Daily Archives: March 25, 2020

Philips successfully prices offering of Notes for EUR 1 billion

March 25, 2020

Amsterdam, the Netherlands – Koninklijke Philips N.V. (“Royal Philips”) (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced the successful pricing of its issue of EUR 500 million fixed rate notes due 2025 and EUR 500 million fixed rate notes due 2030 (together the “Notes”).

The net proceeds of the offering are intended for general company purposes and sustainable innovation expenditures as defined in the ESG framework available on the debt section of Philips Investor Relations website, and will further enhance the company’s liquidity position in view of the possible continued impact of the COVID-19 pandemic on financial markets in 2020.

The issue price for the notes due 2025 is 99.550% with a Coupon of 1.375%, resulting in a yield of 1.469%. The issue price for the notes due 2030 is 99.204% with a Coupon of 2.000%, resulting in a yield of 2.089%.

Settlement and issue of the Notes is scheduled for March 30, 2020. Application has been made for the Notes to be listed on the Official List of the Luxembourg Stock Exchange and to trading on the regulated market of the Luxembourg Stock Exchange.

Philips is committed to maintaining a strong investment grade credit rating. Currently, the company has a BBB+ rating (with stable outlook) by Standard & Poor’s, a Baa1 rating (with stable outlook) by Moody’s and an A- rating (with stable outlook) by Fitch.

For further information, please contact:

Ben Zwirs
Philips Global Press Office
Tel.: +31 6 1521 3446
E-mail: ben.zwirs@philips.com

Derya Guzel
Philips Investor Relations
Tel.: +31 20 5977055
E-mail: derya.guzel@philips.com


PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the “EEA”) or in the United Kingdom (the “UK”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.

This press release is directed only (i) at persons who are outside the UK, (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (iii) at persons falling within Article 49(2)(a) to (d) (‘high net worth companies, unincorporated associations, etc.’) of the Order or (iv) to persons to whom an invitation or inducement to engage in investment activity within the meaning of section 21 of the Financial Services and Markets Act 2000 in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This press release must not be acted or relied on by persons who are not relevant persons. Any investment activity to which this press release relates is reserved for relevant persons only and may only be engaged in by relevant persons.

Relevant stabilisation regulations including FCA/ICMA apply.

MiFID II professionals/ECPs-only/No PRIIPs KID
Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.

About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips’ health technology portfolio generated 2019 sales of EUR 19.5 billion and employs approximately 80,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

Forward-looking statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about the strategy, estimates of sales growth, future EBITA, future developments in Philips’ organic business and the completion of acquisitions and divestments. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.

Children’s Hospital of Georgia uses Philips’ automated early detection and warning solution to improve pediatric patient deterioration response

March 25, 2020

  • Predictive analytics help reduce early warning scoring inaccuracies by 75%*
  • Gauge variables & automatically calculate patient scores, increasing emergency response team interventions by 80%* for critical patients while mitigating false escalations

Amsterdam, the Netherlands and Augusta, GA, U.S. Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced that Children’s Hospital of Georgia has adopted Philips’ automated early detection and warning solution (IntelliVue GuardianSoftware) for pediatrics. This scalable solution, which could be comprised of a combination of patient monitoring, telehealth, predictive analytics software and services, enables quick identification of signals of clinical patient deterioration and triggers a warning notification to the hospital staff allowing faster response times.

With the implementation of the Philips system, Children’s** saw a 75%* decrease in pediatric early warning scoring (PEWS) inaccuracies on its pediatric medicine floor and was able to eliminate inaccuracies on its pediatric surgery floor. In addition, the Pediatric Medicine floor saw an 80%* increase in pediatric emergency response team escalations, allowing clinical teams to provide timely, critical interventions for patients in need. Children’s is part of Augusta University Health, a forward-thinking health system that was the first in North America to sign a 15-year, long-term strategic partnership with Philips.

