Daily Archives: July 18, 2019
SILENCE THERAPEUTICS AND MALLINCKRODT ANNOUNCE COLLABORATION TO DEVELOP AND COMMERCIALIZE RNAi THERAPEUTICS FOR COMPLEMENT-MEDIATED DISEASES
SILENCE THERAPEUTICS AND MALLINCKRODT ANNOUNCE COLLABORATION TO DEVELOP AND COMMERCIALIZE RNAi THERAPEUTICS FOR COMPLEMENT-MEDIATED DISEASES
— Collaboration advances Silence’s proprietary platform in the growing field of RNAi technology
— Agreement provides Mallinckrodt with an exclusive worldwide license for one preclinical asset that targets a specific protein in the complement pathway, C3 (SLN500), and an option for up to two additional assets with different complement protein targets
— Silence to receive a $20 million upfront payment, potential near- and long-term development and commercial milestones, and royalties on net sales
— Silence will host a webinar today at 1:00 p.m. BST1 to discuss the announcement
LONDON and STAINES-UPON-THAMES, United Kingdom, July 18, 2019 /PRNewswire/ — Mallinckrodt plc (NYSE: MNK), a global biopharmaceutical company, and Silence Therapeutics plc (LON: SLN), a leader in the discovery, development and delivery of novel RNA2 interference (RNAi) therapeutics for the treatment of serious diseases, today announced a collaboration that will allow the companies to develop and commercialize RNAi drug targets designed to inhibit or ‘silence’ the complement cascade, a group of proteins that are involved in the immune system and that play a role in the development of inflammation. These proteins are known to contribute to the pathogenesis of many diseases, including autoimmune diseases.
Under the terms of the agreement, Mallinckrodt will obtain an exclusive worldwide license to Silence’s C33 complement asset, SLN500, with options to license up to two additional complement-targeted assets in Silence’s preclinical complement-directed RNAi development program. Silence will be responsible for preclinical activities, and for executing the development program of each asset until the end of Phase 1, after which Mallinckrodt will assume clinical development and responsibility for global commercialization.
Mallinckrodt has agreed to provide Silence with an upfront payment of $20 million. Silence is also eligible to receive up to $10 million in research milestones for SLN500 and for each optioned asset, in addition to funding for Phase 1 clinical development including GMP4 manufacturing. Silence will fund all other preclinical activities. The collaboration provides for potential added clinical and regulatory milestone payments of up to $100 million for SLN500, as well as commercial milestone payments of up to $563 million for SLN500. Should Mallinckrodt opt to license one or two additional assets, Silence could receive up to $703 million in similar clinical, regulatory, and commercial milestone payments per asset. Silence would also receive tiered, low double-digit to high-teen royalties on net sales for SLN500 and each optioned asset.
“We are very excited by the significant potential offered by Silence’s RNAi technology to meet the needs of underserved patients in a number of serious and critical conditions, and we look forward to collaborating with them to advance development of complement-targeted assets as new therapeutic options,” said Steven Romano, M.D., Chief Scientific Officer and Executive Vice President of Mallinckrodt.
“This license provides Mallinckrodt with an expansion of early development opportunities and the value of applying RNA technology therapeutically to target a range of rare diseases as well as conditions of immune dysregulation,” adds Ulrich H. von Andrian, M.D., Edward Mallinckrodt Jr. Professor of Immunopathology, Microbiology and Immunobiology, Harvard Medical School and Member of the Mallinckrodt Pharmaceuticals Scientific Advisory Council.
“This collaboration combines Silence Therapeutics’ knowledge and world-class research and development in the field of RNAi with Mallinckrodt’s expertise and resources as a global biopharmaceutical company with years of experience solving complex challenges,” said Dr. David Horn Solomon, President and Chief Executive Officer of Silence Therapeutics. “The increasing number of clinical conditions and pathologies that involve the complement system has generated significant interest in the development of therapeutic options to inhibit complement activation, which holds great promise in treating a range of diseases. We look forward to working closely with Mallinckrodt to extend our capabilities with RNAi therapies that have the potential to transform patients’ lives.”
