ended | 31-Mar-20 | 31-Mar-19 | ||
Cash | $ | 46,724 | $ | 104,183 |
Loan Receivable | 42,450 | 40,000 | ||
Equity method investees | 50,543 | 64,891 | ||
Financial assets at FVTPL | 80,170 | 54,705 | ||
Financial assets at FVTOCI | 64,599 | 137,298 | ||
Other assets | 15,899 | 18,208 | ||
Total assets | $ | 300,385 | $ | 419,285 |
Total liabilities | 2,107 | 11,099 | ||
Total shareholders’ equity | 298,278 | 408,186 | ||
Total liabilities and shareholders’ equity | $ | 300,385 | $ | 419,285 |
Outlook
As the Company’s equity method investees continue to ramp up operations, it is expected that in the near term, its comprehensive income (or loss) will continue to be largely driven by net changes in the fair value of financial assets at FVTPL or financial assets at FVTOCI. In turn, the Company expects that these net changes will continue to be largely dependent upon the regulatory, business, and capital markets environment in the cannabis industry, as well as the regulatory, business, and capital markets environment in the broader economy as a result of the COVID-19 pandemic. Given the inherent volatility of valuations of investments in the global cannabis sector and the unknown impact of the COVID-19 pandemic, the Company anticipates continued volatility in its financial results.
Q4 2020 Corporate and Portfolio Updates
The following represents a summary of the milestones achieved by Canopy Rivers and its portfolio companies during the fourth quarter of FY 2020:
Canopy Rivers
- Canopy Rivers announced the launch of a normal course issuer bid, signalling management’s position that the current share price does not reflect the Company’s underlying value and future prospects.
Portfolio Updates
- PharmHouse received a licence amendment from Health Canada, enabling it to ramp up operations across its 1.3 million sq. ft. automated greenhouse and begin to fulfil its offtake agreements.
- TerrAscend strengthened its financial position, finalizing a US$33.5 million non-brokered private placement and, later in the quarter, its wholly-owned subsidiary TerrAscend Canada Inc. entered into an $80.5 million loan financing arrangement with Canopy Growth Corporation.
- TerrAscend also continued to develop its U.S. operations, as two of its subsidiaries (one in New Jersey and another in Utah) received approval for the processing or cultivation of medical cannabis in their respective states.
- BioLumic Ltd. (“BioLumic“) received approval from the New Zealand government to apply its proprietary UV light technology to medical cannabis and has begun conducting medical cannabis commercial trials. BioLumic also entered into a collaboration with New Zealand’s largest medical cannabis company, Helius Therapeutics.
- YSS Corp. opened two downtown Calgary flagship stores in January, as well as its 17th retail location in Grand Prairie, Alberta in February.
- Headset, Inc. (“Headset“) and High Beauty both grew their Canadian presence. Headset launched its Insights product for the British Columbia cannabis retail market and High Beauty officially launched in Canadian retail outlets, including The Bay, Shoppers Drug Mart, and Indigo.
- ZeaKal Inc. announced research results from multi-year field trials of its PhotoSeed™ technology. The trials showed an increased ability to significantly improve both oil and protein composition in soybeans.
- Canopy Rivers advanced $1.0 million to Radicle pursuant to a convertible debenture, which is expected to enable Radicle to increase production of its Gage brand, which is regularly sold out in cannabis retail stores, and work towards the launch of other popular brands for which it holds certain exclusive licences.
This press release should be read in conjunction with the Company’s audited consolidated financial statements for FY 2020 and MD&A for the three and twelve months ended March 31, 2020, which are available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.canopyrivers.com/investors. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
For more information regarding the Company and its portfolio companies, please refer to the MD&A and the Company’s annual information form dated June 2, 2020 (“AIF“), also available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.canopyrivers.com/investors.
About Canopy Rivers Inc.
Canopy Rivers is a venture capital firm specializing in cannabis. Its unique investment and operating platform is structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers identifies strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth Corporation (TSX: WEED, NYSE: CGC) and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire portfolio.