In the U.S. each year, approximately 76% of pediatric patients have identifiable respiratory or cardiac deterioration one hour prior to arrest [1].  The Philips system, which leverages intelligent algorithms and predictive analytics, automates scoring and aids clinicians in identifying patients at risk, leading to timely interventions, optimized rapid response escalations and better patient care and outcomes. While PEWS systems can help determine whether early interventions are necessary, manual data entry for calculations, including subjective measurements, can make it difficult for hospital staff to account for variabilities in a patient’s age and development, potentially leading to inaccuracies.

“We have seen an increase in the number of patients with complex medical conditions admitted to Children’s but most patient monitoring systems that detect deterioration are built for adults and can’t account for pediatric patients, resulting in more data entry demands on our staff,” said Renuka Mehta, pediatric intensivist at Children’s Hospital of Georgia. “The implementation of this solution has automated the process of identifying at-risk patients with improved accuracy, enabling our staff to address potential issues as early as possible, which makes for a better experience for our staff and potential better outcomes for our patients. This also allows the team to spend more time at the bedside caring for our patients and their families.”

Philips’ automated early detection and warning solution to detect patient deterioration (IntelliVue GuardianSoftware) simplifies workflow and automates some steps in patient rounding and assessments as well as frequently trending vitals and other key information to identify at-risk patients. It allows for critical notifications to be directly delivered to the care team’s (mobile) devices, even when on the go. The interoperable solution natively integrates with Children’s Philips patient monitoring systems, sends validated patient data directly to the EMR and the admission, discharge, and transfer (ADT) system. By automating this process and eliminating labor-intensive manual tasks, Children’s PEWS can be used with minimized opportunities for error and increased opportunities for early intervention, while also giving health care professionals more time to spend with patients.

“Not only has Augusta University Health pioneered long-term strategic partnerships here in the U.S., they have worked closely with us to push the boundaries of health care – from same-day diagnosing and treatment of lung cancer in the hybrid operating room, to improving workflows as part of Children’s new design,” said Vitor Rocha, Chief Philips North America, member of the Executive Committee Royal Philips. “The implementation of Philips’ automated early detection and warning solution at Children’s is another example of their commitment to providing breakthrough, family-centered care, while ensuring the best possible working environment for their staff.”

Philips has a broad portfolio of patient monitoring, telehealth, predictive analytics solutions and services for care providers and patients at home. For more information on Philips’ full portfolio of integrated smart enterprise systems, devices, software and services, visit the Philips HIMSS virtual experience at www.philips.com/himss  and follow @PhilipsLiveFrom for #VirtualHIMSS20 updates.

[1] Buist, M. D., Moore, G. E., Bernard, S. A., Waxman, B. P., Anderson, J. N., & Nguyen, T. V. (2002). Effects of a medical emergency team on reduction of incidence of and mortality from unexpected cardiac arrests in hospital: preliminary study. BMJ (Clinical research ed.), 324(7334), 387–390. https://doi.org/10.1136/bmj.324.7334.387

*Unit: 4CMC – Pediatrics Medicine Measurement period: 7 months. This data is exclusive to Children’s Hospital of Georgia.
**Results from case studies are not predictive of results in other cases. Results in other cases may vary.

For further information, please contact:

Silvie Casanova
Philips North America
Tel: +1 781 879 0692
Email: Silvie.casanova@philips.com

Kathy O’Reilly
Philips Global Press Office
Tel: +1 978 221 8919
Email: Kathy.oreilly@philips.com
Twitter: @kathyoreilly

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2019 sales of EUR 19.5 billion and employs approximately 80,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

About Children’s Hospital of Georgia
The not-for-profit Children’s Hospital of Georgia is Augusta’s only children’s hospital and the pediatric teaching affiliate of the Medical College of Georgia. For more than 100 years, Children’s has provided the highest level of neonatal and pediatric intensive care, including air and ground transportation for critically ill babies and children, a 24/7 emergency department staffed by fellowship-trained pediatric emergency and trauma specialists, couplet care for high-risk moms and babies, and pediatric heart surgery and specialists. The Children’s Hospital of Georgia recently earned the highest ranking in pediatric quality and safety among more than 100 of the nation’s leading academic medical centers.



