News Article | May 12, 2017
Stock divestment strategies have been widely proposed to undercut financial support for fossil fuels. The German lignite industry, however, cannot be tackled in this way, writes independent energy expert Jeffrey Michel in a highly informative analysis. Lignite stations and mines are owned by regional communities in the west and a Czech consortium in the east. Although some power plants are being phased out against government-arranged subsidies, pulling away from lignite usage altogether is not so simple and may not be a good idea. It would leave unpaid obligations behind for mining landscape reclamation and groundwater management and might lead to political backlash. Dealing with lignite requires local policies and strategies to develop feasible alternatives. According to the German chapter of 350.org, the capital of Berlin is the only German state to have divested its government pension reserves of €823 million from fossil fuel investments. Similar resolutions adopted last year in North Rhine-Westphalia, Baden-Württemberg and Rhineland-Palatinate have not yet been implemented. However, such intentions could have little effect on domestic lignite policy. Germany’s largest lignite corporation, RWE, is partially owned by regional municipalities. Eastern Germany’s lignite industry is largely in the hands of private investors from the Czech Republic. Both businesses are being reorganized for greater operating efficiency and increased public acceptance. Up to a year ago, western German lignite production was integrated into the cumbersome corporate structure at RWE in Essen. In addition to mining, the company handled generation, transmission, marketing, innovations, and foreign acquisitions. Renewable energies produced only 4.8% of total generated electricity in 2014, less than one-fifth of the German national average. Due to declining revenues at conventional power plants, regular stock dividends were cancelled for the 85 cities, counties, regional utilities (Stadtwerke), and local banks in the communal shareholder association VkA. Greenpeace Cologne has compiled a map of all RWE municipal entities, most of them in North Rhine-Westphalia, with over one million shares. Besides selling its DEA natural gas division, the corporation has discharged 10,000 employees (14% of total staffing) over the last three years to reduce operating costs. By 2018, another 2,000 positions will be eliminated. After RWE disputed the need for splitting the company to emulate its market rivals E.ON (renewables) and Uniper (conventional generation), an inverted strategy was finally resolved. CEO Peter Terium assumed responsibility for the green power subsidiary Innogy originally founded in 2008. The exceptionally successful corporate IPO of October 7, 2016, has provided fresh revenues for lignite mining and power generation. Since the beginning of this year, the listed RWE share price has risen by 30% to nearly €16. Before that time, certain municipal shareholders had considered divesting their holdings to preclude further revenue erosion. The city of Bochum began divesting its 6.6 million RWE shares last year at a unit price below €15, compared with €100 a decade ago. The county of Osnabrück also passed a resolution to sell its 2.1 million shares, but the transaction was then postponed indefinitely. The IPO spinoff has since provided RWE with €680,000 of Innogy dividends. The newly organized RWE now aspires to provide backup power generation capacities for the electrical grid whenever renewable energies prove inadequate. By 2022, all remaining eight nuclear reactors in Germany and 70 additional power plants will have been retired, reducing current generation capacities of 107 gigawatts by more than 30 GW. Keeping the remaining infrastructure supplied with power would cost an estimated €2 billion per year in the estimation of CEO Rolf Martin Schmitz, which “is not much in comparison with €25 billion for green power subsidies”. The proposed capacity reserves would “prevent the electricity price from going through the roof” whenever power became scarce. RWE can now reduce CO emissions on the path to increased profitability. Lignite extraction at the Garzweiler mine is being continued until 2045, but 400 Mt of the 1.2 billion metric tons at this location will no longer be excavated. The three villages (Holzweiler, Dackweiler & Hauerhof) thereby saved from destruction will present no further corporate risk. Additional generating blocks are also likely to be retired over the next few years. Realizing enhanced revenues with less ecological damage should restrain both popular protests and communal deliberations on divestment. When the Czech consortium EPH/PPF Investments acquired Vattenfall’s lignite operations last September, the stock market became irrelevant to mining and generation. The renamed energy corporation LEAG nevertheless announced a significant reduction of lignite mining on March 13 owing to “the obvious will on the part of federal policy” to pursue Germany’s climate goals “on the back of lignite”. Not only is long-term planning at question, but “even intervention into licensed stockpiles is now acceptable”. As in the case of RWE, however, selective decarbonization is helping to sidestep mining opposition. Electricity generation will likely be continuing at the LEAG Schwarze Pumpe, Boxberg, and Lippendorf power stations for at least another two decades. For the aging 2,720 MW Jänschwalde installation 130 km southeast from Berlin, however, two of the six blocks will now be entering standby operation in 2018 – 19 under a reimbursement agreement with the federal ministry of economic affairs BMWi. Since the adjacent mine can be appropriately downsized, LEAG will no longer be resettling the villages of Atterwasch, Kerkwitz, and Grabko. The area’s 900 inhabitants had already begun a regional energy transformation. In 2014, Atterwasch alone generated more electricity than required by all three communities using animal waste biogas (up to 3.5 MWh/a) and 40 kWp installed solar PV capacity. Farther south in Saxony, the Nochten mine that serves the Boxberg power station will also be confined to existing boundaries. Excavation plans for the endangered communities of Schleife, Rohne, and Mulkwitz have been cancelled, leaving only the resettlement of 200 villagers in the vestigial Mühlrose settlement necessary for extracting an additional 150 Mt of lignite. The suburb of Proschim at the third Welzow mine, however, faces three more years of corporate indecision over its ultimate fate. The revised mining plans have been unexpected. Some families had already bought land elsewhere after the 2012 Vattenfall license application foresaw resettling 1,700 residents from the four Nochten villages. Since existing homes could not be sold without an indemnification agreement, however, particular property owners may now be saddled with two mortgages. Stanislaw Tillich, premier minister of Saxony, has emphasized a standing agreement with the federal government to place economic development on an alternative basis before cutting back on lignite usage. However, the mining regions have always been susceptible to changes in EU emissions regulations and to overall carbon pricing. The LEAG decision in Lusatia has shown, furthermore, that the lignite corporations have made no forward commitments to maintaining the economic viability of regions they ultimately will be abandoning. LEAG is already saving resettlement costs for all six villages while reducing the extent of post-mining precautionary risks. Despite the low-cost extraction of lignite from opencast mines, its low thermal rating requires vast areas of landscape to be excavated and later ecologically restored using reserved corporate assets. The commitments required of LEAG for this purpose have been the subject of a recent confidential report presented to the parliament of Saxony by the state accounting