News Article | May 5, 2017
The Food and Agriculture Organization of the United Nations (FAO) in cooperation with the Brazil's Ministry of Industry, Foreign Trade and Services/MDIC, The Ministry of Agriculture, Livestock and Food Supply/MAPA and the Brazilian Association of Shrimp Growers/ABCC, is tackling Infectious myonecrosis virus (IMNv), one of the most serious pathogens, affecting cultured whiteleg shrimp (Penaeus vannamei). Penaeus vannamei is a very important culture commodity with a global production worth almost USD 19 billion. This event, 4-day workshop, which started yesterday, is being carried out through an FAO Project "FAO – TCP/INT/3501: Strengthening biosecurity governance and capacities" for dealing with the serious shrimp infectious myonecrosis virus (IMNv) disease. The workshop is sharing information on Emergency Preparedness and Response Systems in the 6 participating countries and is developing a Disease Strategy Plan for IMNv. During the next three days, the workshop will prepare an active surveillance design for IMNv and a framework for developing a National Strategy on Aquatic Animal Health. The workshop will also deliberate on appropriate export/import sanitary measures/actions for live shrimp and shrimp products from countries that are free and countries that are not free from IMNv, as well as practical application of biosecurity zoning and maintenance of disease free status. Some 25 delegates representing China (Yellow Sea Fisheries Research Institute of the Chinese Academy of Fishery Sciences), Ecuador (National Fisheries Institute), Indonesia (Ministry of Marine Affairs and Fisheries), Mexico (National Health Service, Food Safety and Quality), Thailand (Department of Fisheries), FAO experts from Canada, Chile and the USA and local Brazilians representing the government, producer and academic sectors are participating in this important event. A half-day Technical Seminar for Aquaculture Stakeholders will also be held tomorrow to share country and expert experiences on important shrimp diseases and other emerging issues affecting aquaculture. Dr Rodrigo Roubach, in welcoming the delegates, pointed out the work that been developed by the Brazilian shrimp industry alongside with the government towards better governance and improving the management and health status of the shrimp sector, especially in facing the challenges posed by shrimp diseases. In this regard, the present FAO TCP project is extremely important for better understanding of these challenges and closer cooperation amongst the main world shrimp producers in order provide more efficient and systematic response to future disease outbreaks through improved sector governance.
News Article | May 3, 2017
News Article | May 8, 2017
Leading Chinese Networking Equipment Manufacturers To Build Systems Using Barefoot's Tofino To Deliver New Features Enabling Revolutionary Visibility, Operational Efficiency And Scale To Meet Surging Customer Demands BEIJING, CHINA and PALO ALTO, CA--(Marketwired - May 7, 2017) - Barefoot Networks today announced that three of the world's largest technology companies operating some of the most demanding networks -- Alibaba Group Holding Ltd., Baidu Inc. and Tencent Holding Ltd. are partnering with Barefoot to take advantage of its ground-breaking programmable forwarding plane technology in their networks. Barefoot's 6.5Tb/s Tofino™ switch, the world's fastest and P4™ programmable switch chip, can be deployed in networks to enable unrivaled visibility, down to the packet level, without sacrificing performance. The demand for performance, scale and visibility in networks today is exceeding the capability of existing fixed-function switch chips used to build them. From mega-scale data centers delivering new applications to carriers rolling out next-generation data rates and services, networks are being subjected to requirements that cannot be fulfilled by traditional fixed-function switch-silicon based systems. Barefoot is enabling its customers to design, develop and deploy custom forwarding plane functionality addressing the unmet needs of customers, whether it be new network functions like load balancing and DDoS protection, or full visibility into the network using In-band Network Telemetry (INT). "Tencent's network needs to provide high-quality services to businesses and be programmable to accommodate the massive scale requirements and new applications," said Tom Bie, VP of Technology and Engineering Group at Tencent. "Barefoot Tofino and P4 technologies allow for rolling out required network features quickly and respond to network anomalies and failures with a global view and real-time deep insights." "At Baidu, we continuously deliver state-of-the-art services to our customers and this requires our network to be simple, fast and programmable," said Liu Chao, Senior Director, System Department at Baidu. "Barefoot Tofino and P4 have enabled us to deploy new network functions like layer 4 load balancing and network address translation right on the top-of-rack-switch." Delivering high-performance switch products that match different customers' requirements has been a challenge for networking equipment manufacturers due to their reliance on fixed-function silicon and the limitations associated with them. Barefoot Tofino is enabling network equipment manufacturers like H3C, Ruije and ZTE to build products that will uniquely meet the exacting requirements of their customers. "As a leading provider of new IT infrastructure and solutions, H3C welcomes innovation