Forward-Looking Statements
This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. To the extent any forward-looking information in this news release constitutes “financial outlooks” within the meaning of applicable Canadian securities laws, the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding: the Company’s intention to implement changes aimed at strengthening its financial discipline and positioning it for future success; the Company’s belief that ag-tech is a critical component of the value chain that is poised to disrupt the cannabis sector; the Company’s evaluation of new opportunities that it believes will create value for shareholders and help build the cannabis industry; the Company’s belief that challenging conditions encountered by cannabis companies in FY 2020 were a function of the slower-than-expected pace of development of the cannabis economy, rather than its long-term potential, which the Company believes is significant; the Company’s belief that it is well-positioned to capitalize on current market conditions and strengthen its portfolio; the expectation that certain equity method investees will continue to generate net losses in the near term; the Company’s focus on generating net positive cash flows from operations, including the targeted reduction in its operating cash outflows; the expectation that net changes in fair value of financial assets at FVTOCI will continue to exhibit volatility in the near-term; the Company’s expected financial outlook; management’s position that the Company’s current share price does not reflect its underlying value and future prospects; Radicle’s expected use of proceeds; and expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein. Our actual financial position and results of operations may differ materially from management’s current expectations. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: regulatory and licensing risks; competition risks; changes in cannabis industry growth and trends; changes in the business activities, focus and plans of the Company and its investees and the timing associated therewith; stock market volatility; the Company’s actual financial results and ability to create long-term value for shareholders and manage its cash resources; changes in general economic, business and political conditions, including challenging global financial conditions and the impact of the COVID-19 pandemic; potential conflicts of interest; the regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; changes in the Company’s relationship with Canopy Growth Corporation and its investees; risks associated with the termination, renegotiation and enforcement of material contracts; credit, liquidity and additional financing risks; changes in applicable laws; compliance with extensive government regulation, including the Company’s interpretation of such regulation; changes in the global sentiment towards, and public opinion of, the cannabis industry; divestiture risks; and the risk factors set out in the Company’s AIF, filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
$POAI Subsidiary a ‘Major Asset’ in Growing Precision Medicine Space
- POAI addresses pressing need for a multi-omic approach in field of precision medicine
- Global precision medicine market is expected to reach total market value of approximately $84 billion by 2026
- Predictive Oncology’s ‘claim to fame’ is its inventory of over 150,000 tumors covering over 137 types of cancer, with over 30,000 related to ovarian cancer
In the burgeoning world of precision medicine, Predictive Oncology Inc. (NASDAQ: POAI) appears ideally positioned to address one of the most pressing problems in the industry: the need for a multi-omic approach to precision therapy that may offer markedly improved patient outcomes over just genomics alone. POAI, a leader in the cancer precision-medicine field, has a “major asset” in its Helomics subsidiary, which specializes in ovarian cancer. Through its unique patient derived (PDx) platform, which tests the drug response and biomarker profile of the patient’s own tumor, and its vast database of historical tumor profiles, Helomics provides clinical decision support tools today to assist oncologists in individualizing cancer treatment.
Precision medicine is based on the idea of customizing health care, making medical decisions and selecting treatments, practices and prescriptions that are tailored to each individual patient rather than a recommended general treatment approach. A recent Acumen Research and Reporting article noted that the global precision medicine market is expected to reach total market value of approximately $84 billion by 2026 with anticipated CAGR growth of around 10% in terms of revenue between 2019 and 2026 (http://nnw.fm/tQAG2).
That growth hasn’t gone unnoticed. Big pharma has invested heavily in precision medicine, focusing its efforts on genomics and “big data” to understand each patient’s genome in order to deliver targeted therapeutics. “Success rates for these targeted therapies are low, and uptake in clinical practice is patchy,” POAI reports on its website (http://nnw.fm/z2wwX), noting a growing realization that “just genomics is not enough to achieve the promise of personalized therapeutics. A clear need has emerged for a multi-omic approach that may offer a much greater chance of success. However, few comprehensive, multi-omic data sets exist, and such data is difficult to access quickly as it is both costly and time consuming to initiate prospective data collection — especially in cancer.”