office. Numerous fossil fuel plant acquisitions by EPH in the UK, Italy, and Eastern Europe have rendered the company’s financial assets opaque. After Greenpeace issued its updated EPH Schwarzbuch (Black Book) at the beginning of the year, the government of Brandenburg conceded that it had no legal means of verifying the use of €1.7 billion transferred by Vattenfall to cover post-mining indemnities. With mining landscapes already disfigured, extensive efforts are required even to inhibit the ongoing deterioration of the natural environment. In recent years, unexpectedly high levels of acidified groundwater have been rising from formerly excavated lignite seams near the Brandenburg River Spree and the Leipzig Pleiße basin. The mining wastewater pervasively contaminates lakes and tributaries with iron sulfate that is chemically transformed to indelible brown hydroxide (FeS + 7/2 O + H O → Fe2+ + 2SO 2- + 2 H+). The resulting aquatic damage persists for decades until groundwater currents finally attain a state of equilibrium. Bizarrely, combating acidic groundwater can be one of the arguments for the continuation of mining. East German lignite dependency intensified in the 1980’s after the Soviet invasion of Afghanistan had raised import energy prices. The sharp decline of lignite mining after 1990 has now reduced the pumping discharges that could be needed to dilute contaminated lake and river water. Recent iron sulfate leaching at Witznitz, for instance, has acidified the Pleiße watershed to levels as low as pH 2.6. Possibly for hydrological reasons, therefore, MIBRAG has been attempting to resettle the nearby village of Pödelwitz and the adjacent hamlet of Obertitz despite the unfounded need for extra lignite at the Lippendorf power station. RWE has already shown that profits can be increased by focusing generation on periods of high grid demand. Nevertheless, extracting additional quantities of lignite would make more water available, while local sand deposits from ancient riverbeds might also be exploited. The meager financial resources of the six rescued Lusatian communities had largely been dedicated to the expected resettlement of over 3,000 people. Following revised LEAG planning, the governments of Brandenburg and Saxony are now obligated to preserve the very rural villages that their previous energy policies had been dedicated to destroying. Many Eastern German lignite communities are highly indebted after returning millions of euros in tax revenues to Vattenfall in result of corporate losses from nuclear phase-out. Solar and wind farms provide no equivalent income prospects. To begin with, each wind turbine qualifies as a separate tax entity with a €24.500 annual exemption. Homes with rooftop solar panels are literally just cottage industries. The regional decline of mining employment has provoked unforeseen political consequences. LEAG’s sister corporation MIBRAG decided in April 2015 to cancel the intended construction of a 660 MW lignite power plant at its Profen mine near Leipzig. The requirement for that project had long been questioned. Renewable energy generation in the state of Saxony-Anhalt already fills half of local electricity demand. The growing forward-looking risks of coal power generation have been recently verified by a Bloomberg analysis. The abandoned Profen generation project had promised 4,000 highly qualified construction jobs. Thereafter, 150 permanent plant employees would have been required, with 3 Mt annual lignite demand also securing a sixth of total MIBRAG mining production. An additional 2 Mt/a of Profen lignite would have been delivered to the Buschhaus power plant near the Volkswagen factory in Lower Saxony. In implementing national climate strategies, however, the German government instead provided MIBRAG with an estimated €200 million of ratepayer funds in 2016 to relegate Buschhaus to standby operation, with retirement four years thereafter. Together with the two blocks at Jänschwalde and an additional five in the Rhineland, Germany will be saving around 12 Mt of CO emissions annually at a total compensation cost of €1.61 billion. Reducing lignite requirements has had significant political repercussions on MIBRAG territory. Following cancellation of the Profen plant, local membership in the right-wing Alliance for Germany (AfD) soared. Founded in 2013, the party already captured 24.3% of the seats in Saxony-Anhalt’s parliamentary elections just three years later. The AfD rejects renewable energy feed-in tariffs and national climate protection policies. Following the additional cancellation of lignite deliveries to Buschhaus, employment at Profen will now be reduced by over 320 miners – nearly one-fifth of regular MIBRAG personnel – by 2018. Further disquieting news was recently published in the 2015 MIBRAG corporate report for the 5 Mt of Profen lignite delivered annually to the 900 MW power station at Schkopau, erected in 1995 as the centerpiece of Dow Chemical operations and local railway (16 2/3 Hz) generation. Due to sinking profitability, the “economic viability of the Schkopau power plant” has become “particularly vulnerable”. The current lignite supply contract ends in 2021 with corresponding “implications for the further development of the open pit mine”. The possible resulting sale of MIBRAG to LEAG by its current owner EPH could reduce the cost of lignite supplied from the second United Schleenhain mine to the Lippendorf power station. Regional employment and third-party contracts, however, would likely be diminished. The AfD may make one claim with confidence: The abandonment of lignite never delivers immediate economic alternatives. When the 352 MW MIBRAG Buschhaus plant in Lower Saxony ceased regular operation on October 1, 2016, mining and generation were eliminated as the principal source of regional public revenues. A decade ago, business taxes of up to €10 million annually had been collected from the Buschhaus site by cities in Helmstedt County. The German federal government has now provided a solitary grant of €900,000 for implementing a “structured development process” to produce “new economic prospects for the region”. However, local communities formerly unprepared for this abrupt transition are now compelled to implement its fulfillment. The corresponding opportunity for low-carbon development can compensate the retirement of the 1985 Buschhaus power plant, for which CO certificates (about 2.2 Mt/a) have not been retired, but only auctioned off under the EU emissions trading scheme ETS. The rescued villages of Lusatia are currently adrift in unused fields of lignite. Entrepreneurial investment might be attracted to these regions by providing specialized financing and insurance, strategic community services, and dedicated programs of education and training organized by the state employment office. The need for fiscal rigor had often been neglected during the era of lignite prosperity. Today, however, the legal interest rate of 6% on retroactive Vattenfall tax refunds has become incompatible with applicable taxation provisions of the civil code HGB. Particular communities may soon be proposing corrective legislative initiatives. Regional chambers of commerce routinely evaluate the international strategies of corporations on local territory. Dow Chemical is already equipped to integrate the Energiewende into its expanded production plans at Schkopau. The U.S. parent corporation recently raised renewable electricity contracts to 750 MW by 2025 for its Texas operations. Much of the European chemical industry is concentrated in traditional coal and lignite regions. Plants with high emissions are located along prospective CO pipeline routes. An international fossil fuel divestment campaign might only injure or eliminate these sites. To continue their operation, existing equipment could instead be gradually converted to renewable energies supplemented by CCS for carbon-based processes.