in Ethernet switching ASICs," said Shouwen Bi, Vice General Manager of Product Marketing Department, New H3C Group. "Barefoot Tofino brings significant value to all the stakeholders of the IT industry accelerating the industry into SDN 2.0 era." "ZTE looks to deliver ground-breaking innovation to its customers by partnering with Barefoot," said Zhu Yongxing, Vice President at ZTE. "We are excited to use Barefoot Tofino and P4 to create products that deliver scale, performance and customer-specific functionality for data center, 5G transport and NFV deployments." "Barefoot Tofino's programmability at the forwarding plane level is very attractive to Ruije," said Liu Zhongdong, President at Ruije. "It allows us to create innovative and differentiated products for our data center customers allowing them to build networks that are agile and efficient." "Barefoot has started a revolution in the tech industry with its programmable forwarding plane technology, including the P4-programmable 6.5Tb/s Tofino Ethernet switch ASIC along with the Capilano software development environment," said Craig Barratt, CEO of Barefoot Networks. "We are excited to see our customers embrace the simplicity and efficiency that our technology brings to networking and we look forward to seeing higher volume shipments and deployments later this year." Barefoot Networks is presenting at the P4 2017 China Summit in Beijing, China on May 8, 2017. The event is hosted at the Crowne Plaza Zhongguancun hotel. The event includes talks by luminaries from industry and academia talking about the future of networking. Speakers include Liu Yunjie, Professor at the Chinese Academy of Engineering; Yu Yingtao, CEO of H3C; Qiao Yan, Principal Architect at H3C; Yiqun Cai, Vice President at Alibaba Group; Dennis Cai, Chief Architect at Alibaba Group; Craig Barratt, CEO of Barefoot Networks; and Nick McKeown, Chief Scientist and Co-founder of Barefoot Networks. The event is organized by P4.org and SDNLab. For more details visit http://www.sdnlab.com/18989.html Sampling to customers since Q4 2016, Barefoot Networks' Tofino ethernet switch ASICs and Capilano SDE remove the last barrier to full network programmability by opening the forwarding plane, enabling full and granular control of the networking stack down to the packets flowing on the wire. About Baidu Baidu, Inc. is a Chinese language Internet search provider. The Company offers a Chinese language search platform on its Baidu.com Website that enables users to find information online, including Webpages, news, images, documents and multimedia files, through links provided on its Website. In addition to serving individual Internet search users, the Company provides a platform for businesses to reach customers. Its business consists of three segments: search services, transaction services and iQiyi. Search services are keyword-based marketing services targeted at and triggered by Internet users' search queries, which mainly include its pay-for-performance (P4P) services and other online marketing services. Its transaction services include Baidu Nuomi, Baidu Takeout Delivery, Baidu Maps, Baidu Connect, Baidu Wallet and others. iQiyi is an online video platform with a content library that includes licensed movies, television series, cartoons, variety shows and other programs. For more information, visit https://www.baidu.com/ About Tencent Tencent uses technology to enrich the lives of Internet users. Every day, hundreds of millions of people communicate, share experiences, consume information and seek entertainment through our integrated platforms. Tencent's diversified services include QQ, Weixin/ WeChat for communications; Qzone for social networking; QQ Game Platform for online games; QQ.com and Tencent News for information and Tencent Video for video content. Tencent was founded in Shenzhen in 1998 and went public on the Main Board of the Hong Kong Stock Exchange in 2004. The Company is one of the constituent stocks of the Hang Seng Index. Tencent seeks to evolve with the Internet by investing in innovation, providing a mutually beneficial environment for partners, and staying close to users. For more information, visit http://www.tencent.com About Barefoot Networks Barefoot Networks launched in 2016 after two years of developing the most programmable and -- at 6.5Terabits/second -- the fastest switches ever built; twice as fast as the previous on record. By enabling organizations to define the network forwarding plane in software, Barefoot empowers network owners and their infrastructure partners to design, optimize, and innovate to meet their specific requirements and gain competitive advantage. In combining the P4 programming language with fast programmable switches, Barefoot has also created an ecosystem for compilers, tools, and P4 programs to make P4 accessible to anybody. Barefoot's founders -- Pat Bosshart, Martin Izzard, Dan Lenoski, Nick McKeown -- bring the company more than 100 years of experience in building the fastest and biggest networking systems in the world. Backed by Google Inc., Goldman Sachs Principal Strategic Investments, Alibaba, Tencent, and by premier venture capital firms Sequoia Capital, Lightspeed Venture Partners, and Andreessen Horowitz, Barefoot Networks is headquartered in Silicon Valley. For more information, visit http://www.barefootnetworks.com. Follow us on Twitter: @barefootnetwork. Follow us on Facebook https://www.facebook.com/barefootnetworks Barefoot Networks, the Foot Logo and Tofino are trademarks of Barefoot Networks.