TORONTO, March 25, 2020 (GLOBE NEWSWIRE/Knowledge Bylanes) —

  • Reported assets under management of $37.4 billion
  • Private Alternatives AUM increased 5.3% in the quarter to $2.7 billion
  • Reported diluted EPS of $0.13 for the first quarter of 2020

AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the first quarter ended February 29, 2020.

AGF reported total assets under management (AUM) of $37.4 billion compared to $38.8 billion in the same period in 2019. Average daily mutual fund AUM increased to $19.5 billion compared to $18.5 billion in the same period in 2019.

In a challenging environment, AGF reported gross mutual funds sales of $562.0 million, an increase of 9.3% compared to prior year comparative quarter. Reported mutual funds net redemptions were $344.0 million for the quarter, compared to net redemptions of $104.0 million in Q1 2019. Excluding net flows from institutional clients invested in mutual funds1, net redemptions were $141.0 million, compared to net redemptions of $104.0 million in Q1 2019.

“Global markets continue to exhibit substantial turmoil in response to the spread of the COVID-19 illness around the world,” said Kevin McCreadie, CEO and Chief Investment Officer, AGF. “First and foremost, as a firm we are focused on delivering the best possible stewardship across our investment solutions and our business through aggressive continuity measures and risk management processes.”

“Alongside these efforts, we continue to make progress against our stated strategic imperatives including our focus on growing our presence in the U.S. through strategic hires and embracing new technologies and digital strategies to drive further efficiencies across our businesses,” added McCreadie.

Key Business Highlights:

  • In January, AGF Global Convertible Bond Fund, AGF Global Select Fund and AGFiQ Global Income ETF Portfolio (QMY) earned FundGrade A+ Awards, which are given annually to investment funds and their managers who have shown consistent, outstanding, risk-adjusted performance throughout the year.  AGF Global Convertible Bond Fund was a recipient of this award in 2018 as well.
  • As at February 29, 2020 AGF Emerging Markets Equity Composite, AGF Global Select Composite, AGF Fixed Income Composite, and AGF Global Sustainable Growth Equity Composite were exceeding their respective benchmarks on a one-, two-, and three-year basis.
  • AGF announced proposed fund mergers, portfolio manager changes and series terminations on February 19 to support efforts to further streamline its product suite. These changes reflect AGF’s commitment to continually review its lineup to ensure clients have access to products that are relevant, competitive and responsive to market trends.
  • On March 2, Damion Hendrickson joined AGF as Managing Director for the U.S. business to drive growth in key institutional markets.
  • On the U.S. side, one of our funds is a finalist for 2019 ETF of the Year by ETF.com. The fund uses a long-short strategy to create a market neutral stance that has outperformed in the current environment.

While the precise impact of the recent novel coronavirus: COVID-19 outbreak remains unknown, it has introduced uncertainty and volatility in global markets and economies. AGF is monitoring developments and is prepared for any impacts related to COVID-19. The firm has a comprehensive pandemic and business continuity plan that ensures its readiness to appropriately address and mitigate any business risks and impacts to clients and employees.

“To minimize business disruption, the vast majority of our employees have the capabilities to work remotely,” said Chris Jackson, Chief Operating Officer, AGF. “Maintaining business continuity for our employees, clients and partners is critical and we are confident in the measures we are taking across the firm through strategic deployment of key functions to primary and secondary locations and improved technology platforms to support the remainder of employees being asked to work from home.”

Furthermore, with the recent volatility in the markets, AGF is monitoring the potential impact of market risk to its capital position and profitability if these levels were sustained or continued to decline. A significant portion of AGF’s revenue is driven by its total average AUM excluding private alternatives. These AUM levels are impacted by both net sales and changes in the market. In general, for every $1.0 billion reduction in average AUM excluding private alternatives, management fee revenues, net of trailer fees, would decline by approximately $7.4 million.