News Article | May 10, 2017
WHIPPANY, N.J.--(BUSINESS WIRE)--Halo Pharma announces the formation of its Pediatric Center of Excellence in support of the development and manufacture of dosage forms tailored for pediatric indications. Halo Pharma has been working closely with pharmaceutical companies to apply its extensive expertise in formulation sciences and its fully integrated manufacturing capabilities across a broad range of scales and dosage forms to overcome the challenges in developing pediatric dosage forms (PDFs) of already approved adult dosage forms. Halo Pharma is proud to be the manufacturer of choice for many of today’s largest pharma companies having been selected to reformulate multiple products across a variety of dosage forms. Companies have come to rely on Halo Pharma as a trusted partner to provide specialized contract development and manufacturing services that meet the regulatory requirements of the U.S., Canada, and Europe, where Halo Pharma is already manufacturing PDFs for commercial sale through its sponsors. Pharmaceutical companies are often asked by the U.S. Food and Drug Administration to conduct clinical trials for pediatric indications of adult dosage forms. The advantages of developing PDFs include the potential for extended patent protection and to obtain expanded indications in pediatric populations. In support of its Pediatric Center of Excellence, Halo Pharma has developed the infrastructure, process trains and equipment needed for efficient, cost-effective, and rapid production of small- to medium-scale cGMP clinical drug products that are used in pediatric clinical studies. Companies that partner with Halo Pharma benefit from close collaboration with our formulation scientists who provide the technical expertise needed to modify adult dosage forms for pediatric use. This may include reformulation to enable a lower strength or making changes to the adult dosage form to improve patient compliance by making the medication easier to take and/or taste better. Halo Pharma has partnered with several pharmaceutical companies already to develop commercially viable PDFs that have received both U.S. and international regulatory approvals. Halo Pharma currently has multiple clinical and commercial PDF programs underway. In nearly all cases, developing a PDF from an adult dosage form requires additional product development work. In many cases, it is necessary to provide the PDF in various strengths matched to different pediatric age/weight brackets. Halo Pharma has the capabilities to manufacture batches of PDFs that typically range in scale from 5 Kg to 1000 Kg, with many requiring multiple processing steps. “Our formulation development and clinical manufacturing capabilities can support a variety of oral solid and liquid dosage forms suitable for pediatric applications, such as granules produced using fluid bed technology and mini-tablets that can be packaged into stick packs, powder in bottles for reconstitution, and our liquid products, which are typically oral solutions and suspensions that can also be time release-based,” says Lee Karras, CEO of Halo Pharma. “We offer our customers over 40 years of commercial drug manufacturing experience and a proven track record of approvals with regulatory agencies around the world," Mr. Karras adds. Halo Pharma can help your company develop, test, and bring to market pediatric dosage forms of your drug products quickly and cost effectively. To learn more about Halo Pharma's new Pediatric Center of Excellence visit www.Halopharma.com/pediatric. Halo Pharmaceutical is a rapidly growing contract development and manufacturing organization (CDMO) that provides scientific and development expertise as well as a wide spectrum of manufacturing services from its locations in Whippany, New Jersey USA and Montreal, Quebec Canada to its international client base. Halo Pharma offers fully integrated capabilities in a variety of dosage forms including tablets, capsules, powders, liquids, creams, sterile and non-sterile ointments and suppositories. The company is registered to work with any of these dosages in the CI-CV DEA designations. Halo Pharmaceutical’s capabilities in the areas of tech transfer, process and product development, production, scale-up/validation and analytical method development allow us to partner with clients from development through commercialization or at any point along the way. For more information please contact services@Halopharma.com.
News Article | May 9, 2017
WASHINGTON--(BUSINESS WIRE)--Easterly Government Properties, Inc. (NYSE: DEA) (the “Company” or “Easterly”), a fully integrated real estate investment trust (“REIT”) focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. Government, today announced its results of operations for the quarter ended March 31, 2017. “In addition to the closing of the state-of-the-art OSHA - Sandy laboratory this quarter, the Company also announced its entry into the VA sector with the pending acquisitions of the VA - Loma Linda and VA - South Bend outpatient facilities,” said William C. Trimble, III, Easterly’s Chief Executive Officer. “Once these two important VA assets close, the age and weighted average remaining lease term of the Company’s portfolio will be significantly enhanced. The Company will remain vigilant in its pursuit of accretive acquisition and development opportunities as we continue to strengthen our growing portfolio.” Financial Results for the Quarter Ended March 31, 2017 Net income of $1.4 million, or $0.03 per share on a fully diluted basis FFO of $14.4 million, or $0.31 per share on a fully diluted basis FFO, as Adjusted of $13.6 million, or $0.30 per share on a fully diluted basis As of March 31, 2017, the Company wholly owned 44 properties in the United States, encompassing approximately 3.2 million square feet in the aggregate, including 41 properties that were leased primarily to U.S. Government tenant agencies and three properties that were entirely leased to private tenants. As of March 31, 2017, the portfolio had an average age of 12.9 years, was 100% occupied, and had a weighted average remaining lease term of 5.7 years. With approximately 17.1% of leases based on square footage, or 16.9% based on total annualized lease income scheduled to expire before 2019, Easterly expects to continue to provide a highly visible and stable cash-flow stream. On February 3, 2017, the Company acquired a 75,000-square foot Occupational Safety and Health Administration laboratory located in Sandy, Utah. The laboratory was constructed in 2003 and is 100% leased to the GSA on behalf of OSHA. The lease has seven years remaining on an initial 20-year lease. The lease includes two five-year renewal options with fixed rental increases that, if exercised, would carry the lease term to 2034. The OSHA - Sandy laboratory is a state-of-the-art forensics lab for the testing of materials and products that have contributed to worker deaths or injuries nationwide. The OSHA - Sandy laboratory serves the entire country by providing analyses on a multitude of chemicals and maintains OSHA’s on-line Chemical Sampling Information database. On March 21, 2017, the Company announced that it has agreed to acquire the Department of Veterans Affairs Ambulatory Care Center located in Loma Linda, California. VA - Loma Linda, one of the premier assets in the VA health system, is a brand new 327,614-square foot state-of-the-art ambulatory care facility that provides a comprehensive solution for the outpatient needs of U.S. veterans. The facility sits on a 37-acre site and is the second largest VA outpatient facility in the country. The LEED Silver build-to-suit property was completed in 2016 and is 100% leased to the U.S. Government through May 2036 for an initial, non-cancelable term of 20 years. On March 21, 2017, the Company announced that it has agreed to acquire the Department of Veterans Affairs Outpatient Clinic in Mishawaka, Indiana, located just outside of South Bend. VA - South Bend is an 86,363-square foot outpatient facility that will provide a wide range of medical services for the surrounding U.S. veteran population. VA - South Bend is a relocation of an older VA clinic in South Bend and, when construction is completed, will be four times larger than the VA facility it replaces. The VA - South Bend facility is expected to be completed in the third quarter of 2017, and upon completion, this state-of-the-art facility will be 100% leased to the VA for an initial, non-cancelable term of 15 years. VA - South Bend is targeted to achieve LEED for Healthcare Silver certification. As of March 31, 2017, the Company had total indebtedness of $337.8 million comprised of $158.2 million outstanding on its unsecured revolving credit facility, $100.0 million outstanding on its unsecured term loan facility, and $79.6 million of mortgage debt (excluding unamortized premiums and discounts). At March 31, 2017, Easterly had net debt to total enterprise value of 26.8% and a net debt to annualized quarterly EBITDA ratio of 4.9x. Easterly’s outstanding debt had a weighted average maturity of 5.2 years and a weighted average interest rate of 2.9%. On March 27, 2017, the Company completed an underwritten public offering of an aggregate of 4,945,000 shares of the Company’s common stock, including 645,000 shares sold pursuant the underwriters exercise in full of their option to purchase additional shares. The shares were offered on a forward basis in connection with certain forward sales agreements entered into with certain financial institutions, acting as forward purchasers. The Company expects to physically settle the forward sales agreements and receive proceeds, subject to certain adjustments, upon one or more such physical