News Article | May 4, 2017
Conference call scheduled for 8:30 a.m. ET today NEW YORK, May 04, 2017 (GLOBE NEWSWIRE) -- Intercept Pharmaceuticals, Inc. (Nasdaq:ICPT), a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases, today reported financial results for the three months ended March 31, 2017 and provided other general business updates. “I’m very pleased with our commercial and development progress thus far in 2017, and look forward to building on the positive momentum as a leader in progressive non-viral liver disease,” said Mark Pruzanski, M.D., President and CEO of Intercept. “In the U.S., we have seen strong execution on our launch plans for Ocaliva, as evidenced by steady quarter over quarter growth. In Europe, we remain focused on market access and are enthusiastic about the rapid reimbursement decision for Ocaliva from the highly regarded UK regulatory body NICE.” “In our NASH program, we achieved a major milestone with the completion of enrollment of our interim analysis cohort in REGENERATE, the first and largest Phase 3 trial in NASH,” added Dr. Pruzanski. “As we look to the middle of the year, we expect to announce top-line data from two additional Phase 2 trials of OCA: CONTROL, assessing combination statin therapy in NASH patients, and AESOP in primary sclerosing cholangitis." Intercept recorded $20.6 million of global net Ocaliva sales in the first quarter of 2017. Net U.S. Ocaliva sales were $19.8 million for the first quarter of 2017. Ocaliva was approved by the U.S. Food and Drug Administration (FDA) in May 2016 for the treatment of primary biliary cholangitis (PBC) in combination with ursodeoxycholic acid (UDCA) in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA. Intercept commercially launched Ocaliva in the United States in June 2016 and in conjunction launched Interconnect®, a comprehensive, personalized program that connects patients with dedicated care coordinators who help them understand their disease and provides treatment support and, for eligible patients, financial assistance options. Net ex-U.S. Ocaliva sales were $0.8 million for the first quarter of 2017. Ocaliva was granted conditional approval by the European Commission in December 2016 for the treatment of PBC in combination with UDCA in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA. We commenced our European commercial launch in January 2017. Intercept announced today that David Ford will be appointed as Chief Human Resources Officer effective May 8, 2017. Mr. Ford brings over 25 years of experience in a variety of Human Resources roles across the United States, Europe, Latin America and New Zealand. Prior to joining Intercept, Mr. Ford spent nearly 15 years at Sanofi where most recently he served as Vice President Human Resources for the Sanofi Genzyme global business unit and, prior to that, Vice President Human Resources for the Sanofi North American businesses. Mr. Ford joined the pharmaceutical industry in 2002 as the HR Director – United Kingdom and Republic of Ireland for Sanofi-Synthelabo. Mr. Ford holds a master’s degree in business administration from INSEAD, Fontainebleau (France). Financial Results for the Three Months Ended March 31, 2017 For the three months ended March 31, 2017, Intercept reported a net loss of $89.9 million. GAAP operating expense for the three months ended March 31, 2017 was $105.0 million. Non-GAAP adjusted operating expense1 for the three months ended March 31, 2017 was $90.1 million, which excludes non-cash stock-based compensation expense of $14.1 million and depreciation expense of $0.8 million. Intercept recognized $20.6 million of net sales of Ocaliva for the first quarter 2017. Intercept currently recognizes revenue using the sell-through method (i.e., when its specialty pharmacies dispense Ocaliva to patients, not when products are sold to the specialty pharmacies). Revenue recognition will transition from the sell-through method to the sell-in method once a sufficient period of commercial experience has occurred to enable Intercept to estimate product returns. Intercept recognized $0.4 million and $0.4 million of license revenue related to the amortization of the up-front and milestone payments under the collaboration agreement with Sumitomo Dainippon for the three months ended March 31, 2017 and 2016, respectively. Costs of goods sold (COGS) was negligible for the first quarter of 2017. Prior to the FDA approval of Ocaliva, Intercept had expensed costs related to the manufacturing and buildup of commercial launch supplies of OCA. Therefore, COGS was only reflective of packaging and labeling costs incurred during the period. Intercept expects COGS to remain negligible until previously expensed supplies of OCA are sold. Selling, general and administrative expenses decreased to $61.1 million for the quarter ended March 31, 2017, down from $95.9 million for the quarter ended March 31, 2016. The decrease from the prior period was primarily driven by the one-time net expense of $45.0 million attributable to the settlement of a purported securities class action lawsuit in the quarter ended March 31, 2016, offset by expenses due to an increase in Ocaliva commercialization activities and additional personnel-related costs. Research and development expenses increased to $43.8 million for the quarter ended March 31, 2017, up from $32.0 million for the quarter ended March 31, 2016. The increase over the prior period was primarily driven by increases in clinical development programs for OCA and infrastructure to support such programs. Interest expense for the quarter ended March 31, 2017 was $7.2 million. The interest expense is related to the 3.25% convertible senior notes due 2023 issued in July 2016. 1 Adjusted operating expense, as presented above and elsewhere in this press release, is a non-GAAP financial measure. Adjusted operating expense excludes stock-based compensation and other non-cash items from GAAP operating expenses. A table reconciling historical adjusted operating expense to GAAP operating expense is included below under the heading "Reconciliation of GAAP to Non-GAAP Operating Expense." As of March 31, 2017, Intercept had cash, cash equivalents and investment securities available for sale of approximately $608.0 million, compared to $689.4 million as of December 31, 2016. Intercept continues to project non-GAAP adjusted operating expenses of $380 million to $420 million for the fiscal year ending December 31, 2017. This guidance excludes non-cash items such as stock-based compensation and depreciation. These expenses are planned to support the continued commercialization of Ocaliva in PBC in the United States and other markets, continued clinical development for OCA in PBC and NASH and the continued development of INT-767 and other pipeline programs. Intercept anticipates that stock-based compensation expense will represent the most significant non- cash item that will be excluded in adjusted operating expenses as compared to operating expenses under GAAP. Adjusted operating expense is a financial measure not calculated in accordance with GAAP. A reconciliation of projected operating expense calculated in accordance with GAAP to non- GAAP adjusted operating expense is not available on a forward-looking basis without unreasonable effort due to an inability to make accurate projections and estimates related to certain information needed to calculate, for example, future stock-based compensation expense. Conference Call on May 4th at 8:30 a.m. ET Intercept