“On the fund side, we actively manage for and stress test all of our portfolios on a regular basis with the flexibility to review daily given current market conditions,” added McCreadie. “By testing high redemption levels under various market volume scenarios, we are able to effectively control for our liquidity management needs across our suite of investment solutions.”

For the further information on AGF’s pandemic response plan statement visit AGF.com.

Income for the three months ended February 29, 2020 was $106.7 million, compared to $105.0 million for the three months ended February 28, 2019. EBITDA before commissions was $30.2 million for the three months ended February 29, 2020, compared to $12.9 million for the same period in 2019. Adjusting for one-time items and IFRS 16 adjustments, adjusted EBITDA before commissions was $30.2 million, compared to $28.5 million for the same period in 2019.

Diluted earnings per share (EPS) for the three months ended February 29, 2020 was $0.13, compared to nil for the comparative period. Adjusting for one-time items and IFRS 16 adjustments, adjusted diluted EPS for the three months ended February 29, 2020 was $0.13, compared to $0.14 for the same period in 2019.

For the three months ended February 29, 2020, AGF declared an eight cent per share dividend on Class A Voting common shares and Class B Non-Voting shares payable on April 20, 2020 to shareholders on record as at April 10, 2020.

(from continuing operations) Three months ended
  February 29,     November 30,     February 28,
(in millions of dollars, except per share data)   2020     2019     2019
Income $ 106.7 $ 114.5 $ 105.0
Net income (loss) 10.8 22.2 (0.2 )
EBITDA before commissions2 30.2 38.7 12.9
Adjusted EBITDA before commissions2 30.2 35.8 28.5
Diluted earnings per share 0.13 0.28
Adjusted diluted earnings per share2 0.13 0.24 0.14
Free Cash Flow2 14.5 18.3 16.6
Dividends per share 0.08 0.08 0.08
Long-term debt 216.9 207.3 168.7
(end of period) Three months ended
  February 29,     November 30,     August 31,     May 31,     February 28,
(in millions of dollars)   2020     2019     2019     2019     2019
Mutual fund assets under management (AUM)3 $ 18,492 $ 19,346 $ 18,839 $ 18,725 $ 19,028
Institutional, sub-advisory and ETF accounts AUM 10,313 10,755 10,391 11,712 12,023
Private client AUM 5,905 6,100 5,778 5,722 5,633
Private alternatives AUM4 2,716 2,580 2,413 2,179 2,140
Total AUM, including private alternatives AUM 37,426 38,781 37,421 38,338 38,824
Net mutual fund redemptions3 (344 ) (181 ) (103 ) (498 ) (104 )
Average daily mutual fund AUM3 19,462 19,015 18,915 19,250 18,451

1   Net sales (redemptions) in retail mutual funds are calculated as reported mutual fund net sales (redemptions) less non-recurring institutional net sales (redemptions) in excess of $5.0 million invested in our mutual funds.
2   EBITDA before commissions (earnings before interest, taxes, depreciation, amortization and deferred selling commissions), adjusted EBITDA before commissions, adjusted diluted earnings per share and Free Cash Flow are not standardized measures prescribed by IFRS. The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other companies. These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Management’s Discussion and Analysis available at www.agf.com.
3  Mutual fund AUM includes retail AUM, pooled fund AUM and institutional client AUM invested in customized series offered within mutual funds.
4  Represents fee-earning committed and/or invested capital from AGF and external investors held through joint ventures. AGF’s portion of this commitment is $207.4 million, of which $146.1 million has been funded as at February 29, 2020.

For further information and detailed financial statements for the first quarter ended February 29, 2020, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at www.agf.com under ‘About AGF’ and ‘Investor Relations’ and at www.sedar.com.

Conference Call

AGF will host a conference call to review its earnings results today at 11 a.m. ET.

The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/h4whfj3z. Alternatively, the call can be accessed toll-free in North America by dialing 1 (800) 708-4540 (Passcode #: 49428703).