settlements, which the Company expects will occur no later than September 27, 2017. The Company did not initially receive any proceeds from the sale of shares by the forward purchasers. Upon settlement of the forward sales agreements, the offering is expected to result in approximately $90.0 million of net proceeds to the Company, assuming the forward sales agreements are physically settled in full. The Company intends to use a portion of the net proceeds to fund, in part, the pending acquisition of VA - Loma Linda and VA - South Bend. The balance of the net proceeds, if any, may be used to repay borrowings under the Company’s revolving credit facility, to fund other potential acquisition opportunities, for general corporate purposes, or a combination of the foregoing. “Easterly, with its definable edge in sourcing, underwriting and acquiring properties leased to the U.S. Government, demonstrated to investors this quarter its ability to scale the Company accretively,” said Darrell Crate, Chairman of Easterly Government Properties, Inc. “Through Easterly’s recent public offering we continued to attract high quality institutional shareholders and we are so pleased with our valued shareholders’ interest in Easterly.” On May 3, 2017 the Board of Directors of Easterly approved a cash dividend for the first quarter of 2017 in the amount of $0.25 per common share. The dividend will be payable June 29, 2017 to shareholders of record on June 14, 2017. On May 8, 2017, Easterly announced the lease award for the development of a 52,870 square foot Food and Drug Administration (FDA) laboratory in Lenexa, Kansas. The FDA - Lenexa laboratory will be a relocation of the current Kansas City District Laboratory and will feature a number of upgraded capabilities in order for the FDA to effectively conduct its mission. With an increase in size of approximately 40% over its current location, the new state-of-the-art laboratory will offer services through the following laboratory sections: Total Diet and Pesticides Research Center (TDPRC), Pesticides analysis, Chemotherapeutics / LC-MS Poison screening, Mycotoxins analysis, Drugs and Dietary Supplements analysis, Dioxins analysis, Metals / Elemental Specialization analysis, and Laboratory Administration. The build-out will require highly specialized and specific design features and functionality for the operations being performed in this facility. Upon completion, FDA - Lenexa will be leased to the GSA for a 20-year term. The Company is reiterating its expectations for 2017 FFO per share on a fully diluted basis in a range of $1.25 - $1.29. This guidance assumes acquisitions of $350 million in 2017, including the OSHA - Sandy acquisition completed in the first quarter, the announced VA - Loma Linda acquisition with an anticipated closing date in Q2 2017, as well as the announced VA - South Bend acquisition with an anticipated closing date in Q3 2017, and does not contemplate any dispositions. This guidance is forward-looking and reflects management's view of current and future market conditions. The Company's actual results may differ materially from this guidance. This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this press release and, where applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. Additional detail can be found in the Company’s most recent annual report on Form 10-K, as well as other documents filed with or furnished to the SEC from time to time. Cash Available for Distribution (CAD) is a non-GAAP financial measure that is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined under GAAP. CAD is calculated in accordance with the current NAREIT definition as FFO minus normalized recurring real estate-related expenditures and other non-cash items and nonrecurring expenditures. CAD is presented solely as a supplemental disclosure because the Company believes it provides useful information regarding the Company’s ability to fund its dividends. Because all companies do not calculate CAD the same way, the presentation of CAD may not be comparable to similarly titled measures of other companies. EBITDA is calculated as the sum of net income (loss) before interest expense, income taxes, depreciation and amortization. EBITDA is not intended to represent cash flow for the period, is not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not indicative of operating income or cash provided by operating activities as determined under GAAP. EBITDA is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company's ability to service or incur debt. Because all companies do not calculate EBITDA the same way, the presentation of EBITDA may not be comparable to similarly titled measures of other companies. Funds From Operations (FFO) is defined by NAREIT as net income (loss), calculated in accordance with GAAP, excluding gains or losses from sales of property and impairment losses on depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized measure of REIT performance. Although FFO is a non-GAAP financial measure, the Company believes that information regarding FFO is helpful to shareholders and potential investors. Funds From Operations, as Adjusted (FFO, as Adjusted) adjusts FFO to present an alternative measure of our operating performance, which, when applicable, excludes the impact of acquisition costs, straight-line rent, above-/below-market leases, non-cash interest expense and non-cash compensation. By excluding income and expense items such as straight-line rent, above-/below-market leases, non-cash interest expense and non-cash compensation from FFO, as Adjusted, the Company believes it provides useful information as these items have no cash impact. In addition, by excluding acquisition related costs the Company believes FFO, as Adjusted provides useful information that is comparable across periods and more accurately reflects the operating performance of the Company’s properties. Fully diluted basis assumes the exchange of all outstanding common units representing limited partnership interests in the Company’s operating partnership, or common units, the full vesting of all shares of restricted stock, and the exchange of all earned and vested LTIP units in the Company’s operating partnership for shares of common stock on a one-for-one basis, which is not the same as the meaning of “fully diluted” under GAAP. Fully diluted basis does not include outstanding LTIP units in the Company’s operating partnership that are subject to performance criteria that have not yet been met. The Company will host a webcast and conference call at 10:00 a.m. Eastern Daylight time on May 9, 2017 to review the first quarter 2017 performance, discuss recent events and conduct a question-and-answer session. The number to call is 1-877-705-6003 (domestic) and 1-201-493-6725 (international). A live webcast will be available in the Investor Relations section of the Company’s website. A replay of the conference call will be available through May 23, 2017 by dialing 844-512-2921 (domestic) and 412-317-6671 (international) and entering the passcode 13660527. Please note that the full text of the press release and supplemental information package are available through the Company’s website at ir.easterlyreit.com. Easterly Government Properties, Inc. (NYSE:DEA) is based in Washington, D.C., and focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government. Easterly’s experienced management team brings specialized insight into the strategy and needs of mission-critical U.S. Government agencies for properties leased primarily through the U.S. General Services Administration (GSA). For further information on the company and its properties, please visit www.easterlyreit.com. We make statements in this press release that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions and include our guidance with respect to Net income (loss) and FFO per share on a fully diluted basis. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement in this press release for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: risks associated with our dependence on the U.S. Government and its agencies for substantially all of our revenues; risks associated with ownership and development of real estate; decreased rental rates or increased vacancy rates; loss of key personnel; general volatility of the capital and credit markets and the market price of our common stock; the risk we may lose one or more major tenants; difficulties in completing and successfully integrating acquisitions; failure of acquisitions or development projects to occur at anticipated levels or to yield anticipated results; risks associated with actual or threatened terrorist attacks; intense competition in the real estate market that may limit our ability to attract or retain tenants or re-lease space; insufficient amounts of insurance or exposure to events that are either uninsured or underinsured; uncertainties and risks related to adverse weather conditions, natural disasters and climate change; exposure to liability relating to environmental and health and safety matters; limited ability to dispose of assets because of the relative illiquidity of real estate investments and the nature of our assets; exposure to litigation or other claims; risks associated with breaches of our data security; risks associated with our indebtedness; and other risks and uncertainties detailed in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission on March 2, 2017. In addition, our anticipated qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, or the Code, and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership. We assume no obligation to update publicly any forward looking statements, whether as a result of new information, future events or otherwise.