will hold its first quarter 2017 financial results conference call and webcast on Thursday, May 4th at 8:30 a.m. ET. The live event will be available on the investor page of the Intercept website at http://ir.interceptpharma.com or by calling (855) 232-3919 (toll-free domestic) or (315) 625-6894 (international) five minutes prior to the start time (no passcode is required). A replay of the call will be available on the Intercept website approximately two hours after the completion of the call and will be archived for two weeks. Intercept is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat non-viral, progressive liver diseases, including primary biliary cholangitis (PBC), nonalcoholic steatohepatitis (NASH), primary sclerosing cholangitis (PSC) and biliary atresia. Founded in 2002 in New York, Intercept now has operations in the United States, Europe and Canada. This press release presents adjusted operating expense, which is a non-GAAP measure, both on a historical and projected basis. Adjusted operating expense should be considered in addition to, but not as a substitute for, operating expense that Intercept prepares and announces in accordance with GAAP. Intercept excludes certain items from adjusted operating expense, such as stock-based compensation and depreciation, that management does not believe affect Intercept's basic operations and that do not meet the GAAP definition of unusual or nonrecurring items. For the quarter ended March 31, 2016, adjusted operating expense also excludes the one-time $45 million net expense for the settlement of the purported class action lawsuit. A table reconciling historical GAAP operating expense to non-GAAP adjusted operating expense is included below under the heading "Reconciliation of GAAP to Non-GAAP Operating Expense." A reconciliation of projected operating expense calculated in accordance with GAAP to non-GAAP adjusted operating expense is not available on a forward-looking basis without unreasonable effort due to an inability to make accurate projections and estimates related to certain information needed to calculate, for example, future stock-based compensation expense. Management also uses adjusted operating expense to establish budgets and operational goals and to manage Intercept's business. Other companies may define this measure in different ways. Intercept believes this presentation provides investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. Ocaliva is indicated in the United States for the treatment of primary biliary cholangitis (PBC) in combination with ursodeoxycholic acid (UDCA) in adults with an inadequate response to UDCA, or as monotherapy in adults unable to tolerate UDCA. This indication is approved under accelerated approval based on a reduction in alkaline phosphatase (ALP), as a surrogate endpoint which is reasonably likely to predict clinical benefit, including an improvement in liver transplant free-survival. An improvement in survival or disease-related symptoms has not been established. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials. Intercept is currently enrolling COBALT, a Phase 4 clinical outcomes trial of Ocaliva in patients with PBC with the goal of confirming clinical benefit on a post-marketing basis. In December 2016, Ocaliva received conditional marketing authorization in Europe for the treatment of PBC in combination with UDCA in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA, conditional to the company providing further data post-approval to confirm benefit. For detailed safety information for Ocaliva (obeticholic acid) 5 mg and 10 mg tablets including posology and method of administration, special warnings, drug interactions and adverse drug reactions, please see the European Summary of Product Characteristics that can be found on www.ema.europa.eu. Ocaliva is contraindicated in patients with complete biliary obstruction. In two 3-month, placebo-controlled clinical trials a dose-response relationship was observed for the occurrence of liver-related adverse reactions including jaundice, ascites and primary biliary cholangitis flare with dosages of Ocaliva of 10 mg once daily to 50 mg once daily (up to 5-times the highest recommended dosage), as early as one month after starting treatment with Ocaliva. In a pooled analysis of three placebo-controlled trials in patients with PBC, the exposure-adjusted incidence rates for all serious and otherwise clinically significant liver-related adverse reactions, and isolated elevations in liver biochemical tests, per 100 patient exposure years (PEY) were: 5.2 in the Ocaliva 10 mg group (highest recommended dosage), 19.8 in the Ocaliva 25 mg group (2.5 times the highest recommended dosage) and 54.5 in the Ocaliva 50 mg group (5 times the highest recommended dosage) compared to 2.4 in the placebo group. Monitor patients during treatment with Ocaliva for elevations in liver biochemical tests and for the development of liver-related adverse reactions. Weigh the potential risks against the benefits of continuing treatment with Ocaliva in patients who have experienced clinically significant liver-related adverse reactions. The maximum recommended dosage of Ocaliva is 10 mg once daily. Adjust the dosage for patients with moderate or severe hepatic impairment. Severe pruritus was reported in 23% of patients in the Ocaliva 10 mg arm, 19% of patients in the Ocaliva titration arm and 7% of patients in the placebo arm in the POISE trial, a 12-month double- blind randomized controlled trial of 216 patients. Severe pruritus was defined as intense or widespread itching, interfering with activities of daily living, or causing severe sleep disturbance, or intolerable discomfort, and typically requiring medical interventions. In the subgroup of patients in the Ocaliva titration arm who increased their dosage from 5 mg once daily to 10 mg once daily after 6 months of treatment (n=33), the incidence of severe pruritus was 0% from months 0 to 6 and 15% from months 6 to 12. The median time to onset of severe pruritus was 11, 158 and 75 days for patients in the Ocaliva 10 mg, Ocaliva titration and placebo arms, respectively. Management strategies include the addition of bile acid resins or antihistamines, Ocaliva dosage reduction and/or temporary interruption of Ocaliva dosing. Patients with PBC generally exhibit hyperlipidemia characterized by a significant elevation in total cholesterol primarily due to increased levels of high density lipoprotein-cholesterol (HDLC). In the POISE trial, dose-dependent reductions from baseline in mean HDL-C levels were observed at 2 weeks in Ocaliva-treated patients, 20% and 9% in the 10 mg and titration arms, respectively, compared to 2% in the placebo arm. At month 12, the reduction from baseline in mean HDL-C level was 19% in the Ocaliva 10 mg arm, 12% in the Ocaliva titration arm and 2% in the placebo arm. Nine patients in the Ocaliva 10 mg arm and six patients in the Ocaliva titration arm, versus three patients in the placebo arm had reductions in HDL-C to less than 40 mg/dL. Monitor patients for changes in serum lipid levels during treatment. For patients who do not respond to Ocaliva after one year at the highest recommended dosage that can be tolerated (maximum of 10 mg once daily), and who experience a reduction in HDL-C, weigh the potential risks against the benefits of continuing treatment. The most common adverse reactions from subjects taking Ocaliva (≥5%) were pruritus, fatigue, abdominal pain and discomfort, rash, oropharyngeal