The companies will work together to develop and commercialize this RNAi therapeutic target, with the possibility of additional assets, and will form a Joint Steering Committee to guide the asset’s development program. Silence’s proprietary technology is a highly specific and modular platform designed to inhibit or ‘silence’ the expression of disease-causing genes. The technology is appropriate to target any number of genes; however, the collaboration focuses on the complement cascade, which is implicated in a number of autoimmune diseases.
Silence Call with Investors
Dr. David Horn Solomon, Chief Executive Officer of Silence Therapeutics, will host a conference call accompanied by a live presentation for analysts and investors today at 13.00pm BST (8.00am EDT). Link to the live webcast: https://edge.media-server.com/
ABOUT SILENCE
Silence Therapeutics is developing a new generation of medicines by harnessing the body’s natural mechanism of RNA interference, or RNAi, within its cells. Its proprietary technology can selectively inhibit any gene in the genome, specifically silencing the production of disease-causing proteins. Using its enabling delivery systems, it has achieved an additional level of specificity by delivering its therapeutic RNA molecules exclusively to target cells. Silence’s proprietary RNA chemistries and delivery systems are designed to improve the stability of our molecules and enhance effective delivery to target cells, providing a powerful modular technology well suited to tackle life-threatening diseases. Silence Therapeutics remains focused and is determined to be responsive to creating shareholder value as well as the appropriate growth and development of its business. Silence Therapeutics continues to assess a number of options in addition to its organic plan which it believes would be additive to the Company’s future growth prospects and shareholder value, which may include equity fundraisings as well as other strategic licensing and collaboration opportunities. For more information, please visit https://www.silence-
ABOUT MALLINCKRODT
Mallinckrodt is a global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company’s Specialty Brands reportable segment’s areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. To learn more about Mallinckrodt, visit www.mallinckrodt.com.
Mallinckrodt uses its website as a channel of distribution of important company information, such as press releases, investor presentations and other financial information. It also uses its website to expedite public access to time-critical information regarding the company in advance of or in lieu of distributing a press release or a filing with the U.S. Securities and Exchange Commission (SEC) disclosing the same information. Therefore, investors should look to the Investor Relations page of the website for important and time-critical information. Visitors to the website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations page of the website.
Cautionary Statements Related to Forward-Looking Statements
Mallinckrodt
This release includes forward-looking statements concerning Mallinckrodt’s collaboration with Silence, including expectations regarding future research and development plans, potential milestone payments and commercial arrangements and the potential impact on patients. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: uncertainties inherent in research and development, including clinical trial results; satisfaction of regulatory and other requirements; actions of regulatory bodies and other governmental authorities; changes in laws and regulations; issues with product quality, manufacturing or supply, or patient safety issues; and other risks identified and described in more detail in the “Risk Factors” section of Mallinckrodt’s most recent Annual Report on Form 10-K and other filings with the SEC, all of which are available on its website. The forward-looking statements made herein speak only as of the date hereof and Mallinckrodt does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.
Silence
The information contained within this announcement is deemed by the Silence Therapeutics plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
CONTACTS
MALLINCKRODT
Investor Relations
Daniel J. Speciale, CPA
Vice President, Investor Relations and IRO
314-654-3638
daniel.speciale@mnk.com
Media
Daniel Yunger
Kekst CNC
212-521-4879
mallinckrodt@kekstcnc.com
SILENCE THERAPEUTICS
Dr. David Horn Solomon, Chief Executive Officer
Mr. Iain Ross, Non-Executive Chairman
+44 (0) 20 3457 6900
Peel Hunt/LLP (Nominated Adviser and Broker)
James Steel/Oliver Jackson
+44 (0) 20 7418 8900
European IR
Consilium Strategic Communications
Mary-Jane Elliott/Chris Welsh/Angela Gary
silencetherapeutics@consilium-
+44 (0) 20 3709 5700
US IR
Westwicke Partners
Peter Vozzo
Peter.vozzo@westwicke.com
442-213-0505
Mallinckrodt, the “M” brand mark and the Mallinckrodt Pharmaceuticals logo are trademarks of a Mallinckrodt company. Other brands are trademarks of a Mallinckrodt company or their respective owners. © 2019 Mallinckrodt. 7/19
1 British Summer Time
2 Ribonucleic acid
3 The C3 protein is part of the complement system. There are nine major complement proteins, labeled C1 through C9. https://medlineplus.gov/ency/
4 Good manufacturing practices
Sundance Energy Australia Limited Announces Agreement to Sell Dimmit County Assets for US$29.5 Million
DENVER, July 17, 2019 (GLOBE NEWSWIRE) — Sundance Energy Australia Limited (ASX: SEA) (NASDAQ: SNDE) (“Sundance” or the “Company”), a U.S. onshore oil and gas exploration and production company focused in the Eagle Ford in South Texas, today announced that it had entered into a definitive agreement to sell its assets in Dimmit County, TX (the “Assets”) for a purchase price of US$29.5 million, subject to customary adjustments at closing.