News Article | May 9, 2017
For additional information or to register for CPhI North America and InformEx 2017, please visit: www.cphinorthamerica.com or www.informex.com. Registration to either event offers full access to both exhibition floors. While more than 630 leading solution providers will populate the exhibition floor, the following are some of the highlights: Aavis Pharmaceuticals Inc. (booth 3210) - Has established a brand new facility and will serve as a CDMO offering end-to-end pharmaceutical development and manufacturing solutions. Capabilities as an integrated service provider and experience with a range of technologies enables ability to serve both innovator and generic companies worldwide. ACIC (booth 2431) - A full-service pharmaceutical company providing API, finished formulations and pharmaceutical machinery. The ACIC service relationship is a very flexible one structuring custom services to meet client needs. Alphora Research Inc. (booth 2138) - Provides API technology development and scale-up services for complex small molecules, including niche APIs, high potency and cytotoxic compounds. Our services cover IND enabling development, phase II & III, and commercial manufacturing of niche APIs. Amcor Flexibles (booth 3105) - Focused on improving sterile fluid delivery with barrier embedded primary containers which remove steps at critical points-of-care, maintain product integrity, and improve product stability. Anguil Environmental Systems (booth 940) - Air pollution control technologies and techniques applied to the pharmaceutical and chemical processing industries for regulatory compliance. Aptar Pharma (booth 3102) – Offering a breakthrough Ophthalmic Squeeze Dispenser, the first and only FDA-reviewed multi-dose delivery system to handle preservative-free eye treatment formulations with metal-free pathways. B&W Tek (booth 3025) - The i-Raman Pro ST is a new portable Raman system that can see through opaque packaging to identify the material inside. Bausch Advanced Technology Group (booth 3114) - Triple Container Filling & Stoppering Machine Type 535 is a flexible modular processing machine featuring three different filling systems: rotary piston pump, peristaltic pump and time pressure on one platform to offer the most flexibility for customers. Baxter BioPharma Solutions (booth 2454) - Baxter's BioPharma Solutions facility in Bloomington, Indiana, was recently recognized as the "Best Contract Manufacturing Organization" at the 2017 Annual Vaccine Industry Excellence (ViE) Awards. Benzo Chem Industries PVT. LTD. (booth 2241) - Manufacturers of pharmaceutical and agro intermediates with four ISO compliant plants. An additional GMP plant will begin operations in August 2017. Bormioli Rocco (booth 3112) - A wide range of Type I Glass, Amber and Flint, produced in a pharma approved environment, following the highest quality standards. Bosch Packaging Technology (booth 3201) - The Solidlab 2 is a multifunctional system capable of granulating, drying and coating with flexible batch sizes from 0.25 to 12 kilograms. BUCHI Corporation (booth 1252) - Introducing the first freeze dryer with unlimited capacity for continuous freeze drying. The Lyovapor L-300 offers two alternately working condensers that automatically clean while freezing down to -105°C. Capricorn Life Sciences (booth 3001) – Out-licensing food supplements, medical devices and pharmaceutical OTC's under brand names or private label. ChemicalInfo (booth 2240) - Directory of World Chemical Producers (DWCP) connects buyers and sellers of chemicals and pharmaceuticals with global producer details including contact and product information. Chemo Dynamics, Inc. (booth 938) - U.S. based CRO/CMO with cGMP facility providing pharmaceutical and biopharmaceutical contract research, custom synthesis, analytical service and small quantity manufacturing. CordenPharma (booth 2160) - Offers development & manufacturing expertise across specialized technology platforms from regulated raw materials through intermediates, APIs, drug product manufacturing & packaging. CurTec (booth 2231) - Presenting Pharma Grade Packo, screw top jars that have been tested according to European and U.S. Pharmacopoeia and are suitable as primary packaging for pharmaceuticals. DATWYLER (booth 3204) - Offering a unique range of products and services including the most advanced elastomer formulations, coatings, aluminum seals, and processing technologies. EAS Consulting Group, LLC (booth 2551) - Provider of FDA regulatory consulting services, with more than 50 years of experience. Capabilities include performing cGMP audits and mock FDA inspections, quality system implementation and remediation, product development and regulatory strategies, to submissions, filings, registrations, assistance with imports and acting as an U.S. Agent. EMBOCAPS by Suheung (booth 2733) - Introducing a premium empty capsule product line - EMBOCAPS VG ALPHA. No gelling agents, pH independent disintegration profile, and superior machinability. Erawat Pharma Limited (booth 3126) - An ultra-modern facility brings you hard capsules in easy fitting, sticky free, liquid filling, metallic , preservative and SLS free varieties driven by best standards of quality and consumer satisfaction. FabriChem, Inc. (booth 2121) - D-Galactose from plant origin, L-Tyrosine and L-Leucine from corn protein (vegetable origin) for use in bio pharmaceuticals & cell culture. 1, 2, 6 Hexane triol for moisturizing agent in creams, Guanidine hydrochloride for biopharmaceuticals, Dipicolinic Acid & Alpha Picolinic Acid. FAR Chemical, Inc. (booth 1234) - Manufacturer of fine and specialty chemicals sold to a variety of industries and applications including: pharmaceutical reagents and intermediates, advanced polymers, organometallics, silane & bromine chemistries, and structural composites. Flamma (booth 2344) - Flamma will open its cGMP workshop at Flamma Honkai (Dalian, China) in June providing customers a trusted partner to integrate projects from Italy to China. Also, project managers have been added in Italy and China in order to better serve customers, new capabilities have been added and land has been acquired for company growth and expansion. Fresenius Kabi Product Partnering (booth 2938) - The contract manufacturing platform of Fresenius Kabi offers manufacturing expertise of more than 20 facilities worldwide. A full range of services for both fill and finish of solutions are provided along with emulsions in ampoules, vials, bottles, IV-bags, and pre-filled syringes. Frontida BioPharm, Inc. (booth 2865) - Proprietary AdaptDoseTM encapsulation platform and DuraGran® coated granule technology provides speed, precision, flexibility and cost-savings in the product development through commercialization process. Large U.S., high-capacity facility, with expertise in controlled release granules, fluid bed operations, solvent processing, DEA controlled substances, HPAPI and nanoparticle milling. Fuji Chemical Industries Co., Ltd. (booth 2354) - Sales and marketing of unique specialty excipients, and the contract manufacturing and development of solid dispersion processing with closed spray driers. GBR - Global Business Reports (booth 3261) - Launching the U.S. Pharmaceuticals 2017 book which provides in-depth global analysis and up-to-date insights into all aspects of the oil and gas, pharmaceuticals, chemicals, energy, aerospace and mining industries. Grifols (booth 3037) - Premixed solutions ready-to-use in PP bag deliver a fixed dose in 50 mL to 1 L ensuring accurate delivery of the drug to the patient. Groupe PARIMA (booth 2807) - A CDMO specialized in the development and manufacturing of liquids, suspensions, semi-solids and sprays. GSK Contract Manufacturing (booth 3111) - Offering