pain, dizziness, constipation, arthralgia, thyroid function abnormality and eczema. Bile Acid Binding Resins Bile acid binding resins such as cholestyramine, colestipol or colesevelam absorb and reduce bile acid absorption and may reduce the absorption, systemic exposure and efficacy of Ocaliva. If taking bile acid binding resins, take Ocaliva at least 4 hours before or 4 hours after (or at as great an interval as possible) taking a bile acid binding resin. Please see the U.S. Full Prescribing Information for Ocaliva (obeticholic acid) 5 mg and 10 mg tablets. This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Intercept’s financial position, including expected adjusted operating expenses; the activities anticipated to be undertaken by Intercept, including the anticipated progression of the U.S. and EU launches of Ocaliva® in PBC; the potential approval of OCA in PBC by regulatory bodies outside of the United States and the European Union and the timelines related thereto; the timelines for access to OCA for the treatment of PBC in Europe and other jurisdictions outside the United States and timelines related thereto; the initiation, enrollment, conduct and completion of clinical trials and the timelines related thereto, including the full enrollment of the interim analysis cohort for the Phase 3 REGENERATE trial of OCA in NASH patients with liver fibrosis; the anticipated regulatory process and timetable with respect to Intercept’s product candidates; the continued development of OCA and Intercept's other product candidates; and Intercept's strategic directives under the caption "About Intercept." These "forward- looking statements" are based on management's current expectations of future events and are subject to a number of important risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: Intercept's ability to successfully commercialize Ocaliva in PBC, and Intercept's ability to maintain its regulatory approval in jurisdictions in which Ocaliva is approved for use in PBC; the initiation, cost, timing, progress and results of Intercept's development activities, preclinical studies and clinical trials, including Intercept's development program in NASH; the timing of and Intercept's ability to obtain and maintain regulatory approval of OCA in PBC in countries outside the ones in which it is approved and in indications other than PBC and any other product candidates it may develop such as INT-767; conditions that may be imposed by regulatory authorities on Intercept's marketing approvals for its products and product candidates such as the need for clinical outcomes data (and not just results based on achievement of a surrogate endpoint), and any related restrictions, limitations, and/or warnings in the label of any approved products and product candidates; Intercept's plans to research, develop and commercialize its product candidates; Intercept's ability to obtain and maintain intellectual property protection for its products and product candidates; Intercept's ability to successfully commercialize OCA in indications other than PBC and its other product candidates; the size and growth of the markets for Intercept's products and product candidates and its ability to serve those markets; the rate and degree of market acceptance of any of Intercept's products, which may be affected by the reimbursement that it may receive for its products from payors; the success of competing drugs that are or become available; the election by Intercept's collaborators to pursue research, development and commercialization activities; Intercept's ability to attract collaborators with development, regulatory and commercialization expertise; regulatory developments in the United States and other countries; the performance of third-party suppliers and manufacturers; Intercept's need for and ability to obtain additional financing; Intercept's estimates regarding expenses, future revenues and capital requirements and the accuracy thereof; Intercept's use of cash, short-term investments and the proceeds from the offering; Intercept's ability to attract and retain key scientific or management personnel; and other factors discussed under the heading "Risk Factors" contained in our annual report on Form 10-K for the year ended December 31, 2016 filed on March 1, 2017 as well as any updates to these risk factors filed from time to time in our other filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Intercept undertakes no duty to update this information unless required by law.
News Article | April 27, 2017
MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE: INT) today reported first quarter 2017 net income of $31.3 million or $0.45 diluted earnings per share. Excluding the impact of certain one-time items, adjusted first quarter net income was $34.6 million or $0.50 adjusted diluted earnings per share. In the first quarter of 2016, net income as adjusted for one-time items was $53.0 million or $0.76 adjusted diluted earnings per share. Non-GAAP net income and diluted earnings per share for the first quarter of 2017, excluding share-based compensation, amortization of acquired intangible assets and other one-time items were $44.5 million and $0.64, respectively, compared to $62.5 million and $0.90 in 2016. “In the first quarter, we witnessed continued strength in the aviation segment and closed the final phases of the ExxonMobil transaction, while remaining focused on integrating and streamlining overall operations in order to reduce operating costs and gain identified efficiencies,” stated Michael J. Kasbar, Chairman and Chief Executive Officer of World Fuel Services Corporation. “We remain focused on executing our strategy of building a ubiquitous global energy management, fulfillment and payments business, while driving improved levels of profitability as the year progresses.” The company’s aviation segment generated gross profit of $100.0 million, an increase of $11.3 million or 12.7% year-over-year. The company’s marine segment generated gross profit of $33.6 million, a decrease of $5.5 million or 14.2% year-over-year. The company’s land segment generated gross profit of $97.8 million, an increase of $4.2 million or 4.5% year-over-year. “During the first quarter, we generated $137 million of cash flow from operations, further strengthening our balance sheet, increasing the total cash generated over the past five years to $1.3 billion,” said Ira M. Birns, Executive Vice President and Chief Financial Officer. “We repurchased $11 million of our common stock in the first quarter and we expect to repurchase additional shares over the course of the year, delivering incremental value to our shareholders.” This press release contains non-GAAP financial measures, including Non-GAAP and adjusted net income and diluted earnings per share (“EPS”) for the three months ended March 31, 2017 and 2016 (collectively, the “2017 Non-GAAP Measures”). The 2017 Non-GAAP Measures exclude costs associated with share-based compensation, amortization of acquired intangible assets, acquisition related charges, severance and other restructuring-related costs primarily because we do not believe they are reflective of the Company’s core operating results. We believe the exclusion of share-based compensation from operating expenses is useful given the variation in expense that can result from changes in the fair value of our common stock, the effect of which is unrelated to the operational conditions that give rise to variations in the components of our operating costs. Also, we believe the exclusion of the amortization of acquired intangible assets, acquisition related charges, severance and other restructuring-related costs are useful for purposes of evaluating operating performance of our core operating results and comparing them period over period. We believe that the 2017 Non-GAAP Measures, when considered in conjunction with our financial information prepared in accordance with GAAP, are useful to investors to further aid in evaluating the ongoing financial performance of the Company and to provide greater transparency as supplemental information to our GAAP results. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition, our presentation of Non-GAAP and adjusted net income and Non-GAAP and adjusted diluted earnings per common share may not be comparable to the presentation of such metrics by other companies. Non-GAAP and adjusted diluted earnings per common share is computed by dividing non-GAAP net income and adjusted net income, respectively, attributable to World Fuel Services and available to common shareholders by the sum of the weighted average number of shares of common stock, stock units, restricted stock entitled to dividends not subject to forfeiture and vested RSUs outstanding during the period and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Investors are encouraged to review the reconciliation of these Non-GAAP Measures to their most directly comparable GAAP financial measures. This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations about executing on our strategy, reducing costs and gaining identified efficiencies, as well as our expectations about improving our level of profitability. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission (“SEC”) filings, including the Company’s most recent Annual Report on Form 10-K filed with the SEC. Actual results may differ materially from any forward-looking statements due to risks and uncertainties, including, but not limited to: our ability to effectively integrate and derive benefits from acquired businesses, our ability to capitalize on new market opportunities, potential liabilities and the extent of any insurance coverage, the outcome of pending litigation and other proceedings, the impact of quarterly fluctuations in results, particularly as a result of seasonality, the creditworthiness of our customers and counterparties and our ability to collect accounts receivable, fluctuations in world oil prices or foreign currency, changes in political, economic, regulatory, or environmental conditions, adverse conditions in the markets or industries in which we or our customers and suppliers operate, our failure to effectively hedge certain financial risks associated with the use of derivatives, non-performance by counterparties or customers on derivatives contracts, loss of, or reduced sales, to a significant government customer, uninsured losses, the impact of natural disasters, adverse results in legal disputes, unanticipated tax liabilities, our ability to retain and attract senior management and other key employees and other risks detailed from time to time in the Company’s SEC filings. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in expectations, future events, or otherwise. Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement advisory services, supply fulfillment and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide. The Company's global team of market makers provides deep domain expertise in all aspects of aviation, marine and land fuel management. Aviation customers include commercial airlines, cargo carriers, private aircraft and fixed base operators (FBOs), as well as the United States and foreign governments. World Fuel Services' marine customers include international container and tanker fleets, cruise lines and time-charter operators, as well as the United States and foreign governments. Land customers include petroleum distributors, retail petroleum operators, and industrial, commercial, residential and government accounts. The Company also offers transaction management services which consist of card payment solutions and merchant processing services to customers in the aviation, marine and land transportation industries. For more information, call 305-428-8000 or visit www.wfscorp.com. -- Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts --
News Article | February 27, 2017
DevOps-friendly P4-based Implementation Instantly Detects Performance Anomalies across Network, Server and VM Infrastructures; Enables Reliable and Secure Applications at Significantly Higher Speeds and Lower Latencies BARCELONA, SPAIN--(Marketwired - Feb 27, 2017) - MOBILE WORLD CONGRESS - Barefoot Networks, the creator of Tofino™, the world's fastest 6.5 Tb/s Ethernet switch chip, and Netronome, a leading provider of high-performance intelligent networking solutions, today demonstrated a solution that combines the unique capabilities of the Agilio® CX SmartNIC platform from Netronome with Barefoot's Tofino™ P4-programmable switch to deliver precise and real-time network telemetry information needed to detect, root-cause and correct network problems causing poor service quality and connection drops. These challenges faced by network operators will be further exacerbated by the 10X speeds and surge of new services and data enabled in 5G networks. For the first time, the joint solution demonstrates how DevOps can be empowered to triangulate performance issues to VMs and NICs in servers or network switches, making it possible to immediately detect low-performing virtual network functions (VNFs) in service chains and take corrective actions. The Cambrian explosion of new applications and services in 5G mobile networks will require network elements in the telco operator data center to service those applications and the zettabytes of data that they generate or consume. Such applications and services require high-performance and efficient coordination of data center resources among network infrastructure, servers, NICs and VMs running VNFs in the telco operator's data center. The network infrastructure plays a vital role to boost efficiency and provide isolation, SLA handling, and dynamic scale-out across multiple service domains. With today's solutions, the inability to triangulate performance issues to VMs, NICs or network switches makes it difficult or impossible to effectively implement high levels of SLAs across the network infrastructure. Programmable high-performance switches from Barefoot and SmartNICs from Netronome enable precise triangulation of performance issues to VMs, NICs or switches. Operators can now accurately and promptly quantify any performance degradation and identify impacted network slices, applications, and flows. "Barefoot Networks is delighted to demonstrate ubiquitous network visibility on a per-packet basis together with Netronome," said Ed Doe, VP of Product and Marketing at Barefoot Networks. "Having real-time and accurate telemetry information is crucial for running networks reliably today. The combination of our Tofino Ethernet switch with the Agilio SmartNIC from Netronome gives network operators the flexibility to define and extract the metrics they need diagnose and fix bad behavior across the entire network." "Deployment of new and innovative services by operators results in constantly changing workloads and network behavior," said Niel Viljoen, CEO and founder of Netronome. "This implies that implementation of network telemetry must