The Assets comprise 19 gross producing wells on ~6,100 net acres and contributed 1,051 boepd in average daily sales volumes for the first quarter of 2019. The sale is anticipated to close prior to the end of September 2019.
In anticipation of this transaction sale, the Company’s recently announced ~40% increase to its borrowing base facility did not include any reserves associated with the Assets in the calculation of the borrowing base. As such, the borrowing base will remain unchanged upon the close of the sale. Additionally, the Company’s previously released public guidance excluded any contribution from the Assets beginning in May 2019.
Sundance’s Chief Executive Officer and Managing Director, Eric McCrady, commented, “The impending successful sale of our Dimmit assets at an attractive price will only serve to add to the Company’s already strong liquidity position. The cash consideration, in addition to the existing availability under our borrowing base, provides an ample liquidity cushion while we work towards reaching free cash flow generation in the second half of the year.”
About Sundance Energy Australia Limited
Sundance
Energy Australia Limited (“Sundance” or the “Company”) is an
Australian-based, independent energy exploration company, with a wholly
owned US subsidiary, Sundance Energy Inc., located in Denver, Colorado,
USA. The Company is focused on the acquisition and development of large,
repeatable oil and natural gas resource plays in North America. Current
activities are focused in the Eagle Ford. A comprehensive overview of
the Company can be found on Sundance’s website at www.sundanceenergy.net
Summary Information
The following disclaimer applies to this document and any information contained in it. The information in this release is of general background and does not purport to be complete. It should be read in conjunction with Sundance’s periodic and continuous disclosure announcements lodged with ASX Limited that are available at www.asx.com.au and Sundance’s filings with the Securities and Exchange Commission available at www.sec.gov.
Forward Looking Statements
This release may contain forward-looking statements. These statements relate to the Company’s expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar words or expressions containing same.
These forward-looking statements reflect the Company’s views and assumptions with respect to future events as of the date of this release and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. These include, but are not limited to, risks or uncertainties associated with the discovery and development of oil and natural gas reserves, cash flows and liquidity, business and financial strategy, budget, projections and operating results, oil and natural gas prices, amount, nature and timing of capital expenditures, including future development costs, availability and terms of capital and general economic and business conditions. Given these uncertainties, no one should place undue reliance on any forward looking statements attributable to Sundance, or any of its affiliates or persons acting on its behalf. Although every effort has been made to ensure this release sets forth a fair and accurate view, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact:
| United States: John Roberts VP Finance & Investor Relations Tel: +1 (720) 638-2400 | Eric McCrady CEO and Managing Director Tel: +1 (303) 543-5703 | |
Bizagi goes from Stealth to Hyper Growth Delivering Digital Transformation for World Leading Brands
From Adidas and Audi to Ikea and the U.S. government, Bizagi’s unique Intelligent Process Automation helping organizations harness the power of RPA and AI to speed transformation
SANTA CLARA, Calif., July 17, 2019 (GLOBE NEWSWIRE) — Bizagi, the world’s leading Intelligent Process Automation platform provider, today announced significant growth in the U.S. and abroad driven by its success enabling digital transformation for world leading brands such as DHL, Gap, Citizens Bank, AON and numerous U.S. government agencies including the Departments of Agriculture, Defense, Energy, HHS, Homeland Security and many others. Bizagi’s growth is based on enterprise adoption of its unique Intelligent Process Automation, enabling companies to better leverage digital and robotic processes, along with artificial intelligence, to improve customer interaction, speed operations and build revenue.