Multiomics, or the use of multiple omics technologies (i.e., genome, proteome, transcriptome, epigenome, microbiome, etc.) to study disease in a more comprehensive manner has significant implications in the world of health care – and Predictive Oncology owns powerful data and technology that may make the company a clear frontrunner in the precision medicine space.
“Predictive’s major asset is its subsidiary Helomics, and its claim to fame is its inventory of over 150,000 tumors covering over 137 types of cancer, with over 30,000 related to ovarian cancer, which is sort of our specialty. In fact, this is the largest inventory of its kind in the world,” POAI director and CEO Carl Schwartz stated in a news release (http://nnw.fm/r3Akb).
Furthermore, the data in POAI’s molecular information platform are highly differentiated, the company explained, containing both drug-response and biomarker data and with access to historical outcome data from these individual patients. Predictive Oncology is working to gather additional sequence data (mutation and gene expression) from these tumor samples, coupling this with its unique drug response profiles to build AI-driven predictive models of cancer that it believes will meet the unmet market need for a multi-omic approach to the development of new drugs and improve patient outcomes.
POAI is bringing precision medicine, or tailored medical treatment using the individual characteristics of each patient, to the treatment of cancer. Through the company’s Helomics division, the company leverages its unique, clinically validated patient derived (PDx) smart tumor profiling platform to provide oncologists with a road map to help individualize therapy.
In addition, the company is leveraging artificial intelligence and its proprietary database of over 150,000 cancer cases tumors to build AI-driven models of tumor drug response to improve outcomes for the patients of today and tomorrow
For more information, visit the company’s website at www.Predictive-Oncology.com
NOTE TO INVESTORS: The latest news and updates relating to POAI are available in the company’s newsroom at http://nnw.fm/POAI
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$GGBXF Announces Court Approval of Sale and Investment Solicitation Process and Extension of Stay under Insolvency Proceedings
COLUMBUS, Ohio, June 02, 2020 — Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) and certain of its direct and indirect wholly owned subsidiaries (collectively “GGB“, the “Company” or the “Applicants”) today provided an update on its insolvency proceedings under the Companies’ Creditors Arrangement Act (Canada) (“CCAA“).
As announced on May 20, 2020, the Company filed for insolvency protection under the CCAA and obtained an order from the Ontario Superior Court of Justice (the “Court”) granting the Applicants protection under the CCAA for an initial 10 day period until May 29, 2020, as extended until June 12, 2020.
On June 2, 2020, the Court granted a motion filed by the Company and issued an order (the “Amended and Restated Order”): (i) extending the stay period until August 15, 2020; (ii) increasing the amount of the Court-ordered charge over the Applicants’ assets, property and undertakings in connection with the Applicants’ debtor-in-possession financing agreement with All Js Greenspace LLC (“All Js”) (the “DIP Agreement”); (iii) approving the implementation of a sale and investment solicitation process (the “SISP”); and (iv) approving a stalking-horse agreement (the “Stalking Horse Agreement”) among the Company, All Js and Capital Transfer Agency in its capacity as the debentureholder trustee of the Company’s (A) US$45,500,000 aggregate principal amount of 15.00% secured convertible debentures that matured May 17, 2020 and (B) US$23,717,000 aggregate principal amount of 5.00% secured convertible debentures maturing in 2024 (All Js and Capital Transfer Agency in such capacities are collectively referred to as the “Secured Credit Bidders”) pursuant to which the Secured Credit Bidders would act as stalking-horse bidders under the SISP.
The SISP will be conducted within the CCAA proceedings under the supervision of Ernst & Young Inc. (“E&Y”), the Court-appointed monitor of the Applicants, and will be used to identify one or more purchasers of the Company’s assets. The SISP sets forth the manner in which potential purchasers submit bids, including the applicable deadlines for the submission of bids. Under the SISP, the current deadline for delivery of initial non-binding letters of interest is 5:00 pm (Eastern Time) on July 6, 2020. It is anticipated that the SISP process will be concluded by August 31, 2020.
A copy of the SISP, Amended and Restated Order and other Court materials and information related to the Company’s CCAA proceedings, all as may be updated or amended from time to time, are available on the website maintained by E&Y at www.ey.com/ca/ggbi.