not only be line rate but also programmable. It also needs to be done collaboratively at all points, and DevOps must be empowered to implement what is needed. We are pleased to collaborate with Barefoot Networks to bring these much-needed capabilities into the industry." Announced in June 2016, Barefoot Networks' Tofino Ethernet switch ASICs and Capilano Software Development Environment (SDE) remove the last barrier to full network programmability by opening the forwarding plane, enabling granular control down to the packets flowing on the wire. Its first Tofino chips were delivered to customers in Q4 2016 and the company continues to add industry leaders to its growing network of partners. The Agilio CX 10GbE, 25GbE and 40GbE SmartNIC platforms from Netronome fully and transparently offload virtual switch and router datapath processing for networking functions such as overlays, security, load balancing and telemetry, enabling compute servers used for server-based networking and cloud computing to save critical CPU cores for application processing while delivering significantly higher performance. The programmable Agilio CX platform features standard low-profile PCIe SmartNICs and software, designed for general-purpose x86 commercial off-the-shelf (COTS) rack servers, fitting needed operating system, power and form factor requirements. Barefoot Networks and Netronome are demonstrating In-band Network Telemetry (INT) implemented using P4 in SmartNICs and network switches to pinpoint latency degradation caused by service-chained VNFs, generating triggers that can be used to automatically fire up new VNFs or move VNFs to servers with more resources. The demonstration showcases how vendor-agnostic, open source, and common P4 programs can be used across programmable NICs and switches. DevOps teams can easily extend INT on the SmartNIC or the network switch to gather additional metadata or perform additional actions. The live demonstration can be seen in the Netronome booth (2O2MR) at Mobile World Congress, February 28 through March 3, 2017 in Barcelona, Spain. Barefoot Networks launched in 2016 after two years of developing the most programmable and -- at 6.5Terabits/second -- the fastest switches ever built; twice as fast as the previous on record. By enabling organizations to define the network data plane in software, Barefoot empowers network owners and their infrastructure partners to design, optimize, and innovate to meet their specific requirements and gain competitive advantage. In combining the P4 open-source programming language with fast programmable switches, Barefoot has also created an ecosystem of compilers, tools, and P4 code to make P4 accessible to anybody. Barefoot's founders -- Pat Bosshart, Martin Izzard, Dan Lenoski, Nick McKeown -- bring the company more than 100 years of experience in building the fastest and biggest networking systems in the world. Backed by Google Inc., Goldman Sachs Principal Strategic Investments, Alibaba, Tencent and by premier venture capital firms Sequoia Capital, Lightspeed Venture Partners, and Andreessen Horowitz, Barefoot Networks is headquartered in Silicon Valley. For more information, visit http://www.barefootnetworks.com. Follow us on Twitter: @barefootnetwork Netronome enables customers to increase the efficiency of their modern data center infrastructure, reducing total cost of ownership (TCO) and driving significantly higher revenue per server. Server-based networking has enabled rapid innovation and transformed the economics for data center compute and networking. However, such deployments are facing significant scaling and efficiency challenges with the rapid adoption of 10GbE and higher bandwidth network infrastructure. Netronome brings back much-needed scale and efficiency without compromising flexibility or the speed of innovation needed in today's cloud networks running businesses of all sizes. Netronome is headquartered in Santa Clara, CA. To learn more about Netronome and its products, please visit www.netronome.com Barefoot Networks, the Foot Logo and Tofino are trademarks of Barefoot Networks. Netronome, the Netronome logo, and Agilio are trademarks or registered trademarks of Netronome Systems, Inc. All other trademarks mentioned are registered trademarks or trademarks of their respective owners in the United States and other countries.
News Article | February 15, 2017
Researchers of Karlsruhe Institute of Technology (KIT) have made major progress in the production of two-dimensional polymer-based materials. To produce cloths from monomolecular threads, the scientists used SURMOFs, i.e. surface-mounted metal-organic frameworks, developed by KIT. They inserted four-armed monomers, i.e. smaller molecular building blocks, into some SURMOF layers. Cross-linking of the monomers then resulted in textiles consisting of interwoven polymer threads. This work is now presented in Nature Communications. (DOI: 10.1038/ncomms14442) Self-organized cross-linking of polymer threads, i.e. of extremely long molecules, to two-dimensional tissues is a big challenge in polymer chemistry. With the help of a bottom-up process to cross-link smaller molecules, so-called monomers, scientists of the Institute of Functional Interfaces (IFG) and Institute of Nanotechnology (INT) of KIT now made an important step towards reaching this objective. They produced a tissue from monomolecular polymer threads by using SURMOFs, i.e. surface-mounted metal-organic frameworks, as looms. This approach is now presented in Nature Communications. The SURMOFs developed by IFG are frameworks consisting of metallic node points and organic linkers that are assembled on a substrate layer by layer. They have a crystalline structure and can be customized to a large range of the applications by combining various materials and varying the pore sizes. For weaving two-dimensional textiles, the KIT scientists specifically inserted special connection elements, i.e. four-armed monomers, into the SURMOF layers for later cross-linking. Then, these active SURMOF layers were embedded between so-called sacrificial layers. "In this way, we produced a sandwich-type setup to ensure that the textiles produced really are two-dimensional, which means that they have a thickness of one molecule layer only," Professor Christof Wöll says. He heads the IFG and is the corresponding author of the publication together with Professor Marcel Mayor of INT. The scientists then applied a catalyst in these active SURMOF layers to start a reaction for linking the monomers to polymers. Afterwards, the metallic node points were removed. Flat tissues of monomolecular polymer threads remained. "The polymer threads are kept together by the mechanical forces resulting from the weave pattern," Marcel Mayor explains. "Hence, the molecular tissues are as flexible as textiles produced in a conventional way." For further information, please contact: Margarete Lehné, Media Relations Officer, Phone: 49-721-608-4 8121, Fax: +49 721 608-4 3658, Email: email@example.com Karlsruhe Institute of Technology (KIT) pools its three core tasks of research, higher education, and innovation in a mission. With about 9,300 employees and 25,000 students, KIT is one of the big institutions of research and higher education in natural sciences and engineering in Europe. KIT - The Research University in the Helmholtz Association Since 2010, the KIT has been certified as a family-friendly university. This press release is available on the internet at http://www. .