This news follows the company’s recognition last month as a leader in The Forrester Wave™: Software for Digital Process Automation (DPA) for Deep Deployments, Q2 2019 and new office expansions in Singapore as well as Washington, D.C. and New York to complement the company’s San Francisco U.S. headquarters. Bizagi has also made several key executive hires, including the company’s first chief revenue officer, Richard Dufty, who is responsible for its global go-to-market business with a mandate to provide an amazing unified journey and experience for customers.
“Since our $48M funding in 2017 Bizagi has largely flown under the radar, yet our relentless focus on customer success is paying massive dividends, with the company experiencing 100 percent year-over-year growth in the U.S. last year and on track to grow 200 percent in 2019,” said Bizagi CEO Gustavo Gomez. “Our platform’s ability to deliver deep digital process automation while driving broad, fast, business-friendly adoption is remaking how these organizations think about digital transformation.”
BUSINESS AND IT COLLABORATION
A recent Bizagi survey found that nine in 10 businesses see digital
transformation as a significant challenge. To address this pain point,
the company’s agile, connected, engaging platform is enabling true
collaboration between business and IT.
“We selected Bizagi because it provides us a low-code DPA platform that enables even our process analysts to implement business process workflows to a reasonable extent,” said Stefan Wenzel, VP, Center for Digitization, with Deutsche Post DHL. “That’s critical to us as it will allow us to accelerate our digital transformation. In addition, new components like Bizagi Sites help us in creating user-centric digital services.”
BUILDING ON RPA
Bizagi is unique in its native integrations with leading robotic
process automation (RPA) platforms, allowing organizations to better
leverage these robotic processes throughout the enterprise.
“Bizagi will help unlock opportunities for RPA by digitizing the ingestion of data so that robotics can be implemented more broadly in our commercial operations,” said Matt Lavoie, VP, Head of Automation and iBPMS Development for Commercial Banking with Citizens Financial Group. “Automated execution and workflow will speed processing, create efficiencies, and give our colleagues more time to focus on value added activity that enhances our clients’ experience. Bizagi’s ease of use will continue to help our workforce embrace and expand this digital strategy.”
In naming Bizagi as a leader, the recent Forrester Wave report states: “Bizagi balances deep DPA functionality with a platform designed to go wide.” Similarly, in its Magic Quadrant for Intelligent Business Process Management Suites report earlier this year, Gartner characterized Bizagi as the most intuitive tool on the market.
“Having a key technology partner identified as a market leader is amazing confirmation of the UiPath ecosystem,” said Dave Marcus, VP Product and Alliance Management at UiPath. “The Bizagi partnership is important to delivering on our Automation First mission.”
DRIVING DIGITAL TRANSFORMATION
Bizagi has a unique product approach that allows organizations to model
and pilot DPA scenarios for free, and only pay for deployment in a
production environment. To date, users have downloaded Bizagi’s software
more than 3 million times, which is driving tens of thousands of
digital automations at more than 500 organizations worldwide.
U.S. growth in particular is notable in financial services and government agencies, where organizations are succeeding in digital automation with Bizagi despite statistics that show the overwhelming majority of digital transformations fail. Most of these organizations are challenged by processes sitting in systems that are costly, disconnected and slow to change. Bizagi works with existing systems to make them more agile and connected for a more engaging customer experience.
“Bizagi works like an intelligent information conveyor belt, allowing legacy systems to build on the efficiency of robotic processes and the context and intent of artificial intelligence to automate and digitize organizational processes,” explains Bizagi’s Gomez. “Welcome to the age of intelligent automation.”
To fuel this growth, the company recently hired Dufty as its chief revenue officer. Previously with Symantec, Dufty oversaw sales for the Norton brand representing more than $1 billion in annual revenue. As the first leadership hire at AppDirect, he grew sales from $1 million to $100 million in less than five years.