A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternatives and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With over $37 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

AGF Management Limited shareholders, analysts and media, please contact:

Adrian Basaraba
Senior Vice-President and Chief Financial Officer
416-865-4203, InvestorRelations@agf.com

Baoqin Guo
Vice-President, Finance
416-865-4228, InvestorRelations@agf.com

Caution Regarding Forward-Looking Statements

This Management’s Discussion and Analysis (MD&A) includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects,’ ‘estimates,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes’ or negative versions thereof and similar expressions, or future or conditional verbs such as ‘may,’ ‘will,’ ‘should,’ ‘would’ and ‘could.’ In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies (such as COVID-19), natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the ‘Risk Factors and Management of Risk’ section of the 2019 Annual MD&A.



VistaJet Supporting Global Communities

Supporting communities, supporting individuals

  • VistaJet offers complimentary empty leg flights for Governments and medical transportation;
  • Using global infrastructure and expertise to help move critical medical products;
  • Working with experts and leaders to identify new flying solutions for the global community.

LONDON, March 25, 2020 (GLOBE NEWSWIRE) — VistaJet, the first and only global business aviation company, is helping to ensure that those with critical travel requirements during this time of uncertainty are able to keep moving.

Understanding the global community’s needs as the world works to respond to the evolving situation on COVID-19, VistaJet continues to identify new ways to be of help through its global network and infrastructure. The Company is working directly with Governments and Consulates around the world, helping them to repatriate citizens by providing complimentary empty leg flights. To further ensure that officials are able to keep their response plans as prompt as possible, the Company is assisting with the complex logistics of the necessary permits and paperwork.

As cargo flights drastically fall owing to the cancellation of major global commercial routes, and inspired by the incredible gesture of humanity seen around the world, VistaJet is also in talks with medical organizations, health experts and regulators to identify other solutions to help, including the transportation of key medical supplies. Additionally, empty leg flights are being offered complimentary for critical flights to transport medical experts to necessary locations as they help to fight the global pandemic.

Thomas Flohr, VistaJet’s Founder and Chairman, said:
“Everyone at VistaJet continues to assess how we can better serve our customers and the greater global community during these difficult times. Listening to expert advice, whether that be security, safety or medical, we are here to ensure that they are fully supported with their flying needs. This is an unusual time and one that we must all work together where possible to do whatever we can to help. We know we don’t normally offer repatriation flights or the transportation of medical equipment, but ultimately, we are a logistics company and we are here to help the global community as much as we can. We are in this fight together.”

The Company has created a dedicated web page to channel all requests from Governments and medical organizations to ensure prioritization, address the most critical cases and manage the relevant safety screening.

Additionally, with heightened market insecurity, many customers have been in contact to evaluate alternative options to meet their flying needs. Listening to their concerns, VistaJet has introduced its Dynamic Jet Lease — a short-term lease over one, two or three months, offering a dedicated aircraft and crew positioned at the nearest possible airport to you. It is a unique monthly lease providing the highest flexibility whenever needed, and especially when quick decisions are required. The Dynamic Jet Lease increases safety, releases customers’ core business resources and ensures peace of mind during a constantly-changing global landscape.

For more information on VistaJet’s heightened efforts to help stop the spread of COVID-19, visit:

Note to Editors:
Additional links listed in this release:

Jennifer Farquhar | VistaJet | T: +44 203 617 3077 | jennifer.farquhar@vistajet.com

About VistaJet
VistaJet is the first and only global aviation company. On its fleet of over 70 silver and red business jets, VistaJet has flown corporations, governments and private clients to 187 countries, covering 96% of the world. Founded in 2004, the company pioneered an innovative business model where customers have access to an entire fleet whilst paying only for the hours they fly, free of the responsibilities and asset risks linked to aircraft ownership. VistaJet’s signature Program membership offers customers a bespoke subscription of flight hours on its fleet of mid and long-range jets, to fly them anytime, anywhere.
VistaJet is part of Vista Global Holding – the world leading business aviation group, integrating a unique portfolio of companies offering asset-light solutions to cover all key aspects of business aviation.