News Article | February 23, 2017
CEDAR RAPIDS, Iowa, Feb. 23, 2017 (GLOBE NEWSWIRE) -- TaxAct today announced it has greatly expanded its electronic import capabilities for the most common tax forms including W-2 (Wage and Tax Statement), 1099-B (broker transactions), 1099-INT (interest income) and 1099-OID (Original Issue Discount), 1099-DIV (dividend income), and 1099-R (retirement income). Customers will delight in the redesigned import user interface and simplified process to expedite the income portion of the TaxAct Online question-and-answer interview. “Providing more comprehensive electronic data import from thousands of employers, brokerage firms, mutual fund companies and others who issue tax forms saves our customers a great deal of time and helps them reduce errors for a more accurate tax return,” said Bill Hendricks, vice president of Product, TaxAct. “In addition, our customers can now import account information so they can directly deposit their tax refund into those accounts, helping to grow their refund over time.” Taxpayers can automatically import salary information directly from their employer straight into their TaxAct Online return. TaxAct can now import Forms W-2 for more than 75 million Americans, a significant improvement over last year. Once a TaxAct Online customer provides a few pieces of information, W-2 records are converted to the standard format for electronic delivery of tax information, “OFX” (Official Financial Exchange). OFX standards were developed by a consortium of companies in financial services and technology. Filers can also use their iPhone or Android mobile device to snap a picture of their W-2 forms and upload them directly into the TaxAct Express™ mobile app. TaxAct then automatically populates the filer’s 1040 EZ form, jump starting return preparation. TaxAct uses the same advanced encryption technology used by banks and other financial institutions. Customers can rest assured their information is protected from unauthorized access during transmission from their brokerage or payroll provider into their TaxAct income tax return. TaxAct is a leading provider of affordable digital and download tax software for individuals, business owners and tax professionals. The company’s mission is to empower people to navigate the complexities of tax and finance with ease and accuracy – at a clear, transparent and fair price. As evidence of its commitment to transparent pricing, TaxAct has long-offered a Price Lock Guarantee that ensures its customers pay the price listed for their selected online product at the time they started their return, no matter when they file. TaxAct was one of the top three visited online tax preparation destinations last tax season1 and has assisted with approximately 65 million e-filed federal returns since 2000. To learn more about TaxAct, a business of Blucora, Inc. (NASDAQ:BCOR), visit www.TaxAct.com or connect with us on Facebook, LinkedIn and Twitter. 1 According to collective week end reports for taxact.com released by SimilarWeb Ltd.
News Article | February 15, 2017
Researchers of Karlsruhe Institute of Technology (KIT) have made major progress in the production of two-dimensional polymer-based materials. To produce cloths from monomolecular threads, the scientists used SURMOFs, i.e. surface-mounted metal-organic frameworks, developed by KIT. They inserted four-armed monomers, i.e. smaller molecular building blocks, into some SURMOF layers. Cross-linking of the monomers then resulted in textiles consisting of interwoven polymer threads. Self-organized cross-linking of polymer threads, i.e. of extremely long molecules, to two-dimensional tissues is a big challenge in polymer chemistry. With the help of a bottom-up process to cross-link smaller molecules, so-called monomers, scientists of the Institute of Functional Interfaces (IFG) and Institute of Nanotechnology (INT) of KIT now made an important step towards reaching this objective. They produced a tissue from monomolecular polymer threads by using SURMOFs, i.e. surface-mounted metal-organic frameworks, as looms. This approach is now presented in Nature Communications. The SURMOFs developed by IFG are frameworks consisting of metallic node points and organic linkers that are assembled on a substrate layer by layer. They have a crystalline structure and can be customized to a large range of the applications by combining various materials and varying the pore sizes. For weaving two-dimensional textiles, the KIT scientists specifically inserted special connection elements, i.e. four-armed monomers, into the SURMOF layers for later cross-linking. Then, these active SURMOF layers were embedded between so-called sacrificial layers. "In this way, we produced a sandwich-type setup to ensure that the textiles produced really are two-dimensional, which means that they have a thickness of one molecule layer only," Professor Christof Wöll says. He heads the IFG and is the corresponding author of the publication together with Professor Marcel Mayor of INT. The scientists then applied a catalyst in these active SURMOF layers to start a reaction for linking the monomers to polymers. Afterwards, the metallic node points were removed. Flat tissues of monomolecular polymer threads remained. "The polymer threads are kept together by the mechanical forces resulting from the weave pattern," Marcel Mayor explains. "Hence, the molecular tissues are as flexible as textiles produced in a conventional way." Explore further: Improving the mechanical properties of polymer gels through molecular design More information: Zhengbang Wang et al. Molecular weaving via surface-templated epitaxy of crystalline coordination networks., Nature Communications (2017). DOI: 10.1038/ncomms14442