The Company intends to provide further updates on the CCAA proceedings and SISP process when there are significant developments.
About Green Growth Brands Inc.
Green Growth Brands creates remarkable experiences in cannabis. The company’s brands include CAMP, The+Source, and 8 Fold. GGB is expanding its cannabis operations throughout the U.S., via dispensaries in Nevada, Massachusetts and Florida. Learn more about the vision at GreenGrowthBrands.com.
Cautionary Statements
Forward Looking Information
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend”, “forecast” and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical and recreational marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the marijuana industry in the United States, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; currency and interest rate fluctuations and other risks, including those factors described under the heading “Risks Factors” in (i) the Company’s Annual Information Form dated November 26, 2018 which is available on the Company’s issuer profile on SEDAR and (ii) the Company’s Short Form Prospectus dated August 15, 2019.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this release, including the ability of the Company to successfully restructure its finances and operations, the anticipated timeline and successful completion of the SISP process, and the availability of financing to be provided under the DIP Agreement, are made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
US Securities Law Disclaimer
This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act“) or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available.
For investor relations inquiries, please contact:
Eric Wright
289-805-3697
ewright@greengrowthbrands.com
or
Randy Whitaker
Chief Executive Officer
Green Growth Brands Inc.
rwhitaker@greengrowthbrands.com
$GGBXF 420 with CNW – US Supreme Court Declines to Hear Ohio Marijuana Decriminalization Case
A campaign to decriminalize marijuana in Ohio has been dealt a major blow after the U.S. Supreme Court declined to hear a case challenging local Ohio officials’ refusal to place decriminalization initiatives on municipal ballots on Tuesday. Back in 2018, activists submitted ballot initiatives to legalize marijuana in Garrettsville and Windham, but the Portage County Board of Elections determined that the initiatives could not appear before the voters.
The board argued that since the proposals constituted administrative rather than legislative issues, they were not appropriate for the ballot process. This led to a two year legal battle between cannabis reform activists and the Portage County Board of Elections, culminating in the Supreme Court’s decision to not hear the case.
Once the ballot initiatives were rejected by the board, decriminalization advocates took the matter to the federal district court. Their argument was that the state statutes that allowed the board to reject the measures violated their First and Fourteenth Amendment rights, thus are unconstitutional. The judge was in agreement and granted them a restraining order and forcing the Secretary of State to let the municipalities of Windham and Garrettsville vote on the proposal.
The district court later issued a permanent injunction prohibiting the state from “enforcing the gatekeeper function in any manner that fails to provide a constitutionally sufficient review process to a party aggrieved by the rejection of an initiative petition.” The victory, however, was short-lived.
The U.S. Sixth Circuit Court of Appeals later reversed the district’s ruling and vacated the permanent injunction. Like the defendants, the appeals court believed that the decriminalization measures were an administrative matter, as opposed to legislative, and this gave the board the right to refuse to place the measures on the ballot. Furthermore, the court stated that the plaintiffs did have the right to seek a “judicially imposed remedy through mandamus relief” but instead chose to challenge the state statute itself.
On Tuesday, Bloomberg’s Kimberly Robinson reported that the U.S. Supreme Court will not be taking up the case. While it is unclear whether this will embolden other boards of election in Ohio to reject certain initiatives, Portage County seems to be an isolated occurrence. 17 cities in the state have passed decriminalization measures, and most of them have been through the ballot.
At the moment, jurisdictions with decriminalization on the books include Toledo, Athens, Cincinnati, Cleveland, Dayton and Columbus, and cannabis reform activists are looking to significantly increase the number of municipalities with decriminalization on their books.
The news of the Supreme Court’s decision is likely to trigger sector players like Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) to follow events in Ohio closely in order to see whether lessons there can provide pointers as to what could happen elsewhere.