a fully integrated supply chain solution to the pharma/biopharm industry with FDA & EMA approved, multi-product facilities along with providing multiple services for Consumer and OTC markets. Haemopharm Healthcare S.r.l. (booth 3124) - Showing the first needle-free technology that not only enables the use of the syringe without the needle, but also provides a hermetic closure, minimizing contaminations and increasing safety. This patented needle-free technology has been applied to both vials (NIV®) and bags (NIP®). Halo Pharma (booth 3132) - Delivering pediatric products from clinical through commercialization (Microtablets, Stickpacks, Granules for Suspensions, Oral Solutions/Suspensions). Recognized as a Pediatric Center of Excellence. Heraeus (booth 2441) - Specializes in the production of generic pharmaceutical ingredients and is the worldwide leading supplier of Platinum hAPIs. International Process Plants (IPP) (booth 1245) - Used equipment offers the highest value rating possible by offering equipment for < 50% off new with delivery times in days instead of months. I.R.A. Istituto Ricerche Applicate (booth 2257) - Linear and cross linked hyaluronic acid for aesthetic and orthopedic fillers. Kingchem Life Science LLC (booth 1324) – Offers complex chemistry products, processes and capabilities including: Boronic acids, heterocyclic chemistry, halogenations, fluorinated compounds including trifluoromethyl and difluoroderivatives, nucleophilic fluorination, cyogenic chemistry, isocyanates, large Scale HF and KF chemistry. Laurus Labs Limited (booth 1100) - Laurus Generics has combined innovation with efficiency by developing cost effective processes to develop an in-house range of APIs and related intermediates. Laurus Synthesis strives to be recognized as the definitive example of "East Meets West" drug development by combining unparalleled front-end process chemistry expertise in both the U.S. and India with world-class back-end API manufacturing resources. LF of America Corp. (booth 3106) - Contract manufacturing, packaging manufacturing and contract filling of liquid sterile solutions in unit-dose delivery systems. LGC Standards (booth 3241) - LGC Standards is an ISO Guide 34, ISO/IEC 17025 accredited manufacturer offering more than 4,000 pharmaceutical reference standards including: impurities, APIs, excipients and primary standards LGM Pharma (booth 2501) - Provides comprehensive cGMP API sourcing solutions backed by complete technical and regulatory capabilities to a diverse array of U.S. pharmaceutical companies. Macco Organiques, s.r.o. (booth 2554) - cGMP (GMP, Q7 certified), well recognized production and supplier of inorganic and organic mineral salts for the pharmaceutical and biopharmaceutical industry, infant formulas producers, food and beverage manufacturers. ManageArtworks (booth 3235) - Packaging artwork management software that helps life science companies manage the processes, text matter, design and other components of a packaging artwork via an electronic workflow. As a CFR Part 11 compliant system, it offers transparency with effortless tracking, audit trails, alerts and dashboards. Novasep (booth 1456) - Announced that its new €11M antibody-drug conjugate bioconjugation facility is now operational to support our pharmaceutical customers in developing the latest innovative treatments against cancer. Ompi - Stevanato Group (booth 3207) - Developed a new fully passive and fully customizable, integrated needlestick protection - the Ompi EZ-fill® Integrated Safety System (ISS). It provides automatic shield retraction in an elegant and highly customizable way. PCI Synthesis (booth 2128) - Pharmaceutical development CMO based in Newburyport, MA is the largest small molecule drug substance manufacturer in the New England area. PCI is also a commercial manufacturer of new chemical entities (NCEs), generic active pharmaceutical ingredients (APIs), and other specialty chemical products for the medical device industry. Polpharma Pharmaceutical Works (booth 2250) - A cGMP-compliant and a FDA-approved European producer of API, providing a wide-range of services including FDF out-licensing and supply and contract manufacturing services. PolyCine GmbH (booth 3223) - Global leader for the packaging of IV solution bags providing: standard films and tubes, peelable films for multi-chamber bags, special films for lipids, gas barrier films, overwrap films, filling & transfer tubes, special modified granules & compounds and hot stamping foil. Polycrystalline (booth 2253) - With the mission of "Crystallization by Design," providing services for the research and development of highly potent API and controlled substances/narcotics. Polycrystalline shares protocols, methods, and raw data customizing activities to meet specifics clients' goals, timeframes and budget. PolyPeptide Group (booth 924) - A world leading GMP peptide (CDMO) with six facilities worldwide in Belgium, France, India, Sweden, San Diego and Torrance. Potasse et Produits Chimiques (booth 1034) - Extensive technical experience for bromination, hydrobromination and related technologies. Brominated compounds are widely used in specialty chemicals, in pharmaceuticals, agrochemicals, polymer additives, and cosmetics products as intermediates. PQE US, Inc. (booth 3130) - Global consulting firm specializing in the life sciences industry. Provides global support in: data integrity assurance, computer system validation, qualification and engineering, quality assurance and compliance and regulatory affairs. Pressure Chemical Co. (booth 1444) - Providing pilot, scale-up, and custom contract manufacturing services in a flexible facility with highly experienced project leaders and operations; enabling clients to: gather process information, reduce startup capital, and bridge the gap beyond current capabilities. Q Laboratories, Inc. (booth 3134) - Provides microbiology, analytical chemistry and research & development laboratory services and helps companies worldwide meet the level of excellence they demand to produce safe, high-quality products. Qosina Corporation (booth 3236) - Purchasing components from Qosina save you both time and money by eliminating tool costs and providing immediate delivery of in-stock solutions. Qualicaps (booth 2913) - Quali-V® capsules are plant-based alternative to gelatin capsules designed to meet the demanding requirements of the pharmaceutical industry. R-Pharm Germany GmbH (booth 3135) - CDMO providing manufacturing, packaging, serialization, formulation, scale-up, product-launch, analytics and stability, as well as high potency API manufacturing. REACHLaw Ltd. (booth 1052) - Offers chemical regulatory compliance helping clients gain market access for their chemical products. Services include: REACH Only Representation, REACH Registrations, REACH Authorisation, REACH Out-Tasking, Advocacy Services, Global Notifications and Consultancy Services. Regis Technologies Inc. (booth 1124) – Utilizing analytical and synthesis expertise, offers a complete structure elucidation package to support IND and NDA filings. Reliance Label Solutions (booth 1013) - GHS, BS 5609 and IMDG certified compliance labeling solutions via the www.theghsstore.com. Rohner Inc. (booth 1151) - This Swiss custom manufacturer will be unveiling their new portfolio of Multi-Customer Products that utilize their core competencies. Roquette (booth 2829) - Features new product offerings that are low endotoxin, multi-compendial grade materials for cell culture and biologic drug formulations. Sabin Metal Corporation (booth 1254) - Provides worldwide customers with logistical support, precious metal financial services, pre-reclaim kilning and safe, accurate and responsible processing, sampling and refining of PM-bearing