More VistaJet information and news at vistajet.com

VistaJet Limited is a European air carrier that operates 9H registered aircraft under its Maltese Air Operator Certificate No. MT-17 and is incorporated in Malta under Company Number C 55231. VistaJet and its subsidiaries are not U.S. direct carriers. VistaJet-owned and U.S. registered aircraft are operated by properly licensed U.S. air carriers, including XOJET Aviation LLC.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/759a89c9-3338-445c-b006-34896a1e3bb0

Infant Formula Evolves and Advances in Nutrition

Conagen develops unprecedented critical lactoferrin protein produced via fermentation worldwide

Bedford, Mass., March 24, 2020 (GLOBE NEWSWIRE) — Conagen announced today the discovery and development of a sustainable proprietary lactoferrin protein that mirrors the nutritional properties of lactoferrin from breast milk. The first-of-its-kind natural lactoferrin protein is produced via fermentation process at commercial-scale.

Mother’s milk is the best nutrition because it is the ideal way to bind and deliver iron for infant nutrition, but it is not sourceable at large-scale. Yet, lactoferrin is necessary as it plays an important role in the newborn immune system and contributes to healthy infant digestion and nutrition.

Lactoferrin found in cow’s milk has been useful for producing certain specialized infant formula in many countries, but its performance is not optimal as it takes more time for the protein to bind with iron than breast milk and it is not sustainable. The nutritional needs of an infant could be even better met with proteins that more closely match those in breast milk, like Conagen’s lactoferrin.

Another supporting factor for Conagen’s lactoferrin is an increased consumer awareness of nutritional benefits in food, which is carrying over to the global infant formula market. As a result, manufacturers are embarking on designing formulations that closely replicate the composition of breast milk.

To meet both consumers’ demands and manufacturers’ quests, Conagen produced a lactoferrin by advanced fermentation for the use in infant formula and other nutritional products that can now be fortified naturally and sustainably worldwide.

“Nourishing the world’s children is a priority for infant formula manufacturers. We want to support them for providing a lactoferrin as similar to breast milk lactoferrin as is possible with a low cost sourceable solution,” said Vice President of Research and Development, Casey Lippmeier.

Conagen’s lactoferrin will give infant formula manufacturers a more scalable, sustainable, and lower cost-in-use solutions than sourcing from cow’s milk. In anticipation of FDA GRAS, manufacturers can begin testing the proprietary ingredient in the formulation processes. The powerful protein may also be used in pharmaceutical and dietary supplement applications too.

Consumer demand for infant nutrition products is growing and is expected to reach a global market value of $103 billion by 2026. In 2018, the global infant formula market size was valued at approximately $45 billion.

For more than half a century, infant formula has remained static until now when consumers are becoming more food and nutrition conscious.  The protein was first isolated from cow’s milk in 1939. Twenty years later, it was recognized as the main iron binding protein in breast milk, although different forms of lactoferrin are found both in cow’s milk and breast.

“The time has arrived to take a closer look at nutrition because it is such a critical part of our lives and the future of our children. Conagen is advancing in this space by developing functional and sustainable ingredients for improved human development and reduced environmental impact,” said Lippmeier.

Crucial to the natural development of a newborn’s immune system, lactoferrin is linked to linked several physiological and protective functions, including: anti-infective and anti-inflammatory activities, and as its name implies, regulation of iron absorption in the infant gut. The ingestion of lactoferrin in breast milk has a probiotic effect to the infant gastrointestinal system, which cannot be fully matched by bovine lactoferrin.

About Conagen
Conagen is an accomplished biotechnology company located in the greater Boston biotech corridor.

We innovate and develop synthetic biology solutions for supporting global partners across a spectrum of current and developing markets.

From our proprietary strain development to fermentation and scaling up, Conagen impacts partners’ abilities to sell and market products in the food, nutrition, flavor and fragrance, pharmaceutical, and renewable materials industries.


Ana Arakelian