About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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$POAI Subsidiary Applies Unique Database to Improve Cancer Outcomes
Predictive Oncology (NASDAQ: POAI), through its Helomics subsidiary, is leveraging its proprietary database of more than 150,000 tumor genomic and drug response profiles to improve cancer outcomes. An article discussing the company reads, “With a mission to improve the standard of care for cancer patients, Helomics’ TruTumor(TM) platform harnesses the power of the patient’s own living tumor to address challenges oncologists often face when assessing patients and individualizing treatments. The clinically validated (in ovarian cancer) cell-based functional platform is in use today and profiles patient tumors, identifying key biomarkers and how the tumor responds to drugs and helps the oncologist determine a tailored therapy for that patient. . . . Helomics’ is building AI-driven predictive models by leveraging a unique database of 150,000 tumor genomic and drug response profiles gathered from over 15 years of clinical testing using its TruTumor platform, access to over 15 years of outcome data from a national network of oncologists, plus a physical biobank of tumor samples that is being sequenced as part of its CancerQuest 2020 initiative (http://nnw.fm/i2VeT) to generate rich genomic profiles.”
To view the full article, visit http://nnw.fm/4GVUg
About Predictive Oncology Inc.
Predictive Oncology operates through three segments (domestic, international and other) that contain four subsidiaries: Helomics, TumorGenesis, Skyline Medical and Skyline Europe. Helomics applies artificial intelligence to its rich data gathered from patient tumors to both personalize cancer therapies for patients and drive the development of new targeted therapies in collaborations with pharmaceutical companies. Helomics’ CLIA-certified lab provides clinical testing that assists oncologists in individualizing patient-treatment decisions by providing an evidence-based road map for therapy. In addition to its proprietary precision oncology platform, Helomics offers boutique CRO services that leverage its TruTumor(TM), patient-derived tumor models coupled with a wide range of multi-omics assays (genomics, proteomics and biochemical), and an AI-powered proprietary bioinformatics platform to provide a tailored solution to its clients’ specific needs. Predictive Oncology’s TumorGenesis subsidiary is developing a new rapid approach to growing tumors in the laboratory, which essentially “fools” cancer cells into thinking they are still growing inside a patient. Its proprietary Oncology Discovery Technology Platform Kits will assist researchers and clinicians to identify which cancer cells bind to specific biomarkers. Once the biomarkers are identified, they can be used in TumorGenesis’ Oncology Capture Technology Platforms, which isolate and help categorize an individual patient’s heterogeneous tumor samples to enable the development of patient-specific treatment options. Helomics and TumorGenesis are focused on ovarian cancer. Predictive Oncology’s Skyline Medical division markets its patented and FDA-cleared STREAMWAY System, which automates the collection, measurement and disposal of waste fluid, including blood, irrigation fluid and others, within a medical facility, through both domestic and international divisions. The company has achieved sales in five of the seven continents through both direct sales and distributor partners. For more information, visit the company’s website at www.Predictive-Oncology.com.
NOTE TO INVESTORS: The latest news and updates relating to POAI are available in the company’s newsroom at http://nnw.fm/POAI
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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$SGLB Stands to Benefit from Post-Epidemic Trends Aimed at Strengthening Manufacturing, Supply Chain
- COVID-19 exposed weaknesses in manufacturing, supply chain spaces; 3D printing offers ideal solution
- 3D-metal-printing presents its own mechanical hurdles, including quality issues undetected until postproduction
- SGLB’s patented PrintRite3D(R) software provides solution to costly quality-control challenges that impede manufacture of precision 3D-metal parts
Among the many changes wrought by COVID-19, those within the manufacturing and supply chain sectors will likely be far reaching and long lasting. The epidemic has exposed fundamental weaknesses in the system, some of which may be solved through advanced software and technologies, including 3D metal printing. Sigma Labs Inc. (NASDAQ: SGLB), a leading developer of quality-assurance software in the commercial 3D-metal-printing space, may benefit from the trend.
“3D printing has come a long way in recent years, with manufacturing times improving,” a recent Forbes article reads (http://nnw.fm/8hkU1). “The time it takes to print items depends on both the quality of the printer as well as the complexity of the item being printed. As we enter a new era with COVID-19 continuing to disrupt supply chains and causing shortages of essential medical equipment, the 3D printing community is stepping in to help.”