“Richard is a proven leader joining Bizagi after incredibly successful track records growing revenue exponentially for a Fortune 500 company and a Silicon Valley unicorn,” Gomez said. “We’re thrilled to have Richard on the team as we look to scale operations in the U.S. and globally.”
About Bizagi
Bizagi
helps organizations to transform into digital businesses. Its process
automation platform connects people, applications, devices and
information to deliver the engaging experience that today’s customers
demand. Fueled by a community of 1 million users, Bizagi powers
enterprises worldwide including adidas, BAE Systems and Old Mutual. For
more information visit www.bizagi.com.
Media Contact
Steve Smith
ssmith@voxuspr.com
o: 253.444.5477
m: 425.753.1653
Madison Realty Capital Provides $225 Million Construction Loan on The Residences at Mandarin Oriental, Boca Raton
Financing allows the borrower to complete a 12-story, 288,000 saleable-square-foot luxury condominium
NEW YORK, July 17, 2019 (GLOBE NEWSWIRE) — Madison Realty Capital has provided a $225 million construction loan on The Residences at Mandarin Oriental, Boca Raton, a planned 12-story, 580,000-square-foot luxury condominium tower in Boca Raton, Florida.
The financing will allow owner/developer Penn-Florida Companies to complete the 12-story, 288,000 saleable-square-foot luxury condominium tower with an additional 22,000 square feet of retail. This will be the third and final tower at the 2 million-square-foot Via Mizner resort, a world-renowned resort destination in the heart of the internationally-recognized Southeast Florida community.
The construction of the condominium tower commenced several months ago along with the new 164-room Mandarin Oriental Hotel, which will give condo owners unparalleled access to the hotel and Via Mizner’s extensive amenity package.
The condominium will join a growing list of nearly 20 current and upcoming The Residences at Mandarin Oriental properties located across the globe—from Bali to Bangkok, Moscow to Munich—while also giving the Boca Raton community a unique product that has been well-received and is achieving significant presale activity driven by international interest.
“The significant presale activity, premier sponsor and limited product of this nature in the Boca Raton market made this financing opportunity particularly attractive,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “This was an opportunity to get involved in a project that is already under development from a planning and construction standpoint. In addition, we are excited to become a part of a growing global network of highly-regarded The Residences at Mandarin Oriental-branded products, which will help to further establish Madison Realty Capital as a lender with capabilities that stretch across the globe.”
The Residences at Mandarin Oriental, Boca Raton will offer a collection of 92 custom homes with breathtaking ocean and golf course views. Condo owners will be given preferred access to the Mandarin Oriental and its plethora of amenities, as well as membership to the Via Mizner Golf & City Club, which is being designed by golf icon Jack Nicklaus.
The Residences will be connected to the Mandarin Oriental Hotel by way of a two-story underground parking garage as well as an upper-level bridge featuring a fitness center, spa and meeting space. In addition to the hotel and condo components, Via Mizner will include a 366-unit luxury apartment building and 60,000 square feet of retail.
Anthony Orso, President of Newmark Capital Market Strategies, arranged the financing along with Bill Weber and Henry Stimler of the same firm.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City-based real estate
private equity firm focused on real estate debt and equity investment
strategies. Founded in 2004, MRC has invested in excess of $10 billion
in the multifamily, retail, office, industrial and hotel sectors. The
firm manages investments in the United States on behalf of a global
investor base consisting of corporate and public pension funds,
sovereign wealth funds, university endowments, foundations, fund of
funds, family offices, and high net worth individuals. MRC is a fully
integrated firm with over 70 employees across all real estate
investment, development, and property management disciplines. Debt
strategies include construction and acquisition lending, special
situation financing and debt acquisitions; equity real estate strategies
include opportunistic and value-add investments as well as ground-up
development. Among other industry recognitions, MRC has been named to
the Commercial Observer’s prestigious “Power 100” list of New York City
real estate players and is consistently cited as one of the industry’s
top construction lenders.
Media inquiries, contact
Great Ink Communications: (212) 741-2977
Tom Nolan – tom@greatink.com
Al Barbarino – al@greatink.com