catalysts. Senn Chemicals AG (booth 2142) - Operates cGMP and ISO certified facilities specializing in the production of peptides and amino acid derivatives. Contract manufacturer that provides the pharmaceutical and cosmetic industry with customized products and individual solutions starting from small scale for R&D, process development, scale-up to commercial production. SK Life Science Inc. (booth 2051) - A global life sciences company known for its presence in custom chemical development, advanced intermediates and active pharmaceutical ingredient (API) manufacturing including a continuous flow process for low temperature and high pressure reaction. Symbiotica Specialty Ingredients SDN. BHD. (booth 2365) - Malaysian manufacturer of steroids with ICH Q7A GMP certification. The site was successfully inspected by the U.S. FDA in 2014 and have filed 8 U.S. DMFs: hydrocortisone valerate, clobetasol propionate, mometasone furoate, betamethasone dipropionate, betamethasone valerate, dexamethasone sodium phosphate, exemestane, halobetasol propionate. Takasago International Corporation (booth 1200) - Possesses Nobel Prize winning technology including commercial experience in continuous flow manufacturing on tonne scale. Facility is FDA Inspected. TCG Lifesciences (booth 943) - Since 2001 TCG Lifesciences, a leading CDMO, offers discovery chemistry and biology services, process development, scale-up, and cGMP manufacturing with >700 highly trained scientists and 3 facilities in Kolkata and Hyderabad. Tergus Pharma (booth 2737) - A full-service topical pharmaceutical research, development, testing and manufacturing company that has been an industry leader for more than 20 years with a state-of-the-art facility in Durham, North Carolina. "Think Topical. Think Tergus." Toronto Research Chemicals (booth 2430) - Extensive product base of 90,000+ bio-chemicals manufactured and used by more than 15,000 researchers and companies in more than 100 countries worldwide. UNIPHARMA, LLC (booth 3043) - Features innovative blow-fill-seal packaging solutions: unit dose, fill seal, liquid stickpacks and conventional filling. Both contract manufacturing and private label products in a FDA compliant, GMP facility. VanDeMark Chemical Inc. (booth 1212) - Provides phosgene chemistry for many markets including pharma, agro, personal care, coatings, sealants & adhesives, plastics, polymers, etc. Ward/Kraft, Inc. (booth 941) - Kansas-based, print manufacturer specializing in the production of forms, labels and plastic products offering GHS and BS5609 section 2 & 3 certified labels. Wego Chemical Group (booth 1027) - Triflic acid and Triflic anhydride have long been used for a number of important reactions in pharmaceutical chemistry and asymmetric synthesis. Now they are more economical than ever thanks to world class production and global distribution. WeylChem (booth 1034) - Offers custom tolling and manufacturing services, as well as advanced intermediate products for the specialty and pharmaceutical markets. To see a full list of exhibitors and the floor plan, click here. Participate in the Epicenter of Pharmaceutical and Specialty Chemical Innovation CPhI North America and InformEx 2017 attendees have access to the sold-out expo floor, featuring more than 630 companies across the complete pharma supply chain, as well as show floor programming, networking events, and much more. With its unique blend of unprecedented global influence and the infrastructure to advance relationships between buyers and sellers, CPhI North America and InformEx will provide a marketplace of solutions and ideas unlike any other. Not yet registered for CPhI North America or InformEx? Free registration ends May 15 - register now! CPhI drives growth and innovation at every step of the global pharmaceutical supply chain, from drug discovery to finished dosage. Through exhibitions, conferences, and online communities, CPhI brings together more than 100,000 pharmaceutical professionals each year to network, identify business opportunities, and expand the global market. CPhI hosts events across Europe, Asia, and now North America, and co-locates with ICSE for contract services; P-MEC for machinery, equipment, and technology; InnoPack for pharmaceutical packaging; and BioPh for biopharma. CPhI provides an online buyer and supplier directory at CPhI-Online.com. UBM Americas, a part of UBM plc, delivers events and marketing services in the fashion technology, licensing, advanced manufacturing, automotive and powersports, healthcare, veterinary, and pharmaceutical industries, among others. Through a range of aligned interactive environments, both physical and digital, UBM Americas increases business effectiveness for customers and audiences through meaningful experiences, knowledge, and connections. The division also includes UBM Brazil's market-leading events in construction, cargo transportation, logistics and international trade, and agricultural production; and UBM Mexico's construction, advanced manufacturing, and hospitality services shows. For more information, visit: www.ubmamericas.com To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/leading-pharmaceutical-and-specialty-chemical-solution-providers-highlight-innovation-at-cphi-north-america-and-informex-2017-300454063.html
News Article | May 9, 2017
People Background Check, the public records background check service, today announces an updated system for accessing, gathering and maintaining its collection of public records. The system connects to more public record sources, then updates and appends personal information more quickly to ensure the most current records are always available. This enables users to more accurately identify the person they need to research before purchasing comprehensive background check reports. Public records are available on people from hundreds of official sources across the country and each one uses its own proprietary access methods and data format rules. This makes it difficult for people to find and navigate all the possible data sources. These sources can include public assessor’s property data, civil courts of each county and marriage records held by individual towns, nationwide criminal court records and the United States Postal Service (USPS) National Change of Address (NCOA). The records can include criminal records, civil court records, marriage, divorce and property records, professional licenses, evictions and foreclosures, FAA, DEA and other federal licensing. By serving as an online public record aggregator, People-Background-Check.com makes it possible to discover all the available information from across the universe of data. The new public record access system allows users to more accurately identify the people who are the subjects of their research from the millions of profiles. The system ensures that the personal profiles and premium reports will have more current records than any other online resource. This is most important when users need extensive the personal histories and background information available only in background report. Experience the depth of background information now available on any person by starting a search with as little as the first and last name of the person you need to find at, People-Background-Check.com. About People Background Check People Background Check (https://people-background-check.com) is a people search service that provides public records, criminal record information and complete background checks. People Background Check aggregates data from state, federal and proprietary sources to compile reports about nearly every person living in the United States today. © 2017 People Background Check, Inc. All rights reserved. All other trademarks are the property of their respective owners.