Another article, published by MarketWatch, makes a similar observation. “Out of necessity, manufacturers in the new normal will build factories much closer to where critical parts are needed, reduce the human workforce, and rely more on software and efficiency technologies like 3D printing,” the article reads (http://nnw.fm/lI0ly). “At the epicenter of this sea of change is Sigma Labs, with its revolutionary patented technology that detects and identifies defects and anomalies in real time during the 3D printing process of metal, paving the way for scalability and economic efficiency.”
Both articles point out that additive manufacturing, or 3D printing, speeds production, allows flexibility, and brings new ideas to market quicker at lower cost. However, the new technology is not perfect. “Commercial 3D metal printing is gaining vital importance in the entire global manufacturing sector – yet the efficiency it yields is not without challenges,” the MarketWatch article notes. “A myriad of variables from machines to materials create production hurdles in metal additive manufacturing.”
Among those problems is the fact that the newly printed parts don’t always meet precise specifications. Previously, 3D-metal-printing manufacturers have had to rely on post-production inspection techniques to detect these imperfections, which are both costly and wasteful, since the problem isn’t discovered until the printing is complete, rendering the part unusable.
“With its patented PrintRite3D(R) software, Sigma Labs presents a solution to the costly quality-control challenges that impede the volume manufacture of precision 3D metal parts,” the article continues. “In doing so, Sigma’s software could easily become indispensable in the global efforts to meet the manufacturing challenges of post COVID. The company’s breakthrough software has the potential to bolster and broaden commercial metal-additive manufacturing by enabling for the first time cost-effective, nondestructive quality assurance during the production process. PrintRite3D(R) is the leading technology in identifying and classifying defects and anomalies in-process and allows for errors to be corrected in real time — even remotely.”
Sigma Labs Inc. is a leading provider of quality-assurance software to the commercial 3D-metal-printing industry under the PrintRite3D brand. Sigma specializes in the development and commercialization of real-time monitoring solutions known as PrintRite3D for 3D-metal, advanced-manufacturing technologies. PrintRite3D detects and classifies defects and anomalies real time during the manufacturing process and informs the production manager of quality issues. Sigma Labs’ software product is a major catalyst for the acceleration and adoption of 3D metal printing.
For more information about Sigma Labs, please visit www.SigmaLabsInc.com
NOTE TO INVESTORS: The latest news and updates relating to SGLB are available in the company’s newsroom at http://nnw.fm/SGLB
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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$MEDS Subsidiary Providing Premium Medical Teleconferences
Trxade Group (NASDAQ: MEDS), through its virtual healthcare subsidiary Bonum Health, provides telehealth services and prescription ordering via teleconferences that are conducted using smart devices. A recent article discussing the company reads, “The service provides subscribers with three premium medical teleconferencing visits through Bonum Health and prescription delivery through the company’s DelivMeds same day/mail-order pharmaceuticals service each month under the standard membership rate. . . . ‘With the seasonal flu outbreaks and the current coronavirus surge, patients are quick to brush off common symptoms, including cough, fever and body aches, as signs of a common cold; Telemedicine removes the barrier of self-doubt and complacency in the current climate of worldwide viral infections,’ the company stated in a news release (http://nnw.fm/dZoj2).”
To view the full article, visit http://nnw.fm/81m7D
About Trxade Group Inc.
Headquartered in Tampa, Florida, Trxade Group is an integrated drug-procurement, delivery and healthcare platform that enables price transparency and increased profit margins to buyers and sellers of pharmaceuticals, makes healthcare services affordable and accessible across all 50 states, and steps in to meet today’s immediate demands. Founded in 2010, Trxade Group is comprised of four synergistic operating platforms: the Trxade B2B trading platform with 12,100 registered pharmacies, a licensed virtual wholesaler, affordable healthcare via its Bonum Health app or web-based telehealth services, and same-day or mail-order pharmacy-delivery capabilities via its DelivMeds app featuring its extensive nationwide distribution network. For additional information, please visit www.Trxade.com.
NOTE TO INVESTORS: The latest news and updates relating to MEDS are available in the company’s newsroom at http://nnw.fm/MEDS
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
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