News Article | May 23, 2017
Hervé Brailly, Président du Conseil de surveillance, commente : « Au nom du Conseil de surveillance, je souhaite exprimer nos plus sincères remerciements au Professeur Caligiuri, qui vient d'être nommé à la Présidence de l'AACR, l'une des associations cancérologiques mondiales les plus prestigieuses, pour son implication au sein du Conseil pendant les quatre années d'exercice de son mandat. Son expertise médicale et son expérience ont été de précieux atouts pour le Conseil. Maïlys Ferrère est Directrice du Pôle Investissement Large Venture au sein de la Direction de l'Innovation de Bpifrance. La vocation de Large venture est d'accompagner en capital et sur le long terme des entreprises françaises innovantes dans des domaines à très forte croissance pour favoriser l'émergence de leaders mondiaux. Le portefeuille compte aujourd'hui près d'une trentaine de sociétés actives dans les domaines des sciences de la vie, du numérique et des écotechnologies. Avant d'occuper cette fonction, Maïlys Ferrère était Directeur d'Investissement au Fonds Stratégique d'Investissement entre 2009 et 2012. Auparavant, elle était banquier spécialisée en equity capital markets dans différents établissements financiers. Maïlys Ferrère est membre des Conseils d'administration ou Conseil de surveillance des sociétés suivantes : DBV, Valneva SE, Pixium, Gensight et Euronext Paris. Le Professeur Jean-Charles Soria est oncologue médical et Professeur de médecine et d'oncologie médicale à l'Université Paris-Sud. Il est médecin spécialiste des Centres de Lutte Contre le Cancer à plein temps à Gustave Roussy. Il a suivi une formation d'oncologue médical et a obtenu la médaille d'argent de l'Ecole de Médecine de Paris en 1997. Il a obtenu un DEA puis un doctorat en sciences en biologie moléculaire (bases fondamentales de l'oncogenèse) en 2001. Il a complété sa formation avec un séjour de deux ans de post-doctorant au sein du MD Anderson Cancer Center à Houston où il est professeur associé depuis 2012. Le Professeur Soria est également membre du Comité de pathologie thoracique. C'est un expert reconnu sur les thérapies ciblées, l'immunothérapie et le cancer du poumon. Ses principaux centres d'intérêt de recherche sont les essais cliniques précoces, les biomarqueurs pharmacodynamiques, le cancer du poumon, l'immunothérapie et la médecine personnalisée. Il est également impliqué dans la recherche translationnelle liée à la médecine de précision et à la progression tumorale notamment dans les modèles de cancer de poumon (UMR 981). Innate Pharma S.A., société de biotechnologie en phase clinique, conçoit et développe des anticorps thérapeutiques innovants qui exploitent le système immunitaire inné dans le but d'améliorer les traitements anticancéreux et le devenir clinique des patients. L'objectif de la Société est de devenir une société biopharmaceutique commerciale dans l'immunothérapie, centrée sur des indications de cancérologie pour lesquelles il existe un fort besoin médical. Innate Pharma est pionnière dans la découverte et le développement d'inhibiteurs de points de contrôle de l'immunité (IPCI ou checkpoint inhibitors) activant le système immunitaire inné. Trois anticorps thérapeutiques « first-in-class » ciblant des récepteurs des cellules NK (des cellules tueuses « Natural Killer ») sont actuellement testés en clinique et pourraient adresser un grand nombre de tumeurs solides et de cancers hématologiques. L'approche novatrice d'Innate Pharma a également permis de générer d'autres candidats aujourd'hui en préclinique et des technologies innovantes. Cibler les récepteurs impliqués dans la réaction immunitaire offre également à la Société l'opportunité de développer des thérapies dans le domaine des maladies inflammatoires. Ce communiqué de presse contient des déclarations prospectives. Bien que la Société considère que ses projections sont basées sur des hypothèses raisonnables, ces déclarations prospectives peuvent être remises en cause par un certain nombre d'aléas et d'incertitudes, de sorte que les résultats effectifs pourraient différer significativement de ceux anticipés dans lesdites déclarations prospectives. Pour une description des risques et incertitudes de nature à affecter les résultats, la situation financière, les performances ou les réalisations de Innate Pharma et ainsi à entraîner une variation par rapport aux déclarations prospectives, veuillez vous référer à la section « Facteurs de Risque » du Document de Référence déposé auprès de l'AMF et disponible sur les sites Internet de l'AMF (www.amf-france.org) et de Innate Pharma (www.innate-pharma.com). Le présent communiqué, et les informations qu'il contient, ne constituent ni une offre de vente ou de souscription, ni la sollicitation d'un ordre d'achat ou de souscription, des actions Innate Pharma dans un quelconque pays.